| #193 Dave Collins & Jake Yocom-Piatt: Decred - A Hybrid Approach to Blockchain Governance |
Dave Collins and Jake Yocom-Piatt join us to talk about Decred, a cryptocurrency which introduces an innovative system of community-based governance into its blockchain. Decred implements a hybrid Proof of Work and Proof of Stake system in which miners validate transactions, while users can vote on new features and upgrades to the protocol. This clever approach enables efficient blockchain governance, which has demonstrated to be successful in a recent protocol upgrade on the live network.
Topics discussed in this episode:
- Dave and Jake's respective backgrounds in the blockchain space
- The challenges addressed by Decred, specifically regarding blockchain governance
- Decred's hybrid Proof of Work/Proof of Stake approach to governance
- How users of the network vote on protocol upgrade with ""tickets""
- Possible downfalls and attack vectors to this approach
- How Decred's governance model successfully implemented a hard fork on the production network
- Decred's approach to development funding
Links mentioned in this episode:
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Epicenter is hosted by Brian Fabian Crain, S?ƒbastien Couture & Meher Roy.
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| Comment on The emperorâs new chains â seeing through the Blockchain hype by Brian Lewis ||I think it's a bit of a complicated 'yes and no'
Some of the hype is just that.
Ethereum is currently faster transacationally than BitCoin and transactions are only part of what it does - but I have seen some claims for it that seem hard to justify. Interestingly, there are indications of Ethereum moving from the slow BitCoin style 'Proof of work' to a hybrid model using a lighter (but possibly less secure) algorithm called 'Proof of stake' to add blocks to the chain.
There are also state channels that Douglas mentioned, which effectively turn the Blockchain into a way of 'locking' a record or state which participants can then change and update quickly outside of the blockchain until the new state is agreed among the parties when it is 'locked' again by writing to the blockchain. This has it's own complications but is certainly interesting. With regard to this and Ethereum - Raiden Network is certainly worth Googling
So in short, transactionally Ethereum at the moment is based on what BitCoin is doing and suffers from the same scale issues, fixing those still seems to involve the usual suspects of reduced consensus or moving transactions off the blockchain.|
| What to do before 1st August - sell $BTC in July and go away ||
ye olde market mantra was sell in May and go away. Given what happens on 1st August, the cyber equivalent is sell in July and go away.
I Am Not A Financial Adviser (IANAFA). Do your own research.
To new investors - just wait. It is like betting on a country while a civil war is raging. You may get it right but the risks outweigh the upside. Also unless you can do what is suggested below, don't even think about it.
To long term bitcoin holders - get all bitcoins off external services and keep your private keys under your own lock and key. This is like physical gold in your own safe.
To short term speculators - trade in Litecoin, it is a good bet against bitcoin working out its problems. It is only a short term trade because as soon as Litecoin scales it will hit the same problem.
To long term speculators - buy $ETH in the hope they will get Proof Of Stake right. Lots of fundamental risk, but POS could be a better model than POW.
All this says the bear market in $BTC is not over and we wait for capitulation.
Read full topic
| 5 reasons Why I am economic Bitcoin Maximalist ||
5 reasons Why I am economic Bitcoin Maximalist
Not a moral Bitcoin Maximalist. I don't say buying Bitcoin is any better for the world. Just that Bitcoin will be better than Altcoins as an investment. I said investment, meaning over the long term (plenty of short term trading opportunities in Altcoins)
One. Brand and network effects. Step outside the cryptoverse for a moment. Have any trouble explaining Bitcoin to a newby? Try Ethereum. Try hundreds of Altcoins. Building a crypto product/service? Building for Bitcoin is a no-brainer. Which Altcoin do you invest your R&D budget into?
Two. Not making any more of it. People fed up with money printing like land, gold...and Bitcoin. A big newbie question, but how can we believe "they" won't make more Bitcoin? Now ask that question of every Altcoin.
Three. Copy that. Sidechains will allow entrepreneurs to copy any feature of a cool Altcoin. Like Smart Contracts? Use Rootstock. Altcoins as a sandbox for experiments are a "good thing". As a donation to the community that is cool, as an investment thesis less so.
Four. Lightning Network. Sure we will also have Raiden on Ethereum. Raiden as an Enterprise IT tool is great, but that is very different from a true alternative currency for mainstream use; for that, see 1.
Five. Flight to safety from both directions. Coming from Fiat, Bitcoin is an Anti Fragile crash protection bet. Coming from Altcoins, Bitcoin is safe haven while still believing in Crypto. If you made millions in an ICO, where do you put your stash? No, really.
Ethereum is a wonderful technology innovation. It will be used by big corporations, but so what? If Proof of Stake really works, Ethereum could become a true public alternative currency because Proof Of Work is expensive. But that is like saying if we can easily transport solar energy we can get off fossil fuels - easier said than done. Casper in Etherum is still in development. Watch this space, this is a wild card.
Read full topic
| Beyond Bitcoin - 6 - A New Direction for Bitcoin? |
In this hangout session, Stephen Reed presents his proposed reengineering of Bitcoin, Cooperative Proof Of Stake. Dan Larimer and others join the conversation to have their questions answered. CPOS is a fresh solution to the problems Bitcoin faces which maintains what remains of Satoshi's social contract while dramatically improving the efficency of the ecosystem.
Music provided by Csus. Check them out on Soundcloud.
Content provided by Stephen Reed - https://bitcointalk.org/index.php?topic=584719.0, https://bitcointalk.org/index.php?topic=366214.0
The recording of the Weka courtesy of Department of Conservation - http://www.doc.govt.nz.
Any questions or comments? Emailbeyondbitcoinshow@gmail.com.
Check out beyondbitcoin.fm for more material and recordings of developer hangouts
| Beyond Bitcoin - 5 - Delegates and Forgers ||This weeks episode features Dan Larimer of Invictus Innovations discussing the shift from Proof Of Work to Delegated Proof Of Stake and the thought process behind the change. We go on to discuss pretty much everything else going on in the development of the bitshares platform. It was a great opportunity to tie up all the loose ends I could think of and Dan was happy to oblige.|
Music provided by Csus. Check them out on Soundcloud.
Content provided by Dan Larimer - www.bitshares.org, and Ian - www.nxtcommunity.org.
The recording of the Bellbird courtesy of Department of Conservation - http://www.doc.govt.nz.
Any questions or comments? Email firstname.lastname@example.org.
Check out beyondbitcoin.fm for more material and recordings of developer hangouts
| How to mine Peercoins |
(user and password = crypto)
I've included here three folders: two with the necessary files to start mining Peercoins right away and one more to mint them through Proof of Stake (only if you already have some!). Let's start with the mining part. Update 1, 15 December, 2013: If after downloading the file you see it has no extension, append .zip to its name or open it as a .zip file.
If you've never mined Peercoins before, you can follow these steps to test your hardware:
- If you want to mine Peercoins with your CPU, double click on the file "MineWithCPU.bat" from the folder "Mine Peercoins with CPU". If your hardware can handle it, your computer will begin mining Peercoins for a test worker I've set up at the mining pool Coinotron. It could take hours before you get a share though. Mining Peercoins with your CPU isn't effective, but you can experience how it works by executing this file.
- If you want to mine Peercoins with your GPU, double click on the file "MineWithGPU.bat" from the folder "Mine Peercoins with GPU". If your hardware can handle it, and the miner I've included recognizes correctly the graphical card you've got on your computer, it will begin mining Peercoins for another test worker I've set up at the mining pool Coinotron. It could take minutes before you get a share though. Mining Peercoins with your GPU is far more efficient than doing it with your CPU, but still not good enough in a world where ASICs made specifically to mine coins using a SHA-256 algorithm (and Peercoin qualifies) reign supreme. You can experience how GPU mining works by executing this file though.
Now that you have tested your hardware and know you can mine Peercoins correctly, you may join a mining pool and change the name of my workers and the URL of Coinotron which you can see if you edit the files "MineWithCPU.bat" and "MineWithGPU.bat". Write instead the names of the workers you created on your pool of choice and its URL:port so as you can mine Peercoins for yourself (this URL:port information is given to you when you make an account on a mining pool).
If you don't know how to join a mining pool, read (it's for Bitcoin, so don't follow it, just READ it, since all pools work the same way) my tutorial on this topic: How to Join a Mining Pool
If you want to mine Peercoins solo (which is not recommended, because it's almost impossible that you ever find a block on your own), follow these steps:
- Copy the file "ppcoin.conf" provided in this package to your Peercoin working directory (most likely "C:\Users\YOURNAME\AppData\Roaming\PPCoin"). Now navigate to the directory where you installed Peercoin (most likely "C:\Program Files (x86)\PPCoin\") and execute ppcoin-qt.exe. Wait until you are fully synchronized with the network.
- Execute the file "SoloMineWithCPU.bat" from the folder "Mine Peercoins with CPU", the file "SoloMineWithGPU.bat" from the folder "Mine Peercoins with GPU" or both of them. Your computer resources will begin mining Peercoins. It could take you a LOT of time before you find a full block. Or maybe you are extremely lucky and find one in one minute. It's impossible to know!
Now let's have a look at that mysterious third folder...
This cryptocoin is designed so as you can mint Peercoins through another method called Proof of Stake (PoS). I won't explain here how it works. I'll simply tell you that you can earn an interest of 1% per year on your current Peercoin balance by activating it (this means you must already have some coins in order to earn something!). Proceed as follows to take advantage of this option:
- Execute ppcoin-qt.exe (from "C:\Program Files (x86)\PPCoin\"). Wait until you are fully synchronized with the network. Encrypt your wallet through the Options menu. Choose a strong password, but not so much that you'll forget/lose it, because in that case you'll lose all your coins. Close the program.
- Copy the file "ppcoin.conf" placed inside the folder "Mint Peercoins with PoS" provided in this package to your Peercoin working directory ("C:\Users\YOURNAME\AppData\Roaming\PPCoin").
- Copy the file "MintWithProofOfStake.bat" placed inside the folder "Mint Peercoins with PoS" provided in this package to the directory ("C:\Program Files (x86)\PPCoin\daemon\").
At this point you have your computer configured to mint Peercoins through PoS. Now every time you want to activate this method do the following:
- Execute ppcoin-qt.exe (from "C:\Program Files (x86)\PPCoin\"). Wait until you are fully synchronized with the network.
- Execute "MintWithProofOfStake.bat", which you put inside "C:\Program Files (x86)\PPCoin\daemon\" one moment ago. A cmd prompt will ask you for the password of your wallet. Write it there and press Enter. The cmd prompt will close.
- If you did everything correctly, there will be no warning at the bottom left corner of your ppcoin-qt program window and if you hover your mouse over the lock icon at the bottom right a message will appear stating that your "Wallet is encrypted and currently unlocked for block minting only" (give the program a minute for making these changes before you assume it's not working).
Now all you have to do is leave the program open for as long as possible. On average, you'll get 1% of your current Peercoin balance each year the coins are sitting on your wallet, untouched.
Note 1: the miner provided for CPU mining is Pooler's CPUminer 2.3.2 and the one for GPU mining is CGMiner 3.7.2. Other miners exist which might suit your hardware better and increase your mining speed.
Note 2: some antivirus programs consider all cryptocoin miners malware. They are not! The problem is that some bad people included them inside other legit packages of software so as they would mine for them on other computers without their owner's knowledge. When they were found, antivirus companies labeled them as malicious software.