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The next XVG? Microcap 100x potential actually supported by fundamentals!
What’s up team? I have a hot one for you. XVG returned 12 million percent in 2017 and this one reminds me a lot of it. Here’s why: Mimblewimble is like Blu-Ray compared to CD-ROM in terms of its ability to compress data on a blockchain. The current BTC chain is 277gb and its capacity is limited because every time you spend a coin, each node needs to validate its history back to when it was mined (this is how double spending is prevented). Mimblewimble is different - all transactions in a block are aggregated and netted out in one giant CoinJoin, and only the current spending needs to be verified. This means that dramatically more transactions can fit into a smaller space, increasing throughput and lowering fees while still retaining the full proof of work game theory of Bitcoin. These blockchains are small enough to run a full node on a cheap smartphone, which enhances the decentralization and censorship resistance of the network. The biggest benefit, though, is that all transactions are private - the blockchain doesn’t reveal amounts or addresses except to the actual wallet owner. Unlike earlier decoy-based approaches that bloat the chain and can still be data mined (XMR), Mimblewimble leaves no trace in the blockchain, instead storing only the present state of coin ownership. The first two Mimblewimble coins, Grin and Beam, launched to great fanfare in 2019, quickly reaching over $100m in market cap (since settled down to $22m and $26m respectively). They are good projects but grin has infinite supply and huge never-decreasing emission, and Beam is a corporate moneygrab whose founding investors are counting on you buying for their ROI. ZEC is valued at $568m today, despite the facts that only 1% of transactions are actually shielded, it has a trusted setup, and generating a confidential transaction takes ~60 seconds on a powerful PC. XMR is a great project but it’s valued at $1.2b (so no 100x) and it uses CryptoNote, which is 2014 tech that relies on a decoy-based approach that could be vulnerable to more powerful computers in the future. Mimblewimble is just a better way to approach privacy because there is simply no data recorded in the blockchain for companies to surveil. Privacy is not just for darknet markets, porn, money launderers and terrorists. In many countries it’s dangerous to be wealthy, and there are all kinds of problems with having your spending data be out there publicly and permanently for all to see. Namely, companies like Amazon are patenting approaches to identify people with their crypto addresses, “for law enforcement” but also so that, just like credit cards, your spending data can be used to target ads. (A) Coinbase is selling user data to the DEA, IRS, FBI, Secret Service, and who knows who else? (B) What about insurance companies raising your premiums or canceling your policy because they see you buying (legal) cannabis? If your business operates using transparent cryptocurrency, competitors can data mine your customer and supply chain data, and employees can see how much everyone else gets paid. I could go on, but the idea of “I have nothing to hide, so what do I care about privacy?” will increasingly ring hollow as people realize that this money printing will have to be paid by massive tax increases AND that those taxes will be directly debited from their “Central Bank Digital Currency” wallets. 100% privacy for all transactions also eliminates one HUGE problem that people aren’t aware of yet, but they will be: fungibility. Fungibility means that each coin is indistinguishable from any other, just like paper cash. Why is this important? Because of the ever-expanding reach of AML/KYC/KYT (Anti-Money Laundering / Know Your Customer / Know Your Transaction) as regulators cramp down on crypto and banks take over, increasingly coins become “tainted” in various ways. For example, if you withdraw coins to a mixing service like Wasabi or Samourai, you may find your account blocked. (C) The next obvious step is that if you receive coins that these chainalysis services don’t like for whatever reason, you will be completely innocent yet forced to prove that you didn’t know that the coins you bought were up to no good in a past life. 3 days ago, $100k of USDC was frozen. (D) Even smaller coins like LTC now have this problem, because “Chinese Drug Kingpins” used them. (E) I believe that censorable money that can be blocked/frozen isn’t really “your money”. Epic Cash is a 100% volunteer community project (like XVG and XMR) that had a fair launch in September last year with no ICO and no premine. There are very few projects like this, and it’s a key ingredient in Verge’s success (still at $110m market cap today despite being down 97% since the bubble peak) and why it’s still around. It has a small but super passionate community of “Freemen” who are united by a belief in the sound money economics of Bitcoin Standard emission (21m supply limit and ever-decreasing inflation) and the importance of privacy. I am super bullish on this coin for the following reasons:
Only $400k market cap
Supply started at zero, so there are no VC’s and team to dump on you into the pumps - all coins are mined into existence, just like Bitcoin.
It just had its first halving, reducing emission from 16 to 8 per block. Between now and 2028 there are FOUR (!) more halvings, from 4 to 2 to 1 and then finally 0.15 (I guess that would be an 85%-ing :p) and at this point the supply is the same as BTC and stays in sync forever until the last coin is mined in 2140. This simple supply curve is already accepted by the market as a winner, so why mess with success? (I)
Meets Andreas Antonopolous’ 5 pillars of open blockchains test: Public, Open, Borderless, Neutral, and Censorship Resistant. (How many coins can say this?)
Unlike Bitcoin, Epic created a multi-algorithm approach that enables people to mine on ordinary computers - 60% for CPU on RandomX, 38% for GPU on ProgPow, and 2% for ASIC’s on Cuckoo31+. The algorithms don’t compete with one another. This is essential for leveling the playing field and preventing massive farms from dominating. These percentages can change over time and new algorithms can be easily dropped in. You can mine today using an old laptop and in 5 years you will still be able to. Incidentally, there is nothing standing in the way of adding mobile phone-based mining, which ETN showed there’s a huge demand for.
Based off the excellent Grin codebase, which means they continue to pull in ongoing core code enhancements and focus on ease of use and market penetration instead. (Smart!)
Litecoin’s Charlie Lee is out there daily talking about their move to Mimblewimble, which provides free publicity. What people don’t realize is that you can’t just bolt on Mimblewimble to a legacy blockchain, that’s like putting a Ferrari engine into a school bus - it’s still a school bus, not a race car! LTC is doing it as an optional soft fork via “extension blocks” which will not be supported by all wallets and exchanges. Also, anyone using “optional” privacy features is declaring themselves to be suspicious, which kind of defeats the point for people who care about privacy.
The community is friendly and welcoming to new people coming in, with lots of helpful (independently created) tutorials and guides. (F)
It’s already a global phenomenon, with the whitepaper in 20+ languages (G) and (not bot-infested) active local-language communities on not only Telegram but also Wechat, LINE, QQ and other messenger platforms.
It’s only on two random little exchanges currently, Citex and Vitex. Vitex is actually a pretty good DEX with no KYC and a great mobile wallet.
They are very creative - since centralized exchanges want huge money to list, they created a non-inflationary ERC20 tracker token that’s exchangeable 1:1 for coins so that Uniswap trading is possible (H)
Because it doesn’t have a huge marketing budget in a sea of VC-funded shitcoins, it is as-yet undiscovered, which is why it’s so cheap. There are only 4 Mimblewimble-based currencies on the market: MWC at $162m, BEAM at $26m, GRIN at $22m, and EPIC at $0.4m. This is not financial advice and as always, do your own research, but I’ve been buying this gem for months and will continue to. This one ticks all the boxes for me, the only real problem is that it’s hard to buy much without causing a huge green candle. Alt season is coming, and coins like this are how your neighbor Chad got his Lambo back in 2017. For 2021, McLaren is a better choice and be sure to pay cash so that it doesn’t get repossessed like Chad!
AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.
HUOBI – THE EXCHANGE BUILT FOR THE FUTURE - A HONEST REVIEW BY AN USER
HUOBI – THE EXCHANGE BUILT FOR THE FUTURE A HONEST REVIEW BY AN USER https://preview.redd.it/3il28cidztt41.png?width=313&format=png&auto=webp&s=b7c7ccafde202532977305d9be044ba9c7f88e42 Leon Li founded Huobi in 2013, a former computer engineer at Oracle. Huobi Global is a digital asset and crypto currency exchange headquartered in Singapore. Huobi also has local exchanges in South Korea, Japan, and through its strategic partner, the United States. The Huobi Group, the parent company of Huobi Global, has received venture capital finance from prominent Beijing based ZhenFund and American VC firm Sequoia Capital. The Huobi Global exchange serves traders in 130 countries. Through Huobi Global, traders can access almost 200 crypto and stable coin assets. Huobi users can download trading clients on both mobile and desktop devices. Huobi has traded over US$1.2 trillion in digital assets, and at one time it was the world’s leading exchange by volume, capturing 50% of all global trading volume. In terms of security, Huobi has adopted a decentralized exchange structure, which helps to resist DDOS attacks. However, Huobi has implemented the ‘Huobi Security Reserve, in which Huobi has set aside 20,000 BTC reserved for users who have lost funds either due to hacks, or exchange failures. Ease of use The UI is clean, user-friendly and perfectly designed with all the basic requirements for a crypto-trader. The charting software is provided by Tradingview, which is exactly what you want. https://preview.redd.it/nm2fr51mztt41.png?width=602&format=png&auto=webp&s=16c406a4eec33a1c28d2bcb5330bee6b043fc359 Huobi OTC Huobi’s OTC exchange is a good initiative. The Huobi OTC exchange allows users to trade funds peer-to-peer which doesn’t affect the market price of the underlying asset. The OTC trading-desk, with transfer options like bank-transfers, PayPal, WU, Paytm, UPI, IMPS, Alipay & many others, is an easy to use payment gateway. With a secure exchange to diversify your investment, right next door, too with effective list of Buy and Sell options for BTC, ETH, USDT and EOS coins. https://preview.redd.it/66c2zr2oztt41.png?width=602&format=png&auto=webp&s=41899be5c02791f9f5323b957ad13d092b5275f7 Huobi Lite Huobi Lite App provides a convenient channel for everyone to buy cryptocurrencies at the best prices. Tailor-made for beginners, traders, and users. We can download the App directly from the respective iOS Store or Google Play Store. Alternatively, we may access via the link: https://lite.huobi.com/download https://preview.redd.it/tw8p8cmpztt41.png?width=260&format=png&auto=webp&s=88f4d4d45b8b287d452f02547adfd187f2b09977 On Huobi Lite, you can buy Bitcoin with your local currencies, credit card, or exchange cryptocurrencies tokens, with zero fees at competitive prices. Huobi Lite currently supports MYR / HKD / VND / USD (Credit Card deposit only), with more to come in the future. Huobi Derivative Market (Huobi DM) Margin Trading Huobi Global launched Huobi Derivative Market (Huobi DM) exchange to selected countries. It provides margin trading, with very low daily loan interest rates of 0.1%. Margin Trading allows users to increase their investment exposure given a limited base principal to enjoy multiple returns. 3-Steps taken in Margin Trading:
Request for Loan
Trade on Margin (Long/Short)
Repay Margin Loan and Interest
With the introduction of Cross Margin on Huobi, users will have to explicitly input the respective margin type before executing the above 3 steps. Balances on the Cross Margin balance does not show on the Isolated Margin balance. Huobi Futures Huobi Futures is a kind of digital currency derivatives. Users can make a profit from the rising/falling of digital currencies prices by going long or selling short based on their own judgment. The Huobi Futures Contract adopts spread delivery. When the contract expires, all open positions will be closed at the index-based last-hour arithmetic average price, instead of physical delivery. BTC/ETH/EOS/LTC/XRP/BCH/TRX/BSV/ETC Contracts are available on Huobi DM. Contracts are priced in USD, with corresponding digital currency (BTC/ETH/EOS/LTC/XRP/BCH/TRX respectively) as margin to open positions, and PnL is also settled in corresponding digital currency. Weekly, bi-weekly and quarterly contracts are available in Huobi DM. Weekly contracts will be settled on imminent Friday; Bi-weekly contracts will be settled on next Friday; Quarterly contracts will be settled on the last Friday of March, June, September and December. Choices of leverage: 1x, 5x, 10x, 20x Huobi Perpetual Swap Huobi introduced Perpetual Swaps on March 27, 2020 (GMT+8). Huobi Perpetual swap is a kind of digital currency derivatives. Users can make a profit from the rising/falling of digital currencies prices by going long or selling short based on their own judgment. Similar to a margin spot market, its price is close to the price of the underlying reference index. The main mechanism for anchoring spot prices is the cost of funds. Perpetual swap have no delivery date. Users can always hold it. Perpetual swap are settled every 8 hours. After each settlement, the realized profit/loss and unrealized profits/losses are transferred to the user account balance. Partial Liquidation Huobi Futures adopted partial liquidation to help position holders reduce liquidation risk. Users with large positions and high leverage bear high risk. Huobi Futures releases partial liquidation with the aim to lower possible losses due to high price volatility thus giving users better trading experience. Under partial liquidation mechanism, when liquidation is triggered, instead of liquidating all positions at once, the system reduces positions gradually till a grade whose margin ratio is great than 0. Full liquidation will only occur when the margin ratio of tier 1 upper limit net position still fails to be great than 0. Trading Fees The Huobi exchange has a fair trading fee structure. Every asset traded via Huobi Global is subject to a 0.2% trade fee, for both market makers and takers. Further, Huobi Global has introduced a tiered fee system which offers competitively lower fees for high volume traders. VIP membership gives access to various fee reductions and other benefits. Huobi Prime Huobi Prime, the Launchpad platform which we can call Direct Premium Offering (DPO), does share some similarities with initial exchange offerings (IEO) like Binance Launchpad, but it is unique as it is not a fundraising platform, and any coins purchased on the platform are immediately deposited into the users’ wallets and tradable on Huobi Global. Huobi Prime offers its users early access to the coins of premium projects, which can be bought using its native crypto currency, the Huobi Token. To avoid dumping, Huobi has implemented an innovative idea of a period of tiered price limits. Huobi FastTrack Huobit FastTrack, rebranded from Huobi Prime Lite, is a new listing model. Wherein, all participants will have a direct say in what projects are listed on Huobi Global and when. In addition, winning voters will get access to quality tokens at below market rates. The program also provides much needed exposure and a straightforward listing process. Huobi Wallet https://preview.redd.it/6iux5zotztt41.png?width=602&format=png&auto=webp&s=fef6f6d6813ec82a70df28b160fe18ba2237daba Huobi Wallet is the official mobile wallet of Huobi Group, a leading global digital asset financial service provider. It is a multi-chain asset management tool that provides native support for various types of blockchains and all of the ERC20 tokens. So far Huobi Wallet supports BTC, BCH, LTC, ETH, ETC, USDT and all ERC20 tokens. Huobi wallet is the first wallet to expand support to cover seven stablecoins including, Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD), Dai (DAI), Stasis EURS (EURS), and Tether (USDT). Huobi Wallet is built based on the core principle of security-first. The wallet gives back its users, complete control of their private keys. In simple terms, You own your assets. The wallet is backed up with mnemonics, so in future when you want to import your wallet, it’s just simple few clicks. Currently, the wallet is compatible with both iOS and Android devices and you can download both from here (www.huobiwallet.com/en) Huobi Chain Huobi launched Huobi Chain’s Testnet (“the Testnet”) on February 29th 2020 (GMT+8). Huobi Chain is China’s autonomous cum compliant-ready blockchain platform, and is committed to providing a global, blockchain-based, digital asset infrastructure. Huobi Chain is committed to providing a high-performance, blockchain-based, global digital asset infrastructure. Once the Mainnet goes live, Huobi Chain will announce HT- related events: e.g. pledge HT to be a Super Node, etc. HT Lock & Mine (Huobi Pool) Huobi launched HT Lock and Mine operations on 25th July 2019 (GMT+8). Users who lock HT tokens receive daily HPT rewards. Specific reward quantity will depend on lock option period selected, quantity locked and Huobi Pool’ s mining hash power and daily float. DPOS Rewards: All Huobi Global users with more than 1,000HPT holdings in their HBG account will receive DPOS mining rewards. Currently, token reward received under DPOS mining include EOS, TRX, CMT, ONG, IOST, ATOM, IRIS, LAMB。 Huobi Support Users of the Huobi exchange can access 24/7 live chat and Huobi help center. Those facing issues can also open a support ticket to have their issue resolved by an expert representative immediately. The Huobi Group has a very active YouTube channel, featuring Huobi Talk, where it posts user tutorials, detailed guides, and crypto currency information for traders. What I like the most about Huobi
An established platform that’s been operating since 2013, which is a long time in the crypto world.
Highly secured with decentralized exchange structure, which helps to resist DDOS attacks. Huobi has never suffered a large hack.
Huobi Security Reserve of 20000 BTC to compensate users’ loss of funds.
Dedicated, fast and 24/7 customer support.
Regulated in major jurisdictions.
User interface is very smooth and clean.
Over 230 crypto assets are available.
User education program is good initiative.
Separate trading desk for institution and firm size users.
Very transparent about its operations, listings and projects.
Huobi Wallet is secured and very easy to operate.
Huobi mobile app is smooth and very easy to use.
Has taken serious steps towards avoiding wash trading.
Impressive array of trading pairs.
Has given more important on community participation, like voting for listing, mining pool, Huobi Knights program etc.
I like Huobi Prime because of following reasons: -
(a) Purchased tokens are immediately deposited into user’s accounts, (b) As projects launch exclusively through Huobi Prime from day one, all users get assets at the best price. (c) Tiered price limits on the platform protect both investors and projects from immediate dump.
Huobi screen projects and launches which are only the best. I don’t have to worry about poor or scammy projects.
Burning of HT is a great move and it would benefit long term holders.
Hey all, I’ve spent some time during my flight back home to discuss in detail the experience in Singapore, what talked about, things the mods and team are working on, improvements that can be made and some other things too. This post has also had input from the other moderators too. I don’t think any of the mods were massively pleased with the outcome of how we portrayed our time in Singapore during the last update and it certainly didn’t put across all the fantastic things we learnt or discussed while we were there. There was a quick turnaround with the update and with some of us were travelling and heading to other countries for various reasons it wasn’t ideal – anyway let’s begin. P.s. I apologise in advance for the lengthy post.
As most of you are aware there is a rebranding process going on for Request currently, it was really exciting to hear Robbins experience and to see the scope of the project. Request are working with an industry leading full-service digital agency to improve the understandability of Request through educational content. The current Request website is mainly catered towards ICO investors and hasn’t really changed much since the token sale – when visiting the site, it’s extremely difficult to understand what Request is, how it works and who can it benefit from the platform. One of the goals of the project is to revamp the website to cater for developers, businesses, users, community members, early adopters and investors. The concept of the blockchain, Request, and its products is daunting for the non-technical audience. While the team know it’s important to cater for developers and other industry professionals having an easy to understand project with easy to consume information is an important step towards adoption. The Request Hub will also play a critical part in the growth of the Request Network. The new website will have a focus on developers and businesses and pushing them towards the hub and how they can use the funding to help create their projects. Most of you will probably be aware that the dApps + the core protocol are different projects entirely. Internally, this is also the case. You can see an visual image of the structure here: https://imgur.com/pXF1gEK The core platform team is responsible for protocol development, things like scaling solutions, data encryption, extensions, features like cross-currency etc. Whereas the dApp teams focus on creating applications built on the Request platform, crowdfunding, invoicing, payments etc. Although this isn’t new information it’s important for sections later in the write-up.
Fiat integration is vital for the success of the Request Network for medium to long-term. What we focus on today is making sure the protocol has enough features and a solid developer experience to attract developers to build reliable financial tools on top of the Request Network. The foundation prioritizes its own development goals based on direct feedback coming from the developer community. We receive requests for features that are needed by developers, as their product depends on it. Today, the main feedback coming from the developer community is to make it easier to use the library, implementation of encryption, cross currency support and adding more cryptocurrencies. Apart from these requests, scalability of the protocol itself and developing extensions such as escrow are also prioritized as it is crucial for adoption of the protocol by developers. The above are our current priorities in development, while we in parallel are researching several fiat integration options mentioned in an update last December.
Oracle with Chainlink
Integration by partnerships with banks
Oracle and bank APIs
Partnership with credit card companies or processors`
All of the above bullet points are things the team are actively researching and looking into, we discussed how the Singapore government is looking at tokenizing the Singaporean Dollar and how many more governments in the future will look at taking this route, however this is a long way off. A decentralised Oracle with Chainlink would be ideal but it’s not ready yet. Integrations by partnerships with banks / partnering with credit card companies or processors (like Stripe) is incredibly difficult (especially being decentralised) but it’s something the team will actively work on / towards. Oracle and bank APIs – we discussed several projects here like StellarX, OmiseGo and more – each have their own pros and cons but nothing in the space is really ready for FIAT, some options are close and the team are keeping a close eye on several projects in this space. There are tonnes of regulatory issues surrounding FIAT and the blockchain, governments are dubious about the blockchain technology and banks are having a tough time getting involved too – even big companies like Binance, Coinbase and Circle still can’t obtain a banking license after many years of trying. The regulatory situation will change, crypto is still a young industry and it will take time for governments to catch up. Instead of spending time trying to achieve FIAT which wasn’t viable, their time has been spent on far more productive things such as scaling solutions, data encryption, working on various dApps, working with partners, hiring and much more. The better the platform the more impact having FIAT will have when it comes. Yes, not being able to stick to the roadmap isn’t ideal, but the team have realised there are limitations and made the best of the situation. Would it have been good if the team have been more transparent about FIAT and the issues they faced? Absolutely. Detailed articles about subjects like this do take time, and raise further questions which also take up the team’s time. We want to find a good balance going forward of keeping the team on track and keeping the community informed. We will also work with the team to improve communication for things like this (if they ever arise in the future) and how the mods can alleviate some of the time-pressure if possible. The team do realise the importance of FIAT, it hasn’t been forgotten and will be something the team will keep on the roadmap – in the future when FIAT is possible we will have a much more mature platform and many use cases live and ready to integrate FIAT.
One of the most discussed things over the past months is marketing, this is a very important topic and it’s something that can make or break a project. As per the ‘Rebranding + Restructure’ section, marketing will be broken down into two different groups, dApps and the core Request platform. The marketing for each of these aspects is very different. So, why aren’t the team marketing right now? Quite simply – the platform just isn’t ready yet, there isn’t enough value to risk marketing at this stage. This is the same with some of the dApps, they are close, but they still aren’t quite there yet. In my case if we take a look at the WooCommerce + Shopify plugins, if I go ahead and run a PPC (pay-per-click) campaign before BTC is integrated, then users may leave the site and never return. In this instance I will have lost money as well as a potential customer. This is just one example but it’s the same for other dApps too. Right now, The team are making active steps towards marking when the platform and dApps are, as well as hiring dedicated marketers. I do want to say that the team truly understand the importance of marketing, they will market the project and the dApps– it’s critical they do so. To break it down there are entirely separate game-plans to consider when marketing, the core platform and dApps.
Core Platform (Foundation)
Marketing for the core platform will focus on; educating the community about the platform, educating developers / businesses / potential partners about the Request protocol and how it can be used by / integrated into business workflows. The rebrand will have a big focus on education and driving adoption of the Request Hub + Fund. In the meantime, we are discussing ways to improve the Request Hub and how we can get more developers involved at this stage, I have covered this in more detail in the ‘Request Hub’ section.
Each dApp will in essence be its own entity (business) and will act independently of the foundation. Each dApp will have a dedicated team, individual aims and goals, potentially a custom roadmap, a proprietary marketing strategy and much more (everything you expect from a typical business). Marketing for individual dApps will vary greatly depending on what the dApp is, some will be focussed on B2B, some B2C, some dApps might be a combination of both.
Hiring + strategies to find new devs
The foundation growing at a quick rate and one of the things we discussed in Singapore was hiring and strategies to find new devs. There are several strategies that the Request team can adopt alongside job advertisements to help entice developers, not only to the foundation but also to the Request Hub. We discussed potentially using freelancers and then hiring if they are a good fit, more engagement from the team with people that contribute to the Request Hub and how the team can help (financially via the fund + time set aside for devs), hackathons with prize incentives, speaking at developer conferences (very important). Some ways of engaging with developers do require the platform / ecosystem to be more mature but we are actively working on making these things a reality. Also, improving the community sentiment will also drive hype which in turn hopefully attracts more developers.
Request Hub + Request Fund
In my opinion one of the best selling points of Request is the Request Hub + Fund. Although there is activity in the hub and some projects have receiving funding it is nowhere near as widely used as it could be. As I’ve discussed in the marketing section, the renewed website will have a big focus on pushing the Hub + Fund. Aside from the marketing aspect I have also been speaking to teams in the Hub for a while about how the flow for funding can be improved, we have discussed the barrier to entry for the fund (MVP limitations), the turnaround time for responding to funding applications (needs to be quicker), having the team engage more with the Request Hub devs as well as actively helping them with their business needs. In the future I will also look at creating a suite of tutorials, and potentially workshops, for the Request Hub to help get developers up and running.
One of the hot topics since returning from Singapore has been the bi-weekly updates, we have been discussing with the team how they can be improved without taking up too much time for the team. There are several things which are actively being discussed:
Have more clarity on what developers are working on
Talking about blockers and potential problems the developers have faced, if things are delayed – why?
Have an insight into why certain decisions have been made e.g. FIAT, transparency goes a long way here.
Is it possible for there be previews of dApps or upcoming features?
Talking about things going on behind the scenes without committing to firm dates / jeopardising anything.
Can the team promote the Request Hub projects more on social platforms?
Can we talk about the Request Hub projects? From an outsider’s perspective reading just the bi-weeklys it looks like not much is going on which couldn’t be further from the truth – it's clear there are exciting and innovative things going on behind the scenes and we want to demonstrate that as much as possible in the bi-weeklys.
This will be an ongoing discussion with the foundation, it will take time to refine the bi-weeklys and we also need to find a happy medium that suits both the foundation and the community too.
The Community Managers and our role
The goal as community managers is to firstly ensure that the social channels e.g. Reddit, Discord, Slack and Telegram are a good place for investors, the team and developers – we want to ensure it’s good for open discussions (both positive and negative) and a place where we can educate people about Request too. As community managers we want to try and stay as impartial as possible, we will help to educate when we can, we’ll shut down any false information and we’ll help alleviate any concerns where possible. We don’t want to take sides, we are simply there to be a bridge between the team and the community. We want the Request community to be an open place where anyone can discuss what they want, we want to see discussions about good things and bad – we don’t want Request to be a place where negativity is censored. We (the mods) are just normal guys, we love technology, we love the blockchain, we are just investors like all of you, and we want the best for the Request Network. We are continually improving how we and the team deliver information, but things can still be improved massively – we are already actioning some things to improve communication between the community and the team and we have plenty of other things lined up too.
During the rebrand the website will rework the dynamic roadmap to something potentially similar to Ark (https://ark.io/roadmap), with percentages (or something similar) and a breakdown of each goal on the roadmap. This will help with transparency and also allow the community to track progress more easily. I’ll cover my perspective on the dynamic roadmap looking from a developers point of view, as a lot of people are still unsure as to why the roadmap has changed and in turn it raises lots of questions. From a developers point of view. As a dev it can be incredibly difficult to hit deadlines that are more than a few weeks / over a month or two away, the further away the date the harder it is to estimate + hit deadlines. This is the case for a normal business, but as crypto is insanely fast paced and such a new industry this is even more prevalent. In the normal development world you typically work in weekly / bi-weekly sprints to produce features in small iterations which contributes to the overall project, at the end of each sprint you re-evaluate the previous weeks and re-adjust timings / resources if necessary – estimating deadlines months in advance is almost impossible. The biggest issue about committing to a firm date is that crypto adoption is moving at a fast rate, non-blockchain businesses are getting involved with cryptocurrencies and a great platform like Request is an attractive option for them. On-boarding these businesses takes money, expertise and most importantly team resources. The team is growing but for now the time spent with these partners needs to come from somewhere, and unfortunately features can sometimes get affected. Let's take BTC support - if the team was fully focused on BTC I would have no doubt there would have been no delay. But PwC came along, which took up development resources and, unfortunately, impacted the deadline. Long-term, having PwC onboard will have a more positive effect on the overall Request Network ecosystem. Partnerships won't wait around, Bitcoin support will. With these partnerships there will be a push for features they want to see. PwC for example, would be focused on the accounting so they would likely be pushing for accountancy related dApps (http://accounting.request.network/) - when the roadmap was first created the team could never predict such a huge entity like PwC would come onboard, so changing focus is sometimes required from a project. Once again, long-term this will benefit Request massively. From a development perspective changing the roadmap is a fantastic move in my opinion, the team never know what is around the corner and being able to quickly adapt to new opportunities, on-boarding companies are critical for the long-term viability of the network. As the team grow there will be more development resource available to focus on the core platform and partners which will allow the team to better predict features in the future. Once again, I’d like to reiterate things do need improving here, the team can be more transparent, and the roadmap can, and will, be improved.
The Singapore trip was fantastic, and it was an incredible experience working closely with the team and it was great to see their passion and talent while working away through the week, it’s an excellent work environment too. Every bit of feedback is incredibly important, please don’t hesitate to get in touch at any time to me or any of the mods, either by Reddit, Discord, Slack or Telegram. There is a lot of work ahead for the mods and the team, but rest assured we have every single one of your concerns in our scope; the community and the perception you guys have is so important to the team and the project. There are a lot of great things going on that we will continue to improve and lots of things that need changing – it won’t be something that happens overnight but something that will be continuously improving for the entirety of the project – we are dedicated to working hard and improving Request and the community every day. At the end of all this, actions speak louder than words, and we will take everything into consideration to help ensure Request thrives, we are already in the process of actively making changes. Apologies for the lengthy post but hopefully this clears some bits up and helps to put across some of the great things we saw in Singapore, if you have any other questions feel free to leave a comment or get in touch privately. Cheers.
With the large number of new readers coming to this sub we need to make information easy to access so those readers can make informed decisions. We all know there is an unusually large amount of Fear, Uncertainty and Doubt (FUD) surrounding EOS. Frankly, when clear evidence is provided it’s not that difficult to see EOS for the extremely valuable project it is. This post hopes to begin to put an end to all the misinformation by doing the following:
Giving a clear and concise answer to the most frequently asked questions in regards to EOS.
Giving a more in-depth answer for those who want to read more.
Allowing readers to make informed decisions by making credible information easy to access.
As EOS climbs the ranks we need to recognise there are going to be a lot of skeptical readers coming over and posting their questions. Sometimes they will be irrational, hostile and often just looking for a reaction. We should make it our responsibility to welcome everyone and refrain from responding emotionally to provocative posts, instead providing factual and rational answers. I will add to this post as and when I can, if you have any ideas or spot any mistakes let me know and I'll get them fixed ASAP. Im planning to add a bit on the team, centralisation and DPOS, governance and EOS VC shortly but please let me hear your suggestions!
1. How do you registeclaim your EOS tokens before June 2018?
Select Metamask, MyEtherWallet, or Ethereum Wallet
Follow the guide.
Remember that the reason you need to register your Ethereum ERC-20 address is to include your EOS tokens in order for the balance of your EOS Tokens to be included in the Snapshot if a Snapshot is created, you must register your Ethereum address with an EOS public key. The EOS snapshot will take place prior to the 1 June 2018. After this point your ERC-20 EOS tokens will be frozen. And you will be issued EOS tokens on the EOS blockchain.
So PLEASE REGISTER your Ethereum address NOW, don't forget about it, or plan on doing it some time in the near future.
There are a lot of submissions about this in /eos, so rather than making a new one please reply to this thread with any questions you may have. Don't forget to join the EOS mailing list: https://eos.io/#subscribe and join the EOS community on your platform(s) of choice: Telegram, Discord and/or Facebook. And remember, if anyone instructs you to transfer ETH to an EOS contract address that doesn't match the address found on https://eos.io you are being scammed.
2. How will the token the ERC-20 EOS tokens be transferred to the native blockchain?
There isn't one! Read the long answer then read it again, registering your Ethereum wallet is mandatory!
Within 23 hours after the end of the final period on June 1, 2018 at 22:59:59 UTC, all EOS Tokens will become fixed (ie. frozen) and will become non-transferrable on the Ethereum blockchain. In order to ensure your tokens are transferred over to the native blockchain you must register your Ethereum address with an EOS public key, if you do not you will lose all your tokens! I am not going to link any tutorials as there are many that can be found by searching Google and YouTube. block.one is helping with the development of snapshot software that can be used to capture the EOS token balance and registered EOS public key of wallets on the Ethereum blockchain. It is then down to the community to create the snapshot. This snapshot can be used when generating a genesis block for a blockchain implementing eos.io software. block.one will not be launching EOS blockchains or operating any of their nodes.
Exchange Support Some exchanges have announced that they will support the token swap. Although using this method will undoubtedly be much simpler than registering the tokens yourself it also comes with its pitfalls.
It is highly likely there are going to be multiple networks running on the eos.io software that use the snapshot. It is highly unlikely that exchanges will support them all.
It is highly likely that exchanges will not support airdrops that use the snapshot.
Exchanges that have announced support for the token swap include:
EOS.IO software is aiming to provide a decentralized operating system which can support thousands of industrial scale DApps by enabling vertical and horizontal scaling.
EOS.IO is software that introduces a blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved through an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores and/or clusters. The resulting technology is a blockchain architecture that has the potential to scale to millions of transactions per second, eliminates user fees and allows for quick and easy deployment of decentralized applications.
CEO Brendan Blumer - Founder of ii5 (1group) and okay.com. He has been in the blockchain industry since 2014 and started selling virtual assets at the age of 15. Brenden can be found on the Forbes Cypto Rich List. Brendan can be found on Twitter.
CTO Dan Larimer - Dan's the visionary industry leader who built BitShares, Graphene and Steemit as well as the increasingly popular Proof of Stake Governance and Decentralised Autonomous Organization Concept. He states his mission in life is “to find free market solutions to secure life, liberty, and property for all.”. Dan can also be found on the Forbes Cypto Rich List. Dan can be found on Twitter and Medium.
Partner Ian Grigg - Financial cryptographer who's been building cryptographic ledger platforms for 2+ decades. Inventor of the Ricardian Contract and Triple-Entry Accounting.
6. Which consensus mechanism does EOS use and what are Block Producers?
Delegated Proof of Stake (DPOS) with Byzantine Fault Tolerance. Block Producers (BPs) produce the blocks of the blockchain and are elected by token holders that vote for them. BPs will earn block rewards for their service, these block rewards come in the form of EOS tokens produced by token inflation.
“EOS.IO software utilizes the only known decentralized consensus algorithm proven capable of meeting the performance requirements of applications on the blockchain, Delegated Proof of Stake (DPOS). Under this algorithm, those who hold tokens on a blockchain adopting the EOS.IO software may select block producers through a continuous approval voting system. Anyone may choose to participate in block production and will be given an opportunity to produce blocks, provided they can persuade token holders to vote for them. The EOS.IO software enables blocks to be produced exactly every 0.5 second and exactly one producer is authorized to produce a block at any given point in time. If the block is not produced at the scheduled time, then the block for that time slot is skipped. When one or more blocks are skipped, there is a 0.5 or more second gap in the blockchain. Using the EOS.IO software, blocks are produced in rounds of 126 (6 blocks each, times 21 producers). At the start of each round 21 unique block producers are chosen by preference of votes cast by token holders. The selected producers are scheduled in an order agreed upon by 15 or more producers. Byzantine Fault Tolerance is added to traditional DPOS by allowing all producers to sign all blocks so long as no producer signs two blocks with the same timestamp or the same block height. Once 15 producers have signed a block the block is deemed irreversible. Any byzantine producer would have to generate cryptographic evidence of their treason by signing two blocks with the same timestamp or blockheight. Under this model a irreversible consensus should be reachable within 1 second."
7. How does the voting process work?
The voting process will begin once the Block Producer community releases a joint statement ensuring that it is safe to import private keys and vote. Broadly speaking there will be two methods of voting:
Command Line Interface (CLI) tools
EOS Canada has created eosc, a CLI tool that supports Block Producer voting. Other Block Producer candidates such as LibertyBlock are a releasing web portal that will be ready for main net launch. There will be many more options over the coming weeks, please make sure you are always using a service from a trusted entity. Remember: Do not import your private key until you have seen a joint statement released from at least five Block Producers that you trust which states when it is safe to do so. Ignoring this warning could result in tokens lost.
8. What makes EOS a good investment?
Team - EOS is spearheaded by the visionary that brought us the hugely successful Bitshares and Steem - arguably with two projects already under his belt there is no one more accomplished in the space.
Funding - EOS is one of the best funded projects in the space. The block.one team has committed $1B to investing in funds that grow the EOS echo system. EOS VC funds are managed by venture leaders distributed around the world to insure founders in all markets have the ability to work directly with local investors. Incentives such as the EOS hackathon are also in place with $1,500,000 USD in Prizes Across 4 Events.
Community Focus - The team is aware that the a projects success depends almost entirely on its adoption. For this reason there has been a huge push to develop a strong world wide community. There is already a surplus number of block producers that have registered their interest and started to ready themselves for the launch and incentives the EOS hackathon are being used to grow the community. A index of projects using EOS can be found at https://eosindex.io/posts.
Technical Advantages - See point 9!
9. What are the unique selling points of EOS?
Potential to scale to millions of transactions per second
This depends entirely on your definition of working product. If a fully featured developer release meets your definition then yes!. Otherwise the public release will be June 2018.
EOS differs from other projects in that it aims to deliver a fully featured version of the software on launch. The Dawn 3.0 RC1 feature complete pre-release became available on April 5th. This version has all the features of the final release that is due June 2018. Further development will involve preparing the final system contract which implements all of the staking, voting, and governance mechanics. The common notion that there is no viewable code published is wrong and the initial Dawn 1.0 release has been available from September 14th 2017.
11. EOS is an ERC-20 token, how can it possibly be a competitor to other platforms?
The ERC-20 token is used only for raising funds during the token distribution; all tokens will be transferred to the native blockchain once launched.
EOS team has clearly stated their reason for choosing the Ethereum network when they described the rationale behind the ICO model. Specifically, the ICO should be a fair and auditable process, with as little trust required as possible. If you believe that an ICO should be fair, auditable, and trustless, you have no choice but to use a decentralized smart contract blockchain to run the ICO, the largest, and by-far most popular of which is Ethereum. Since EOS is intended to be a major competitor for Ethereum, some have seen this as a hypocritical choice. - Stolen from trogdor on Steam (I couldn’t word it any better myself).
12. Why do the eos.io T&C’s say the ERC-20 token has no value?
The EOS T&C’s famously state:
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform."
This is legal wording to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Most notably Tezos (links below).
This all comes down to legal issues. Anyone who’s been into crypto for 5 minuets knows that government bodies such as the Securities and Exchange Commission (SEC) are now paying attention to crypto in a big way. This legal wording is to avoid all the legal complications in this emerging space, block.one do not want to find themselves in a lawsuit as we are seeing with an increasing amount of other ICOs. Many token creators that launched ICOs are now in deep water for selling unregistered securities.
A filing from the Tezos lawsuit:
"In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering."
To ensure EOS tokens are not classed as a unregistered security block.one has made it clear that they are creating the EOS software only and won’t launching a public blockchain themselves. This task is left down to the community, or more precisely, the Block Producers (BPs). The following disclaimer is seen after posts from block.one:
"block.one is a software company and is producing the EOS.IO software as free, open source software. This software may enable those who deploy it to launch a blockchain or decentralized applications with the features described above. block.one will not be launching a public blockchain based on the EOS.IO software. It will be the sole responsibility of third parties and the community and those who wish to become block producers to implement the features and/or provide the services described above as they see fit. block.one does not guarantee that anyone will implement such features or provide such services or that the EOS.IO software will be adopted and deployed in any way.”
It is expected that many blockchains using eos.io software will emerge. To ensure DAPPs are created on an ecosystem that aligns with the interests of block.one a $1bn fund will be has been created to incentivise projects to use this blockchain.
“A lot of token distributions only allow a small amount of people to participate. The EOS Token distribution structure was created to provide a sufficient period of time for people to participate if they so choose, as well as give people the opportunity to see the development of the EOS.IO Software prior to making a decision to purchase EOS Tokens.”
It is also worth noting that block.one had no knowledge how much the the token distribution would raise as it is determined by the free market and the length of the token distribution is coded into the Ethereum smart contract, which cannot be changed.
14. Where is the money going from the token distribution?
Funding for the project was raised before EOS was announced, the additional money raised from the token distribution is largely going to fund projects on EOS.
A large portion of the money raised is getting put back into the community to incentivise projects using eos.io software. block.one raised all the money they needed to develop the software before the ERC-20 tokens went on sale. There are some conspiracies that block.one are pumping the price of EOS using the funds raised. The good thing about blockchain is you can trace all the transactions, which show nothing of the sort. Not only this but the EOS team are going to have an independent audit after the funding is complete for piece of mind.
From eos.io FAQ:
“block.one intends to engage an independent third party auditor who will release an independent audit report providing further assurances that block.one has not purchased EOS Tokens during the EOS Token distribution period or traded EOS Tokens (including using proceeds from the EOS Token distribution for these purposes). This report will be made available to the public on the eos.io website.”
A more complete list of EOS projects can be found at eosindex.io.
16. Dan left his previous projects, will he leave EOS?
When EOS has been created Dan will move onto creating projects for EOS with block.one.
When a blockchain project has gained momentum and a strong community has formed the project takes on a life of its own and the communities often have ideas that differ from the creators. As we have seen with the Bitcoin and Ethereum hark forks you cant pivot a community too much in a different direction, especially if its changing the fundamentals of the blockchain. Instead of acting like a tyrant Dan has let the communities do what they want and gone a different way. Both the Bitshares and Steem were left in a great position and with Dans help turned out to be two of the most successful blockchain projects to date. Some would argue the most successful projects that are actually useable and have a real use case. What Dan does best is build the architecture and show whats possible. Anyone can then go on to do the upgrades. He is creating EOS to build his future projects upon it. He has stated he loves working at block.one with Brendan and the team and there is far too much momentum behind EOS for him to possibly leave.
No one could have better knowledge on this subject than our Block Producer candidates, I have chosen to look to EOS New York for this answer:
"DDoS'ing a block producing is not as simple as knowing their IP address and hitting "go". We have distributed systems engineers in each of our candidate groups that have worked to defend DDoS systems in their careers. Infrastructure can be built in a way to minimize the exposure of the Block Producing node itself and to prevent a DDoS attack. We haven't published our full architecture yet but let's take a look at fellow candidate EOSphere to see what we mean. As for the launch of the network, we are assuming there will be attacks on the network as we launch. It is being built into the network launch plans. I will reach out to our engineers to get a more detailed answer for you. What also must be considered is that there will be 121 total producing and non-producing nodes on the network. To DDoS all 121 which are located all around the world with different security configurations at the exact same time would be a monumental achievement."
18. If block producers can alter code how do we know they will not do so maliciously?
Block producers are voted in by stake holders.
Changes to the protocol, constitution or other updates are proposed to the community by block producers.
Changes takes 2 to 3 months due to the fact block producers must maintain 15/21 approval for a set amount of time while for changes to be processed.
To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation.
For this question we must understand the following.
Governance and why it is used.
The process of upgrading the protocol, constitution & other updates.
Dan’s view on open-entry systems built around anonymous participation.
Governance Cryptography can only be used to prove logical consistency. It cannot be used to make subjective judgment calls, determine right or wrong, or even identify truth or falsehood (outside of consistency). We need humans to perform these tasks and therefore we need governance! Governance is the process by which people in a community:
Reach consensus on subjective matters of collective action that cannot be captured entirely by software algorithms;
Carry out the decisions they reach; and
Alter the governance rules themselves via Constitutional amendments.
Embedded into the EOS.IO software is the election of block producers. Before any change can be made to the blockchain these block producers must approve it. If the block producers refuse to make changes desired by the token holders then they can be voted out. If the block producers make changes without permission of the token holders then all other non-producing full-node validators (exchanges, etc) will reject the change.
Upgrade process The EOS.IO software defines the following process by which the protocol, as defined by the canonical source code and its constitution, can be updated:
Block producers propose a change to the constitution and obtains 15/21 approval.
Block producers maintain 15/21 approval of the new constitution for 30 consecutive days.
All users are required to indicate acceptance of the new constitution as a condition of future transactions being processed.
Block producers adopt changes to the source code to reflect the change in the constitution and propose it to the blockchain using the hash of the new constitution.
Block producers maintain 15/21 approval of the new code for 30 consecutive days.
Changes to the code take effect 7 days later, giving all non-producing full nodes 1 week to upgrade after ratification of the source code.
All nodes that do not upgrade to the new code shut down automatically.
By default, configuration of the EOS.IO software, the process of updating the blockchain to add new features takes 2 to 3 months, while updates to fix non-critical bugs that do not require changes to the constitution can take 1 to 2 months.
Open-entry systems built around anonymous participation To ensure bad actors can be identified and expelled the block.one backed community will not back an open-entry system built around anonymous participation. Dan's quote:
"The only way to maintain the integrity of a community is for the community to have control over its own composition. This means that open-entry systems built around anonymous participation will have no means expelling bad actors and will eventually succumb to profit-driven corruption. You cannot use stake as a proxy for goodness whether that stake is held in a bond or a shareholder’s vote. Goodness is subjective and it is up to each community to define what values they hold as good and to actively expel people they hold has bad. The community I want to participate in will expel the rent-seeking vote-buyers and reward those who use their elected broadcasting power for the benefit of all community members rather than special interest groups (such as vote-buyers). I have faith that such a community will be far more competitive in a market competition for mindshare than one that elects vote buyers."
19. What is the most secure way to generate EOS key pairs?
Block producer candidates EOS Cafe and EOS New York have come forward to help the community with this topic. The block producer candidate eosnewyork has kindly posted a tutorial on steemit detailing the steps that need to be taken to generate key pairs using the official code on the EOS.IO Github. The block producer candidate eoscafe has gone a step further and released an Offline EOS Key Generator application complete with GUI for Windows, Linux & Mac. Not only can this application generate key pairs but it can also validate key pairs and resolve public keys from private keys. This application has also been vouched for by EOS New York
The History, The Current State And The Future Of NavCoin
The History, The Current State And The Future Of NavCoin
This is it. If you're interested to see what NAV is all about, this is the ultimate guide for you. You will learn about the history of NavCoin and how it evolved. You will learn about the current state and features of NavCoin and you will learn about the exciting new features that are planned and coming up in the (near) future. So buckle up, this is going to be a long ride!
Table Of Content
What is NavCoin?
Rebranding to SummerCoinV2 /NavajoCoin
Rebranding to NavCoin
The Current State
Tutorials And Guidelines
Where can you use NAV?
Introduction - What is NavCoin?
NavCoin is a cryptocurrency that has been publicly traded since mid 2014. It's a fork of the latest version of Bitcoin Core with many additional features and functionalities which differentiate NAV from other cryptos.
NavCoin has been one of the first projects to switch to Proof of Stake and is still using PoS to validate and generate blocks. NavCoin didn't have an ICO or a premine. It is self-funded from the beginning and primarily, but not solely maintained by developers of Encrypt-S - the NavCoin Core team (see below for more info about the team).
NAV is trying to simplify cryptocurrencies for the masses. It does this by providing features which make it easy to use like the implementation of OpenAlias, which allows people to send NAV to an email-like address (for example [[email protected]](mailto:[email protected])). It also provides very easy to use desktop and mobile wallets.
NAV also provides optional privacy. You can send transactions publicly or private, as you prefer.
It's block speed is really fast with about 30 seconds per block. Transactions are confirmed as spendable within only 30 second which makes it ideal for retail and e-commerce.
High levels of scalability (260+ transactions per second)
It currently has a market cap of 11.6kk (as of writing) and trades for about $0.18 / 4'872 Sats per NAV. The circulating supply is 64kk with no max supply (with an inflation of about 4%).
Staking NavCoin currently yields about 8–10% of your holdings per year. This number depends on how many NAV are currently staking. The minimum return is about 4% (if every single NAV would be staking).
NAV is available on many different exchanges with the biggest ones being Binance, Bittrex and Poloniex.
Introduction The following chapter will summarize and break down the history of NavCoin in a few sentences. NAV started a long time ago, went through rebrandings and changes of the core team before it became what it is today. SummerCoin NavCoin was initially first introduced under the name SummerCoin on April 23 in 2014. SummerCoin was a fork of the Bitcoin blockchain. It used to have a PoW/PoS hybrid algorithm with a block time of 45 seconds. SummerCoinV2 /NavajoCoin Soon after the initial launch of SummerCoin, the original developer left and SoopY (soopy452000 on bitcointalk) took over as the main developer and rebranded the project to SummerCoinV2 respectively NavajoCoin and introduced new features. The name NavajoCoin was chosen in honor of the Navajo Code Talker. The unbreakable Navajo code was used to encrypt highly classified military information and commands and decrypt the same in WW II. SoopY introduced a technology which allowed sending transactions anonymously and private. This technology was called "Navajo Anonymous Technology". SoopY also released a new wallet and set the Proof of Stake rewards at 10% for the first year, 5% for the second year and 2% for every year after. NavCoin On August 12, 2014, Craig (current lead core developer, pakage on bitcointalk) started to get involved with NAV by helping to set up a website . It was officially announced that Craig joined the core team as a "Wallet & Web Developer" on November 06, 2014. The last tokenswap and restart of the blockchain of NAV happened on May 12, 2016. Soon later, SoopY stopped showing up and Craig stepped into the role of the lead core developer. Since then, Craig has assembled a strong team with which he built NavCoin into what it is today. Currently, Craig and the NavCoin Core team is located in New Zealand and they are actively developing many ground-braking features which differentiate NAV from other cryptocurrencies. You will read more about that later in this article.
The Current State
Introduction The year 2018 has been a thriving year for the NavCoin ecosystem. Despite the USD price of NAV not reflecting it, in 2018 the core team has developed a whole bunch of new features. Also the core content creators published the first official guidelines that function as an orientation guide for community content creators. This chapter will give you an overview of the current team, the features, the prior mentioned guidelines and the community of NavCoin. Core Team  Last year, the core team has grown alot. It contains of developers, content creators and interns. The core team are employees of Encrypt S, the New Zealand's leading blockchain R&D lab. Encrypt S is developing blockchain solutions since 2014 and values building open-source software highly. Craig MacGregor - Chief Executive Officer Craig is the CEO of Encrypt S and the founder of NavCoin. He is one of the world's most experienced blockchain developers. Craig founded NavCoin in 2014 and is developing software for it since then. He has assembled a strong team of like-minded people. Craig also speaks at seminars and conferenced. Some of the companies and conferences he did blockchain education sessions at are Oracle, Xero, Air New Zealand, Blok Tex and trademe. Together with the team, he is also doing a education series on YouTube where he explains upcoming features in-depth for the community. Alex Vazquez - Chief Technical Officer Alex is the CTO of Encrypt S and the most active contributor to the NavCoin core Github. He has incredible knowledge of blockchains and proposes and implements solutions for challenges and features. He supports community developers frequently and answers any questions of the community thoroughly. Like Craig, Alex is developing software for the NavCoin ecosystem for a very long time. Alex speaks at universities at times and educates students about the blockchain technology. Paul Sanderson - Lead Software Engineer Paul is the Lead Software Engineer at Encrypt S. He has a flair for technology. His technical and management skills are perfectly suited for consultancy and investment advising. He also frequently contributes to the NavCoin core source code. Rowan Savage - Senior Software Engineer Rowan is a full stack software engineer with more than a decade experience in developing complex front-end web applications. He joined Encrypt S in February 2018 and has since been involved in the Valence Plattform, the Kauri Wallet and NavCoin Core. You will read more about these feature/projects later. Carter Xiao - Lead UX/UI Designer Carter specializes in user-centric design and is also very talented with 3D animation, motion graphics and programming. One of NavCoins core principle is "Simplifying Crypto" and UX/UI is a very important part of that. Matt Paul - Software Engineer Like Rowan, Matt is a full stack Software Engineer. He joined the core team in Mai 2017 and has since worked on NavPay, NavPi, the Kauri Wallet and NavCoin Core. Kieren Hyland - Chief Strategy Officer Kieren is one of the employees that are working for Encrypt S for a very long time. He is the CSO and is a digital strategist and growth hacker with a passion for new technology and has a lot of experience in online marketing. Laura Harris - Creative Director Laura has a combination of commercial and creative flair. She manages the social media accounts for NavCoin and ensures, that NavCoins' message is always powerful, relevant and distinctive. John Darby - Content Creator John is an internationally awarded Technology and Financial sector marketing communications specialist. He is one of the Core Content Creators for NavCoin. Features of NavCoin  The following features are currently available and have been developed in the last months and years. It is sorted from newest to oldest. Static Block Reward The soft-fork for the enabling of static block rewards have been accepted and became active recently at 5th January 2019. This means, that the block reward was changed from a percentage based reward to a static reward. This will incentivize the stakers to have their node online 24/7 which increased the security of the network. It also aligns NavCoin with the PoSv3 specification. With this implementation, the yearly inflation will be 3.6% currently and will exponentionally decrease because of the static value of the rewards. Every staked block will now give the staker 2 NAV. Depending on how many people are staking, the yearly percentage varies. With the network weight currently being around 20'000'000 NAV, stakers earn around 10% rewards from staking 24/7. Cold staking To provide extra security to participants in the staking process in the NavCoin network, the core team decided to implement cold staking. This allows to store NAV offline and still be able to sign staking inputs. Looking forward, a possible integration into the Ledger Nano S would mean, that one can stake NAV securely from a offline hardware wallet. How cool is that? OpenAlias One of the core principle of NAV is to simplify cryptocurrencies. Many non-technical people are deterred from the long, cryptic addresses used in wallets. When sending funds, you have to make sure that every single letter and digit is correct which is nerve-wracking for the average person. NavCoin has implemented OpenAlias, which allows to transform the wallet address into a email-like form. Everyone can register a name like "[[email protected]](mailto:[email protected])". Funds can then be sent to this name, which makes sending crypto much easier and less error-prone. Community Fund This is the one big feature I was most excited about. NavCoin core has implemented the first fully decentralized community fund. Acceptance of proposals and release of funds is all approved by the decentralized network. No central authority has access to the fund. The community fund enables everyone to propose their ideas to the NavCoin community and to get paid to implement these ideas. Everyone can propose whatever they like (of course there is a higher rate of success if the proposal contributes to the NavCoin ecosystem ;-)). In fact, this article was sponsored by the NAV-Community by voting "yes" for my proposal. The fund works like this: For a fee of 50 NAV, everyone can create and present his idea/proposal to the entire NavCoin network. The fee is here to help prevent spam attacks. Proposals can literally be anything - be it development, marketing or anything else you can some up with. After creating the proposal, everyone contributing to the NavCoin network can then decide if they like the proposal of not. They vote with "Yes" or "No" for the acceptance of the proposal. Voting happens via staking. Every transaction that gets validated by you gives you one vote. This means that the more NAV you are staking, the higher your voting weight is. The proposal stays in the state "Pending" until it is accepted or rejected. To be accepted, a proposal has to have a participation of at least 50% of all staked blocks and at least 75% of these votes have to be "Yes"-votes. Like-wise to be rejected a proposal need 50% participation of the network and 75% of these votes have to be "No"-votes. Additionally, if a proposal didn't pass after 6 voting cycles (about 6 weeks) it is also rejected. After a proposal has been accepted, the creator of the proposal can start his work. When the work is finished, or at in the proposal defined checkpoints, the proposal creator can create a payment request for the full or part of the requested funds. The NavCoin network can then again decide, if the work is what the creator promised to do and vote for the funds or reject the payment request because it was not what he promised. This mechanism ensures, that the funds are only release if the creator of the proposal did what he promised. The NavCoin network decides everything, there is no central authority which makes the community fund 100% decentralized. The community fund is quite new but there have already been some proposals that were accepted like paying for the development & hosting of NAV block explorer, the creation and distribution of NAV car stickers to the community for free (or paid by the community fund), the funding of interns for NavCoin Core, translation of the website into other languages and YouTube videos. What ideas could you come up with? By the way: this article was also sponsored by the community fund :-) Proof of Stake Like said before, NavCoin uses the Proof of Stake algorithm to create and validate blocks. Participants of the NavCoin network can earn rewards by putting their coins to stake and thus validating blocks and securing the network. The reward used to be 4% fixed but recently changed with the implementation of PoSv3. Currently, rewards for stakers that are staking 24/7 is about 10% but it is dependent on how many people are staking. If more nodes come online, this reward will go down. If 90% of all NAVs would be at stake, stakers would still earn 4%. Tutorials And Guidelines  The NavCoin Core team pushes the community to contribute to the NavCoin ecosystem constantly. They emphasize that NavCoin is an open source project and everyone can contribute. The team tries to make it as easy as possible for the average person to contribute and thus created different tutorials and guidelines. Tutorials To Contribute To The Website The whole website is open source. Everyone can contribute to the website. The team created different guides for people to follow . The NavCoin Developer Manifesto The content creator core team has build a developer manifesto. It defines the values that should be uphold like for example that they will always operate in the best interest of the network. If defines the principles, purposes, scope of involvement and operational requirements . The NavCoin Content Creation Manifesto Similar to the developer manifesto, there is also a content creation manifesto. Again it defines the principles for creating content, the purpose, the scope of involvement and the operational requirements . NavCoin Brand Guidelines In addition to the content creation manifesto, there is also a brand guideline booklet. This should help content creators to create images, videos, articles etc. in the same style as the core team. It defines the NAV brand. The brand guidelines contain definitions, the language to use (words to use, words not to use), the tone of voice, what the community aspires to be and what we discourage to be. It also contains the logo pack which can be used in graphics etc. It describes correct logo spacing, logo placement, the colors of NAV and different web assets. It gives tips about gradients and overlays, the typefaces (with a font pack) and many more. Check it out yourself . NavCoin Educational Series The core team has decided to actively involve the community in the creation of new features. For this reason and to allow users to ask questions, they created the NavCoin Educational Series. The core team schedules an online live meetup which can be joined by everyone. On YouTube they do live-streams and explain upcoming features. Examples of these series are explanations for cold staking, static rewards (PoSv3) and the community fund. The community can ask questions live and the core team will answer them immediately. Community During the last year there have been an influx of software developers from the community starting to create features for NAV. navexplorer.com An examples is navexplorer.com which is programmed by community developer prodpeak and is a block explorer for NavCoin. Additionally, it functions as a interface to see what is going on in the community fund. It shows pending proposals and payment requests. NEXT Wallet The NEXT Wallet is an alternative wallet for NAV and other cryptocurrencies. It has a beautiful user interface and is additionally the easiest interface to interact with the community fund (create proposals, create payment requests and vote for proposals and payment requests). It is programmed by community developer sakdeniz who put hundreds of hours into it during last year. There were also some marketing activities starting to emerge with the release of the community fund. Some of these were for example free stickers for everyone in the NAV community to stick to their car / shop / window etc. or YouTube videos of CryptoCandor and Cryptomoonie that explained the details of NAV. I am sure, that with the 500'000 NAV available in the community fund per year there will be an influx of gread ideas - development as well as marketing activities - that will be funded.
Introduction These features are planned for the future. Many of the following features are part of the 2019 roadmap. Some will not be described in great detail because not much is known about them yet. I've still listed them as they are part of what is yet to come. Features Rimu - Improved Privacy Solution NavCoin used to be a optional privacy coin. That means, that you could choose to send a transaction in private. NavCoin was criticized for the way it handles private payments because it relied on a few servers which didn't make it that decentralized. The technology was called "NavTech" and was a secondary blockchain that obscured the transaction and the amount that was sent. NavCoin Core is currently developing a new improved privacy solution that will make the private payment system completely trustless and districuted and runs at a protocol level. Alex of the NavCoin Core team has published a paper that describes this new privacy solution. It's called Zero Confidential Transactions and can be found here: https://www.researchgate.net/publication/330366788_ZeroCT_Improving_Zerocoin_with_Confidential_Transactions_and_more. What I want to highlight is the collaboration between Alex as the proposer of the solution and the Veil team, a Bitcoin Core developer and Moneros main cryptographer as reviewers. When the best work together, it will be interesting to see what the outcome is! Valence Plattform  Valence is an applied Blockchain platform that can help businesses realise the tangible benefits of blockchain. You can think of Valence as a platform with which you can build Anonymous Distributed Applications (aDapps) with. But Valence is a different kind of platform that enables developers to create new types of blockchain applications. The problem with current (turing complete) dApp platforms are their complexity and rigid nature. Security holes in smart contracts and scaling issues happen frequently . Valence provides transitional pathways that let businesses migrate only part of their activities to the blockchain without having to restructure their entire business model .
Valence will provide a spectrum of blockchain application solutions which sit along the decentralized spectrum, offering businesses simple ways to dip their toes into the blockchain at minimal risk or complexity .
Thanks to the proof of stake nature of the Valence blockchain, more of a node's resources can be used for processing and routing application data which makes the platform faster and scalable.
Valence aims to make building blockchain applications as accessible to the general public as WordPress or Squarespace has made building websites.
The developers NavCoin and Valence aim to make Valence extremely easy to work with:
A Valence application could be an open source mobile or web application that submits unencrypted or encrypted data directly to the blockchain. The only configuration necessary for the app developer would be setting up the data structure. Once they've done that they can start writing to the blockchain immediately. The Valence blockchain interface is language agnostic, meaning developers are free to build applications in whichever language they're familiar with, which greatly reduces the barrier to entry. As the platform progresses, Valence will introduce more and more smart contract templates in collaboration with the development community. These will be like plugins that users can simply select and configure for their application, without having to reinvent the wheel and risk contract errors or spend countless hours of research to program them.
NavShopper The following information is taken from the latest weekly news: NavShopper is a new project which will allow people to spend NavCoin on a growing list of retailers and service providers. NavShopper sits between traditional retailers accepting fiat and NavCoin users and purchases products on behalf of the user by managing the crypt-fiat conversion, payment and shipping. This project will unlock many more ways for people to spend NAV on existing websites/marketplaces without requiring each site to individually accept cryptocurrencies. Some of the prototypes we are working on include crediting your Uber account, buying products on Amazon and donating to charities. Kauri Wallet The Kauri Wallet aims to be an open-source, multi-currency wallet which functions as a foundation for other features. Kauri Enhanced Enhancements to the Kauri Wallet will allow multiple accounts, pin numbers, recurring payments and more. Kauri DAEx The Kauri DAEx is a Decentralised Atomic Exchange that utilises the features of the Kauri Wallet and enables users to create safe peer to peer atomic exchanges for any currency supported by the Kauri Wallet. NavDelta NavDelta will be a payment gateway that allows users to spend NAV at any business which accepts currencies supported by the Kauri Wallet. NavMorph NavMorph is a fusion of Rimu and Kauri DAEx and will allow to privately send every cryptocurrency supported by the Kauri Wallet.
If you have made it this far: Congratulations! You have learned about how NAV evolved, what its current state is and what the future will bring. To sum all up: NavCoin has made incredible progress during last year and released many long awaited features despite the bear market. Many more exciting features are yet to come and it's going to be very interesting to see where we will stand on this day next year.
Unfortunately, the giveaway was not possible in the cryptocurrency-subreddit because of their rules, so I'm doing it here :-) As a surprise, in the next 2 hours I am going to send some NAV to everyone who wants to try out the awesome features and NavPay you read about above. To get your NAVs, all you have to do is the following:
Download the app NavPay from the Android Play Store or as a iOS user, use the NavPay website
Follow the steps to set up your mobile wallet
Backup your private key (the random words) so you could restore your wallet if your phone breaks or something like that!
Post your public address, so I can send you some NAVs
If you liked the experience, I'd be happy to hear back from you :)
Giveaway and infos about NAV and the 3 soon to be released Nav Coin developments: Valence, Community Fund & Cold Staking
Hi /CryptoCurrency EDIT: Alright my friends I'm off to sleep now. But if someone decides to download NavPay and post the wallet I might still send him some NAVs tomorrow evening :P I am a fan of NAV and I would like anyone of you to take a look at NAV Coin and what better way is there to do this with a giveaway so everyone can see for themselves how fast and easy NAV Coin is. Additionally to the giveaway I want to give the interested ones of you some more infos & teasers about NAV and what I think makes it unique and valuable.
Of course like always: This is no financial advice and DYOR.
First the info about the giveaway so that the people who are only here for the free money don't have to scroll down a wall of text... I won't judge you - you do you! :-P But maybe some of you guys will come back later to read more about NAV after you see how nice the mobile wallet of NAV is. To get some free NAVs, all you have to do is the following:
Download the app NavPay from the Android Play Store
Follow the steps to set up your mobile wallet
Backup your private key (the random words) so you could restore your wallet if you phone breaks or sth. like that!
Post your public address as a comment in this thread, so I can send you some NAVs
If you liked the experience, I'd be happy to hear back from you :) In the next 2 hours, I'll be giving away NAVs worth about $200 in total (but split up of course, so that everyone will get some to try out the mobile wallet NavPay etc.). Some additional links:
Thats all for the giveaway, now follows the additional infos.
2. Additional Infos about NAV
Nav Coin has been publicly traded since mid 2014. It's a decentralized cryptocurrency which is built on the latest version of Bitcoin Core with many additional features and functionalities which differentiate Nav from other cryptocurrencies. I'm going to dive into the details of these features later on in this post. The aim of Nav Coin is to simplify cryptocurrencies. In my opinion, this (the mainstream-adoption) is one of the most important topics for all cryptocurrencies in general. Nav is directly adressing this issue by providing very easy to use tools (wallet, mobile wallet, etc.).
2.2 Facts & Figures
Funding: Compared to other cryptocurrencies, Nav Coin did not have an ICO or a premine. It is self-funded but soon a Community Fund will help with additional resources
Market cap: ~72.4kk
Circulating supply: ~62.7kk
Consensus Algorithm: Proof of Stake (5%, soon reduced to 4% due to community fund)
Max supply: max. 5% (soon 4%) (realistically about 2-3% since not all coins are staking)
Currently trading for: 1.15 USD | 14'230 sats
Binance [ETH | BTC | BNB]
Cryptopia [USDT | BTC]
The team was recently expanded and consists now of the following people. More infos and links to linked in about the core team is found on the first page of the official NAV website (just scroll down a bit).
2.3.1 Core developer contributors
Craig MacGregor: The main developer and sponsor of the NAV Core team
Alex V: Core developer
Paul Sanderson: Core developer
Matt Paul: Core developer
Mike Delucchi: Core developer
Rowan Savage: Core developer
2.3.2 Core content contributors
Kieren Hyland: Digital content creator
Laura Harris: Digital content creator
Josh Drummond: Digital content creator
Mark Sloane: Digital content creator
Guy Sinclair: Digital content creator
John Darby: Digital content creator
Carter Xiao: Designer
2.3.3 Community developers
Since NAV is open source and the core team is encouraging the community to contribute to NAV, there are many more people working on NAV like sakdeniz who is creating a second desktop wallet, slothmike who is working on a reddit tipbot or Prodpeak who is developing an alternative block explorer.
2.3.4 Weekly updates
The core team is releasing weekly updates about the ongoing projects on their website so that anyone interested can see the current status of the roadmap items.
2.4 Main Features
2.4.1 Optional Private Payments
With Nav Coin you have the ability to send private payments. The privacy is optional so you can choose to send non-private or private payments. Nav Coin uses a different approach to achieving privacy than other coins. Nav uses the so called NavTech. NavTech is a dual blockchain system. Essentially, the transaction information is encrypted, split in smaller transactions and sent through a second blockchain, which completely breaks any links between the sending and the receiving address. If you're interested in this technology, you can find the whitepaper on the official NAV website. At the moment, private payments are processed by trusted servers. Everyone can operate a server themselves or can use the existing ones. The team is working on NavTech 2.0 'Rimu' which will make these servers obsolete, since every wallet will act as a private payment processor which will further push the decentralization.
2.4.2 Proof of Stake
Nav Coin uses the consensus model Proof of Stake which lets holders of Nav Coins earn a reward of 5% in interest of the coin they stake. Staking coins is very simple, you just have to have the wallet open and running. 5% rewards also mean, that there is an inflation of maximum 5% per year. But it is actually lower (at around 2-3%) since not all coins are staking. So if you are staking, you will earn more than the yearly inflation. Here is a very detailed article about how Nav Coins Proof of Stake works.
2.4.3 Fast transaction times
Nav Coin has a really fast block speed. Transactions are confirmed as spendable withing only 30 seconds which makes it ideal for retail and e-commerce which in my opinion is one of the main points in real-life adoption. There was a video posted recently on the official twitter account which shows how NAV was used to purchase groceries in a store in Rome... That's real-life adoption!
Like mentioned above, Nav Coin uses a Proof of Stake consensus model. Most of us have read about the immense energy consumption of Bitcoins Proof of Work model. In my opinion, this is not feasible for the future. With the PoS model of Nav Coin, you can stake your coins on a Raspberry Pi which uses only about 18kWh of power annually if run 24/7! This is much more environment friendly! Nav Coin even sells their own preconfigured and ready to use NavPi Stakeboxes. Since they're out of stock very fast every time, you can create your own NavPi by following the step-by-step tutorial of the community member navtechservers
2.4.5 Community Fund
Since Nav Coin did not have an ICO or premine, they're fully self financed at the moment. The community has voted for a community fund which will propel the development and marketing of NAV greatly. When the community fund is implemented, the PoS reward will be reduced from 5% to 4% per year. Each block will generate 0.25 Nav which will be allocated for the community fund (about 21'600 Nav per month). Both the Nav Coin Core team and the community will be able to propose projects and budgets which the community (the stakers) will vote for. The payouts happen when everyone votes that the work is completed. The aim of this is to fund the development and ongoing success of NAV. You can read more about it here.
NavPay is NAVs mobile wallet. It's one of the first mobile wallets that allows private payments. There are already real world merchants accepting Nav thanks to the NavPay app like Pasticceria Piemontese in rome and you can even pay for a cardiologic examination using Nav. NavPay has a very simple and beautiful user interface. Download it for this giveaway and take a look yourself!
Using a combination of lightning network transactions and exchange integrations, NavChange will be a Valence-powered application which facilitates instant exchange between NAV and other currencies NavChange is a feature which is planned to be launched in 2018. Here is an example of how it is possible to send Bitcoin anonymously with Nav Coins NavChange. For the traders: NavChange will greatly increase the volume for Nav.
At the moment, Nav Coin is "just" a currency. But this is going to change in 2018. The team is in the latest phase of finishing the whitepaper of the Valence Platform which will enable the development of Anonymous Distributed Apps Platform (aDapps) (think of Ethereum's smart contracts, but with privacy!). Valence is a platform that gives developers and businesses a new set of tools to help them realize their ideas on the blockchain. The whitepaper is probably coming in the next 1-2 weeks!
There are some people who will say that NAV tries to do too many things. I don't agree with these guys. I think this is the main point that speaks for NAV. NANO might be faster (even tho NAV is almost instant as well), XMR might have better privacy (used by Monero fans but never really proven), ETH might have a more accepted dApps platform (we'll see what the whitepaper brings)... but who combines all of these features in one project? NAV is a jack of all trades. Thanks for reading this far and now post your NAV public address so I can send you some NAVs! :-D
I’ve been seeing a lot of repeated questions being asked every day so an updated FAQ/Megathread to address all of those questions will be detailed here. If we are missing something, please feel free to let us know and we will add it. We will try to edit this posting as more information becomes available. Keep in mind the official Bitcoin Private Support portal has now been launched. We have a live chat feature to chat with support, as well as a knowledge base. Please visit the portal at support.btcprivate.org and use the knowledge base’s search function before asking other users. Snapshot/Fork FAQ
When is the snapshot date? Snapshot date will take place on February 28th 2018. The exact moment the snapshot will be taken WILL NOT be announced as a TIME, rather it will be announced as a specific block height. Whatever time happens to be when the block height occurs is whatever time the snapshot is taken. This is to address users who are asking for a specific time or time zone. Once the block height has been mined, the snapshot would have been successfully completed instantly. Users can choose to wait until the NEXT block after the snapshot block has been mined for peace of mind. Once again, the exact block height has not been announced yet. We can only estimate the exact block height as we get closer to the snapshot date. Announcements will come via posts on Reddit, Discord, TwitteFacebook, Telegram and the official BitcoinPrivate Twitter account which is the primary source of all official announcements.
Why can't we announce a block height instead? Why did we choose to announce a date? Block height is not announced for a reason. Keep in mind this is a DOUBLE FORK. BTC and ZCL. 2 Block heights need to be announced. It's impossible to determine the exact block heights so far away from the snapshot date, because BTC and ZCL both have different block time intervals, and the total hashing power of the entire network of BTC and ZCL are changing so rapidly that it is extremely hard to determine a block height in advance, so we decided to pick a date for when we expect the snapshot block to occur instead. We need to determine the exact moment both block heights of BTC and ZCL will coincide in order to get an accurate and successful snapshot. Also, do not forget that 2 simulated snapshot runs have already been completed and validated by the team some time ago, so the process has already been proven.
When is the Hard fork date? The Hard fork will occur approximately 2 days after the snapshot, on March 2nd, 2018.
Is the snapshot on the 28th for ZClassic or for Bitcoin? The snapshot will be taken simultaneously for both ZCL and BTC. Block heights will be announced for both.
Do I need to hold my ZCL until the snapshot or fork? Snapshot. As soon as the snapshot occurs you are free to do whatever you like with your ZCL and you will still receive your BTCP.
What will happen to ZCL after the Bitcoin Private Fork? Current ZClassic's wallet server nodes (Electrum) will still continue to be supported after the fork, and the core dev team will be actively supporting BTCP, whereas the community can choose to further support development for ZCL.
How does Bitcoin Private rewards/claims work? BTCP Coins will be distributed on a 1:1 ratio. Example: (1 ZCL = 1 BTCP.) (1 Bitcoin = 1 BTCP.) (1 ZCL & 0.5 BTC = 1.5 BTCP.) The total combined amount of ZCL and BTC you own at the time of the snapshot will grant you eligibility to claim the same combined amount in Bitcoin Private. You do NOT need to hold a full amount of a coin. You can own partial amounts of ZCL/BTC.
Do I have to store my ZCL in transparent addresses or private addresses to participate in the fork? Any kind of address will be supported through the fork. However, as of Feb. 13, the ZCL electrum wallet only supports transparent addresses.
Are Segwit-enabled wallet addresses for Bitcoin (BTC) supported for the fork? We have confirmation that BTC being held on Segwit enabled addresses WILL BE supported through the fork.
How do I claim my BTCP? More information will become available as we get closer to the snapshot date. An official dedicated guide will be released. In summary, users will need to export a copy of their private key for the corresponding wallet/wallet addresses that hold their ZCL funds at the time of the snapshot. Users can then take the private key and import it into the Bitcoin Private Electrum wallet once it is released in order to claim their BTCP coins. The same goes for Bitcoin holders. **In case exchange(es) support will be announced, users will not need to do anything. The exchanges will automatically credit your account with BTCP. This may vary, so again, please stay tuned for official news regarding this.
BTCP/ZCL Exchange and Wallet Support
Which exchanges will support the fork? The team CANNOT talk about exchange support at this time. Once the support is announced, we will let users know ASAP. All we can say is that the BTCP team has already applied to Binance, as posted on BTCP's Twitter. This is the only thing we can discuss. Binance strictly forbids teams from disclosing IF or WHEN/DATE they will list on Binance. But they allow teams to announce that they HAVE applied for listing, to ease the urge to talk about it. See the official tweet from the CEO of binance. Please do not spam and repeatedly ask this question. News will come as time passes.
Is Bitcoin Private supported by LedgeTrezor Hardware wallets? Currently it is not supported yet because of a technical implementation that the team has not worked on yet because it doesn't take priority. However, the team will be working on BTCP with regards to hardware wallets after the fork, so stay tuned for announcements.
When is the Bitcoin Private wallet being released? Currently the Bitcoin Private Electrum wallet is being developed and rigorously tested by the team. We expect the BTCP Electrum wallet beta to be released slightly before or slightly after the fork occurs. Stay tuned for news.
What other wallets will support Bitcoin Private? The Bitcoin Private Electrum wallet will serve as the “Lite-Client” without having to download the entire blockchain. The team will be working on a GUI version of the BTCP wallet (similar to the java based ZClassic Swing wallet) shortly after the fork. More announcements to come in the future. Coinomi will also support Bitcoin Private.
Issues withdrawing from Cryptopia exchange? As of the week of February 13th 2018, users are reporting issues regarding withdrawing ZCL from Cryptopia. Cryptopia’s coininfo page is showing 0 connections/nodes available. The BTCP team has already tweeted, emailed, called and left voicemails to Cryptopia reaching out to help. It is up to Cryptopia to handle things on their part now. Stay tuned for news regarding this. We have made a separate post addressing this topic.Cryptopia Edit 2: As of February 15 2018, Cryptopia has fixed their node connections. Their backlog is incredibly full and withdrawals are being queued. This may take another few days before your transactions go through.
Where can I buy ZClassic? Currently there are 4 main exchanges that support ZClassic, ranked from ascending order in terms of volume. Bittrex, Cryptopia, Coinexchange.io and TradeSatoshi. Keep in mind as of February 13th, Bittrex is not currently accepting any new registrations. This will hopefully change very shortly.
Why can't we simply pay/donate the team ZCL in return be rewarded BTCP after the fork? By definition, this is illegal. Doing so would make BTCP act as an ICO. Instead donations to the team directly to support us voluntarily without the expectation of BTCP, or contributing to the ZCL mining pool fund is the only way to support the team.
Can Bitcoin Private be mined, if so, could you provide details? Of course! It will be very similar to ZClassic. Bitcoin Private runs on the Equihash PoW algorithm. Because BTCP runs on Equihash, there WILL be ASIC resistance. The privacy algorithm will be run on zk-snarks. Block time will be every 2.5 Minutes (150 Seconds) with a block size of 2MB. Difficulty Adjustments will be made after every block. Replay Protection is also supported. There will be a 21 Million BTCP Supply WITHOUT a pre-mine.
Which pools can we mine Bitcoin Private on? Currently there are no announcements for pool support yet. More news will become available as we get closer to fork date. Most likely, majority of current pools that support mining ZClassic will support mining BTCP. Yet to be confirmed, stay tuned for announcements.
Is the team releasing any video/article tutorials to prepare for the fork? Yes, our content creation team is working hard to produce high quality video/article tutorials to assist users in preparing for the fork. The official BTCP Youtube channel can be found here. This is also where we stream our conferences live. More announcements on this is forthcoming.
What will be the opening price of Bitcoin Private? Just like every other coin (besides tether), the price will depend on the market and what people value it at.
Details about press inquiries? To reach out to the primary coordinators of the team for any inquiries related to press, please contact us on Twitter!
Donate towards the BTCP contribution team, Your donations are 100% voluntary but they are much appreciated! ZCL: t1gsePJZ6ojJYygj3PWMGJfojPUoMd5AVfU BTC: 14Xmfm9jf4h1h4RXZBQCFK6i4LWibqWVPu LTC: LNYzDrUeX6PSecu4sL4eZkuJGaSXnf8GUH BTCP Related Important Links
For the official list of links from the BTCP Github, refer to the repo. Just a re-iteration, the BTCP team has launched the support portal offering resources ranging from live support from our teams, as well as a knowledge base that is constantly being updated. https://support.btcprivate.org Again, please feel free to let me know any questions that’s not currently listed above and we will do our best to answer and include it in the megathread.
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