Organized annually all around the world. These events were attended by more than 200,000 visitors and 3,000 worldwide companies. The company is also the owner of IQ.cash #ETF #Ethereum #bitcoin #eth #uniswap #defi #gem #investing #altcoins #exchange #money #cryptocurrency #trading #investment #decentralized.
Tuesday, November 24, 2020
Tokenomics , Forecast, News Update
Read full story: medium.com/verasity
Tokenomics , Forecast, News Update
Tokenomics, Forecast & News Update
- Introduction
- VRA Token Distribution &Circulating Supply update
- Founders token unlock schedule
- Funding update
- VRA Token distribution
- VeraWallet Staking program update
- New VeraWallet features coming soon
- Exchanges update
- Buyback and burn update
- Business model
- Recent achievements
- Our reach in gaming
- Additional Esports Fight Club activities
- Verasity scale and adoption
- Roadmap completions this quarter
- Verasity metrics
- News!
- Revenue forecast
- Our crypto community relationship
- Expanding our reach
Introduction
The KuCoin hack, OKEx debacle, Bitmax shutdown and BTC dominance appreciation slowed down Verasity’s momentum just as we launched one of the biggest esports events in crypto (UWS PUBG tournament).
Nevertheless our technical accomplishments and ability to scale have never been better. All the parts of the Verasity ecosystem are coming together in the best possible way.
This article is meant to update the community as well as provide new information about what we have accomplished and are doing to make this the best project in crypto.
VRA Token Distribution & Circulating Supply Update
Below is a table setting out Verasity’s calculated Circulating Supply, locked and unlocked tokens. We will update this quarterly.
Etherscan links:
Founders Token Unlock Schedule
Founders tokens are locked until the price of VRA reaches a target which is approximately in the range of the ICO price. To give the exact target price will harm investors as traders will take advantage of that data point. As long as the price remains below the target price, the Founders & Team tokens will not be released.
Only when the target price is reached can the Founders & Team pool be released annually. In each year (2020, 2021, 2022 and 2023) the Founders & Team qualify to receive upto 25% of their allocation if the minimum price condition has been achieved. If the target price has not been reached then the tokens remain locked. No tokens will become available for release in 2020.
We don’t believe that the Founders & Team tokens are a market overhang due to the onerous restrictions of the unlock schedule.
Funding Update
Current resources held by Verasity fund the project roadmap which has been published for the next 12 months. We forecast (see below) reaching profitability in 2021 which will finance the continuing runway thereafter.
The Foundation Reserve has sold 355,300,000 tokens (12.9% of its original total) to finance exchange listings and other costs. In the future, additional listings and expenses may require sales of VRA from the Foundation Reserve. Verasity had anticipated and disclosed this in the tokenomics update of April. See further information about the Foundation tokens in the VRA Token distribution section of this article.
VeraWallet Staking Program Update
Based on the staking program operating at full capacity throughout the calendar year 2021, and ignoring the timing of deposits and withdrawals, a maximum of 847,500,000 VRA will be required to pay the daily staking rewards. The staking reward rate is 0.1% per day (36.5% per annum) until 31 March 2021 when it becomes 0.07% daily (25.55% pa) until 31 December 2021.
Given that the staking rewards come from the Foundation Reserve or market purchases by Verasity, we believe that staking rewards have not been inflationary to total supply.
New VeraWallet Features Coming Soon
Liquidity Mining
Earn additional VRA by providing liquidity for a selected token pair. Send equal amounts of VRA and a trading pair token (i.e. DAI) to a special VeraWallet address to create a liquidity pool. Once active this will generate VRA rewards for each day of providing liquidity. You can withdraw your tokens from the liquidity pool after a fixed period or can leave your tokens for the whole liquidity mining period.
Instant Buy & Stake
- We will add ETH in addition to USDT and BNB in Q4’20 or Q1’21.
- Affiliate system to be added to allow marketing of VeraWallet &VRA related products initially to be launched in select countries.
Additional Top Up Methods
We will expand the credit card facilities to other vendors which will be announced soon.
Exchanges Update
Verasity started 2020 with a listing on KuCoin ‘one of the most popular and secure cryptocurrency exchanges’ and soon VRA’s trading volume was up to $250k — $500k organic volume per day, liquidity was deep and VRA’s price was trending upwards. Then, on 25th September 2020, KuCoin announced it had been hacked and it had frozen withdrawals. Following this, in early November Bitmax announced its interface was down for a week preventing any trading.
Without adequate liquidity from our largest exchanges and in combination with the rise of Bitcoin dominance from 58% to 67% of the overall market, VRA came under great pressure and its price fell from the end of September onwards.
Also in September, Verasity launched its Ultimate Warrior Showdown event in collaboration with the exchange OKEx. We were very pleased with the millions of video views achieved and we were looking forward to developing our working relationship with OKEx, however, shortly after the event’s conclusion the founder of OKEx was detained by the Chinese authorities and withdrawals were suspended by the exchange.
These four external events slowed our momentum.
We are glad that OKEx plans to reopen its withdrawals next week but we are now reluctant to deal with any exchanges that have ongoing investigations by government authorities.
Verasity is aware of the importance of having secure and liquid exchanges to trade VRA and it is one of our objectives to increase the quantity and quality of exchanges we are listed on. Over the next few months we plan to add new exchanges in various jurisdictions. We will be working with expert advisers and diving deeper into our due diligence on potential exchanges. We are currently negotiating with several exchanges but make no promises as to timing given that crypto exchanges are so vulnerable to hackers as well as regulatory risks (see OKEx & BitMEX). Verasity cannot predict which exchanges will have issues as we don’t control exchanges.
Do keep in mind that the community requested the following exchanges over the last six months: Bittrex, OKEx, KuCoin, Bitmax & Bitmart. We delivered on all of these exchanges but had to pause OKEx because of the government investigation and withdrawal stoppage.
We are currently close to finalizing a listing and hope to announce soon. Listings are announced by exchanges, so you will know when we are listed.
Buyback and Burn Update
Verasity has burned 2,135,033,305 VRA (17% of original total supply) since its launch. However, in 2020 there have been no burns because the income generated in the year was not sufficient to cover the additional expense of a substantial buyback.
This does not mean that Verasity has abandoned its intention to buy back and burn, it only means that we are waiting for our net revenues and fees to grow (see forecast below).
With regard to the communication of token burns, our legal advisers state that due to certain territories where VRA is available we cannot make commitments to dates, amounts or rates of future burns. Otherwise we risk being considered a security token and being delisted from certain exchanges (and not be able to get onto new ones). Hence we have to repeat that ‘a random amount of net revenues and fees earned by Verasity in fiat are used to buy back VRA from exchanges to burn’. Once a burn has taken place we will inform the community and it will be visible on the blockchain. We anticipate buy backs in 2021 and will inform the community after they take place.
Once we reach profitability which is anticipated in 2021 (see the forecast below), the Verasity Foundation is committed to buy back and burn VRA. Please note that Verasity is a foundation and by law is not allowed to distribute profits (it cannot declare a dividend) so to maximise token holders’ value it will continue to buyback and burn VRA.
Business Model
Our fundamental model has not changed:
Video publishers attract audiences to watch video content and ads. Users are rewarded for it, thereby increasing engagement and monetization.
This model has not changed. What has changed is the type of video publisher we are pursuing. Prior to COVID-19, we pursued traditional publishers. With COVID-19, we saw the opportunity to pursue gaming publishers and more specifically esports publishers. More importantly, we created our own tournament platform: esportsfightclub.com. This allows us to control our own environment, launch our own proprietary video player, own our video content, run ads on our player, and charge subscription fees as well as take tournament fees.
This also allows us to scale at our chosen rate. Initially we tested huge tournaments with the largest brands and broadcasters and now are doing smaller scale events to give us the space to build out more features for the platform before the next big tournament.
Esports Fight Club will require players to use VRA to purchase subscriptions via several payment systems: VeraWallet, PayPal and Credit Cards (although some tournaments are free for promotional purposes). Winners receive VRA for winning tournaments. Soon players will also be rewarded VRA for watching ads. Verasity profits from the purchase of game credits, subscriptions, tournament prize pools and ads. This is an entire ecosystem all within Verasity.
Some of the community asked us why we are doing smaller events now after such large events. Building a platform is not just about huge marketing. Our technical roadmap actually calls for different size events (micro events) in different periods, which allows the platform to add features and functionality that has been included in the development roadmap as well as to grow the platform organically. For more about Esports Fight Club’s future plans see this video with Mike Stubbs.
Initially we started with two world class tournaments which brought in millions of viewers and tested our platform. Now we are running micro tournaments while we build out the platform features to accommodate our vision of a world class tournament platform. This will include our proprietary video player as well as ad stack and finally Proof of View which will make the ad monetization so much more valuable.
It may be difficult to see the forest from the trees, but all the parts are coming together now:
- The Esports Fight Club platform — lots of features already available including global and tournament chats, user created tournaments, detailed tournament customization options
- Proprietary video player — in internal beta for launch Q1
- Proprietary ad stack — in internal beta for launch Q1
- Our own esports content — all the content rights from the tournaments are owned by EFC & Verasity
- Our belief that we can drive large streaming numbers via esports tournaments
- Rewarded Video for these users to watch our content and ads on Esports Fight Club and not on YouTube or other platforms by utilizing VRA to engage and monetize
- A large number of ad networksthat include Google AdMob — Signed on
- Proof of View smart contract view verification (on-chain) — to be released Q2’21 (delayed because we believed that building our own blockchain would have been difficult to obtain adoption for and waited for Ehereum to build out new features they have been developing and which we required. We now have an Ethereum solution which is far easier to scale and which saved us time and money in the medium term).
- In Q1’2021, we will put many of the parts together to start scaling our own video player with our ad stack, producing ad revenues in addition to our other revenue streams.
Recent Achievements
In crypto it’s easy to forget what we have accomplished so far. Just in the last few months we have:
- Broadcast to millions of viewers on YouTube, Facebook and Douyu in English, Korean, Hindi, Mandarin and Nepali. In China alone we estimate over 280,000 viewers tuned in to watch the live UWS action across just 2 days on Doyu.
- Brought over 2.1 million viewers to the Esports Fight Club home page.
- Expanded payment options for non-crypto gamers by adding PayPal and credit cards for subscription and prize pools (PayPal is added and credit cards see below)
- Two world class tournaments with exchanges to attract esports players and fans watching live streams
- Pros have supported both Esports Fight Club and Verasity on social media
- Working with major brands including PUBGM, Tencent, Athena Gaming & Warmania
- Major esports teams including FaZe Clan, Orange, T1, Elementrix, Nova and Onic Esports competed in our tournaments.
- Broadcasters streaming the live tournaments outside of Esports Fight Club site in five languages
- Expanded our presence on Twitch and YouTube with influencers in crypto and non crypto
- Expanded our presence in social media, TG, Discord, DApp websites, Crypto publications
- Targeted comms in our 11 international communities
- Email marketing
Our Reach in Gaming
Tencent
We had the first third party multi-country PUBG Mobile tournament with Tencent approval and in 2021 have an opportunity for in-game rewards once we have put on further large scale tournaments. This will put Esports Fight Club and Verasity in a unique position.
Tencent and Verasity will continue to explore multiple avenues to work together across multiple regional Intellectual Properties around PUBG Mobile and Asian markets.
Athena Gaming & Warmania
Diversifying esports activations through multiple localised companies to promote regional growth like Athena and Warmania.
Blizzard
Obtaining tournament licenses for all major games.
Because we are a small team, we have not had the resources to fully utilize our reach. We will do so in 2021 with large companies and projects to help us scale.
Additional Esports Fight Club activities
- With more updates around LAN events, esports fight club is supporting more offline based esports events to ensure brand visibility and promote its esports platform direct to users.
- Esports Fight Club will also be expanding its streamer portfolio across 2021–2022 with multiple languages including Arabic, Bahasa, French, Spanish and Korean.
Verasity Scale & Adoption
Our PUBG tournament was one of the most successful events with this scale of adoption in crypto. Other platforms pale in comparison with thousands of views not millions. After our beta we went into full scale mode without a hitch — millions of video viewers without any issues. Now we are running smaller events while we expand the platform organically and build out important features and functionalities.
Our tournament had a prize pool that was five times smaller than the PMPL SA 2020 tournament but performed comparatively, and had a prize pool that was half the size of the Binance tournament but our stats were 88 times larger.
Roadmap Completions this Quarter so far
Although we announced this, few in our community took this big accomplishment in:
- Global chat for everyone on Esports Fight Club
- Tournament chats just for participants
We added games last quarter:
- CS:GO
- PUBG
- PUBG Mobile
- Valorant
and will add more in this Quarter:
- Free Fire
- Dota 2
Added features to Esports Fight Club:
- Frictionless tournament joining process
- User defined teams
Expanded current company and gaming relationships geographically to North America, EU & South East Asia.
Verasity Metrics
As of October we had a month on month increase in social stats of 26% and 154% over the previous 12 months. See the metrics here.
News!
- We have an agreement with Stripe Payment Systemto provide credit card payments in 135 currencies worldwide for Esports Fight Club. 2.8m websites use Stripe as a payment system with half in the USA. Now Esports Fight Club will include 3 payment systems: Stripe, PayPal and VeraWallet. Between Stripe and PayPal they cover over 50k gaming sites.
Stripe will allow us to:
- Accept payments globally
- Send payouts globally
- Integrate with thousands of gaming businesses &publishers who use Stripe plugins to accept payments on platforms like WordPress, Magento and PrestaShop
- Be added to their curated gallery to further our reach to partners looking for rewarded video platforms to improve their current businesses
- Accept payments for subscriptions, tournament prize pools and our proposed game marketplace
- Issue branded credit cards
- Customize their APIs to build customized payment systems to differentiate and attract more users onto our forthcoming marketplace to be launched in 2021. This customization will be proprietary and unique. - Stripe will work with Esports Fight Club to reach out to video publishers and game publishers around the world. This will give us access to video publishers worldwide.
Now that we have an agreement, Stripe integration will be completed in this quarter.
- Esports Fight Club has been working on partnerships within the esports ecosystem to promote cross platform rewards.
To this end we have been in discussions with major peripheral manufacturers including E- Blue, Razer and SteelSeries. As soon as agreements are reached, we will jointly announce sponsored product peripherals that will be rewarded in our tournaments.
Revenue Forecast*
Verasity earns revenue through subscriptions to its gaming and tournament platforms, commission on tournament prize pools, video ad revenues and on transaction fees for use of Verasity products.
Revenues in 2020 were lower than anticipated in part because of our need to pivot to gaming publishers due to the COVID pandemic which affected traditional brand advertising and publisher revenues. We have taken this into consideration in the revised forecast.
In Q1 2021 no material revenue is expected to be generated from Esports Fight Club or from ad revenues.
As the gaming platform develops and our proprietary ad stack is implemented revenue grows month by month. We anticipate that non-gaming publisher sites provide further video ad revenues from Q3 2021 onwards. Additional revenues are expected from the implementation of Proof of View in the latter part of 2021. We expect that the majority of revenues will accrue from ads.
3 Year Forecast*
Buyback and Burn Forecast*
As part of Verasity’s intention to buyback and burn tokens it has included in its forecast three annualised purchases. As discussed above we are unable to commit to dates or amounts of future burns, however as part of the forecast we would like to share what it may look like.*
In 2021, the forecast contains a total buyback and burn of 500,000,000 tokens at an estimated average price of $0.0010 (total $500,000).
In 2022, the forecast contains a total buyback and burn of 1,500,000,000 tokens at an estimated average price of $0.0025 (total $3,750,000).
In 2023, the forecast contains a total buyback and burn of 1,500,000,000 tokens at an estimated average price of $0.0050 (total $7,500,000).
Based on the forecast, we will endeavour to buyback 3.5 billion VRA or 34% of the current total supply, and Verasity would have generated a surplus of $1.9m for future growth and buybacks. Please note that the average prices used to calculate the buybacks are not targets or guarantees for the future price of VRA.*
Our Crypto Community Relationship
The crypto space and community is very unique, one that truly requires more attention from our side. Although we build amazing tech with real world applications, we have not succeeded in taking you with us on the Verasity journey. One big problem we have had is that esports and crypto live in two different worlds. Esports is only on Discord and Instagram, whereas crypto lives on Telegram and Twitter. We have added a Social Wall and hoped that more crypto followers of Verasity would check it out more often.
To get more community involvement we will start doing more AMAs, producing video and podcast content on a regular basis to keep the community informed and widen our crypto audience. To update the community on Esports Fight Club we will post a series of videos and post them across our socials. Here is the first one. We will also start providing quarterly business stats starting in 2021 so that investors can follow our progress much like public stock companies.
We are all here to work with the crypto community and to build the amazing future of Verasity together with you.
Expanding our Reach
We are always looking to expand our reach in order to grow the project. If members of our community have direct contacts with companies and projects that they think will be helpful to growing our business please let us know through our admins. What is helpful here are actual direct contacts and not just company names. Consider our current business as we want to focus on gaming, esports and video partners.
**Forward-Looking Statements*
Certain information set forth in this presentation contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) the use of proceeds and profits for buy backs hereunder; (iii) the expected development of the Company’s business; (iv) execution of the Company’s vision and growth strategy; (v) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Verasity tokens are subject to these terms and conditions.
REWARDS BASED PLATFORM FOR ESPORTS, GAMING AND VIDEO ENTERTAINMENT
Verasity provides proprietary technology uniquely rewarding gamers, viewers and publishers. Verasity is a crypto-based platform with the VRA token that aims to revolutionise the online advertising business. With its innovative Proof of View system, advertisers are able to guarantee their video ads are seen and not ignored thanks to smart contracts on the Ethereum chain, while viewers are able to earn VRA simply by watching the content they already consume. Verasity has a focus on gaming publishers and esports.
- The first platformto provide user-generated esportsand casual gamingjackpot tournaments supported by both Fiat &Digital Tokens.
- Video gaming content monetized by Verasity Ad Stackand Proof of View (PoV)
- Enables tokenized rewards(VRA) as well as loyalty schemes within the video player VeraWallet
- Supports over 2 million video publishers with our SDK products(overlay on video players) to increase engagement and revenues by 35%. See example publishersand videos here.
Verasity revenue streams include:
Game subscriptions, jackpot revenue rake and video ad revenues. Read about the tokenomics, forecast, buy back and burn here.
📖 Read our latest adoption metrics and one page overview
📈 Find where VRA (ticker) is trading onCoinMarketCap
VRA can be staked for 36.5% annual interest at https://verawallet.tv.
Follow Us:
Medium: https://medium.com/verasity
Twitter: https://twitter.com/verasitytech
Website: https://verasity.io
Telegram Token Discussion: https://t.me/Verasity_Official
Telegram Token Announcements: https://t.me/verasity
Verasity Gaming: https://t.me/verasity_gaming
Facebook: https://facebook.com/verasitytech
LinkedIn: https://www.linkedin.com/company/verasity
Reddit: https://www.reddit.com/r/verasity
Blockfolio Signals: Follow VRA to receive updates straight from the team
Join our local groups, we have support in the following languages
Brazilian chat 🇧🇷 — https://t.me/Verasity_BR
Indonesian chat 🇮🇩 — https://t.me/verasityindonesia
Japanese chat 🇯🇵 — https://t.me/verasityjapanese
Korean chat 🇰🇷 — https://t.me/Verasity_Korea
Persian chat 🇮🇷 — https://t.me/verasity_irn
Russian chat 🇷🇺 — https://t.me/VerasityRU
Spanish chat 🇪🇸 — https://t.me/verasity_spanish
Turkish chat 🇹🇷 — https://t.me/VerasityTR
Vietnamese chat 🇻🇳 — https://t.me/Verasity_Vietnam
Philippines chat 🇵🇭 — https://t.me/verasity_philippines
Indian chat 🇮🇳 — https://t.me/VerasityIndia
WeChat — PM @cryptomeo on Telegram
If you are a Game Developer or Video Publisher and want to grow your audience and revenue by 500% click thelinkto talk to the team
Tokenomics , Forecast, News Update was originally published in Verasity on Medium, where people are continuing the conversation by highlighting and responding to this story.
-- Integrate with Verasity:
All your questions answered about the CoinParty2020 hackathon.
Let's get building on Bitcoin Cash!
We are rapidly approaching the kickoff of our CoinParty2020 hackathon. CoinParty is a week-long global virtual hackathon for building awesome projects on BCH.
We have had an amazing response so far, but we know many of you had questions about it. We want to cover all those questions as best we could, and hopefully convince you to get involved in the most fun hackathon of 2020. We already have 60 people registered!
Before we dive into the FAQ, we wanted to remind everyone that we have just one day left of our flipstarter campaign. We are now over 1/3 of the way to getting it successfully funded. Even better is that u/btcfork has set up a lottery where you can win 5BCH (~$1600) by just making a pledge, and the minimum pledge is just $18.70 (0.055BCH) right now!
If you want to support CoinParty2020 please go pledge at…
flipstarter.coinparty.org
What is a ‘hackathon’?
A hackathon is an event where people come together to build projects within a set period of time with the aim of winning prizes. Hackathons are generally for software-based projects. People create teams to complete the work and then submit their project for judging at the end of the event.
How do I register?
You can register right now through THIS LINK.
What is the cut-off date for registration?
We suggest that anyone interested in joining the hackathon register right now, or asap, as there will be a number of pre-hackathon activities to get people warmed up. From now until kickoff is also the perfect time for you to generate ideas and build strong teams. The absolute final cutoff date to register and join in is Tuesday 1st December.
Can I work on existing projects during the hackathon?
Yes, absolutely! We want people to be able to continue to build upon and refine existing projects. It is important to have both a high-quantity but also a high-quality of tools and services within the BCH ecosystem.
The only thing we require for work that is done on existing projects is that the pre-existing work is declared to us at the start of the hackathon so it can be taken into account by the judges.
If you have been found to have used existing work which was not declared then you will be disqualified from CoinParty2020.
Do the projects need to be open source?
While open source work is encouraged, it is not a requirement for your project to be open source.
What are the rules of the hackathon?
You can find the full list of rules at THIS LINK.
Can I work on my own?
Yes, it is fine to work on your own. But wouldn’t it be so much more fun to work with a bunch of cool people? We encourage you to try to build or join a team if you can.
What is the maximum number of people we can have in a team?
The maximum size of a team is 5 people.
What kind of things can I build?
You can let your imagination run wild on what to build, including building on top of existing work (see the relevant question above for details on this). There are different prizes available so make sure to check them to give yourself the best chance of winning.
Who owns the work I do during the hackathon?
You, and only you. Each team owns 100% of the assets created by them during the hackathon.
What do I need to submit for judging at the end of the hackathon?
Each team will be required to submit:
- An article to be released at the kickoff or just after, detailing what you are building.
- A video presentation, to be released at kickoff or just after, detailing what you are building.
- Give a 5-10 minute livestream interview during the hackathon to give a progress update.
- A final video presentation of your project to be submitted to the judges for review.
- Any relevant documentation you have created about your project. This could be github/gitlab repos, articles, graphics etc.
Who is CoinParty2020 for?
CoinParty is aimed at talented people who want to build fun and exciting projects that make use of Bitcoin Cash. This can be software developers, project managers, business developers, marketers, graphic designers.
How does CoinParty2020 benefit Bitcoin Cash?
CoinParty is aiming to bring tons of new talented people into the BCH ecosystem. After a hard year, and a recent successful upgrade, now is the perfect time to use this momentum to get every re-focussed on the goal of peer-to-peer cash.
How does CoinParty2020 benefit Bitcoin Unlimited?
Bitcoin Unlimited is an organisation founded to help allow peer-to-peer electronic scale to the world’s needs. Bitcoin Cash is currently our best hope of achieving this. To reach such an immense goal, BU needs access to many resources, including a large and diverse talent pool.
This is the reason why BU has always provided support to developers, including hosting events such as CoinParty2020. These events bring in the talent needed to grow BCH to a global scale.
Why is Bitcoin Unlimited asking for more funds through a flipstarter campaign?
BUIP153 that engaged BU in hosting this event, was meant to provide the amount of resources needed to host a successful event. The flipstarter campaign has two goals. The first is to generate extra financial resources to encourage even more people to join the hackathon. The second is to generate extra engagement for the hackathon itself. Flipstarter has been excellent at generating positive news for BCH.
Why another hackathon?
There have been a couple of other hackathons this year, but that doesn’t mean there isn’t good reason to host another one. Some events were unfortunately hindered by the sudden implementation of massive international travel restrictions. This is something we have worked round by making the event 100% virtual. Also, other events are not BCH specific, whereas CoinParty2020 is solely focussed on Bitcoin Cash!
What happens after the hackathon ends?
We hope that many of the teams and projects continue to be built upon and add significant value to the BCH ecosystem. You never know, perhaps they could find investment or even run their own flipstarter campaigns to expand them.
Who is judging the projects at CoinParty2020?
We have some of the most talented people in the Bitcoin Cash space judging CoinParty2020. Go check out CoinParty.org to see who is onboard.
Go register for coinparty.org
Feel free to ask any more questions you have below.
Reality check: 1 million people per day attempting to use the BTC chain is in fact 600-700k people per day FAILING in their attempt to use the BTC chain.
Full disclosure, in dollar terms my largest crypto investment is by far BTC and I own BCH as well. Naturally my primary interest is for my own bags but I hold genuine concern for the well being of others and the crypto space as a whole.
Recent events are not mere price movements.
PayPal has of course added purchase options for the BTC and BCH versions of bitcoin as well as ETH and LTC.
This presents a significant danger to all our investments, specifically the danger that people may actually try to use the BTC chain.
PayPal has 350million+ active users, that is a world stage and when they enable transfer capabilities early next year BTC will step onto that stage and the entire world will see that they can’t sing a note and haven’t even learned the words.
The changes Blockstream/Core made to BTC, their refusal to scale on-chain means it has a hard capacity limit of roughly 300-400k transactions per day, a limit it already regularly butts up against resulting in congestion and rising fees.
If a million people a day make the attempt to use BTC the reality is 600-700k people actually failing in their attempt to use BTC, with unpredictable delays and massive spiralling fees for those who manage to “win” the blind fee auction for space in a block. It is crucial to remember that paying larger fees does not increase throughput, the queue for blockspace doesn’t get any shorter, you’re just paying to move closer to the front.
The last time the BTC blockchain fell flat on its face it did so in the relative privacy of the crypto community. This time, in the full light of the PayPal prime time audience, they would be completely unable to hide the fatal flaw of the sabotaged BTC chain.
However, right next to them on that PayPal stage ready to take the limelight will be BCH, the version of bitcoin that stuck to the original scaling plan and is already comfortably capable of 10million+ transactions per day and still keep fees UNDER $0.01.
With scalenet tests already surpassing 3000 transactions per second, CashFusion fungibility, tokens, smart contracts, non-custodial escrow and all the other utility that bitcoin was meant to have, BCH has been in active development while BTC has stagnated for years.
The BCH price will rise as failed BTC falls and the hash will shift accordingly further exacerbating the BTC congestion/fee crisis while all the security of BTC moves onto the BCH chain for less than a tenth of a penny per transaction.
Having abdicated all utility in favour of “nUmBeR gO uP” BTC has nothing to sustain it when the reality of a mere million people a day trying to actually use it finally bites.
This transition, while logical, will be chaotic. Just imagine people’s reactions as the speculative value of BTC plummets with the realisation that it won’t be the bitcoin that becomes widely used because it functionally CAN NOT be the bitcoin that is widely used.
Of course I expect to be downvoted to oblivion but I hope whoever manages to see this understands that downvotes won’t scale the BTC chain.
The next congestion/fee crisis is coming and it can’t be swept under the rug this time.
Weekly Discussion - November 23rd - November 30th, 2020
Last Week in Review
NEO
Neo Global Development hosted an Ask Me Anything with Neo St. Petersburg Competence Center who offered an in-depth overview of the NeoFS decentralized cloud platform and how it differs from competitors. The Neo SPCC participants included CTO, Anatoly Bogatyrev, CIO, Stanislav Bogatyrev, and software engineer, Alexey Vanin. In the AMA, the trio talked about NeoFS’s architecture and functionality, and answered questions from the community.
Neo co-founder, Da Hongfei, participated in an interview with Blockchain.News’ Sarah Tran to discuss the future of blockchain and the digital economy. Da addressed the development of blockchain in China and Neo’s partnership with the Blockchain-based Service Network.
NNT Catch Up
Neo News Today hosted NeoResearch co-founder, Vitor Coelho, on the NNT podcast to discuss the NeoResearch team and its founding, its recently published MILP model for testing PBFT-inspired consensus mechanisms, upcoming Neo3 changes, and much more.
Coelho discussed his belief that Neo’s new governance mechanism can spur altruistic investment within the ecosystem. Neo's model would enable NEO holders to vote for a committee of 21 governing members responsible for representing the community. The elected members will receive GAS rewards, which Coelho believes can be redistributed to fund smart contract deployment, development meetups, hackathons, or other incentives to use the Neo blockchain.
Developer Groups
O3 Labs announced beta integration of Bitcoin support in the O3 Wallet and invited iOS mobile users to test the functionality.
Ecosystem
November 16th, DeepBrain Chain released its fortnightly progress report, which noted development efforts of the DBC mining smart contract, the addition of 300 GPUs to the network, the registration of nearly 15,800 users, plus more.
November 16th, Switcheo ranked as the ninth most secure non-custodial exchange in a report released by CER.live. The study compared Switcheo’s SSL/TLS cryptographic protocols and trading security features to other exchanges.
November 16th, QLC Chain released an overview of the CBAN Showcase that highlighted team participation through a presentation and panel. At the event, QLC Chain sought to display its billing mistake and fraud solutions for the telecom industry.
November 16th, Nash announced the opening of its merchandise store, allowing users to purchase Nash swag while demonstrating the new Nash Link service for crypto payments. The store features mugs, shirts, hoodies, and other assorted items, including items designed by community members in the design contest. Currently, Nash Link accepts payments via BTC.
November 17th, Onramper was nominated for the Best Public Solution by the Dutch Blockchain Awards as part of the first Dutch Blockchain Week. Winner announcements will be made Friday, December 4th, 2020.
November 18th, Nash launched its Presta Shop plugin, allowing merchants to integrate within minutes and start accepting payments in cryptocurrency. Presta Shop claims to power over 300,000 online stores.
November 19th, Switcheo announced its Switcheo Development Fund to incentivize community-driven development and various facets of decentralization. Switcheo will bootstrap the fund with three million SWTH tokens and appropriate a portion of trading, inflation, and other protocol fees for ongoing support.
November 19th, Nash rolled out an update to its wallet system, allowing signatures to be generated using the same secure multi-party computation tools that power its decentralized API keys. The solution serves the same role as a hardware wallet, providing a method for approving transactions without using a private key directly.
November 20th, Nash head of business development, Kellogg Fairbank, participated in an interview with Mobile Payments Today to discuss the current state of cross-border payments and the role cryptocurrencies and digital currencies might have in the future.
Events
December 9th - 12th: Neo SPCC to speak at SmartData data engineering conference.
Thanks to Dylan (/u/DenverNEO) for putting all this together for NNT's Week in Review. You can also register for the mailing list to receive this info in newsletter form.
Where is the evidence that Paypal is actually buying Bitcoin?
I've read in the media that Paypal is buying Bitcoin using Paxos/itBit, and that Paypal and Cashapp together are buying the majority of the newly-mined supply.
Although there's little evidence of retail fomo (Google Trends), I was satisfied that the current rally was due to these corporations buying in.
However, I have a friend, who's close to some big players in the mining community, who's convinced it's bs, and claims that Paypal's product is simply a paper contract, with no BTC involved. He says that, as Paypal's T&C make clear, users cannot move BTC on or off the platform, so why would the company need to buy it?
Could someone point me to the indisputable on-chain evidence? There are quite a few media articles about it, but none I've found cite their source.
Edit1: As I've already stated - I had read the articles. I'm looking for evidence. An article is not evidence, unless the method, or publicly-available data source, is stated. For example, Paxos or itBit's BTC addresses, historic volume data, or Paypal's addresses etc.
Edit2: It seems like Chico had the same concerns. See Global Shortage of BITCOIN!? The TRUTH or Just HYPE!?, published a couple of hours after I posted this. TLDW: Yes, the Pantera report is BS, due to misinterpreted data. There's little evidence itBit is buying much BTC for Paypal. Levels of supply are roughly normal at the moment. However, this is just the first stage of Paypal's Bitcoin rollout; more will come once the BitGo deal is finalised, and this will be very bullish. However, he advises caution. Due to CCP Government restrictions on crypto, Chinese whales are being prevented from selling their assets, making them over-exposed in Tether and BTC, which is increasing the risk of a big market correction. See BITCOINs Tether “CRASH” Black Swan Event..WHEN!?.
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