Tuesday, August 10, 2021

TEST FORMATTING POST - 2021/08/10 - The Ergo Team AMA hosted by Bitcoin.com - Q/A Summary

https://blog.bitcoin.com/wp-content/uploads/2021/08/1145843_ERGOAMA_1200x630_080621.png

Hosts & Participators:

Bitcoin.com Team:
1. Antonio - AMA Co-ordinator
2. Danish Chaudhry - CEO of Bitcoin.com
Ergo Team:
1. Alex Kushti - Co-Founder and Core Developer of the Ergo platform
2. Mark Glasgow - Head of Community Management
3. Joseph Armeanio - Ergo Foundation Business Developer

Starting Questions:

Question 1:

Antonio, [11.08.21 02:02]
- To the Ergo team: What are your thoughts on blockchain adoption and what can Ergo do to continue to make this technology more accessible to the mainstream public?

Answer:

kushti khushi, [11.08.21 02:03]
- Ergo community is making a lot of efforts to clarify things around the cryptocurrencies. Please refer to Ergo Manifesto. Still, first principles matter!
kushti khushi, [11.08.21 02:05]
- From technical perpective, the protocol is already capable for different known efficient on-chain scalability, offchain, and cross-chain solutions
Glasgow, [11.08.21 02:05]
- Ergo has been focused on building a concrete base these past years and build up solid foundations and financial tooling for the people. We strive to make Ergo more accessible each day and utilise our community in full to do this. Just this past week a community member has been organising a ‘Women in Crypto’ group to bring more women into the scene. And the Local Exchange Trading System (collective bartering) will certainly help there imo!
- More concretly, iteratively building up our tooling and systems to be usable and friendly to anyone and while giving them financial autonomy.
Armeanio, [11.08.21 02:06]
- Blockchain is an evolving technology. Personally, I think there are three areas that need development to push the development curve.
- The first is practical use cases for the common person. In Defi especially we need to position ourselves to produce functional tools at a lower cost than the traditional finance community.
- The second is user-friendly development tools and educational resources, I do think a part of this will be solved simply due to the technical capacity of younger generations. As building and interacting with blockchain becomes a widely adopted skill set I think we will see an influx of developers.
- The third is user-friendliness. User interfaces are always extremely important.
Antonio, [11.08.21 02:07]
- Great, and it seems like y'all are shining quite a bit in the sphere as of late, that's for sure!

Question 2:

Antonio, [11.08.21 02:07]
- To Danish: What in your opinion makes Ergo’s smart contracts different?``

Answer:

Armeanio, [11.08.21 02:08]
- Personally, I am a fan of the concept of multistage contracts due to the lower cost/ computational processing involved since much of the logic runs off-chain. This aligns well with the first adoption goal mentioned above. It is cost-competitive.
Danish Chaudhry, [11.08.21 02:09]
- [In reply to Antonio]
- Ergo has many differentiators which make it shine amongst others in the sphere, the cryptographic statements (via their sigma-protocols) are truly a unique Ergo advantage. Let’s compare a project like Waves, which just has Bitcoin-like multi-sig. Ergo is also about UTXO. It is harder to do contracts in the UTXO model, but UTXOs are more friendly to off-chain and privacy protocols (also fewer safety issues). Ergo will develop lots of different new privacy-preserving dapps, and also should be a great showcase of its capabilities.
kushti khushi, [11.08.21 02:10]
- Ergo contracts are centered around protecting money with logic, not to be a thing per se. That's why we're talking about smart (or contractual money). After all, public blockchain means cryptocurrency, and cryptocurrency means that contracts are on top of money. Ergo continues Bitcoin ideas but with no Bitcoin Script limitations.
Antonio, [11.08.21 02:10]
- Cool beans guys! Thanks for jumping in @kushti_ru @Armeanio too!

Question 3:

Antonio, [11.08.21 02:10]
- Next one.. to the Ergo team: The highly anticipated ErgoDEX release is coming very soon. What makes this DEX so special?

Answer:

kushti khushi, [11.08.21 02:12]
- ErgoDex allows for AMM pools and orderbooks co-exist, with a trade between possible in a single transaction. Moreover, there are known widgets on top of the DEX already discovered, such as tokensales with buyback guarantee, a stablecoin (DexyUSD) etc.
Glasgow, [11.08.21 02:13]
- There's several things that make ErgoDEX unique.
- For the unaware, ErgoDex is a decentralised exchange that will run natively on top of both the Cardano and Ergo blockchain. This means that it'll either ADA or ERG as the base token when needed. Compared to other DEXs on Cardano, ErgoDEX has the unique advanced of having developers that have been working on a live eUTXO blockchain for the past 2 years. (eUTXO or - the extended unspent transaction output model is based on the same research from IOHK that Cardano used when developing it's chain). This shared model allows ErgoDex to explore shared liquidity, trustless swaps and other cross-chain goodies once deployed and Cardano's smart contracts are live.
- Last but not least, the developers have shown they are taking every opportunity to develop a platform that prevents plutocracy at every opportunity. Instead of selling large parts to private investors - ensuring ErgoDEX remains truly decentralised. Something that is often forgotten these days.
- You can see the roadmap here: https://ergodex.io/ and a initial public beta will be launching shortly!
- For a more detailed breakdown see: https://ergoplatform.org/en/blog/2021-07-21-ergodex-a-cross-chain-workhorse/
Armeanio, [11.08.21 02:13]
- The ErgoDex has unique tokenomics and liquidity mechanisms. The future plan to port assets between Cardano and Ergo will offer benefits and tooling of both ecosystems.
- Cardano’s Voltaire project is something I really respect and watch closely. The powerful privacy tooling of Ergo also offers benefits for users that wish to enhance the privacy of their positions.
Antonio, [11.08.21 02:14]
- Awesome guys, it's like we're receiving answers from all aspects of the business: Tech/Marketing/Bizdev :)
Antonio, [11.08.21 02:14]
- It's great!

Question 4:

Antonio, [11.08.21 02:14]
- Next one, to Danish: If you had to give one piece of advice to individuals about how to make the most of their crypto and to companies about how to bring crypto into their business models, what would your advice be?

Answer:

Danish Chaudhry, [11.08.21 02:14]
- great question @antoniobileci
Danish Chaudhry, [11.08.21 02:16]
- Blockchain technology opens up many possibilities and opportunities for us to create solutions that can be highly disruptive and potentially very lucrative. Those can indeed improve on existing systems, so I always advocate for people to educate themselves, join conversations and never stop learning. Regarding businesses, we have seen very known payment providers like paypal or square starting to accept btc payments so my advice would be to keep an eye on the space and explore if adding crypto can add value to the business model
Armeanio, [11.08.21 02:17]
- I think the best way to look at crypto from a corporate perspective is to see it as a fractionalized open-source software license. Cryptocurrencies are tools for business and commerce. There are many crypto projects that offer a variety of tooling.
- Ergo is involved in the BPSAA and the tooling ranges from decentralized VPN's to decentralized content storage and management. There is a large range of commercial applications available just in that small group.
- The distributed nature of the technology is hardened to disruption and the consumer market access is greatly magnified, especially as we move into a multichain world.
Antonio, [11.08.21 02:18]
- [In reply to Armeanio]
- love this.

Question 5:

Antonio, [11.08.21 02:18]
- Onto the next one, to the Ergo team: You recently hosted a Hackathon. What kinds of projects came out of that venture? What aspect of development is Ergo the most excited about? Are there plans for another Ergo Hackathon?

Answer:

Glasgow, [11.08.21 02:20]
- Here are the results from our last hackathon - more info in this blogpost (https://ergoplatform.org/en/blog/2021-06-19-ergohack/), We should have the Raffle launching live shortly after going through some more development and testing - which also produced some great documentation for developers, and everyone is of course anxiously awaiting to see what ErgoTeam has in store for us.
- ErgoTeam was developed by the community developer and will allow for a simple joint-spending approach while retaining complex threshold signatures ensuring the security and anonymity of its users.
- Last but not least, pushing for decentralisation at every point is one of the things that makes the Ergo community so great. The SmartPools team had some great discussions and put out a research paper (https://eprint.iacr.org/2021/846). Leading to another community member offering to help fund this venture.)
- We have one or two more Hackthons planned this year - but I'll let kushti or Armeanio expand here :) Given the influx we seen last time (and how many stuck around). These events help us to continue to build up our dev tooling and guidance, and bring more people in to build ontop Ergo and see what it’s really about. Once people do, they tend to stick about.
kushti khushi, [11.08.21 02:20]
- [In reply to Antonio]
- the hackathon was highly successful in regards with attracting devs, we got first wave of newcomers few weeks before the event. Six projects submitted results. ErgoRaffle will be launched over the mainnet in coming days, maybe more in future. We are going to have another hackathon definitely, this Autumn!
Armeanio, [11.08.21 02:21]
- Hackathons are idea incubators. The truth for solutions and tooling is that often the individuals on the ground have the clearest perspective of the problem/solution and tooling needed to solve said problem/solution.
- My perspective is that the greatest asset in a cryptocurrency project is the community itself.
Armeanio, [11.08.21 02:22]
- Hackathons are a great way to use that asset to drive growth and evolution.
Antonio, [11.08.21 02:22]
- 😊 fantastic to hear that it was very successful, looking forward to hearing more on the rest coming later this year!

Community Questions:

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Why are new people ( 2017) not looking at ratios the History and the meaning of crypto anymore and why Europe is worried about the US crypto regulation.

First of, whatever I will write below is probably not in your favour and will include some wordings you are not okay with ( non-native English speaker )

Everyone has its own goals, everyone interprets events differently, everyone feels happy about different things… I get that, but we are in a overall Crypto Sub. Crypto is about money, its about money YOU Control, its a way of ownership of value that cannot be taken away or compromised by anyone as long as you know the „access“. In all the history of the human evolution there was never a way to declare a world wide accepted ownership of anything. Whatever you are invested in or bought can be taken away by any authority in any second.

03/Jan/2009: Chancelor on brink of second bailout for Banks.

All of you can Interpret this message as you want and Id like to read your view in the comments. Something to think about, especially if are from the US. The old European banking system was built around the though to serve everyone with financial related services, provide capital,revenue and the most important „margin“ for market buy and sells of various goods in the way of „promis“ notes. Banks didnt cared about the legitimate case of any transfer or source of „notes“ ( printed money ) whatever amount it was, there task was to be a service provide for the people and business. To get to the point, there was a shift/ change where the banks are in charge to track the flow of the money and are in charge to prove the legitime state of the sender and receiver and are forced to report it, audit them, close/freeze accounts. In the early Days Banks didnt profited from such regulations but over time they established there position as a direct left hand. ( … ) as the tax and fraud Watchdog.

The absolut and most public noticeable influenced society regarding this Topic is the US ( from our view, China not included ) Its the most regulated and the one with the highest penalties regarding „money - fraud“. A small background, I am living in an European state ( besides the talks of hard EU-Union regulations ) you are allowed to create anonymous accounts and deposit in cash. There is an upper limit after an account needs to get verified but there is no limit of the amount of accounts. Even if you Deposit 10million there is no problem, at any point the owner is responsible . Such open / unregulated terms allows us to get a individual calculated credit for a house without a mortgage agreement. Such deals cannot be sold on the international market or deposited at the ECB as security = less profit for the Bank ( if anyone want to know details, just ask - i got such a credit for my own built house
with 1/3 borrowed capital, and if you think that living is expensive in the US, we are living the milde of nowhere compared to you and starting at 500k€ mid/normal 150qm )

The point, we regulated the outlined boarders have almost no penalties but one of the highest income taxes in the world to finance all aspects of a healthy social community and yet there is no one that played it out.

Crypto is currently regulated as Gold, in 2017 almost all independent / individuals that work in this sector had the chance to qualify themself via a participant vote for a workgroup to define a baseline strategy of the planned regulations and of course to get the idea into the eu-Parliament.

Our problem is that the current political state(current -> since 2011 ) we tend to follow / mirror the US quiet heavy. Even if almost nothing is really comeing through in the long term some of them do and even if its hard to understand, almost all of them violate our Constitution or are against the general sentiment, in whatever context ( Crypto, Taxes, Privacy, foreign policy, even Russia, China or India, Oil, Resource, trading agreements, quality standards…. ). Our independent „constitutional / courts up to the European Court “ working hard to get everything in line an literally drop „bills“ months later.

In between all of this is a network that operates global and beyond without any border, that is independent of whatever law any national government will pass. It does not care what you did and where you from and why you are useing it.

That said, any government can pass whatever regulation, as long as we will have boarders that can only be passed with a passport, no one will be able to destroy it. If the only goal of Bitcoin is to be such a big threat to unit all governments id take that as success at whatever cost

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What is $BabyMiami?

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Miami is the city of Vice, filled with greed and gluttony. With the Bitcoin Conference held in Miami, we decided to celebrate BTC with our own passive-yield generating token BabyMiami. Through advanced on-chain dividend yield Smart Contracts, Holders will passively earn Bitcoin from every transaction

The City of Miami in Florida, US, was hosted Bitcoin 2021, which was the biggest event ever organized based on the digital asset. Total attendance exceeded 50,000 for the event, which took place on 4-5 June, with Twitter founder Jack Dorsey and MicroStrategy chairman & CEO Michael Saylor as one of the headline speakers. Some of the personalities expected at the event include Miami Mayor Francis Suarez and the Winklevoss twins Cameron and Tyler Winklevoss among others.

With Bitcoin catching up to the previous ATH and the BTC dominance increasing, having a source for passively earning BTC will provide safu backup while trading in low-cap altcoins. This mechanism will not only reward holders but also help hedge against BTC dominance in the cryptocurrency markets.

Tokenomics:

- 6% LP

- 4% Marketing + Team

- 7% BTC rewards (BTCB CA: 0x7130d2A12B9BCbFAe4f2634d864A1Ee1Ce3Ead9c)

Total tax = 17%

User higher slippage to account for price impact

Features:

Total supply

1,000,000,000 (one billion tokens)

Max wallet

25,000,000 (2.5% of total supply)

Max transaction

5,000,000 (0.5% of total supply)

Marketing plans so far:

Team stealth launched BabyMiami but they are already working on getting banner ads on poocoin, coinvote, and moonarch! Also, the team is picking randomly for a hourly random shilling giveaway winner, talking to all the main twitter promoters, and more!

Before Launch:

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- Poocoin and Coinvote banner ads

- Daily shilling giveaways to come

- Plenty more influencer promotions on twitter, telegram, and more!

Links and social media:

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Venezuela cut off power to Bitcoin (BTC) mining plants despite legalization

Bitcoin (BTC) miners in one of Venezuela’s most important industrial states, Carabobo, had their electricity cut off by authorities, Criptonoticias reported.

On August 7, the regional officials effectively shut down crypto mining operations in the key state by suspending the power supply to all registered miners in the territory.

Putting pressure on underground mining

According to the national rule of law, crypto mining is legal in Venezuela as “National Superintendencia de Criptoactivos y Actividades Conexas de Venezuela decreto” allowed use, sale, import, and manufacture of mining equipment in the country.

The National Cryptocurrency Superintendency (SUNACRIP) passed a bill that legalized crypto mining in the country, but as the Venezuelan cryptocurrency watchdog regulated these activities through issuing mining licenses, there is some speculation the shutdown was a measure against unregistered operations, read the report.

In the most recent crackdown on underground operations, the authorities seized 140 pieces of mining equipment in Carabobo.

Political agenda speculations

Thus far, no official statement has been provided, but according to the sources with knowledge of the situation, officials could have pulled the plug on Carabobo mining operations due to the burdening energy consumption in the industrial state, read the report.

According to Criptonoticias, amidst the power contingency the state is going through, the National Electricity Corporation (CORPOELEC) and SUNACRIP are planning to meet and assess the situation in order to find a solution for the affected miners.

Besides putting pressure on underground operations, the report surfaced another potential reason, which could have brought on the shutdown, pointing to the internal elections by Venezuela’s ruling party, the United Socialist Party (PSUV), which took place on the following day.

The idea that the political event may have impacted the decision to stop crypto mining in the key state in order to minimize energy use and prevent the unstable power grid’s disruption remains speculation, while the industry insiders decided not to comment on the measure until they meet with the officials behind the suspension.

[Hiring] Social Media and Community Manager

Kriptomat, the most user-friendly government-regulated European cryptocurrency exchange is looking for a new colleague to join us in the role of Social Media and Community Manager (remote role).

Would you like to become a part of an innovative, bold and growing team? Are you passionate about cryptocurrency and blockchain industries? Have you got a track record of building a brand's online presence and fostering strong relationships between the brand and the public?

If yes, then please read on!

Who are we?

Kriptomat is a fintech company headquartered in Tallinn, Estonia. Ever since we got founded in February 2018, we have been growing and providing an unparalleled service to our clients. We are working tirelessly to ensure everyday people can purchase, store, send, and receive cryptocurrencies effortlessly. This movement has just begun, and we look forward to providing our crypto community with outstanding solutions for many years to come.

What is this role about?

You will be on a mission to build and manage our community of followers ensuring the relationships between our brand and the community are strong and engaging. You will keep our social media and community channels active on a daily basis and create posts and newsletters with the latest cryptocurrency and blockchain market news and updates. Moreover, you will help us become an authentic contributor to the evolving social conversation and the growing cryptocurrency community throughout Europe.

How will you do this?

By creating a social media strategy with specific objectives and reporting on KPIs

By planning a comprehensive social media editorial calendar for the usual suspects (Facebook, Twitter, LinkedIn, etc), along with crypto-specific communities wherever they may be found (Telegram, Reddit, Quora, BitcoinTalkForum, Discord, etc).

By managing the social media editorial calendar including the message types, audience segments, multimedia content creation, publishing and reporting

By developing and hosting live media events such as podcast interviews, YouTube live streams, and webinar presentations

By creating engaging email newsletters with latest cryptocurrency market updates and Kriptomat product updates

By managing the audience on a daily basis: respond to queries, monitor customer reviews, reply to social comments, find and start topical conversations across all channels

By planning and implementing creative campaigns including promotions and competitions

By collaborating with other teams, like growth marketing, design and customers success teams, to ensure the brand consistency and share key learnings

By following the market movements to understand the trends and audience preferences

What do we offer?

Work with a highly collaborative, innovative, diverse, and bold team, passionate about crypto and committed to continuous learning and personal/professional development

Supportive introductory period

Work in a fast-paced start-up environment with experienced industry leaders

A learning environment where you can deep-dive into the frontier of blockchain technologies and make an impact to active users

Enjoy remote work with all the necessary equipment for maximum comfort and performance

Access anything you need for your continuous professional development – from training courses and reference books to a personally organized growth plan;

Be an owner of your flexible working hours and results

Have fun at team building activities and workshops

We are looking for someone who:

Has the knowledge and experience in cryptocurrency industry and is genuinely interested in it

Has the proven experience as a Social Media and Community Manager and has a track record of increasing the size of the community and its engagement

Has the experience in writing/producing highly engaging social media content with excellent copywriting skills

Is expressive and confident communicator

Can deliver creative content (text, image, and video), working with our in-house design team

Knows how to use all popular social media platforms

Knows how to create/setup viral marketing loops

Has the experience with giveaways

Has the experience with online streaming events (eg facebook AMA)

Has general sense of design and is familiar with the design tools such as Camva

Has good analytical, multitasking and decision making skills

Has good reporting and presentation skills

Is able to work to tight deadlines

Is empathetic with a good sense of humour

Ideal, but not required:

Fluency in another major European language in addition to English

Based in Serbia

What is $BabyMiami?

BabyMiami is a new BSC token that rewards all holdings in plentiful BTC deposits! Miami is the world hub of crypto! Every holder gets 7% of bitcoin right back to their wallet!

Tokenomics:

- 6% LP

- 4% Marketing + Team

- 7% BTC rewards (BTCB CA: 0x7130d2A12B9BCbFAe4f2634d864A1Ee1Ce3Ead9c)

Total tax = 17%

User higher slippage to account for price impact

Features:

Total supply

1,000,000,000 (one billion tokens)

Max wallet

25,000,000 (2.5% of total supply)

Max transaction

5,000,000 (0.5% of total supply)

Marketing plans so far:

Before Launch:

-Shilling giveaways

-Graphics are made and paid for by the team

-Website dev paid for and almost done with the perfect BabyMiami website!

After Launch:

- Poocoin and Coinvote banner ads

- Daily shilling giveaways to come

- Plenty more influencer promotions on twitter, telegram, and more!

Links and social media:

🌐Website: https://babymiami.net/

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Tendermint

Since the emergence of Bitcoin and its Proof-of-Work, lots of progress has been made to find new consensus algorithms. Everything has been reviewed:

• Network bandwidth

• Network scaling

• Resistance to a whole class of new attacks, specific to blockchain networks

One of these innovative technologies is Tendermint, a core technology used in the WorkQuest blockchain. Tendermint is an advanced consensus solution based on BFT (Byzantine Fault Tolerance).

Tendermint consists of two main components: the consensus engine and the application interface. The consensus engine is called Tendermint Core and is responsible for ensuring that the same transactions are recorded on each machine in the same order. The application interface, or ABCI, makes it possible to process transactions in any programming language.

Those who maintain the network (that is, participate in building consensus) are called validators. Unlike the proof-of-work or proof-of-stake processes where anyone can become a miner at any time, only the validators can take part in the formation of the blockchain in BFT.

How a regular network member becomes a validator depends on the specific implementation.

In the Tendermint implementation, you can always get an exact list of validators for any block. They are identified by their public keys, and during the voting process, they sign messages sent to other validators and ordinary network participants with the corresponding private keys. Thus, you can always determine the author of a particular vote and be sure that no one "from the outside" will be able to take part in building a consensus.

The Tendermint Core voting mechanism consists of several rounds. Each round is a three-step process: Validators propose a block, announce their intention to finish creating it, and then sign the finished blocks.

The consensus algorithm starts with a set of validators. They take turns offering blocks at each new height of the blockchain. One validator offering a block is allocated per round. Each proposal is signed with the corresponding validator's private key, so that, in the event of any failure, the validator responsible for it can be identified. The other validators vote with their private keys on each proposal. However, due to the asynchronous nature of the network, creating a block can take several rounds.

Before proceeding to the next round, the validators wait for the finished offer to be received within a certain time period. The protocol is asynchronous, and validators can only move on after getting a 2/3 super-majority approval. This means that 2/3 of the validators must be online, otherwise the network may stop.

The main advantages of the Tendermint consensus include:

• Reliability

• A security threshold of1/3 of validators

• Instant completion in 1-3 seconds, depending on the number of validators

• Priority given to consistency

• Secure consensus in an asynchronous network

#defi #tendermint #eth #wallet

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