submitted by sidhujag to ethereum [link] [comments]
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
SolutionsSyscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Syscoin + Matic IntegrationMatic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Proving Performance & Cost SavingsOur POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.
Cost SavingsTotal cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools, Infrastructure & Documentation
Syscoin BridgeMainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
APITools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
DocumentationSyscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence
Trade-offThe Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
CostEthereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Z-DAGZero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
APISyscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.
DocumentationZ-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana
Trade-offZ-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin SpecsSyscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
WalletsWeb3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
ExplorersMainnet: https://sys1.bcfn.ca (Blockbook)
Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!
|Exchange||Volume 24h (BTC)||Website||Many Altcoins?||How to Request?|
|B2BX||Medium||https://www.b2bx.exchange/||No||Twitter, Dedicated form|
|Binance||High||https://www.binance.com/||Yes||Twitter, Coin Apply Page|
|Bisq||Low||https://bisq.network/||No||Twitter, Dedicated page|
|Bittrex||High||https://bittrex.com/||Yes||We are already there!|
|Braziliex||Medium||https://braziliex.com/||Yes||Twitter, Support page (in Brazilian Portuguese)|
|BTC Trade UA||Medium||https://btc-trade.com.ua/||No|
|CoinEx||High||https://www.coinex.com/||Yes||Twitter, Dedicated form|
|Coinroom||High||https://coinroom.com/||Yes||Twitter, Contact page|
|Coinut||Medium||https://coinut.com/||No||Twitter, Support page|
|Crex24||Medium||https://crex24.com/||Yes||Twitter, Dedicated form|
|Cryptomate||Low||https://cryptomate.co.uk/||Yes||Twitter, send an email to [email protected]|
|Cryptopia||High||https://www.cryptopia.co.nz/||Yes||Twitter, FAQ page|
|DragonEX||High||https://dragonex.io/||Yes||Twitter, Apply page (in Chinese)|
|Exmo||High||https://exmo.com/||Yes||Twitter, send an email to [email protected]|
|Exrates||High||https://exrates.me/||Yes||Twitter, Dedicated page|
|HitBTC||High||https://hitbtc.com/||Yes||We are already there!|
|Livecoin||High||https://www.livecoin.net/||Yes||Twitter, Dedicated page|
|Mercatox||Medium||https://mercatox.com/||Yes||Twitter, Dedicated page|
|OKEx||High||https://www.okex.com/||Yes||Twitter, Dedicated page|
|Poloniex||High||https://poloniex.com/||Yes||Twitter, Dedicated form|
|SouthXchange||Low||https://www.southxchange.com/||Yes||Dedicated form and then Voting|
|Trade Satoshi||Medium||https://tradesatoshi.com/||Yes||Twitter, Dedicated page|
|TradeOgre||Medium||https://tradeogre.com/||Yes||We are already there!|
|Upbit||Medium||https://upbit.com/||Yes||??? (website in Korean, google translate fails)|
Binance’s technology is used by more than 30 exchanges around the world today, including Binance Uganda. Binance Jersey brings a world-class trading experience. Binance – Exchange And Login For Trade. Here are a few reasons why Binance is the best place to start. Secure and Reliable State-of-the-art safe storage technology for maximum ... What is Bitcoin Mempool? Mempool in short means Memory Pool. As the name suggests it is place where the data needs to be processed are stored. So what type of data are stored here? The transaction data and so it is also called as transaction pool. Mempool or Memory pool is a place which consist of all the recent and pending transactions that ... BEP2E BEP2E Token Binance Academy Binance Card Binance Chain (BC) Binance Chain Announcements Binance Chain Mainnet Binance Charity Binance Futures Binance Labs Binance Launchpad Binance NFT Binance P2P Binance Pool Binance Smart Chain (BSC) Binance staking Binance USD (BUSD) Binance Weekly Report Bind Token BNB BSC Relayer Buy Bitcoin Communication Comparision Consensus Create Wallet Cross ... Nigeria Remains the King of Bitcoin P2P in Africa; Full List: Top 10 Nigerian Crypto Mobile Apps to Buy, Sell and Store Bitcoin Per Highest Downloads on Google PlayStore. A Wealthy Investor Moves 13,302 Eth Worth over $5 Million Dollars to Uniswap; BREAKING: Buy Bitcoin in Nigeria Using Your Mastercard on Binance. Bitcoin core console window. In the older version of Bitcoin client you should see the debug window under Help > Debug window where you can start entering bitcoin-cli commands. In the latest version drop down windows menu and open up console window. You should see the following warning. Welcome to the Bitcoin Core RPC console. RPC. RPC supports GPU Bitcoin mining and is suitable for beginners. Factors to consider when looking for a good Bitcoin mining software Ease of use. A Bitcoin mining software can be suitable for either beginners, experienced miners, or both depending on its complexity. For beginners and slightly more experienced miners, one that has a graphical ... The Bitcoin.com mining pool has the lowest share reject rate (0.15%) we've ever seen. Other pools have over 0.30% rejected shares. Furthermore, the Bitcoin.com pool has a super responsive and reliable support team. Alexander Levin CEO of Asicseer.com. Mining.bitcoin.com has the highest payouts across the industry. Reliable and honest service. Libo Zhao CEO of YouDu. Cloud mining. Mine ...
[index]          
Binance Pool’s first product offering will be Bitcoin mining, using a FPPS payment method. - BitPay Partners With Binance to Support BUSD Payments Around the World - Crypto Community Fears North ... The Truth Revealed, Binance Mining Pool, Digitization Benefits & Bitcoin Trade Volume New High The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... Binance Pool. [ Showing personal account ]. Showing the Pool section in the Binance crypto exchange. [ Showing personal account ]. Showing the Pool section in the Binance crypto exchange. This is an educational video on bitcoin mining of binance pool and not a financial advice. #Binance #BinancePool #Binance pool If you want to sign up to Bina... willkommen zur Bitcoin-Informant Show Nr. 870. Heute sprechen wir über folgende Themen: Binance startet eigenen Bitcoin Mining Pool, Institutionen zeigen grosses Interesse an Ethereum & Bitfinex ... #bitcoin #binance #kryptowaluty Spis treści: - Binance tworzy własny pool miningowy - https://bitcoinpl.org/binance-tworzy-wlasny-pool-miningowy/ - Jak zacho... As a company I love BINANCE, how they have been performing no matter what type of market they are in, bull market, bear market, sideways, you name it and their token BNB and Exchanges has been ... 🔥 Get the Ledger Nano X to Safely store your Crypto - https://www.ledgerwallet.com/r/acd6 🔥 Become a Channel Member - https://www.youtube.com/channel/UCjpkws... JP from Thorchain https://thorchain.org/ and I discuss how you can make passive income by providing liquidity, multichain swaps, and Thorchain's Binance DEX ... Binance Pool has received mixed responses from the crypto community, with some commentators expressing concerns that Binance's pool will result in a further centralization of Bitcoin ( BTC ) hash ...