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Hi! I am new to the Monero community and I am trying to figure out how this all works. I have tried reading online guides and explanations but I am still a little bit lost about some of this. Specifically, I want to know how Monero is private insofar as it relates to us purchasing the currency through non-private means.
Specifically:
1) If I set up a Monero wallet and then purchase Monero either by using a credit card (with my name on it) or BitCoin (with the public ledger/blockchain and with an exchange having logged my personal information), how does Monero "hide" my identity? Isn't the fact that I purchased the Monero with currency/account/credit card that is linked to my real world identity compromising it?
2) Say I want to make a confidential online purchase through a more traditional currency, such as BitCoin, and I use XMR.to to convert the Monero to BitCoin, using a BitCoin wallet that is not linked to my real world identity (using TOR, TAILS, etc.). Won't the compromised account from #1 expose my identity when I try to use BitCoin transferred from Monero? Would I need to send the Monero to another Monero wallet and *then* transfer to a new BTC wallet, like twice over?
I guess I am trying to figure out at what point my identity is exposed using Monero and at what point my identity is hidden.
Thanks in advance and sorry for the n00b questions.
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When seeking assistance, I tend not to think about this community specifically. This letter is not directed at anyone specifically, but generally to anyone using cryptocurrency. At bare minimum, I hope this letter sparks conversation about the future as a community, and where we go from here. Through our highs, and our lows.
Today, I write to you from a low point in my life. Cryptocurrency improved my life, changed the way I think about assets, and how blockchain could improve on transparency of non-profit organizations. But today, I realize what is missing in the cryptocurrency space. Stimulus. Encouragement. Relief. A shoulder to lean on. Peer-to-peer transactions on a proof-of-work blockchain does not inherently provide this anymore. Proof-of-work typically is not profitable on an individual basis with the cost of electricity out weighing the reward. Proof of stake, still only provides so much, requiring capital to invest for a consistent modest return. Distributed Ledger Technology even, still needs some type of investment to create value and scarcity. The rich get richer.
I began to invest in crypto years ago. I don't remember when, but approximately around the 2017 bubble. I missed out when reading about it early into its conception, around when Bitcoin was around $250.00 each. When I found it, I was looking for money. I needed it to make sure my bills were paid, and I could eat. But at the time, I thought to myself, "that does nothing for me" and shrugged it off. I eventually, after a couple of crap jobs, I managed to get hired by USPS. One of the few jobs that I was actually gunning for. With my mother as an assisted living chef, and my father as an automotive mechanic, USPS fulfilled my inherited desire to help others. This helped stabilize my life with a solid income. And investing in crypto got me and my partner into our own house. I write this as a current rural letter carrier.
A couple of years ago, I got to see the inner-working of management among USPS. "Details" as a Supervisor and a position in Operations. I was shocked at how primitive the organization was. Some of the highest levels of management seemed to be merely making decisions of critical importance based on their personal interpretation of company policy, using data from incomplete resources, questionable sources, and with barely any computer skills to manage a business. Such as the lack of basic Microsoft Excel knowledge. Ultimately I did not seek a permanent higher management position, and instead reclaimed my career position as a carrier. I knew that this could be better.
Which brings me to Global Blockchain Post. And this is not where I originally planned on launching this idea. My vision is to save the post office, by replacing it. A decentralized equivalent. Consisting of workers only, managed by said workers by collaboration and voting. This idea is unfinished, as I am learning Solidity and Javascript in order to build it on the Ethereum network. This is now taking time I fear I may not have. In my time researching, I've created a colony, on colony.io and registered the domains globalblockchainpost.com and globalblockchainpost.io for future use. Global Blockchain Post Coin would have initially be pegged at $0.55 (current price of a stamp) in order to provide funding to workers and currency for participants. While development has slowed to a halt, we will be adapting to the times and changing our path to ensure GBP lives on.
Due to current events, Global Blockchain Post is pre-maturely launching its first project GBP Cascadia, a grass roots initiative to support those effected in the Cascadian Bio-region, currently and primarily in the State of Oregon, United States. We hope to provide any kind of support to those that need it, in what would have been our testing ground for limited decentralized parcel transportation services. If nothing more than a shoulder to lean on. Something that we believe the cryptocurrency community needs to show its good side, and drive adoption with those that have never experienced cryptocurrency before.
As it stands now, fire is approaching. While our risk is low, I still fear of losing everything. This in combined with rising economic costs, and COVID-19, our budget has been strained remotely supporting my now out of work family. I'm not the type to ask for assistance, but I have run out of options. I know that there are individuals can relate. I want to keep this idea going, even if I don't live to see it prosper.
I'm providing three options. I'll be on our Telegram group here if you want to discuss any of them: https://t.me/joinchat/CiYgHBr1L-U6AZ010TA8-g
Option 1. Soon, I will be attempting to provide liquidity of GBPC on Uniswap. This will be our primary way of building our community, via Postage (GBPC).
Option 2. Donate to our Colony with ETH or any ERC-20 Token. Donations are currently going to GBP Cascadia, a grass roots local initiative to support those effected in the ongoing wildfires in the State of Oregon. Our colony address: 0x7529A4eFcaFF037325CF4C9F00333D541fa04eed
Option 3. Support me directly. My situation is critical, but certainly not life threatening. But I don't want to lose what could be. I hope to build GBP into a fully Decentralized Autonomous Organization to provide work for thousands, and reassurance of parcel delivery for even more. Anything helps.
BTC: bc1q8gr2y78ezxqm4d8qyksfnk3mg257xzggky34py
ETH: 0xCb62542562b5Bdcfcf9B504165d3840604146aC8
I wish all Oregonians and Cascadians the best during these difficult times. Thank you for reading, and please do not donate if you yourself are struggling. If you can't help financially, share this post on your social media. It would be very much appreciated!
-Rex
Global Blockchain Post
Founder
Oregon, USA
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In this article, we'll be discussing staking and how it works in Compendia.
There are several misconceptions out there that arise due to the way staking is utilized across different networks. Compendia use a novel way of staking, by combining the way it locks funds to earn more coins in recent proof-of-stake (PoS) networks - with the aspect of vote power traditionally seen in delegated proof-of-stake (DPoS) networks.
Staking in (D)PoS networks vs. Compendia
Staking (commonly misspelt as 'stacking' or 'steaking') is the process of leveraging an acquired amount of coins/tokens from a certain blockchain to contribute to the network, by holding them in an address and using an (either online or offline) wallet client to earn revenue based on the amount of coins/tokens held.
PoS (proof-of-stake) networks
In traditional proof-of-stake networks such as Stratis or Cardano requires users to purchase a certain amount of coins, place those in an online wallet and letting the wallet client emulate a certain amount of computing power - which is in turn used to mine/forge new blocks to the blockchain. In more recent proof-of-stake networks such as Cosmos, users are required to lock their funds in an address - with a cooldown period added when wanting to unlock those funds. This way, coins are taken out of circulation rather than just being held (but still immediately spendable) as with Stratis/Cardano. In both situations, anyone can contribute to the network by staking and the more coins staked, the higher likelihood of mining/forging a new block and earning the block reward. You can earn individually from staking, or join a pool.
DPoS (delegated proof-of-stake) networks
In delegated proof-of-stake networks, such as ARK or EOS, there are only a set number of nodes (known as validators, block producers or delegates) that are allowed to forge new blocks. In ARK, there are 51 forging delegates and we will use this amount as an example. Contributors have to gain votes from other network participants, who pledge their account balance as votes, and once they have a total amount of votes that put them into the top 51, they will be able to forge blocks and earn rewards. The account balance of participants who vote for a forging validator remain unlocked and therefore it is possible to immediately spend funds held in an address. The amount of votes per address varies across different DPoS networks, but the principle is the same: one coin means one vote power. You can only earn individually if you are one of the top validators; otherwise, you have to vote and receive a portion of rewards from a forging validator.
Compendia
In Compendia, the above two methods are combined into a new dynamic: staking your BIND locks up your funds for a set period (3 - 6 - 12 months) as in proof-of-stake networks, but it does NOT grant the ability to earn. You will still need to vote for a sharing validator, like in delegated proof-of-stake networks. What does staking do then, if it does not let you earn on its own?
Staking your BIND for a set period applies a multiple (5x - 7.5x - 10x) to the voting power of your staked balance. This means that one staked BIND is no longer counted as one vote, but as 5 votes (or 7.5 votes, or 10 votes - depending on the lock period). This way it increases your potential earnings when you vote for a sharing validator. So, by pledging to lock your funds for a certain amount of time and thereby decreasing the circulating amount of BIND, you will be able to earn more with the same amount of coins than if you would not stake, and only vote.
Securing the Network
DPoS delegates/validators secure the blockchain through forging blocks, and in the case of Compendia, there are 47 validators (rather than the 51 in ARK) and each active validator forges one block every 6 seconds. Therefore 47 new blocks are forged every 4.7 minutes (6 * 47 = 282 seconds = 4.7 minutes). In a similar way to proof-of-work networks such as Bitcoin, a block contains transactions and the validator that forges them receives a proportion of the transaction fee (described in the Fee Removal Model further below).
Supply Inflation
DPoS chains typically have fixed inflation based over several years, this is to help control the coin supply in circulation. Inflation comes from Delegate/Validators forging new blocks as described above. The effect of validators forging new blocks increases the supply by either ß3.9 per block (if ranked 6th to 47th), or ß4.84 per block (if ranked 1st to 5th).
The Compendia blockchain produces around ß1,939,021 - Per month
Block rewards are controlled through an annual milestone which is fixed in the current networks config. This can only be updated if the 47 validators reach consensus and accept the potential change.
The milestones for BIND are as follows:
| Years | Rewards (6-47) | Rewards (Top 5) | Average |
|---|---|---|---|
| 1-3 | 3.9 | 4.84 | 4 |
| 4-6 | 1.95 | 2.42 | 2 |
| 7-9 | 0.975 | 1.21 | 1 |
Deflationary Effects
In general DPoS blockchains allow voters to vote, allocating their wallet weight to a specific delegate/validator and receiving rewards commensurate to weight. This helps control inflation as the coins are out of supply when being used to vote, but the coins are not locked for a fixed time, a voter can move some or all funds at any time.
What differentiates Compendia?
The key difference is that staked coins are locked for a fixed period, either 3, 6, or 12 months (as described above). The coins are effectively locked out of supply, by incentivising voters to lock their coins for the maximum period of 12 months. This helps offset the increase in supply through forging rewards.
At the time of writing, ß11,816,021 is currently locked into staking, given the current BIND supply (i.e nOS to BIND) ß112,894,676, around 10% of all BIND in circulation is locked out of supply for the staking periods highlighted earlier.
With the current staked coins, it would take just over 6 months for inflation to offset the monthly forging reward increase.
Fee removal model.
Compendia also offer another deflationary measure through a sophisticated fee removal model.
The Fee Collection and Removal Model works as follows:
- 100% of collected fees up to the amount equal to the block reward in a block are permanently removed from circulation.
- 50% of any remaining collected fees are also removed from circulation.
- The other 50% is awarded to the forging validator.
- This fee system helps with combating possible shifts in Vote Power going from voters towards validators during times of increased transaction activity on the network.
Summary
The Compendia Team have a clear understanding of the tokenomics of a blockchain, lessons have been learned from earlier DPoS implementations and new strategies have been deployed to ensure a fairer, more balanced approach to DPoS tokenomics.
If you have enjoyed reading this blog please consider voting for validators BFX & Cryptomanic. Thank you
People find it difficult to understand what is cryptoccurrency most especially bitcoin,but their interested over cryptoccurrency. I just suggest that their should be a TEXT BOOK that will discuss about cryptoccurrency in order to educate people who are interested because referring them to online shows that know Manuel evidence of cryptoccurrency. And if their is any article that guide bitcoin. For me, bitcoin is as easy as gambling on a casino like EarnBet(a decentralized casino operating on the WAX chain and providing gaming services on the blockchain platform)
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