Saturday, May 15, 2021

Cardano Rumor Rundown MAY 15 2021

Hey Everyone!

Let's go....

Newly covered today:

  1. The Cardano Development Update for this week is out. https://roadmap.cardano.org/en/status-updates/update/2021-05-14/
  2. The Cardano 360 team also dropped a video with specific mid-month Alonzo testnet updates. At the timestamp in the link below the vid lays out the various test groups and when they will participate. https://twitter.com/InputOutputHK/status/1393258090703826944 https://youtu.be/5mPC4uLMdEw?t=532
  3. We are seeing some small pools retiring. We’ll obviously see more and more of this as time marches on. But, here’s a salute to the small pools that gave it a go! This SPO also brought us poolpeek.com which we have covered here before. https://twitter.com/CardanoBudz/status/1393252321845465088 www.poolpeek.com
  4. John O’Connor on CNBCAfrica! He gave a really good explanation of how Africa with it’s already very high adoption of mobile payment wallets can leapfrog the legacy payment systems currently in use in more developed countries. He also reiterated that Cardano will expand to five countries this year and 20 next year! https://youtu.be/RET8hIQQLUA

Previously Covered but still interesting:

  1. LunarCrush interviewed Charles and he gave us some more details on the Ethiopia deal and Africa: 1) the IOHK office in Ethiopia is merging with the Singularity Net Office (it’ll be 30-50 people...so pretty large presence); 2) Africa special to be announced very soon; 3) they will be doing fintech & govtech, 4) everything on the governance side is going to be upgraded across a wide swathe of African nation states in next ten years, 5) lots of possible use cases including supply chains in agritech, putting land on a ledger, voting, identity, reputation (i.e. credit), & payment systems; 6) Africa is like investing in China in the 1980s; 7) the demographics of Africa make it a really easy call to direct investment there; 8) charles said “Ethiopia, in particular, is very special to us and WE HAVE ACTUALLY CLOSED SOME DEALS...we’ll talk about those at the Africa Special”; 9) there will be security token plays in Africa in the mid 2020s since there are no stock exchanges; and 10) there is a big unannounced partnership called “the DCF” with a brand name consultancy we will recognize. Here’s the LunarCrush interview. All queued up to the exact spot for the Africa discussion--https://youtu.be/GWpqNPdOf9E?t=3804
  2. Occam has announced that the Occam Razer IDO (Initial Dex Offering) is completed and that it sold out in 30 seconds. There was no lack of criticism for the way in which the IDO was carried out. https://twitter.com/OccamFi/status/1382377423757570052 https://twitter.com/DCdoso/status/1382406641404977157
  3. Cardano and Ergo got some positive coverage in CoinTelegraph. https://cointelegraph.com/news/life-beyond-ethereum-what-layer-one-blockchains-are-bringing-to-defi/amp
  4. Thought: the crypto knowledge stack as to adoption is really tripartite: 1) technical, 2) crypto sentiment, & 3) legacy sentiment toward crypto (including financial sector, central banks, regulatory, and general public).
  5. The Cardano Foundation drops the Native Token Registry! https://twitter.com/CardanoStiftung/status/1382700374755323916
  6. Heavy criticism of the Occam Razer IDO continues. https://twitter.com/DCdoso/status/1382464770398371842 https://twitter.com/RichardMcCrackn/status/1382677290916712448 https://twitter.com/LiquidLandon/status/1382439109763891203
  7. Occam replied with an open letter. https://twitter.com/OccamFi/status/1382432862654369798
  8. You can now get Cardano exposure in your 401(k) and IRA accounts via iTrust Capital. https://finance.yahoo.com/news/cardano-ada-ira-401k-funds-113800620.html https://twitter.com/iTrustCapital/status/1382461184461271041
  9. Santo Staking Pool will be launching “Skullys” NFTs on Cardano. https://finance.yahoo.com/finance/news/santo-blockchain-labs-mints-50-134500914.html
  10. Yesterday was “Get ADA DAY” with the end of Epoch 259. I hope everyone straight killed it on staking rewards!
  11. Now there is an app that will show you all of your Cardano NFTs. https://twitter.com/nft_craze/status/1383196757622878208
  12. As always, we are the github champions this week. https://twitter.com/ProofofGitHub/status/1383087802305380359
  13. Charles is right about the Doge bubble. This could be the excuse that the regulators use to go after the whole space. https://www.youtube.com/watch?v=rM9DWe3-glg
  14. Here’s the Cardano Development Status Update for last week. https://roadmap.cardano.org/en/status-updates/update/2021-04-16/
  15. A Cardano stake pool is actually helping people avoid scorpions, spiders, & snakes in Africa?!? https://twitter.com/DenicioBernier/status/1383497821026807818
  16. There is really good information about Cardano’s deals in Africa and its developer adoption strategy in this Cardano Chats interview that kind of flew under the radar. Probably worth a listen if you haven’t heard it. https://youtu.be/m6TeNLvMTXI
  17. There are even Ouroboros Omega tattoos now! https://twitter.com/Coinfera1/status/1383560914
  18. We just experienced a big flash crash in price. A prime suspect is the drop in hash rate in BTC due to the Blackouts in China. Is the crypto space ready to accept that Nakamoto style consensus on PoW leads directly to unacceptable levels of centralization? This has been the dirty secret of PoW crypto and its decentralization loving enthusiasts for years. https://bitcoinmagazine.com/business/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china
  19. Charles posted a somewhat cryptic tweet that read “Omega + Hydra + Mithral = GG”. The Ourobors Omega, Ouroboros Hydra, & Mithral parts we’ve covered before. Omega is a capstone rollup of Praos (2017), Genesis (2018), + Redux, +Chronos, +Ledger Combiners, +some other things from the rest of the space. Hydra is layer two. Mithral is trustless light wallets via zk-SNARKs. Guesses as to the “GG” ranged from “Good Game” (as in game over for competitors) to “Goguen”. See today’s video at the link above for more discussion on this. https://twitter.com/IOHK_Charles/status/1383792375860924424
  20. Danger Will Cardanoson: we’ve got fake rare NFTs being minted in Cardano now. Always check the Policy ID. https://twitter.com/pool_pm/status/1383892319896621059
  21. Today is Get ADA Day with the end of Epoch 260! I hope you crushed it! https://adapools.org/epochs
  22. Hard wallet Catalyst voting is on the horizon! https://twitter.com/ATADA_Stakepool/status/1384204498009157635
  23. IOHK is hiring something like 80 people. https://twitter.com/timbharrison/status/1384116617588535303
  24. Biden Administration in early stages of regulating crypto. But, the news outlet here is reporting chatter among securities lawyers that Gary Genseler (new SEC Head) will approve a crypto ETF as a means of throwing a bone to conservative law makers. https://twitter.com/HukAleksandra/status/1384261829463924744
  25. Africa special going down April 29th, 16:30 UTC!!!!!!! That’s 9:30amPacific; 10:30am Mountain; 12:30pm Eastern, 5:30pm Dublin; 7:30pm Addis Ababa; 11:30pm Bangkok. https://africa.cardano.org/ https://twitter.com/InputOutputHK/status/1384587491190222849 https://twitter.com/IOHK_Charles/status/1384582745116987393
  26. Shahaf Bar-Geffen, CEO of COTI (the first recipient of a Cardano CFund investment), says he just finished recording his segment in the Africa special which he mentioned was airing at the end of April prior to the IOHK announcement of April 29th. He also said: 1) ADA Pay may be ready in early May or maybe even late April; 2) there will be a big launch for ADA Pay and once the Africa Special airs “everything will connect”; 3) “people are probably not getting how big this is….but you will down the line”; 4) COTI integration with a major exchange is happening, progress is not as quick as they would like, but it’s progressing; 5) last week they released the possible designs for debit cards, they are even considering some designs submitted by the community; 6) and iOS and Android integration is coming along nicely and well on the way. https://www.youtube.com/watch?v=EorsiQfEV7o
  27. For a little more background on the work going on between COTI and Cardano, check out these links. https://www.youtube.com/watch?v=OJbMUHXmeOg https://news.bitcoin.com/cardanos-cfund-first-capital-goes-to-israeli-fintech-startup-coti/
  28. It looks like Yellow Card and Payway are listed on the Africa Special website. Given their business models, it is easy to guess that they could be valuable in the Pan Africa Strategy. https://payway.et/ https://yellowcard.io/
  29. Partnership with World Mobile in Tanzania. Credit to Reddit user /u/ricklepicklemydickle for originally finding this one. https://www.youtube.com/watch?v=m6TeNLvMTXI&t=2242s https://www.youtube.com/watch?v=IX3Fnb_l4zA https://worldmobile.io/ https://newslogical.com/cardano-partners-with-global-telecom-company-world-mobile/
  30. Recap from yesterday: the Africa Special Announcements revealed some additional puzzle pieces 1) COTI’s AdaPay is possibly the larger payments infrastructure puzzle piece, 2) payway.et is possibly the local payments puzzle piece, 3) yellowcard.io is possibly the local coin exchange puzzle piece, and 4) World Mobile (not mentioned at africa.cardano.org AFAIK) may be the network connectivity puzzle piece. I think they are going to connect a lot of disparate pieces for us on the 29th.
  31. Once again we are the champions! Not just of github commits this time, but also of total staked asset value. https://www.stakingrewards.com/
  32. Rick interviewed CardStarter which is a Cardano accelerator. The interesting items are 1) it appears they are purporting to somehow insure their community backers against certain financial losses with caveats, 2) they plan to fund projects prior to token launch through token vouchers, and 3) it sounds like they are building a DEX called Card Swap. Notice that the “insurance” comes with caveats. They were very transparent on that point and people should take notice. Is CardStarter good? Is it bad? I have no idea. Watch the interview and form your own opinion. https://youtu.be/nIklWKtr_aY https://cardstarter.io/
  33. The Cardano Foundation has adjusted its delegation strategy. This brings up a question: where does the balance lie between allowing Adam Smith’s hidden hand to work its free market magic and trying to help small pools? https://forum.cardano.org/t/the-cardano-foundation-s-delegation-methodology-is-changing/58465
  34. More details on what the COTI/Cardano partnership will actually look like. Also COTI’s Trust Chain runs on a DAG. It’s probably high time we all understand WTF a DAG is. https://cotinetwork.medium.com/how-the-cardano-deal-can-grow-the-coti-ecosystem-some-personal-thoughts-8a6b495e3e3d https://coti.io/files/COTI-technical-whitepaper.pdf https://en.wikipedia.org/wiki/Directed_acyclic_graph
  35. We’ve had really good reporting from the community on World Mobile developments with Cardano. I just want to take a second to thank you guys. Reddit user /u/ricklepicklemydickle first alerted us to the World Mobile developments and then youtube user Whiskey 1234 (love both usernames btw) let us know that he attended a conference where he encountered World Mobile and “asked them if they knew about Cardano blockchain and the reply was they were announcing partners at the end of this month.” Thank you very much for this intel guys.This is what Army of Spies is all about. Many thanks for your contributions, gentlemen.
  36. Alko Sumatra Kopi is going to export 100 tonnes of coffee from Sumatra to China and track it all farm to cup using Emurgo Trace! We reported previously on the engagement of Emurgo Trace here and now it’s being put into action. https://emurgo.io/blog/emurgo-client-alko-is-the-first-enterprise-to-utilize-blockchain-for-coffee-traceability-in-southeast-asia
  37. In Charles’s recent AMA, he mentioned that the Africa Special will be a Pan African event and they WILL talk about various deals they have in multiple countries. So, this tells us they do have multiple deals in multiple countries. That was a little unclear previously. https://www.youtube.com/watch?v=8mP0JSgf9CU
  38. IOHK’s Development Update for this week includes news that end-to-end tests of the ERC-20 Converter are commencing along with a mention of some oracle work under the Goguen update section. https://roadmap.cardano.org/en/status-updates/update/2021-04-23/
  39. The number of defi projects that have announced plans to be on Cardano just keeps climbing with Yayswap.io joining the list of Liqwid, Occam, and CardSwap/CardStarter.
  40. Kraken publishes a “What is Cardano?” article. Says “...Cardano may not promise new ground-breaking features..” Oh yeah? What about native tokens that don’t require smart contracts? What about the EUTXO model allowing predictable and accurate local calculation of transaction fees in your wallet before you execute? What about a consensus algorithm that’s so good, another top 10 coin made their system derivative of it? That’s all standard these days? https://twitter.com/krakenfx/status/1386038990864793607
  41. There’s a new stake pool explorer on the block. Check out the geographic map and the epoch calendar. https://poolpeek.com/epochcalendar
  42. First reactions from the “Ocean” are looking good! https://twitter.com/Saifadin/status/1386305951293075456
  43. I hope everyone enjoyed their sweet, savory, and delicious staking rewards yesterday! https://adapools.org/epochs
  44. In today’s video, we’re also going to go much deeper on how the COTI DAG works. But, don’t worry at all you’ll totally understand it when we’re done.
  45. Binance Smart Chain has already laid out a very compelling argument that we’re going to CRUSH Ethereum. https://twitter.com/TheADAApe/status/1386583952668958720
  46. Charles does a big interview with Forbes and points out the huge differences between a bonded staking system (ETH) and a liquid staking system (Cardano). This is highly overlooked. https://www.forbes.com/sites/stevenehrlich/2021/04/26/cardano-and-ethereum-founder-analyzes-the-newest-evolutions-in-crypto-and--blockchain-technology/?sh=6acb258e3e52
  47. Charles also covers his projections about interoperability and the future converging on a “wifi moment” when an interoperable “internet of blockchains” emerges. In this future, it will be a race to the bottom and the systems that are too expensive to operate will simply be priced out of the game.
  48. New Africa Special Trailer dropped. The narrator: “We are partnering with African governments…” That was PLURAL governments, guys! This is getting exciting. https://twitter.com/InputOutputHK/status/1386772333902319618
  49. The Africa Bird lands a few days early!!!!!!!! It’s a deal with the Ethiopian Ministry of Education to provide a Cardano ID solution and unified records system for 5 million Ethiopian students. Charles says there will be more news tomorrow at the Africa Special. https://www.nytimes.com/2021/04/27/business/dealbook/tesla-earnings-bitcoin.html. https://www.youtube.com/watch?v=yOTRp3PQKVk. https://twitter.com/IOHKMedia/status/1387051830442553351 https://iohk.io/en/blog/posts/2021/04/27/blockchain-finally-comes-of-age-with-worlds-biggest-blockchain-deployment/ https://www.cityam.com/ethiopia-overhauls-its-education-system-with-iohk-blockchain-partnership/
  50. We’re getting reports from Army of Spies member /u/ ricklepicklemydickle that World Mobile is reporting in its telegram group that it will be dropping some news tomorrow!
  51. A new Cardano metrics platform has launched https://cardanowaves.com/
  52. Today is the Cardano Africa Special. It’ll be at 9:30am Pacific, 10:30am Mountain, 12:30pm Eastern, 5:30pm Dublin, 7:30pm Addis Ababa, 11:30pm Bangkok. 1:30amTokyo. Go enjoy! We’ll recap it after.
  53. In today’s video we also cover questions about the relationship between Atala Prism and ADA and who will actually benefit from the Cardano Projects with African governments.
  54. The Africa Special made it clear that Cardano has a brilliant grand strategy for the developing world. As framed by John O’Connor this would be: 1) provide digital identity; 2) provide digital transfer of value; and 3) provide programmability of that digital value.
  55. Mickey Watkins (CEO of World Mobile) added a step zero to the formula above with: 0) provide access to the digital world.
  56. As has previously been mentioned, it was officially announced that Cardano is partnered with World Mobile to provide digital connectivity to people in the developing world starting in Tanzania. They plan to have 100k subscribers in Zanzibar by the end of the year.
  57. This is just the beginning in Africa. John O’Connor had a nice tweet that very succinctly laid out some future plans. https://twitter.com/jjtoconnor/status/1387919060197855234
  58. Coindesk editor refuses to acknowledge that Cardano has a deal with a national government, gets relentlessly trolled, then finally capitulates and decides to cover the Ethiopian Ministry of Education project. https://twitter.com/zackseward/status/1387744629693599744 https://twitter.com/HukAleksandra/status/1387788814022844421 https://twitter.com/IOHK_Charles/status/1387937546978545667 https://twitter.com/IOHK_Charles/status/1387939251275198466 https://twitter.com/Cshuggin/status/1387986678741151745 https://twitter.com/IOHK_Charles/status/1388113533435482115 https://twitter.com/CoinDesk/status/1388192121006534657
  59. The Cardano Africa Mini addition gives us more details on the actual rollout of the Ethiopia Ministry of Education deal: 1) all 700k teachers and a subset of the students who will get tablets will be registered in the first year; 2) all secondary school students will be registered in the second year which will bring us to 5MM students; and 3) the data will be used to analyze both students and teachers. https://www.youtube.com/watch?v=jKT_3clxeqw
  60. If you don’t believe that Atala runs on Cardano please watch this video which lays out definitely and exactly how Atala runs on Cardano. Please feel free to wantonly debunk anyone on the interwebs who says otherwise. Thank you to IOHK technical architect Alexis Hernandez for this video! https://www.youtube.com/watch?v=8AbgzvOeb6w&t=31s
  61. I don’t know if everyone watched the last few minutes of the Africa Special. But, I think a lot of people missed the section where John O’Connor said the goal of Cardano in Africa is to issue 100 MILLION digital identities in the next two years. To give you some idea of scale here, adapools.org shows a highest ever daily number of new wallets at around 71k. If we onboard 100 Million people via digital identity over two years that would be 136,986 people per day. ETH only has 150MM unique wallets to date. https://youtu.be/yRjj662kJsk?t=8615 https://adapools.org/analysis-query/wallets https://etherscan.io/chart/address
  62. John also mentioned that all of the 100k subscribers to World Mobile in Zanzibar this year will have digital identities on Atala Prism. They will also be offering so-called “RealFi” loans by Q1 of next year that will be made via Cardano liquidity and will act as a bridge to real world value. https://youtu.be/yRjj662kJsk?t=8628
  63. Charlie Munger thinks crypto is “disgusting”. That’s a wonderful thing because it tells you how early you are. This is especially true in Cardano which is a project that leads with empathy for the developing world. Will he still call that disgusting if we’ve brought financial inclusiveness to an entire continent in five or ten years. Probably he won’t say anything because he won’t have lived that long. But, you get the point. https://www.cnbc.com/2021/05/01/charlie-munger-calls-bitcoin-disgusting-and-contrary-to-the-interests-of-civilization.html
  64. The state authorities in Wyoming are so far ahead of the curve it’s scary. Now they’re putting aside $4 million for staking. On the private side, Caitlin Long should be declared a state treasure for making a lot of this happen. https://twitter.com/Cardanians_io/status/1388756653311414272 https://decrypt.co/69390/university-wyoming-generate-revenue-crypto-staking
  65. I will be in a tent in a beautiful place where there will be very limited internet access. So, no text format Cardano Rumor Rundown until Saturday. The youtube version has been pre-recorded and is scheduled to come out on the normal daily schedule: https://www.youtube.com/channel/UCWnSP49DJf-G9E0VfqDdBCA.
  66. There is supposed to be some kind of mid-month update on Plutus. Charles hinted in a recent update that everything is going really well on that front. https://www.youtube.com/watch?v=786mOp2Xq7s
  67. There will be an update on Mithril at the end of the month. You will remember from previous coverage that Mithril is a means to create trustless light wallets via recursive snarks similar to Mina. ZK-SNARK = zero knowledge succinct non-interactive argument of knowledge. https://www.youtube.com/watch?v=786mOp2Xq7s
  68. Charles is setting aside $9MM to be shared by two research labs to be set up: one at University of Edinburgh and one at an undisclosed institution. https://www.youtube.com/watch?v=786mOp2Xq7s
  69. Doge Mania might be hitting a new peak (as a cultural artifact at least) tonight with Elon’s appearance on SNL. There are many different perspectives you can take on how this might impact ADA. I find the following two the most interesting: 1) if the Doge pump is followed by an inevitable crash it could sour a giant group of new adopters on crypto; or 2) it might be a gateway drug that will turn a large group of new adopters on to better projects. https://twitter.com/elonmusk/status/1390774840135766019
  70. The Essential Cardano List is published by IOHK. (credit to /u/cascading_disruption for pointing this out) https://twitter.com/InputOutputHK/status/1390728385945550848
  71. Cryptodoggies.org NFTs are now available. The website says 50% will go to a community voted animal charity. https://www.cryptodoggies.org/
  72. For those learning Haskell, Check out this new video on Type Theory. https://www.youtube.com/watch?v=Y7blCeETJo8
  73. Also, Lars puts out a new Plutus Pioneers video on Native tokens. https://www.youtube.com/watch?v=6VbhY162GQA
  74. ADA is the most crypto of all cryptos. George of CryptosRUs pointed out in a recent video that he couldn’t find any trace of a VC firm owning Cardano in its portfolio in his search of the categories section on CMC. This makes sense if you know Cardano. Would freedom and decentralization loving Satoshi not throw up a little in his mouth to find out that VC ownership of cryptos was a metric people would care about in 2021? The lack of VC stake in the very decentralized and freedom loving Cardano only adds to our already iron-clad claim on the mantle of the most crypto of all crypto projects. Our ecosystem never sought to attract VC money that would only centralize ownership in a smaller number of hands. This doesn’t even address the current extreme centralization of block validation in BTC and ETH. https://coinmarketcap.com/cryptocurrency-category/ https://etherscan.io/stat/miner?range=7&blocktype=blocks https://www.blockchain.com/charts/pools
  75. IOHK has dropped a new article on the status of KEVM and IELE. Grigori Rosu of Runtime Verification says a proof-of-concept of IELE should be ready in six months. This is a key component in how we get to the ocean of all developers as we grow beyond the pond. https://iohk.io/en/blog/posts/2021/05/10/runtime-verification-iele-from-interoperability-to-universality/
  76. Cardano saw a new challenger enter the scene with Internet Computer (ICP) debuting very high on the CoinMarketCap charts. However, a look into ICP makes one question whether they are really in the Gen. 3 Blockchain race at all given that available information indicates the blockchain runs via datacenters hosting standardized hardware and that those datacenters can only join the network with the permission of the “Network Nervous System”. You could say that the winner of the Gen. 3 Blockchain race needs to solve the blockchain trilemma of decentralization, security, and scalability. If that’s true, then it’s arguable that ICP is not even competing in the decentralization leg of the race. https://youtu.be/zHl-oVPoX88?t=97
  77. The new venture of Sebastien, Nico, and Robert Kornacki is announced: https://twitter.com/dcspark_io. That’s a hell of a team!!!!
  78. The Cardano Subreddit hit 400k users! https://www.reddit.com/r/cardano/
  79. Alonzo Testnet Updates. https://cardanoupdates.com/ https://twitter.com/InputOutputHK/status/1392457888636022789
  80. IOHK drops a blog entry on the strategic partners in the Plutus rollout! https://iohk.io/en/blog/posts/2021/05/12/developers-add-muscle-to-plutus-smart-contracts-on-cardano-for-defi/
  81. Does Elon’s move away from BTC (ostensibly for environmental reasons) hold promise for ADA? https://twitter.com/elonmusk/status/1392602041025843203
  82. The case for Cardano to replace BTC with Tesla and beyond is building. https://twitter.com/CardanoStiftung/status/1392806669810339851 https://twitter.com/elonmusk/status/1392950720979030019
  83. Charles makes the case for collaboration with Starlink in Africa. https://twitter.com/IOHK_Charles/status/1392916783854616577
  84. People are starting to realize what the real value of NFTs will be. It’s not in collectibles. https://twitter.com/RaoulGMI/status/1392939118355783682

~Army of Spies


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DeFi Explained: ZK Rollups

Scalability is without a doubt the biggest problem that Bitcoin (BTC) and other blockchains are facing. Due to the nature of most blockchains, cryptocurrency suffers from slow transaction speeds and high transaction costs. Ethereum is no exception either. In fact, since the rise of DeFi and NFTs, the Ethereum network has become clogged.

A lot of other crypto projects are trying to overthrow Ethereum by using different infrastructures. Cryptocurrencies such as Polkadot, Cardano and Binance’s blockchain claim to be faster and more scalable than Ethereum. However, Ethereum hasn’t been sitting still either.

The DeFi giant is currently busy making the network more scalable. All solutions for making the network more scalable fall under the guise: "Layer 2 Solutions". In my previous post we’ve discussed about one of the Layer 2 Solutions: sidechains.

Another highly anticipated Layer 2 Solution are ZK Rollups. Let’s dive into what ZK Rollups exactly are and how they are used.

ZK Rollups

ZK Rollups are Layer 2 Solutions, or second layer solutions. Layer 2 is a collective term for solutions designed to help scale up networks further by handling transactions outside of the network's main chain (layer 1). The main chain is the chain where all Ethereum transactions are handled.

The transaction speed suffers when the network is busy. As the network gets busier, transaction costs increase as transaction senders want to outbid each other. This can make the use of Ethereum very expensive, as can also be seen in real-time on the Ethereum gas tracker.

The DeFi and NFT hype is not the first time that the Ethereum network has been overloaded. In the 2017 bull run during the ICO hype and the CryptoKitties bubble, we saw the same thing happen. Since the vast majority of ICOs are made on the Ethereum blockchain, this resulted in a similar increase in transaction costs at the time.

Layer 2 Solutions are therefore in favor of scaling up the network so that the use of Ethereum becomes cheaper.

ZK Rollups are one of the options being developed for a 2-layer construction that increases scalability by putting mass transfer processing into a single transaction. ZK Rollups bundle hundreds of transfers into one single transaction. After bundleing, a smart contract takes care of the verification of all transfers included in that one transaction.

A zero knowledge proof (ZK) approach is used to present and publicly record the block's validity on the Ethereum blockchain. The Zero Knowledge protocol reduces computer usage and storage resources for block validation by reducing the amount of data held in a transaction; no knowledge of the complete data is required.

Simply put, Zero Knowledge can be best described as a situation where each of two parties to a transaction is able to verify to each other that they have certain information, while not having to disclose what that information is.

For ZK Rollups, the Zero Knowledge part is done by the zk-SNARK. Namely, it reports to have knowledge that the root data of the penultimate accepted snapshot matches the root data of the new snapshot, without showing the root data to the validator: the SNARK only reports the hashes.

How ZK Rollups work

Now you know that ZK Rollups is a scalability solution that is the second layer on the main chain. The next step is how ZK Rollups work exactly.

ZK Rollups are solutions that execute transactions outside the mainchain, but place transaction data in the mainchain. Thus, because transaction data resides on the mainchain, Rollups can be secured by layer 1. Taking over the Ethereum backbone security properties for the transaction data, while execution is performed outside of layer 1, is a defining feature of ZK Rollups.

Three simplified features of Rollups are:

  • Transaction execution not on layer 1, but off-chain on the Rollup Chain.
  • Proof of transactions is at layer 1.
  • A ZK Rollup is a layer 1 smart contract that can enforce proper transaction execution by using the layer 1 transaction data.

ZK Rollups require the implementers (relayers) to stake part of their ETH in the Rollup contract. This encourages the executors to verify and execute transactions correctly so that the network remains secure.

There are several types of Rollups, namely:

  • Zero Knowledge (ZK) Rollups: performs calculations outside the chain and submits validity proof to the main chain.
  • Optimistic Rollups: Assumes that transactions are valid by default and only performs calculations, via a fraud proof, in the event of a challenge.

Optimistic Rollups are easier to implement in the Ethereum blockchain, but do not bring nearly the same scalability benefits as ZK Rollups. I’ll discuss Optimistic Rollups in an another post.

ZK Rollups bundle, or "roll-up", hundreds of data transfers off-chain and generate a cryptographic proof known as a zk-SNARK. zk-SNARK stands for "zero-knowledge succinct non-interactive argument of knowledge". The zk-SNARK is the proof of validity of hundreds of transfers in the form of a hash and is eventually placed on the main chain.

A ZK Rollup is formed on the basis of a reasonable technical concept. The ZK Rollup scheme consists of two types of users: transactors and relayers.

Transactors

Transactors are basically just participants of the smart contract within the Ethereum network. They complete their transaction and broadcast the transaction to the network. The transaction data consists of:

  • A "to" and "from" address
  • A transaction value
  • The network costs
  • The nonce

The smart contract stores the data in two Merkle Trees; one for the addresses and one for the transaction amounts and the nonce.

Relayers

Relayers collect a large number of transactions to make them into a Rollup; a roll-up of transactions. It is the job of the relayers to generate the zk-SNARK certificate of validity.

Any participant in the Ethereum network can become a relayer, as long as they have staked the required number of ETH in the smart contract.

zk-SNARK

The ZK Rollup smart contract maintains the status of the transfers made at layer 2. The status can only be updated with a validity card; the zk-SNARK. The zk-SNARK is a hash that represents the blockchain's validity status.

The zk-SNARK is formed in the following order:

  1. The zk-SNARK compares the blockchain snapshot of before a new bundle of transactions with the blockchain snapshot from after a new bundle of transactions. The goal is to prevent the adjustment of the transactions on the blockchain.
  2. The ZK Rollup smart contract will only accept a new transaction bundle when the previous snapshot hash matches the most recent saved snapshot hash (0x1f59b49c).
  3. If accepted, the new bundle of transactions will be saved in the contract with a, at that point, new recent snapshot hash (0x862ae48).
  4. The zk-SNARK proves that if the previous snapshot hash has a value of 0x1f59b49c, and the new transaction bundle data is added to it, the result is that the new snapshot hash is 0x862ae48.
  5. The zk-SNARK only reports the changes in the verifiable hashes to the Ethereum mainnet.
  6. This allows only bundles to be added to a Rollup whose root information matches that of the previous accepted snapshot.

This ultimately ensures that ZK Rollups make the network faster. The Zero Knowledge protocol reduces the computing power and storage resources needed to validate the block, eliminating the need for knowledge of all data, but only of the zk-SNARK.

With a ZK Rollup, there are no delays in moving funds from layer 2 to layer 1, as the ZK Rollup contract's proof of validity has already verified the funds. So a ZK Rollup makes validating a block faster and cheaper because less data is included.

Disadvantages of ZK Rollups

Yes, there are also disadvantages to ZK Rollups. ZK Rollups cannot be used by the Ethereum Virtual Machine (EVM) on which all DApps are built. Thus, existing DApps cannot implement ZK Rollups in their current ecosystem.

Another issue is that the first setup of ZK Rollups is a centralized process, because the first status cannot be verified. A small group of developers will therefore initially deal with the initial status of the Rollup. This undermines the decentralization of Ethereum and also opens the risk of hacking attacks via social engineering.

Summary: The pros and cons of ZK Rollups

In order to finalize this (way too long) post, let’s make quick summary of the pros and cons of ZK Rollups.

Pros

  • Reduced costs per user transfer.
  • Faster than Optimistic Rollups and Plasma.
  • Less data in each transaction increases layer 2 throughput and scalability.

Cons

  • Not (yet) compatible with the Ethereum Virtual Machine.
  • The initial setup of ZK Rollups promotes a centralized process.

Conclusion

ZK Rollups are a solution for blockchains to be able to scale up further, so that they can execute faster and more transactions. Like other Layer 2 Solutions such as sidechains, ZK Rollups are a Layer 2 Solution on top of the main chain (off-chain). And because of this, not all data has to be included in the main chain, making the validation of blocks faster and cheaper.

​

  • You can read my post about sidechains here.

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Friday, May 14, 2021

Compilation of All DD, TA, Rules & Regulations, News, and more! ALL-IN-ONE STOP for DAILY Wrinkles 🔥🚀

I will try to update this very same post everyday since I'm here 24/7 anyways (so save it!), with weekly reposts (keep an eye out!). Any suggestions / additions / corrections ? Please let me know, apes & ants & other international species 🤝

🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀

KNOWLEDGE IS POWER Hermaeus Mora would agree

🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀

Last update: 2021-05-15 @ 1:57 am EST. Going to sleep now... If I missed one of you wrinkly brains DD, don't take it personally... I am 60% done.

🌟 May 14 🌟

VOTING:

TA:

RULES & REGULATIONS:

NEWS:

EDUCATION / DATA / OTHER:

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🌟 May 13-12-11🌟

DD:

NEWS:

ART & WRITING:

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💎 More posts from May💎

DD:

NEWS:

RULES & REGULATIONS:

TA:

EDUCATION / DATA / OTHER:

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💎 Posts from April 💎

DD:

RULES & REGULATIONS:

NEWS:

TA:

EDUCATION / DATA / OTHER:

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💎 Posts from March💎

DD:

TA:

NEWS:

EDUCATION / DATA / OTHER:

ART & WRITING:

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🚀 atobitt's work 🚀

  1. Citadel Has No Clothes
  2. BlackRock Bagholders, Inc.
  3. The Everything Short
  4. Walkin' like a duck. Talkin' like a duck
  5. A House of Cards - Part 1

🚀 sharkbaitlol's work 🚀

  1. CHAOS THEORY - The EVERYTHING Connection : The Cayman Islands
  2. CHAOS THEORY - Conflicts of Interest : Former SEC Chairman Jay Clayton & Apollo, Former Chairman of the CFTC Heath Tarbert & Citadel
  3. CHAOS THEORY - The FINAL Connection : CFTC & SEC, Credit Suisse, Gary Gensler, LIBOR & SOFR, The Great Trap

🚀 augrr's work 🚀

  1. The Shell Game I - FTDs can be "reset" through borrowing from ETFs
  2. The Shell Game II - How ETFs work and what their FTDs mean for GME
  3. The Shell Game III – Lifting the Final Cups for Take-Off

🚀 broccaaa's work 🚀

  1. Why March GME prices are suppressed and hedges are fucked: OBV, shorting and the disconnect with price
  2. The naked shorting scam revealed: lending of market maker privileges, the married put trade and why inflicting max pain will bleed them dry
  3. The naked shorting scam in numbers: AI detection of 140M hidden FTDs, up to 400M naked shorts in married puts and massive dark pool activity by Shitadel and the shorts
  4. The naked shorting scam using ETFs: mass shifting of FTDs from GME to 20+ ETFs & 27+ billion dollars still owed in remaining SI

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📢 AMAs of MVPs 📢

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🎮 GameStop Company Related Posts 🎮

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🔥 Pictures of buildings lit up at night 🔥

cause who doesn't love 'em

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🤡 Current FUD tactics 🤡

  • Betting that we will paperhand from impatience, from seeing all the other shiny shiny [...] in the green
  • Forum sliding, burying DD and valuable info
  • Making apes fight apes but ape no fight ape! = Divide and conquer. United we stand, divided we fall.
  • Shilly media with endless shilly nonsense

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I recently spoke to a parent about their smart camera that was hacked and the hacker was talking to their kid, which is frightening , As a cybersecurity expert from Simius, Here on some tips on how to prevent your smart home/camera from being hacked ?

These are steps to prevent this.

When you engage in business with ethical hackers, it can offer the insight required to understand what must be done for securing IoT devices. We all want convenience, but the market must be brought to heel from the demand of consumers who are seeking mitigation from both the carelessness of IoT manufacturers (and their vendors), as well as the cyber criminals themselves who seek to wreak havoc. That does not mean that a synergistic relationship cannot be established with the IoT manufacturers, vendors, etcl. But we also need not negotiate with criminals under any circumstance either. When you take matters into your own hands, the empowerment is compounding and also has a ripple effect unto others.

WITH YOUR TRUST WE CAN HELP PREVENT A DISASTER SCENARIO FROM AFFECTING YOU AND ACCOMPLISH MUCH NEEDED GROUND IN THE ERA OF SMART HOMES AND CONNECTED DEVICES

A Canadian news team hired a team of ethical hackers to test smart devices. They found some interesting things. “Vulnerabilities revealed in smart home devices prompt 1 manufacturer to immediately beef up protections”

They also found that there are live streams of smart cameras which have been hacked, with people not even noticing that they are live in front of an unknown audience. Things like this are easily preventable.

THERE ARE TWO THINGS NECESSARY FOR A SUCCESSFUL CYBER SECURITY STRATEGY.

1. UNDERSTAND HOW TO PREVENT THE RISKS OF A CYBER ATTACK

2. RECOGNIZE PHISHING EMAILS, MESSAGES, AND AVOID THEM AT ALL COST

Don’t click on strange links. If you get phishing or spam, block and delete it immediately, and be careful because it is down to the wire. Whether it is email, text message, or robocalls, they all just want your money and/or your data. They’ll do anything for both. Personal information is purchased by common criminals on the dark web to target people, especially if they have digital assets of any kind. I’ve seen a number of cases come up in my local jurisdiction recently. Most of it is raw identity theft and various types of online fraud.

Most cyber security breaches are carried out through phishing (over 90%), usually through email. This exposes you to social engineering, which is meant to trick you into making a mistake. Their intent is to fool you into becoming a victim of their targeting. Luckily you can easily avoid all phishing attacks by knowing how to spot them.

Being able to identify a phishing email is literally the easiest way to avoid a large portion of cyber attacks. But let's say you accidentally clicked a bad link, as it is bound to happen. This is why having proper security measures in place (i.e. updated software and firmware). It may very well be the case that this can ward off any of the cyber criminal attempts to breach your network further. 

Testing your devices with security tools is the only way to reveal those weak points is the only way for you to be sure and allows you to prepare as best as you can. Simius allows you to automate your smart home security testing while offering the flexibility for you to scan for threats on demand. It’s the only way to be sure of your smart device security.

On the other hand, we can expect the unexpected from internet criminals. They are improving their methods. Case in point, DeepFakes machine learning and artificial intelligence was used to impersonate the CEO’s voice. The company was tricked into wiring over $200,000 to online crooks. 

Sometimes it is difficult to avoid a click or tap on those malicious links, and this is understandable. You must choose caution in dealing with those things. They may be able to perform recon and attempt to weaponize any vulnerabilities in your devices immediately. The cyber attack technology is extremely sophisticated. They just need you to make a mistake.

It's worth mentioning that wardriving can also occur, whereby the cyber attacker actually drives a vehicle on a street where your home is physically located. They then scan your network remotely without trespassing on your property. This is less common than phishing, but there is still a chance that it can happen. Again, you can run security scans on your smart home network using Simius and correct any points of exposure before any criminals can take advantage. Furthermore it is important to note that not all wardriving is malicious. Some organizations host their wardriving data for public consumption so that it can add to the open-source intelligence shared for the benefit of businesses and consumers alike. 

Staying safe online is similar to anything in real life. Never trust a stranger, and the same is true for a random link appearing in your notifications or email. Again, block and delete, filter, etc. If you are wondering why you might be targeted with such an elaborate phishing campaign, then look no further than the fact that your phone number may have been leaked due to the recent Facebook breach:

533 million Facebook users’ phone numbers and personal data have been leaked online

Facebook is not alone, so make sure you keep passwords cycled and changed at least once every six months. To manage it with convenience, you can use a password manager app such as KeePass and it is best to avoid using the ones that are built into web browsers. Two-factor authentication is also highly recommended, especially for anything related to financials but also on your network security passwords. It is easy to use and is essentially your own security code system. Basically, you enter in a password along with a randomly generated number to accompany the login credentials, and most logins support the method. This adds an extra set of layers which intensifies the difficulty in breaching your data.

DATA LEAKS ARE COMMON FROM LARGE SCALE CYBER DISASTERS AND SECURITY BREACHES, AND WE MUST ALL LEARN HOW TO RECOVER

As IoT consumers, we are heading through uncharted waters. To avoid the storm, one must become the storm. Simius can help you to navigate as such, and with considerable ease. Again, if this were easy then everyone would be doing it. You may even wonder how we arrived in this situation however.

The unintended consequences of increasing the connectivity of smart devices causes the rising numbers in cyber threats and online vulnerabilities. This is similar to pollution released by factories during the industrial revolution which continues to plague us till this day. Same difference with cyber attacks, but there are things we can do to filter out those negative digital pollutants from poisoning the safety and security of our smart homes.

In the event of your smart home being breached, it's important to remain calm, collected, and vigilant. Never underestimate your ability to overcome a bad situation. Concentrate all your focus on fixing the problem in any way you can, while accepting things you cannot change which are out of your control. Then you can realize more quickly the actions required to repair and amend the problem. 

DISASTER RECOVERY IS ABOUT MAKING SENSE OF THE SITUATION, EVEN AFTER YOU ARE PAST THE POINT OF NO RETURN, NEVER GIVE THEM AN INCH

Suppose malware encrypted your sensitive files and they are holding it all for ransom, asking you to pay them bitcoin. It happens. So don’t give them anything. Even if you do pay, there is no guarantee they will even respond. Gather evidence, submit to any trusted government authorities for them to investigate, and keep backups of your important data. The latter cannot be emphasized enough.

BACKUP AND SAVE YOUR DATA ON EXTERNAL HARD DRIVES

Do not connect anything to the internet which you are not afraid to lose. That is to say, make sure you can repair or restore any form of data loss. Backup your smartphone, and any computer operating systems as well. Most operating systems offer this feature for your convenience. Sensitive files should not be stored in the cloud either. Power down non-essential appliances at night or when you are not home as well. These things will cover many of the basics for prevention and maintaining clean Cyber hygiene.

Be sure of your digital footprint. Every move you make leaves a mark. Don’t give in to any aspect of the fear. There will always be a way around the cyber attack. You cannot let them win. To prevent being a victim of ransomware that encrypts your sensitive files, be sure to backup your data and keep it off the network. An external hard drive will do. This will allow you to maintain a buffer in case any ransomware tries to lock up everything of value. 

Other than that, mixing the defensive and offensive strategies to your personal security online and in your smart home will be the best bet. Balance is critical here, and also be sure to realize that cyber security really isn’t that complicated. Having knowledge of preventative measures while using a basic understanding of the threat landscape to navigate into the future increases your chances of being unharmed even by the most persistent of cyber threats. Mindset is essential and be sure to not overthink cyber security problems. 


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wellBe coin

WELB #WellBe Coin #Bitcoin #BSC #Crypto

Hi. join the professional WellBe Coin campaign! The guys are very well coordinated work for success, they all goes according to plan, join us and be aware of all the events!


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What an absolute mess this tax season is going to be

Every man and their dog has gotten into crypto in the last few months. Everyone's balls deep in Bitcoin, Eth, Doge and a thousand more shit coins. The thing I've noticed too as that few people are looking to hold their coins long term, maybe their top 10 coins, but thanks to the endless shilling on YouTube and Reddit, a lot of people are swing trading across a hundred coins, across a dozen exchanges, and sometimes in a matter of days.

The thing is most people don't know that each trade is a taxable event. Personally, to me it makes the most sense that tax should came into play once profits are actually taken back in AUD. Seems like the common sense thing, but then again we are talking about the ATO here.

When you take into account how many people are in crypto now - a lot of them young and just YOLOing and FOMOing - plus the fact people are trying to swing trade on short to mid term holds, buying up tiny alt coins on some obscure Asian exchange, then people are going to have a nightmare on their hands come July. Even just people with OCD trying to round out the endless decimal points are gonna be forking up for something they haven't actually earned anything from. Without a doubt, a lot of people won't be paying their crypto taxes correctly more out of ignorance than deceit and it's going to be an absolute cluster fuck for the ATO trying to chase up everyone, from people who've made a killing to even the average larrikin who's traded $50 of Doge for Chiliz, went up to $100, then traded it a couple more times and maybe sitting on $500 now, but tax on all them trades are just gonna devour a lot of the profits.

I feel like a lot of people are gonna have a really horrible awakening come tax time and it's gonna leave a sour taste in a lot of people's mouths about crypto, maybe even leave them feeling like they don't wanna be in it anymore. I get the ATO are all out of touch boomers, but I dunno. Rant over. Just pisses me off. God fucking forbid us plebs try and make a bit of extra money while major corporations get away with paying less tax than your grandma.


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New CDC guidance: Vaccinated Americans, run free! The Yodel Daily from Yahoo (05/14/2021)

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Hey, look! Friday! We’re here! I know we’ve got places to be and people to see, so let’s jump into it. Today we need to discuss that latest CDC announcement, a truly diabolical reader and a Home Depot employee who deserves a raise.

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News To Know

(Getty Images)

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Finance For You

(AP)

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Ad · SmartAsset

7 Things You Should Know About Financial Advisors

People who retire comfortably know these secrets about financial advisors. #6: Make sure you understand how your advisor gets paid. 

See the rest

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Sports. Sports. Sports.

(Getty)

  • It’s official: Alex Rodriguez is an NBA and WNBA team owner, picking up the Minnesota Timberwolves and Lynx for $1.5 billion. This felt like the right time to google what exactly a lynx is, and I’m now more confused than I was before.
  • Tom Brady will make his first return to New England in October when the Bucs play the Patriots in Massachusetts. This whole situation sounds like the most awkward Thanksgiving dinner waiting to happen. Who’s bringing the stuffing?
  • Yankees shortstop Gleyber Torres became the eighth member of the organization and first player to test positive for COVID-19 this week. The team says it’s going full steam ahead with the season, but uh, something seems off.

https://preview.redd.it/1fs8qv49s6z61.png?width=1200&format=png&auto=webp&s=d83451804b02f27cd8678c3b969425e80649940b

AAPI Heritage Month

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https://preview.redd.it/wnwgbyh9s6z61.png?width=1200&format=png&auto=webp&s=cda820810dc6ddeb3e265552af864404c73e7bd8

Culture Corner

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  • A special graduation shout-out goes to great-grandmother Vivian Cunningham, who earned her bachelor’s degree at the age of 78. Protect Vivian at all costs!
  • I didn’t wake up this morning wanting to be utterly distressed, but it seems I have no choice after watching this video of a woman who has truly traumatizing reading habits. Ma’am, no book is worth bringing into! the! shower!
  • Six Flags is taking heat after a woman alleged that the park tried to force her to change her shorts and then threatened her with criminal trespassing if she didn’t leave. The amusement park, unsurprisingly, has a different version of events.

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Tech Talk

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Entertainment Spotlight

(Friends)

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Fantastic Finish

One of the most chaotic TikTok trends of all time is this one where people share random meet-cutes and acts of kindness from strangers. One woman gave props to the Home Depot employee who let her take home 10,000 paint strips for free. A true hero.

(TikTok)


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