submitted by sidhujag to ethereum [link] [comments]
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
SolutionsSyscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Syscoin + Matic IntegrationMatic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Proving Performance & Cost SavingsOur POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.
Cost SavingsTotal cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools, Infrastructure & Documentation
Syscoin BridgeMainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
APITools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
DocumentationSyscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence
Trade-offThe Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
CostEthereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Z-DAGZero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
APISyscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.
DocumentationZ-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana
Trade-offZ-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin SpecsSyscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
WalletsWeb3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
ExplorersMainnet: https://sys1.bcfn.ca (Blockbook)
Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!
|Launch Profit Converter||June 30, 2019|
|Merchandise Store Update||June 30, 2019|
|ELO Exchange Special||June 30, 2019|
|Roadmap Update||June 30, 2019|
|Platform Hard Launch||June 30, 2019|
|PoLC Mainnet Launch||June 30, 2019|
|SDK Public V3.0 Release||June 30, 2019|
|Off-chain Providers||June 30, 2019|
|Bonus Payments||June 30, 2019|
|Complex Script Support||June 30, 2019|
|CRoute Initial Deploy||June 30, 2019|
|Mainnet Launch||June 30, 2019|
|Proof of Stake Validator||June 30, 2019|
|Plasma Implementation||June 30, 2019|
|Plasma Cross-asset Swaps||June 30, 2019|
|Staking||June 30, 2019|
|Edge Cacher Beta||June 30, 2019|
|1 ETH+40,000 OROX Contest||June 30, 2019|
|Data Authentication||June 30, 2019|
|Data Authentication||June 30, 2019|
|Mainnet 1.0 Private Test||June 30, 2019|
|Decentralized Exchange||June 30, 2019|
|2.0 Release||June 30, 2019|
|Mainnet Developer Tools||June 30, 2019|
|Community Contest||June 30, 2019|
|Token Burn||June 30, 2019|
|Bitcoin CZ Roadmap||June 30, 2019|
|Migration Deadline||June 30, 2019|
|Masternodes Mainnet||June 30, 2019|
|NEM(XEM)||Block Explorer Release||June 30, 2019|
|Stellar(XLM)||Minor Release||June 30, 2019|
|Stellar(XLM)||Q2 Protocol & SDF Upgrade||June 30, 2019|
|Stellar(XLM)||Horizon SDK Parity||June 30, 2019|
|EOS(EOS)||Significant Announcement||June 30, 2019|
|Qtum(QTUM)||Scaling Improvements||June 30, 2019|
|Qtum(QTUM)||X86 VM Public Testnet||June 30, 2019|
|Siacoin(SC)||V1.4.1 Update||June 30, 2019|
|Bytecoin(BCN)||Gate.io Disabled for USA||June 30, 2019|
|Binance Coin(BNB)||Coin Burn||June 30, 2019|
|Ardor(ARDR)||Child Chain Control||June 30, 2019|
|Dent(DENT)||Voice Calls Launch||June 30, 2019|
|Dent(DENT)||[DUPLICATE?] First Retail Sponsoring||June 30, 2019|
|Dent(DENT)||Reaching 15M+ Users||June 30, 2019|
|Dent(DENT)||300 Trading Pairs||June 30, 2019|
|Dent(DENT)||Voice Calls in China||June 30, 2019|
|Dent(DENT)||Voice Minutes Trading||June 30, 2019|
|WAX(WAX)||WAX Accounts Release||June 30, 2019|
|WAX(WAX)||WAX Token Swap Starts||June 30, 2019|
|FunFair(FUN)||Mobile Optimization||June 30, 2019|
|FunFair(FUN)||White Label Casino Launch||June 30, 2019|
|FunFair(FUN)||MVP of Affiliate Program||June 30, 2019|
|Neblio(NEBL)||Website Redesign||June 30, 2019|
|Neblio(NEBL)||Website Redesign||June 30, 2019|
|Walton(WTC)||KIRINMINER Shipped||June 30, 2019|
|Walton(WTC)||Mining Pool Changes & PPS||June 30, 2019|
|Achain(ACT)||AchainX testnet||June 30, 2019|
|Monaco(MCO)||Card Launch in Korea||June 30, 2019|
|SONM(SNM)||Q2 Releases||June 30, 2019|
|SONM(SNM)||Q2 Business Updates||June 30, 2019|
|SONM(SNM)||Kubernetes Task Challenge||June 30, 2019|
|AdEx(ADX)||Registry Prototype Launch||June 30, 2019|
|WaBi(WABI)||Expands to 100 Cities||June 30, 2019|
|WaBi(WABI)||Tael Payments Expansion||June 30, 2019|
|Bread(BRD)||BRD CryptoMonth||June 30, 2019|
|Nuls(NULS)||NULS 2.0 Public Beta||June 30, 2019|
|Tierion(TNT)||Public Testnet||June 30, 2019|
|Tierion(TNT)||Core & SC on GitHub||June 30, 2019|
|Genesis Vision(GVT)||Q2 Token Burn||June 30, 2019|
|YOYOW(YOYOW)||Q2 Releases||June 30, 2019|
|Everex(EVX)||Everex Exchange Launch||June 30, 2019|
|Aeron(ARN)||Big Data Research Launch||June 30, 2019|
|Aeron(ARN)||ARN Token Migration||June 30, 2019|
|Aeron(ARN)||CBM Token Integration||June 30, 2019|
|Aeron(ARN)||Shop Integration||June 30, 2019|
|Aeron(ARN)||Travel Offers||June 30, 2019|
|Datum(DAT)||Data Service Providers||June 30, 2019|
|LIFE(LIFE)||British Virgin Islands||June 30, 2019|
|LIFE(LIFE)||LIFEwallet® Fiat Ramp||June 30, 2019|
|LockChain(LOC)||Mainnet Launch||June 30, 2019|
|LUXCoin(LUX)||Luxgate Alpha Release||June 30, 2019|
|LUXCoin(LUX)||Parallel Masternodes Beta||June 30, 2019|
|LUXCoin(LUX)||WhitePaper 3.0||June 30, 2019|
|E-Dinar Coin(EDR)||Monthly Update||June 30, 2019|
|E-Dinar Coin(EDR)||Monthly Update||June 30, 2019|
|Spots(SPT)||Token Burn||June 30, 2019|
|BlazeCoin(BLZ)||Mainnet Iteration I||June 30, 2019|
|AppCoins(APPC)||Network Effects||June 30, 2019|
|QLINK(QLC)||WinCash Launch||June 30, 2019|
|QLINK(QLC)||Start Demand QGAS||June 30, 2019|
|EXRNchain(EXRN)||EXRNchain Beta Release||June 30, 2019|
|Aigang(AIX)||Aigang (AIX) V4.0 Platform Release||June 30, 2019|
|Rebellious(REBL)||Token Swap||June 30, 2019|
|INS Ecosystem(INS)||Economic Paper||June 30, 2019|
|Telcoin(TEL)||Transfers Supported||June 30, 2019|
|IOStoken(IOST)||Security Audit||June 30, 2019|
|Harvest Masternode Coin(HC)||Complete HAIL Protocol||June 30, 2019|
|Theta Token(THETA)||Developer Tools Launch||June 30, 2019|
|Theta Token(THETA)||Universal Edge Cacher||June 30, 2019|
|DATA(DTA)||M3 Beta Version||June 30, 2019|
|DATA(DTA)||DATA System||June 30, 2019|
|Zilliqa(ZIL)||Core Protocol Enhancement||June 30, 2019|
|Elastos(ELA)||DPoS and AuxPoW Consensus||June 30, 2019|
|Elastos(ELA)||Elastos Token Sidechain||June 30, 2019|
|Elastos(ELA)||NEO Compatible Sidechain||June 30, 2019|
|Elastos(ELA)||ETH Compatible sidechain||June 30, 2019|
|Iungo(ING)||Secure Layer||June 30, 2019 [Possible Date]|
|THEKEY(TKY)||Public Chain Test||June 30, 2019|
|THEKEY(TKY)||Government Evaluation||June 30, 2019|
https://preview.redd.it/4mpqz8g1u1821.jpg?width=507&format=pjpg&auto=webp&s=dc37578f672464d46a904d70203fc87c544aea30submitted by ecamli to ICOAnalysis [link] [comments]
Hybrid exchange launches its own blockchain and PoR consensus algorithm to speed up transactions, increase scalability and ensure multi-layer user protection.
Cryptocurrencies, blockchains and decentralized exchanges (DEXs) were developed as open-source, community-oriented initiatives where the power is in the hands of its participants, rather than in the hands of a central authority. On the other hand, centralized exchanges (CEXs) – Binance, Coinbase, Kraken – are run by profit-making companies that make revenue from their specified fee structure.
Given that there are pros and cons to both CEXs and DEXs, the BEXAM business model approaches the main issues from a different perspective. The project aims to develop a unique platform based on a hybrid model that uses the proof-of-rounds (PoR) consensus algorithm, which increases transactional processing speed while ensuring security and protection of users’ assets.
New Consensus Algorithm Enters the World of BlockchainBy combining blockchain technology with time-tested concepts from centralized systems, BEXAM is looking to solve current issues happening with existing crypto exchanges – namely lack of scalability, slow transactions, inefficiency, and more. The PoR algorithm powering BEXAM follows the “kaizen” concept, which implies adding constant improvements to the system one step at the time. The end result is a circular network of Super Nodes, Master Nodes, and Normal Nodes connected in a well-defined hierarchy.
In general, block approval is performed by a single node that calculates hash value based on a set of conditions set in place by the consensus algorithm. With PoR, the “order” between approving nodes is intentionally fixed to improve processing speed. This way users can trade cryptocurrency fast and securely thanks to the PoR consensus algorithm that facilitates transactions irrespective of time and place.
The Bitcoin blockchain, for example, can handle 7 transactions per second, whereas Ethereum handles 20. Visa can accommodate up to 56,000 transactions per second. The BEXAM exchange was tested for performance, and thanks to the PoR consensus algorithm, the team behind the project claims it can process up to 40 million transactions per second, depending on the number of active users within the network and Master Node count. The innovative part of the exchange is that at full capacity, a single Master Node within BEXAM processes 20,000 transactions per second.
The BEXAM exchange is a hybrid that combines benefits from centralized and decentralized systems, such as reliability through the implementation of node services in different parts of the world to strengthen security. Furthermore, in the initial stages the Master Nodes are set in place on a central server; they can only be built by employing an authorized program to ensure improved security and prevent data tampering.
BXA – the Native Utility Token of the BEXAM ExchangeThe BEXAM exchange features a proprietary utility token with multiple purposes. It can be used on the platform to pay for transactional fees when performing a trade, with a 50 percent applied discount when the fee is paid in BXA tokens. Another use for the token is to give users the right to vote for the implementation of a new cryptocurrency on the BEXAM exchange. Based on a system of Master Nodes and Super Nodes, users can have Master Node ownership by freezing a specified amount of BXA tokens; therefore they can earn extra tokens when their owned node gets involved in a transaction.
In the pre-initial coin offering (ICO) stage of BEXAM, which is scheduled to start at the end of October, users will have 150 million BXA tokens available for purchase. In the public ICO, which will begin in November, 50 million BXA tokens will be made available.
Bounty0x ID: ecamli
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