Author: Gamals Ahmed, CoinEx Business Ambassadorsubmitted by CoinEx_Institution to Coinex [link] [comments]
ABSTRACTAryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain.
The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.
1.INTRODUCTIONThe concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions.
When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved.
This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
1.1 OVERVIEW ABOUT ARYACOINAryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details.
Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda.
Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified.
Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin.
Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim.
Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details.
Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time.
According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public.
In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks.
AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by
first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.
1.1.1 ARYACOIN HISTORYAryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team.
Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin.
“We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said.
Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC.
Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees.
“We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.”
“One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”.
“So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.”
“We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.”
1.1.2 ARYACOIN’S MAIN GOALAryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe.
Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.
1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVEAryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur.
Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.
1.1.4 BENEFITS OF USING ARYACOINAryacoin solution offers the following benefits:
1.1.5 ARYACOIN FEATURES1. Anonymity
The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country .
2. Real Life Usage
aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere.
3. Offline Exchanges
They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the
coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future!
When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending.
5. Business Partner with Simplex
Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries.
In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020.
Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.
1.1.6 WHY CHOOSE ARYACOIN?If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!
1.1.7 ARYANA CENTRALIZED EXCHANGEAryana, the first Iranian exchange is a unique platform with the following features:
The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline.
The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.
1.1.8 HOW DOES ARYACOIN WORK?Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.
2. ARYACOIN TECHNOLOGY
2.1 PROOF-OF-WORKThey use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.
For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past
block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.
2.2 NETWORKThe steps to run the network are as follows:
2.3 AYAPAY PAYMENT SERVICES GATEWAY:According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world.
This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee.
In other similar systems or even systems such as PayPal, money is stored in the user account.
2.4 CONSENSUS ALGORITHM IN ARYACOINThe devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.
2.5 DOUBLE-SPEND PROBLEM AND SOLUTIONOne of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore
be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.
3. ARYACOIN ROADMAPApril 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected
December 2019: The launch of AYA Pay
April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain.
June 2020: Aryana Exchange goes live, opening more trading opportunities globally
July 2020: The enabling of our Coin Exchanger
November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem
Q1 2021: Alef B goes live (more details coming soon)
4. THE NUCYBER NETWORK COMMUNITY & SOCIALWebsite: https://aryacoin.io/
Twitter: 1.1k followers https://twitter.com/AryacoinAYA
Reddit: 442 members https://github.com/nucypher
Instagram: 3.8k followers https://www.instagram.com/mrdigicoin/ Telegram: 5.9k subscribers https://t.me/AYA_Global
5. SUMMARYAryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.
6. REFERENCES1) https://coincodex.com/crypto/aryacoin/
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1. What is Bitcoin (BTC)?
2. Bitcoin’s core featuresFor a more beginner’s introduction to Bitcoin, please visit Binance Academy’s guide to Bitcoin.
Unspent Transaction Output (UTXO) modelA UTXO transaction works like cash payment between two parties: Alice gives money to Bob and receives change (i.e., unspent amount). In comparison, blockchains like Ethereum rely on the account model.
Nakamoto consensusIn the Bitcoin network, anyone can join the network and become a bookkeeping service provider i.e., a validator. All validators are allowed in the race to become the block producer for the next block, yet only the first to complete a computationally heavy task will win. This feature is called Proof of Work (PoW).
The probability of any single validator to finish the task first is equal to the percentage of the total network computation power, or hash power, the validator has. For instance, a validator with 5% of the total network computation power will have a 5% chance of completing the task first, and therefore becoming the next block producer.
Since anyone can join the race, competition is prone to increase. In the early days, Bitcoin mining was mostly done by personal computer CPUs.
As of today, Bitcoin validators, or miners, have opted for dedicated and more powerful devices such as machines based on Application-Specific Integrated Circuit (“ASIC”).
Proof of Work secures the network as block producers must have spent resources external to the network (i.e., money to pay electricity), and can provide proof to other participants that they did so.
With various miners competing for block rewards, it becomes difficult for one single malicious party to gain network majority (defined as more than 51% of the network’s hash power in the Nakamoto consensus mechanism). The ability to rearrange transactions via 51% attacks indicates another feature of the Nakamoto consensus: the finality of transactions is only probabilistic.
Once a block is produced, it is then propagated by the block producer to all other validators to check on the validity of all transactions in that block. The block producer will receive rewards in the network’s native currency (i.e., bitcoin) as all validators approve the block and update their ledgers.
Block productionThe Bitcoin protocol utilizes the Merkle tree data structure in order to organize hashes of numerous individual transactions into each block. This concept is named after Ralph Merkle, who patented it in 1979.
With the use of a Merkle tree, though each block might contain thousands of transactions, it will have the ability to combine all of their hashes and condense them into one, allowing efficient and secure verification of this group of transactions. This single hash called is a Merkle root, which is stored in the Block Header of a block. The Block Header also stores other meta information of a block, such as a hash of the previous Block Header, which enables blocks to be associated in a chain-like structure (hence the name “blockchain”).
An illustration of block production in the Bitcoin Protocol is demonstrated below.
Block time and mining difficultyBlock time is the period required to create the next block in a network. As mentioned above, the node who solves the computationally intensive task will be allowed to produce the next block. Therefore, block time is directly correlated to the amount of time it takes for a node to find a solution to the task. The Bitcoin protocol sets a target block time of 10 minutes, and attempts to achieve this by introducing a variable named mining difficulty.
Mining difficulty refers to how difficult it is for the node to solve the computationally intensive task. If the network sets a high difficulty for the task, while miners have low computational power, which is often referred to as “hashrate”, it would statistically take longer for the nodes to get an answer for the task. If the difficulty is low, but miners have rather strong computational power, statistically, some nodes will be able to solve the task quickly.
Therefore, the 10 minute target block time is achieved by constantly and automatically adjusting the mining difficulty according to how much computational power there is amongst the nodes. The average block time of the network is evaluated after a certain number of blocks, and if it is greater than the expected block time, the difficulty level will decrease; if it is less than the expected block time, the difficulty level will increase.
What are orphan blocks?In a PoW blockchain network, if the block time is too low, it would increase the likelihood of nodes producingorphan blocks, for which they would receive no reward. Orphan blocks are produced by nodes who solved the task but did not broadcast their results to the whole network the quickest due to network latency.
It takes time for a message to travel through a network, and it is entirely possible for 2 nodes to complete the task and start to broadcast their results to the network at roughly the same time, while one’s messages are received by all other nodes earlier as the node has low latency.
Imagine there is a network latency of 1 minute and a target block time of 2 minutes. A node could solve the task in around 1 minute but his message would take 1 minute to reach the rest of the nodes that are still working on the solution. While his message travels through the network, all the work done by all other nodes during that 1 minute, even if these nodes also complete the task, would go to waste. In this case, 50% of the computational power contributed to the network is wasted.
The percentage of wasted computational power would proportionally decrease if the mining difficulty were higher, as it would statistically take longer for miners to complete the task. In other words, if the mining difficulty, and therefore targeted block time is low, miners with powerful and often centralized mining facilities would get a higher chance of becoming the block producer, while the participation of weaker miners would become in vain. This introduces possible centralization and weakens the overall security of the network.
However, given a limited amount of transactions that can be stored in a block, making the block time too longwould decrease the number of transactions the network can process per second, negatively affecting network scalability.
3. Bitcoin’s additional features
Segregated Witness (SegWit)Segregated Witness, often abbreviated as SegWit, is a protocol upgrade proposal that went live in August 2017.
SegWit separates witness signatures from transaction-related data. Witness signatures in legacy Bitcoin blocks often take more than 50% of the block size. By removing witness signatures from the transaction block, this protocol upgrade effectively increases the number of transactions that can be stored in a single block, enabling the network to handle more transactions per second. As a result, SegWit increases the scalability of Nakamoto consensus-based blockchain networks like Bitcoin and Litecoin.
SegWit also makes transactions cheaper. Since transaction fees are derived from how much data is being processed by the block producer, the more transactions that can be stored in a 1MB block, the cheaper individual transactions become.
The legacy Bitcoin block has a block size limit of 1 megabyte, and any change on the block size would require a network hard-fork. On August 1st 2017, the first hard-fork occurred, leading to the creation of Bitcoin Cash (“BCH”), which introduced an 8 megabyte block size limit.
Conversely, Segregated Witness was a soft-fork: it never changed the transaction block size limit of the network. Instead, it added an extended block with an upper limit of 3 megabytes, which contains solely witness signatures, to the 1 megabyte block that contains only transaction data. This new block type can be processed even by nodes that have not completed the SegWit protocol upgrade.
Furthermore, the separation of witness signatures from transaction data solves the malleability issue with the original Bitcoin protocol. Without Segregated Witness, these signatures could be altered before the block is validated by miners. Indeed, alterations can be done in such a way that if the system does a mathematical check, the signature would still be valid. However, since the values in the signature are changed, the two signatures would create vastly different hash values.
For instance, if a witness signature states “6,” it has a mathematical value of 6, and would create a hash value of 12345. However, if the witness signature were changed to “06”, it would maintain a mathematical value of 6 while creating a (faulty) hash value of 67890.
Since the mathematical values are the same, the altered signature remains a valid signature. This would create a bookkeeping issue, as transactions in Nakamoto consensus-based blockchain networks are documented with these hash values, or transaction IDs. Effectively, one can alter a transaction ID to a new one, and the new ID can still be valid.
This can create many issues, as illustrated in the below example:
Since the transaction malleability issue is fixed, Segregated Witness also enables the proper functioning of second-layer scalability solutions on the Bitcoin protocol, such as the Lightning Network.
Lightning NetworkLightning Network is a second-layer micropayment solution for scalability.
Specifically, Lightning Network aims to enable near-instant and low-cost payments between merchants and customers that wish to use bitcoins.
Lightning Network was conceptualized in a whitepaper by Joseph Poon and Thaddeus Dryja in 2015. Since then, it has been implemented by multiple companies. The most prominent of them include Blockstream, Lightning Labs, and ACINQ.
A list of curated resources relevant to Lightning Network can be found here.
In the Lightning Network, if a customer wishes to transact with a merchant, both of them need to open a payment channel, which operates off the Bitcoin blockchain (i.e., off-chain vs. on-chain). None of the transaction details from this payment channel are recorded on the blockchain, and only when the channel is closed will the end result of both party’s wallet balances be updated to the blockchain. The blockchain only serves as a settlement layer for Lightning transactions.
Since all transactions done via the payment channel are conducted independently of the Nakamoto consensus, both parties involved in transactions do not need to wait for network confirmation on transactions. Instead, transacting parties would pay transaction fees to Bitcoin miners only when they decide to close the channel.
One limitation to the Lightning Network is that it requires a person to be online to receive transactions attributing towards him. Another limitation in user experience could be that one needs to lock up some funds every time he wishes to open a payment channel, and is only able to use that fund within the channel.
However, this does not mean he needs to create new channels every time he wishes to transact with a different person on the Lightning Network. If Alice wants to send money to Carol, but they do not have a payment channel open, they can ask Bob, who has payment channels open to both Alice and Carol, to help make that transaction. Alice will be able to send funds to Bob, and Bob to Carol. Hence, the number of “payment hubs” (i.e., Bob in the previous example) correlates with both the convenience and the usability of the Lightning Network for real-world applications.
Schnorr Signature upgrade proposalElliptic Curve Digital Signature Algorithm (“ECDSA”) signatures are used to sign transactions on the Bitcoin blockchain.
However, many developers now advocate for replacing ECDSA with Schnorr Signature. Once Schnorr Signatures are implemented, multiple parties can collaborate in producing a signature that is valid for the sum of their public keys.
This would primarily be beneficial for network scalability. When multiple addresses were to conduct transactions to a single address, each transaction would require their own signature. With Schnorr Signature, all these signatures would be combined into one. As a result, the network would be able to store more transactions in a single block.
The reduced size in signatures implies a reduced cost on transaction fees. The group of senders can split the transaction fees for that one group signature, instead of paying for one personal signature individually.
Schnorr Signature also improves network privacy and token fungibility. A third-party observer will not be able to detect if a user is sending a multi-signature transaction, since the signature will be in the same format as a single-signature transaction.
4. Economics and supply distributionThe Bitcoin protocol utilizes the Nakamoto consensus, and nodes validate blocks via Proof-of-Work mining. The bitcoin token was not pre-mined, and has a maximum supply of 21 million. The initial reward for a block was 50 BTC per block. Block mining rewards halve every 210,000 blocks. Since the average time for block production on the blockchain is 10 minutes, it implies that the block reward halving events will approximately take place every 4 years.
As of May 12th 2020, the block mining rewards are 6.25 BTC per block. Transaction fees also represent a minor revenue stream for miners.
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We recently had the opportunity to interview the VP of ViaBTC Group, Eddie Jiang. ViaBTC Group owns popular crypto exchange CoinEx and ViaBTC Pool. In this interview Eddie discusses being the first exchange to use BCH as the base currency, ViaBTC Pool and integrating with CoinEx, new features and ambassador program, and competing with other exchanges like Binance and Huobi. Please enjoy the interview below.
How come you decided to open up CoinEx to other cryptos other than just BCH?
Eddie Jiang: CoinEx is the world’s first exchange to implement Bitcoin Cash as a base currency. At that time, it was evident that there was a demand for BCH trading markets, and we are the first to explore this opportunity. It also shows our determination to support the BCH’s development.
As CoinEx is developing, our goal becomes bigger and we are aiming at the global market. We need to constantly improve our product diversification to meet the different needs of more users, so we open up to other cryptos. In the past six months, we have listed more than 50 new tokens. Up to now, we have listed 129 cryptos and 313 markets. Besides, in addition to spot trading, CoinEx also supports perpetual contract and other derivatives trading.
How does CoinEx integrate with the ViaBTC Pool?
Eddie Jiang: ViaBTC Group announced a strategic upgrade, which included a new organizational structure, product innovations and service improvements, on 30 May.
As part of the change, the Group has established three dedicated business units (BU): the financial services BU, consisting of ViaBTC mining pool and CoinEx exchange; the infrastructure services BU, including ViaWallet and Blockchain Explorer; and the ecological development BU, focusing on the research and development of public chain technology and the construction of the ecology.
After halving, the combination of mining and finance will become closer and closer. Investing in mining machines is like buying a Bitcoin option. Miners need more flexible financial products to maintain and increase the value of assets, or hedging services. Based on this judgment, the operations of ViaBTC mining pool and CoinEx exchange will be integrated in the future to realize the financial empowerment of the mining pool to meet the diverse financial needs of miners.
Features of this integrated product upgrade can be summarized as: “ The mining pool is the wallet, and the wallet is the transaction.” ViaBTC is the world first mining pool that has a wallet embedded in the mining pool account. Users do not need to transfer the mined coins, and can realize the function of coin exchange within the wallet. For example, they can directly convert the mined coins into USDT to pay electricity bill. What’s more, users can store, deposit and withdraw their revenue, and transfer assets to CoinEx at any time without charge, as well as complete other operations on the exchange, such as purchasing wealth management products for asset preservation and appreciation. In addition, we also provide hedging services. All of the above functions can be completed in one stop in the mining pool, without the need to transfer assets between different platforms.
The exchange empowers the mining pool, and the mining pool will further bring more traffic and resources to the exchange. The two complement each other and development coordinately.
CoinEx has recently added many new features. Can you talk about what new updates were made to the platform and why you made them?
Eddie Jiang: We have always attached great importance to the development of overseas markets since our establishment, and one of our major goals this year is to cover at least 10 different languages speaking markets.
To realize this and to meet the needs of more users worldwide, CoinEx has been continuously optimizing and upgrading its operating strategies, products and services. Our product diversifications are constantly improving. As I said before, we have launched leverage trading, perpetual contract trading, and wealth management products in addition to just spot trading. However, we don’t ignore the importance of spot trading. More mainstream, popular, and high-quality tokens have been listed, and up to now, there are 129 tokens and 313 trading pairs on CoinEx.
During the epidemic, we have never slowed down our development. Lacking of the OTC service has always been a shortage for CoinEx. In March, we partner with Simplex to integrate the first fiat onramp to our platform. People now can buy crypto with their credit cards, which lowers the threshold for more people to enter the crypto world. Moreover, we announced global strategic partnership with Matrixport to provide people with large amount of fiat to crypto needs the OTC service. These newly launched services also help to attract more users.
At the same time, CoinEx has been launched in Arabic, Italian, English, Japanese, Russian, Korean and other 16 languages. Earlier we also carried out product upgrades, making the UI and function sections clearer.
In terms of operations, we launched an upgraded CoinEx Ambassador program in March. To best utilize each ambassador’s personal strengths, there are four categories of CoinEx Ambassador with different responsibilities, namely Referral Ambassador, Marketing Ambassador, Operation Ambassador, and Business Ambassador, which will expand our brand’s exposure and help CoinEx grow into a more international exchange platform.
From March until now CoinEx has seen a 100% increase in user registrations. Why is that and are you able to see where they are coming from?
Eddie Jiang: Because of the efforts mentioned above, in 2020, we’ve seen an exponential increase in activity in just the past few months alone. In this year alone, CoinEx’s daily registered users increased by 100%. These new users mainly come from markets such as the Middle East, Asia Pacific, and more.
Interestingly, we saw an uptick in traffic from the Middle East in March. User growth in Southeast Asia also picked up significantly, newly registered users increased by 133.6% in April.
With Binance, BitMex, Huobi, Bybit, and Deribit, controlling most of the crypto futures and options markets, where do you see CoinEx fitting in? How do you plan to capture market share from these large exchanges?
Eddie Jiang: We won’t compete with others. We focus on ourselves to improve products and our goal is to be better than yesterday.
Our pace is solid and steady, instead of focusing on temporary heat and flow. We have always attached great importance of spot trading, and we are committed to be responsible for users’ investment. We have set up CoinEx Institution, which is dedicated on project research. A listing committee consist of core team members review and vote on projects recommended by the CoinEx Institution. In this way, fraud projects are avoided as much as possible.
Besides, we will focus on niche areas with great potential. For example, Southeast Asia and the Middle East. CoinEx can serve users in those countries well by providing a platform with rich cryptos to trade, and will pay more efforts on refined operations in different countries.
Moreover, CoinEx has a very complete ecosystem. Financial services, infrastructure, and ecological development, the three business units complement each other. The infrastructure BU is our cornerstone and is positioned as a defensive product; the financial service BU is a cash cow and is positioned as an aggressive product; the ecological development BU focuses on the public chain ecology and is the future infrastructure.
What is the geographical breakdown of the CoinEx userbase?
Eddie Jiang: The current proportion of CoinEx’s overseas users has reached 80% of the total registered users, and mainly in Australia, Southeast Asia, North America, Middle East and South Korea.
Do you have plans to focus on any certain jurisdictions? How will you do that?
Eddie Jiang: When we evaluate regions, two things matter: policy and potential.
Whether an exchange’s business expansion in a region is smooth or not largely depends on the region’s policies. If the region is not very friendly towards cryptocurrency or has repeated attitudes, there will be more difficulties and the cost will be much higher.
For a region’s development potential, we need to think about the demand and market development status. South Korea, Southeast Asia, the Middle East and other regions are all areas with good potential for cryptocurrency development. Compared with Europe and America, policy risks in these countries are lower, and the supervision mechanism is relatively complete. The public has a high degree of awareness of cryptocurrencies. Besides, some regions or countries have inflation problems due to political and economic reasons.
CoinEx will continue to focus on the Middle East and South Asia, which are relatively niche. India has just lifted ban on cryptocurrency trading this year, and there are many cryptocurrency investors in Indian. CoinEx can serve them well by providing a platform with rich cryptos to trade. More people in the Middle East are interested cryptos, especially in countries that are subject to economic sanctions or high inflation. For those people, cryptocurrencies are one of the best choices for asset preservation.
Since the CoinEx Ambassador program launched in March, it has been almost three months. We are conducting the second round of ambassador recruitment. This time, we will use the power of ambassadors to expand our recruitment coverage and strive to attract more crypto enthusiasts from all over the world to grow together with CoinEx. Moreover, we will launch the National Expansion plan and leverage on the CoinEx and ViaBTC mining pool resources, to further explore the Russian market. At the market level, we will make more PR efforts in local markets, and start refined operations.
What is CoinEx Chain and CoinEx DEX?
Eddie Jiang: CoinEx Chain is a public chain built on the Tendermint consensus protocol and the Cosmos SDK. It consists of three dedicated public chains parallel to each other. Among these three chains, CoinEx DEX meets the most basic needs of DeFi for token issuance, transfer, and transactions. The Smart Chain is designed to meet the needs of complex financial scenarios and delivers programmable cash. The Privacy Chain facilitates privacy and security.
On November 11, 2019, we took the lead in launching the Mainnet of CoinEx DEX. CoinEx DEX is the world’s first public chain dedicated to decentralized transactions. Users can easily manage their digital assets on it.
CoinEx DEX can fully satisfy the following conditions: users have private keys at their own disposal; transfers and transactions are all completed on-chain, which is 200% transparent and checkable; the issuance, transfer, and transaction of tokens do not require review or permission; the community governance and operation is decentralized, similar to EOS, and validators are introduced to the community ecosystem construction and governance. There are currently 41 validators.
It also has extreme performance. TPS reaches as high as 10,000 and transactions are confirmed within seconds. The transaction fee, 0.0001 US dollars for each transaction, is negligible.
Third, it’s simple and easy to use. The new operation interface design helps beginners get started quickly; with the one-click token issuing module, users only need to fill in a few items to issue tokens; the built-in automated market-making module guarantees liquidity.
How will CoinEx DEX improve the decentralized exchange space that has been unable to gain much adoption?
Eddie Jiang: There are many challenges and difficulties facing centralized exchanges. The first difficulty is security. Security is a huge concern for CEXs. Over the last 10 years, hackers have stolen more than $1.5 billion from centralized exchanges. In fact, research groups estimate that hackers stole somewhere between $950 Million and $1 Billion from centralized exchanges in 2018 alone. There were also incidents of coin thefts in other exchanges in 2019. Many exchanges, such as Mt. Gox, Youbit, were forced to file for bankruptcy and shut down as a result of hacks.
The second is high management costs. Centralized exchanges need to list a large number of cryptocurrencies and each of them have different trading pairs. That entails huge efforts in development and maintenance and, thus, high management costs.
The last is global policies. Cryptocurrency is faced with different regulatory policies in different countries. Every time a centralized exchange enters a country, it needs to adapt itself to local regulatory policies for compliance. This is a holdback for the exchange’s rapid market expansion globally. Such adaptation will also bring a huge learning cost for the exchange team.
Obviously, these problems can be well solved by DEX. CoinEx DEX is a true DEX with full open source and full community governance, as well as without depending on official nodes, websites, wallets, etc. On DEX, users are able to in charge of their own private keys and assets all by themselves. Their assets are more safe and secure. Transfers and transactions are all completed on-chain, which is 200% transparent and checkable; and the issuance, transfer, and transaction of tokens do not require review or permission. What’s more, CoinEx DEX provides a great and convenient user experience.
How will CoinEx Chain and DEX help the crypto industry as a whole?
Eddie Jiang: The public chain is the cornerstone of the blockchain industry. CoinEx Chain has the parallelism of multiple dedicated public chains, each of which performs its own functions, by cross-chaining for both high performance and flexibility.
CoinEx Chain is committed to building the next generation of blockchain financial infrastructure. It is a more complete ecosystem built around the DEX public chain. The DEX public chain is a dedicated public chain developed specifically for token issuance and trading and the biggest improvement on trading speed, so it only supports the necessary functions, not smart contracts.
But smart contracts are the foundation for building more complex financial applications. Outside the DEX public chain, CoinEx Chain also includes a Smart Chain that supports smart contracts.
Moreover, as privacy issues on the current blockchain have been criticized, it is one of the core tasks of CoinEx Chain to safeguard users’ privacy. Similar to the Smart Chain, the Privacy Chain specifically supports transaction privacy protection. With cross-chain circulation, it can improve the privacy characteristic of the entire CoinEx Chain ecosystem.
Nowadays, 1.7 million people in the world have no bank accounts; however, among them, two thirds are smartphone users with huge demands for financial services. The public chain will empower DeFi applications’ development and popularization, not only help more companies to seize the huge market opportunity, but also to bring lasting transformations and improvements in people’s lives.
With so many crypto exchanges, what is the future outlook of CoinEx when it comes to the crypto exchange space?
Eddie Jiang: It has been nearly 3 years since CoinEx has been launched, but it’s quite young for an entrepreneurial team. We have seen too many projects’ failures due to governance issues. CoinEx has a very elite team with high technical and management capabilities. In terms of business, CoinEx has gradually developed with diversified business and a complete ecosystem. It’s clear that the market will still grow very fast in the future, and the market size is still very large. We will continue to improve our products, put more efforts in marketing and operations, as well as look for more high-quality projects, to increase the number of users and transactions on the platform. Lay a solid foundation, and I’m sure the time will come for us to shine.
What updates is the CoinEx team most excited for?
Eddie Jiang: We are very excited about the National Expansion Plan which will be launched later this year. It is an important part in CoinEx’s globalization strategy. We will actively explore some new markets while consolidate the original ones. CoinEx will set aside 10 million US dollars to set up a “Pioneer Fund” to support this plan. This fund will be used to support local cryptocurrency projects and promote the development of the local cryptocurrency communities through investment or cooperation. Our goal this year is to invest in projects and communities that are conducive to expanding the CoinEx ecosystem in countries with high development potential.
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Digest from [BitKan 1v1] debate.submitted by BitKan to btc [link] [comments]
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Question 2: During the BCH fork to BSV hash war, why do you support BCH? What do you think of the differences between BSV and BCH?
Jiang: First of all, we have to figure out how did some of the key propositions of BSV came about. CSW seems to be the leader of the BSV community, but in fact CSW is just a chess piece. For example, CSW is in name the chief scientist of Nchain, but CSW has no shares in a series of BSV related companies such as Nchain, Coingeek etc. The true boss of BSV and the main backer behind CSW is Calvin Ayre, the casino tycoon.
Zhao Nan wrote two articles, which made the cause and effect of CA's capital layout clear:
"The capital layout of the casino tycoon Calvin Ayre" >>(Chinese)
"The ins and outs of the Calvin Ayre team" >>(Chinese)
Therefore, the ultimate goal of Calvin Ayre is to make money from the Canadian stock market through Coingeek. Coingeek develops its own mining machine, mines itself, controls the chain of BSV, and has the "CSW" as the gimmick, to tell us the story of BSV.
So BCH forks the BSV, which is a step in the entire capital layout of Calvin Ayre. It is not because there is any irreconcilable development direction, but because Coingeek needs to control the BCH. If it cannot be controlled, it will split into a chain that Coingeek can control completely. The whole thing is planned in advance, for example, bitcoinsv.org registration date is July 2, 2018, bitcoinsv.io is August 16, long before CSW began firing shots at ABC team.
CSW’s goal is to split the BSV from the BCH, so he must overstate many of his claims in order to create a split. If he puts forward a reasonable claim and BCH is a rational and pragmatic community, then he can't split. It is important to mention some very extreme claims that the BCH community can't accept, and then incite some community members through extremist claims, just like the Nazis do extreme propaganda and incitement, in order to split from the BCH.
CSW's extreme claims, such as:
1 Super block: BCH advocates large block expansion. What about CSW? He demands to upgrade the oversized block in a short time. The BCH 32MB block is sufficient and does not exceed the network load. CSW exerts that he will upgrade 128MB now. He will not wait till next year, and he intends to upgrade to 2g as well in 2019.
But the result? Don't even talk about 2G, the 100M block has exceeded the current network carrying capacity. After the BSV, because the block is too large, it is too late to spread across the entire network. There have been many deep rollbacks, April 18, 2019. At that time, the 578640 height 128M block resulted in 6 confirmed rollbacks, making the 6 confirmations unreliable.
On April 18, 2019, Beijing time, from 21:00 to 22:00, the deep recombination of up to six blocks occurred in the cobwebs of BSV (block height 578640-578645)
According to BitMEX Research, the BSV chain was rolled back by two blocks in the week. One of the orphaned blocks was about 62.6MB in size. This large block may be the cause of the roll back. In addition, BSV plans to launch an upgraded network called Quasar on July 24. The only change to this upgrade is to increase the default block size limit. It is reported that the expansion of block capacity will increase the probability of block reorganization: the large block has not yet been packaged, and multiple small blocks have made the block height overtaking, which will lead to block reorganization or even fork.
2 Lock-up agreement: A chain must stabilize the agreement. The agreement is greatly changed every time. It definitely affects the above development. If CSW proposes a stable agreement, then everyone agrees that he can't split it. What should he do? CSW is even more extreme, and I am going to set the protocol and lock it, even back to the original version of Bitcoin, which is ridiculous.
The environment has changed, and the agreement must change. For example, if the 0.1 version of Bitcoin is perfect, and the 14-day difficulty adjustment is not a defect, the BSV will not remove the BCH “not original” DDA difficulty adjustment algorithm, and switch back to 14 Day difficulty adjustment? Because once the BSV removes the BCH DDA difficulty adjustment algorithm, it will be directly cut and killed by the big calculation.
3 Computing power determines everything: Why does CW have the power to decide everything? Because the extremes did not dominate the community at the time, but CA's coingeek deployed a lot of mining machines to mine, which is very computationally intensive, so he advocated Force to decide everything, of course, he did not know that my calculations were more than him. I will talk about this later.
Because these claims are created for splitting, not natural development, so these claims will be internal contradictions. For example, CSW said that the agreement is to be locked, and that the computing power determines everything. Even decided to increase the total amount of 21 million, then who has the final say?
Why don't I support the development path of BSV? Because these extreme claims of CSW are all for the purpose of splitting, purposefully proposed, whether it is a large block, lock-up agreement, power calculation determines everything, in fact, it can not be implemented, of course, Will not support these extreme claims that can't actually fall.
In addition, these extreme claims will become a heavy liability for the development of BSV in the future. It is necessary to develop according to these extreme claims. In fact, we cannot do this. We must revise these extreme claims. The members of the community who were incited by these extreme claims will definitely not do it. Then, how do you say that BSV is still developing?
Digest from [BitKan 1v1] debate.
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https://preview.redd.it/hml53mmh5er41.png?width=568&format=png&auto=webp&s=3f0cd662e1836bcb2ea37793cbbbfd6f8a5e9723submitted by Floris-Jan to aelfofficial [link] [comments]
It’s always great to hang out in this group. This group means a lot to the Aelf community. It is the first Aelf community and has been there through all the ups and downs in the world. I would like to start with wishing everyone is staying safe at home during the virus outbreak. It definitely has been a difficult time for all of us, but together we can pull through it.
We understand that the situation is quite striking to all of us. But I really believe that the solution to the virus outbreak is about more global coordination and collaboration.
All of you to be assured, our team in different places are all safe and working from home as normal.
The Aelf team in Beijing were among the early ones experiencing the virus outbreak. As everyone was on the way home for Lunar New Year holiday and then experienced a total city lock-down followed by a 40 days’ work from home policy. It was definitely not easy for them, but our team stayed strong, took necessary precautions and focused on work with the right morale. Mappo has recently published some tips on how to work from home effectively based on our experience. Do check it out. Despite not working in the office since February, we have achieved great progress, including launching Aelf 1.0 preview, which is an important milestone in technical delivery and also the roadmap to mainnet launch (which listed out the essential steps for the community to work together to launch a successful public network)
Let's first talk about Aelf v1.0 preview. It is the cornerstone of the mainnet launch. The product itself has all the features that the public network is needed. The codebase has been reviewed and tested rigorously by the team. And a few highlights of how the network would look like:
So how are we going to help the community launch the network:
First of all, we have launched the codes, documents about the economic system and governance model and technical features. With all the things available, you are able to understand what the system is about, as a token holder what's your benefit in the system, and being a node in the system plays a big role in the governance
Next, without yet electing the nodes, we will get all token holders to join the current Aelf network through a mapping event. That means as long as you have Aelf tokens, you will be able to get 1:1 test tokens on the public testnet. that gives you full access to all the features, and you will feel like you are already using the mainnet. You will get rewarded in making transactions, voting, etc.
Do try out the Aelf wallet and voting features, you will see how easy to transfer tokens cross-chain. and also how flexible the system allows people to make changes. For example, the community may want to adjust the block rewarding parameters or fees to use certain services on mainnet, they can initiate a discussion and then vote in the system and once voted through, it will be reflected on mainnet.
For people or organizations that want to play a bigger role in the system, we will do a dry run of node election. Take it as the real node election before mainnet launch. We will see who the active members of the community are and being trusted by the community. Among the nodes, we will form a network launch committee. The committee will be the crucial party to oversees and ensures the smooth launch of Aelf mainnet, instead of just relying on the Aelf team. This is our step towards decentralization.
The committee will agree on the actual launch process, final checking all the parameters in the system to be ready for launch and then decide when the criteria are met to launch the network. Once all that is decided. We will invite all interested nodes to apply for the election and let the community know what's their plan to grow the Aelf network. the network will initially be launched with a few nodes from the committee and gradually be replaced by the selected nodes (a bootstrap phase). Along the way, we will work with exchanges to conduct token swap (which we are also designing an innovative system to further enhance security and usability of Aelf tokens in exchanges)
Among this isolated and worrisome time, at least we all have something to look forward to: a successful launch of Aelf network! Once it is launched, we are excited to see a vibrant and technically superior network that is good for Dapps to run on top of it.
Doris Guo Q1: As a Blockchain start-up, what difficulties have you overcome when starting Aelf project? What motivates you to solve difficulties and achieve success today?
Zhuling Chen First, just like launching any start-up, its community and investors are usually regional. There is always some bias on if Asian projects are solid. It is really rare to have an Asian project to be supported by western funds and community from day 1. We were lucky to have overcome that obstacle. Having a global investor line-up from day 1. Having a global team from day 1 and also working with a global community from day 1. This benefited us to have an international perspective which is crucial in the blockchain industry.
Secondly, as a hardcore technology company, it is really hard to put in plain words what is our ambition. Our ambition is huge, achieving key innovations in multiple fronts of blockchain technology and organically combined them to serve real users for the future. Our marketing team has been working really hard to elaborate on what Aelf is. Now we have come to a point that the product is ready. Therefore, it is much easier for all of us to understand how solid Aelf is by trying out the network ourselves! That's exactly what the following events will be about - Try out all the exciting features of Aelf network before mainnet launch.
Doris Guo Q2: What critical problems do you see occurring in the blockchain industry nowadays? How does Aelf solve these problems?
Haobo Ma First, we need to distinguish the difference between BTC and ETH. One is Digital Cash and the other is the Smart Contract Platform. Aelf addresses most of the latter's problems. In short, it can be summarized as performance, end-user friendly, developer-friendly, network economy, and self-governance and upgrading. Each of these areas will probably take up a lot of space, and as a whole are the issues described in our two white papers. In short, Aelf is faster, end-users do not need to know the rules of the blockchain, developers can set up the development environment in 10 minutes, have a good economic model and can carry out proposal governance on the chain.
Doris Guo Q3: What is your long-term vision about the industry which Aelf is working at? Are you afraid someday there will be another project with more innovative technology can replace Aelf?
Haobo Ma Let's talk about where Aelf stands in the traditional Internet. It is essentially a cloud service provider, Aelf provides resources and infrastructure for developers to deploy their services, known as smart contracts. We eventually want Aelf to grow like AAA (Amazon, Azure, AliCloud). Because Aelf is a network that can be dynamically scaled, we can accept any new technology, some of the more advanced technologies we can put on a side chain.
Doris Guo Q4: Why did Aelf choose for cross-chain interaction?
Haobo Ma As I mentioned earlier, Aelf solves the Smart Contract Platform problem. However, there are other digital cash problems as well which we would need to use existing infrastructure such as Bitcoin's chain in order to interact with Bitcoin. There are a lot of infrastructures on Ethereum that we want to interact with. Multi-chain on Aelf network mainly is to isolate resources to improve network performance and network stability.
Doris Guo Q5: What difficulties do the Aelf team have now (I talk about COVID-19)? How does the Aelf team solve it? Have you changed the roadmap?
Haobo Ma There is no great impact. The teams in Singapore and Beijing are communicating with each other remotely on a regular basis. The only change is that most of us are now working from home which has no impact and in fact, it seems conducive to the acceptance of more community developers in the future to come. From the internal working schedule and development timeline, there is no great impact. We do not publish specific timeline as we do not want short term holders (traders) to create too much negative pressure on product development.
Doris Guo Q6: Aelf is an open-source blockchain, and there's the common problem of taking a substantial amount of time for the different participants to agree on strategic decisions. What types of governance models do you use in Aelf to address this issue???
Haobo Ma The issue is about public blockchain network, and who can decide the direction of the network. Our answer is long-term holders. For the short-term holders (traders), we refuse to allow them to participate in any discussion of the direction of Aelf because the short-term holders are likely to make a profit and sell quickly, which is essentially the same example of a person who cheats the President and then runs away for his personal gain. We defined a number of proposal processes, including the logic of the two-party system in the United States, and the participation in the referendum to ensure that the final proposal represents the majority. At the same time, we are looking for some legal solutions to avoid bifurcation, such as prohibiting exchanges from intervening in bifurcated new tokens. While we cannot limit a community, we should be able to find ways to limit a centralized organization. This restriction is akin to a ban on national secession.
Doris Guo Q7: How will Aelf empower Investors, Companies, Developers, Platform Users to deliver impactful solutions and bring value to people all over the world?
Haobo Ma We will learn from the operational experience of successful foundations such as the LINUX foundation and license some commercial companies to use Aelf solutions to solve business problems. At the same time, Aelf is an open-source product under the MIT License, and we accept any use that does not violate this open-source principle.
Zhuling Chen Let me add on to Haobo’s statement: to incentivize and empower the community, we are also exploring ways to let the community decide how to use the funds for Aelf (allocate to where it matters to our community) once mainnet is launched. This means you guys can decide what are the projects to be funded on Aelf, etc
Doris Guo Q8：When will the node campaign start? How will Aelf attract users to participate in nodes election?
Haobo Ma According to our published roadmap, the timeline can be dynamic, but I don't think it will be too long. The main idea is to let everyone understand what we envision Aelf to be like, and what are the rights and benefits of being a node in the future. We hope to find nodes that fully recognize the efforts of Aelf at the present stage and are willing to participate in the future development of Aelf. We will run a simulation of the node campaign on the testnet and set up a temporary mainnet launch committee. Please follow our official Twitter for more upcoming details!
Doris Guo Q9: Token swap form 2 is some kind of cross-chain transfer? It will be handled by a smart contract?
Haobo Ma It is handled by the smart contract, we define an asset cross-chain transfer protocol, but it may be opened after a snapshot.
Doris Guo Q10: Which Exchanges will support token swap? Do you have any plan to list Aelf in some big exchange like Binance, Houbi, Kucoin, .......?
Haobo Ma We are already in talks with some exchanges, there is still competition between exchanges, and many are still hoping to attract more users by getting access to mainnet token swap early.
Doris Guo Q11: Aside conversion of the current tokens to mainnet tokens, what other main features will be accomplished with the mainnet launch?
Haobo Ma We have a documentation file that has been published, which has listed some features: https://Aelf.io/gridcn/Aelf_public_testnet_and_supporting_features_introduction_en_v1.0.pdf
Doris Guo Q12: Do you have any plan to burn or buyback your coin?
Haobo Ma We have plans for the community to govern through DAO, we have no interest in short-term price incentive adjustment as we would prefer to drive the project to higher adoption. After mainnet starts operation, there will be a part of network revenue get destroyed automatically.
Doris Guo Q13: Often, as a newbie developer, I face difficulties on most blockchains. How easy and convenient is it for me on Aelf, and what programming language and tools are needed??
Haobo Ma We set up staging for DAPP developers on GitHub and configured CI. Develop a smart contract using C# with React Native on the front end. So, in fact, developers can fork the source code without setting up the environment locally, and you can conduct unit testing with the help of CI. You can also release the smart contract and generate the installation package of iOS and android online. https://github.com/AElfProject/Aelf-boilerplate
Doris Guo Q14: What is the progress of business development and what are some of your commercial partnerships? How will Aelf rapidly develop the number & performance of DAPP?
Haobo Ma First of all, the blockchain industry is still fairly small and users with ETH and EOS wallets are considered a very small group and its not effective to even promote within these groups. What we need to consider is how to enable users who have never been exposed to blockchain to use DAPP. The competitiveness of Aelf is to make it easier for Aelf developers to promote their DAPP to ordinary users, rather than to teach ordinary users a lot on blockchain knowledge. The average user doesn't like to hear about private keys, mnemonic, Gas Price, RAM, CPU, etc. Only until we solve such problems, companies that need to solve problems through blockchain will be more inclined to use Aelf in technology selection. Therefore, our main work is to explain the competitive advantages of Aelf, ETH and EOS to everyone. We have some business cooperation’s, but we also believe that simply through case-by-case business cooperation will not be able to gain adoption so quickly, therefore we still need to put our products to stay ahead of the next generation.
Doris Guo Q15: What other activities can encourage more people to be confident about Aelf?
Haobo Ma We are only going to state the truth by having those that have faith in us to stay and those that don't to leave. The development of Aelf is not driven by a single foundation, but by a steady stream of contributions from the community. In the future, we will also place the activities in the DAO for on-chain governance, and let the community make decisions by itself.
Kun Aguero As you know that in the present market situation many new coins or either dying or thriving for liquidity? How will you manage this liquidity problem?
Zhuling Chen Aelf started in 2017. we have gone through a few cycles in the market, still, remember the big down period in 2018-2019. Aelf is financially solid and the team has always been working hard. if you are referring to liquidity in exchanges, we are among the lucky ones that are listed in all major exchanges
Xinshu Dong Hello, great discussions! I would like to ask what are the criteria to join the committee for launching the mainnet? Would love to participate
Zhuling Chen Hi xinshu, great to see you here. The committee will be chosen among the nodes elected during the testnet dry run. Which means, it is really important to participate in the testnet dry run and also start to establish your reputation in the community so that people will elect you as a node. The detailed criteria will include what is your plan to help Aelf to grow, tech competency and reputation.
An Da What are Aelf’s achievements in 2019? Who had supported you to get those things?
Zhuling Chen To name a few, in 2019, Aelf is one of the most active projects on GitHub. This means Aelf is evolving and improving fast in this space and our team has the tech strength. In addition, we have also successfully listed on all major cloud service providers, such as AWS, Azure, Google. So large companies can easily launch Aelf side chains in their organization with minimum hassle.
John How does the voting for master nodes candidates occur? And why is the development of this system important for your project?
Zhuling Chen Voting is going to be pretty simple. All token holders can vote for the nodes they support on our block explorer.
Miha After mainnet lunch, how will you assure that transactional fees will stay low? We know what sometimes happens to fees on ETH blockchain.
Zhuling Chen First of all, due to the fact that is Aelf is scalability, this will reduce transaction fee. Secondly, all transaction fees will be voted by the nodes (which will be elected by you). So they will represent your interest
Bobbyfernandito Currently, as we see All projects are concerned with the speed and security. So, tell us here - what are the facilities Aelf provide to their user and investors?
Haobo Ma Security: we have an automated smart contract code audit. During contract deployment, production nodes and the community audit participation are required. On the other hand, we are also planning to provide a standardized model of centralized exchange access for 100% asset certification and emergency measures to deal with exchange attacks, which we will be released later. Speed: Aelf has been working on improving performance, which is transparent to users which they can also experience by themselves.
An Da What effect does Aelf token have on the Aelf ecosystem? Holding Aelf, what benefits will users receive?
Zhuling Chen Holding ELF enables you to use all the services on the Aelf network. ELF has a deflating system where the total amount will reduce as the network grows. token holders can also vote for the nodes to run the network and also vote for big decisions in the network. part of the fees in the system will also be distributed to token holders via a smart contract
ahihi132 Which companies do you view them as potential partners and that they are somewhat also beneficial for both the user base and Aelf itself?
Zhuling Chen Great question, if I could write a wish list, that will be: let medium-sized financial institutions to use Aelf to challenge the big boys. Let telecommunication companies use Aelf for micro-payment and other innovative business models. We also would like to try out a few public sector projects, which blockchain will is still more transparency and trust
Misun Q1: Which programming languages are you using in your project? And why? Q2-What are another big MILESTONES you have planned for 2020 roadmap and how are they supposed to benefit your costumers? Will it be an exciting year?
Haobo Ma For Q1: We mainly use C# for development, I personally like it. Performance is good, development environment IDEs are strong, and C# creators are influential in the industry. We believe in the right thing, though it may take a while to develop. The smart contract will then add support for multiple languages, such as WebAssembly, depending on the needs of the community. Now it seems that C# is enough.
Hambi crypto Which platforms are your competitors? How will you soar above them, and what better things do you offer than them? So, What’s your outlook on the future of cryptocurrencies in this year and next few years?
Haobo Ma As I have already mentioned this before, Eth and Eos. We provide better performance, cross-chain support (already implemented), end-users do not need to know the details of the blockchain, developer’s payment models and so on.
Floris-Jan What plans is Aelf making to prevent centralized exchange to take over the DPoS algorithm like what happened to Steem? Are we talking about blacklisting exchange wallets, or having the foundation say "No", or putting all trust in the community?
Zhuling Chen Great question, Floris. I’m not going to give away all the details of what Haobo has proposed to work on this, but in a nutshell, in Aelf system, exchange wallets will not be allowed to vote, but only the sub-wallets for each individual can vote. This will also help exchanges to prevent hacking and theft in the future
Alex What your plans in place for global expansion, are Aelf wallet focusing on the only market at this time? Or focus on building and developing or getting customers and users, or partnerships? Can you explain this?
Haobo Ma Our core focus will be through the developers to promote, developers will help Aelf to attract more users. So our product has to be attractive to developers. Just like AWS, they only focus on getting their service right, their developers will think about how to promote it. We don't want to burden them in their promotion process.
Ellkay What do you think are the major threats and barriers that could face the development and adoption of Aelf?
Haobo Ma If I'm a DAPP developer and I need to promote my APP to people who don't recognize blockchain, then I'd like to choose a platform that doesn't have to explain a lot of blockchain details to the end-user, so they can use it easily. We've provided some options in the Boilerplate that allow you to log-in simply via QR code + Password, and our recommended Dapp is an independent wallet and a separate iOS/Android application.
ahihi132 Give me some important reasons why we need to hold Aelf token where in fact hundreds of projects failed and it went to bankruptcy or even developers run when they collect millions/billions of funds?
Haobo Ma First of all, we will not give any suggestions as we only describe the fact that the long-term token holder will be able to govern the Aelf network, get Aelf mining reward and Aelf network profit. At the same time, Aelf network is a deflation model, Aelf network received transaction fees, profit dividends will immediately destroy 10% etc. All investments are risky, and we don't judge the behaviour of other developers. There are so many things in this world that cannot be understood and unfair. It is important to do our job well. I cannot explain these things.
胖 见愁 I remember that boss Ma mentioned to only find those truly innovative applications and enterprises with blockchain, how to find and win partners in these aspects?
Haobo Ma When Linus was developing Linux, I did not think he would find a lot of collaboration when the code was not good. The response we can give is that we already have a lot of interest in cooperation, including what we have announced, what we have not announced, etc.
胖 见愁 How interested are cloud computing providers in participating nodes?
Haobo Ma The vast majority of our nodes should be using cloud services, and as long as a large number of our 17 nodes and other candidate nodes are based on cloud services, our network robustness is determined by these cloud computing providers. Of course, in the expansion, we can also use cloud computing services.
Therefore, there is the Bitcoin mining difficulty. With increasing hash rate also the degree of difficulty rises. All 2016 blocks (about every two weeks) therefore change the Bitcoin mining difficulty. If the block time is less than 10 minutes and the hash rate is high, the level of difficulty is adjusted upwards to comply with the 10 minute rule. The purpose of the mining is to ensure network integrity and not add wealth to a small group of mining pools. In most cases, mining is therefore not profitable. This is ensured by the Bitcoin Core Code with the dynamic adaptation of the Mining Difficulty, ie the difficulty of finding a new hash. According to the code, a block is to be found ... Bitcoin mining difficulty is one of the crucial indicators that determines the network’s health. According to data by BitInfoCharts, Bitcoin difficulty recently climbed to an all-time high of 15.52 TH/s on 11th February. This was indicative of higher competition to solve the blocks for block rewards. Bitcoin mining difficulty determines how difficult it is to mine the next block. It keeps the block generation in line with the set (10 minutes) block time. As more hashing power is added to the network, the difficulty must increase to ensure blocks are not generated too quickly as was the case before halving when block generation took 7.5 minutes. Although today the difficulty was lowered by ... For those who are unfamiliar with how Bitcoin mining really works, the overall hashrate determines whether or not the mining difficulty will rise or drop every two weeks. With fewer miners and a lower hashrate, the difficulty will tend to drop. Such a big drop occurred in late 2018, as the Bitcoin mining difficulty decreased by 8%, 16%, and 9.56% in three consecutive changes. A bit of an ... The number of zeros is what determines the mining difficulty, and it varies according to the hash rate devoted to the network. In this case, the hash rate represents how much computer power is being invested in Bitcoin mining. If the network's hash rate increases, the Bitcoin protocol will automatically adjust the mining difficulty so that the average time needed to mine a block remains close ... The bitcoin hashrate, which determines the bitcoin mining difficulty, is now at an all-time high than it ever was.Within one year, it is up by a factor of three. It is estimated that in the last 4 days alone, the mining difficulty has risen by over 8% to now reach 15, 000, 000, 000, 000 ATH. Bitcoin hashrate determines the number of Tera hashes per second (trillions of hashes per second) the Bitcoin network is performing. Hashrate will not affect the Bitcoin price in short but have major impacts in the long run. As the hashrate of the Bitcoin network is increasing, that will bring more trust among the investors to bet on Bitcoin. The hashrate makes the Bitcoin blockchain secure ... Even though the bitcoin mining difficulty can fall, it’s unlikely that this will happen more than twice in a year. As a matter of fact, when looking at the most recent chart, it’s not hard to check that the difficulty tends to keep growing with the passage of time. As of now, there were only five adjustments where the mining difficulty has fallen since July 11, 2015. The number of zeros is what determines the mining difficulty, and it varies according to the hash rate devoted to the network. In this case, the hash rate represents how much computer power is being invested in Bitcoin mining. If the network's hash rate increases, the Bitcoin protocol will automatically adjust the mining difficulty so that the average time needed to mine a block remains close ...
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