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Bitcoin Could Soon Fall to the $7000s as Price Loses Pivotal Support
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Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
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Yesterday was a great day for Indian Crypto Community. TBH, we got to see live webinars about Crypto regulations https://hopin.to/events/india-wants-crypto-regulation-networking-event and that was the third day of Asia Blockchain Summit 2020 https://abs2020.com/. Overall the week was pretty amazing with Cashaa CE loosing 336 Bitcoin and twitter getting screwed. But the overall pleasant news is that India might regulate bitcoin in the asset class rather than being a currency was what told yesterday by former finance secretary who happens to be in the committee which drafted the bill "Banning of virtual currency" the previous year.
Latest Bitcoin News:
A Top Pentagon Investigative Unit Wants To Spy On Worldwide Bitcoin And Crypto Transactions
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
Latest Bitcoin News:
Bitcoin investor sues IRS for seizing private financial data
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
Latest Bitcoin News:
Bitcoin daily chart alert—Bulls need to show some power
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
The purpose of Blockchain tech isn’t just to make money but to help in the development of a market place where everyone will have access to a better and reliable technology.
This outstanding feature is what chromia blockchain is continuing to demonstrate.
The past months has been busy period for Chromia team, the platform has pushed out a lot of exciting updates since the beginning of June 2020:
1.In the month of June 2020, Chromia team had a great AMA featuring the CEO Henrik Hjelte, and India’s Largest Cryptocurrency Exchange CoinDCX. You can read a good recap on it in the CoinDCX blog. Link to the AMA: https://blog.coindcx.com/ama-with-chromia/
2.The development of the LAC Property Chain Sponsored by the Inter-American Development Bank is in full progress. With this development, consortium land registries, banks, notaries, and governments in Peru, Bolivia, and Paraguay that will manage property transactions on the Chromia blockchain. Watch this YouTube video to learn more https://youtu.be/wymNVlCRc-o
3.Chromia Treasure hunt begins on July 12th 2020 and this has received remarkable participation by chromia fans across the globe. A pool of $5000 in CHR to be won!
4.OR Perelman, the COO of chromia was mentioned in a recent CoinDesk article.
Read the full piece here: coindesk.com/covid-19-e-commerce-bitcoin (http://coindesk.com/covid-19-e-commerce-bitcoin)
6.On July first Binance exchange begins Chromia trading competition! $50,000 in CHR tokens to be won! 🔥Duration was between: July 1 — July 8. Similar trading competition and airdrop event was held on Bithumb in celebration of the launch of Mines of Dalarnia on testnet! 2,800,000 CHR tokens were up for grabs!
7.On July 3rd 2020, CHR Launched on Boboo.com
8.As Binance exchange celebrates its 3rd anniversary, any one who trades $CHR will have an open gift worth up to $100 that could be share with his or her loved ones. Read the full details at https://www.binance.com/en/support/articles/e228be4662de47feb291107e4fd3dbdf
Latest Bitcoin News:
Forget gold and Bitcoin. Id buy these 2 FTSE 100 shares to get rich and retire early
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
About the work we have done in Venezuela, what do you think?
Welcome to this Quick User Guide. If you're new to Kryll you'll find here guides, useful links and resources to get you started on the platform!
What is Kryll?
kryll is a platform that offers powerful automated trading tools (click links to get more info) :
LINKS :
GUIDES :
HOW TO LINK YOUR EXCHANGES APIs TO YOUR KRYLL ACCOUNT :
HOW TO GET KRL
SOCIAL NETWORKS
TELEGRAM CHANNELS
USEFUL RESOURCES
SUPPORT
If you need support, you can go through our ticket system by email at [support@kryll.zendesk.com](mailto:support@kryll.zendesk.com)
Coinbase Pro Toll-free number ☎️1800-320-0671 ☎️ Instant result Suggestion1191 established by utilizing 6 million euros of funding cash. It has not been uncovered at this point, who was the author of this site, or the driving force of this stage. It looks to just be an endeavor by an organization who figured it would be a smart thought to begin a digital money trade. The Chicago based organization, Hit Tech constrained were answerable for Coinbase. There was likewise some relationship with Cryptopay anyway that relationship was stopped and the Cryptopay organizers chose to exit from any contribution in the stage, a conflict of heading is most likely the most delightful approach to put in the Coinbase support number. In spite of any distinction in sentiment, Cryptopay tokens are as yet recorded on Coinbase trade, implying that the relationship isn’t totally finished. Coinbase was hacked once in mid 2016. Despite the fact that not to much turned out about it in the press, clients were vocal of their dismay on online gatherings and survey stages. Coinbase didn’t cover themselves in greatness as they would not give any data about the occurrence. Numerous clients whined of their coins being ‘lost’ on the stage, just as postponed or no withdrawals from the trade and requirement of Coinbase support number. The expenses structure of Coinbase trade is unique and genuinely serious when contrasted with different trades out there. They charge 0.1% from takers (dealers, who submit ask requests), and they give 0.01% discount to producers (purchasers, who put in offer requests). This instrument or configuration is followed no place else and especially a method for welcoming clients to purchase and not to sell their coins. If client face any issue they can dial Coinbase support number.Each trade charges the two sides of the exchange some structure or another however Coinbase is the just one to offer a refund when purchasing. Coins advertised which need Coinbase support number Coinbase underpins in excess of 400 digital currencies including the significant ones – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), DASH, Ripple (XRP), Litecoin (LTC), VERI (Veritaseum), XMR (Monero) and a lot more alt-coins that are not be accessible on other crypto-trades. Points of interest of Coinbase Coinbase trade doesn’t have a base store, which implies you can begin exchanging with modest quantities before you get increasingly sure. An enormous advantage of utilizing Coinbase is the low expenses. The exchange and exchanging expenses are 0.1% which is path lower than some different trades request for Coinbase support number READ Norton Tech ☎️ Support Number | Norton Phone Number Tech Support Coinbase gives a medium to trade government provided monetary standards for cryptographic forms of money. It gives exchanging various conventional money to digital money sets and cryptographic money to cryptographic money sets. This will pull in first time digital currency merchants since they can transform fiat into crypto no problem at all with Coinbase support number. Coinbase has more than 400 digital forms of money accessible for exchanging. This gigantic cluster makes it a one trade for all, it will have all the huge ones; bitcoin, ethereum and so on and furthermore bunches of the new best in class coins; reddcoin, golem and so on. Enlistment on Coinbase support number is smooth and quick. You simply need to enter your email, put a solid secret word in and you will get a check code or connection sent to your email in no time. More favorable circumstances of Coinbase support number To keep up honesty and separate records, Coinbase gives three degrees of records – General, Verified and Qualified. Each record has its own focal points and advantages. The more data you include, the higher confirmation level you reach. The higher the level the more will be the preferences you will get. Essentially the more you show the more you get. Coinbase permits clients to be unknown. On the off chance that you would prefer not to list your actual data, you may enroll yourself utilizing a nom de plume, you won’t have the option to find a workable pace the more significant levels of record in light of an absence of confirmation. The interface of Coinbase is ideal for prepared brokers and talented crypto-specialists. It’s a data rich stage, which guarantees to hold top of the line merchants as long as possible need of Coinbase support number. Coinbase gives its clients a compulsory 2FA (two factor confirmation) to protect your record with an additional layer of assurance. They additionally have very good quality security highlights empowered for their site, including yet greater security. Cons of Coinbase Coinbase trade just gives the choice of exchanging USD, EUR and GBP. No other customary/FIAT cash is permitted. Clients can just trade these three monetary forms for crypto-resources. The main route through which you may make stores in your Coinbase account is through bank move. They don’t permit stores through PayPal, charge card or Mastercard. Essentially importance there are two store strategies; bank move or through digital currency from an outside wallet. With the ongoing ascent in banks halting individuals purchasing digital currencies with Visa, Coinbase may have spared themselves a stunt here. READ Coinbase Customer Support Number【【】Coinbase Customer Service Number The interface may be useful for master dealers, yet it isn’t intended for beginners or amateurs. They will discover it very confounding and may even experience misfortune if not utilized appropriately. The confirmation procedure is tedious. A general record check can take as long as 10 days during high traffic and clog time. Without checking your record, you will most likely be unable to exchange as high volume as you would need to. Not perfect. More detriments of Coinbase support number It has no versatile application, in spite of the fact that it offers outsider APIs for cell phones, yet a committed application would be better! This implies you can just access through an internet browser on your telephone, which honestly we would prompt against or by means of a PC, this all implies you can’t exchange in a hurry. For learner we would not exhort exchanging in a hurry however for specialists, they will need this functionality. Another drawback of Coinbase is moderate withdrawals. Clients frequently grumble about withdrawals taking too lengthy timespan. Some of the time, even as much as a month! Client service of Coinbase trade isn’t steady or responsive. Numerous grumblings from clients uncover about the moderate and time-staking process that the client support officials enjoy. Numerous others additionally uncover that their complaints are as yet pending. Coinbase was hacked in mid 2016, which raises a finger over their security highlights, and the future chance of an assault. This is an explanation we would encourage not to utilize Coinbase as a wallet, however similarly as a trade. It is smarter to abstain from putting away your crypto-resources in any online trade, keeping your coins in a disconnected or hard-wallets will expand the security. Utilizing Coinbase Support Number While enlisting for another record on Coinbase is simple, confirming your record can take some time. Try not to expect a snappy pivot from Coinbase’s side, clients frequently whine about an exceptionally moderate confirmation process. There are three sorts of records that Coinbase offers. The first is – GENERAL record, in which you may store any digital money for nothing. However, there is an every day withdrawal cutoff of EUR 5000 worth of digital currency. In any case, on the off chance that you have a place with the General confirmation level, you can’t store fiat cash (USD, EUR or GBP). READ Wear a Teeth Night Guard for Better Sleep The subsequent level is VERIFIED, in which you get free stores for digital money and limit of EUR 25,000 every day withdrawal limit on crypto-resources. You can likewise store Fiat cash, up to $2000 (EUR or USD) every week and $10,000 every month – both for withdrawals and stores. The last level is QUALIFIED, in which you don’t have to pay for any crypto stores. With this record, you may pull back more than $25,000 worth of digital currency every day. The fiat withdrawals and stores took into account Qualified records are $10,000 every week and around $50,000 (EUR or USD) every month. Exchanging highlights Coinbase offers a complex however useful interface for prepared merchants, and the individuals who are searching for a stage where they can exchange easily. It probably won’t resound well with newcomers and first time financial specialists, yet the interface is inviting for the accomplished. Definite outlining is given by their uncommon ‘Exchanging View’, and a spring up include is accessible for top to bottom diagram investigation. The instrument list is put by the spring up and is partitioned into four significant classifications. The request book is flawless and shows up toward the finish of the page with Coinbase support number. There is a news area which may prove to be useful when significant news is breaking, you will rapidly be made aware of it. Expense structure The Coinbase expenses structure is one of the most serious models among digital money trades. They have a layered expense s Coinbase is surely less expensive than a ton of its rivals, for example Coinbase charges practically 1.5% from its clients and in the event that you are utilizing Visa or plastic, you may need to pay around 4% of the exchange. Bittrex charges around 0.25% and for some different trades 0.25% is the standard expenses. Coinbase is one of the main not many with such low expenses and a refund for producers, something that once in a while exists somewhere else. Client assistance and Coinbase Customer Support Number Client assistance of Coinbase isn’t discussed profoundly via web-based networking media stages. The client care administrators are slow and don’t react as fast as they should. Coinbase has a live-talk accessible in numerous dialects, however clients issues seem, by all accounts, to be in the ‘pending’ mode for quite a while.
Coinbase Toll-free number ☎️1800-320-0671 ☎️ Instant result established by utilizing 6 million euros of funding cash. It has not been uncovered at this point, who was the author of this site, or the driving force of this stage. It looks to just be an endeavor by an organization who figured it would be a smart thought to begin a digital money trade. The Chicago based organization, Hit Tech constrained were answerable for Coinbase. There was likewise some relationship with Cryptopay anyway that relationship was stopped and the Cryptopay organizers chose to exit from any contribution in the stage, a conflict of heading is most likely the most delightful approach to put in the Coinbase support number. In spite of any distinction in sentiment, Cryptopay tokens are as yet recorded on Coinbase trade, implying that the relationship isn’t totally finished. Coinbase was hacked once in mid 2016. Despite the fact that not to much turned out about it in the press, clients were vocal of their dismay on online gatherings and survey stages. Coinbase didn’t cover themselves in greatness as they would not give any data about the occurrence. Numerous clients whined of their coins being ‘lost’ on the stage, just as postponed or no withdrawals from the trade and requirement of Coinbase support number. The expenses structure of Coinbase trade is unique and genuinely serious when contrasted with different trades out there. They charge 0.1% from takers (dealers, who submit ask requests), and they give 0.01% discount to producers (purchasers, who put in offer requests). This instrument or configuration is followed no place else and especially a method for welcoming clients to purchase and not to sell their coins. If client face any issue they can dial Coinbase support number.Each trade charges the two sides of the exchange some structure or another however Coinbase is the just one to offer a refund when purchasing. Coins advertised which need Coinbase support number Coinbase underpins in excess of 400 digital currencies including the significant ones – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), DASH, Ripple (XRP), Litecoin (LTC), VERI (Veritaseum), XMR (Monero) and a lot more alt-coins that are not be accessible on other crypto-trades. Points of interest of Coinbase Coinbase trade doesn’t have a base store, which implies you can begin exchanging with modest quantities before you get increasingly sure. An enormous advantage of utilizing Coinbase is the low expenses. The exchange and exchanging expenses are 0.1% which is path lower than some different trades request for Coinbase support number READ Norton Tech ☎️ Support Number | Norton Phone Number Tech Support Coinbase gives a medium to trade government provided monetary standards for cryptographic forms of money. It gives exchanging various conventional money to digital money sets and cryptographic money to cryptographic money sets. This will pull in first time digital currency merchants since they can transform fiat into crypto no problem at all with Coinbase support number. Coinbase has more than 400 digital forms of money accessible for exchanging. This gigantic cluster makes it a one trade for all, it will have all the huge ones; bitcoin, ethereum and so on and furthermore bunches of the new best in class coins; reddcoin, golem and so on. Enlistment on Coinbase support number is smooth and quick. You simply need to enter your email, put a solid secret word in and you will get a check code or connection sent to your email in no time. More favorable circumstances of Coinbase support number To keep up honesty and separate records, Coinbase gives three degrees of records – General, Verified and Qualified. Each record has its own focal points and advantages. The more data you include, the higher confirmation level you reach. The higher the level the more will be the preferences you will get. Essentially the more you show the more you get. Coinbase permits clients to be unknown. On the off chance that you would prefer not to list your actual data, you may enroll yourself utilizing a nom de plume, you won’t have the option to find a workable pace the more significant levels of record in light of an absence of confirmation. The interface of Coinbase is ideal for prepared brokers and talented crypto-specialists. It’s a data rich stage, which guarantees to hold top of the line merchants as long as possible need of Coinbase support number. Coinbase gives its clients a compulsory 2FA (two factor confirmation) to protect your record with an additional layer of assurance. They additionally have very good quality security highlights empowered for their site, including yet greater security. Cons of Coinbase Coinbase trade just gives the choice of exchanging USD, EUR and GBP. No other customary/FIAT cash is permitted. Clients can just trade these three monetary forms for crypto-resources. The main route through which you may make stores in your Coinbase account is through bank move. They don’t permit stores through PayPal, charge card or Mastercard. Essentially importance there are two store strategies; bank move or through digital currency from an outside wallet. With the ongoing ascent in banks halting individuals purchasing digital currencies with Visa, Coinbase may have spared themselves a stunt here. READ Coinbase Customer Support Number【【】Coinbase Customer Service Number The interface may be useful for master dealers, yet it isn’t intended for beginners or amateurs. They will discover it very confounding and may even experience misfortune if not utilized appropriately. The confirmation procedure is tedious. A general record check can take as long as 10 days during high traffic and clog time. Without checking your record, you will most likely be unable to exchange as high volume as you would need to. Not perfect. More detriments of Coinbase support number It has no versatile application, in spite of the fact that it offers outsider APIs for cell phones, yet a committed application would be better! This implies you can just access through an internet browser on your telephone, which honestly we would prompt against or by means of a PC, this all implies you can’t exchange in a hurry. For learner we would not exhort exchanging in a hurry however for specialists, they will need this functionality. Another drawback of Coinbase is moderate withdrawals. Clients frequently grumble about withdrawals taking too lengthy timespan. Some of the time, even as much as a month! Client service of Coinbase trade isn’t steady or responsive. Numerous grumblings from clients uncover about the moderate and time-staking process that the client support officials enjoy. Numerous others additionally uncover that their complaints are as yet pending. Coinbase was hacked in mid 2016, which raises a finger over their security highlights, and the future chance of an assault. This is an explanation we would encourage not to utilize Coinbase as a wallet, however similarly as a trade. It is smarter to abstain from putting away your crypto-resources in any online trade, keeping your coins in a disconnected or hard-wallets will expand the security. Utilizing Coinbase Support Number While enlisting for another record on Coinbase is simple, confirming your record can take some time. Try not to expect a snappy pivot from Coinbase’s side, clients frequently whine about an exceptionally moderate confirmation process. There are three sorts of records that Coinbase offers. The first is – GENERAL record, in which you may store any digital money for nothing. However, there is an every day withdrawal cutoff of EUR 5000 worth of digital currency. In any case, on the off chance that you have a place with the General confirmation level, you can’t store fiat cash (USD, EUR or GBP). READ Wear a Teeth Night Guard for Better Sleep The subsequent level is VERIFIED, in which you get free stores for digital money and limit of EUR 25,000 every day withdrawal limit on crypto-resources. You can likewise store Fiat cash, up to $2000 (EUR or USD) every week and $10,000 every month – both for withdrawals and stores. The last level is QUALIFIED, in which you don’t have to pay for any crypto stores. With this record, you may pull back more than $25,000 worth of digital currency every day. The fiat withdrawals and stores took into account Qualified records are $10,000 every week and around $50,000 (EUR or USD) every month. Exchanging highlights Coinbase offers a complex however useful interface for prepared merchants, and the individuals who are searching for a stage where they can exchange easily. It probably won’t resound well with newcomers and first time financial specialists, yet the interface is inviting for the accomplished. Definite outlining is given by their uncommon ‘Exchanging View’, and a spring up include is accessible for top to bottom diagram investigation. The instrument list is put by the spring up and is partitioned into four significant classifications. The request book is flawless and shows up toward the finish of the page with Coinbase support number. There is a news area which may prove to be useful when significant news is breaking, you will rapidly be made aware of it. Expense structure The Coinbase expenses structure is one of the most serious models among digital money trades. They have a layered expense s Coinbase is surely less expensive than a ton of its rivals, for example Coinbase charges practically 1.5% from its clients and in the event that you are utilizing Visa or plastic, you may need to pay around 4% of the exchange. Bittrex charges around 0.25% and for some different trades 0.25% is the standard expenses. Coinbase is one of the main not many with such low expenses and a refund for producers, something that once in a while exists somewhere else. Client assistance and Coinbase Customer Support Number Client assistance of Coinbase isn’t discussed profoundly via web-based networking media stages. The client care administrators are slow and don’t react as fast as they should. Coinbase has a live-talk accessible in numerous dialects, however clients issues seem, by all accounts, to be in the ‘pending’ mode for quite a while.
Latest Bitcoin News:
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
The US bitcoin and ether derivatives market is regulated by The Commodity Futures Trading Commission(CFTC), planning on developing a blueprint of the innovation of a digital asset by 2024.
"we will develop a holistic framework to promote responsible innovation in digital assets," the swaps regulator dropped in its strategic plan 2020-2024, discharged Wednesday.
The "holistic framework" will aid in CFTC keeping up with "risks and opportunities" of these so-called "21st century commodities," according to their regulator. It was unsure at the time of the press how far the document will actually go.
Chairman Heath Tarbert stated for "principles-based regulation: of digital assets and blockchain in an essay in June, that Harvard Business Law Review published. Mentioning "overly prescriptive rules could stunt the development of this important market."
In relation, CFTC stated Thursday that they will host 3 virtual events fall that are fintech-focused. As well as, a talk on finance;s future and the response of regulators to financial innovation.
Source: https://www.coindesk.com/cftc-hints-at-future-digital-asset-regulatory-framework
Latest Bitcoin News:
Bitcoin enthusiasts face bigger problems than Twitter scam
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
Bitcoin is now having another far reach to people who never jew what it was. They'll now have it in their psychy, and pay more attentionto it. Next time we hit an all time high, They'llstart looking at let's just hope they decide to buy in during the next drop instead of the all time high. All publicity is good. Yes defend it, but also talk about why it was chosen to be used for the scam instead of gold or the dollar. Because it's a better gold, a better dollar. A true free system for transfer of value. A transfer of value that holds the best of gold, the best of the dollar, the best of all financial assets abilities and aspects. Use this media oppertunity to teach those who are now learning about it why it is better than all the fields it competes in. Because of events like this, bitcoin will one day replace all it's competitors
Foreword
The consensus mechanism is one of the important elements of the blockchain and the core rule of the normal operation of the distributed ledger. It is mainly used to solve the trust problem between people and determine who is responsible for generating new blocks and maintaining the effective unification of the system in the blockchain system. Thus, it has become an everlasting research hot topic in blockchain.
This article starts with the concept and role of the consensus mechanism. First, it enables the reader to have a preliminary understanding of the consensus mechanism as a whole; then starting with the two armies and the Byzantine general problem, the evolution of the consensus mechanism is introduced in the order of the time when the consensus mechanism is proposed; Then, it briefly introduces the current mainstream consensus mechanism from three aspects of concept, working principle and representative project, and compares the advantages and disadvantages of the mainstream consensus mechanism; finally, it gives suggestions on how to choose a consensus mechanism for blockchain projects and pointed out the possibility of the future development of the consensus mechanism.
Contents
First, concept and function of the consensus mechanism
1.1 Concept: The core rules for the normal operation of distributed ledgers
1.2 Role: Solve the trust problem and decide the generation and maintenance of new blocks
1.2.1 Used to solve the trust problem between people
1.2.2 Used to decide who is responsible for generating new blocks and maintaining effective unity in the blockchain system
1.3 Mainstream model of consensus algorithm
Second, the origin of the consensus mechanism
2.1 The two armies and the Byzantine generals
2.1.1 The two armies problem
2.1.2 The Byzantine generals problem
2.2 Development history of consensus mechanism
2.2.1 Classification of consensus mechanism
2.2.2 Development frontier of consensus mechanism
Third, Common Consensus System
Fourth, Selection of consensus mechanism and summary of current situation
4.1 How to choose a consensus mechanism that suits you
4.1.1 Determine whether the final result is important
4.1.2 Determine how fast the application process needs to be
4.1.2 Determining the degree to which the application requires for decentralization
4.1.3 Determine whether the system can be terminated
4.1.4 Select a suitable consensus algorithm after weighing the advantages and disadvantages
4.2 Future development of consensus mechanism
Last lecture review: Chapter 1 Concept and Function of Consensus Mechanism plus Chapter 2 Origin of Consensus Mechanism
Chapter 3 Common Consensus Mechanisms (Part 1)
Figure 6 Summary of relatively mainstream consensus mechanisms
📷
Source: Hasib Anwar, "Consensus Algorithms: The Root Of The Blockchain Technology"
The picture above shows 14 relatively mainstream consensus mechanisms summarized by a geek Hasib Anwar, including PoW (Proof of Work), PoS (Proof of Stake), DPoS (Delegated Proof of Stake), LPoS (Lease Proof of Stake), PoET ( Proof of Elapsed Time), PBFT (Practical Byzantine Fault Tolerance), SBFT (Simple Byzantine Fault Tolerance), DBFT (Delegated Byzantine Fault Tolerance), DAG (Directed Acyclic Graph), Proof-of-Activity (Proof of Activity), Proof-of- Importance (Proof of Importance), Proof-of-Capacity (Proof of Capacity), Proof-of-Burn ( Proof of Burn), Proof-of-Weight (Proof of Weight).
Next, we will mainly introduce and analyze the top ten consensus mechanisms of the current blockchain.
》POW
-Concept:
Work proof mechanism. That is, the proof of work means that it takes a certain amount of computer time to confirm the work.
-Principle:
Figure 7 PoW work proof principle
📷
The PoW represented by Bitcoin uses the SHA-256 algorithm function, which is a 256-bit hash algorithm in the password hash function family:
Proof of work output = SHA256 (SHA256 (block header));
if (output of proof of work <target value), prove that the work is completed;
if (output of proof of work >= target value), change the random number, recursive i logic, continue to compare with the target value.
New difficulty value = old difficulty value* (time spent by last 2016 blocks /20160 minutes)
Target value = maximum target value / difficulty value
The maximum target value is a fixed number. If the last 2016 blocks took less than 20160 minutes, then this coefficient will be small, and the target value will be adjusted bigger, if not, the target value will be adjusted smaller. Bitcoin mining difficulty and block generation speed will be inversely proportional to the appropriate adjustment of block generation speed.
-Representative applications: BTC, etc.
》POS
-Concept:
Proof of stake. That is, a mechanism for reaching consensus based on the holding currency. The longer the currency is held, the greater the probability of getting a reward.
-Principle:
PoS implementation algorithm formula: hash(block_header) =<target * coinage
Coin age calculation formula: coinage = number of coins * remaining usage time of coins
Among them, coinage means coin age, which means that the older the coin age, the easier it is to get answers. The calculation of the coin age is obtained by multiplying the coins owned by the miner by the remaining usage time of each coin, which also means that the more coins you have, the easier it is to get answers. In this way, pos solves the problem of wasting resources in pow, and miners cannot own 51% coins from the entire network, so it also solves the problem of 51% attacks.
-Representative applications: ETH, etc.
》DPoS
-Concept:
Delegated proof of stake. That is, currency holding investors select super nodes by voting to operate the entire network , similar to the people's congress system.
-Principle:
The DPOS algorithm is divided into two parts. Elect a group of block producers and schedule production.
Election: Only permanent nodes with the right to be elected can be elected, and ultimately only the top N witnesses can be elected. These N individuals must obtain more than 50% of the votes to be successfully elected. In addition, this list will be re-elected at regular intervals.
Scheduled production: Under normal circumstances, block producers take turns to generate a block every 3 seconds. Assuming that no producer misses his order, then the chain they produce is bound to be the longest chain. When a witness produces a block, a block needs to be generated every 2s. If the specified time is exceeded, the current witness will lose the right to produce and the right will be transferred to the next witness. Then the witness is not only unpaid, but also may lose his identity.
-Representative applications: EOS, etc.
》DPoW
-Concept:
Delayed proof of work. A new-generation consensus mechanism based on PoB and DPoS. Miners use their own computing power, through the hash algorithm, and finally prove their work, get the corresponding wood, wood is not tradable. After the wood has accumulated to a certain amount, you can go to the burning site to burn the wood. This can achieve a balance between computing power and mining rights.
-Principle:
In the DPoW-based blockchain, miners are no longer rewarded tokens, but "wood" that can be burned, burning wood. Miners use their own computing power, through the hash algorithm, and finally prove their work, get the corresponding wood, wood is not tradable. After the wood has accumulated to a certain amount, you can go to the burning site to burn the wood. Through a set of algorithms, people who burn more wood or BP or a group of BP can obtain the right to generate blocks in the next event segment, and get rewards (tokens) after successful block generation. Since more than one person may burn wood in a time period, the probability of producing blocks in the next time period is determined by the amount of wood burned by oneself. The more it is burned, the higher the probability of obtaining block rights in the next period.
Two node types: notary node and normal node.
The 64 notary nodes are elected by the stakeholders of the dPoW blockchain, and the notarized confirmed blocks can be added from the dPoW blockchain to the attached PoW blockchain. Once a block is added, the hash value of the block will be added to the Bitcoin transaction signed by 33 notary nodes, and a hash will be created to the dPow block record of the Bitcoin blockchain. This record has been notarized by most notary nodes in the network. In order to avoid wars on mining between notary nodes, and thereby reduce the efficiency of the network, Komodo designed a mining method that uses a polling mechanism. This method has two operating modes. In the "No Notary" (No Notary) mode, all network nodes can participate in mining, which is similar to the traditional PoW consensus mechanism. In the "Notaries Active" mode, network notaries use a significantly reduced network difficulty rate to mine. In the "Notary Public Activation" mode, each notary public is allowed to mine a block with its current difficulty, while other notary public nodes must use 10 times the difficulty of mining, and all normal nodes use 100 times the difficulty of the notary public node.
Figure 8 DPoW operation process without a notary node
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-Representative applications: CelesOS, Komodo, etc.
CelesOS Research Institute丨DPoW consensus mechanism-combustible mining and voting
》PBFT
-Concept:
Practical Byzantine fault tolerance algorithm. That is, the complexity of the algorithm is reduced from exponential to polynomial level, making the Byzantine fault-tolerant algorithm feasible in practical system applications.
-Principle:
Figure 9 PBFT algorithm principle
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First, the client sends a request to the master node to call the service operation, and then the master node broadcasts other copies of the request. All copies execute the request and send the result back to the client. The client needs to wait for f+1 different replica nodes to return the same result as the final result of the entire operation.
Two qualifications: 1. All nodes must be deterministic. That is to say, the results of the operation must be the same under the same conditions and parameters. 2. All nodes must start from the same status. Under these two limited qualifications, even if there are failed replica nodes, the PBFT algorithm agrees on the total order of execution of all non-failed replica nodes, thereby ensuring security.
-Representative applications: Tendermint Consensus, etc.
Next Lecture: Chapter 3 Common Consensus Mechanisms (Part 2) + Chapter 4 Consensus Mechanism Selection and Status Summary
CelesOS
As the first DPOW financial blockchain operating system, CelesOS adopts consensus mechanism 3.0 to break through the "impossible triangle", which can provide high TPS while also allowing for decentralization. Committed to creating a financial blockchain operating system that embraces supervision, providing services for financial institutions and the development of applications on the supervision chain, and formulating a role and consensus ecological supervision layer agreement for supervision.
The CelesOS team is dedicated to building a bridge between blockchain and regulatory agencies/financial industry. We believe that only blockchain technology that cooperates with regulators will have a real future. We believe in and contribute to achieving this goal.
📷Website
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https://twitter.com/CelesChain
https://www.reddit.com/user/CelesOS
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https://www.facebook.com/CelesOS1
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The US Federal Bureau of Investigation has opened an investigation into Wednesday’s unprecedented Twitter attack that resulted in numerous takeovers of high-profile accounts belonging to politicians, business leaders, and corporations, according to a report from The Wall Street Journal.
The FBI is concerned that the coordinated attack and the vulnerabilities it exposed in Twitter’s systems may pose serious security risks, due to the widespread compromising of sensitive accounts, including those of President Barack Obama and Democratic presidential candidate Joe Biden. President Donald Trump’s account was not affected, White House press secretary Kayleigh McEnany tells the WSJ, but it’s unclear if Trump’s account has special protections. Twitter tells The Verge it is in communication with the FBI regarding its investigation and intends to fully cooperate.
“At this time, the accounts appear to have been compromised in order to perpetuate cryptocurrency fraud,” the FBI said in a statement given to the WSJ. New York Gov. Andrew Cuomo is also having the state’s Department of Financial Services investigate the attack, the report states. “Foreign interference remains a grave threat to our democracy and New York will continue to lead the fight to protect our democracy and the integrity of our elections in any way we can,” Cuomo said, according to the New York Post.
TWITTER SAYS ITS OWN INTERNAL EMPLOYEE TOOLS WERE COMPROMISED AS PART OF THE ATTACK
New York Attorney General Letitia James also opened an investigation following this morning’s news that lawmakers on both sides of the aisle have begun calling for Twitter to provide more transparency about how the attack was carried out. “Countless Americans rely on Twitter to read and watch the news, to engage in public debate, and to hear directly from political leaders, activists, business executives, and other thought leaders,” James said in a statement. “Last night’s attack on Twitter raises serious concerns about data security and how platforms like Twitter could be used to harm public debate. I have ordered my office to open an immediate investigation into this matter.”
The attack, which involved hackers taking control of popular accounts with millions of followers to tweet out a bitcoin scam, was the work of a group of unknown individuals. Twitter now says the group used social engineering techniques of some type to gain control of internal company tools. Those tools allowed the hackers to gain access to the accounts, although Twitter has not specified how exactly this happened.
In the aftermath of the account takeovers, which lasted for more than two hours, Twitter had to resort to extreme measures to mitigate the fallout, including disabling the ability for verified accounts to send new tweets and locking down all of the affected accounts and even some accounts that were not targeted by the hackers. The company is still working to restore access to locked accounts as of this afternoon.
Motherboard reported yesterday that the hackers did not in fact breach any Twitter systems, but instead allegedly paid a Twitter employee to reset the email addresses associated with the affected accounts, thereby giving unauthorized access to the hackers who then tweeted out the cryptocurrency scam tweets. Twitter has not openly disputed this account of the event, but it is currently unclear how much, if any, of the story is an accurate representation of what happened. The company is still investigating and has not yet shared its full findings.
