Saturday, December 19, 2020

Senator-elect plans to teach Congress how to use bitcoin to reduce national debt, is the next administration pro-Bitcoin?

An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt. Senator-elect Cynthia Lummis told the What Bitcoin Did podcast that bitcoin is a better store of value than paper money and she plans to teach Congress how to use it to reduce the national debt when she assumes office in January. The senator, reportedly said, "If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with any regard to any fiat currency...there is a backstop available to every government in the world and that backstop is bitcoin," Lummis said. The senator-elect also said that bitcoin is a better store of value than paper money because the cryptocurrency's supply is finite.

Bitcoin is indeed the currency of the 21st century, gone is the era of plastic money which has several flaws (e.g. being centralized and traceable). The Blockchain has several innovative dapps like online decentralized casino, EarnBet which seeks to overthrow traditional casinos, Chain-link which has untamperable oracle services and best of all, Ethereum which allows developers to create an app using its technology. Recently, even Coca-Cola expressed an interest in using its mainnet, showing its untapped potential and massive application. Lastly, bitcoin is inflation proof and there is a direct correlation between an economy's inflation and the use of crypto currencies. For example, a decent population of Venezuela uses crypto currencies as they have finally realized how 'redundant' fiat is and inflation can distort is function of acting as money, i.e. serving as a store of value.

The pump is only getting started!

Source: https://markets.businessinsider.com/currencies/news/senator-elect-cynthia-lummis-bitcoin-store-value-paper-money-congress-debt-2020-12-1029894839


[Daily Discussion] Sunday, December 20, 2020

Thread topics include, but are not limited to:

  • General discussion related to the day's events
  • Technical analysis, trading ideas & strategies
  • Quick questions that do not warrant a separate post

Thread guidelines:

  • Be excellent to each other.
  • Do not make posts outside of the daily thread for the topics mentioned above.

Other ways to interact:


[Altcoin Discussion] Sunday, December 20, 2020

Thread topics include, but are not limited to:

  • Discussion related to recent events
  • Technical analysis, trading ideas & strategies
  • General questions about altcoins

Thread guidelines:

  • Be excellent to each other.
  • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
  • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
  • No discussion about specific ICOs. Established coins only.

If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.

Other ways to interact:


Bitcoin investors are bracing for a key technical event — here's what you need to know

https://cryptocurrenciesguide.com/bitcoin-investors-are-bracing-for-a-key-technical-event-heres-what-you-need-to-know/

Bitcoin investors are bracing for a key technical event — here's what you need to know

https://cryptocurrenciesguide.com/bitcoin-investors-are-bracing-for-a-key-technical-event-heres-what-you-need-to-know/

Bitcoin investors are bracing for a key technical event — here's what you need to know

https://cryptocurrenciesguide.com/bitcoin-investors-are-bracing-for-a-key-technical-event-heres-what-you-need-to-know/

Bitcoin investors are bracing for a key technical event — here's what you need to know

https://cryptocurrenciesguide.com/bitcoin-investors-are-bracing-for-a-key-technical-event-heres-what-you-need-to-know/

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Lump Sum, wait or DCA in this environment?

Hello guys. Well, this is my first halving cycle. I have bought some alts in 2017, it fell, i cried and held till now. I started to take interest in depths of bitcoin just recently and i was just... well, without words. I love the idea, but price action is something different. I have been in stock till now usually, there is some event that causes the price to rise. This? I dont really know, if the only reason is halving, but nearly 20 % in like 3 days?

How should i approach investing now? You dont have to tell me about mindset, wallets and stuff, but i am really lost in terms of price, volatility and expectations.

DCA, wait, or lump sum now?


🔥More than $ 5 000 000 in the order book for buying UMI! 🙀

https://preview.redd.it/actao9rx37661.jpg?width=1080&format=pjpg&auto=webp&s=6b9a1319a91c1bb1d21f7e2ed72a5d1ea39b4c1c

Friends! UMI cryptocurrency continues to fly forward rapidly, sweeping away all obstacles in its path! The barrier of $ 5 000 000 in the order book for buying UMI is no exception. The glass is very quickly replenished with new bitcoins due to the huge demand for the UMI coin, while bitcoin itself also began to set historical records and reached $ 22 000 this night! 🤑

💥 Against this background, in the order book for buying UMI there is already more than 239 BTC, which at the current rate is about $ 5 300 000! And the total liquidity of the coin, taking into account the p2p site, exceeded 5 650 000 https://umi.top/liquidity 🥳

🏆 Congratulations on your new record! The glass of liquidity continues to grow and provide powerful support for the UMI rate. He ensures that the staked coins can always be sold at a great price without worrying about the price going down.

✅ Also, $ 5 million in the order book means that soon we will start a new wave of cut payments. In the meantime, hurry up to get coins for the 7th wave. All information is here: https://teletype.in/@royclubofficial/tx_pF9C0y

Many skeptics doubted that before the New Year we would reach the $ 1 million mark in the order book. We have reached $ 5 million, and even this is not the limit for us. This clearly shows the huge scale of the ROY Club and the UMI cryptocurrency. We are two powerful international projects that achieve all set goals and exceed any, even the most daring expectations. Our union is a historic event in the cryptocurrency market that is changing the world today. 🌏

💡 Joining our UMI staking structure in 2020 was the best and most profitable decision. And in 2021 - everything will be even cooler!

⚡Well, and finally, we remind you that right now we are having a new MEGA-DRAWING with cool prizes. Each lottery ticket for 500 UMI gives you the chance to become the owner of a brand new iPhone 12 PRO, iPad Pro 11 2020 and an elite Mercedes-Benz CLA 250 in the maximum configuration! 🔥

👉 How to get a ticket, read here: https://teletype.in/@royclubofficial/tvC0Zqm7t

Once again, congratulations on a new record and tremendous success. Next in line - $ 6 million. Let's fly! 🚀

Your ROY Club! Follow us! 🏆


The most anticipated story of 2020 ft. John McAfee

If the price of Bitcoin has not reached One Million Dollars by December 31st, 2020,
John McAfee has promised to eat his own dick on National Television.

Conversely, if Bitcoin is worth One Million Dollars by that day, most of the world is going to feel like dicks for not listening. A Dickening will be had no matter what.

December 31, 2020 is called The Dickening after The Halvening, an event in which miner rewards are cut in half.

How much will Bitcoin need to grow for McAfee not to shrink?

1,000,000.0000
- 23,104.6194
_________________
$976,895.381
That means Bitcoin will need to grow an average of $81,407 per day between now and The Dickening.

Last Updated : Dec 19, 2020 13:40:00 UTC

1 BTC currently equals $23,104.6194

Source: http://dickening.com/


Cryptocurrency market jumps by over $13 billion driven by bitcoin as major technical event approaches

https://cryptocurrenciesguide.com/cryptocurrency-market-jumps-by-over-13-billion-driven-by-bitcoin-as-major-technical-event-approaches/

Cryptocurrency market jumps by over $13 billion driven by bitcoin as major technical event approaches

https://cryptocurrenciesguide.com/cryptocurrency-market-jumps-by-over-13-billion-driven-by-bitcoin-as-major-technical-event-approaches/

FIRE Progress Update - In Way of Harbour - An End of the Journey?

Profits on the exchange are the treasures of goblins. At one time they may be carbuncle stones, then coals, then diamonds, then flint-stones, then morning dew, then tears.

- Confusion de confusions, Joseph de la Vega (1688)

Around 1500 days ago this journey began with the objective of determining if it was possible for me to achieve the goal of financial independence.

Over time the precise objectives and targets have evolved, but this post is written to mark and record the – perhaps temporary – meeting of the portfolio goal of $2.18 million this week.

Consistent with much of the journey so far – it was unpredicted and happened in an unexpected way.

A recent surge in the value of Bitcoin, together with some equity market gains, has currently pushed the overall portfolio to just above the its target level. As Aussie HiFIRE remarked, this has resulted in the achievement of a novel kind of ‘BitFIRE’. This does not exactly sit comfortably within the mainstream vision of financial independence pathways. It is certainly not the way I would have ever contemplated reaching the end objective.

Tempting the fates

As someone with a classical history background just writing this post, in fact marking this occasion in any way, appears to be an open invitation for an urgent house call from Nemesis – the balancer of life, and punisher of hubris.

A sudden downward gust, an eddy in markets, or a repetition of previous long retreats from highs would be enough to make this a temporary aberration. Another year, or more, could easily stretch out before the portfolio objective is reached again in this kind of scenario. To be clear and precise, it is my current expectation that something like that scenario will occur.

Yet it is also a stubborn fact that previous milestones, once passed, have generally stayed passed from the momentum of the journey. Part of the purpose of this record is to set out my contemporaneous thoughts and perspectives on each part of the journey as it is being made, rather than withholding to appear falsely wise after the event about the course of progress. A time capsule, rather than a finished product.

An unexpected end to the year

The crossing of the threshold came on the last day of work for the year, giving the experience some added poignancy.

As with previous moments of reaching of milestones, however, there was no magical alteration in feelings. There was no epiphany or desire to start typing out a heartfelt letter of resignation. How much of this is due to my doubts about its permanence is difficult to tell.

In contrast, the dominant sensation was of a kind of underpinning confidence and satisfaction, quiet, but definitely present in how I interacted with the tasks and people of a normal working day. In short, external events, small work or life difficulties or pressures simply assumed less weight. Or perhaps, they assumed what was their proper weight all along.

What is present is something like the sensation a ships crew might feel on seeing their home port in view – knowing that even should they be wrecked by a storm, they have at least a fair chance of waking up on familiar shores close to their homes.

Running downwind to port

The other impression is of rushing suddenness.

A few months ago, following the deep March falls, I was discussing and contemplating a need to revise the timeframe for the achievement of the current portfolio goal to well beyond the target of July 2021. Since that time both equity markets and Bitcoin have pushed consistently forward.

The significant impact of Bitcoin on the progress over the past two years can be seen in the chart below. This tracks the level of the overall portfolio with (red) and without Bitcoin (blue).

[Chart]

A peculiar feature of Bitcoin compared to every other asset type is that it is repriced in global exchanges every moment of every day – there is no market closing value, or pause for public holidays or weekends. So this chart will be out of date by definition the moment after it is published.

What can be seen, however, is that – at least over the past two years – Bitcoin has emerged from a minor part of the overall portfolio, to a motive force pushing it to the target goal.

Revisiting the charts?

Obvious questions arise from this event. How, if at all, does this alter my plans and the journey? Is it the end of the journey?

Casting a longer backwards glance at progress allows some perspective to inform these questions.

It can be seen from the chart below that in terms of the portfolio the journey took approximately 7 years to reach around the quarter way mark. Another three years were spent to reach close to half way, and then a much more volatile four years to reach this (potentially temporary) threshold.

[Chart]

Mostly, the questions posed feel like matters for careful thought and review over the summer months. They are complicated by the rapid, unusual, unbalanced and ‘out of trim’ way the portfolio has crossed this threshold, and the strong potential for sudden reversal.

This is evident from the current asset allocation chart below.

[Chart]

In short, time will be needed to think through issues which a few months ago seemed more distant abstractions.

Currently, I have no plans to cease work, nor to rebalance the portfolio and realise high amounts of capital gains tax. Instead, my overall perspectives on managing this unanticipated volatility remain as detailed in this August update, and my position on the role of Bitcoin and gold in the portfolio remains unchanged.

Similarly, my thinking remains that I would be uncomfortable leaving full-time work while the equity component of the portfolio remains around $180,000 less than the level implied in the target portfolio asset allocation (of at least $1.63 million).

Reaching for stones, or coal, or tears?

One question to think through carefully will be the appropriate size of any cash reserves or ‘buffer’ to potentially seek to build up. Another will be to consider if there are any large ‘one-off’ expenditures that would warrant separate dedicated funds being set aside, rather than assumed funding through the planned portfolio income of $87,000 per year.

It is perfectly possible that consideration of these will see an adjustment to the shape of plans through my regular January portfolio review. Depending on events, the most enduring effect of this recent passing of a milestone is to push forward thinking around these questions and increasing their urgency.

At the least, searching for answers to these questions should provide a focus beyond examining the inevitable moment to moment journey of the portfolio from stones and diamonds to dew, or perhaps to tears.

The post, links and full charts can be seen here.


2020 Bitcoin Cash retrospective: what do YOU think were the most important events, achievements, progress made, etc?

I'm putting together a retrospective, and I want to make sure I don't miss anything! Would you please bombard me with things you think are worth including? =)

Of course, I can't promise everything here will get included, but I certainly don't want to miss anything obvious by accident.

Thanks!


Senator plans to teach Congress how to use bitcoin to reduce the national debt, is the next administration pro-Bitcoin?

An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt.Senator-elect Cynthia Lummis told the What Bitcoin Did podcast that bitcoin is a better store of value than paper money and she plans to teach Congress how to use it to reduce the national debt when she assumes office in January. The senator, reportedly said, "If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with any regard to any fiat currency...there is a backstop available to every government in the world and that backstop is bitcoin," Lummis said. The senator-elect also said that bitcoin is a better store of value than paper money because the cryptocurrency's supply is finite.

Bitcoin is indeed the currency of the 21st century, gone is the era of plastic money which has several flaws (e.g. being centralized and traceable). The Blockchain has several innovative dapps like online decentralized casino, EarnBet which seeks to overthrow traditional casinos, Chain-link which has untamperable oracle services, and best of all, Ethereum which allows developers to create an app using its technology. Recently, even Coca-Cola expressed an interest in using its mainnet, showing its untapped potential and massive application. Lastly, bitcoin is inflation-proof and there is a direct correlation between an economy's inflation and the use of cryptocurrencies. For example, a decent population of Venezuela uses cryptocurrencies as they have finally realized how 'redundant' fiat is and inflation can distort its function of acting as money, i.e. serving as a store of value. The pump is only getting started!

Source: https://markets.businessinsider.com/currencies/news/senator-elect-cynthia-lummis-bitcoin-store-value-paper-money-congress-debt-2020-12-1029894839


From BTC Script to Subscript: Anatomy of Smart Contract Language

The Extropy Institute website defines a smart contract in a broad sense: a code program that allows users to define the required transaction logic by themselves, which exists in almost all Blockchain systems. Including the most widely known Bitcoin, Ethereum, Hyperledger, Parity, Zcash, etc.

Consider the programming language performance or operating environment. Smart contracts can be divided into three types: script type, Turing complete type, and verifiable contract type.

The Bitcoin system can allow simple transaction logic to be implemented by writing a stack-based Opcode. For example, to change the prerequisites for Bitcoin spending, this system is called the Bitcoin script system. Ethereum provides a smart contract platform based on the Turing complete language, and it is also the earliest Turing complete smart contract.

The Ethereum system provides the Ethereum Virtual Machine (EVM), and the contract code runs inside the EVM. Ethereum users write smart contract code in a specific language and compile it into EVM bytecode to run. Hyperledger provides another Turing complete smart contract, which runs language-independent smart contracts in a Docker container environment. The smart contract code can be written in any programming language, and then compiled by the compiler and packaged into the Docker image, using the container as the operating environment.

With the development of the Polkadot multi-chain system, developers have designed a new development language for cross-chain interoperable smart contracts. For example, Polkadot's TrustBase project provides a smart contract development system based on the Substrate framework and compatible with the Web Assembly (WASM) virtual machine. And independently developed a new easy-to-use language Subscript to develop Polkadot native smart contracts.

This article will review the mainstream smart contract development languages in Bitcoin, Ethereum and Polkadot. From the original Bitcoin scripting language to today's Subscript, readers can get a glimpse of the development context of the smart contract language.

1. Bitcoin Scripting Language

This is a stack-based Reverse Polish Notation (RPN) simple execution language, which is used to write the Unspent Transaction Output (UTXO) Locking Script and Unlocking Script of Bitcoin transactions. Locking Script determines the conditions required for cost output. Unlocking Script is used to meet the conditions determined by the Locking Script on UTXO, unlock and pay. When a transaction is executed, the Unlocking Script and Locking Script of each UTXO are executed simultaneously. According to the execution result (True/False), determine whether the transaction meets the payment conditions.

Bitcoin scripting language is designed to be very simple, similar to embedded devices. Script instructions are called Opcodes, which are divided into constants, flow control, stack operations, arithmetic operations, bit operations, cryptographic operations, reserved words, etc. The OP-DUP mentioned later belongs to stack operation instructions. The script is a non-Turing complete language, and the included Opcodes do not have loops and complex flow control functions. It can only be executed a limited number of times, avoiding infinite loops or other types of logic bombs caused by negligence in writing. The limited execution environment and simple execution logic of Bitcoin scripts are conducive to verifying the security of programmable currencies and can prevent script loopholes from being exploited by malicious attackers.

Most transaction costs processed by the Bitcoin system are output locked by the "Pay to Public Key Hash (P2PKH)" script. The Locking Script contains the hash value of a public key (Bitcoin address), which is verified by a script containing the digital signature created by the public key and the corresponding private key when unlocking. For example, if user A pays a transaction to user B, the Locking Script can be expressed as:

OP_DUP OP_HASH160〈B Public Key HASH〉OP_EQUALVERIFY OP_CHECKSIG

When user B unlocks the transaction, use the unlock script containing user B's digital signature and public key:

〈B Signature〉〈B Public Key〉

The nodes in the Bitcoin system combine Unlocking Script and Locking Script to form a verification script:

〈B Signature〉〈B Public Key〉OP_DUP OP_HASH160

〈B Public Key HASH〉OP_EQUALVERIFY OP_CHECKSIG

The verification script is put into the stack for execution. The output result determines the validity of the transaction.

2. Ethereum Turing-complete language

Because scripting languages such as Bitcoin do not have Turing-completeness. The smart contract transaction mode written is very limited and can only be used for virtual currency applications. Therefore, Vitalik Buterin launched an Ethereum smart contract platform that supports Turing-complete language. Ethereum provides a dedicated development language for smart contracts, most other systems or platforms use general-purpose programming languages.

Currently, Ethereum provides two programming languages: Serpent and Solidity. Solidity is similar to JavaScript in syntax, and is also the smart contract programming language officially recommended by Ethereum. It has detailed development documents; Serpent language is similar to Python language, with concise features. Ethereum once provided Mutan and LLL languages. Mutan is a high-level language similar to the C language, but the language has ceased maintenance two years ago; the LLL language has been abandoned, and the official code base is no longer accessible.

2.1 Solidity Language

Solidity is a high-level or object-oriented programming language, which is specially designed for writing smart contracts running on the EVM. Its syntax is close to JavaScript and supports strong typing, inheritance, libraries, and user-defined types. But Solidity also has its unique language features:

1) Special data type——Address. The smart contract running on Ethereum is treated as a special account-contract account. Similar to external accounts, contract accounts are also located by a 20-byte address. Therefore, the Solidity language is designed to define the Address of the contract.

2) Flexible variable declaration. In the scope, the definition of state variables is declared and called. There is no absolute order relationship. The definition statement can follow the call statement.

3) Two data storage methods: Memory and Storage. Memory is similar to the variable storage method of other high-level languages, and is recycled after use. The default function parameter is the Memory type. However, there are many states on the Blockchain that need to be permanently recorded. State variables are saved as Storage type by default. In the user programming process, you can also use keywords to flexibly specify the data storage mode manually.

4) Digital currency payment attributes. The Payable keyword makes it support the payment and collection of digital currencies such as ETH at the code layer. This allows the contract to accept transactions and hold a certain amount of currency.

5) Support the exception mechanism of rollback. For abnormal events, it is not to let the program capture and process. Instead, it triggers the automatic processing of the corresponding code for the rollback to ensure the consistency of the state data in the contract and the atomicity of contract execution.

6) Strictly control visibility. There are 4 visibility definitions for functions and state variables, namely External, Internal, Public, and Private. It is used to limit the calling and access rights of functions or state variables inside and outside the contract and in the inheritance relationship. Solidity also supports some unique variables for the characteristics of smart contracts. They act on the global namespace. Mainly used to obtain the relevant information of the Blockchain, as listed in Table 1.

Table 1     Special variables in smart contract programming language

Special variables Type Description
msg.sender address The sender address of the current message
msg.value uint The amount of ETH sent with the current message
block.coinbase address Miner income address of the current Block
block.gaslimit uint Gas limit of the current Block
... ... ...

2.2 Serpent language

Serpent's design is very similar to Python. It is a high-level language dedicated to writing smart contracts, with low-level language efficient and easy-to-use programming style and features for smart contracts. The latest version of the compiler is written in C++ language, with the purpose of being able to embed client programs more widely. Although Serpent and Python are similar, there are many differences:

1) The value of Serpent cannot be greater than 2256, otherwise overflow will occur;

2) Serpent does not support Decimal numeric types;

3) Serpent does not support List, Dictionary and some other advanced features;

4) Serpent does not have the concept of first-class functions. Although you can define functions in the contract, you can also call your own functions, but in the process of calling, variables (except the Storage type) are not permanent;

5) Similar to Solidity. Serpent supports the concept of persistent storage variables, which are Storage variables;

6) Similar to Solidity. Serpent can use extern statement to call other contracts, or call functions from other contracts;

7) As a programming language running on the Blockchain, Serpent also supports the special variables in Table 1.

2.3 Verifiable language Pact

The Pact language is similar to the Haskell language. Used to write smart contracts that run directly on the Kadena Blockchain. It is mainly used in commercial transactions where safety and efficiency are required.

The Pact smart contract consists of 3 parts: Tables, Keys, and Modules. They are responsible for contract data storage, contract authorization verification, and contract code code.

The main features of the language are:

1) The logical structure of the language is Turing incomplete, and does not support loops and recursion;

2) The code is human-readable and runs embedded on the Blockchain;

3) Support componentized design and import;

4) Support key row and column database mode;

5) Support type inference;

6) Support key rotation;

7) Supports integration with industrial databases.

The Pact syntax design is similar to the LISP language. The code structure facilitates rapid analysis and execution of the syntax tree. There is a section of function code for calculating the average value:

(defun average(ab)

“take the average a and b”

    (/(+a b)2))

The code defines the average function to calculate the average of two numbers. This syntax feature enables the computer to execute code more quickly.

2.4 Hyperledger smart contract language

Hyperledger smart contract Chain code is generally written in Golang, and also supports other programming languages such as Java. Go is developed by Robert Griesemer, Rob Pike, Ken Thompson from the end of 2007. The language, which was finally open sourced in November 2009, is Turing complete. Every Go program is composed of packages and always starts execution from the main package. Go language has the following characteristics:

1) Good concurrency mechanism, the program can make full use of multi-core and networked machines. Go language introduces goroutine to implement concurrency mechanism and uses message passing to share memory.

2) Simple design. The code style is concise, the format is uniform, the readability is high and the maintainability is high. The language has only 25 keywords, but it can support most of the features supported by other programming languages such as inheritance, overloading, objects, etc.

3) Built-in C language support. The language can directly include C language code and utilize the existing rich C library.

4) Error handling. Go language uses 3 keywords to handle exception errors. Unlike the Try-Catch module of Java language, it can greatly reduce the amount of code to handle exceptions.

5) Support automatic garbage collection. There is no need for the delete keyword in the Go language, nor the free method to explicitly release the memory.

2.5 TrustBase smart contract language

The development language of TrustBase Parachain, Subscript, is a native smart contract language designed for WASM. It can support any smart contract development platform compatible with the Substrate architecture to develop native smart contracts of Polkadot.

At the same time, TrustBase Parachain has developed IDE and testing tools that support Subscript language. Subscript provides the following development tools to build a complete contract development ecosystem:

1) Subscript Workbench: Browser-based IDE development environment;

2) Subscript Onechain:TrustBase's contract chain;

3) Subscript Tempest: smart contract testing and verification framework;

Subscript uses an account-based method for data storage and deploys contracts in the form of transactions. The deployed smart contract carries a state rent, and the contract will be suspended when the rent runs out. This design is very compatible with the ecology of Polkadot smart contract cross-chain execution.

Smart contracts developed based on Subscript can be upgraded, which is similar to Solidity contracts. The contract library functions are implemented in the contract language with AS. Contains basic cryptographic functions, information on the chain (random number, Block height, Block time, etc.), and smart contract operations (transfers, calling other contracts, calling modules on the chain).

Because the Subscript language has easier to understand semantics. It is helpful for developers to use Turing-complete flexibility. As a result, smart contracts developed based on Subscript will have fewer security vulnerabilities.

Subscript is designed for WASM from API to syntax. Strict syntax type and language checks are used overall. At the same time, a paradigm function is provided to support the encapsulation of third-party package. The specific implementation is as follows:

1) Static syntax checking. It is different from TypeScript, which is targeted at the dynamic type runtime environment. Subscript has strict static syntax checking when compiling, avoiding the dynamic feature of TypeScript not being able to effectively compile in advance. By assigning or inferring certain types, the compiler can produce predictable performance from the start of execution while ensuring that the generated WASM object code is small.

2) Strict type. The basic types in Subscript are designed for the WASM standard, using WASM-specific integer and floating-point types. When dealing with numeric types, it allows developers to realize the ideal type of numeric values.

3) Low-level access support. When the smart contract interacts with the external environment of the sandbox, the parameters that can be passed are limited to basic integer types. Subscript provides a complete syntax that can be used to define external interface types. Subscript also comes with its own command functions that can access the underlying WASM, providing integer operations, virtual machine stack access, memory loading and other operations.

4) Paradigm support. Can define paradigm types to support code reuse. Subscript defines a series of reusable library functions through paradigms.

In terms of library functions, Subscript provides a wealth of library functions for developers to call. Library functions are divided into three parts: standard library, core library, and extended library.

2.5.1 Subscript library functions

The Subscript standard library includes functions such as basic mathematical operations, array operations, string processing, and memory access; The Subscript Core Lib can be directly accessed through functions in the contract code, such as:

1) Contains basic cryptographic functions: blake2b, sha3, sha256;

2) Information on the chain (random number, block height, block time, etc.)

3) Smart contract transfer, call other contracts, call other modules on the chain (XCMP cross-chain messaging, pledge, governance, etc.)

Subscript Support Lib is a modular contract library function collection, including many commonly used contract templates. By extending the contract template in the library, developers can automatically integrate currently widely used contract functions, enhance the security of the contract, and avoid repeated development of basic functions. The contract functions included in the extension library are:

1) ERC20 compatible contract, providing token library functions compatible with ERC20 interface;

2) ERC721 compatible contract, supports the creation of non-homogeneous tokens;

3) Permission control contracts, which provide account-based permission control functions for extended contracts by using contract base classes;

4) Agency contract, through the abstract contract interface to achieve the contract's upgradeable function;

5) Governance contract, which provides on-chain governance through voting;

6) Multi-signature contract, capable of supporting multi-signature address contracts in multiple account formats.

3. Polkadot cross-chain smart contract language comparison

Because Subscript is a language specially developed for the Polkadot cross-chain smart contract ecosystem. So Subscript is most suitable for comparison with Parity's Ink! language developed based on Rust. In contrast, Subscript provides easier-to-use features:

1) No need for Rust development foundation, Web developers can get started quickly;

2) Good interoperability with JavaScript, easy to integrate with Dapp;

3) The interaction with JavaScript lies in the convenience of using JavaScript, typescript to test contract interfaces and simulate contract behaviors.

4) Easy-to-use development environment support, can run deployment and test based on existing jsIDE.

Table 2    Compare all language features that appear in the text

Language Operating Platform Turing Completeness Development Complexity Extent Data Storage Type Application Complexity Application Security
Bitcoin Script BTC Non-Turing-complete Easy Transaction Based Simple Higher
Sodility ETH Turing-complete Easy Account Based Complex Normal
Pact Kadena Non-Turing-complete Harder Table Based Normal Higher
GO/Java Hyperiedger Turing-complete Normal Account Based Complex Normal
C/C++ EOS Turing-complete Difficult Account Based Complex Normal
Subscript TrustBase Turing-complete Easy Account Based Complex Higher

Except the common features listed in the table, the Subscript language realizes compatibility with the WASM virtual machine based on the Polkadot Substrate framework. Unlike Solidity's EVM compatibility, WASM has better backward compatibility with Polkadot's fragmented multi-chain structure. Developers use Subscript language to develop Polkadot smart contracts, which will not generate historical baggage similar to the Ethereum smart contract platform. With the enrichment of the Polkadot Parachain ecosystem in the future, this will become crucial important.

4. Conclusion

The author of this article started with the Bitcoin scripting language and explained the development process of the smart contract development language. Analyzed the characteristics of Polkadot's cross-chain smart contract language Subscript. In September 2020, the Subscript language has successively completed the preliminary development and debugging. Obtained the Web3 Foundation Grant certification. It can be seen that with the development of different tracks of the Blockchain. Especially with the emergence of Polkadot's cross-chain smart contract track, the new language that matches the track requirements will be tried and used by more developers.


Only 12 days remaining until the Dickening...

John McAfee made a bet that Bitcoin would be $1m by 31st of December 2020 or else he would consume an appendage of his, on national TV.

http://dickening.com/

This date is fast approaching, and while Bitcoin is on a run, it's not looking good for his wee little man. You thought Bitcoin had a small supply?

In the lead up to the Dickening, questions remain outstanding: - What will the price be by 31st of December 2020? - Is John a man of his word? - Which TV station will televise the event? - Will he use a She-wee when going to the toilet?

While I hope John is right, he won't be and a bet is a bet.


How to fork bitcoin

To begin with, we’ll take you through the fundamentals. How to fork bitcoin happens when two diggers find legitimate squares simultaneously. Accordingly, when two squares have a similar square stature, this is alluded to as a fork.

The chances of finding the following squares on the two branches simultaneously again are fairly low. Be that as it may, in the event that one split of the blockchain develops longer, excavators will join this split, withdrawing the more limited split.

The squares in the more limited variant are classified “vagrant squares”.

No exchanges are lost since exchanges on the stranded square, in the event that they were not as of now added to the substantial square, are re-communicated to the organization and added into the following legitimate square. These forks generally don’t change the hidden convention. On the off chance that a fork, notwithstanding, is purposeful, it is alluded to as a lasting fork.


Senator-elect plans to teach Congress how to use bitcoin to reduce national debt. Is the incoming administration pro-bitcoin?

An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt.
Senator-elect Cynthia Lummis told the What Bitcoin Did podcast that bitcoin is a better store of value than paper money and she plans to teach Congress how to use it to reduce the national debt when she assumes office in January. The senator, reportedly said, "If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with any regard to any fiat currency...there is a backstop available to every government in the world and that backstop is bitcoin," Lummis said.
The senator-elect also said that bitcoin is a better store of value than paper money because the cryptocurrency's supply is finite.Bitcoin is indeed the currency of the 21st century, gone is the era of plastic money which has several flaws (e.g. being centralized and traceable). The Blockchain has several innovative dapps like online decentralized casino, EarnBetwhich seeks to overthrow traditional casinos, Chain-link which has untamperable oracle services and best of all, Ethereum which allows developers to create an app using its technology. Recently, even Coca-Cola expressed an interest in using its mainnet, showing its untapped potential and massive application.
Lastly, bitcoin is inflation proof and there is a direct correlation between an economy's inflation and the use of crypto currencies. For example, a decent population of Venezuela uses crypto currencies as they have finally realized how 'redundant' fiat is and inflation can distort is function of acting as money, i.e. serving as a store of value.The pump is only getting started!Source: https://markets.businessinsider.com/currencies/news/senator-elect-cynthia-lummis-bitcoin-store-value-paper-money-congress-debt-2020-12-1029894839