GitHub - binance-chain/tss-lib: Threshold Signature Scheme ...

@binance: Schnorr signatures are one of the most anticipated milestones on the #Bitcoin roadmap. With just a single upgrade, they can provide significant privacy & scalability benefits. They also set the scene for further developments in #BTC smart contracts https://t.co/btvAHKYwSn

@binance: Schnorr signatures are one of the most anticipated milestones on the #Bitcoin roadmap. With just a single upgrade, they can provide significant privacy & scalability benefits. They also set the scene for further developments in #BTC smart contracts https://t.co/btvAHKYwSn submitted by rulesforrebels to BinanceTrading [link] [comments]

@BinanceResearch: RT @binance: #binance Adds Open-Source Implementation for Edwards-Curve Digital Signature Algorithm (EdDSA) in the TSS Library The library is compatible with ECDSA-based blockchains, including Binance Chain, #Bitcoin, and @ethereum networks. https://t.co/xNILYim9EV

@BinanceResearch: RT @binance: #binance Adds Open-Source Implementation for Edwards-Curve Digital Signature Algorithm (EdDSA) in the TSS Library The library is compatible with ECDSA-based blockchains, including Binance Chain, #Bitcoin, and @ethereum networks. https://t.co/xNILYim9EV submitted by rulesforrebels to BinanceTrading [link] [comments]

@binance: #binance Adds Open-Source Implementation for Edwards-Curve Digital Signature Algorithm (EdDSA) in the TSS Library The library is compatible with ECDSA-based blockchains, including Binance Chain, #Bitcoin, and @ethereum networks. https://t.co/xNILYim9EV

@binance: #binance Adds Open-Source Implementation for Edwards-Curve Digital Signature Algorithm (EdDSA) in the TSS Library The library is compatible with ECDSA-based blockchains, including Binance Chain, #Bitcoin, and @ethereum networks. https://t.co/xNILYim9EV submitted by rulesforrebels to BinanceTrading [link] [comments]

@cz_binance: RT @binance: Win 1 of 10 of the first-ever @BinanceAcademy Collectible NFTs! ✔️Answer correctly & retweet this post to enter: Which of the following does the #Bitcoin blockchain NOT use: Hint ➡️ https://t.co/LHda0uvnvY A. Digital signatures B. Encryption C. Hash Functions D. Compression

@cz_binance: RT @binance: Win 1 of 10 of the first-ever @BinanceAcademy Collectible NFTs! ✔️Answer correctly & retweet this post to enter: Which of the following does the #Bitcoin blockchain NOT use: Hint ➡️ https://t.co/LHda0uvnvY A. Digital signatures B. Encryption C. Hash Functions D. Compression submitted by rulesforrebels to BinanceTrading [link] [comments]

@binance: Win 1 of 10 of the first-ever @BinanceAcademy Collectible NFTs! ✔️Answer correctly & retweet this post to enter: Which of the following does the #Bitcoin blockchain NOT use: Hint ➡️ https://t.co/LHda0uvnvY A. Digital signatures B. Encryption C. Hash Functions D. Compression

@binance: Win 1 of 10 of the first-ever @BinanceAcademy Collectible NFTs! ✔️Answer correctly & retweet this post to enter: Which of the following does the #Bitcoin blockchain NOT use: Hint ➡️ https://t.co/LHda0uvnvY A. Digital signatures B. Encryption C. Hash Functions D. Compression submitted by rulesforrebels to BinanceTrading [link] [comments]

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submitted by Freeboz to ico [link] [comments]

Weird binance ios app signature! /r/Bitcoin

Weird binance ios app signature! /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Ultimate glossary of crypto currency terms, acronyms and abbreviations

I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless.
2FA
Two factor authentication. I highly advise that you use it.
51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network.
Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example.
Altcoin (alternative coin): Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others.
AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet.
AML: Defines Anti-Money Laundering laws**.**
ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset.
Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money.
ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low
Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop.
Bear trap:
A manipulation of a stock or commodity by investors.
Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities
Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame.
Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain.
Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack.
Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase.
BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts.
Bull market:
A market that Cryptos are going up.
Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid.
Crypto bubble:
The instability of cryptocurrencies in terms of price value
Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie
Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement.
Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent.
Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos.
DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention.
Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power.
Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system.
Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins.
DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts.
Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network.
Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time.
DYOR:
Means do your own research.
Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it.
Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed.
Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether.
Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more.
Faucet:
A website which gives away free cryptocurrencies.
Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound.
Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork.
FOMO:
Fear of missing out.
Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints.
FUD:
Fear, Uncertainty and Doubt regarding the crypto market.
Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum.
Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”.
Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.**
Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed.
Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions.
HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life.
ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past.
John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims.
JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy.
KYC:
Know your customer(alternatively consumer).
Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla.
Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network.
Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment.
Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins.
Margin trading:
The trading of assets or securities bought with borrowed money.
Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply.
Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards.
Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware.
Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors.
Mining rig:
A computer specially designed for mining cryptocurrencies.
Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon”
Node:
Any computing device that connects to the blockchain network.
Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone.
OTC:
Over the counter. Trading is done directly between parties.
P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server.
Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets.
Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public.
Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency.
PROOF OF WORK (POW) :
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees.
Protocol:
A standardized set of rules for formatting and processing data.
Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key.
Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame.
Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase.
REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry.
Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type.
ROI:
Return on investment.
Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe."
“the exchage I use got hacked!”“Oh no, are your funds safu?”
“My coins better be safu!”


Sats/Satoshi:
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto.
Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin.
Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain.
Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds.
Shitcoin:
Coin with little potential or future prospects.
Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness.
Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value.
Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI.
Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights.
Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources.
Solidity:
A contract-oriented coding language for implementing smart contracts on Ethereum. Its syntax is similar to that of JavaScript.
Stable coin:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market.
Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Surge:
When a crypto currency appreciates or goes up in price.
Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing.
Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) .
Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality.
TOR: “The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”.
Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies.
Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it.
Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history.
Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market.
Whitepaper:

A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition:
Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
-u/flacciduck
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
submitted by flacciduck to CryptoCurrency [link] [comments]

2nd worst ROI from CMC Top 50 coins...Wow

Reviewing the top 50 cryptos as of 09/15/2020 revealed some interesting items to note. Of the 50, only 7 have negative ROI. Algorand has the second highest only to be bested by ZCash.
Bitcoin ROI 7,877.04%
Ethereum ROI 9000%
Tether ROI 0.08%
XRP ROI 4,069.93%
Polkadot ROI 87.20%
Bitcoin Cash ROI -57.41%
Binance Coin ROI 9000%
Chainlink ROI 7,138.70%
Crypto.com Coin ROI 753.54%
Litecoin ROI 1,038.67%
Bitcoin SV ROI 86.21%
Cardano ROI 335.74%
EOS ROI 163.89%
TRON ROI 1,282.96%
USD Coin ROI -0.33%
Tezos ROI 440.90%
Stellar ROI 2,560.94%
Stellar ROI 2,560.94%
Monero ROI 3,532.85%
Neo ROI 9000%
UNUS SED LEO ROI 9.44%
yearn.finance ROI 3,411.23%
NEM ROI 9000%
Huobi Token ROI 221.13%
Cosmos ROI -22.64%
UMA ROI 1,023.37%
VeChain ROI -14.13%
Aave ROI 3,941.56%
IOTA ROI 9000%
Dash ROI 9000%
Dai ROI 2.57%
Wrapped Bitcoin ROI 208.08%
Ethereum Classic ROI 593.27%
Zcash ROI -98.60%
Ontology ROI -68.73%
OMG Network ROI 568.78%
TrueUSD ROI 0.12%
Maker ROI 1,982.73%
THETA ROI 242.81%
Synthetix Network Token ROI 942.33%
Compound ROI 55.26%
Algorand ROI -89.10%
OKB ROI 288.81%
FTX Token ROI 284.56%
Basic Attention Token ROI 46.2%
Dogecoin ROI 403.98%
Kusama ROI 2,271.36%
BitTorrent ROI 181.38%
0x ROI 300.37%
Celo ROI 211.42%
NXM ROI 515.36%
What does this say? To me, it says that this coin was not only overhyped, it was and is completely overvalued as of this date. It has a near -90% ROI. In my opinion, that means early investors didn’t get what they were expecting, the pre-ICO team was way off base, and the valuation was done by persons inexperienced with the crypto space. It’s hard to see how the miss could have been so far off.
77% (approx.) of eligible buyers took advantage of the early refund process. This says a lot about confidence of returns. The auction schedule has changed which now favors early backers/relay nodes in a questionable manner. And there is no information as to the next auction which leaves relay nodes as one of the few mechanisms by which large amounts of coins are introduced into the market.
Billions of coins still need to enter the market and the process is to hold off on auctions and allow relay nodes and founders to stabilize the price via timing of the introduction of coins. In short, managed demand for a product that does not have the retail demand to move the price to near introduction price.
Wrapped Bitcoin had a 6 month head start and an almost 300% difference in ROI. as far as Zcash, we won’t go there. But it is interesting to note that it uses some of Micali’s work and Zooko Wilcox-O’Hearn did reference prior works by Micali re: the Goldwasser-Micali-Rivest Signature Scheme.
I may have to amend my prediction of ETH displacement by several years since it’s very unclear now as to when all coins will be in the market. Think about it, would you invest in a 401k that had a ROI of near -90% ? This isn’t FUD. Where most coins provided a reasonable valuation, Algorand for some odd reason had this ridiculous valuation which exposes the inexperience relative to the crypto space. “Let’s hire some folks, tell them what we FEEL it’s worth, and get some people to market it. Oops looks like we seriously overvalued this thing.”
Schedule the auctions back to the original timeline. Let the price be dictated by the market as it needs to be. This will generate the needed demand and the price/valuation will be corrected by market forces and not a select group. Sure some will lose, but some will gain in the sell off. There is no way to moon if a select group regulates the influx of coins without a competing mechanism.
This is not financial advice. Do your own research. This post is for entertainment purposes only.
submitted by bigjohnston111 to AlgorandOfficial [link] [comments]

Bob The Magic Custodian



Summary: Everyone knows that when you give your assets to someone else, they always keep them safe. If this is true for individuals, it is certainly true for businesses.
Custodians always tell the truth and manage funds properly. They won't have any interest in taking the assets as an exchange operator would. Auditors tell the truth and can't be misled. That's because organizations that are regulated are incapable of lying and don't make mistakes.

First, some background. Here is a summary of how custodians make us more secure:

Previously, we might give Alice our crypto assets to hold. There were risks:

But "no worries", Alice has a custodian named Bob. Bob is dressed in a nice suit. He knows some politicians. And he drives a Porsche. "So you have nothing to worry about!". And look at all the benefits we get:
See - all problems are solved! All we have to worry about now is:
It's pretty simple. Before we had to trust Alice. Now we only have to trust Alice, Bob, and all the ways in which they communicate. Just think of how much more secure we are!

"On top of that", Bob assures us, "we're using a special wallet structure". Bob shows Alice a diagram. "We've broken the balance up and store it in lots of smaller wallets. That way", he assures her, "a thief can't take it all at once". And he points to a historic case where a large sum was taken "because it was stored in a single wallet... how stupid".
"Very early on, we used to have all the crypto in one wallet", he said, "and then one Christmas a hacker came and took it all. We call him the Grinch. Now we individually wrap each crypto and stick it under a binary search tree. The Grinch has never been back since."

"As well", Bob continues, "even if someone were to get in, we've got insurance. It covers all thefts and even coercion, collusion, and misplaced keys - only subject to the policy terms and conditions." And with that, he pulls out a phone-book sized contract and slams it on the desk with a thud. "Yep", he continues, "we're paying top dollar for one of the best policies in the country!"
"Can I read it?' Alice asks. "Sure," Bob says, "just as soon as our legal team is done with it. They're almost through the first chapter." He pauses, then continues. "And can you believe that sales guy Mike? He has the same year Porsche as me. I mean, what are the odds?"

"Do you use multi-sig?", Alice asks. "Absolutely!" Bob replies. "All our engineers are fully trained in multi-sig. Whenever we want to set up a new wallet, we generate 2 separate keys in an air-gapped process and store them in this proprietary system here. Look, it even requires the biometric signature from one of our team members to initiate any withdrawal." He demonstrates by pressing his thumb into the display. "We use a third-party cloud validation API to match the thumbprint and authorize each withdrawal. The keys are also backed up daily to an off-site third-party."
"Wow that's really impressive," Alice says, "but what if we need access for a withdrawal outside of office hours?" "Well that's no issue", Bob says, "just send us an email, call, or text message and we always have someone on staff to help out. Just another part of our strong commitment to all our customers!"

"What about Proof of Reserve?", Alice asks. "Of course", Bob replies, "though rather than publish any blockchain addresses or signed transaction, for privacy we just do a SHA256 refactoring of the inverse hash modulus for each UTXO nonce and combine the smart contract coefficient consensus in our hyperledger lightning node. But it's really simple to use." He pushes a button and a large green checkmark appears on a screen. "See - the algorithm ran through and reserves are proven."
"Wow", Alice says, "you really know your stuff! And that is easy to use! What about fiat balances?" "Yeah, we have an auditor too", Bob replies, "Been using him for a long time so we have quite a strong relationship going! We have special books we give him every year and he's very efficient! Checks the fiat, crypto, and everything all at once!"

"We used to have a nice offline multi-sig setup we've been using without issue for the past 5 years, but I think we'll move all our funds over to your facility," Alice says. "Awesome", Bob replies, "Thanks so much! This is perfect timing too - my Porsche got a dent on it this morning. We have the paperwork right over here." "Great!", Alice replies.
And with that, Alice gets out her pen and Bob gets the contract. "Don't worry", he says, "you can take your crypto-assets back anytime you like - just subject to our cancellation policy. Our annual management fees are also super low and we don't adjust them often".

How many holes have to exist for your funds to get stolen?
Just one.

Why are we taking a powerful offline multi-sig setup, widely used globally in hundreds of different/lacking regulatory environments with 0 breaches to date, and circumventing it by a demonstrably weak third party layer? And paying a great expense to do so?
If you go through the list of breaches in the past 2 years to highly credible organizations, you go through the list of major corporate frauds (only the ones we know about), you go through the list of all the times platforms have lost funds, you go through the list of times and ways that people have lost their crypto from identity theft, hot wallet exploits, extortion, etc... and then you go through this custodian with a fine-tooth comb and truly believe they have value to add far beyond what you could, sticking your funds in a wallet (or set of wallets) they control exclusively is the absolute worst possible way to take advantage of that security.

The best way to add security for crypto-assets is to make a stronger multi-sig. With one custodian, what you are doing is giving them your cryptocurrency and hoping they're honest, competent, and flawlessly secure. It's no different than storing it on a really secure exchange. Maybe the insurance will cover you. Didn't work for Bitpay in 2015. Didn't work for Yapizon in 2017. Insurance has never paid a claim in the entire history of cryptocurrency. But maybe you'll get lucky. Maybe your exact scenario will buck the trend and be what they're willing to cover. After the large deductible and hopefully without a long and expensive court battle.

And you want to advertise this increase in risk, the lapse of judgement, an accident waiting to happen, as though it's some kind of benefit to customers ("Free institutional-grade storage for your digital assets.")? And then some people are writing to the OSC that custodians should be mandatory for all funds on every exchange platform? That this somehow will make Canadians as a whole more secure or better protected compared with standard air-gapped multi-sig? On what planet?

Most of the problems in Canada stemmed from one thing - a lack of transparency. If Canadians had known what a joke Quadriga was - it wouldn't have grown to lose $400m from hard-working Canadians from coast to coast to coast. And Gerald Cotten would be in jail, not wherever he is now (at best, rotting peacefully). EZ-BTC and mister Dave Smilie would have been a tiny little scam to his friends, not a multi-million dollar fraud. Einstein would have got their act together or been shut down BEFORE losing millions and millions more in people's funds generously donated to criminals. MapleChange wouldn't have even been a thing. And maybe we'd know a little more about CoinTradeNewNote - like how much was lost in there. Almost all of the major losses with cryptocurrency exchanges involve deception with unbacked funds.
So it's great to see transparency reports from BitBuy and ShakePay where someone independently verified the backing. The only thing we don't have is:
It's not complicated to validate cryptocurrency assets. They need to exist, they need to be spendable, and they need to cover the total balances. There are plenty of credible people and firms across the country that have the capacity to reasonably perform this validation. Having more frequent checks by different, independent, parties who publish transparent reports is far more valuable than an annual check by a single "more credible/official" party who does the exact same basic checks and may or may not publish anything. Here's an example set of requirements that could be mandated:
There are ways to structure audits such that neither crypto assets nor customer information are ever put at risk, and both can still be properly validated and publicly verifiable. There are also ways to structure audits such that they are completely reasonable for small platforms and don't inhibit innovation in any way. By making the process as reasonable as possible, we can completely eliminate any reason/excuse that an honest platform would have for not being audited. That is arguable far more important than any incremental improvement we might get from mandating "the best of the best" accountants. Right now we have nothing mandated and tons of Canadians using offshore exchanges with no oversight whatsoever.

Transparency does not prove crypto assets are safe. CoinTradeNewNote, Flexcoin ($600k), and Canadian Bitcoins ($100k) are examples where crypto-assets were breached from platforms in Canada. All of them were online wallets and used no multi-sig as far as any records show. This is consistent with what we see globally - air-gapped multi-sig wallets have an impeccable record, while other schemes tend to suffer breach after breach. We don't actually know how much CoinTrader lost because there was no visibility. Rather than publishing details of what happened, the co-founder of CoinTrader silently moved on to found another platform - the "most trusted way to buy and sell crypto" - a site that has no information whatsoever (that I could find) on the storage practices and a FAQ advising that “[t]rading cryptocurrency is completely safe” and that having your own wallet is “entirely up to you! You can certainly keep cryptocurrency, or fiat, or both, on the app.” Doesn't sound like much was learned here, which is really sad to see.
It's not that complicated or unreasonable to set up a proper hardware wallet. Multi-sig can be learned in a single course. Something the equivalent complexity of a driver's license test could prevent all the cold storage exploits we've seen to date - even globally. Platform operators have a key advantage in detecting and preventing fraud - they know their customers far better than any custodian ever would. The best job that custodians can do is to find high integrity individuals and train them to form even better wallet signatories. Rather than mandating that all platforms expose themselves to arbitrary third party risks, regulations should center around ensuring that all signatories are background-checked, properly trained, and using proper procedures. We also need to make sure that signatories are empowered with rights and responsibilities to reject and report fraud. They need to know that they can safely challenge and delay a transaction - even if it turns out they made a mistake. We need to have an environment where mistakes are brought to the surface and dealt with. Not one where firms and people feel the need to hide what happened. In addition to a knowledge-based test, an auditor can privately interview each signatory to make sure they're not in coercive situations, and we should make sure they can freely and anonymously report any issues without threat of retaliation.
A proper multi-sig has each signature held by a separate person and is governed by policies and mutual decisions instead of a hierarchy. It includes at least one redundant signature. For best results, 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.

History has demonstrated over and over again the risk of hot wallets even to highly credible organizations. Nonetheless, many platforms have hot wallets for convenience. While such losses are generally compensated by platforms without issue (for example Poloniex, Bitstamp, Bitfinex, Gatecoin, Coincheck, Bithumb, Zaif, CoinBene, Binance, Bitrue, Bitpoint, Upbit, VinDAX, and now KuCoin), the public tends to focus more on cases that didn't end well. Regardless of what systems are employed, there is always some level of risk. For that reason, most members of the public would prefer to see third party insurance.
Rather than trying to convince third party profit-seekers to provide comprehensive insurance and then relying on an expensive and slow legal system to enforce against whatever legal loopholes they manage to find each and every time something goes wrong, insurance could be run through multiple exchange operators and regulators, with the shared interest of having a reputable industry, keeping costs down, and taking care of Canadians. For example, a 4 of 7 multi-sig insurance fund held between 5 independent exchange operators and 2 regulatory bodies. All Canadian exchanges could pay premiums at a set rate based on their needed coverage, with a higher price paid for hot wallet coverage (anything not an air-gapped multi-sig cold wallet). Such a model would be much cheaper to manage, offer better coverage, and be much more reliable to payout when needed. The kind of coverage you could have under this model is unheard of. You could even create something like the CDIC to protect Canadians who get their trading accounts hacked if they can sufficiently prove the loss is legitimate. In cases of fraud, gross negligence, or insolvency, the fund can be used to pay affected users directly (utilizing the last transparent balance report in the worst case), something which private insurance would never touch. While it's recommended to have official policies for coverage, a model where members vote would fully cover edge cases. (Could be similar to the Supreme Court where justices vote based on case law.)
Such a model could fully protect all Canadians across all platforms. You can have a fiat coverage governed by legal agreements, and crypto-asset coverage governed by both multi-sig and legal agreements. It could be practical, affordable, and inclusive.

Now, we are at a crossroads. We can happily give up our freedom, our innovation, and our money. We can pay hefty expenses to auditors, lawyers, and regulators year after year (and make no mistake - this cost will grow to many millions or even billions as the industry grows - and it will be borne by all Canadians on every platform because platforms are not going to eat up these costs at a loss). We can make it nearly impossible for any new platform to enter the marketplace, forcing Canadians to use the same stagnant platforms year after year. We can centralize and consolidate the entire industry into 2 or 3 big players and have everyone else fail (possibly to heavy losses of users of those platforms). And when a flawed security model doesn't work and gets breached, we can make it even more complicated with even more people in suits making big money doing the job that blockchain was supposed to do in the first place. We can build a system which is so intertwined and dependent on big government, traditional finance, and central bankers that it's future depends entirely on that of the fiat system, of fractional banking, and of government bail-outs. If we choose this path, as history has shown us over and over again, we can not go back, save for revolution. Our children and grandchildren will still be paying the consequences of what we decided today.
Or, we can find solutions that work. We can maintain an open and innovative environment while making the adjustments we need to make to fully protect Canadian investors and cryptocurrency users, giving easy and affordable access to cryptocurrency for all Canadians on the platform of their choice, and creating an environment in which entrepreneurs and problem solvers can bring those solutions forward easily. None of the above precludes innovation in any way, or adds any unreasonable cost - and these three policies would demonstrably eliminate or resolve all 109 historic cases as studied here - that's every single case researched so far going back to 2011. It includes every loss that was studied so far not just in Canada but globally as well.
Unfortunately, finding answers is the least challenging part. Far more challenging is to get platform operators and regulators to agree on anything. My last post got no response whatsoever, and while the OSC has told me they're happy for industry feedback, I believe my opinion alone is fairly meaningless. This takes the whole community working together to solve. So please let me know your thoughts. Please take the time to upvote and share this with people. Please - let's get this solved and not leave it up to other people to do.

Facts/background/sources (skip if you like):



Thoughts?
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

Các đồng tiền ảo phổ biến trên thế giới ngoài Bitcoin

Các đồng tiền ảo phổ biến trên thế giới ngoài Bitcoin
Bitcoin không chỉ tạo ra xu hướng, mở ra một làn sóng mà nó còn trở thành tiêu chuẩn thực tế cho tiền ảo, truyền cảm hứng cho sự ra đời và phát triển của các đồng tiền ảo khác trên thế giới. Bài viết hôm nay chúng ta sẽ tìm hiểu về các đồng tiền ảo phổ biến trên thế giới ngoài đồng Bitcoin (BTC).
https://preview.redd.it/lofnmy1tkjx51.png?width=800&format=png&auto=webp&s=ad4cd7a7c65266e7a40da18c34c1921db07ea1c0
Tiền ảo là gì?
Trước khi chúng ta xem xét kỹ hơn một số lựa chọn thay thế cho Bitcoin, hãy tìm hiểu ngắn gọn ý nghĩa của các thuật ngữ như tiền ảo và Altcoin. Tiền ảo có dạng mã hóa hoặc “coin”. Trong khi một số loại tiền ảo đã xâm nhập vào thế giới vật chất ví dụ như tiền trên thẻ tín dụng hoặc các dự án khác thì phần lớn những đồng tiền ảo còn lại như Bitcoin vẫn hoàn toàn vô hình. Tiền ảo đề cập đến các mã rất phức tạp cho phép tạo và xử lý các loại tiền này và các giao dịch của chúng trên các hệ thống phi tập trung.
Tiền ảo hầu như luôn được thiết kế để không bị chính phủ thao túng và không chịu sự quản lý của bất kỳ ngân hàng, chính sách tiền và tài khóa nào. Các loại tiền tệ được mô phỏng theo Bitcoin được gọi chung là Altcoin và thường cố gắng để thể hiện mình là phiên bản sửa đổi hoặc cải tiến của Bitcoin. Mặc dù một số loại tiền này dễ khai thác hơn Bitcoin, nhưng vẫn có những đánh đổi, rủi ro lớn hơn do mức độ thanh khoản, chấp nhận và duy trì giá trị thấp hơn. Để tìm hiểu sâu hơn về tiền ảo là gì thì bạn đọc có thể nhấp vào đây.
https://preview.redd.it/y3u6nx4vkjx51.png?width=800&format=png&auto=webp&s=ee93c9ec59830f3ede37352afd972b9c198ec561
Các đồng tiền ảo trên thế giới ngoài Bitcoin

Các đồng tiền ảo phổ biến trên thế giới

Dưới đây, chúng tôi sẽ thông tin về các đồng tiền ảo quan trọng, phổ biến trên thế giới ngoài Bitcoin. Tuy nhiên, đầu tiên cần lưu ý là không thể có một danh sách toàn diện về tất cả các đồng tiền ảo ngoài Bitcoin được liệt kê dưới đây. Một lý do đơn giản giải thích cho điều này là vì thực tế có hơn 7.000 đồng tiền điện tử đang tồn tại tính đến tháng 11 năm 2020 và nhiều trong số những đó được cộng đồng những người đầu tư ưa chuộng.

Ethereum (ETH) – một trong các đồng tiền ảo theo sau Bitcoin thành công nhất

Giải pháp thay thế Bitcoin đầu tiên trong danh sách là Ethereum – một nền tảng phần mềm phi tập trung cho phép lưu trữ các hợp đồng thông minh và ứng dụng phi tập trung được xây dựng và chạy mà không có bất kỳ thời gian chết, gian lận, kiểm soát hoặc can thiệp nào từ bên thứ ba. Các ứng dụng trên Ethereum được chạy trên mã hóa dành riêng cho nền tảng của nó là Ether.
Ether giống như một phương tiện di chuyển trên nền tảng Ethereum và được hầu hết các nhà nghiên cứu tìm kiếm để phát triển và chạy các ứng dụng bên trong Ethereum, hoặc bây giờ là bởi các nhà đầu tư đang tìm cách mua các loại tiền kỹ thuật số khác bằng cách sử dụng Ether. Ether, ra mắt vào năm 2015, hiện là đồng tiền kỹ thuật số lớn thứ hai theo vốn hóa thị trường sau Bitcoin, mặc dù nó đứng sau tiền điện tử thống trị với một tỷ suất lợi nhuận đáng kể. Kể từ tháng 1 năm 2020, vốn hóa thị trường của Ether chỉ bằng 1/10 so với Bitcoin.
Trong năm 2014, Ethereum đã tung ra một đợt bán trước cho Ether và nhận được phản hồi tích cực; điều này đã giúp mở ra kỷ nguyên phát hành đồng tiền ban đầu (ICO). Theo Ethereum, nó có thể được sử dụng để “mã hóa, phân quyền, bảo mật và giao dịch bất cứ thứ gì.” Sau cuộc tấn công vào DAO vào năm 2016, Ethereum được chia thành Ethereum (ETH) và Ethereum Classic (ETC). Tính đến ngày 2 tháng 11 năm 2020, Ethereum (ETH) có vốn hóa thị trường là $45,442 tỷ đô la và giá trị mỗi đồng được thông báo là $401.25 đô la.

Ripple (XRP)

Ripple là một mạng lưới thanh toán toàn cầu theo thời gian thực cung cấp các khoản thanh toán quốc tế tức thì và chi phí thấp. Trình làng vào năm 2012, Ripple cho phép các ngân hàng giải quyết các khoản thanh toán xuyên biên giới trong thời gian thực với ưu điểm là sự minh bạch từ đầu đến cuối và chi phí thấp hơn. Sự đồng thuận của Ripple (phương pháp cấu thành) độc đáo ở chỗ nó không không yêu cầu khai thác.
Thật vậy, tất cả các mã thông báo XRP của Ripple đã được khai thác trước khi ra mắt, có nghĩa là không có sự tạo ra của XRP theo thời gian, chỉ có việc giới thiệu và loại bỏ XRP khỏi nguồn cung thị trường theo hướng dẫn của mạng. Bằng cách này, Ripple tạo ra sự khác biệt so với Bitcoin và nhiều loại Altcoin khác. Vì cấu trúc của Ripple không yêu cầu khai thác, nó làm giảm việc sử dụng sức mạnh tính toán và giảm thiểu độ trễ mạng.
Cho đến nay, Ripple đã rất thành công với mô hình kinh doanh này. Nó vẫn là một trong những loại tiền kỹ thuật số hấp dẫn nhất trong số các tổ chức tài chính truyền thống đang tìm cách đổi mới thanh toán xuyên biên giới. Hiện nó cũng là tiền điện tử lớn thứ ba trên thế giới xét theo vốn hóa thị trường tổng thể. Tính đến ngày 2 tháng 11 năm 2020, Ripple có vốn hóa thị trường là $11,001 tỷ đô la và giá trị mỗi đồng được thông báo là $0.24 đô la.

Litecoin (LTC) – Top 10 các đồng tiền ảo có vốn hóa thị trường cao nhất


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Đồng tiền ảo Litcoin (LTC)
Litecoin được ra mắt vào năm 2011, là một trong những đồng tiền điện tử đầu tiên đi theo chân của Bitcoin và thường được gọi ví von là “silver to bitcoin’s gold”. Nó được tạo ra bởi một cựu kỹ sử của Google, Charlie Lee, một sinh viên tốt nghiệp MIT. Litecoin hoạt động dựa trên mạng thanh toán toàn cầu có mã nguồn mở mà không bị kiểm soát bởi bất kỳ cơ quan trung ương nào và sử dụng thuật toán”scrypt” làm bằng chứng công việc, có thể được giải mã với sự trợ giúp của CPU cung cấp cho người tiêu dùng.
Mặc dù Litecoin có nhiều mặt giống Bitcoin nhưng nó có tốc độ tạo khối nhanh hơn vì vậy cung cấp thời gian xác nhận giao dịch cũng nhanh hơn. Ngoài các nhà phát triển, ngày càng có nhiều người bán chấp nhận Litecoin. Đến ngày 2 tháng 11 năm 2020, vốn hóa thị trường của Litecoin là $3,694 tỷ đô la và giá trị mỗi đồng thông báo là $56.16 đô la, khiến nó trở thành đồng tiền ảo lớn thứ sáu trên thế giới.

Tether (USDT)

Tether là một trong những đồng tiền đầu tiên và phổ biến nhất của một nhóm được gọi là Stablecoin, tiền điện tử nhằm cố định giá trị thị trường của chúng với một loại tiền tệ hoặc điểm tham chiếu bên ngoài khác để giảm sự biến động. Bởi vì hầu hết các loại tiền kỹ thuật số ngay cả những loại tiền lớn như Bitcoin, đã trải qua những giai đoạn biến động mạnh thường xuyên. Tether và các loại tiền ổn định khác cố gắng làm dịu biến động giá để thu hút những người dùng có thể thận trọng.
Tether được ra mắt vào năm 2014 tự mô tả mình là “một nền tảng hỗ trợ blockchain được thiết kế để tạo điều kiện thuận lợi cho việc sử dụng các loại tiền tệ định danh theo cách thức kỹ thuật số để giảm thiểu sự biến động và phức tạp thường liên quan đến tiền tệ kỹ thuật số. Vào ngày 2 tháng 11 năm 2020, Tether là tiền điện tử lớn thứ ba theo vốn hóa thị trường, với tổng vốn hóa thị trường là $16,680 tỷ đô la và giá trị mỗi đồng là $1,00 đô la.

Bitcoin Cash (BCH) – đứng thứ 5 về vốn hóa thị trường trong các đồng tiền ảo

Bitcoin Cash (BCH) giữ một vị trí quan trọng trong lịch sử của Altcoin vì nó là một trong những đồng có hard fork sớm nhất và thành công nhất từ Bitcoin gốc. Trong thế giới tiền ảo, fork diễn ra là kết quả của các cuộc tranh luận giữa các nhà phát triển và thợ đào coin. Do tính chất phi tập trung của tiền tệ kỹ thuật số, các thay đổi bán buôn đối với mã cơ bản của mã thông báo hoặc đồng xu trong tầm tay phải được thực hiện do sự đồng thuận chung. Quá trình này có cơ chế thay đổi tùy theo loại tiền điện tử cụ thể.
Khi các phe phái khác nhau không thể đi đến thỏa thuận, đôi khi tiền kỹ thuật số bị chia tách, với bản gốc vẫn đúng với mã gốc của nó và bản sao khác bắt đầu hoạt động như một phiên bản mới của đồng tiền trước đó, hoàn chỉnh với các thay đổi đối với mã của nó. BCH bắt đầu hoạt động vào tháng 8 năm 2017 do một trong những đợt chia tách này. Cuộc tranh luận đã dẫn đến việc tạo ra BCH có liên quan đến vấn đề khả năng mở rộng đó là mạng Bitcoin có giới hạn nghiêm ngặt về kích thước khối một megabyte (MB). BCH tăng kích thước khối từ một MB lên 8MB, với ý tưởng là các khối lớn hơn sẽ cho phép thời gian giao dịch nhanh hơn. Nó cũng thực hiện các thay đổi khác, bao gồm việc loại bỏ giao thức Segregated Witness ảnh hưởng đến không gian khối. Kể từ ngày 2 tháng 11 năm 2020, BCH có vốn hóa thị trường là $4,983 tỷ đô la và giá trị mỗi đồng là $268.51 đô la.

Monero (XMR)

Monero là một loại tiền tệ an toàn, riêng tư và không thể bị theo dõi. Đồng tiền ảo mã nguồn mở này đã được ra mắt vào tháng 4 năm 2014 và nhanh chóng thu hút sự quan tâm đông đảo của cộng đồng những người đam mê đồng tiền mã hóa. Sự phát triển của loại tiền điện tử này hoàn toàn dựa trên sự đóng góp và hướng tới cộng đồng. Monero đã được ra mắt với trọng tâm mạnh mẽ là phân cấp và khả năng mở rộng, đồng thời nó cho phép hoàn toàn quyền riêng tư bằng cách sử dụng một kỹ thuật đặc biệt gọi là “ring signatures”.
Với kỹ thuật này, sẽ có một nhóm các chữ ký mật mã bao gồm ít nhất một người tham gia thực sự và tất cả chúng đều có vẻ hợp lệ vì chữ ký thực không thể bị cô lập. Với cơ chế bảo mật đặc biệt như vậy, Monero đã phát triển một thứ có tiếng tăm không kém, nó có liên quan đến các hoạt động tội phạm trên khắp thế giới. Tuy nhiên, cho dù nó được sử dụng cho mục đích tốt hay xấu, không thể phủ nhận rằng Monero đã giới thiệu những tiến bộ công nghệ quan trọng cho tiền điện tử. Tính đến ngày 2 tháng 11 năm 2020 Monero có vốn hóa thị trường là $2,246 tỷ đô la và giá trị mỗi mã thông báo là $126.57 đô la.

EOS (EOS)


https://preview.redd.it/o9tk8qmxkjx51.png?width=800&format=png&auto=webp&s=7940879734a4eeedb7b6aa7813d9a0d66be1e00f
Đồng tiền ảo EOS
Ngoài Libra, một trong những đồng tiền kỹ thuật số mới nhất lọt vào danh sách này là EOS. Được công bố vào tháng 6 năm 2018, EOS được tạo ra bởi Dan Larimer – nhà tiên phong tiền điện tử. Trước khi làm việc cho EOS, Larimer đã là nhà sáng lập sàn tiền ảo Bitshares cũng như nền tảng truyền thông xã hội dựa trên blockchain Steemit. Giống như lịch sử của các loại tiền điện tử khác trong danh sách này, EOS được thiết kế sau Ethereum, vì vậy nó cung cấp một nền tảng mà các nhà phát triển có thể xây dựng các ứng dụng phi tập trung. Tuy nhiên, EOS có nhiều điều đáng chú ý vì nhiều lý do.
Đầu tiên, đợt chào bán đồng tiền ban đầu của nó là một trong những đợt phát hành lâu nhất và có lợi nhuận cao nhất trong lịch sử, thu về mức kỷ lục 4 tỷ đô la Mỹ trong quỹ nhà đầu tư thông qua các nỗ lực tìm nguồn cung ứng cộng đồng kéo dài một năm. EOS cung cấp một cơ chế bằng chứng cổ phần được ủy quyền mà nó hy vọng có thể cung cấp khả năng mở rộng vượt xa các đối thủ cạnh tranh.
EOS bao gồm EOS.IO, tương tự như hệ điều hành của máy tính và hoạt động như mạng blockchain cho tiền kỹ thuật số, cũng như tiền EOS. EOS cũng mang tính cách mạng vì không có cơ chế khai thác để sản xuất đồng tiền. Thay vào đó, các nhà sản xuất khối tạo ra các khối và được thưởng bằng mã thông báo EOS dựa trên tỷ lệ sản xuất của họ. EOS bao gồm một hệ thống các quy tắc phức tạp để điều chỉnh quá trình này. Với ý tưởng sẽ dân chủ và phi tập trung hơn so với các loại tiền điện tử khác trên thế giới. Kể từ ngày 2 tháng 11 năm 2020, EOS có vốn hóa thị trường là $2,361 tỷ đô la và giá trị mỗi mã thông báo là $2.52 đô la.

Bitcoin SV (BSV)

Bitcoin SV (BSV), với “SV” trong trường hợp này là viết tắt của “Satoshi Vision”, là một hard fork của Bitcoin Cash. Theo nghĩa này, BSV là một nhánh rẽ của mạng Bitcoin ban đầu. Việc nâng cấp mạng theo kế hoạch cho tháng 11 năm 2018 đã dẫn đến một cuộc tranh luận kéo dài giữa các phe phái khai thác và phát triển trong cộng đồng BCH, dẫn đến hard fork và sự ra đời của BSV. Các nhà phát triển Bitcoin SV đề nghị rằng tiền điện tử này nên khôi phục giao thức ban đầu của nhà phát triển Bitcoin- Satoshi Nakamoto và đồng thời cho phép các phát triển mới để tăng tính ổn định, cho phép khả năng mở rộng. Các nhà phát triển Bitcoin SV cũng ưu tiên bảo mật và thời gian xử lý giao dịch nhanh chóng. 2 tháng 11 năm 2020, BSV có vốn hóa thị trường là $3,074 tỷ đô la và giá trị mỗi mã thông báo là $165.64 đô la.

Binance Coin (BNB)

Binance Coin (BNB) là đồng tiền ảo chính thức của nền tảng trao đổi tiền điện tử Binance. Thành lập vào năm 2017, Binance đã nhanh chóng vươn lên trở thành sàn giao dịch lớn nhất trên toàn cầu về khối lượng giao dịch tổng thể. Bên cạnh đó Binance Coin cho phép người dùng Binance giao dịch hàng chục loại tiền điện tử khác nhau một cách hiệu quả trên nền tảng Binance. Ngoài ra, BNB được sử dụng để hỗ trợ phí giao dịch trên sàn giao dịch và cũng có thể được sử dụng để thanh toán cho một số hàng hóa và dịch vụ, bao gồm phí đi lại và các dịch vụ khác. Kể từ ngày 2 tháng 11 năm 2020, BNB có vốn hóa thị trường là $4,145 tỷ đô la và giá trị mỗi mã thông báo là $28.71 đô la.

Lời kết

Những thông tin về các đồng tiền ảo phổ biến trên thế giới ngoài Bitcoin trên đây sẽ giúp người đọc có thêm được kiến thức về các Altcoin. Với kiến thức này bạn đọc sẽ có động lực để tìm hiểu về nghiên cứu sâu hơn về một đồng tiền ảo mà cảm thấy phù hợp và hứng thú với bản thân. Tìm hiểu thêm các thông tin mới nhất và chất lượng nhất về thị trường tiền ảo nhé.Xem thêm: Đầu tư tiền ảo là gì? Các bước đầu tư tiền ảo cho người mới
submitted by san_giao_dich_tienao to u/san_giao_dich_tienao [link] [comments]

Meet the YFDAI Team!

Meet the YFDAI Team!

https://preview.redd.it/yq470s2kmcu51.png?width=1280&format=png&auto=webp&s=4c04f1499dca093a4550beb19ae8c7626326959e
Over the course of mere months, the DeFi space has grown to the tune of billions in 2020. While DeFi has earned its title as the next hottest crypto trend, its popularity has shown to be a double-edged sword. Reports of scams and “rug pulls” have volleyed into crypto news outlets, social media, and discussion groups, damaging the reputation of the DeFi space.
DeFi is unique in that the tenets of trust and decentralization has normalized the practice of anonymity to the point where nearly every single DeFi team launches anonymously. While the freedom to create DeFi tools does support the notion that anyone should be able to create an honest financial protocol for the goodwill of the people, the opposite effect often occurs. If the past few months has proven anything, it’s that the normalization of anonymity has acted as both the greatest weapon and the greatest defence for fraudulent actors and dishonest entities. Because of this, DeFi is often seen as a free-for-all minefield as countless exit scams and “rugpulls” have become the norm. Having this as an accepted vice of DeFi shouldn’t mean investors should normalize risk of losses. It should inspire projects to set a higher standard in the DeFi space.
We are excited to announce that the YFDAI team has taken the tenets of decentralized finance and expanded on them. As a DeFi protocol, we champion decentralization and the collective action of the community to pave the road towards true transparency and security for all. After countless hours of legal counseling, we’re proud to announce that we will be among the very few DeFi projects to go public and among the first to set a new precedent for the DeFi space.
Say hello to the YFDAI team.
Meet Pritha Paul (Olivia) — Chief Strategic — Volunteer

https://preview.redd.it/jqqax671lcu51.jpg?width=357&format=pjpg&auto=webp&s=66703ab44c96cea71df47178627e586a8d70a1e5
Olivia is both a software engineer and a Businesswoman. Having been an avid fan of blockchain and trader of cryptocurrencies, Olivia felt the need to contribute her expertise to the cryptocurrency space. This desire prompted her to create YFDAI, one of DeFi’s most secure and trusted protocols. Seeing the cryptocurrency space as a professional programmer, Olivia knows the importance of making a clean and secure DeFi protocol.
With the rate of fraudulent projects ascending contemporaneously with the rise of DeFi, Olivia knew it was crucial to have a trusted and well-secured protocol that can guide as an example for other projects to follow. Along with this idea, Olivia felt that for DeFi to reach its highest potential, there needed to be an ecosystem that protects investors and supports DeFi projects looking to bring real value to the space. With this in mind, Olivia came up with YFDAI’s signature SafeSwap and LaunchPad platforms.
Olivia has a number of qualifications and holds a bachelor’s in Computer Applications. Some of her advanced programming languages include: C, C++, JAVA, Python, Oracle.
https://www.linkedin.com/in/pritha-paul-olivia-a576b71b9/
Meet Tapas Paul (Rocky) — Lead Dev — Volunteer

https://preview.redd.it/otog4vkclcu51.jpg?width=357&format=pjpg&auto=webp&s=c668d0b6ac5573757030a609ed563ee49d734ac7
Doubling as a software developer and website designer, Tapas carries ample experience in web development and design. Having been familiar with cryptocurrencies for years, his initial descent into the space came in the golden year of 2017. Since then, Tapas has been engaged in crypto and felt the need to create a truly honest and secure DeFi platform together with Pritha. Tapas’s vast expertise in web development and blockchain gives YFDAI an edge in becoming one of the top DeFi protocols in the space.
Tapas has a diverse range of tech experience that range from creating web applications and front-end designs for various startups to working as a senior blockchain developer for distributed solidity systems for complicated DAPPs. Since then, Tapas has provided Ethereum and TRON consulting to multiple blockchain startups entering the space.
Some of Tapas expertise and advanced programming languages include- Solidity, Web3 TronWeb, JavaScript, MongoDB, ExpressJS, ReactJS Node.JS React Native, HTML5, CSS3, Distributed Ledger Technology , Ethereum and TRON DAPPs, Authentication systems, Real Time Web Apps.
https://www.linkedin.com/in/tapas-paul-rocky-4609781b2/
Meet Ankit Ruthala (Thore) — Chief Business Development — Volunteer

https://preview.redd.it/0b7vqesglcu51.jpg?width=357&format=pjpg&auto=webp&s=f5aaaaf903753cd2373b0bc32d924f8729bbcb41
Thore carries a Bachelor’s in Mechanical Engineering with fundamental engineering and dynamics experience. He has extensive background experience in both engineering and blockchain development. With the ever-increasing level of innovation that is occurring in the blockchain and cryptocurrency space, Thore felt the need to contribute his own knowledge and expertise to the field. Thore’s extensive experience in the field is projected into the YFDAI project with the end-user in mind. Being proficient in both blockchain literacy and technical analyses, Thore understands the cryptocurrency space from both a developer and investor perspective.
https://www.linkedin.com/in/ankit-runthala-752a4785
Meet Wesley — Security Consultant — Volunteer

https://preview.redd.it/d4738ojklcu51.jpg?width=357&format=pjpg&auto=webp&s=c98608b8f71087285cf14e7bd8be2d8125c978d6
Wesley specializes in Infrastructure and security management with a background in economics. Having been involved in the cryptocurrency scene for over three years, Wesley has had ample exposure to the world of blockchain and cryptocurrencies. Since 2017, Wesley has worked as an agent for BTC Direct and in Binance community management.
https://www.linkedin.com/in/wesley-thijssen-223813134/
Meet Cristian- Graphic Designer — Volunteer

https://preview.redd.it/nb91hb6qlcu51.jpg?width=357&format=pjpg&auto=webp&s=256969502f4223b56a9f615e6445a6340660a68b
Despite his previous work experience as a computer programmer, Cristian found his niche excelling in graphic design and maximizing brand identity. After winning over 400 graphic design competitions, Cristian now works as a dedicated graphic designer. Living by the mantra of “every profession is an act of service”, Cristian’s passion is manifested through his works in design, brand awareness, and customer satisfaction.
https://99designs.com/profiles/oakbrand
Meet Cris Content Writer — Volunteer

https://preview.redd.it/y6fgolqulcu51.jpg?width=357&format=pjpg&auto=webp&s=46f981373a8b011cf570bf50ef46b5e87b395c4e
Cris first began his cryptocurrency journey in the summer of 2017. Since then, he has been obsessed with everything cryptocurrency and blockchain related. After being featured on a series of cryptocurrency publications on Medium, Cris found his way into writing and managing a variety of cryptocurrency startups. Cris now continues pursuing his passion in cryptocurrency while balancing life as a university student.
https://www.linkedin.com/m/in/cris-montoya-1738b61b9-Cris/
Meet Christof Waton — Business Development Consultant — Volunteer

https://preview.redd.it/2r3vb6u1mcu51.jpg?width=357&format=pjpg&auto=webp&s=ca5a3c009dd7a32211bb2c141c13f6ccddeb04a2
Christof currently holds a bachelor’s in data communication and is currently completing his masters in Digital Currencies. His initial descent into cryptocurrencies came when he first bought Bitcoin in 2014. Since then, Christof has led his professional career in a variety of fields in and out of the crypto space. Within the crypto space, Christof has held positions as chief business development officer for both ExMarkets and CoinMargin. Outside of the crypto space Christof led as a consultant for both Dubai Hills Fund and Verifo, an e-money institution. After years of experience in both the financial and crypto industry, Christof has experienced cryptocurrency through the lens of a professional, investor, and an enthusiast.
https://www.linkedin.com/in/watonchristof/
Meet Philip Dow — Head Advisor — Volunteer

https://preview.redd.it/a7yu2nd5mcu51.jpg?width=357&format=pjpg&auto=webp&s=cd00c47f55530afb4570808168a26d88c3cf7529
Phil operates as a strategic executive with a high-level background in project management, business development, and marketing. Phil first brought his expertise to the cryptocurrency field in 2016. Phil carries a wealth of knowledge as his years in crypto garnered him key connections with a variety of different cryptocurrency partners ranging from, developers, project CEOs, and marketing.
For the past 4 years Phil has brought coverage to a multitude of different blockchain companies, each offering unique expertise and applications in a wide variety of fields.
https://www.linkedin.com/in/philipdow55/
Now that the team identities have been released this dispels the “Elephant in the room”. The fact that the team chose to become non-anon opens up many doors that would otherwise be closed. The specifics of those opportunities will be made clear in the upcoming whitepaper and future announcements.
Even though the names and faces of the founders behind the project have been revealed, please note that there are many people who are working on the YFDAI project on a contractual basis and volunteer basis who have not been included in the disclosure. There are experts and advisors in the fields of business development, economics, law, and other areas vital to any business that play a major role in the success of YFDAI and who share the vision of the founders to clean up the DeFi space and offer a safe, reliable, and secure suite of DeFi products to the public.
While the team behind a crypto project is vital, the ultimate success of any DeFi project relies on the technology, the code, and the community. YFDAI’s technology and code have been designed to be bulletproof in order to maximize the safety and security for the end user. In the not too distant future, YFDAI’s business model envisions the everyday decisions to ultimately be made by you, the community, by way of the DAO as governance is turned over to the token holders.
To ensure we are operating as securely and compliantly as possible YFDAI has been incorporated as a Technology business in Singapore:
Company Name — Tejster Technologies PTE. LTD. Registration No — 202031933C Address — 50,Raffles Place,#37–00,Singapore Land Tower, Singapore (048623)
To finalise the compliance aspect YFDAI is in the process of obtaining full Financial Services regulation by means of receiving compliance and registration in the Republic of Estonia.
This will be a two stage process with an initial Virtual Currency Exchange and E-Wallet licence currently being sought. YDFAI’s legal representatives have moved this to an advanced stage and expect this to be finalized in Q4 2020. It is at this point that the team shall resume their full job titles and the term “Volunteer” will no longer be required.
The licenses will open up a plethora of opportunities which will be fully detailed in our soon to be released whitepaper and will also provide YFDAI with a level of accreditation that will provide users with full peace of mind.
Once YFDAI secures the Financial Services accreditation listed above, YFDAI will have full insurance coverage of the project’s financial holdings and transactions, including project wallets and user funds.
Thank you for your support and we look forward to setting a new standard of self regulation that will revolutionize the DeFI arena and level the playing field for all participants while minimizing the fraud and desecration of the bad actors who have infiltrated the DeFi space.
- YFDAI Team
Visit us on our website and chat with us on Telegram!
Website: https://www.yfdai.finance
Telegram Community: https://t.me/yfdaifinance
Telegram Announcements: https://t.me/yfdai
Linkedin: https://www.linkedin.com/company/yfdai-finance
submitted by YFDAIFinance to u/YFDAIFinance [link] [comments]

How DAO users can truly control their voting rights

How DAO users can truly control their voting rights
https://blockchaintopbuzz.medium.com/how-dao-users-can-truly-control-their-voting-rights-f945c9c6b65e
Aelf proposed a solution that gives the control of the voting rights back to users by classifying token permissions.
As of today, there are still few complete businesses. In addition to mining and building trading platforms, it is difficult to create a complete business model. Moreover, various trading platforms have gradually grown into enterprises with comprehensive products in the blockchain industry, including wallets, nodes, lending, mining pools, etc.
At the same time, cloud services can reduce the cost of building small exchanges, but they can also lead to big trading platforms monopolizing data. For example, some Internet companies provide free cloud services in order to collect more valuable data.
Currently, Ethereum, which has the richest DeFi ecosystem, is gradually upgrading to V2.0, and its consensus protocol will also be upgraded to PoS. Governance voting can be regarded as the most important feature in the PoS ecosystem.
This year, Yearn.Finance rose to sudden prominence. But due to the governance problem, its community members initiated a hard fork, resulting in YFII. Another DeFi project, YAM, had a unfixable rebase function error. The founding team apologized for the error and announced a ‘Migration Plan’, which will turn the project over to the community.
For a while, governance voting became all the rage. However, the increasingly bigger trading platforms have been criticized by users in governance voting. Is there a proper solution to handling the relationship between the trading platform and governance voting?

What will we lose when trading platforms monopolize the blockchain industry?

In June 2018, during the BP node election before the EOS mainnet launch, node voting began to have a crisis of confidence between token holders and the trading platform. it is widely believed that the top 20 holders of trading platform wallets held about 40% of all the EOS in circulation.
Since then, many trading platforms have enabled the “User Authorization” interface. EOS holders can authorize the token voting rights to the trading platform, who will vote on behalf of the users. The rule caused a backlash from users, forcing these trading platforms to change the rule immediately so that EOS holders could vote on their preferred BP nodes.
After the EOS BP node votes, whether the trading platform has the token voting right has been occasionally discussed, but fewhave noticed it.
Two years later, Justin Sun, founder of TRON, made a commercial acquisition of Steemit, a decentralized social networking platform. After the acquisition was announced, the Steemit community launched a soft fork to resist the project being controlled by TRON. However, Justin Sun voted with the support of trading platforms such as Binance, Huobi and Poloniex to prevent a soft fork.
After being questioned by users, Binance and Huobi said that they would no longer interfere in the voting of the Steemit community. However, hkdev 404 of the Steem community again reveived votes from Huobi accounts. It is said that nearly 40 million votes were cast during the incident, accounting for about 10% of the total circulation of STEEM tokens.
There is no doubt that when the trading platform monopolizes the industry, we will lose our voting right.
How do we defend our voting rights
The fact that the ownership of the tokens belongs to the holders is indisputable, but what about the voting rights of the tokens deposited on the trading platform? How can we defend our voting rights after trading platforms have monopolized the industry?

Trading Platform Model

Traditional centralized trading platforms will assign to each user a separate deposit address. After depositing, the depositedamount will be added into the cold wallet and hot wallet. When users want to withdraw their tokens, the trading platform will transfer the tokens out of the hot wallet. If there is insufficient balance in the hot wallet, then the tokens will be transferred from the cold wallet to the hot wallet, and then be withdrawn.
Under the traditional centralized trading platform model, once users transfer their tokens into a trading platform, it means thetoken ownership (including voting rights) is also transferred to that trading platform.
The aelf solution: classify token permissions and claim back voting rights
For the issue of “voting rights” between token holders and centralized trading platforms, aelf, a decentralized cloud computing blockchain network, has proposed a solution: to establish an aelf Centre Asset Management Contract on the chain. The contract can limit the funds entering the exchange and define different permissions to control the assets.
The main feature of the aelf Centre Asset Management Contract is to create the “Main Virtual Address of the Trading Platform”.
Each exchange has a main virtual address, which can only be used for transfer operation, but not for voting, trading and other operations. As a result, the exchange cannot misappropriate users’ assets for voting. At the same time, the assets of the primary virtual address are publicly available on the chain, which makes it more difficult for the exchange to misappropriate assets.
At the same time, the aelf Centre Asset Management Contract also has the function of “address definition”. The exchange can open different permissions to different addresses, such as opening different permissions according to the amount, transactions exceeding a certain amount can only be given the greenlight by using multiple signatures, and the assets can be frozen through the contract when the assets of the trading platform are stolen, etc.
For the users of the trading platform, the access of the trading platform to the aelf Center Asset Management Contract function will not undermine user experience. The virtual system address of the aelf Center Asset Management Contract will assign a virtual address to each user, which offers the same user experience as the traditional mode.
For the trading platform, each deposit address constructed by the virtual address system is generated by the algorithm and does not need to be carried out on the blockchain. This means that the trading platform does not need to manage a large number of private keys, and there is no risk that the private keys will be lost.
On the most important “voting rights” issue, the aelf Center Asset Management Contract will assign to each user a separate virtual address for voting:
Voting address = Hash (Exchange Main Address + Token + “VOTE”)
Voting process: the tokens are transferred from the main virtual address of the exchange to the special “voting address” for voting, and are then voted. After voting, the tokens are withdrawn from the voting address back to the main virtual address.
We can see that the aelf Centre Asset Management Contract proposed by aelf can improve the efficiency of the trading platform without affecting user experience. In addition, it solves the problem that users would lose their voting rights.
According to the data on Crypto Mode, the market value of PoS tokens has exceeded $33 billion without counting Ethereum. In the field of crypto, it is the biggest ecosystem next to Bitcoin. The most important function of PoS is vote staking. faced with bigtrading platforms, if the status quo continues, retail investors will gradually lose their “voting rights” that belong to them.

Comparison of Market Value of PoS tokens (Source: Crypto Mode)
The emergence of DAO offers an alternative to trading platforms who misappropriate users’ tokens, but it still can not change this situation. Of course, DAO will not die out. Small communities will still use DAO for community governance. The idea behind the design of aelf is to start from the underlying trading platform and solve this issue at the source. Whether the solution can work still takes time. However, as a member of the crypto industry, we should understand the importance of “voting rights”, and cannot allow the exchange to seize our rights at will.
Recently, aelf has also announced its DeFi plan, which includes a new blockchain 3.0 project with a large number of new technical features, such as cross chain function, virtual address and cloud services. Aelf also proposed a set of interoperability solutions with ERC-20 tokens. It can directly access the ETH ecosystem, allow ETH-based applications and wallets to directly access it, and maintain the interoperability with ETH. And aelf will provide a high-performance smart contract operation platform and cloud services that can support cross chain interaction. Users on major cloud servers can easily run aelf’s services and adjust the scale of cloud according to their own business needs.
The implementation of a slew of tools, cloud services and interoperability solutions developed by aelf means that centralized transactions can be directly connected to the aelf network, realizing one-click adaptation to the DeFi ecosystem. With aelf, CeFi and DeFi are able to learn from and complement each other.
submitted by Floris-Jan to aelfofficial [link] [comments]

RESEARCH REPORT ABOUT ARYACOIN

RESEARCH REPORT ABOUT ARYACOIN
Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/a7jv4azk86u51.jpg?width=1600&format=pjpg&auto=webp&s=e4a4dbb5afacd5747076beaa59e6343b805c3392

ABSTRACT

Aryacoin 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.INTRODUCTION

The 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 ARYACOIN

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.
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 HISTORY

Aryacoin (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 GOAL

Aryacoin’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 SOLVE

Aryacoin 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 ARYACOIN

Aryacoin solution offers the following benefits:
  • Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
  • Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
  • Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
  • Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.

1.1.5 ARYACOIN FEATURES

1. 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!
4. Transactions
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 EXCHANGE

Aryana, the first Iranian exchange is a unique platform with the following features:
  • The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
  • The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
  • The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
  • There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
  • The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
  • The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second.
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-WORK

They 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 NETWORK

The steps to run the network are as follows:
  • New transactions are broadcast to all nodes.
  • Each node collects new transactions into a block.
  • Each node works on finding a difficult proof-of-work for its block.
  • When a node finds a proof-of-work, it broadcasts the block to all nodes.
  • Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.

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 ARYACOIN

The 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 SOLUTION

One 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 ROADMAP

April 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 & SOCIAL

Website: https://aryacoin.io/
Explorer: https://explorer.aryacoin.io/
Github: https://github.com/Aryacoin/Aryacoin
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. SUMMARY

Aryacoin (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. REFERENCES

1) https://coincodex.com/crypto/aryacoin/
2) https://www.icosandstos.com/coin/Aryacoin%20AYA/YuXO60UPF3
3) https://www.publish0x.com/iran-and-cryptocurrency/a-brief-introduction-of-aryacoin-first-ever-iranian-cryptocu-xoldlom
4) https://techround.co.uk/cryptocurrency/aryacoin-the-digital-currency-created-by-iranians/
5) https://bitcoinexchangeguide.com/aryacoin/
6) https://blog.coinpayments.net/coin-spotlight/aryacoin
7) https://guarda.com/aryacoin-wallet
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$MTXLT — The Fuel For Private DeFi

Call courtesy of facemeltersmicros on telegram
T.me/facemeltersmicros
Circ Supply: 47,844 Total Supply : 900,000
Price $47 Market Cap $2.2m
https://coinmarketcap.com/currencies/tixl/
Buy on probit exchange (liquidity is here) & Binance Dex
MTXLT (later TXL) is the native token of the Private DeFi Platform called Autobahn Network. It can be transferred through the network with zero-fees, reflecting the best features of today's cash.
What is Private DeFi?
Privacy should be fundamental in financial transactions. However, many existing DeFi platforms, such as Ethereum for example, fail to fulfil this criterion – either partly or completely. The Autobahn Network is one of the first of its kind to truly support private DeFi.
What is DeFi about the Autobahn Network?
The Autobahn Network will initially focus on the areas of asset tokenisation and providing a second-layer platform for existing assets on other chains. This will provide the foundation for offering further DeFi use cases in the future. The current focus is on the launch of Alphanet, which will be the first production release of the Autobahn Network.
The Autobahn Network is a decentralized next-generation, second-layer solution for digital assets. It provides the ability to use any cryptocurrency, including Bitcoin, as an efficient & effective means of world payment.
The Autobahn Network employs the most sophisticated technologies to have emerged from the blockchain world over recent years to build a decentralized network, tailored for payments. Bitcoin, and other digital assets, can be sent to the Autobahn Network. Once they are in the network they can then be transferred quickly, privately and with low transaction fees.
HOW DOES IT WORK?
• Send BTC to the Autobahn Network Gateway • The decentralized nodes hold your BTC via a Threshold Signature Scheme (TSS) • Transfer BTC within the network as often as you like • Withdraw BTC to the main blockchain, if you plan to hold it there • The decentralized nodes release your BTC via TSS
To fully appreciate high-speed, you have to experience it yourself. They have developed a fully working Testnet especially for this purpose:
https://autobahn.network/testnet
The Autobahn Network is developed by the non-profit company - Tixl gGmbH, based in Hamburg (Germany). Tixl raised seed capital of USD $1,250,000 in early 2019 by selling the Tixl Token (MTXLT) to retail investors.
Tech behind the Autobahn
https://medium.com/tixlcurrency/the-technology-behind-the-autobahn-network-81fdecf41c20
Most of the time the bottleneck is the consensus. Tixl use their own implementation of the Stellar Consensus Protocol (SCP). Since SCP is known to establish consensus within a few seconds, even if there are some more conflicting transactions, nodes will still be able to reach consensus quickly. It’s also known that SCP can deal with high transaction volumes. Although there is no verified statement from the Stellar foundation, there are rumors that SCP can handle 10,000 transactions per second in certain network constellations
Project milestones and key links
In the future:
Find more details on these events in the medium article released today
https://link.medium.com/qXfp3zjM57
WHY TIXL?
A number of different concepts for improving Bitcoin and the transfer of digital assets in general have been developed, with the ultimate goal of achieving fast and cheap transactions, or to provide privacy. The Tixl Token on the Autobahn Network provides a perfect combination of them all.
REVENUE STREAMS
Transaction Fees
Transactions in the Autobahn Network will be cheap but not completely free. Fees will be paid using in the currency of the asset being transfered. The revenue will then be used to purchase MTXLT on the open market. As a result, fees are indirectly paid in MTXLT.
Listing Fees
As soon as the Autobahn Network gains adoption, it will become a sought-after platform for other assets. A (monthly) listing fee, to be paid in MTXLT, will also serve to increase the public demand for MTXLT.
Additional Services
Besides the obvious sources of revenue, other features - like the purchase of nicknames - can also be used to generate revenue.
Social media buzz
Ivan on Tech about Tixl in "TOP ALTCOINS 2020 - Programmer explains"
https://youtu.be/ynyvwZetb8s
Something different?
Tixl global reserve has been developed to provide extra confidence to investors. Read more here:
https://medium.com/tixlcurrency/tixl-global-reserve-tgr-update-c59bee09c66d
Other questions
Do I need TXL to send and receive BTC and other third-party assets?
To ensure the greatest usability, they decided against using TXL directly as "fuel" because it would provide an obstacle to use if you had to buy TXL before you are able to transfer BTC, or other digital assets. The same issue has attracted criticism from users of other networks that support different assets. As a solution, they settled on the idea of allowing transaction fees for certain assets (for example, BTC) to be paid in their native currency. One can send BTC through the Autobahn Network without having to purchase TXL and pay much lower fees than you would on the Bitcoin blockchain itself.
How is Autobahn Network secured by Bitcoin?
To increase the decentralization of Autobahn Network, a hash representing the current state of the Autobahn Network ledger will be written onto the Bitcoin blockchain regularly. In doing so, the Autobahn Network will increase its trust level by leveraging the most secure and immutable blockchain in the world.
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How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

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