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Amazing AMA from Douglas Horn
AMA Recap telos Foundation with Crypto Hunters On August 02, 2020 at 12:00 WIB Indonesia Time / August 01 2020 at 10:00 PM ( PST ) in the Crypto Hunter Telegram Group, AMA TELOS started with Mr.Douglas as guest speaker and Gus Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Google forms and AMA sessions will get a total TELOS ( TLOS ) prize of $100. The following is a summary of AMA questions and answers announced by the moderator and Segment 1 Question 1: Can you explain us, what is Telos? Answer: Telos is a blockchain platform for smart contracts. It is a low latencya new block every half second, high capacitycurrently in the top 2 blockchains in transactions per day, according to Blocktivity.info, and no transaction fee blockchain. Telos also has many unique features that allow developers to make better, dapps, such as our Telos Decide governance engine. Question 2: what ecosystem is used by telos? Answer: Telos is its own Layer-1 blockchain, not a token on another blockchain. The technology behind Telos is EOSIO, the same technology used by EOS and WAX, for example. Question 3: I see that Telos uses EOSIO platform, what are the very significant advantages that distinguish Telos from other projects? Answer: Telos uses the EOSIO platform but we have built several additional tools. Some of these add more security and resiliency to the blockchain, such as testing block producers and removing non-performant ones, but most are related to development. Telos provides attractive development tools that arent available elsewhere. Telos Decide is a governance platform that lets any group create self-governance tools easily. These run on Telos at very little cost and can provide all kinds of voting, elections, initiative ballots, committee management and funds allocation. Telos also has Telos EVM, an Ethereum virtual machine that can run Ethereum Solidity contracts at hundreds of times the speed of Ethereum and with no costs. Another Telos technology that is deploying soon is dStor, which is a decentralized cloud storage system associated with Telos so that dapps can store files controlled by blockchain contracts. Question 4: At what stage is Teloa Road Map now? what are the latest updates currently being realized? Answer: Telos launched its mainnet in December 2018 and has so far produced over 100,000,000 blocks without ever stopping or rolling back the chain. This is likely a record for a public blockchain. We have an ongoing group Telos Core Developers who build and maintain the code and are paid by our Telos Works funding system that is voted by the Telos token holders. Telos is a leader in blockchain governance and regularly amends its governance rules based on smart contract powered voting called Telos Amend. You can see the current Telos governance rules as stored live on the blockchain at tbnoa.org. The most recent updates were adding new features to Telos Decide to make it more powerful, implementing EOSIO v2.0 which increased the capacity of Telos about 8-10 times what it previously was, and implementing Telos EVM on our Testnet. We are currently working on better interfaces for Telos Decide voting, and building more infrastructure around Telos EVM so that it is ready to deploy on our mainnet. Question 5: Is telos currently available on an exchange? and is it ready to be traded? Answer: Telos has been trading on exchanges for over a year. The largest exchanges are Probit, CoinTiger, CoinLim, and P2PB2B. Other exchanges include Newdex and Alcor. We expect to be listed on larger exchanges in the near future. Question 6: Now is the time when defi tokens begin to develop, can telos be categorized as a defi project? and what strategies for this year and in the years to come prepared by telos? Answer: Telos is a smart contract platform, but it already has many DeFi tools built for it including REX staking rewards with a current yield of ~19% APR, smart contract controlled token swaps (like Bancor) with no counterparty called Telos Swaps, a common liquidity pool/order book shared by multiple DEXs to improve liquidity called EvolutionDEX. Wrapped BTC, ETH, XRP, EOS, and other tokens can be brought to Telos and exchanged or used via smart contracts through Transledger. We have more DeFi tools coming all the time including two new offerings in the next few weeks that will be the first of their kind. Question 7: Governance is an important topic in blockchain and Telos is considered a leader in this area. Why is that? Answer: Telos is among the top blockchain projects in terms of how it empowers its users to guide the growth of the chainalong the likes of Tezos or new DeFi tokens that offer governance coins. Telos users continuously elect the validating nodes, called Block Producers, that operate the network based on a set of governance documents such as the Telos Blockchain Network Operating Agreement (TBNOA). These are all stored entirely on-chain (viewable at tbnoa.org) and can be modified by smart contract through blockchain voting using Telos Amend. You can see examples of this at https://chainspector.io/governance/ratify-proposals Telos also has a robust user-voted funding mechanism called Telos Works that has funded many projects and is one of the more successful blockchain incubators around. Voting for all of these can be done in a number of ways including block explorers, wallets like Sqrl (desktop) and Telos Wallet (mobile), telos.net and Chainspector (https://chainspector.io/governance/telos-works). But Telos goes beyond any other chain-level governance by making all of these features and more available to any dapp on Telos through Telos Decide governance engine, making it easy for any dapp or DAO to add robust, highly customized voting. Segment 2 from google form Question 1: Defi projects are now trending whether telos will also go to Defi projects, to increase investors or the community? Answer: Yes, we have several DeFi tools on Telos that can work together: Telos Swaps is an automated, zero-counterparty token swapping smart contract where you can exchange any Telos tokens you may want at any time. Telos has DEXs and uses a common order book called EvolutionDEX that's available to any DEX so that a buy order on one can be matched against a sell order on another. This greatly increases liquidity for traders. We have staking rewards though the Resource EXchange (REX) with rewards currently at about 19% APR. We also have "wrapped" BTC, ETH, and other tokens that can be traded on Telos or used by its smart contracts at half-second transaction times with no transaction fees. This makes Telos a Bitcoin or Ethereum second layer or state channel that's much faster even than Lightning Network and has no fees once the BTC has been brought to Telos. Question 2: Telos aim is to build a new global economy could you explain how whole ecosystem works? There are already many centralized competitors so what is decentralization aspect in telos? Answer: Telos is one of the most decentralized blockchain's in the world. It is operated by 51 validators (block producers) who validate blocks in any month. These are voted for on an ongoing basis by Telos account holders. Telos is also economically decentralized with no large whales like Bitcoin, Ethereum, XRP or EOS because Telos never performed an ICO and limited the size of genesis accounts to 40,000 TLOS max. Telos is also geographically decentralized with users and block producers on every continent but Antarctica and in numerous countries. The is a large amount in North America and Western Europe, but also in Asia, Australia, and large contingents in Latin America and Africa. Telos has had a Block Producer in Indonesia since the beginning and some dapps on Telos are based in Indonesia as well, like SEEDS, for example. Question 3: Most investors focus only on the token price in the short term instead of the real value of the project. Can #TELOStell me the benefits for investors holding #TELOSthe long term? Answer: That's true about crypto speculators and traders, certainly. Traders are usually looking for coins with good positive momentuum that they hope will continue. But these are often pump and dumps where a few people get in early, pump the price, and then get out at the expense of new investors. That's very unfortunate. Telos isn't like this. One reason is that there aren't large whales who can easily manipulate the price. Telos seems to be greatly undervalued compared to its peers. Telos has capacity like EOS and well above XRP, XML, Tron, Ethereum. But its value is miniscule relative to these. Telos is a leader in blockchain governance like Tezos but its marketcap is tiny in comparison. Telos onboarded 100,000 new accounts last month and is appearing in the leading crypto press every week with new dapps or developments. So there's some disconnect between the value of Telos and the price. In my experience, these tend to equalize once more people learn about a project. Question 4: Eos Problems and How Telos Will Solve Them? Answer: Telos originally set out to solve problems with EOS. It was successful in this and now Telos stands on it's own and our roadmap is more about empowering users. In short, these are some of the EOS problems we already solved: RAM speculation - Telos had a plan to reduce RAM speculation through a published guidance price that has been extremely successful. The RAM price is guided by market forces but has remained within 10% of the guidance price since launch. CPU resources - Telos implemented the Telos Resource Improved Management Plan many months ago which was a 7-point approach to making EIDOS-type resource mining unprofitable on Telos. It has largely been successful and Telos has not experienced any resource shortages. Exchange Collusion/Voting - Telos governance does not permit Exchanges to vote with user tokens. This prevent voting situations seen on EOS or STEEM. Block Producer collusion - Telos has minimum requirements for block producers and do not allow anyone to own more than one block producer. Those who are found doing so (there have been about 3 cases so far) have been removed and sanctioned in accordance with the rules of the TBNOA. Question 5: What ecosystems do telos use? and why telos prefers to use EOS network over BEP2 or ERC20? what layer is used telos, can you please explain? Answer: uses the EOSIO protocol because it is the fastest and most powerful in the world and it also receives the fastest upgrades and ongoing development compared to other blockchain technologies. EOS and WAX also use the EOSIO protocol but they are completely different chains. Telos is a Layer 1 protocol, meaning that it is its own blockchain that other dapps and smart contracts deploy upon. One thing that happens when a blockchain like Telos has much, much higher speed and capacity than others like Bitcoin or Ethereum is that Telos can actually run those other blockchains better on its own platform than they can natively. For example, a number of tokens can come in to Telos as wrapped tokens. BTC, ETH, XRP are all current examples of tokens that can be on Telos as wrapped tokens. Once there, these can all be moved around with half-second transaction times and no transaction fees, so they are a better second layer for Bitcoin or Ethereum than Lightning Network or Loom. Telos can also emulate other chains, which we are doing using Telos EVM which emulates the Ethereum Virtual Machine at about 300 times faster and with no gas fees or congestion compared to Ethereum native deployment. Telos can run Ethereum (Solidity) smart contracts without any changes required. Telos EVM is already deployed on the Telos Testnet and will move to our mainnet soon. So anyone who wants to run ERC-20 tokens on Telos can do so easily and they will be faster and with much less cost than running the same contract on Ethereum. Segment 3 free asking Question: I am happy to see new things created by the Telos team. Like What concept did you build in 2020 to make Telos superior? Answer: Currently, I think Telos Decide is the most unique and powerful feature we have built. There are all kinds of organizations that need to vote. Apartment buildings, school boards, unions, tribes, youth sports leagues, city councils. Voting is hard, time consuming, and expensive for many. Telos Decide makes voting easy, convenient, and transparent. That will be a major improvement and disrupt old style voting. It also goes for buisnesses and corporate governance. Even before COVID it was important, but now people can't really gather in one place so fraud-proof voting is very important. No one has the tools that Telos has. And if they try to copy us, well, we are already way out ahead working on the next features. Question: If we look about partnerships, Telos has many partnership ! so what's the importance of that partnership for Telos? And How will you protect the value of Telos to your partners or investors ?? Answer: Many of the partnerships are dapps that have decided to deploy on Telos and receive some level of help from the TCD or Telos Foundation to do so. Once a dapp deploys on a chain, it really is like a long term partnership. Many dapps will become block producers as well and join in the governance of Telos. I suspect that in a few years, most block producers will be the large dapps on the platform with just a few remaining like my company GoodBlock. Of course, we will have our own apps out as well so I guess we'll be developers too. Telos is very fiscally responsible for investors. We spend little. There has not been any actual inflation on the chain in almost a year. (The token supply has remained unchanged at about 355M TLOS) we are actively working with dapps to bring more to Telos and exchanges and other services like fiat on- and off-ramps to increase value for users. Question: In challenging crypto market condition any project is really difficult to survive and we are witnessing that there are many platforms . What is telos project plan for surviving in this long blockchain marathon? In this plan, what motivates long term investors and believers? Answer: True. While we currently have a low token price, Telos as a DPOS chain can be maintained and grow without a massive army of miners and still maintain BFT. But the risk is really not whether Telos can continue. Already there are enough dapps that if the block producers went away somehow (not gonna happen) the dapps would just run the chain themselves. But with 100,000 new users last month and new dapps all the time, we are looking to join the top 5 dapp platforms on DappRadar soon. Survival as a project is not in question. One of the big reasons is that we never did any ICO and Telos is not a company. So regulatory risks aren't there and there's no company to go bankrupt or fail. We have already developed a bootstrapped system to pay block producers and core developers. So we aren't like a company that will run out of runway sometime. Question: Could you explain what is DSTOR? What will it contribute to your ecosystem? Answer: dStor is a decentralized cloud storage system that will have the performance of AWS or Azure with much lower costs and true decentralization. It's based on a highly modified version of IPFS that we have applied for patents for our implementation. It means that dapps will be able to store data like files, images, sound, etc. in a decentralized way. Question: Trust and security is very important in any business , what makes investors , customer and users safe secure when working with TELOS?? Answer: Telos is decentralized in a way that's more like bitcoin than other blockchains (but without the whales who can manipulate price). There was never any single company that started Telos, so there's no company whose CEO could make decisions for the network. There are numerous block producers who decide on any operational issue that isn't clearly described in the TBNOA governance documents. And to get to an action, 15 of the 21 currently active BPs need to sign a multisig transaction. So that's a high threshold. But also, the TBNOA speaks to a large number of issues and so the BPs can't just make up their own rules. Since there are really no whales, no one can vote in any kind of change or bring in their own BPs with their votes. This is also very different from other chains where there are whales. Telos is not located in any one country, so our rules can't be driven by one nation's politics. All in all, this level of decentralization sets Telos apart from almost any blockchain project in existence. People don't have to trust Telos because the system is designed to make trust unnecessary.
Cardano is a Blockchain project, also called 3rd generation Blockchain because of its scientific philosophy, designed and developed by a team of worldwide scientists and engineers. The aim of the project is to develop a technology that is secure, flexible and scalable and can therefore be used by many millions of users. In contrast to other projects, Cardano pursues a policy that seeks to reconcile the needs of the user with those of the regulatory authorities, combining privacy with regulation. Cardano’s vision is that the project will lead to greater global financial integration for all people by providing all people with open access to fair financial services. Cardano wants to create a technological platform on which financial applications can be developed and executed. It has basically great similarities with Ethereum. Cardano is a platform such as Ethereum, EOS or NEO that enables the creation of new tokens and decentralized applications (dApps) and smart contracts. From a technical point of view, however, there are major differences which we will discuss later. The cryptocurrency of Cardano is ADA. Like any crypto currency, ADA allows the user to send assets within the Cardano network seamlessly over the Internet in a secure and fast manner. You can find the current price of ADA on our chart page.
Cardano was founded by Ethereum co-founders Charles Hoskinson and Jeremy Wood after both left the Ethereum project after a disagreement over further development. While the later Cardano founders wanted to create a commercial enterprise behind Ethereum, Vitalik Buterin’s group was able to assert itself by setting up a charitable foundation behind the project. Logically, Hoskinson and Wood founded a company, Input Output Hong Kong (IOHK), to manage Cardano’s research and development. Between September 2015 and January 2017, Cardano conducted a public ICO that raised a total of 62 million US dollars. About two thirds of all Ada tokens were sold. Cardano was officially launched on 29 September 2017. Currently the project is still in its bootstrap era (“Byron”). In the bootstrap era, when people buy or sell Ada, the transaction is automatically delegated to a pool of trusted nodes that manage the network. They do not receive block rewards in this phase of the project. IOHK is currently working on numerous improvements and features. The next phase “Shelley” is to be introduced in 2019. In this phase, the project will grow into a fully decentralized and autonomous system. This will be followed by the “Goguen” era, in which the integration of smart contracts is planned. This is followed by the “Basho” phase, which is intended to improve performance, and finally the “Voltaire” phase, which is intended to add a treasury system and a governance model (“Liquid Democracy”). The complete roadmap can be seen here.
The organization behind Cardano
As already written, Charles Hoskinson has decided to found the company IOHK in order to guarantee a coordinated and planned development of the project. IOHK is responsible for the design, development and maintenance of the Cardano platform until 2020. In addition, however, there were originally two other institutions that took care of the Cardano project: Emurgo and the Cardano Foundation, based in Switzerland. Emurgo is a Japanese company that is also currently pushing partnerships with other commercial companies and organizing Cardano’s business development. In particular, the Cardano Foundation was entrusted with administrative tasks. Otherwise the Foundation was responsible for public relations, trademark law, lobbying and cooperation with governments and regulators. In October 2018, however, there was a break between IOHK/ Emurgo and the Cardano Foundation. Among other things, Hoskinson has accused the Cardano Foundation under the direction of Michael Parsons of inaction. As a result IOHK and Emurgo decided to take over the tasks of the foundation.
Cardano: 3rd generation blockchain
Charles Hoskinson has recognized that 2nd generation blockchains still have many open problems to be successful in the long run. These are in particular scalability, interoperability and sustainability. Cardano has (partly) developed new concepts and technologies for this purpose.
In terms of scalability, there are three challenges for Cardano:
Transactions per second (TPS)
Network / Bandwidth
Transactions per second
The Transactions per Second (TPS) measure how many transactions per second can be written to a block. According to Hoskinson, however, this is only part of the problem of scaling. While Bitcoin 3-7 TPS and Ethereum 10-20 TPS create, this is far from enough to host millions of users. The solution to this problem is Cardanos Ouroboros Proof-of-Stake algorithm, which we will discuss later.
A further challenge is the network, which will also have an exponentially increasing demand for network resources with millions of users as the demand increases with the number of transactions. The demand will grow in size regions of several hundred terabytes or even exabytes. Therefore, it will be impossible to maintain a homogeneous network topology in which each node forwards each transaction and message. Not every node will have the necessary resources. To solve this problem, Cardano intends to use a technology called RINA.
Since the blockchain has to store the data forever, there will be an enormous and constantly growing amount of data to be scaled (“Data Scale”). The problem is obvious. If every node has to keep a complete copy of the entire blockchain, this will not be possible for every node from the point of view of resources. The solution is that not every node needs all data. The solution approaches therefore include in detail:
Charles Hoskinson believes that there will not be a single crypto currency to be used in the future. Therefore Cardano aims at enabling the different blockchains to communicate with each other. Cardano’s vision is to create an “Internet of blockchains” in which there is no intermediary. A solution to this problem should be for Cardano, Sidechains. The concept has been around in crypto space for quite some time. Simply put, sidechains are parallel blockchains that can communicate with the main blockchain. In addition, Cardano tries to comply with all existing compliance rules: KYC (Know Your Customer), AML (Anti Money Laundering), ATF (Anti Terrorist Financing). In order for this to work, Cardano provides metadata to each transaction.
According to Hoskinson, sustainability is the most difficult challenge. Basically, it means that continuous developments must be carried out on the system. This requires financial resources. Both a patronage and an ICO do not make sense for Hoskinson. Patronage leads to centralization, while ICOs provide short-term resources for the ecosystem, but at the same time produce a new, useless token. For this reason, Cardano is oriented towards Dash’s treasury system. Each time a block is added to the block chain, a portion of the rewards is added to the Treasury. If funds are needed for development, they can be allocated. To this end, Cardano has developed a governance model (“liquid democracy”) in which stakeholders can vote on a proposal for the distribution of funds.
Ada: Ouroboros Proof-of-Stake
Similar to Ethereum’s future proof-of-stake (PoS) “Casper”, Cardano also relies on a PoS. This means that there are no miners within the Cardano network responsible for validating transactions. A new proof-of-stake algorithm called Ouroboros was developed for Cardano. The basic difference between Ouroboros and Ethereum’s Casper or other similar algorithms is how block premium recipients (validators) are selected. The core idea of the Ouroboros Proof of Stake is that a node is selected to create a new block with a probability proportional to the total number of Ada. This means that the more Ada a stakeholder has, the more he can earn over time. In principle, each node with an Ada credit balance greater than 0 is referred to as a “stakeholder”. When a node is selected to create a new block, it is called a slot leader. The slot leader writes the transactions into a block, signs this block with his secret key and publishes the block in the network. A fundamental problem in this electoral process is randomness. To achieve this, Cardano uses a Multiparty Computation (MPC) approach in which each voter independently performs an action called coin tossing (Coin-Fllipping Protocol).
Reddcoin (RDD) Core Wallet v3.0.1 - January 09, 2020 Version 3.0.1 is the official release version of Reddcoin Core. It is available for download at Reddcoin Core's Github repository here: https://github.com/reddcoin-project/reddcoin/releases/tag/v3.0.1 This release features PoSV v2.supermajority activation and new staking ruleset (and minor misc fixes). v3.0.1 is still not yet MacOS Catalina compatible. We are still working and should have that fix issued very soon. Sincere apologies to our Mac-using ReddHeads. It is particularly important that all users upgrade, as once PoSV v2 is enforced, version 4 blocks will be rejected from the network entirely. Therefore v3.0.1 is a "strongly recommended" update for all users. Note: If you have already installed v3.0.0, this upgrade is not required. If you have not yet upgraded from v2.0.x or earlier, this is a REQUIRED upgrade. Please install the newest version v3.0.1 to avoid losing functionality during supermajority activation of PoSV v2. Reddcoin Core version 3.0.1 is now available from: https://github.com/reddcoin-project/reddcoin/releases Release Notes are available here and replicated below in this announcement: https://github.com/reddcoin-project/reddcoin/blob/mastedoc/release-notes.md This is a new major version release of Reddcoin. Previously, the original and subsequent versions of Reddcoin were taken from a fork of the Litecoin code base. With the release of Reddcoin V2.0.0, the code was based directly from a fork of Bitcoin. This allows for better source control and feature implementation from upstream changes into the future With the release of Reddcoin V3.0.0, the PoSV stake reward has been improved to allow for a target 5% network growth, in process re-incentivizing individual network stakers and providing for integrated dev support. Upgrading to this release is strongly recommended and required for continued operation. Once a supermajority of 90% is reached, old wallets will no longer accept the new v5 blocks. Please report bugs using the issue tracker at github: https://github.com/reddcoin-project/reddcoin/issues How to Upgrade If you are running an older version of Reddcoin, shut it down. Wait until it has completely shut down (which may take a few minutes for older versions). Run the installer (on Windows) or just copy over /Applications/Reddcoin-Qt (on Mac) or reddcoind/reddcoin-qt (on Linux). Start wallet. All done!
Reddcoin v3.0.0 introduced an updated PoSV method to better distribute staking rewards and target a overall 5% network growth. Staking and relay policy enhancements
To implement PoSV v2, Reddcoin Core's block templates are now for version 5 blocks only. When PoSV v2 consensus (Supermajority 9000/10000) is reached, only v5 blocks will be accepted by the network.This equates to approximately 90% of blocks being generated over 1 week period. Status at any time may be viewed in node debug.log Blockchain Download: Blockchain data for both testnet and mainnet along with instructions can be downloaded from github. https://github.com/reddcoin-project/bootstrap_files 3.0.1 changelog *83e212838 - John Nash, 2020-01-09 : really delete these files *3a1458ecd - Oliver Webb, 2020-01-08 : Added missing dependency libminiupnpc-dev for Jessie *d21915431 - Tiago Peralta, 2019-06-21 : Add vout to listtransactions/gettransaction *8d58ea7cf - Oliver Webb, 2020-01-08 : Script for downloading pre compiled binaries for Raspbian Jessie, Stretch or Buster *d4eced1bc - Oliver Webb, 2020-01-08 : Delete reddcoin_core_download_raspbian_stretch.sh *c5e9f91cf - Oliver Webb, 2020-01-08 : Delete reddcoin_core_download_raspbian_jessie.sh *5d5771b00 - Oliver Webb, 2020-01-08 : Delete reddcoin_core_download_raspbian_buster.sh *75c6ae91b - Oliver Webb, 2020-01-05 : add reddcoin-qt and remove starting daemon process *54c501787 - Oliver Webb, 2020-01-05 : add reddcoin-qt and remove starting daemon process *acb30a2b6 - Oliver Webb, 2020-01-05 : script files for Raspbian Jessie (also Stakebox) *cfddbe594 - John Nash, 2020-01-05 : Update copyright year and version *e46e5e7de - John Nash, 2020-01-05 : download script for pre compiled wallet *37386790a - John Nash, 2020-01-05 : change libssl deb packages links to github *9dbc772e6 - Oliver Webb, 2020-01-03 : download script for pre compiled wallet *857d697fd - Oliver Webb, 2020-01-03 : change libssl deb packages links to github *2cb74b9a8 - John Nash, 2019-12-31 : update copyright year *c641a1ab3 - Oliver Webb, 2019-12-30 : Raspberry Pi build script files for v3 wallet *a3f21a4a4 - John Nash, 2019-12-30 : add install script for building db4 update instructions for unix, osx, arm building using the db4 install script *5f6299b2a - John Nash, 2019-12-28 : docs: Update build notes for arm processors *465716c01 - John Nash, 2019-12-28 : test for arm devices *3fec3a535 - John Nash, 2018-02-02 : build: update source paths *5f6031ab4 - John Nash, 2019-12-28 : Scrypt n=1024 Pow hash based upon Colin Percival's Tarnsnap (2009) Modified by Artforz, coblee, pooler, wtogami, Nikolay Belikov, reddink *2fd4d91a0 - John Nash, 2019-12-24 : update copyright year *326828b36 - John Nash, 2019-12-24 : set release state true *8ebede0a6 - John Nash, 2019-12-24 : release notes *36df6fdfb - John Nash, 2019-12-23 : add check explictly for v5 blocks or greater *874dc1f0c - John Nash, 2019-12-17 : remove hardcoded global variable rearrange debug log output *763b25db8 - John Nash, 2019-12-17 : move copyright to new line *536baf635 - John Nash, 2019-12-17 : update version and set release state to false *cde9009f3 - John Nash, 2019-12-17 : update copyright year *ae41b7ed3 - John Nash, 2019-12-17 : set isSuperMajority to 90% for mainnet *e43e1c8ed - John Nash, 2019-12-10 : additional logging to verify isSuperMajority in the debug.log output *e31783cac - John Nash, 2019-12-05 : add/update public key for mainnet *405c6f002 - John Nash, 2019-12-05 : add log output for current inflation rate *9cc43c3f7 - John Nash, 2019-12-02 : determine calculated stake based on posv version *7baa3bf75 - John Nash, 2019-11-25 : check the posv transaction for correct pubkey *9ffa7ca38 - John Nash, 2019-11-21 : check for posv v1 or posv v2 blocks when calculating stake reward *39f7aad68 - John Nash, 2019-11-14 : add logging *0e283e6c3 - John Nash, 2019-11-13 : correct maths *74cbdeffd - John Nash, 2019-11-11 : use new posv v2 functions addidtional logging *35d7413b5 - John Nash, 2019-11-11 : add new proofofstakereward *3d917216c - John Nash, 2019-11-11 : get inflation adjustment *f63d17443 - John Nash, 2019-11-08 : add the developer output split fund output *ca263c9c9 - John Nash, 2019-11-05 : add dev key to chainparams *df6996ab0 - John Nash, 2019-11-05 : add block version checking *14b663479 - John Nash, 2019-11-05 : increase block version Credits Thanks to everyone who contributed to coding, testing and feedback for this release, notably:
Your Guide to Monero, and Why It Has Great Potential
/////Your Guide to Monero, and Why It Has Great Potential/////
Marketing. It's a dirty word for most members of the Monero community. It is also one of the most divisive words in the Monero community. Yet, the lack of marketing is one of the most frustrating things for many newcomers. This is what makes this an unusual post from a member of the Monero community. This post is an unabashed and unsolicited analyzation of why I believe Monero to have great potential. Below I have attempted to outline different reasons why Monero has great potential, beginning with upcoming developments and use cases, to broader economic motives, speculation, and key issues for it to overcome. I encourage you to discuss and criticise my musings, commenting below if you feel necessary to do so.
Bulletproofs - A Reduction in Transaction Sizes and Fees Since the introduction of Ring Confidential Transactions (Ring CT), transaction amounts have been hidden in Monero, albeit at the cost of increased transaction fees and sizes. In order to mitigate this issue, Bulletproofs will soon be added to reduce both fees and transaction size by 80% to 90%. This is great news for those transacting smaller USD amounts as people commonly complained Monero's fees were too high! Not any longer though! More information can be found here. Bulletproofs are already working on the Monero testnet, and developers were aiming to introduce them in March 2018, however it could be delayed in order to ensure everything is tried and tested. Multisig Multisig has recently been merged! Mulitsig, also called multisignature, is the requirement for a transaction to have two or more signatures before it can be executed. Multisig transactions and addresses are indistinguishable from normal transactions and addresses in Monero, and provide more security than single-signature transactions. It is believed this will lead to additional marketplaces and exchanges to supporting Monero. Kovri Kovri is an implementation of the Invisible Internet Project (I2P) network. Kovri uses both garlic encryption and garlic routing to create a private, protected overlay-network across the internet. This overlay-network provides users with the ability to effectively hide their geographical location and internet IP address. The good news is Kovri is under heavy development and will be available soon. Unlike other coins' false privacy claims, Kovri is a game changer as it will further elevate Monero as the king of privacy. Mobile Wallets There is already a working Android Wallet called Monerujo available in the Google Play Store. X Wallet is an IOS mobile wallet. One of the X Wallet developers recently announced they are very, very close to being listed in the Apple App Store, however are having some issues with getting it approved. The official Monero IOS and Android wallets, along with the MyMonero IOS and Android wallets, are also almost ready to be released, and can be expected very soon. Hardware Wallets Hardware wallets are currently being developed and nearing completion. Because Monero is based on the CryptoNote protocol, it means it requires unique development in order to allow hardware wallet integration. The Ledger Nano S will be adding Monero support by the end of Q1 2018. There is a recent update here too. Even better, for the first time ever in cryptocurrency history, the Monero community banded together to fund the development of an exclusive Monero Hardware Wallet, and will be available in Q2 2018, costing only about $20! In addition, the CEO of Trezor has offered a 10BTC bounty to whoever can provide the software to allow Monero integration. Someone can be seen to already be working on that here. TAILS Operating System Integration Monero is in the progress of being packaged in order for it to be integrated into TAILS and ready to use upon install. TAILS is the operating system popularised by Edward Snowden and is commonly used by those requiring privacy such as journalists wanting to protect themselves and sources, human-right defenders organizing in repressive contexts, citizens facing national emergencies, domestic violence survivors escaping from their abusers, and consequently, darknet market users. In the meantime, for those users who wish to use TAILS with Monero, u/Electric_sheep01 has provided Sheep's Noob guide to Monero GUI in Tails 3.2, which is a step-by-step guide with screenshots explaining how to setup Monero in TAILS, and is very easy to follow. Mandatory Hardforks Unlike other coins, Monero receives a protocol upgrade every 6 months in March and September. Think of it as a Consensus Protocol Update. Monero's hard forks ensure quality development takes place, while preventing political or ideological issues from hindering progress. When a hardfork occurs, you simply download and use the new daemon version, and your existing wallet files and copy of the blockchain remain compatible. This reddit post provides more information. Dynamic fees Many cryptocurrencies have an arbitrary block size limit. Although Monero has a limit, it is adaptive based on the past 100 blocks. Similarly, fees change based on transaction volume. As more transactions are processed on the Monero network, the block size limit slowly increases and the fees slowly decrease. The opposite effect also holds true. This means that the more transactions that take place, the cheaper the fees! Tail Emission and Inflation There will be around 18.4 million Monero mined at the end of May 2022. However, tail emission will kick in after that which is 0.6 XMR, so it has no fixed limit. Gundamlancer explains that Monero's "main emission curve will issue about 18.4 million coins to be mined in approximately 8 years. (more precisely 18.132 Million coins by ca. end of May 2022) After that, a constant "tail emission" of 0.6 XMR per 2-minutes block (modified from initially equivalent 0.3 XMR per 1-minute block) will create a sub-1% perpetual inflatio starting with 0.87% yearly inflation around May 2022) to prevent the lack of incentives for miners once a currency is not mineable anymore. Monero Research Lab Monero has a group of anonymous/pseudo-anonymous university academics actively researching, developing, and publishing academic papers in order to improve Monero. See here and here. The Monero Research Lab are acquainted with other members of cryptocurrency academic community to ensure when new research or technology is uncovered, it can be reviewed and decided upon whether it would be beneficial to Monero. This ensures Monero will always remain a leading cryptocurrency. A recent end of 2017 update from a MRL researcher can be found here.
///Monero's Technology - Rising Above The Rest///
Monero Has Already Proven Itself To Be Private, Secure, Untraceable, and Trustless Monero is the only private, untraceable, trustless, secure and fungible cryptocurrency. Bitcoin and other cryptocurrencies are TRACEABLE through the use of blockchain analytics, and has lead to the prosecution of numerous individuals, such as the alleged Alphabay administrator Alexandre Cazes. In the Forfeiture Complaint which detailed the asset seizure of Alexandre Cazes, the anonymity capabilities of Monero were self-demonstrated by the following statement of the officials after the AlphaBay shutdown: "In total, from CAZES' wallets and computer agents took control of approximately $8,800,000 in Bitcoin, Ethereum, Monero and Zcash, broken down as follows: 1,605.0503851 Bitcoin, 8,309.271639 Ethereum, 3,691.98 Zcash, and an unknown amount of Monero". Privacy CANNOT BE OPTIONAL and must be at a PROTOCOL LEVEL. With Monero, privacy is mandatory, so that everyone gets the benefits of privacy without any transactions standing out as suspicious. This is the reason Darknet Market places are moving to Monero, and will never use Verge, Zcash, Dash, Pivx, Sumo, Spectre, Hush or any other coins that lack good privacy. Peter Todd (who was involved in the Zcash trusted setup ceremony) recently reiterated his concerns of optional privacy after Jeffrey Quesnelle published his recent paper stating 31.5% of Zcash transactions may be traceable, and that only ~1% of the transactions are pure privacy transactions (i.e., z -> z transactions). When the attempted private transactions stand out like a sore thumb there is no privacy, hence why privacy cannot be optional. In addition, in order for a cryptocurrency to truly be private, it must not be controlled by a centralised body, such as a company or organisation, because it opens it up to government control and restrictions. This is no joke, but Zcash is supported by DARPA and the Israeli government!. Monero provides a stark contrast compared to other supposed privacy coins, in that Monero does not have a rich list! With all other coins, you can view wallet balances on the blockexplorers. You can view Monero's non-existent rich list here to see for yourself. I will reiterate here that Monero is TRUSTLESS. You don't need to rely on anyone else to protect your privacy, or worry about others colluding to learn more about you. No one can censor your transaction or decide to intervene. Monero is immutable, unlike Zcash, in which the lead developer Zooko publicly tweeted the possibility of providing a backdoor for authorities to trace transactions. To Zcash's demise, Zooko famously tweeted:
" And by the way, I think we can successfully make Zcash too traceable for criminals like WannaCry, but still completely private & fungible. …"
Ethereum's track record of immutability is also poor. Ethereum was supposed to be an immutable blockchain ledger, however after the DAO hack this proved to not be the case. A 2016 article on Saintly Law summarised the problematic nature of Ethereum's leadership and blockchain intervention:
" Many ethereum and blockchain advocates believe that the intervention was the wrong move to make in this situation. Smart contracts are meant to be self-executing, immutable and free from disturbance by organisations and intermediaries. Yet the building block of all smart contracts, the code, is inherently imperfect. This means that the technology is vulnerable to the same malicious hackers that are targeting businesses and governments. It is also clear that the large scale intervention after the DAO hack could not and would not likely be taken in smaller transactions, as they greatly undermine the viability of the cryptocurrency and the technology."
Monero provides Fungibility and Privacy in a Cashless World As outlined on GetMonero.org, fungibility is the property of a currency whereby two units can be substituted in place of one another. Fungibility means that two units of a currency can be mutually substituted and the substituted currency is equal to another unit of the same size. For example, two $10 bills can be exchanged and they are functionally identical to any other $10 bill in circulation (although $10 bills have unique ID numbers and are therefore not completely fungible). Gold is probably a closer example of true fungibility, where any 1 oz. of gold of the same grade is worth the same as another 1 oz. of gold. Monero is fungible due to the nature of the currency which provides no way to link transactions together nor trace the history of any particular XMR. 1 XMR is functionally identical to any other 1 XMR. Fungibility is an advantage Monero has over Bitcoin and almost every other cryptocurrency, due to the privacy inherent in the Monero blockchain and the permanently traceable nature of the Bitcoin blockchain. With Bitcoin, any BTC can be tracked by anyone back to its creation coinbase transaction. Therefore, if a coin has been used for an illegal purpose in the past, this history will be contained in the blockchain in perpetuity. A great example of Bitcoin's lack of fungibility was reposted by u/ViolentlyPeaceful:
"Imagine you sell cupcakes and receive Bitcoin as payment. It turns out that someone who owned that Bitcoin before you was involved in criminal activity. Now you are worried that you have become a suspect in a criminal case, because the movement of funds to you is a matter of public record. You are also worried that certain Bitcoins that you thought you owned will be considered ‘tainted’ and that others will refuse to accept them as payment."
This lack of fungibility means that certain businesses will be obligated to avoid accepting BTC that have been previously used for purposes which are illegal, or simply run afoul of their Terms of Service. Currently some large Bitcoin companies are blocking, suspending, or closing accounts that have received Bitcoin used in online gambling or other purposes deemed unsavory by said companies. Monero has been built specifically to address the problem of traceability and non-fungibility inherent in other cryptocurrencies. By having completely private transactions Monero is truly fungible and there can be no blacklisting of certain XMR, while at the same time providing all the benefits of a secure, decentralized, permanent blockchain. The world is moving cashless. Fact. The ramifications of this are enormous as we move into a cashless world in which transactions will be tracked and there is a potential for data to be used by third parties for adverse purposes. While most new cryptocurrency investors speculate upon vaporware ICO tokens in the hope of generating wealth, Monero provides salvation for those in which financial privacy is paramount. Too often people equate Monero's features with criminal endeavors. Privacy is not a crime, and is necessary for good money. Transparency in Monero is possible OFF-CHAIN, which offers greater transparency and flexibility. For example, a Monero user may share their Private View Key with their accountant for tax purposes. Monero aims to be adopted by more than just those with nefarious use cases. For example, if you lived in an oppressive religious regime and wanted to buy a certain item, using Monero would allow you to exchange value privately and across borders if needed. Another example is that if everybody can see how much cryptocurrency you have in your wallet, then a certain service might decide to charge you more, and bad actors could even use knowledge of your wallet balance to target you for extortion purposes. For example, a Russian cryptocurrency blogger was recently beaten and robbed of $425k. This is why FUNGIBILITY IS ESSENTIAL. To summarise this in a nutshell:
"A lack of fungibility means that when sending or receiving funds, if the other person personally knows you during a transaction, or can get any sort of information on you, or if you provide a residential address for shipping etc. – you could quite potentially have them use this against you for personal gain"
Major Investors And Crypto Figureheads Are Interested Ari Paul is the co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago's $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group. Paul was interviewed on CNBC on the 26th of December and when asked what was his favourite coin was, he stated "One that has real fundamental value besides from Bitcoin is Monero" and said it has "very strong engineering". In addition, when he was asked if that was the one used by criminals, he replied "Everything is used by criminals including the US dollar and the Euro". Paul later supported these claims on Twitter, recommending only Bitcoin and Monero as long-term investments. There are reports that "Roger Ver, earlier known as 'Bitcoin Jesus' for his evangelical support of the Bitcoin during its early years, said his investment in Monero is 'substantial' and his biggest in any virtual currency since Bitcoin. Charlie Lee, the creator of Litecoin, has publicly stated his appreciation of Monero. In a September 2017 tweet directed to Edward Snowden explaining why Monero is superior to Zcash, Charlie Lee tweeted:
All private transactions, More tested privacy tech, No tax on miners to pay investors, No high inflation... better investment.
John McAfee, arguably cryptocurrency's most controversial character at the moment, has publicly supported Monero numerous times over the last twelve months(before he started shilling ICOs), and has even claimed it will overtake Bitcoin. Playboy instagram celebrity Dan Bilzerian is a Monero investor, with 15% of his portfolio made up of Monero. Finally, while he may not be considered a major investor or figurehead, Erik Finman, a young early Bitcoin investor and multimillionaire, recently appeared in a CNBC Crypto video interview, explaining why he isn't entirely sold on Bitcoin anymore, and expresses his interest in Monero, stating:
"Monero is a really good one. Monero is an incredible currency, it's completely private."
There is a common belief that most of the money in cryptocurrency is still chasing the quick pump and dumps, however as the market matures, more money will flow into legitimate projects such as Monero. Monero's organic growth in price is evidence smart money is aware of Monero and gradually filtering in. The Bitcoin Flaw A relatively unknown blogger named CryptoIzzy posted three poignant pieces regarding Monero and its place in the world. The Bitcoin Flaw: Monero Rising provides an intellectual comparison of Monero to other cryptocurrencies, and Valuing Cryptocurrencies: An Approach outlines methods of valuing different coins. CryptoIzzy's most recent blog published only yesterday titled Monero Valuation - Update and Refocus is a highly recommended read. It touches on why Monero is much more than just a coin for the Darknet Markets, and provides a calculated future price of Monero. CryptoIzzy also published The Power of Money: A Case for Bitcoin, which is an exploration of our monetary system, and the impact decentralised cryptocurrencies such as Bitcoin and Monero will have on the world. In the epilogue the author also provides a positive and detailed future valuation based on empirical evidence. CryptoIzzy predicts Monero to easily progress well into the four figure range. Monero Has a Relatively Small Marketcap Recently we have witnessed many newcomers to cryptocurrency neglecting to take into account coins' marketcap and circulating supply, blindly throwing money at coins under $5 with inflated marketcaps and large circulating supplies, and then believing it's possible for them to reach $100 because someone posted about it on Facebook or Reddit. Compared to other cryptocurrencies, Monero still has a low marketcap, which means there is great potential for the price to multiply. At the time of writing, according to CoinMarketCap, Monero's marketcap is only a little over $5 billion, with a circulating supply of 15.6 million Monero, at a price of $322 per coin. For this reason, I would argue that this is evidence Monero is grossly undervalued. Just a few billion dollars of new money invested in Monero can cause significant price increases. Monero's marketcap only needs to increase to ~$16 billion and the price will triple to over $1000. If Monero's marketcap simply reached ~$35 billion (just over half of Ripple's $55 billion marketcap), Monero's price will increase 600% to over $2000 per coin. Another way of looking at this is Monero's marketcap only requires ~$30 billion of new investor money to see the price per Monero reach $2000, while for Ethereum to reach $2000, Ethereum's marketcap requires a whopping ~$100 billion of new investor money. Technical Analysis There are numerous Monero technical analysts, however none more eerily on point than the crowd-pleasing Ero23. Ero23's charts and analysis can be found on Trading View. Ero23 gained notoriety for his long-term Bitcoin bull chart published in February, which is still in play today. Head over to his Trading View page to see his chart: Monero's dwindling supply. $10k in 2019 scenario, in which Ero23 predicts Monero to reach $10,000 in 2019. There is also this chart which appears to be freakishly accurate and is tracking along perfectly today. Coinbase Rumours Over the past 12 months there have been ongoing rumours that Monero will be one of the next cryptocurrencies to be added to Coinbase. In January 2017, Monero Core team member Riccardo 'Fluffypony' Spagni presented a talk at Coinbase HQ. In addition, in November 2017 GDAX announced the GDAX Digit Asset Framework outlining specific parameters cryptocurrencies must meet in order to be added to the exchange. There is speculation that when Monero has numerous mobile and hardware wallets available, and multisig is working, then it will be added. This would enable public accessibility to Monero to increase dramatically as Coinbase had in excess of 13 million users as of December, and is only going to grow as demand for cryptocurrencies increases. Many users argue that due to KYC/AML regulations, Coinbase will never be able to add Monero, however the Kraken exchange already operates in the US and has XMfiat pairs, so this is unlikely to be the reason Coinbase is yet to implement XMfiat trading. Monero Is Not an ICO Scam It is likely most of the ICOs which newcomers invest in, hoping to get rich quick, won't even be in the Top 100 cryptocurrencies next year. A large portion are most likely to be pumps and dumps, and we have already seen numerous instances of ICO exit scams. Once an ICO raises millions of dollars, the developers or CEO of the company have little incentive to bother rolling out their product or service when they can just cash out and leave. The majority of people who create a company to provide a service or product, do so in order to generate wealth. Unless these developers and CEOs are committed and believed in their product or service, it's likely that the funds raised during the ICO will far exceed any revenue generated from real world use cases. Monero is a Working Currency, Today Monero is a working currency, here today. The majority of so called cryptocurrencies that exist today are not true currencies, and do not aim to be. They are a token of exchange. They are like a share in a start-up company hoping to use blockchain technology to succeed in business. A crypto-assest is a more accurate name for coins such as Ethereum, Neo, Cardano, Vechain, etc. Monero isn't just a vaporware ICO token that promises to provide a blockchain service in the future. It is not a platform for apps. It is not a pump and dump coin. Monero is the only coin with all the necessary properties to be called true money. Monero is private internet money. Some even describe Monero as an online Swiss Bank Account or Bitcoin 2.0, and it is here to continue on from Bitcoin's legacy. Monero is alleviating the public from the grips of banks, and protests the monetary system forced upon us. Monero only achieved this because it is the heart and soul, and blood, sweat, and tears of the contributors to this project. Monero supporters are passionate, and Monero has gotten to where it is today thanks to its contributors and users.
///Key Issues for Monero to Overcome///
Scalability While Bulletproofs are soon to be implemented in order to improve Monero's transaction sizes and fees, scalability is an issue for Monero that is continuously being assessed by Monero's researchers and developers to find the most appropriate solution. Ricardo 'Fluffypony' Spagni recently appeared on CNBC's Crypto Trader, and when asked whether Monero is scalable as it stands today, Spagni stated that presently, Monero's on-chain scaling is horrible and transactions are larger than Bitcoin's (because of Monero's privacy features), so side-chain scaling may be more efficient. Spagni elaborated that the Monero team is, and will always be, looking for solutions to an array of different on-chain and off-chain scaling options, such as developing a Mimblewimble side-chain, exploring the possibility of Lightning Network so atomic swaps can be performed, and Tumblebit. In a post on the Monero subreddit from roughly a month ago, monero moderator u/dEBRUYNE_1 supports Spagni's statements. dEBRUYNE_1 clarifies the issue of scalability:
"In Bitcoin, the main chain is constrained and fees are ludicrous. This results in users being pushed to second layer stuff (e.g. sidechains, lightning network). Users do not have optionality in Bitcoin. In Monero, the goal is to make the main-chain accessible to everyone by keeping fees reasonable. We want users to have optionality, i.e., let them choose whether they'd like to use the main chain or second layer stuff. We don't want to take that optionality away from them."
"Monero has all the mechanisms it needs to find the balance between transaction load, and offsetting the costs of miner infrastructure/profits, while making sure the network is useful for users. But like the interviewer said, the question is directed at "right now", and Fluffys right to a certain extent, Monero's transactions are huge, and compromises in blockchain security will help facilitate less burdensome transactional activity in the future. But to compare Monero to Bitcoin's transaction sizes is somewhat silly as Bitcoin is nowhere near as useful as monero, and utility will facilitate infrastructure building that may eventually utterly dwarf Bitcoin. And to equate scaling based on a node being run on a desktop being the only option for what classifies as "scalable" is also an incredibly narrow interpretation of the network being able to scale, or not. Given the extremely narrow definition of scaling people love to (incorrectly) use, I consider that a pretty crap question to put to Fluffy in the first place, but... ¯_(ツ)_/¯"
u/xmrusher also contributed to the discussion, comparing Bitcoin to Monero using this analogous description:
"While John is much heavier than Henry, he's still able to run faster, because, unlike Henry, he didn't chop off his own legs just so the local wheelchair manufacturer can make money. While Morono has much larger transactions then Bitcoin, it still scales better, because, unlike Bitcoin, it hasn't limited itself to a cripplingly tiny blocksize just to allow Blockstream to make money."
Setting up a wallet can still be time consuming It's time consuming and can be somewhat difficult for new cryptocurrency users to set up their own wallet using the GUI wallet or the Command Line Wallet. In order to strengthen and further decentralize the Monero network, users are encouraged to run a full node for their wallet, however this can be an issue because it can take up to 24-48 hours for some users depending on their hard-drive and internet speeds. To mitigate this issue, users can run a remote node, meaning they can remotely connect their wallet to another node in order to perform transactions, and in the meantime continue to sync the daemon so in the future they can then use their own node. For users that do run into wallet setup issues, or any other problems for that matter, there is an extremely helpful troubleshooting thread on the Monero subreddit which can be found here. And not only that, unlike some other cryptocurrency subreddits, if you ask a question, there is always a friendly community member who will happily assist you. Monero.how is a fantastic resource too! Despite still being difficult to use, the user-base and price may increase dramatically once it is easier to use. In addition, others believe that when hardware wallets are available more users will shift to Monero.
I actually still feel a little shameful for promoting Monero here, but feel a sense of duty to do so. Monero is transitioning into an unstoppable altruistic beast. This year offers the implementation of many great developments, accompanied by the likelihood of a dramatic increase in price. I request you discuss this post, point out any errors I have made, or any information I may have neglected to include. Also, if you believe in the Monero project, I encourage you to join your local Facebook or Reddit cryptocurrency group and spread the word of Monero. You could even link this post there to bring awareness to new cryptocurrency users and investors. I will leave you with an old on-going joke within the Monero community - Don't buy Monero - unless you have a use case for it of course :-) Just think to yourself though - Do I have a use case for Monero in our unpredictable Huxleyan society? Hint: The answer is ? Edit: Added in the Tail Emission section, and noted Dan Bilzerian as a Monero investor. Also added information regarding the XMR.TO payment service. Added info about hardfork
Storage space: I am using an 8 GB microSD card for the OS, and a 128 GB USB drive for data. Minimums I would recommend: 8GB SD card and 32 GB USB drive.
Reddcoin Core client version: v184.108.40.206-a8767ba-beta (most recent version at this moment). ↳ Screenshot
You need the OS; Lubuntu. Download Lubuntu (707 MB) for the Raspberry Pi: https://ubuntu-pi-flavour-maker.org/download/. It's a .torrent download, so you will need a BitTorrent client. Message me or post in this thread if you need help with this.
You need software to write the OS to the SD card. I use Etcher. Download Etcher: https://etcher.io/.
Select image: select the lubuntu-16.04.2-desktop-armhf-raspberry-pi.img.xz file.
Select drive: select your microSD card.
Plug the SD card into your Raspberry Pi and power it up.
Lubuntu should boot up.
Set up Lubuntu, connect to the internet (wired or wireless). ↳ As username, I chose "rpi3b". You will see this username throughout this whole tutorial.
Make sure date and time are correct ([Menu] > System Tools > Time and Date). ↳ Click on Unlock to make changes. I personally change Configuration to "Keep synchronized with Internet servers". ↳ Screenshot
Reboot ([Menu] > Logout > Reboot). I am connected to wifi, but have issues getting wifi to work on initial boot. A reboot solves this issue.
Make sure system is up-to-date, install never versions.
Open LXTerminal ([Menu] > System Tools > LXTerminal). ↳ Screenshot
Enter the following in LXTerminal: sudo apt update && sudo apt upgrade ↳ Screenshot
You will be asked if you really want to continue. Enter Y (yes).
Updates are being installed! Wait until it's finished.
Install programs that will be used in this tutorial.
GParted: to partition the USB drive.
Htop: to see the amount of memory (RAM) and swap that is in use.
Enter the following in LXTerminal to install these 2 programs. sudo apt install gparted && sudo apt install htop ↳ Screenshot
Create 2 partitions on the USB drive: 1) Swap partition 2) data partition (for the Reddcoin blockchain) The swap partition is necessary: The Reddcoin wallet can be memory intensive. To prevent any crashes or freezes, add 2 GB of 'virtual' memory by creating a swap partition.
Important: Backup your USB drive if needed. The USB drive will be formatted, so the data on the USB drive will be wiped.
Please use the USB drive solely for this purpose, do not combine it with other stuff.
Keep your USB drive plugged in, do not (randomly) plug it out.
Plug your USB drive in.
GParted will be used to create the partititons. Start GParted via LXTerminal: sudo gparted ↳ Screenshot
Apply the changes. Click on the check mark or select Edit > Apply All Operations. ↳ Screenshot ↳ Screenshot
Important: The name of the swap partition is needed later, so please write it down. Mine is /dev/sda1 (first partition on first drive (drive 'a')). ↳ Screenshot
Reboot. After the reboot, the data partition you just created should be visible on your desktop. ↳ Screenshot
The swap partition is created, so now we can enable and use it.
The swap in use can be monitored with the program Htop. Open Htop ([Menu] > System Tools > Htop) to see the 'Swp' (swap) in use. ↳ Screenshot By default, swap is not used, so 0K. ↳ Screenshot You can leave Htop open.
To enable the swap partition, open LXTerminal and enter the following commands: (Assuming /dev/sda1 is your swap partition.)
Unpack the file (large file, takes around 15 minutes to unpack): sudo xz -d bootstrap.dat.xz ↳ Screenshot
After a successful unpack, your will find the file bootstrap.dat in your USB root folder. ↳ Screenshot
On the first run of the Reddcoin Core client, it will ask for a data directory to store the blockchain and wallet data.
Start the Reddcoin Core client: sudo /media/rpi3b/usb/reddcoin/src/qt/reddcoin-qt ↳ Screenshot
The welcome screen will appear and ask you about the data directory. I suggest a new folder on your USB drive, I picked blockchain. The directory will be created with all the necessary files. ↳ Screenshot
Click on the three dots (...) on the right. ↳ Screenshot
Click on Create Folder at the upper right corner. Type and enter in the folder name. (In my case: blockchain.) Click on Open. ↳ Screenshot ↳ Screenshot ↳ Screenshot
After selecting the directory, the Reddcoin Core client will start. Wait till it's fully loaded and close it.
Move the bootstrap.dat file to your data directory you selected in the previous step. By doing this, Reddcoin Core will use the bootstrap.dat file to import the blockchain, which speeds up syncing. sudo mv bootstrap.dat /media/rpi3b/usb/blockchain/ (Assuming blockchain as data directory.) ↳ Screenshot
The Reddcoin Core client set up is completed, but you still have to sync fully with the blockchain before you can send, receive and stake.
Keep the client running until it's fully synchronized. It will use the bootstrap file first, and download the rest of the blockchain to complete the sync. This can take some time (it took 2 days for me). Syncing the blockchain uses a lot of resources, so the software may react slow.
You can see the progress in the debug window (Help > Debug window). ↳ Screenshot
When the synchronization is completed, the red (out of sync) will disappear on the Overview screen! ↳ Screenshot
When synchronization is complete, you can start staking your Reddcoins.
You can write down your private key or copy and save it in a document. Make sure you save it somewhere only you can access it.
To import later: Debug window -> Console -> importprivkey [label] [label] is optional. ↳ Screenshot (without a label) ↳ Screenshot (with a label)
Boot with only 1 USB drive plugged in: Make sure only the USB drive (with the swap partition and data partition) is plugged in when you boot up your Raspberry Pi. This to make sure the swap partition (/dev/sda1) is recognized correctly. If you boot up with multiple USB drives, Lubuntu might see the USB drive with the swap partition as the second drive (instead of the first drive), and ignore the 2 GB swap partition. If this happens, starting Reddcoin can render the Raspberry Pi unresponsive.
Start Reddcoin Core easier Run a shell script (.sh file), so you can start Reddcoin just by double clicking on an icon on your Desktop.
Right Click on your Desktop and select Create New -> Empty File. ↳ Screenshot
Enter a file name, make sure it ends with .sh, and click on OK. I've chosen for Reddcoin.sh. ↳ Screenshot The file will be created on your Desktop. ↳ Screenshot
Add the command to start Reddcoin to the file.
Right click on the file, select Leafpad (to open the file in a text editor). ↳ Screenshot
Add the following to the file and save the file: sudo /media/rpi3b/usb/reddcoin/src/qt/reddcoin-qt ↳ Screenshot
To be able to execute the shell script (.sh), it has to have 'execute permissions'.
Right click on the file, and select Properties. ↳ Screenshot
Click on the Permissions tab.
For Execute, select Anyone, and click on OK. ↳ Screenshot
To start Reddcoin Core, double click on the file. A new window will pop-up, asking you what you want. Execute in Terminal is what we want, so you can click on enter. ↳ Screenshot Reddcoin Core will now start. Do not close the Terminal window, you can minimize it if needed.
Minimization options Adjust minimization options, so you can safely press on the X button (the close/exit button on the upper right corner).
Activate 'Minimize on close'. Settings -> Options... -> Window (tab) -> Minimize on close. ↳ Screenshot Reddcoin will still run when you click on the X button. To close/exit Reddcoin, right click on the Reddcoin icon in the system tray (bottom right corner). ↳ Screenshot
RealVNC VNC Viewer (client) and VNC Connect (server): To remote connect to the Raspberry Pi, I use VNC Viewer ad VNC Connect from RealVNC.
After your download is finished, open the file and click Install Package. ↳ Screenshot
To run the VNC Connect once:
Open [Menu] > Run, and enter: vncserver-x11 ↳ Screenshot
To auto run on startup:
Open Default applications for LXSession ([Menu] > Preferences > Default applications for LXSession). ↳ Screenshot
In LXSessions configuration, select Autostart in the menu left.
Under Manual autostarted applications, enter vncserver-x11 and click on + Add. ↳ Screenshot ↳ Screenshot
Reboot your Raspberry Pi and check if VNC Connect is started automatically after the reboot.
When VNC Connect is running, you'll see a VNC icon on the right bottom corner. Double click the icon to open VNC Connect and to see the IP address you need to enter to connect to your Raspberry Pi. ↳ Screenshot
Debunked: "Fractional reserve banking is fully prevented in the Lightning Network, because it's decentralized just like Bitcoin. There's no way to inflate the money supply in the second layer, since all transactions are backed by real bitcoins."
I will here for purposes of making no exaggeration present an especially drawn out scenario dealing with game theoretical factors rather than code and that would be impossible to time or predict perfectly. As such it could take possibly a decade or even generations to complete, or it might just never happen. Other scenarios might be equally possible, but would instead depend on unknown factors and perhaps happen in a much shorter time. These will not be dealt with in this post. The example provided is only meant to get you thinking about the limitations and systematic risks themselves in the network, that indeed can not rule out and will compared to the network design provided by Satoshi instead actually tend to help efforts such as introducing inflation if this is popular with key players in the network. It is not to conclude that somehow I have thought of every way in which the system could suffer, or that I am Nostradamus making a prediction of absolute and certain disaster. Instead it focuses on the game theoretical problems of irreconcilability. This also isn't a post against the Lightning Network as such, because if well implemented it could still turn out to have great use cases and there's then nothing preventing different chains from adopting it for those use case in particular. Now on to the post. Some refer to the Lightning Network trading of bitcoins as in a sense "trading unforgeable certificates of gold, that can't ever have their redeemability taken away". This certainly seems to be the case from a coding and cryptology perspective. It becomes an especially convincing perspective of course, when the remaining Bitcoin Core developers argue in favor of and actually do choose to effectively eliminate various cash attributes for the "coin" (now even unable to do secure 0-conf transactions and instead having to wait on average 10 minutes per transaction) that trades under the BTC ticker and it still seemingly getting along happily in the markets. But as soon as we take economics and system security into account we notice that it's actually not quite so simple. Bitcoin alone will always be susceptible to some attacks of course (this is not really possible to avoid with any system) and in a worst case scenario a majority of the community would actually be convinced to abandon the fundamental principles described in the systems design paper for an inferior replacement. This would radically reduce both the actual economy and the perceived utility of the old network, most likely leading to a rapid drop in the global market price for the coins held by those community members still wanting to transact by the old means. Simultaneously, it could still potentially generate a handsome profit for those wanting nothing to do with the old system and hence selling their coins on the global market before the older coin had a chance to grind its way back into recovery. As long as Proof-of-Work is kept, the users of the Lightning Network will always suffer the same risk in this regard as the users trading bitcoins directly on the Bitcoin Network. If they switch to a non-PoW model, they will immediately face other issues. But they will also have to deal with any other potential risks introduced by the system design of the Lightning Network itself. It is true that all coins or "certificates" on the Lightning Network piggy back of the Bitcoin Networks security provided by hashing nodes and are economically speaking also "backed" by real bitcoins. The only reason taking away the peg in fact at some point in fact might work, is that the LN transactions are not themselves actual Bitcoin transactions in the process of being settled on the chain. They are not 0-conf transactions held in the many mempools of nodes on the Bitcoin Network, subject to the "first seen" rule or and currently waiting to be timestamped by inclusion in block. As soon as they are, this is less of a problem. But the plan with regard to the Lightning Network is to popularize these "second layer" transactions as regular transactions in order to reduce the total number of transactions made on the Bitcoin blockchain and reduce the recourse requirements of running nodes, potentially letting them happen very rarely, take a very long time or even to actually have users never perceive a need to settle them. Considering the practical topology of how the more high profile "nodes", "hubs" or "more popular users" with greater than average connectivity and liquidity in the otherwise generally "decentralized" network have so far, and indeed must be expected to organically accumulate -- by merit of those choosing the routes and connections they themselves perceive to be the best, given their particular taste in all of the other individual users or businesses on the LN network and the relative liquidity that they provide for making a particular sought after transaction --, we can conclude that they have per these traits a greater economic influence then the rest that have chosen to depend on their reliability. We are not here concerned with making any sort of typical ethical condemnation of size or of having money, so we would not be interested in this if it weren't for the fact that introduces the same local potential failure points that are the key to centralization. The economy will therefore be susceptible to many of the same pitfalls as the old old economy that had preceded Bitcoin as it had been properly known per Satoshis design in the first place. Because of the users flocking to the previous mentioned "hubs" that provide greater liquidity, lower fees or help connect them better to the rest of the network, the precise routing of the system becomes a source of constraint. Users can no longer connect to just any node in the network and there is no way other than preferring the already largest hubs to as objectively as possible judge the incentives and the reliability of the nodes involved. Such measurement also never gives any guarantee whatsoever that the node you prefer and depend on will always remain available all the minutes of the day, every day, -- nor could the operator ever guarantee such a thing -- how likely it is to disappear in the event of financial turmoil or what happens if a government takes action against the operator for any number of reasons that need not have anything to do with the individual operator himself or his company in question. Because of this remaining element of risk, a certain need for trust spreads throughout the system. An algorithm that instead determines the route used by the individual user in a very careful way, can make a trade-off between such risk and benefit, which would help mitigate some of the risk and maximize benefit per a certain formula. But the fundamental problem doesn't change or disappear. Because of their importance in the ecosystem, hubs can now use it as leverage in upcoming board meetings about how Bitcoin should grow as a payment-/settlement system and what changes or other perceived improvements are necessary to make. Their combined influence, if they are many and diverse, may be significantly mitigated and will especially meet initial resistance from node operators (solo-miners and pools) in the Bitcoin Network itself on key topics. But as long as the miners are happy, the Lightning Network or any other second layer can operate as they wish. This can be the case with or without the changed incentives that some specific code changes along the way might bring. There is also no guarantee that there will not be significant overlap between these two groups over time. As we have seen throughout history, gold backed currencies rarely survive for long before a central entity controls and manipulates them. Not even gold trade itself is entirely without its scammers and where no alternative is allowed, manipulation still takes place from the top. It would be easy for the greater beneficiaries of the Lightning Network to honestly but mistakenly conclude that it is the best possible system and that making transactions on the Bitcoin Network is actually unnecessary for anyone but the miners. Striking a deal with the miners, that let miners keep their transaction fees or even increase them by making transactions possible on a less regular basis, they can safeguard the survival of their own system, increase their own influence and more aggressively at this point push almost any agenda that they'd like as long as miners do not interfere. Users that dissent with the policies of the Lightning Network can't merely take their money out of the system. They will have to trust that settlement is still possible or that a greater fool, that's so far using a different cryptocurrency, willingly takes their place. If transactions on the Bitcoin network are still somewhat reliable, economic activity can happen there instead of the Lightning Network. But it will only do so if there are actually bitcoins left un-pegged and held by enough users that are doing business on it. In our case The Lightning Network itself might already have become considered the primary space where exchange of bitcoin and as such "bitcoin transactions" takes place -- even though what trade hands are actually the certificates -- making certificates the default means of exchange within the community economy. Interest in regular Bitcoin transactions might be low due to impracticality alone or also ignorance and standing alone is not so easy. As long as there then is still some monetary value to the "bitcoin backed" notes being produced by the Lightning Network, it is not a long shot that those disagreeing will largely have left and that economic policy can be more fundamentally change through political persuasion, not to mention propaganda. It would not matter much if the devalued "bitcoins" were produced as real bitcoins would by the miners, whom would have the power to lift the 21 million limit, or in the form of fractional reserve fiat on the Lightning Network itself which could be implemented by developers working for the most popular hubs. The currency could be equally distributed throughout the entire network, but in either case the bulk of the money would be most likely to end up with the hubs themselves, who could then mercifully distribute it "fairly" to the rest of the ecosystem. Miners would eventually want their share of course, but no other party would have any practical way of stopping inflation and even if the miners decided to reduce congestion it is not clear that it would be possible for neither them or users to resurrect the network without great struggles. It would of course not ever be entirely unfeasible to see an economic exodus through open source means similar to how Bitcoin and other cryptocurrencies are being used today, early on or much later, such as through establishing a copy of the blockchain. But even if this happens, the event here described would, again, already have significantly damaged the economy and the market value of the new competing currency would initially likely be nowhere near the currency by this time still widely known by the Lightning Network participants and also many outsiders as "bitcoins". Finally; If you are trading cryptocurrency to make a short term profit, none of this might interest you that much. You are looking at current sentiment and expectations, not necessarily the technology behind it. But if you truly are in this for the long run and have other motivations, such as saving, continuous spending or, more than anything, if you want to support the bootstrapping of a revolutionary global financial network that potentially could bring freedom and a raised standard of living to millions by preventing systematic exploitation, then you should care about system design, long term viability and therefore also any potential pitfalls even of the most popular and supposedly "decentralized" networks.
Would it make any sense to mirror the blockchain in a torrent file? Thus providing a decent backup in case the IRC blockchain bootstrap got disrupted / taken offline? I feel like the use of IRC for bootstrapping is still a vulnerable bottleneck. Update I'm amazed by how many responses came back simultaneously chiding me for thinking IRC isn't involved in bitcoins bootstrap process and also being completely ignorant of what role it plays. If you're going to criticise someone at least make sure you're correct first. It's not like this information wasn't available.
Cryptocurrencies will change the world, and other thoughts
I'm relatively new to Reddit and no crypto expert. I'm an amateur computer scientist, economist, and investor; I'm a professional risk manager; and I'm all in on Ethereum [EDIT: my only crypto is ETH and I'm very optimistic, but I also hold boring index funds]. Take my opinions with a grain of salt. TLDR; Cryptocurrencies are great. I have miscellaneous thoughts I want to write down and get your feedback. The idea of value intrinsic to an information system is bigger than most people realize. There are many books (one of my favorites is William Bernstein's The Birth of Plenty) that try to identify the factors that drive economic and societal growth. One of the most important growth factors is how quickly we can scale resources. Land can't be scaled at all, and economic growth was very slow when land was the key constraint. The world has transitioned from an economy based on land to labor to capital to information, each time utilizing a quicker and more scalable resource. For information based systems, the main constraint is the need to interact with slower resource types. If I could misappropriate cryptocurrency terminology, think of information systems being hampered by the number and types of oracles they need. You can gain a lot from improving these oracles (think of wearables replacing manual entry of health data), but the real revolutions come where we can remove these references to outside systems altogether. Virtually everything involves money, and money is one of the slowest, bureaucratic, and nationally constrained concepts. The real power of cryptocurrencies is that they can store value within an information system, without the need for outside reference. I think this is what makes the concept so interesting. Benefits often cited like reduced government manipulation or ease of cross border transactions are secondary or can only exist because of this main property. When blockchain technologies mature, I think this will lead to possibilities we can't even imagine now. One day my A.I. may negotiate with and receive binding quotes from other A.I.'s around the world for some service I need, without having to reference anything outside the digital world. Think about how amazing it is that we can actually create scarcity in a digital world where everything can be copied for free. That's truly revolutionary. On a side note, being intrinsic to the system is also why I think proof-of-stake will be more secure in the long run than proof-of-work. PoW relies on assumptions outside the system - that hashpower will be proportional to energy usage. If we're thinking decades, at some point a government or company could come up with a novel way to significantly speed up hashpower (an ASIC using carbon nanotubes or whatever) and quietly build resources to take down the system. PoS bootstraps its own value within the system, so as long as the network is big enough it should be safer for longer. We should stop comparing cryptocurrencies to equities Both on Reddit and in the news I see comparisons of market caps for cryptocurrencies with market caps for companies like Apple, implying present value of fees determines value. Transaction costs and mining/staking fees are a necessary evil but are not where the value of cryptocurrencies come from. If we could create an economically stable decentralized currency without any fees it would certainly be more valuable than the same currency with fees. Ethereum is positioned to be the dominant cryptocurrency I hope that the end state for cryptocurrencies will include multiple competing solutions with competition and innovation, but at least for now I think Ethereum is best positioned to be the dominant platform. I like how in many ways Ethereum taking the opposite approach of Bitcoin in terms of being open, ambitious, and flexible while Bitcoin is focused, narrow, and stable (in terms of protocol, not price). If Ethereum's ICO model fails, it might still be successful as collateral for financial transactions, or may become dominant in micropayments in the internet of things. Ethereum is flexible enough to adapt to the unknown risks it will face as it matures. I'm not worried about regulation because not all countries will be so short sighted to shut it down, and the countries that don't will prosper from it. I'm not worried so much about the ICO bubble or other specific issues because not all use cases will fail. The road will be bumpy and there will be multiple >50% price crashes, scams, hacks, and crises, but I think ETH has the people, momentum, and flexibility to ultimately deal with these challenges. Banks aren't going anywhere Being able to be your own bank is like saying you can keep cash in a safe in your house. For many technically inclined people on this sub it's definitely better to get a hardware or paper wallet and truly own your crypto. For 98% of the public, they will be better off keeping their account with some trusted company with a password they can reset, two factor authentication, and consumer protections. I don't think that in any way changes the vision for what crypto can do. Speculators sometimes get lucky Right now the value of crypto is ridiculously volatile compared to fiat because there are so few use cases and value is determined based on expected uses many years from now. It seems unfair that a group of speculators (us) can get lucky and make crazy returns without contributing much to society, but life isn't fair and there's precedence for this. During the industrial revolution many destitute populations in the middle east because insanely rich just because they happened to possess oil reserves. As smart as we think we are, most of us who have been in more than a month or two are lucky and should have the humility to recognize that. Theoretically, if all the moontalk comes to pass and ETH is worth $30,000 each and you can purchase any digital good with it, it will be as stable as fiat. For a new ETH user they shouldn't care if ETH is $300 or $30,000 as long as the fiat to crypto conversion rate makes sense. In this scenario a group of speculators makes millions but late adopters don't appear to be hurt, and that can only be because fiat is devalued. Just for this risk I think most serious investors should hold a very small investment in crypto to hedge their exposure to fiat. The possibility space is wider than people assume People greatly overestimate their ability to predict the future. With a new concept like crypto, I think the range of possibilities in the near and far term are much wider than people realize. By the end of the year ETH could crash to $1 because of some unforeseen flaw, or it could hit $10,000 as part of a truly global bubble with Elon Musk saying ETH will be the only currency accepted on Mars. Here's a thought experiment for the absolute maximum you should invest in crypto. You're allowed to wager money on a coin flip. If it's heads you'll be paid out 10x your investment and if it's tails you'll lose it all. How much would you wager? Regardless of how much of an optimistic moon kid you are, don't invest more than this. If you read this far, thanks. I wrote more than I expected, but this is a great community in the early stages of what could be world changing tech at an exciting time to be alive.
There is a discussion about nodes that came up today, where it seems I'm discouraging people from running the full QT/Core client. Yes and No. What I'm trying to make sure people understand is how things work, and that it is NOT mandatory to run a client in order to use Dogecoins (and yes, I realise that browser-based tools like coinb.in and wallet sweepers are 'clients' by strict definition). That said, more nodes is absolutely a good thing for the network. Preferrably full nodes. How do you run a full node? Just run Core/QT and open up Port 22556 on your router so it can connect to more than 8 peers. What will it cost you? You need your machine to be on 24/7/365, you need enough storage for the full blockchain (currently about 20Gb. Bitcoin is over 120Gb) and enough bandwidth to keep it in sync and share blocks with peers. A couple of Gb a month, most likely. This is best done with a desktop on a wired broadband link. Or maybe a hosted VM in the cloud. :)
EDIT 2017-01-09: Wallets WITHOUT Clients
Since I started helping people on /BitcoinBeginners, I'm getting a lot of questions about how to use wallets without running clients or trusting third parties. So here are a couple of resources that will make that possible, and not just for Dogecoin: Multi-Coin Wallet GeneratorNow supporting 129 currencies!Coinb.in Start by setting the currency, found in the gear wheel in the Broadcast tab. Dogecoin Wallet Sweeper Redeem 'paper' wallets containing up to about 100 UTXOs. Bitinfo Charts My favourite block explorer, handles a bunch of cryptos. Using these resources, it is possible to hold, receive and spend coins in various currencies, without having to run QT or a 'lite' client. You can also download and run the pages on your own device.
EDIT 2016-11-23: SEMANTICS about MINING! :P
Even though there is already a section on mining below, it has been suggested given the huge number of posts on the subject that this needs to be made clearer. Since people get their panties in a twist over the word 'dead', lets change that...
MINING IS DEAD!
MINING DOGECOIN IS UNPROFITABLE!
Put simply, there is no way to mine Dogecoin and make a profit because of the massive hashpower provided by industrial-scale Litecoin miners. Mining Doge directly stopped being viable when our hashrate exploded with the introduction of AuxPoW. Mining with CPU's and GPU's died when ASICs were introduced. And mining with a laptop WILL kill your laptop and cost you a fortune to repair or replace. Mining Litecoin with an exchange that also mines Doge and others will earn less than the electricity consumed, and you won't recover your costs. Probably ever, but certainly not in any reasonable time. Mining other currencies may be a thing, but that's beyond our scope here. This is /Dogecoin, not /GetRichMiningCryptos after all. If you want to mine the newest scamcoin for fun and profit, look elsewhere for advice. :/ Oh, and most important:
READ BEFORE YOU POST!
At any given time, there are half a dozen posts on the frontpage just like the one you're about to write, where the answers have already been given. Read them. Don't make people waste their time repeating themselves because you were too lazy to bother reading stuff. :P So there I was, having a quiet Sundy arvo bludge, as you do, when 42points turned up on Facebook and asked me to write a new sticky post for /dogecoin. Why would he do this, when he should be having a bludge himself, I hear you ask? Well, seems he was doing exactly that, and wanted to fob off the work he’s too slack to do himself. ;) Ah well, being a sucker for punishment, I’ll grudgingly oblige I guess. OK, first things first.
A client is a piece of software you keep on your computer which holds one or more wallets. Here are the current client versions. If you're using an older client please upgrade to the newest version prior to sending/receiving coins. Backup! Backup! Backup your wallet.dat file or private key so you can import them into the latest version of the client.
Be warned that unless you’re running Core (aka QT), you could have issues with wallets containing lots of UTXOs (Unspent Transaction Outputs - Where your coins REALLY live). Go read the ELI5 below, and keep a close eye on your transaction counts. If you DO run Core, realise that all full clients, regardless of the coin, require a copy of the blockchain and must keep it up to date. This will cost you time, storage space and bandwidth. You can save a little by downloading the bootstrap file though. I haven’t checked how recent this one is, so let me know if you find a more current version.
OK, so next, grab this wallet generator. Even if you plan on running a client(s). Because a) it does many, many cryptocurrencies, and b) you WILL need wallets at some stage over and above what you keep in your clients. Just be sure to run it locally (and offline if you’re truly paranoid).
Oh, and here’s a simple way to keep track of all your wallets using HTML. You can grab the source and modify it, then upload it wherever you need to suit your needs. You will also want a separate file with your private keys, but don’t upload that one anywhere, because if you lose your keys or someone else gets access to them, you will lose your coins.
Next, be aware that there are online wallets available. While any wallet you don’t own the keys to isn’t actually yours, and therefore isn’t safe, the following are safer than most. Dogetipbot of course is used daily by shibes on Reddit. Block.io uses multisig and gives you Doge, BTC and LTC wallets as well as testnets, and Dogechain gives you your private keys (and also offers a wallet sweeping service).
Exchanges also offer wallets, of course. Not that you should use them to store your hard-earned coins, because they can and do get hacked with monotonous regularity. But at some stage you’re going to want to trade, or hold a few uncommon coins. You could do worse than these three:
And then there’s the obligatory question of mining. Put simply, mining is for all intents and purposes dead, and has been for a long time now. The costs are greater than any possible returns. But, if you insist on doing it anyway, maybe because you inherited a miner, you can earn about 0.01 LTC/day per MH/s merge-mining at Litecoinpool. That’s about 4 cents. :(
Shibes sometimes complain that the devs are not as active in /dogecoin as they used to be. You can find them on IRC, slack or their very own sub if you need them though. Or poke sporklin, who can often help.
You can of course ask any questions here, or post them in the sub. However, do try searching first, because I guarantee every possible question has been asked many times before. And you should also subscribe and hang out in /dogeducation occasionally. There’s much awesomeness there.
From peoplma I was wondering if you could add just a couple things. A link to the coinomi android wallet, it's probably the best one out there. And a sentence somewhere along the lines of "if you need help with any dogecoin software you are welcome to make a post, but PLEASE include your OS, version number of the client, and any relevant transaction IDs that you are willing to share" if you can fit that in somewhere. Also, if you want to link to Prohashing, I'm pretty sure it's the only Scrypt mining pool that will actually pay out in doge. The others I know of pay out in litecoin or bitcoin. And it's a profit switching multipool, so gives a better return than just mining ltc/doge. And there's these two wiki articles I thought would be helpful to link /dogecoin/wiki/technical for those technically minded newbies or intermediate users who want to dig a little deeper. And maybe a link to /dogecoin/wiki/dogecoincoreguide next to the link for dogecoin core. From pts2002 Finally a proper sticky post! Here's some other stuff you could add: zpool.ca mining pool - You can get paid in pretty much any coin, and you can mine in multiple algos (currently mining lyra2v2 with my GPU). Doing about 500Ð/day shapeshift.io exchange - My favourite exchange, quick and easy. No registration required! Also, you should add some blockchain explorers! chain.so - Support for bitcoin, litecoin and doge. dogechain.info - Official blockchain explorer. Includes a wallet (already mentioned). Live update currently not working (?) EDIT: Here's another thing I found! preev.com currency value calculator - Easy way to check the value of your dogecoins (or bitcoins, or litecoins, or peercoins)!
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We have a constant stream of people coming back after abandoning Dogecoin and the sub in 2014 when the price fell. These people all have old versions of QT and are now basically trying to recover their coins, presumably to cash out and abandon us again. This is causing strain for the network, as far more people are trying to leech blocks than seed them. The thing is, none of this is necessary. Especially if you're just going to dump coins. With resources such as https://coinb.in/#settings all you need are your private keys, and you can create, sign and broadcast transactions yourself. No client required, let alone one as resource-hungry as QT.
"So, how do I get my keys?"
First of all, lets talk about data management. The overwhelming majority of coins are not lost through theft, especially direct theft of wallets (as distinct from wholesale thefts/scams/implosions like Moolah, GAW, MtGox, Cryptsy, and even our own beloved Dogetipbot). Most coins are lost because people forget about their wallets and do silly things like reformat hard drives, lose passwords and so on. So, everyone should have a wallet list. Here is a sample bit of HTML that gives you a page with two columns of wallets, one for local wallets you would withdraw coins to, the other the third-party wallets you would deposit coins to third parties through (do note that many services use temporary addresses generated for deposits which expire after 24h or so). A page like this is how I manage my 100+ wallets, and I have copies on my network and hidden online. Such a page makes it easy to at least keep track of all your wallets, for a trivial amount of work to set up.
"OK, great, so now I have a list of my wallets. Now what?"
Now you're going to need the private keys for each of those wallets. Obviously you're not going to store these in a public place though. So you will need a separate file, which can just be plain text. Copy each of those addresses into it. Now go ahead and fire up QT. If you haven't synced it in 3 years, its going to take forever, but that doesn't matter. You don't actually need the blockchain for this, so you don't have to wait for it to catch up. Open up the console which is in the Help menu. Then give the command dumpprivkey with the wallet address you want the key to. Then use the up-arrow key to bring that command back, replace the address with the next one, and keep going until you have them all. It will look something like this:
13:05:18 Welcome to the Dogecoin RPC console. Use up and down arrows to navigate history, and Ctrl-L to clear screen. Type help for an overview of available commands. 13:11:06 dumpprivkey D9xDcRthB6XP4vRGqiyKdDfVJ7CWhYuBBi 13:11:06 6KEcssuq1wWUrFVmMF8yDxHuAdQMiRezz53zDxADLmyoXnix7iM 13:12:00 dumpprivkey DUDARNrGHVTFcCgriwRWgDQJPKDuDQr9jg 13:12:00 6JNk6NNFZcr49fbsD2jcTfTxFLjJKq9DHQ5JU8CYeZ2Cz6JdKMY 13:12:25 dumpprivkey DG6xnwCT6BXePaySqU85XocobZmhbJczQH 13:12:25 6JNXFv95Mp9SzehHw9jojjdxHRNPeh77qCsRbaNwJZMp9MKCAu3
Yes, those are real wallets. But don't bother trying to steal my coins, I just generated them on https://walletgenerator.net/ and they're empty. That's basically it. All you need to do is add some descriptions of what the wallets are, pretty up the format to your liking, and save copies in multiple, secure places, including printed out.
Remember, if you lose your keys, OR someone else sees them, you lose your coins!
If those were my real wallets above, you could use the keys and spend my coins. So obviously, don't let anyone else, especially annoying little brothers, get their grubby hands on them. But also make sure they can be discovered if anything happens to you. That's why the printed copies... nobody is going to go trolling through your porn or warez collection on the offchance there's something valuable in there. But they will look in your safe or wherever you store other important documents. Just be sure to leave a note as to what they are and how to use them. Remember the woman who came here a couple years ago who had found a USB stick with 110 BTC in a locked wallet.dat on it from her dead husband? I sometimes wonder if she ever got the money. Don't be her. Or him.
"OK, great. Now I have my keys. What now?"
Well, you can spend coins using https://coinb.in/#settings from any wallet you have the keys to. First step is to choose the network. Dogecoin (mainnet) obviously. Then go to Transaction in the +New menu. Enter your address and hit the Load button. It will pull in the first 100 transactions. Now enter the address to pay, and the amount. Note the Transaction Fee box! You want this amount to be zero. Depending on whether you're moving coins to another of your wallets to consolidate them (a very good idea.. go read the UTXO ELI5, which you will find a couple pages into https://www.reddit.com/dogecoin/comments/4yts6h/start_here_for_much_wallet_wow/ - Yes, I'm going to make you work for it, cos there's tons of useful stuff there you need to know), or paying someone else, you may want to select which inputs to use. Once you're happy with the transaction, go ahead and submit it. You will now get a block of text, which is the raw, unsigned transaction. Copy this. Go to the Sign tab. Paste it. Add your private key and Submit to sign it. After a little bit, you will get a signed transaction. Copy it. Go to the Broadcast tab, paste it and hit Submit. That's it. It should go into the next block in a minute or two. Yes, even without paying a mining fee. Our network is so lightly loaded that there are no contention issues like the Bitcoin people have to put up with.
"That's it? So why do I need QT?"
You don't. The process above is all that's involved in spending coins. Everything else is window dressing. So there is no need to run QT, or any other client. Oh, and since you can download the site and run it locally (mostly offline), there is no security issue beyond the usual keyloggers/spyware that can compromise anything. And by knowing how to do this, you are much better protected from accidental loss than someone who blindly trusts black boxes they don't understand. Oh, one final thing... if you really want to help the network by seeding rather than leeching, go ahead and run a full node. Instructions are in that link above. AND you may want to help seed the bootstrap file torrent from a couple of days ago. Just because YOU don't need it, doesn't mean others don't, right?
Jaxx & Decentral - Introduction, and how we are working to improve the Monero ecosystem and infrastructure.
Hey there Monero peeps. I wanted to take the time to introduce Decentral, Jaxx (and myself) to the Monero community. As some of you may know, last week Jaxx became closer involved with your community as we both announced Monero is iOS approved as well as our future plans for XMR wallet support across all 9 platforms that Jaxx supports. iOS mobile & iPad, Android mobile & tablet, Chrome & Firefox extensions and Mac / PC / Linux desktop. Jaxx has been in the works for over a year and a half now and officially launched this past June. In a nutshell, the vision for Jaxx is to create a default blockchain interface that's made for the masses (including those non-technical folk like my Dad) that allows everyone to manage and be in full control or their digital assets, and done in a way that brings together and provides support for the global decentralized tech / blockchain communities we admire for providing choice and value to the world. To achieve our vision we're shooting to:
Be chain & platform agnostic - currently 7 tokens & available on 9 different platforms
Provide a similar experience across every device - need a wallet? d/l Jaxx, no need to find out how the user will be using it first or which platform or device they have
Offer a simple, single, one-time back system - 12 words you can write down once and can be used to derive all keys for ALL tokens, identity systems, messaging systems we integrate with now and in the future
Be Extremely lightweight - we're just a few mb, no need to d/l the entire blockchain or even a SPV client
Allow users to be in full control of their keys & identity & communications - meaning we never want to take custodianship or have access to customer keys or funds, identity etc.
Be design-led and user experience driven - provide awesome user experiences, ie single screen design with everything you need on the main interface
Provide hardware support to enhance security - upcoming product Jaxx Ice Cube & support for other hardware solutions
Never require users to provide ANY personal information (including emails)
Offer best in industry customer support - targeting 3 hour response times, and personal support via other channels for more delicate situations
Remove as many friction points as possible - we hate forcing passwords and usernames for starters
Ensure self-sufficiency by creating our own backend infrastructure for the communities / tokens we're supporting (nodes, relays, apis)
Ensure self-sufficiency by monetizing via various avenues - as afterall, we are a business first and people need to live, and right now, to live people need to be paid.
Offer visible and auditable code why not allowing for easy distribution of cloned maliciously copies of our products - code is available on our website and directly be inspecting the extension and android versions.
Partner with 3rd parties to allow for direct integrations into Jaxx. ie Shapeshift, Coinbase, many others to come.
Avoid situations where we would need to be regulated. ie since we don't hold customer funds or keys we aren't regulated. Meaning we can push off all kyc / aml work to our integration partners and focus on expanding Jaxx globally without worrying about regional rules and compliance.
Decentral is the parent company of Jaxx and is also a decentralized tech hub located in downtown Toronto. We are currently a team of around 20 full-time and contract staff. Decentral opened on New Year's day 2014 to provide a space where enthusiasts of decentralized tech could meet, work, and create cool shit. Since opening we believe Decentral has made some huge strides. We're proud to be the birthplace of The Decentral Project, Ethereum, Kryptokit, Rushwallet, Ethereumwallet.com, Jaxx, Decentral.tv, Decentral Consulting, Cointalk, C4, the world's 2nd Bitcoin ATM & Toronto's first (which is still running strong btw). We're also the first home to the Bitcoin Alliance of Canada, Toronto Ethereum Meetup, Toronto Bitcoin Meetup, & Toronto Techno Crypto. As well, our client list includes Toronto Stock Exchange, RBC Bank, Deloitte and many other small and large enterprise clients and start-ups. To date Decentral has hosted over 115 events including The Canadian Bitcoin Expo 2014 at the Metro Toronto Convention Centre & associated Hackathon where Amir Taaki's Dark Market (Open Bazaar) emerged. Along the way we have educated many thousands on the positive and potential benefits blockchain and decentralized technologies provide. We are approachable, visible, and community and business oriented. All traits we recognize to be very important the space we are in, and especially important in the blockchain wallet space, as let's face it, even though we don't "hold" customer funds, we are still responsible for the software they rely on to manage said funds, and in the future, we're hoping their entire digital lives. Decentral has learned a lot developing wallets over the past 3 years. in 2013 we first emerged as Kryptokit, launching the first ever chrome extension bitcoin wallet. About a month later just as Kryptokit was taking flight, Vitalik Buterin showed be the whitepaper for Ethereum, I dropped everything and spent the next 12 months founding that project, while doing minimal work in the wallet space except for pushing out Rushwallet.com, our html5 bitcoin wallet that works across many different platforms and devices. So, how will Jaxx be helping to build our the Monero ecosystem? Aside from XMR wallet support we are also building our also creating the full infrastructure and redundancy systems for tokens we carry. The ultimate plan in the future is for individual users to run and tap into their own nodes should they wish to do so. The more control can be pushed off to the individual / user, and the less you have to rely on us the better, we say. This new Monero infrastructure we're developing, the first part of it which should be deployed when we launch is designed to source data from our multiple nodes as well as any others available. (in a round-robin fashion) and select the best most accurate info to display and use for sending transactions. We're also determining how this infrastructure can be used to assist the entire Monero ecosystem as the complete structure containing nodes, apis, and relay system is unique and unlike anything available right now for Monero. We developed this massive infrastructure project which is and will be available for all our supported tokens because we realized what was currently available (a miss-match of token specific services) wasn't allowing us to add new token support efficiently and synchronously. Now a bit about myself. I am the CEO and founder of Decentral & Jaxx, co-founder of Ethereum and have lived in Toronto all my life. I've been an entrepreneur and design junkie for 20 years. Prior to full-time blockchain (2012) I owned a geothermal drilling company doing commercial projects for Ikea. I've been in tech all my life building computers since age 8 (1984), on BBSes since the 1200 baud modem days (late 80's), designing website in the early 90's. I invested in Bitcoin (2012), Litecoin (2013) and Ethereum (2013). I currently hold all three as well as Monero and Dash and ETC and am looking to expand my portfolio with some of the new groundbreaking technologies Decentral has been identifying. All projects I've done in this space are self-funded (aside from Ethereum of course, although I did bootstrap a large portion of the project before the crowdsale). I own 100% own my current projects and believe efficiencies and leadership are paramount to providing great products and services for the public. Earlier this year I became (part-time) Chief Digital Officer at the Toronto Stock Exchange, (a position I've just resigned from) in order to focus full efforts on Jaxx and the soon to be announced new project. This role at TSX and work with others industry clients has really given myself and Decentral an inside on how the current systems operates. From these engagements we've realized we have an amazing team at Decentral that's able to map out current processes and industries (whether it be municipal services, health care systems, banking infrastructure, etc.) and provide roadmaps for how these systems can be modernized using technologies such as bitcoin and other disruptive (and usually) decentralized tech. My personal goal it to provide products and choices that enables individuals to take control of their lives. I'm a voluntarist, meaning I believe all interactions between individuals and groups should be voluntary and uncoerced, and believe diplomacy and short-term sacrifices can lead to much greater longer term gains and execution of grand plans. I'm also a huge proponent of privacy and security. Regarding Jaxx, Jaxx.io is our official site. There you'll find it a great resources ie FAQ and knowledge base and it's also the best way to get support for any of our products. Regarding support, Annie Lee leads that department and will be sure to help you with any tickets submitted once we launch our XMR integration. If you'd like to discuss potential business opportunities or integrations feel free to drop Rico Nassir a line at [email protected]. Please always make sure you downloading our products from trusted official app stores or from our SSL locked site Jaxx. We control the distribution of Jaxx tightly as to do our best to ensure there aren't malicious versions floating around the web or on app stores (more about this in a future post) That's it for now as this has taken up half a Saturday to put together. One last thing I want to mention is how great it is to work with the Decentral and Jaxx team every day in our office in Toronto. We've got some rockstars in the house and nothing beats direct interaction on a daily basis with the team and this is why we are as efficient as we are, and why I believe as we grow we will continue to maintain our efficiencies and continue to push out great products and services. Looking forward to working much closer with the Monero community. We've penciled in XMR release for early November. Keep in mind though, "penciled". Cheers! Anthony Diiorio Founder & CEO - Jaxx & Decentral [email protected] +1-888-650-3796 - Skype: a.diiorio Decentral - Jaxx
Here is located actual, always up-to-date, Bitcoin blockchain that can be fast downloaded via torrent. In which cases you need to download Bitcoin blockchain? when you need to get full Bitcoin node ; when you installing wallet like Bitcoin Core to new device; if you do not want to wait a few days (or weeks?) until blockchain synchronizes; if your blockchain was crashed and you need get it back ... If you have a full copy of blockchain that is verified and if you’d like to move it to wallet on another computer then you don’t have to generate bootstrap file. No matter if it is a Windows operating system or Linux operating system the wallet core files are the same. So just copy the chainstate and blocks folder from up to date wallet to the machine where your wallet is not updated ... In case someone is (or you all together are) willing to place a large donation (~8-12 BTC) I’m willing to setup a dedicated virtual machine which will be creating a current bootstrap.dat copy of the full Bitcoin blockchain file once a day (or once a week) automatically using a cronjob. On a dedicated machine I can also add an additional download option using Torrent in case this feature is ... How to bootstrap your wallet for a faster sync. Every bitcoin based wallet need to be synced with the blockchain in order to be able to receive, send, generate staking or masternode rewards. The last post we´ve showed you how to verify if you´re on the correct blockchain. If your´re ok, than nothing has to be done, however if you´re on the ... After installing the bitcoin client (Qt) a friend got interested as well. He doesn't have as fast an internet connection, though, so I thought of burning some DVDs with the blockchains for him to have. I saw this question on how to transfer blockchain from PC to Mac and the solution was to copy the whole "Bitcoin" folder. However, that folder ...
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