Apple co-founder Steve Wozniak described bitcoin as the most amazing mathematical miracle & more precious than gold at the Jalisco talent digital 2021 event.
Friday, July 9, 2021
XRP RIPPLE Daily Technical Analysis/Outlook JULY 10 🤔🧙♂️
- Both XRP and XRPBTC closed as a doji. I’m not expecting any dramatic change tomorrow unless some fundamental event takes place that leads to Bitcoin having a large move. I’ll be following the intraday volatility to get a quick in and out scalp 🤔
Some news on Bitcoin and Mining for the past weeks
Here are some news on Bitcoin if you want to catch up with the events of the last couple weeks compiled by Uzmancoin & BtcTurk:
The U.S. House of Representatives passed 2 bills about cryptocurrencies and blockchain.
New York mayoral runner Eric Adams gave a speech in favor of Bitcoin. Eric promised that if elected, he will make New York ‘the center of cybersecurity and Bitcoin’.
Mexico’s 2nd richest person and Bitcoin investor Ricardo Salinas stated that Banco Azteca is working on accepting Bitcoin, in contrast to the approach and rules of the government.
Metropolitan Police Service seized 160 million dollars worth cryptocurrency, used for money laundering.
El Salvador is continuing the race to make Bitcoin a legal tender, providing every citizen with a legal Bitcoin wallet 30 dollars worth Bitcoin.
Marvel announced the collaboration with VeVe Digital Collectibles to offer NFT’s, expected to happen in this year.
Bitcoin mining company TeraWulf, dealt with Bitmain to buy 30 thousand mining equipments.
The Turkish company BtcTurk, host of the world’s first BTC/TRY trade, is 8 years old with its 3.7 million users.
M/M Weekly Roundup - What Did You Read?
Hello friends and family! Which books did you complete from Sat, July 3 to Fri, Jul 9? For those of you that have them, how are you doing on your reading goals? What are you reading now?
I pulled myself out of the L.A. Witt vortex (sort of) and read a few other authors this week:
- Scattered Shells (San Capistrano book 5) by Angelique Jurd. 4/5 stars. I took a break from this series awhile back because it's emotionally difficult. TW for family violence, family dysfunction, emotional abuse, suicidal thoughts, suicide attempt, PTSD, extreme homophobia, shame, and self-flagellation. I decided to pick it back up and am glad I did. This series follows one couple throughout the years as they meet, fall in love, marry, and have kids. In this book, Alex and Ben are in a place of healing as they recover from the events of the last book. I look forward to continuing the series.
- Stripped (Four Bears Construction book 6) by K.M. Neuhold. DNF. No rating. Miller is a confident, super buff trans man. Demetri is a bear of a history professor with zero confidence and zero self-esteem. I decided to give this one a pass. It's hard for me to read a book where one character's self-esteem is so low that they can't even comprehend that someone might want them. Even Miller's direct "we should f*ck" couldn't penetrate Demetri's miasma of self-loathing. It was just too f*cking sad for me.
- Press (White House Men book 1) by Nora Phoenix. 3/5 stars. Levar is the White House press secretary; Henley is the White House correspondent for a major newspaper. Their relationship is forbidden. The romance here takes a backseat to the political intrigue running through the book. When it comes to M/M political thrillers, Tal Bauer has set the bar high (Hush is an all-time favorite read of mine) and, IMO, Phoenix does not touch it in this book. I will be continuing the series so that I might read book 3. I'm very interested in Rhett's story.
- Point of Contact by Melanie Hansen. All the stars! Riley and Jesse become best buds when they're stationed together in Afghanistan. When Riley dies, his father, Trevor, is grief stricken. They're an unlikely pair, but can Jesse and Trevor find solace in each other first as friends and then as maybe something more? It's rare to find someone that truly understands grief. It's also rare to find someone that understands returning combat veterans and the impact reintegration can have on them and their families. IMO, Hansen gets it and portrays it well here.
- Not Safe for Work by L.A. Witt. 3/5 stars. Jon builds models for the firm that real estate developer Rick works with. Employee/client romance is frowned upon but these two can't stay away from each other. If the secret gets out, what will happen next? I loved the concept. I loved Jon. I loved that these two were in their mid-40s. However, I bristled at the implied but not expressly stated message that BDSM becomes unnecessary when you really love someone. I was surprised to see Witt pushing that message and my disappointment put a damper on my ability to enjoy the steam. Also unusual for Witt, this book is told from Jon's POV only. It's probably why I love Jon, but also why I had trouble connecting with Rick. This book was strictly ok but definitely not Witt's best.
- Bio-Mechanical (Irons and Works book 4) by E.M. Lindsey. 2/5 stars. James is buried under the weight of internalized homophobia. Rowan is not. They meet, hit it off, and immediately get busy between the sheets. Is this true love? Everything about this book feels underdeveloped, and there are a lot of missed opportunities. My feelings are summed up well in this GR user's review. As a heavily tattooed person, I value the way this series normalizes tattoos. I also value the way this series shines a light on ableism; I've learned a lot. Unfortunately though, this one did not work for me, but I will continue the series.
- Blood & Bitcoin by L.A. Witt. DNF. No rating. If you rolled your eyes at that title, you are not wrong. This is part of a multi-author series that bills itself a M/M dark romance. This book was not dark, the MCs were not morally ambiguous, and several hours into the audiobook there was sex but no romance. This is GFY, which I don't think is a thing Witt normally does. To me it felt homophobic and implausible. We hear repeatedly how Chris received blowjobs from his SEAL teammates for years but he's 100% straight and 100% surprised by his attraction to Piker??? I know denial is a thing, but idk...it didn't work for me.
- Haunted Seas (San Capistrano book 5.5) by Angelique Jurd. 3/5 stars. Alex's abusive mother dies. I know it's tempting to believe that the pain caused by an abuser will magically wash away upon their death, but in my experience, that kind of pain lives on long after the abuser is gone. Sort of a throwaway short story that doesn't bring much value to the series in and of itself. I do plan to move on to book 6.
I have read 188 of 275 books.
I'm so overwhelmed with options that I feel stuck and don't know what to read next. On a whim, I began listening to The Problem by Piper Scott for the simple pleasure of hearing Michael Ferraiuolo read a book to me. It's pretty wonderful so far, but I'm not sure how much of that is the book and how much of it is Michael Ferraiuolo's voice.
Have a good weekend and happy reading!
Daily BTC Analysis
A drop below 32.2K will see the weekend trading session offer the bears the chance to drive BTC toward 30K...
Bitcoin is one risk-off event away from trading toward 20K.
Will this weekend see a sub 30K handle?
AMA Recap: Saito x Titan Ventures
If you missed it, here's a recap of the July 9th, 2021 Saito x Titans Ventures AMA. Enjoy!
Maru: Please welcome David Lancashire - Co-founder of Saito to be here at u/TitansVenturesGroup to give us an opportunity to learn more about this quality project.
David: Hi everyone. Thanks, Maru.
Maru: Firstly, let's talk about some main features of the platform. Could you please introduce Saito Network to the community, what critical problems does it solve and what are some of its competitive advantages?
David: Saito is a blockchain that fixes some Fundamental economic problems with proof-of-work and proof-of-stake blockchains. In POW and POS blockchains, people do the work the networks pays for, mining and staking, but they don’t do a lot of other kinds of work, such as paying for bandwidth, servicing users, that the networks also need.
Bitcoin was OK because it asked volunteers to do that work. But when networks get too big and the volunteers stop, they have to ask private firms to do that work instead. And firms won’t do it unless they can make money doing it. And the only way to make money? They have to stop sharing openly.
This is the problem Saito fixes. It is hard to see at first, but we basically solve it by replacing “mining” and “staking” with a new form of work: “sharing fees from users”.
The result is a network without a 51% attack, where the people who run servers make money, so we have 2x the security of Bitcoin, and the money pays for really fast hardware.
Maru: Can you share some achievements the team has made so far? If possible, please share your roadmap also.
David:
TECH: Saito is real. Come and see the applications / games here: https://saito.io/arcade
But the current software is JavaScript, and that will fail at 100 - 200 MB blocks. We are building a Rust client that is a lot faster and better. Our goal is supporting terabytes of data every day.
MARKETING: we are about to add other cryptocurrencies to the Saito arcade, so that developers in other blockchains build applications on Saito too.
We have relationships in the Polkadot ecosystem. We are working to be a better version of Metamask for Polkadot applications.
ROADMAP: 2 weeks before Polkadot marketing outreach, 4-6 months before the Rust client is ready. Staking will go live within a few months after Rust is done.
Maru: Brilliant!!! How about updating to the community the hottest news or big events of Saito Network in the coming time?
David: Let me share some tech stuff first.
This is the sort of exciting thing happening in tech (behind the scenes). The Rust version of Saito is really amazing. BUT we won’t have it out for another 4 months so what is before then?
MARKETING — outreach and partnerships with other blockchains. We announced a partnership with Elrond blockchain about a week ago that pumped the price of SAITO by quite a bit — people are starting to realize they want the sort of applications that Saito runs with their own blockchain tokens.
This is why we are excited about Polkadot outreach. Polkadot is a much bigger community, and most DOT devs do not have a platform like Metamask where they can build applications. We want Saito to be their Metamask.
Maru: The information you provided is very detailed and fruitful. However, all the members here would love to hear more about the project, also they have many questions submitted on Twitter today.
Here are some good ones I have chosen carefully for you David.
David: We love hard questions.
Maru: Good to hear that. Looking forward to your insightful answers in our community.
Maru: 1. We know that Saito has some core strengths: efficiency, high security, low cost, user-friendly, etc. Saito is decentralized to enable micropayments, social, games, and other use cases. As a regular blockchain user, or as a developer, how can we participate in Saito?
David: 1. Play the games and help us build a community. Once people understand Saito, they don’t want POW or POS networks. but most people start by playing a game.
-
Help us reach developers. We will help people build applications on Saito, but there are a lot of projects. Telling developers “Have you heard of Saito?”. That helps.
-
Saito is like Bitcoin. Holding the token helps too and we want lots of people to own some. In about six months people will be able to stake it. Historically, Saito has outperformed Bitcoin since 2017.
Maru: 2. During Saito Network's development process to attract more users and gain mass adoption, what are the 3 most prioritized features in the coming time? How do you plan to increase users' experience and keep on moving forwards?
David: We think the biggest thing that will attract users to Saito games and applications is the ability to use other cryptocurrencies with them. This is why we are doing our Web3 Foundation Grant work.
This helps developers understand Saito apps. It gives other communities an excuse for talking about Saito. So it benefits us in many ways.
Also, everyone likes poker and boardgames are fun. Some people just care about the games. You can relax and chat with other Saito users online anytime here —> https://saito.io/arcade
Maru: 3. What are the highlights of Saito's technology and products that you believe will help you succeed? How revenue does Saito generate to sustain the project, and what plans do you have to attract more users in the future?
David: These questions are fine — but they assume that all blockchains are basically the same. I understand that people are looking to speculate in tokens, and so they care very much about 2 months/4 months/8 months, etc. I have tried to explain above what we are doing short-term, but maybe I can give a more important answer here. Bitcoin is broken. Ethereum is broken. ALL PoS networks are broken. Today on Twitter everyone is complaining about “miner-extractable value” for instance — they have realized that POS networks can be attacked by miners/stakers for money.
Saito does not have these problems. We aren’t building Saito to be “blockchain #5243” or “blockchain app #52343”. We are building Saito because we need Bitcoin. And Bitcoin is broken. Saito is a bet on economic fundamentals.
Maru: Sounds great! We're excited to learn more.
David: There is no 51% attack. There are no “discouragement attacks. We can talk about these problems if people would like, but the short answer to “what are the highlights” is that — Saito works, and it doesn’t break. It doesn’t require us to have volunteers and miners and stakers can’t attack the network for profit. This is why people are getting excited, and this is why it is great to reach out and talk to people. We want people very much to understand Saito because we see the blockchain space as having three developments: Bitcoin. Ethereum. Saito.
Maru: Very insightful answer! I hope it can shed some lights to members' inquiry.
- I think many people here are quite interested in the $SAITO token, both utility & structure. How does $SAITO work as a utility token for the network and how does it benefit both the network and the owner in the long term. Is there any reward mechanism for holding $SAITO?
David: When you use the network, you will get a little bit of Saito from advertisers. You use this Saito to pay your TX fees. Those fees go to your ISP / Internet / Saito-node provider.
So the biggest “utility” of Saito over other networks is you don’t need to pay to use the network and you can get paid for using it. It is a bit like BAT token except BAT is a monopoly (a single company controls the advertising network). With Saito anyone can make an advertising module. So what is the utility? A very cheap data network (4x cheaper than POW and POS per byte), that gives you the tokens you need to use it for free (or for watching advertisements), and advertisers need to buy tokens from ISPs to use.
That is in the long-term. There are lots of other ways to make money. But that example is one big difference — we think it really matters that people don’t need to BUY the tokens themselves as long as they can get it from advertisers.
Maru: This is useful information for investors. I would love to hear more.
- Why did Saito choose the Polkadot ecosystem? What role does it play in the development of the project? Does Saito plan to convert or expand the ecosystem with Ethereum, BSC, Solana? This is also the last question in Part 2
David: Infura is a monopoly ===> Ethereum is broken.
Polkadot knows they do not have a solution. Saito gives them a solution. And they give us big community of developers who need Saito. The work we are doing for the Web3 Foundation Grant has been about making friends and showing the Web3 Foundation what Saito does. It’s a lot easier for people to understand Saito if they start by thinking “it helps me run DOT applications and I want to run DOT applications”
Maru: Really appreciate your amazing answers during the first 2 parts. Let's continue with the last part of today's AMA: Live questions from Titans Ventures Community. In this session, we will activate the chat feature for 2 minutes and All Members can immediately send their questions.
SAM: Why you build your token on Ethereum blockchain? As we all know Ethereum has scalability issues? Any plan to move on other blockchain or mainnet?
David: Exchanges can easily add ERC20 tokens. People need to withdraw from ETH to SAITO to use their tokens on-chain or stake them.
Thầy: Do you have any Coin Burn/Buyback systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
David: there is no inflation in Saito. So the hardest part is marketing. The value will increase as people understand Saito. We are very early.
Sang: What is the competitive advantage of your project? Can you point out the strengths of your project that other projects do not have to attract investors?
David: no 51% attack, cost of use is 25% of POW and POS chains. and the blockchain supports VERY HIGH data throughput. nothing will be able to compete with Saito at scale.
SI: Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
David: Our work for the Web3 Foundation is all about allows Saito applications to use other cryptocurrency tokens (and NFTs). If you want to build a “cyberpunk” trading game on Saito, you can do that.
Bobby: Can you indicate a feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform?
David: In all other blockchains, 51% of the network can team up and earn 100% of network fee revenue. Saito is the only blockchain where this is not possible. This isn’t really a feature, it’s a revolutionary advance!
Thinking: Good day David, almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
David: Saito is a utility token. I understand that some people approach utility tokens as speculative investments. We want people to be buying for the right reasons. I will say that one of our biggest investors doesn’t even want ERC20 tokens. If you understand Saito, why would you think we are anywhere close to the top of where Saito will go?
Stevens: Who is Saito's biggest rival? In the future, does Saito have a plan to beat their rival or cooperate with them? I think that will be a huge step forward for Saito.
David: We are competing with permissioned networks — “blockchains” that are controlled by small groups of people and who pretend to be “open” only in name.
We are also competing with public ignorance. If people understand what Saito was, the price would be much, much higher than it is. Both of those problems are hard to solve. Part of the solution for us has been talking about Saito so that people understand. And so that the people who do understand can take part in the project.
Alice: Hello David, I have a question, how do you plan to attract users, incentivize them in the early stages of deployment?
David: What seems to work is saying, “you can use this Saito app using __ cryptocurrency.” Then people don’t think about “Saito Poker” as “Saito Poker”. They think about “Saito Poker” as “Ethereum Poker” or “Polkadot Poker”. And users in all of those communities are much friendlier, because suddenly Saito is their friend instead of a competitor.
Tomeka: Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choice for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?
David: ETH has 100 hardcoded economic variables. And every design change like EIP1559 is a massive additional tax on users. They tweak their economic variables every 6 months.
I love ETH as an investment (I first purchased at 8 bucks) but they don’t know what they are doing. They think their problems are technical instead of economic. Once people realize their issues are actually economic, Saito will be the #1 beneficiary because that is what we solve.
Thầy: What difficulties have you encountered during your development process? How many products have been built on your platform? Can you share some highlights from them?
David: The hardest thing is explaining to people how Saito works, so that they understand why we are different. Let me share a quick video that I think helps though:
https://www.reddit.com/r/SaitoIO/comments/ogzabl/saito_in_2_minutes/
look at this video — it will help explain WHY Saito is different. and it is fun 🙂.
Maru: We can wrap up the AMA here David. And for those whose questions didn’t get selected in this segment, don’t worry you guys because our Guest would love to answer them after the AMA in Saito Network social channels:
• Website: https://saito.io/
• Arcade: https://saito.io/Arcade
• Twitter: https://twitter.com/SaitoOfficial/
• Discord Server: https://discord.gg/HjTFh9Tfec
• Telegram Channel: https://t.me/SaitoIOann
• Telegram Chat: https://t.me/SaitoIO
• GitHub: https://github.com/saitotech/saito-lite
• Medium: https://saitoofficial.medium.com/
• Blog: https://org.saito.tech/blog/
• Reddit: https://www.reddit.com/r/SaitoIO
David: Perfect — this is a good stopping point Maru, and thanks Maru and J.
24 reasons Ethereum is undervalued
Ok, I saw this amazing thread on Twitter about why ETH is undervalued.
I'll copy-paste the text here, but it's better to read it with all the images and quote, either directly on Twitter (https://twitter.com/CroissantEth/status/1412574228973563909), on the unrolled version (https://threadreaderapp.com/thread/1412574228973563909.html).
But here you go, enjoy:
24 reasons $ETH is extremely undervalued...
1. Smart Contracts
A smart contract automatically executes code once specific terms are met
It is the first form of programmable money to exist, & users can rely on it to create decentralized money legos free of censorship
Lend, borrow, swap, & do much more with them!
2. Stablecoins
$ETH is home to many stablecoins which have grown tremendous use cases:
$USDT: $62B
$USDC: $25B
$DAI: $5B
$TUSD: $1.5B
They are very popular for use in DeFi, & VISA will soon accept tx settlement in $USDC
$USDC has grown from a $4B mcap, to $25B this year
3. DeFi
DeFi has exploded because of its attractive yield, flexibility, & its non-custodial nature
With DeFi, we can become our own banks by cutting out the middleman involved
It is restructuring the industry of finance as we know it today, and it’s not stopping
4. dApps
A total of 94 out of the top 100 crypto projects are built on $ETH, with more than:
-3,000 dApps-200K ERC20s
These protocols often have many further use cases involving $ETH, creating the fundamentals for the Web 3.0 economy & they are decentralized & open to anyone
5. Developers
One thing that has shocked many is the attention $ETH has gotten from devs
It is sucking in the worlds talent at a pace we can’t begin to comprehend
Since Q3 2019, $ETH has gained more than 300 developers every month, growing at a pace faster than even $BTC
6. Insurance
Off-chain oracles & ETH offer an elegant solution to the trillion dollar insurance industry
Smart contracts can automate claims, offering farmers coverage across the world
This process is fair & efficient, as many don’t even have the option to get insurance today
7. Interoperability
This is one of the subjects I feel many people underestimate the implications of
$ETH will unlock potentially hundreds of billions in liquidity from POS blockchains through interchain accounts & interoperable liquid staking derivatives
8. NFTs
NFTs on $ETH have picked up a lot of steam, attracting attention from both GameStop & Twitter
They are unique tokens which can be used by creators to tokenize a wide range of content (not just art)
If one thing is for sure, it’s the fact that NFTs are here to stay
9. Metaverse
NFTs on $ETH will power a universe beyond our own
This will be propelled by virtual reality technology pioneered by the largest companies in the world
We’re talking about matters of augmented reality, virtual ad space, tokenized in-app purchases, & much more...
10. Digital Land
Digital land, unlimited by physical space like land today, can be tokenized and used to build entire economies that are owned by the players
If virtual reality becomes more commonplace, virtual land could eventually evolve to a trillion dollar marketplace
11. DAOs
DAOs are entities made up of any number of individuals who maintain the group’s decisions in a distributed manner
Individuals can use tokens to vote and propose ideas they want for the protocol
These have come to be some of the largest bootstrapped communities we know
12. Synthetics
Synthetic tokens offer a wide range of pretty much any stream of value you can think of. Blockchain oracles relay price feeds to synthetic token protocols.
This allows for people to trade stocks on the stock market, data feeds, precious metals, and much more!
13. Lending & Borrowing
On $ETH, lending protocols are quite literally already putting up some significant numbers against banks
There are hundreds of thousands of borrowers who have utilized these systems to get a loan without any need for a bank, often even at a better deal
14. Triple Halving
This concept describes how $ETH will undergo a supply shock equivalent to 3 #Bitcoin halving events in the next 12 months alone with the transition to POS
EIP-1559 will also play a large role in the net future decrease of $ETH sell pressure
15. EIP-1559
This UX upgrade (expected soon), could actually prove $ETH to be a deflationary asset 🔥
Furthermore, it will make gas fees much more predictable
Had it already been live, more than 2.94M $ETH would have been burnt from the supply this year alone
h/t @finematics
16. Proof of Stake
$ETH will transition from the proof of work consensus model to proof of stake
Users can then earn interest on their $ETH by staking it, becoming a node in the network
This is the fastest growing protocol about to offer a significant dividend to investors...📷📷
17. Layer Two
There are a lot of projects working on layer two scaling solutions at an effort to bring $ETH to the next level of scaling
They focus on highly complex topics such as optimism rollups & zkproofs
Layer two solutions may have the ability to bring $ETH to 2,000 TPS
18. Platform Agnostic
One of the unique features of NFTs & more on $ETH is that they work in a platform agnostic manner
Tools can be easily integrated across a wide range of applications with easy sign in options
This will be the foundation for the transition to Web 3.0
19. Creator Economy
Tokenizing intellectual property and content, especially in the open source world, can be a way to monetize and show support for various people
It gives a new level of power to creators, and may push the open source industry to an entire creator economy.
20. Universal Market Access
Having universal access to any market is a concept not many seem to believe is possible today
It opens up a world for individuals across the globe who can no longer be censored or are unable to get financial services today, on the $ETH blockchain
21. Adoption
Contrary to the last run of crypto in 2017, we didn’t have the real world use that blockchain is now seeing today.
IOT, DID, and DLT’s will be massive.
VISA, PayPal, & Amazon are just a few high value examples of some top companies taking an interest in $ETH tech
22. Gaming
Whether it be currency or collectibles, $ETH & gaming go hand in hand
$GME is integrating NFTs on a massive scale & diving into esports as well
Can you imagine connecting to your favorite game with your wallet & automatically having items you’ve purchased via NFTs?
23. ETH 2.0
This upgrade introduces sharding, proof of stake, & other enhancements to the security of the network
If successful, it will add a new level of sustainability and scalability for $ETH
Furthermore, security of the network will be significantly greater for wider use
24. Supercomputer
$ETH is the world supercomputer. Vitalik took ideas from $BTC and added a programmable base layer for devs to build on top of
This continues to add a whole new level of functionality to blockchain as we know it today...
We haven’t even scratched the surface.
$DCH: DogeCoinCash 🐕 Just Launched. Ownership renounced and Liquidity locked 💎
DogeCoin Cash is, a rug-proof, ownership renounced, community-driven project on the Binance Smart Chain.
Bitcoin Cash reached an ATH of 0.25 Bitcoin. Our first goal is for DogeCoin Cash to reach 25% of Doge Coin’s peak market capitalization. We are fully committed and determined to make this happen, but our ambitions go much further. We believe we can – in time – be a household name and a long-standing top 25 crypto project.
DogeCoin Cash was stealth-launched by members of the BSC community after DogeCoin reached a market cap of over 30 Billion Dollars. DogeCoin Cash gives holders passive rewards through static reflections. By staking DogeCoin Cash in a pool, it raises its own capital, ensuring liquidity.
Ownership renounced and liquidity locked 🔐
- Completely rug-proof!
- BitcoinCash reached 25% of Bitcoin's Market Cap.
- DogeCoinCash will reach at least 25% of DogeCoin's Market Cap.
- The mission is to become the #1 leading DogeCoin alternative.
- $DCH tokenomics are moon-bound and the team is STRONG.
- 100% Community Driven token with LP tokens locked forever.
🔹 1 Billion $DCH capped supply.
🔹 10% Transaction fees.
🔹 5% Liquidity pool tax.
🔹 2% Redistributed to holders.
🔹 2% Marketing tax (stored in BNB).
🔹 1% Tokens burned.
The liquidity pool tax is set very high to ensure the liquidity pool keeps growing forever
Marketing tax is stored in BNB instead of DCH tokens so anyone being paid for promos can’t dump 💎
CoinGecko and CoinMarketCap listing applications have been submitted ✅
This project is built on ORGANIC GROWTH!
Twitter influencers with over 2M combined followers have retweeted DogeCoinCash already. This is the calm before the storm. A $10K USD Twitter giveaway event starts TODAY. DogeCoinCash is well-backed and hitting hard on marketing. This is just the beginning
There is a max buy/sell of 5,000,000 tokens per transaction. You can buy and sell as much as you want, just not all in one transaction.
📝 Contract Address (PancakeSwap V2)
0x8b9e5495336eb01d4873F21E6784fe83888d7734
🔗 Links
Telegram https://t.me/DogeCoinCashUS
Website https://dogecoincash.com
Twitter https://twitter.com/TheDogeCoinCash
BSCScan https://bscscan.com/tx/0xc4d3673854239aeb86c13a13fb29fc679bc968e7890993de5e1fb4bf6085b19a
Grazing Range Pool #10 — Welcoming ORBS to the herd
Introducing our 10th Grazing Range Pool for #NFT and #yieldfarming! Welcoming @orbs_network
to the herd! https://medium.com/alpaca-finance/grazing-range-pool-10-welcoming-orbs-to-the-herd-257e6fb2a935… #DeFi #BSC #BinanceSmartChain📷 #Binance📷 #NftCollectibles #NFTcollection #NFTartwork #NftCollectibles #nftart #NFTARTFinance #crypto #Cryptocurrency
Grazing Range Pool #10 — Welcoming ORBS to the herd
Dear alpacas,
We senior alpacas are excited to welcome our newest member of the Herd to the Grazing Range — Orbs.
With this partnership, all you alpacas will be able to open leveraged yield farming positions up to 2.0x on PancakeSwap’s ORBS-BUSD pair, which currently yields ~120% APR in CAKE Rewards! The pool will go live on July 13th, 2021 at 10 AM GMT.
As part of the Grazing Range Program, you’ll also be able to stake ibALPACA for $130K USD in ORBS rewards which will be distributed over 4 weeks.
Leveraged yield farmers in the ORBS-BUSD pool will also receive bonus ALPACA rewards, on top of the leveraged yield farming rewards and trading fees from Pancake.
🎁Grazing Range Reward Details
Total Rewards: 1,635,220 ORBS(~$130k USD)
ORBS Token: 0xebd49b26169e1b52c04cfd19fcf289405df55f80
Rewards Period: 4+ weeks
Rewards Start Block: 9,120,700 (Approx. July 13th, 2021 10 AM GMT)
Rewards End Block: 9,927,100 (Approx. August 10th, 2021 10 AM GMT)
Distribution Schedule:
Exclusive NFT Cards for Pool’s Stakers
To be eligible, you must stake ibALPACA in the ORBS Grazing Range pool before July 14th, 10 AM GMT (1 day after the pool opens) and stake for at least 27 days. The NFT tier you receive will be based on the amount of ibALPACA staked.
- Green Tier: staked at least 500 ibALPACA
- Silver Tier: staked at least 5,000 ibALPACA
- Gold Tier: staked at least 50,000 ibALPACA
About Orbs
Orbs is a public blockchain infrastructure designed for mass usage applications and close integration with EVM-based L1s such as Ethereum and Binance Smart Chain. Orbs’ blockchain stack provides developers a proper mix of performance, cost, security and ease of use.
The Orbs protocol is decentralized and executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus. The Orbs Network has been live since March 2019, is powered by the Orbs Proof-of-Stake (PoS) Universe and is enabled by the ORBS token.
Due to this hybrid architecture, the Orbs Network can be integrated easily with Ethereum and BSC-based DeFi projects and provide a variety of tools to the DeFi space. Accordingly, the team is working hard to establish Orbs as one of the leading projects in the DeFi space.
🔒Security Score Card on ORBS
Have the contracts been audited by professional auditing firms?
Orbs received security audits on the token smart contract for the Ethereum ERC20 instance of the token in May 2018 from SmartDEC, 80Trill and Bok Consulting Pty Ltd.
In February-March 2020, Orbs received additional security audits from SmartDEC and Bok Consulting Pty Ltd. on the V.2 proof-of-stake smart contracts on Ethereum.
The BEP20 smart contract on BSC is a standard contract developed through the AnySwap bridge.
Audit reports can be found here:
What is the project’s inception date?
Production-ready mainnet was launched March 28, 2019.
Has your project even been involved with a hack or exploit?
No
What safety measures are in place to secure your protocols from centralization risk? What contracts are not under timelock? Who has multi-sig?
Generally, the network is built to be as decentralized as possible. Accordingly, all smart contracts on Ethereum that have any impact on user assets, as well as the ERC20 token contract itself, are immutable and do not have any owner roles or ability for modification. The total token supply is fixed and cannot be changed. With the major elements of the network decentralized, the primary remaining elements that could present a less significant centralization risk are as follows:
-
The Orbs team controls the ability to push node source code proposals to Github. However, the risk of centralization is mitigated because Guardians (validator nodes) can ultimately decide whether to adopt and run this code or not.
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The separate staking contract on Ethereum does include two roles that exert a certain amount of unilateral influence on the PoS. First, for future-proofing, there is a migration manager that can propose a staking contract migration to the community. The migration manager only has the ability to add a potential migration destination, it cannot transfer tokens or force users to participate in the migration. Every user that will choose to migrate must perform a dedicated transaction by themselves and move their tokens. The purpose of this role is to allow migrations without being subject to the 14 day cooldown. Second, there is an emergency manager who has the ability to prevent new stake from being deposited and to permit existing stakers to unstake their tokens immediately without the 14 day cool-down period. The risks here are also mitigated because neither of these managers has the power to actually transfer any tokens, and certainly cannot destroy or seize any tokens. Stakers have the full autonomy to withdraw their tokens from the system, migrate them to a contract or keep them in the current contract, as applicable.
Does your token have a maximum supply cap?
Yes, the token’s maximum supply is capped at 10,000,000,000.
Mint function. If Token does not have maximum supply, how is the mint function controlled?
Token is pre-minted and has a maximum supply capped at 10,000,000,000.
Centralized treasury. If the protocol collects fees, where do they go and how are they controlled? Is there any kind of treasury or insurance fund under centralized control?
Orbs team holds a token reserve pool, which was initially 55% of total supply and vests monthly over 55 months from TDE. Such tokens are reserved for development, ecosystem and partners. For example, a primary use of the token reserve pool is to provide staking rewards to delegators and Guardians (validator nodes) who participate in the PoS Universe, which is the basis of the Orbs network’s token economics. Tokens are held in a multi-sig wallet, with the keys held by different key Orbs team members.
Migration Function. Is there a migration function in the code? Why is this there and how to control this function from making a malicious action?
As noted above, there is a migration function in the proof-of-stake smart contract. This is there to provide for a migration in the event of a problem in the current protocol or migration in the event of a network upgrade in the future. However, the power of the migration manager is limited to adding a potential migration destination and token holders would need to engage in a voluntary transaction to actually transfer any tokens. This significantly limits the ability for the function to engage in a malicious action, because the function only permits users to migrate to a destination contract without the usual 14-day cooldown period, but does not actually move any tokens to the destination. Migration only occurs if users opt in and migrate their tokens manually by sending a transaction.
Upgradeable contracts. Are the contracts upgradeable? Why is this there and how to control this function from making a malicious action?
The ERC20 smart contract is immutable and does not include any upgrade features. The separate staking contract on Ethereum is also immutable, but it can be replaced as the primary staking contract for the network if the community would accept a proposal to migrate to a new staking smart contract. Such proposal could be done by any person, whether the project team or another party, and would only be significant if participants took action to manually move their tokens to the new location. The migration requires active participation by every staker, as only they can manually issue a transaction to migrate their own tokens and move them to the new staking contract. This is not much different from them unstaking their tokens and staking in a new contract.
In addition, network validator logic code can also be upgraded by releasing new software versions that the Guardians, the independent network validators, can choose to install on their nodes. The process is similar to how Bitcoin nodes are upgraded. The main difference is that these logic upgrades do not influence the ORBS token itself, as the asset is implemented as an independent ERC20 contract on a different blockchain — Ethereum, and is not running natively over the network logic executed by the Orbs network validators.
Third-party risk. What underlying external parties do your contracts rely on?
The contracts do not rely on any external third parties.
Where are tokens currently listed?
Bittrex, Bithumb, Upbit, Bibox, OKex, Coinone, LaToken, FTX, KuCoin, Gate.io, IndoDax, P2bPb2b, CoinsBIT, BHEX, 1inch, Bitbns. There are also DEFI liquidity pools at Balancer, Anyswap, Uniswap, PancakeSwap, SushiSwap and KyberDMM.
Please briefly describe the utility of your tokens and all the relevant tokenomics (e.g., burn, staking, locking, etc.)
As the native token for the network, the Orbs platform relies on the ORBS Token to fuel network operation and provide the means to pay the fees involved with operation of the consensus layer, execution of smart contracts and consensus-based storage, which are the three primary services provided by the platform — very similar how Ethereum relies on ETH to pay for smart contract execution. ORBS Tokens are also used to participate in the network’s proof-of-stake ecosystem — where tokens holders delegate their tokens to Guardians in order to elect them for the consensus committee.
All ORBS Tokens were subject to the distribution plan (including vesting schedule) set forth here https://www.orbs.com/orbs-universe/orbs-token-distribution/
When staked, ORBS tokens are subject to a 14-day cooldown period before they can be withdrawn from the proof-of-stake contract. Participants who stake their tokens are eligible to receive additional ORBS tokens as rewards, as dictated by the protocol.
Does your token have any advanced mechanics such as deflationary/rebase/reflexive?
None.
Please share your project’s roadmap https://www.orbs.com/technology/roadmap/
What % of the token supply is/will be controlled by the team
20% of total supply was allocated to the team members and founding partners (in their personal capacities), vesting over 3 years from TDE. 55% was allocated to the token reserves controlled by the team, vesting over 55 months from TDE. 5% was allocated to advisors, vesting over 1 year from TDE. Not all of these tokens have actually been allocated or used, including the vast majority of the reserve tokens, which remain in their initial pool wallet.
What % of the token supply is controlled by investors? What is the token distribution model?
20% of the tokens were issued to private sale purchasers. In addition, tokens from the reserve pool, advisor pool and team pool are being gradually released in accordance with their vesting schedules, although to date the majority of vested tokens have remained in their pools and are not currently distributed or planned to be distributed.
In the case of the reserve tokens, one significant use is the distribution of ORBS tokens as rewards to participants in the proof of stake universe, which over time transfers an increasing percentage to token holders.
Please share the profile of key team members
Founders and key members of the leadership team are as follows:
Tal Kol, co-founder and director — Tal co-founded Appixia, a mobile app startup acquired by Wix.com, and was Wix.com Head of Mobile Engineering. He is an expert in blockchain consumer applications, and former Head of Engineering in Kin by Kik Interactive. Tal is an open-source enthusiast, contributor to the React ecosystem and conference speaker. He holds BSc summa cum laude in Computer Engineering from the Technion and is a veteran of an elite section of the IDF 8200 unit. https://www.linkedin.com/in/talkol/
Netta Korin, co-founder and director — Netta served as Sr. Advisor to Gen. Mordechai on special projects in the Ministry of Defense of Israel, and as Sr. Advisor to Deputy Minister for Diplomacy Dr. Michael Oren in the Prime Minister’s Office. Netta currently chairs IMPACT! one of the largest scholarship programs in Israel, which has helped produce over 7,000 graduates and 4,000 students in Israel. For over 15 years Netta has served on multiple boards in Israel and America, holding high-level positions in Executive Committees.
Daniel Peled, co-founder, director and president — Daniel was the co-founder and CEO at PayKey, an Israeli Fintech startup with investors such as MasterCard and Santander InnoVentures. He is also a veteran member of the Israeli Bitcoin community and the first person in Israel to ICO a blockchain company. Daniel holds a LL.M and BS in Economics. https://www.linkedin.com/in/dpeled/
Uriel Peled, co-founder and advisor — Uriel was a key advisor for several notable crypto projects and was named one of Israel’s top 25 blockchain influencers. Prior to Orbs, Uriel co-founded Visualead, an AR/VR startup that was acquired by Alibaba. He is a former team leader at Mellanox, a leading Israeli high-tech company. Uriel holds a BSc summa cum laude in Electrical Engineering from the Technion. Uriel stepped down from his active full-time role at Orbs in February 2020 to build a digital asset investment management firm, moment Capital, and is currently serving as an advisor to the Orbs project. https://www.linkedin.com/in/uriel-peled-61073b29/
Nadav Shemesh, Chief Executive Officer — Nadav was previously Professional Advisor to the Minister of Finance in Israel, responsible for reforms, policy and execution in the Finance & High Tech Sector. Prior to that, he was Deputy CEO of Babylon Software. Before his business career, Nadav was an F16 Pilot in the IAF. He has a degree in Electrical Engineering and Computer Sciences from Tel Aviv University. His philanthropic activities have included teaching physics for graduation exams in a low-income High School. https://www.linkedin.com/in/nadav-shemesh-58394063/?originalSubdomain=il
Nechama Ben Meir, Chief Financial Officer — Nechama has over 20 years of experience in senior financial and operational positions in the Israeli high-tech industry. She was Head of Accounting and Taxes at CheckPoint, responsible for the company’s global financial operations, and before that, CFO & COO at Crescendo Networks Ltd. and Director of Finance at Radware. In her spare time, Nechama is involved in activities improving the position of women in society. https://il.linkedin.com/in/nechama-ben-meir-3347434
Ran Hammer, General Counsel and Corporate Development — After specialising as a corporate and transactional lawyer in the fields of high-tech, venture capital and cross border M&A and prior to joining Orbs, Ran founded a blockchain, cryptocurrency and digital asset practice in one of Israel’s largest law firms and was established as one of Israel’s leading blockchain law and business practitioners. Ran holds an LL.B. summa cum laude from the University of Haifa. https://il.linkedin.com/in/ran-hammer-32323278
What monitoring or controls do you have in place that could catch issues, halt functions, or delay attacks to protect assets?
All smart contract mechanics related to user funds are immutable and cannot be halted. The only exception is the staking contract which allows the emergency manager role to stop the contract from accepting new deposits. When this happens, all existing stakers can unstake immediately without the normal 14-day cooldown limitation. This function could be used to allow token holders to unstake and safely withdraw their tokens in the event a vulnerability was discovered.
Do you have a bug bounty program in place/planned?
Currently, no official bug bounty program is in place, but the team receives community feedback and compensates reporting of potential issues on a discretionary basis.
Safety practices. Is there someone dedicated to security on the team? Does your git include your test/qa scripts? Describe your current IS/QA processes? Will you commit to auditing your code at least quarterly/semi-annually/annually and for major updates and releases?
All project code is open source and publicly available from the first commit for community review. All code contains thorough unit tests and end-to-end tests running automatically in CI that are required to pass before merge to master is possible. Merges to master must be approved by two different team members. Significant versions are released to a fully functioning test net for a period of community experimentation before being deployed to mainnet. Security audits are conducted before major feature releases. Project founder Tal Kol (GitHub user u/talkol) leads all security aspects with various team members holding various areas of security expertise such as Solidity vulnerabilities or economic vulnerabilities.
To learn more about Orbs, you can visit their official communication channels:
Website: https://www.orbs.com/
Telegram: https://t.me/OrbsNetwork
Twitter: https://twitter.com/orbs_network
Blog: https://www.orbs.com/blog/
Reddit: https://www.reddit.com/r/ORBS_Network/
Linkedin: https://www.linkedin.com/company/orbs/
Github: https://github.com/orbs-network/
Biggest Grayscale GBTC Unlocking Event Could CRASH Bitcoin!!!
https://cointuta.com/forums/topic/biggest-grayscale-gbtc-unlocking-event-could-crash-bitcoin/?feed_id=359992&_unique_id=60e824225f213
EQONEX partners with Intelligence Squared to launch a series of crypto debates.
EQONEX group, a Nasdaq-listed digital asset financial services company, have announced their partnership with Intelligence Squared, the global media company known as one of the world’s largest forums for live debates, in order to bring to the world a series of debates. This will allow the best speakers and experts to get the space to debate and discuss the key issues and opportunities that might encounter the crypto market. They are starting their program with a debate between Anthony Scaramucci and Peter Schiff on the merits of “Gold vs Bitcoin”.
This kind of programs allows a huge audience to tune in, and to access the biggest names in the crypto industry, to benefit from their knowledge and experience, especially that listeners have the chance to ask questions and to vote on the motion set out at the beginning of each event.
The Cost Breakdown of the Dealers Margin (and what doesn't add up).
(The Information presented in this post is speculative and NOT FACT or based on evidence, it's based on observation, information collected from Open Sources, and Factor Models - and should be treated as a discussion)
Firstly,
Congratulations fellas, what a splendid achievement we have had here from the Subreddit. I've gotten the chance to chat to some of you, and it just goes on to show how we can all come together regardless of our social background.
One of my favourite places to come home from work and banter with you folks.
I've discussed with a few of you about my job as an Analyst in Cyber Forensics.
My first job out of uni was working for the Govt' to learn about Cyber Crimes and Tax Frauds, which helped develop my Data Analytics skills.
I'm not from the United States, and as such I can't speculate on the specificities of the laws there. However the nature of Financial Scams is similar, and can be understood once we analyse the facts and data available to us.
A theory that I considered regarding TPG and their supposed meteoric rise to success, much attributed to their success on YouTube and Social Media (US, the Casual Viewers they now Mock).
As my professor once said, "Point to an industry you think is clean, and I'll show you just how corrupted it is". Point being, every industry tends to be filled with unscrupulous individuals.
Case in Point: Avi from (Avi & Co) were involved a major money laundering scam back in the day.
[Source: https://cityroom.blogs.nytimes.com/2011/06/10/case-dismissed-but-jewelry-stays-in-government-hands/ ]
Here is the information I've been able to gather from several sources (the numbers might get nerdy):
Firstly, any watch dealer must comply with Insurance. They're liable to insure any piece they hold, whether it's consignment or purchased and paid for - IT MUST BE INSURED. This is a standardised practise to ensure that if the watch was damaged or stolen, the customer can and must be reimbursed.
Based on the last video TPG posted, they now hold most of their Inventory at Anthony's Home. This would mean the Insurance Company would NOT honour the agreement. Since the conditions of Insurance require a Safe and a Specified Location.
Inventory must be moved in an Armoured Car, and kept in a safe location disclosed and approved to and by the Insurance Company.
Doing Business on Chrono24, some of you may be aware of this - but Chrono24 isn't a charity. They're a business.
Their source of income is Subscription and Commission on Sales.
Chrono24 has a very publicly available model on how they conduct business, whether you're a private seller or a business. For the nature of this message, we focus on the "Dealers" Category.
Monthly subscription fees:
The monthly subscription fees range from €69 to €1.999 per month. The exact amount is driven by your subscription type and the number of watches you want to list on the platform. You can choose between the subscription types Light, Pro and Premium. Number of watches listed start from up to 25 watches to up to 1.000 watches. If you want to list more than 1.000 watches, you have to opt in for the Pro subscription type and have to contact the sales department to agree on the price.
Once a Dealer selects a Subscription which suits them, they're now liable for a Commission to Chrono24 upon a sale.
Dealer fees commission charges:
The dealer fees for commission charges vary between 2%-8% per watch and are dependent on the type of subscription and the type of watch. Chrono24 has developed an algorithm that can estimate the margin a seller makes on a specific watch based on the brand, model, condition and other characteristics.
Sales tax fees for professional dealers:
Sales tax and VAT may be charged by local governments. Most of the countries in the EU, USA and Asia have a "margin agreement". This means the margins a commercial dealer makes, will be charged with a VAT. So for example when a watch is sold for €10.000 (sales price) with a purchase price of €9.000 there is a margin of €1.000. This means with a VAT of 25%, the tax authority will charge €250. Making the net proceeds €750.
Transactions are also charged with a 7.5% surcharge in the US.
Shipping and Insurance Cost:
This is an area I'm not an expert in, but granted most Shipping Companies have their own methods for calculating Insurance Cost upon Shipping. Which is again, based on Margin and Cost of the Item.
(We aren't adding Customs Duties here since that would make this post insanely long)
[This is JUST Chrono24, but it gives us a good baseline for what sort of costs are involved in a sale)
----
Breakdown.
- Business Overhead Costs.
- Asset Insurance Costs.
- Employee Overheads and Payroll Taxes.
- Lease Agreement Cost.
- Consignment Insurance Cost (upon holding, deductible from Customer after sale).
- Car Lease, Food & Beverages, Travel, Film Crew, etc.
- Income Tax, Sales Tax, Corporation Tax (not sure if this applies in the US?)
The Consensus:
If TPG claim to be making $1,000 per watch (not including the hype pieces or pieces that went up in value since purchase, in an economy where prices change every day for certain watches) - The margin of $1,000 doesn't make sense if you include the basic Shipping, Insurance, and Sales Tax.
So what was the point of this post?
Let's discuss the excessive spending. Consider the exuberant lifestyle, the insane bills at Nick & Sams, the Bitcoin Event (which btw I'm not sure if they even taxed properly), the mysterious Investor who happily chucks in another $400,000.
It doesn't add up.
A watch business, a normal one - where people come to work and go home to a decent non-glamourous life maybe make a decent living.
Just look at some of the other dealers and how long it takes them to develop the Business.
The possibility of "Merchant Based Money Laundering" (A Legitimate Reason for Bank Accounts being Frozen):
As we have all concluded by now, Banks DO NOT freeze accounts based on YouTube Comments or Social Media.
Even a Police Report of disappearance would require a 14-day Stay and Hold request rather than a direct freeze on the account. (This tactic is employed so as not to alert the individual and still observe their banking activity, allowing investigators to collect evidence - and locate the individual if they disappear).
So what is Merchant Based Money Laundering?
[Transnational Organized Crime (TOC)]
Merchant-based money laundering is a process where goods / services being paid are either under-valued or not present at all (phantom transactions / shipments). For example, the drug mafia in Mexico actually provides a “line of credit” to wholesale buyers in the US. These wholesale dealers then sell drugs using any of the mentioned methods or via direct cash transactions. The revenue generated is then sent back to Mexico via another transaction laundering method called merchant-based money laundering. The crime syndicate ties up with cash-intensive businesses such as supermarket, vending machine operators, convenience stores, restaurants, private ATMs, cigarette distributors, liquor stores, parking garages, and others. They either collude or coerce the cash-intensive businesses to mingle the illegitimate cash with their legitimate cash for a fee.
The cash-intensive business is then instructed to make regular purchases from specific merchants in Mexico on a regular basis, via which the illegitimate money gets transferred across the border. The Mexican merchant, on its part, may not actually ship anything at all, given that the purpose of the transaction was to transfer the illicit money and not for any real business need.
--
Discussion:
Glad you made it to the end, please feel free to share your thoughts and views. If you have further information to add - please feel free to do so. Let's keep it respectful, guys. Cheers!
Sources Used in the Post:
Cardano Rumor Rundown July 9, 2021
Hey Everyone!
Let's go...
Newly covered today:
- Daedalus 4.2.0 now adds Ledger & Trezor Catalyst Registration. https://twitter.com/InputOutputHK/status/1413176419186774018
- Yoroi 4.5.7 extension release now adds Ledger Catalyst Registration. https://twitter.com/YoroiWallet/status/1413128256836997120
- Here’s the voter registration schedule for Catalyst Fund 5! Get yourself registered now even if you’re in cold storage on a hardware wallet! https://iohk.zendesk.com/hc/en-us/articles/900006490763-Project-Catalyst-FAQ
Previously Covered but still interesting:
- Manuel Chakravarty gave a big update on Hydra (layer 2 scaling). Hydra will not require that the base layer be modified since it will be implemented via Plutus smart contracts. Hydra is actually a collection of protocols including Hydra Head and Hydra Tail. Hydra Head is a symmetric protocol where multiple participants will be online simultaneously for the whole period of the head exchanging messages. Hydra Tail is an asymmetric protocol involving a high performance server and many clients that may be mobile and could be offline for large portions of the tail’s existence. There will also be “inter head & tail networking” which will allow for a network of heads and tails. They have a published research paper on Hydra Head. They are currently writing the Hydra Tail paper.
- Hydra is distinguished from other layer 2 protocols by its isomorphic properties. This means you will be able to run any smart contract that works on the base layer in a Hydra Head! This is very special. We won’t need special purpose contracts built out just for layer 2. There are some big implications to this. Since a Hydra Head is essentially just a Plutus smart contract, this means you can run a Hydra Head inside another Hydra Head. It’s turtles all the way down, guys. It sounds like they can do this iteratively as much as they want.
- Aggelos also gave a good presentation on the importance of “skin in the game” in resource based consensus protocols (both proof-of-work and proof-of-stake) and its effect on promotion or discouragement of centralization. He explained how Ouroboros has built-in safeguards to prevent centralization including the K parameter (currently at 500) which caps total rewards per pool and the alpha parameter (currently at 0.3) which splits rewards into a 77% piece and a 23% piece. A pool can take its share of the 77% piece based on the pool’s total stake and its share of the 23% piece based on the pledge of the SPO. A higher alpha parameter makes it less attractive for individual SPOs to proliferate multiple pools since they can’t be as leveraged on their available pledge and still get as big a share of the 23% piece. This also discourages Sybil Attacks. As Cardano on-chain governance progresses, these parameters will be controlled by the community.
- There will be a Cardano Goguen Summit in September. It will be hybrid digital/in-person.
- Charles is helping to bring the cryptographer who broke SHA-1 to the University of Wyoming. The Cardano funded blockchain lab there could be on the road to be a powerhouse. https://twitter.com/CaitlinLong_/status/1398290866419105802 https://en.wikipedia.org/wiki/Yiqun_Lisa_Yin
- We don’t often get to hear from the engineers behind Yoroi over at Emurgo. But, here’s a podcast with Vicente Almonacid from Emurgo. Check out 12:50 where he mentions the dApp Connector (Cardano’s Metamask Equivalent). https://twitter.com/vacuumlabs/status/1397847633696280576
- Check out this great article from Cardanians.io on the work being done at the University of Wyoming on a physical chip for transfer of private keys in day-to-day cashlike transactions. https://cardanians.io/en/cardano-can-give-crypto-a-cash-like-experience-58
- Professor Aggelos Kiayias recently dropped a video explaining exactly how Mithril (apparently neckbeard dungeon master talk for elf armor) is going to allow for Perfect Cardano (ADA) wallets that combine the ease of use and convenience of light wallets with the trustlessness of full node wallets. We also learned exactly how Mithril is going to work. https://youtu.be/LhepJFCyWRk
- In proof-of-work, bootstrapping can be done with blockheaders. This won’t do in proof-of-stake since we need information about stakeholder distribution to confirm block validity.
- Mithril fixes this by being a cryptographic construction that enables a population of stakeholders to issue a signature consistent with certain constraints.
- For Mithril to work in proof-of-stake, it needs three crucial properties: 1) it needs to enforce a threshold ratio of stakeholders before the signature is issued; 2) the pre-signature fragments must be independently verified and subject to public aggregation; and 3) it must be efficient in the sense that the final signature is of constant size and is logarithmically dependent on the # of stakeholders.
- Stakeholders will issue special Mithril keys along with the normal cryptographic key material. Then at regular intervals, full nodes will test whether they can produce a pre-signature fragment. Only a random subset of stakeholders will be eligible to produce a pre-signature fragment. When a sufficient # of pre-signature fragments have been issued by eligible stakeholders then it will be possible to aggregate the fragments into a final signature.
- This will be a checkpoint that will be verifiable with respect to previous check points all the way back to the genesis block. Such checkpoints will be cryptographic commitments of the relevant UTXOs.
- Since the checkpoints will be trustless, a light client (i.e. wallet) will only need to verify the sequence of checkpoints up to the current time to trustlessly bootstrap.
- The ecosystem is growing so fast, it’s hard to keep up with all the projects without these infographics at this point. https://twitter.com/Dr_shwetaPHD/status/1398783893638103040
- Epoch 268 is a wrap as of with 22.83 billion ADA staked. https://adapools.org/epochs
- Check out the telegram AMA tomorrow with the CEO of World Mobile! https://twitter.com/ZwijBerg/status/1399377659105320962
- A very interesting stat on Cardano user growth. https://twitter.com/cex_io/status/1398959088684445699
- Don’t forget, the Marlowe webinar is this Thursday! https://twitter.com/InputOutputHK/status/1399444331556225027
- More and more people in the youtube sphere are jumping on the Cardano train. https://twitter.com/techleadhd/status/1399398373384351744
- Reuters reports on an EU digital identity wallet project. https://www.reuters.com/business/finance/eu-step-up-digital-push-with-digital-identity-wallet-2021-06-01/?taid=60b6e171efd84f0001b64ae1&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
- The U.S. Currently has Issued Sanctions on Ethiopia, but they are not all-encompassing economic sanctions as with rogue nations, they have just barred entry into the U.S. for certain government personnel. https://www.nytimes.com/2021/05/24/world/africa/ethiopia-us-sanctions-tigray.html
- Vitalik is saying it’s highly unlikely we see ETH 2.0 before late 2022. I’m guessing that means mid 2023 which will be after two years of Cardano slaughtering the entire ETH user base. Things are looking so bad that Vitalik says he doesn’t even like using the ETH 2.0 label anymore since he knows the changes will be more incremental. This is what early capitulation sounds like guys. https://cointelegraph.com/news/even-vitalik-buterin-is-surprised-at-just-how-long-eth2-is-taking
- Cardano-Nervos cross-chain bridge to be built. This would be at least the second cross-chain bridge after the Cardano-AGI bridge. https://www.coindesk.com/cardano-nervos-force-bridge-network-first
- Sundaeswap ISO delayed due to regulatory concerns. This brings up interesting questions for the whole space about requesting regulatory permission vs. possibly being forced to ask for forgiveness. https://www.sundaeswap.finance/posts/iso-update
- Tim Harrison has announced that the transition to Alonzo Blue was successful. https://twitter.com/timbharrison/status/1400481879883649034
- Finally, 500k users in the Cardano Subreddit! https://www.reddit.com/r/cardano/
- We got a nice update on the first week of Alonzo Blue. https://twitter.com/InputOutputHK/status/1400876181122174977
- And….still! Kings of the github! https://twitter.com/CryptoDiffer/status/1400744567956180993
- Epoch 269 is in the bag with active stake of 22.77 Billion. Hope everyone made lots of delicious staking rewards! https://adapools.org/epochs
- Binance has 63 stakepools charging 6%. Please stop paying so much for the right to stake your ADA. You don’t have to pay that much. You have a huge number of better options. You are literally giving away your ADA rewards to a large corporation. It’s easy: just download the Yoroi Chrome extension, send your ADA there, and pick from the 2k+ available stakepools right inside Yoroi. https://twitter.com/BraveHeartStak3/status/1401204563189940231 https://adapools.org/groups/binance-20 https://play.google.com/store/apps/details?id=com.emurgo&hl=en_US&gl=US
- Nigeria Bans Twitter after Twitter censors Tweet from Nigerian President. This emphasizes the need for decentralized social media. A decentralized solution running on Cardano could fix this. https://www.cnn.com/2021/06/04/africa/nigeria-suspends-twitter-operations-intl/index.html https://www.youtube.com/watch?v=JilEb42q-CI
- A Really Big Deal: El Salvador is on the verge of making Bitcoin legal tender in the Central American nation. https://www.youtube.com/watch?v=3uGOfqN2y9k
- This could have huge ramifications for bank and accounting treatment of Bitcoin potentially including that banks might suddenly be allowed to handle Bitcoin as a foreign currency. Today it was BTC. But, wait until they find out what Cardano can do. https://twitter.com/CaitlinLong_/status/1401334421773504517
- Nayib Bukele, President of El Salvador, also clarified that there will be no capital gains taxes on Bitcoin since it is a “legal currency” and crypto entrepreneurs will be given instant permanent residence. https://twitter.com/nayibbukele/status/1401622548396314631
- Bitcoin enthusiasm seems to be off to a great start among other Latin American politicians after the fervor around the El Salvador announcement. This will serve as a great gateway drug that only leads to Gen 3 projects and Cardano. https://twitter.com/gilson__marques https://twitter.com/carlitosrejala https://twitter.com/gabrielsilva8_7/status/1401965129051389958 https://twitter.com/FabioOstermann
- We are always the Github Kings. It’s amazing. https://twitter.com/CryptoIRELAND1/status/1402011593995603975
- Charles basically just laid out what 4th Gen Cryptos are going to be all about in his video yesterday. https://www.youtube.com/watch?v=nkr1EKQrVeQ
- Here’s a good Emurgo blog article on the use of Emurgo Trace in the Oil and gas industry. https://twitter.com/emurgo_io/status/1402339278097502210
- IOHK gives us a closer look at everything being upgraded for Alonzo. https://iohk.io/en/blog/posts/2021/06/08/a-close-look-at-the-software-running-cardano/
- We’re currently at 71.52% of ADA staked. This is a pretty incredible ratio and shows the strength of the Cardano community. https://twitter.com/CardanoPoolPeek/status/1402378400803794950
- SEC Commissioner Hester Pierce warns about the regulatory impulse being displayed by her colleagues toward crypto and the impact it could have on the stifling of innovation. https://www.ft.com/content/ae0d40a1-8a4a-4885-a6a7-b157e27b3311
- El Salvador passes the statute to make Bitcoin legal tender in the country. https://twitter.com/nayibbukele/status/1402827595339681794
- Cardano gets more positive coverage on the Nasdaq website with a second article following the one from April 7 earlier this year. https://www.nasdaq.com/articles/be-part-of-a-historic-crypto-moment-with-cardano-2021-06-08
- Prof. Aggelos Kiayias releases an article on a tri-coin system called Stablefees that could fix the problem of appreciating transaction fees in crypto. https://iohk.io/en/blog/posts/2021/06/10/stablefees-and-the-decentralized-reserve-system/
- There’s very interesting speculation circulating out there about how El Salvador’s Bitcoin adoption might impact relationships with the U.S. and the IMF. https://twitter.com/cardano_whale/status/1403136968456765443
- Elizabeth Warren is now talking about the U.S. needs to regulate crypto. https://twitter.com/BloombergTV/status/1402749016845262851
- The mid-month Alonzo development update from IOHK is out. Alonzo blue is in full swing and they are working on “hello world round trips” going from the node to the ledger and back. Plutus Partners (third party functional dev firms) are working on different use cases ahead of the Alonzo launch. https://twitter.com/InputOutputHK/status/1403314932968574981
- Miniswap gives us the dev perspective on why Cardano’s Plutus is such an improvement over Ethereum’s Solidity. https://twitter.com/MinswapDEX/status/1403411522110427137
- Here’s a great ETH vs. Cardano DeFi project comparison infographic. https://twitter.com/Coin98Analytics/status/1403397242707320835
- Charles recorded for the Lex Fridman Podcast. It went over five hours. This is a big deal given that Lex has 1.12 million subscribers and it’s closer to mainstream than a crypto audience. https://twitter.com/IOHK_Charles/status/1403498549300584448 https://www.youtube.com/user/lexfridman
- The Marlowe Webinar with Shruti is now available on youtube. Very interesting discussion of DeFi in general and also specific topics like “deep interoperability” in DeFi. Cardano is obviously already doing the very involved thinking about the future of DeFi. https://youtu.be/vzsUSG5CSj0
- John O’Connor recently tweeted about a day where he “wrote a letter to a president” and “found a million users to bring into Cardano”. Sounds like the Cardano train is rolling along as smoothly as ever in Africa. https://twitter.com/jjtoconnor/status/1402565547716399104
- Zach Guzman and Mike Novogratz get an opportunity to prove once again how extremely threatened they are by the fact that they can’t frontrun Cardano at this point. https://twitter.com/IOHK_Charles/status/1404100510525841408
- John O’Connor appeared on the Disrupt Network Podcast. bit.ly/3znqyB7
- President of Tanzania calls on the central bank to prepare for the adoption of cryptocurrencies and blockchain technology. I wonder what crypto ecosystem already has experience working with an African government on a big crypto project and has partnered with a mobile company that is already bringing connectivity to rural Tanzania? https://twitter.com/DocumentingBTC/status/1404126444863766533
- Hedgefund Billionaire Paul Tudor Jones tells the world to buy crypto and certain other assets if the Fed doesn’t address inflation in their policy meeting that concludes on Wednesday. JP Morgan’s Jamie Dimon concurs that the current inflation is very likely not transitory. This could be tremendously good timing for Cardano given our top five status and the impending mainnet launch of smart contracts. https://www.cnbc.com/2021/06/14/paul-tudor-jones-says-bet-heavily-on-every-inflation-trade-if-fed-keeps-ignoring-higher-prices.html https://www.cnbc.com/2021/06/14/jamie-dimon-jpmorgan-is-hoarding-cash-because-very-good-chance-inflation-here-to-stay.html
- With exploits like this one being all too common in the legacy smart contract networks, we’re not even going to have sell the Cardano use case for DeFi. The competitor networks have already made the case that something better must be on the way. https://twitter.com/zapper_fi/status/1404429179794362369
- World Mobile CEO tweets out a tantalizing response to the Tanzanian President’s call for her nation’s central bank to prepare for crypto. https://twitter.com/MrTelecoms/status/1404375153191141377
- If you are new to Cardano and you would like to get a handle on the terminology involved in the ecosystem, you may want to check out these Cardano flashcards produced by Coconut Pool. https://twitter.com/coconut_pool/status/1403442954434269185
- While renewable energy is certainly a wonderful thing, there may be a problem with your technology when your path to compete on clean energy consumption involves you talking about harnessing the power of a whole series of volcanoes. Maybe just use fewer volcano’s and more proof-of-stake? https://twitter.com/_eLaPs_/status/1404125569093029889 https://twitter.com/gladstein/status/1402718041557725184
- The Charles/Lex Fridman podcast has dropped. This is a big deal. This is a fairly mainstream podcast with over 1 million subscribers. https://youtu.be/FKh8hjJNhWc
- Politicians in the legislative branches of Panama and Paraguay have now announced intentions to introduce crypto-related bills into their respective legislative assemblies. https://twitter.com/gabrielsilva8_7/status/1401965129051389958
- New algorithmic stablecoin paper coming in the next few weeks from IOHK. https://twitter.com/IOHK_Charles/status/1405737563030183936
- The bank of England is getting very serious about how it “may wish to limit migration” of money from the legacy system to stablecoins. Wow. Just another example of why it’s such an asset (no pun intended) that Cardano is prepared for regulation. https://twitter.com/CaitlinLong_/status/1405712468823842816
- Check out the newly “pimped up” Cardano documentation. https://twitter.com/theSavaSavic/status/1405526615585480730 https://docs.cardano.org/
- The Cardano Development Update for this week is out. https://roadmap.cardano.org/en/status-updates/update/2021-06-18/
- Runtime Verification (architects of K Framework which powers Cardano’s IELE & KEVM) just raised $5.3MM in a round that included Cardano’s C Fund. https://runtimeverification.com/blog/runtime-verification-raises-5-3-million-to-advance-blockchain-security https://twitter.com/RosuGrigore/status/1405917218035097600
- It’s a good sign that the top two crypto communities are spending so much time talking negatively about Cardano. You only focus your hatred on that which is most threatening. I’m glad to see we’re the biggest threat on their radar. https://twitter.com/nic__carter/status/1405194146063736840
- Bloomberg just published a piece called “America Should Become a Nation of Renters”. While this statement is probably extremely polarizing for Americans, it can also be argued that the death of homes as the primary investment vehicle of Americans may open up a new wave of adoption in crypto as an alternative. https://twitter.com/bopinion/status/1405609396302979074
- We are crushing all the competitors in terms of assets staked! https://twitter.com/CryptoDiffer/status/1405854686209622018
- All 345,501 of the people who have watched the Lex Fridman/Charles episode as of writing are realizing that Cardano could be the first project to put voting on the blockchain in a U.S. state. https://www.atalaprism.io/app
- Days like today in Cardano and the greater crypto space always reminds me that there have been other great adoption stories that went through periods like this.https://twitter.com/elonmusk/status/1407077949774442499
- It looks like the second biggest ETH stakepool or it's custody provider has lost it’s users private keys to $75MM in ETH. Cardano doesn’t have this problem. We get to keep custody of our crypto because we found a better way than slashing. https://stakehound.com/blog-post/fireblocks-eth-2-key-management-incident/ https://twitter.com/JamesSpediacci/status/1407465311180255236
- Draft table of contents for Mastering Cardano has been revealed. https://twitter.com/IOHK_Charles/status/1407165366355124225
- COTI (a project with very close ties to Cardano) is coming to Ledger. https://medium.com/cotinetwork/coti-native-is-coming-to-ledger-c56b04df1253
- The June Cardano 360 is currently available on Youtube. https://youtu.be/al5m14299ww
- We saw segments on various newer partner entities like Nervos, Orion Protocol, and Revuto. Nervos is a UTXO proof-of-work blockchain which is building a cross-chain bridge with Cardano so that you can use your ADA on Nervos dApps and vice versa. Interoperability is a big theme for Nervos and they plan to have a working testnet within a month. Orion Protocol is building a terminal that will allow for decentralized non-custodial trading across centralized and decentralized exchanges. They say this would not require you to KYC or even have an account with any of these exchanges. Revuto is an online subscription management service that recently completed a $10MM token sale on Cardano.
- It was also revealed that Wolfram Labs, COTI, and IOHK have a three-way partnership (a ménage à tech) to build an NFT auction site. The people from Wolfram were talking about very interesting things including live minting during streaming events and automated upload to IPFS. COTI will be building out auction and bidding mechanisms in ADAPay.
- Professor Aggelos Kiayias gave us an update on research including that Ouroboros Chronos and Hydra papers have both been accepted into conferences/journals. Chronos will provide Cardano with a global concept of time that doesn’t rely on any outside timekeeper. Prof. Kiayias also pointed out that Hydra is distinguishable from other layer two protocols in that the scripting language is identical to that of the base layer in Cardano such that any dApp that can run on Cardano will run on the Hydra L2. This is a huge plus and superior to many other layer two solutions in other ecosystems where the base layer dApps will not run on layer two. Finally, the Mithril paper has been submitted for peer review. It will provide Cardano light wallets with Succinct Non-interactive Arguments of Knowledge that will give us the best of both worlds: no delays for syncing as in full node wallets while still preserving trustlessness.
- Finally, the Goguen Summit will be in late September. Sign up now at summit.cardano.org.
- The Fed is once again STRONGLY signalling to us that they are going to regulate stablecoins. The Fed is also specifically calling out Tether for the first time. You need to be thinking about how stablecoin regulation might affect your favorite Cardano DeFi or other project. https://twitter.com/CaitlinLong_/status/1408500265397985282 https://twitter.com/CaitlinLong_/status/1408572624125534212
- People are starting to realize that the Stakehound private key loss in ETH may attract unwanted regulatory attention to Ethereum 2.0 while this problem could never have occurred in Cardano. Also, only a few days later another ETH stakepool (this time SharedStake...the sixth biggest ETH Stakepool) allegedly experiences a rugpull that some are valuing at over $30MM. This is another problem that could not happen in Cardano staking. It feels like we stepped into the ring, they rang the bell, and ETH just started punching itself in the head. Eventually it’s going to KO itself. https://twitter.com/Madror7/status/1408505144984051716 https://twitter.com/JamesSpediacci/status/1407761823143645189 https://twitter.com/MeiTrades/status/1408117430656905219 https://sharedstake.medium.com/the-sharedstake-story-by-kairos-44d37aa7837a
- Here’s another great Cardano data site. This one is from the Cardano Fans stakepool. https://datastudio.google.com/u/0/reporting/3136c55b-635e-4f46-8e4b-b8ab54f2d460/page/r2LQC
- John O’Connor of IOHK points out that France still controls the monetary policy of 14 countries in Africa. There is definitely a built in market on the continent for a project that delivers monetary sovereignty to the people. https://twitter.com/jjtoconnor/status/1408978882129272832
- Here’s a great new interview with the CEO of World Mobile from Cardano Chats. https://youtu.be/w0Z2RP6a9HE
- New article from the Cardano Foundation on Governance. https://forum.cardano.org/t/blockchain-governance-what-it-is-and-why-it-matters/65493
- Sebastien explains some Alonzo HFC event changes. https://twitter.com/SebastienGllmt/status/1409485560012414978
- IOG Research update from Prof. Aggelos Kiayias. Really interesting bit right at the beginning on the history of cryptography as a field of study. https://www.youtube.com/watch?v=7UAL_6f7PFw
- Sebastien of dcSpark submits a Cardano Improvement Proposal to allow wallets to implement collateral. https://twitter.com/SebastienGllmt/status/1409910858117877763
- New Plutus Pioneers Class starting July 1!
- Charles says it looks like we will hit Alonzo white on Monday. https://twitter.com/IOHK_Charles/status/1410279529021648896
- Coti update from Shahaf Bar-Geffen. https://twitter.com/COTInetwork/status/1410644013863124992
- The Mithril paper (allows for trustless light wallets) is now available for your reading pleasure. https://iohk.io/en/research/library/papers/mithrilstake-based-threshold-multisignatures/
- The Ouroboros Chronos paper (allows for the blockchain to be its own timekeeper) is also now available. https://iohk.io/en/research/library/papers/ouroboros-chronospermissionless-clock-synchronization-via-proof-of-stake/
- Cardano is now a small part of Grayscale’s Digital Large Cap Fund. They actually sold off current holdings in other coins to buy ADA. This is big for institutional adoption! https://twitter.com/Grayscale/status/1410945118228692994
- Catalyst Fund 4 results are here. https://adapulse.io/fund-4-results-are-here/
- Lars has posted the first class for the second Plutus Pioneers cohort . https://twitter.com/LarsBrunjes/status/1410677447805308935
- Robert Kornacki of dcSpark releases an article on why every Cardano dApp will use NFTs. The article contains some very interesting discussion on smart contracts in the EUTXO context including language instructing that “UTXOs have smart contracts attached to them and not the other way around” and “[...]the simplest way to think about it is that when a UTXO is created it has the option to have a smart contract attached to it.” https://medium.com/dcspark/every-eutxo-dapp-will-use-nfts-and-heres-why-fd87e6a8c9a6
- A very interesting medium article on the concurrency problem in eUTxO blockchains such as Cardano. (Article by Occam Fi....thanks to Muggy Pool for sending it my way). https://medium.com/occam-finance/the-occam-fi-technical-series-on-concurrency-cd5bee0b850c
- The concurrency issue in plutus smart contracts has also been recently commented on by Lars and Sebastien. https://twitter.com/LarsBrunjes/status/1390331642103877633 https://twitter.com/LarsBrunjes/status/1403761666383306757 https://twitter.com/SebastienGllmt/status/1410983827481108480
- The Cardano Foundation has released a video on its short and long-term strategies to get to one billion users by 2026. https://twitter.com/CardanoStiftung/status/1412137365318127626
- Ben O’Hanlon sets the record straight on developer interest in Cardano. https://twitter.com/benohanlon/status/1412136150404370432
- As always, Cardano is straight killing the competition in terms of assets staked. https://twitter.com/StakingRewards/status/1412389781003194395
- Once again, we are also the Github activity champions! https://twitter.com/CryptoDiffer/status/1412333951830605824
- Between Cohort 1 and Cohort 2 of the Plutus Pioneers program there have been 4,300 potential future Cardano developers involved. https://twitter.com/InputOutputHK/status/1412465643245424649
- Here’s an interesting chart purporting to show the dates on which various Cardano DeFi projects might have finished products. https://twitter.com/Cryptokev84/status/1412343821757730820/photo/2
- IOG says they have started onboarding new SPOs and developers to Alonzo White this week. https://twitter.com/InputOutputHK/status/1412847798274478084
- Charles also confirms that Alonzo White may start Friday but probably Monday due to a natural (and warranted) desire to avoid executing a rollout at the start of a weekend. https://youtu.be/yd1eg4QopV8
~Army of Spies
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