Transaction Hash ID (TXID) - What is it & how to find the ...
Quark is a decentralized digital monetary system. It facilitates sending Quarks to Friends, Family Members Online Payments free of charges and charge-backs. Military Grade Encryption. No Bank or Government Control. Quark coins are based on the original idea of Bitcoin but improved, more secure, faster transaction times and zero fees. With improvements to design and security. There is also a greater coin supply with higher block rewards for miners. Quark is fully Open Source.
What are cryptocurrencies? Cryptocurrencies are peer to peer technology protocols which rely on the block-chain; a system of decentralized record keeping which allows people to exchange unmodifiable and indestructible information “coins,” globally in little to no time with little to no fees – this translates into the exchange of value as these coins cannot be counterfeit nor stolen. This concept was started by Satoshi Nakamoto (allegedly a pseudonym for a single man or organization) whom described and coded Bitcoin in 2009. What is DigiByte? DigiByte (DGB) is a cryptocurrency like Bitcoin. It is also a decentralized applications protocol in a similar fashion to Neo or Ethereum. DigiByte was founded and created by Jared Tate in 2014. DigiByte allows for fast (virtually instant) and low cost (virtually free) transactions. DigiByte is hard capped at 21 billion coins which will ever be mined, over a period of 21 years. DigiByte was never an ICO and was mined/created in the same way that Bitcoin or Litecoin initially were. DigiByte is the fastest UTXO PoW scalable block-chain in the world. We’ll cover what this really means down below. DigiByte has put forth and applied solutions to many of the problems that have plagued Bitcoin and cryptocurrencies in general – those being:
Maintaining low fees.
Maintaining fast transaction times.
Maintaining robust security + the immutable ledger.
And most importantly assuring massive scalability on chain.
We will address these point by point in the subsequent sections. The DigiByte Protocol DigiByte maintains these properties through use of various technological innovations which we will briefly address below. Why so many coins? 21 Billion When initially conceived Bitcoin was the first of a kind! And came into the hands of a few! The beginnings of a coin such as Bitcoin were difficult, it had to go through a lot of initial growth pains which following coins did not have to face. It is for this reason among others why I believe Bitcoin was capped at 21 million; and why today it has thus secured a place as digital gold. When Bitcoin was first invented no one knew anything about cryptocurrencies, for the inventor to get them out to the public he would have to give them away. This is how the first Bitcoins were probably passed on, for free! But then as interest grew so did the community. For them to be able to build something and create something which could go on to have actual value, it would have to go through a steady growth phase. Therefore, the control of inflation through mining was extremely important. Also, why the cap for Bitcoin was probably set so low - to allow these coins to amass value without being destroyed by inflation (from mining) in the same way fiat is today! In my mind Satoshi Nakamoto knew what he was doing when setting it at 21 million BTC and must have known and even anticipated others would take his design and build on top of it. At DigiByte, we are that better design and capped at 21 billion. That's 1000 times larger than the supply of Bitcoin. Why though? Why is the cap on DigiByte so much higher than that of Bitcoin? Because DigiByte was conceived to be used not as a digital gold, nor as any sort of commodity, but as a real currency! Today on planet Earth, we are approximately 7.6 billion people. If each person should want or need to use and live off Bitcoin; then equally split at best each person could only own 0.00276315789 BTC. The market cap for all the money on the whole planet today is estimated to have recently passed 80 trillion dollars. That means that each whole unit of Bitcoin would be worth approximately $3,809,523.81! $3,809,523.81 This is of course in an extreme case where everyone used Bitcoin for everything. But even in a more conservative scenario the fact remains that with such a low supply each unit of a Bitcoin would become absurdly expensive if not inaccessible to most. Imagine trying to buy anything under a dollar! Not only would using Bitcoin as an everyday currency be a logistical nightmare but it would be nigh impossible. For each Satoshi of a Bitcoin would be worth much, much, more than what is realistically manageable. This is where DigiByte comes in and where it shines. DigiByte aims to be used world-wide as an international currency! Not to be hoarded in the same way Bitcoin is. If we were to do some of the same calculations with DigiByte we'd find that the numbers are a lot more reasonable. At 7.6 billion people, each person could own 2.76315789474 DGB. Each whole unit of DGB would be worth approximately $3,809.52. $3,809.52 This is much more manageable and remember in an extreme case where everyone used DigiByte for everything! I don't expect this to happen anytime soon, but with the supply of DigiByte it would allow us to live and transact in a much more realistic and fluid fashion. Without having to divide large numbers on our phone's calculator to understand how much we owe for that cup of coffee! With DigiByte it's simple, coffee cost 1.5 DGB, the cinema 2.8 DGB, a plane ticket 500 DGB! There is a reason for DigiByte's large supply, and it is a good one! Decentralisation Decentralisation is an important concept for the block-chain and cryptocurrencies in general. This allows for a system which cannot be controlled nor manipulated no matter how large the organization in play or their intentions. DigiByte’s chain remains out of the reach of even the most powerful government. This allows for people to transact freely and openly without fear of censorship. Decentralisation on the DigiByte block-chain is assured by having an accessible and fair mining protocol in place – this is the multi-algorithm (MultiAlgo) approach. We believe that all should have access to DigiByte whether through purchase or by mining. Therefore, DigiByte is minable not only on dedicated mining hardware such as Antminers, but also through use of conventional graphics cards. The multi-algorithm approach allows for users to mine on a variety of hardware types through use of one of the 5 mining algorithms supported by DigiByte. Those being:
Please note that these mining algorithms are modified and updated from time to time to assure complete decentralisation and thus ultimate security. The problem with using only one mining algorithm such as Bitcoin or Litecoin do is that this allows for people to continually amass mining hardware and hash power. The more hash power one has, the more one can collect more. This leads to a cycle of centralisation and the creation of mining centres. It is known that a massive portion of all hash power in Bitcoin comes from China. This kind of centralisation is a natural tendency as it is cheaper for large organisations to set up in countries with inexpensive electricity and other such advantages which may be unavailable to the average miner. DigiByte mitigates this problem with the use of multiple algorithms. It allows for miners with many different kinds of hardware to mine the same coin on an even playing field. Mining difficulty is set relative to the mining algorithm used. This allows for those with dedicated mining rigs to mine alongside those with more modest machines – and all secure the DigiByte chain while maintaining decentralisation. Low Fees Low fees are maintained in DigiByte thanks to the MultiAlgo approach working in conjunction with MultiShield (originally known as DigiShield). MultiShield calls for block difficulty readjustment between every single block on the chain; currently blocks last 15 seconds. This continuous difficulty readjustment allows us to combat any bad actors which may wish to manipulate the DigiByte chain. Manipulation may be done by a large pool or a single entity with a great amount of hash power mining blocks on the chain; thus, increasing the difficulty of the chain. In some coins such as Bitcoin or Litecoin difficulty is readjusted every 2016 blocks at approximately 10mins each and 2mins respectively. Meaning that Bitcoin’s difficulty is readjusted about every two weeks. This system can allow for large bad actors to mine a coin and then abandon it, leaving it with a difficulty level far too high for the present hash rate – and so transactions can be frozen, and the chain stopped until there is a difficulty readjustment and or enough hash power to mine the chain. In such a case users may be faced with a choice - pay exorbitant fees or have their transactions frozen. In an extreme case the whole chain could be frozen completely for extended periods of time. DigiByte does not face this problem as its difficulty is readjusted per block every 15 seconds. This innovation was a technological breakthrough and was adopted by several other coins in the cryptocurrency environment such as Dogecoin, Z-Cash, Ubiq, Monacoin, and Bitcoin Gold. This difficulty readjustment along with the MultiAlgo approach allows DigiByte to maintain the lowest fees of any UTXO – PoW – chain in the world. Currently fees on the DigiByte block-chain are at about 0.0001 DGB per transaction of 100 000 DGB sent. This depends on the amount sent and currently 100 000 DGB are worth around $2000.00 with the fee being less than 0.000002 cents. It would take 500 000 transactions of 100 000 DGB to equal 1 penny’s worth. This was tested on a Ledger Nano S set to the low fees setting. Fast transaction times Fast transactions are ensured by the conjunctive use of the two aforementioned technology protocols. The use of MultiShield and MultiAlgo allows the mining of the DigiByte chain to always be profitable and thus there is always someone mining your transactions. MultiAlgo allows there to a greater amount of hash power spread world-wide, this along with 15 second block times allows for transactions to be near instantaneous. This speed is also ensured by the use DigiSpeed. DigiSpeed is the protocol by which the DigiByte chain will decrease block timing gradually. Initially DigiByte started with 30 second block times in 2014; which today are set at 15 seconds. This decrease will allow for ever faster and ever more transactions per block. Robust security + The Immutable Ledger At the core of cryptocurrency security is decentralisation. As stated before decentralisation is ensured on the DigiByte block chain by use of the MultiAlgo approach. Each algorithm in the MultiAlgo approach of DigiByte is only allowed about 20% of all new blocks. This in conjunction with MultiShield allows for DigiByte to be the most secure, most reliable, and fastest UTXO block chain on the planet. This means that DigiByte is a proof of work (PoW) block-chain where all transactional activities are stored on the immutable public ledger world-wide. In DigiByte there is no need for the Lightning protocol (although we have it) nor sidechains to scale, and thus we get to keep PoW’s security. There are many great debates as to the robustness or cleanliness of PoW. The fact remains that PoW block-chains remain the only systems in human history which have never been hacked and thus their security is maximal. For an attacker to divert the DigiByte chain they would need to control over 93% of all the hashrate on one algorithm and 51% of the other four. And so DigiByte is immune to the infamous 51% attack to which Bitcoin and Litecoin are vulnerable. Moreover, the DigiByte block-chain is currently spread over 200 000 plus servers, computers, phones, and other machines world-wide. The fact is that DigiByte is one of the easiest to mine coins there is – this is greatly aided by the recent release of the one click miner. This allows for ever greater decentralisation which in turn assures that there is no single point of failure and the chain is thus virtually un-attackable. On Chain Scalability The biggest barrier for block-chains today is scalability. Visa the credit card company can handle around 2000 transactions per second (TPS) today. This allows them to ensure customer security and transactional rates nation-wide. Bitcoin currently sits at around 7 TPS and Litecoin at 28 TPS (56 TPS with SegWit). All the technological innovations I’ve mentioned above come together to allow for DigiByte to be the fastest PoW block-chain in the world and the most scalable. DigiByte is scalable because of DigiSpeed, the protocol through which block times are decreased and block sizes are increased. It is known that a simple increase in block size can increase the TPS of any block-chain, such is the case with Bitcoin Cash. This is however not scalable. The reason a simple increase in block size is not scalable is because it would eventually lead to some if not a great amount of centralization. This centralization occurs because larger block sizes mean that storage costs and thus hardware cost for miners increases. This increase along with full blocks – meaning many transactions occurring on the chain – will inevitably bar out the average miner after difficulty increases and mining centres consolidate. Hardware cost, and storage costs decrease over time following Moore’s law and DigiByte adheres to it perfectly. DigiSpeed calls for the increase in block sizes and decrease in block timing every two years by a factor of two. This means that originally DigiByte’s block sizes were 1 MB at 30 seconds each at inception in 2014. In 2016 DigiByte increased block size by two and decreased block timing by the same factor. Perfectly following Moore’s law. Moore’s law dictates that in general hardware increases in power by a factor of two while halving in cost every year. This would allow for DigiByte to scale at a steady rate and for people to adopt new hardware at an equally steady rate and reasonable expense. Thus so, the average miner can continue to mine DigiByte on his algorithm of choice with entry level hardware. DigiByte was one of the first block chains to adopt segregated witness (SegWit in 2017) a protocol whereby a part of transactional data is removed and stored elsewhere to decrease transaction data weight and thus increase scalability and speed. This allows us to fit more transactions per block which does not increase in size! DigiByte currently sits at 560 TPS and could scale to over 280 000 TPS by 2035. This dwarfs any of the TPS capacities; even projected/possible capacities of some coins and even private companies. In essence DigiByte could scale worldwide today and still be reliable and robust. DigiByte could even handle the cumulative transactions of all the top 50 coins in coinmarketcap.com and still run smoothly and below capacity. In fact, to max out DigiByte’s actual maximum capacity (today at 560 TPS) you would have to take all these transactions and multiply them by a factor of 10! Oher Uses for DigiByte Note that DigiByte is not only to be used as a currency. Its immense robustness, security and scalability make it ideal for building decentralised applications (DAPPS) which it can host. DigiByte can in fact host DAPPS and even centralised versions which rely on the chain which are known as Digi-Apps. This application layer is also accompanied by a smart contract layer. Thus, DigiByte could host several Crypto Kitties games and more without freezing out or increasing transaction costs for the end user. Currently there are various DAPPS being built on the DigiByte block-chain, these are done independently of the DigiByte core team. These companies are simply using the DigiByte block-chain as a utility much in the same way one uses a road to get to work. One such example is Loly – a Tinderesque consensual dating application. DigiByte also hosts a variety of other platform projects such as the following:
DigiPay – A jqeury online payment protocol portal web plugin.
DigiByte DigiHash - The official DigiByte foundation mining pool.
DigiByte Digi-ID – A platform for identity verification to be used in lieu of two factor authentication and passwords.
DigiByte Emma AI – A DigiByte interactive artificial intelligence assistant.
DigiByte DigiMan – A web browser plugin to be used as a security layer two protocol.
DigiByte DigiSeeder – A background seeding service which assures all wallets quickly find other peers in the network.
DigiByte DigiMessenger – A ground-breaking messaging application built on top of DigiByte which features robust and virtually unbreakable encryption.
DigiByte OneClickMiner – An easy to set up application which allows users to quickly start mining DigiByte on their home machines.
DigiByte DigiBot – A telegram bot for users to interact with DigiByte and more.
The DigiByte Foundation As previously mentioned DigiByte was not an ICO. The DigiByte foundation was established in 2017 by founder Jared Tate. Its purpose is as a non-profit organization dedicated to supporting and developing the DigiByte block-chain. DigiByte is a community effort and a community coin, to be treated as a public resource as water or air. Know that anyone can work on DigiByte, anyone can create, and do as they wish. It is a permissionless system which encourages innovation and creation. If you have an idea and or would like to get help on your project do not hesitate to contact the DigiByte foundation either through the official website and or the telegram developer’s channel. For this reason, it is ever more important to note that the DigiByte foundation cannot exist without public support. And so, this is the reason I encourage all to donate to the foundation. All funds are used for the maintenance of DigiByte servers, marketing, and DigiByte development. DigiByte Resources and Websites DigiByte
OS X Wallet
Rasberry Pi Wallet
Ledger Hardware Wallet
Please refer to the sidebar of this sub-reddit for more resources and information. Edit - Removed Jaxx wallet. Edit - A new section was added to the article: Why so many coins? 21 Billion Edit - Adjusted max capacity of DGB's TPS - Note it's actually larger than I initially calculated. Edit – Grammar and format readjustment Hello, I hope you’ve enjoyed my article, I originally wrote this for the reddit sub-wiki where it generally will most likely, probably not, get a lot of attention. So instead I've decided to make this sort of an introductory post, an open letter, to any newcomers to DGB or for those whom are just curious. I tried to cover every aspect of DGB, but of course I may have forgotten something! Please leave a comment down below and tell me why you're in DGB? What convinced you? Me it's the decentralised PoW that really convinced me. Plus, just that transaction speed and virtually no fees! Made my mouth water! -Dereck de Mézquita I'm a student typing this stuff on my free time, help me pay my debts? Thank you! D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g https://digiexplorer.info/address/D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
I decided to post this here as I saw some questions on the QRL discord.
Is elliptic curve cryptography quantum resistant?
Why do people say that BTC is quantum resistant, while they use elliptic curve cryptography? (Here comes the idea from that never reusing a private key (and public key since they form a pair) from elliptic curve cryptography would be quantum resistant.)
Why would Nexus be any differtent?
Why are WOTS+ signatures (and by extension XMSS) quantum resistant?
What is WOTS+?
What are the risks of WOTS+?
How is XMSS different?
Is elliptic curve cryptography quantum resistant? No. Using a quantum computer, Shor's algorithm can be used to break Elliptic Curve Digital Signature Algorithm (ECDSA). Meaning: they can derive the private key from the public key. So if they got your public key, they got your private key, and they can empty your funds. https://en.wikipedia.org/wiki/Elliptic-curve_cryptography#Quantum_computing_attackshttps://eprint.iacr.org/2017/598.pdf Why do people say that BTC is quantum resistant, while they use elliptic curve cryptography? (Here comes the idea from that never reusing a private key from elliptic curve cryptography (and public key since they form a pair) would be quantum resistant.) Ok, just gonna start with the basics here. Your address, where you have your coins stalled, is locked by your public- private key pair. See it as your e-mail address (public key) and your password (Private key). Many people got your email address, but only you have your password. If you got your address and your password, then you can access your mail and send emails (Transactions). Now if there would be a quantum computer, people could use that to calculate your password/ private key, if they have your email address/ public key. What is the case with BTC: they don't show your public key anywhere, untill you make a transaction. So your public key is private untill you make a transaction. How do they do that while your funds must be registered on the ledger? Wel, they only show the Hash of your public key (A hash is an outcome of an equation. Usually one-way hash functions are used, where you can not derive the original input from the output. But everytime you use the same hash function on the same original input (For example IFUHE8392ISHF), you will always get the same output (For example G). That way you can have your coins on public key IFUHE8392ISHF, while on the chain, they are on G.) So your funds are registered on the blockchain on the "Hash" of the public key. The Hash of the public key is also your "email address" in this case. So you give "G" as your address to send BTC to. By the way, in the early days you could use your actual public key as your address. And miners would receive coins on their public key, not on the hashed public key. That is why all the Satoshi funds are vulnerable to quantum attacks even though these addresses have never been used to make transactions from. These public keys are already public instead of hashed. Also certain hard forks have exposed the public keys of unused addresses. So it's really a false sense of security that most people hang on to in the first place. But it's actually a false sense of security over all. Since it is impossible to derive a public key from the Hash of a public key, your coins are safe for quantum computers as long as you don't make any transaction. Now here follows the biggest misconseption: Pretty much everyone will think, great, so BTC is quantum secure! It's not that simple. Here it is important to understand two things: 1 How is a transaction sent? The owner has the private key and the public key and uses that to log into the secured environment, the wallet. This can be online or offline. Once he is in his wallet, he states how much he wants to send and to what address. When he sends the transaction, it will be broadcasted to the blockchain network. But before the actual transaction that will be sent, it is formed into a package, created by the wallet. This happens out of sight of the sender. That package ends up carrying roughly the following info: The public key to point to the address where the funds will be coming from, the amount that will be transferred, the public key of the address the funds will be transferred to. Then this package caries the most important thing: a signature, created by the wallet, derived from the private- public key combination. This signature proves to the miners that you are the rightfull owner and you can send funds from that public key. So this package is then sent out of the secure wallet environment to multiple nodes. The nodes don’t need to trust the sender or establish the sender’s "identity." And because the transaction is signed and contains no confidential information, private keys, or credentials, it can be publicly broadcast using any underlying network transport that is convenient. As long as the transaction can reach a node that will propagate it into the network, it doesn’t matter how it is transported to the first node. 2 How is a transaction confirmed/ fullfilled and registered on the blockchain? After the transaction is sent to the network, it is ready to be processed. The nodes have a bundle of transactions to verify and register on the next block. This is done during a period called the block time. In the case of BTC that is 10 minutes. If you comprehend the information written above, you can see that there are two moments where you can actually see the public key, while the transaction is not fullfilled and registered on the blockchain yet. 1: during the time the transaction is sent from the sender to the nodes 2: during the time the nodes verify the transaction. This paper describes how you could hijack a transaction and make a new transaction of your own, using someone elses address to send his coins to an address you own during moment 2: the time the nodes verify the transaction: https://arxiv.org/pdf/1710.10377.pdf "(Unprocessed transactions) After a transaction has been broadcast to the network, but before it is placed on the blockchain it is at risk from a quantum attack. If the secret key can be derived from the broadcast public key before the transaction is placed on the blockchain, then an attacker could use this secret key to broadcast a new transaction from the same address to his own address. If the attacker then ensures that this new transaction is placed on the blockchain first, then he can effectively steal all the bitcoin behind the original address." So this means that practically, you can't call BTC a quantum secure blockchain. Because as soon as you will touch your coins and use them for payment, or send them to another address, you will have to make a transaction and you risk a quantum attack. Why would Nexus be any differtent? If you ask the wrong person they will tell you "Nexus uses a combination of the Skein and Keccak algorithms which are the 2 recognized quantum resistant algorithms (keccal is used by the NSA) so instead of sha-256, Nexus has SK-1024 making it much harder to break." Which would be the same as saying BTC is quantum resistant because they use a Hashing function to hash the private key as long as no transaction is made. No, this is their sollid try to be quantum resistant: Nexus states it's different because they have instant transactions (So there wouldn't be a period during which time the nodes verify the transaction. This period would be instant.) Also they use a particular order in which the miners verify transactions: First-In-First-Out (FIFO) (So even if instant is not instant after all, and you would be able to catch a public key and derive the private key, you would n't be able to have your transaction signed before the original one. The original one is first in line, and will therefore be confirmed first. Also for some reason Nexus has standardized fees which are burned after a transaction. So if FIFO wouldn't do the trick you would not be able to use a higher fee to get prioritized and get an earlyer confirmation. So, during during the time the nodes verify the transaction, you would not be able to hijack a transaction. GREAT, you say? Yes, great-ish. Because there is still moment # 1: during the time the transaction is sent from the sender to the nodes. This is where network based attacks could do the trick: There are network based attacks that can be used to delay or prevent transactions to reach nodes. In the mean time the transactions can be hijacked before they reach the nodes. And thus one could hijack the non quantum secure public keys (they are openly included in sent signed transactions) who then can be used to derive privatekeys before the original transaction is made. So this means that even if Nexus has instant transactions in FIFO order, it is totally useless, because the public key would be obtained by the attacker before they reach the nodes. Conclusion: Nexus is Nnot quantum resistant. You simply can't be without using a post quantum signature scheme. Performing a DDoS attack or BGP routing attacks or NSA Quantum Insert attacks on a peer to peer newtork would be hard. But when provided with an opportunitiy to steal billions, hackers would find a way. For example: https://bitcoinmagazine.com/articles/researchers-explore-eclipse-attacks-ethereum-blockchain/ For BTC: https://eprint.iacr.org/2015/263.pdf "An eclipse attack is a network-level attack on a blockchain, where an attacker essentially takes control of the peer-to-peer network, obscuring a node’s view of the blockchain." That is exactly the receipe for what you would need to create extra time to find public keys and derive private keys from them. Then you could sign transactions of your own and confirm them before the originals do. By the way, yes this seems to be fixed now, but it most definately shows it's possible. And there are other creative options. Either you stop tranasctions from the base to get out, while the sender thinks they're sent, or you blind the network and catch transactions there. There are always options, and they will be exploited when billions are at stake. The keys can also be hijacked when a transaction is sent from the users device to the blockchain network using a MITM attack. The result is the same as for network based attacks, only now you don't mess with the network itself. These attacks make it possible to 1) retrieve the original public key that is included in the transaction message. 2) Stop or delay the transaction message to arrive at the blockchain network. So, using a quantum computer, you could hijack transactions and create forged transactions, which you then send to the nodes to be confirmed before the nodes even receive the original transaction. There is nothing you could change to the Nexus network to prevent this. The only thing they can do is implement a quantum resistant signature scheme. They plan to do this in the future, like any other serious blockchain project. Yet Nexus is the only of these future quantum resistant projects to prematurely claim to be quantum resistant. There is only one way to get quantum resistancy: POST QUANTUM SIGNATURE SCHEMES. All the rest is just a shitty shortcut that won't work in the end. (If you use this info on BTC, you will find that the 10 minutes blocktime that is used to estimate when BTC will be vulnerable for quantum attacks, can actually be more then 10 minutes if you catch the public key before the nodes receive them. This makes BTC vulnerable sooner thatn the 10 min blocktime would make you think.) By the way, Nexus using FIFO and standadrized fees which are burned after the transaction comes with some huge downsides:
FIFO: If there are a lot of transactions, there would be nothing you can do to create a faster transaction. If you need a quick transaction during rush hours, you can’t pay a higher fee to get priority.
Fees are burned after the transactions. This means they are not sent to miners, which would lesser the incentive to mine. Also, because only Blockrewards pay miners, what if the max supply is reached in the future and there is nothing to pay out blockrewards? What would be the incentive to mine or stake?
The risk that comes with small standardized fees is that when someone is willing to pay to harm or spam your chain, they can force spam or small transactions into the system without you being able to stop them. (Miners wouldn't be able to exclude lower fee transactions containing spam or extremely small amounts meant for clogging the chain)
Another risk that comes with small standardized fees would be this: How do you prevent big backlog if there is no higher fee incentive for miners at rush hours to come mine? Usually fees follow the free market? So the larger the backlog of transactions, the higher the fees usually are. This then leads to more miners joining in and that way reducing backlog. Having fixed fees would cancel out that possibility. So the risk of backlog would be huge.
Why are WOTS+ signatures (and by extension XMSS) more quantum resistant? First of all, this is where the top notch mathematicians work their magic. Cryptography is mostly maths. As Jackalyst puts it talking about post quantum signature schemes: "Having papers written and cryptographers review and discuss it to nauseating levels might not be important for butler, but it's really important with signature schemes and other cryptocraphic methods, as they're highly technical in nature." If you don't believe in math, think about Einstein using math predicting things most coudldn't even emagine, let alone measure back then. Then there is implementing it the right way into your blockchain without leaving any backdoors open. So why is WOTS+ and by extension XMSS quantum resistant? Because math papers say so. With WOTS it would even take a quantum computer too much time to derive a private key from a public key. https://en.wikipedia.org/wiki/Hash-based_cryptographyhttps://eprint.iacr.org/2011/484.pdf What is WOTS+? It's basiclally an optimized version of Lamport-signatures. WOTS+ (Winternitz one-time signature) is a hash-based, post-quantum signature scheme. So it's a post quantum signature scheme meant to be used once. What are the risks of WOTS+? Because each WOTS publishes some part of the private key, they rapidly become less secure as more signatures created by the same public/private key are published. The first signature won't have enough info to work with, but after two or three signatures you will be in trouble. IOTA uses WOTS. Here's what the people over at the cryptography subreddit have to say about that: https://www.reddit.com/crypto/comments/84c4ni/iota_signatures_private_keys_and_address_reuse/?utm_content=comments&utm_medium=user&utm_source=reddit&utm_name=u_QRCollector With the article: http://blog.lekkertech.net/blog/2018/03/07/iota-signatures/ Mochimo uses WOTS+. They kinda solved the problem: A transaction consists of a "Source Address", a "Destination Address" and a "Change Address". When you transact to a Destination Address, any remaining funds in your Source Address will move to the Change Address. To transact again, your Change Address then becomes your Source Address. But what if someone already has your first address and is unaware of the fact you already send funds from that address? He might just send funds there. (I mean in a business environment this would make Mochimo highly impractical.) They need to solve that. Who knows, it's still a young project. But then again, for some reason they also use FIFO and fixed fees, so there I have the same objections as for Nexus. How is XMSS different? XMSS uses WOTS in a way that you can actually reuse your address. WOTS creates a quantum resistant one time signature and XMSS creates a tree of those signatures attached to one address so that the address can be reused for sending an asset.
What benefits does Nexus bring to the blockchain space?
How does Nexus secure the network and reach consensus?
What is quantum resistance and how does Nexus implement this?
What is Nexus’ Unified Time protocol?
Why does Nexus need its own satellite network?
The Nexus Currency:
How can I get Nexus?
How much does a transaction cost?
How fast does Nexus transfer?
Did Nexus hold an ICO? How is Nexus funded?
Is there a cap on the number of Nexus in existence?
What is the difference between the Oracle wallet and the LLD wallet?
How do I change from Oracle to the LLD wallet?
How do I install the Nexus Wallet?
Types of Mining or Minting:
Can I mine Nexus?
How do I mine Nexus?
How do I stake Nexus?
I am staking with my Nexus balance. What are trust weight, block weight and stake weight?
1. What is Nexus (NXS)? Nexus is a digital currency, distributed framework, and peer-to-peer network. Nexus further improves upon the blockchain protocol by focusing on the following core technological principles:
Nexus will combine our in-development quantum-resistant 3D blockchain software with cutting edge communication satellites to deliver a free, distributed, financial and data solution. Through our planned satellite and ground-based mesh networks, Nexus will provide uncensored internet access whilst bringing the benefits of distributed database systems to the world. For a short video introduction to Nexus Earth, please visit this link
2. What benefits does Nexus bring to the blockchain space? As Nexus has been developed, an incredible amount of time has been put into identifying and solving several key limitations:
Quantum computing vulnerability
Centralized network access
Slow difficulty adjustment
Slow block times
Block reward halving
Nexus is also developing a framework called the Lower Level Library. This LLL will incorporate the following improvements:
LLC (Lower Level Cryptography): This is a suite of cutting edge cryptographic methods including hashing, asymmetric encryption, digital signatures, and symmetric encryption algorithms
LLP (Lower Level Protocol): This is a template protocol to allow any protocol to be created with ease without the need for repeated network programming.
LLD (Lower Level Database): This is a set of templates for creating high efficiency database systems. This high efficiency can be used to power large websites, which are currently built with database software that is not designed to scale.
For information about more additions to the Lower Level Library, please visit here
3. How does Nexus secure the network and reach consensus? Nexus is unique amongst blockchain technology in that Nexus uses 3 channels to secure the network against attack. Whereas Bitcoin uses only Proof-of-Work to secure the network, Nexus combines a prime number channel, a hashing channel and a Proof-of-Stake channel. Where Bitcoin has a difficulty adjustment interval measured in weeks, Nexus can respond to increased hashrate in the space of 1 block and each channel scales independently of the other two channels. This stabilizes the block times at ~50 seconds and ensures no single channel can monopolize block production. This means that a 51% attack is much more difficult to launch because an attacker would need to control all 3 channels. Every 60 minutes, the Nexus protocol automatically creates a checkpoint. This prevents blocks from being created or modified dated prior to this checkpoint, thus protecting the chain from malicious attempts to introduce an alternate blockchain.
4. What is quantum resistance and how does Nexus implement it? To understand what quantum resistance is and why it is important, you need to understand how quantum computing works and why it’s a threat to blockchain technology. Classical computing uses an array of transistors. These transistors form the heart of your computer (the CPU). Each transistor is capable of being either on or off, and these states are used to represent the numerical values 1 and 0. Binary digits’ (bits) number of states depends on the number of transistors available, according to the formula 2n, where n is the number of transistors. Classical computers can only be in one of these states at any one time, so the speed of your computer is limited to how fast it can change states. Quantum computers utilize quantum bits, “qubits,” which are represented by the quantum state of electrons or photons. These particles are placed into a state called superposition, which allows the qubit to assume a value of 1 or 0 simultaneously. Superposition permits a quantum computer to process a higher number of data possibilities than a classical computer. Qubits can also become entangled. Entanglement makes a qubit dependant on the state of another, enabling quantum computing to calculate complex problems, extremely quickly. One such problem is the Discrete Logarithm Problem which elliptic curve cryptography relies on for security. Quantum computers can use Shor’s algorithm to reverse a key in polynomial time (which is really really really fast). This means that public keys become vulnerable to quantum attack, since quantum computers are capable of being billions of times faster at certain calculations. One way to increase quantum resistance is to require more qubits (and more time) by using larger private keys: Bitcoin Private Key (256 bit) 5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF Nexus Private Key (571 bit) 6Wuiv513R18o5cRpwNSCfT7xs9tniHHN5Lb3AMs58vkVxsQdL4atHTF Vt5TNT9himnCMmnbjbCPxgxhSTDE5iAzCZ3LhJFm7L9rCFroYoqz Bitcoin addresses are created by hashing the public key, so it is not possible to decrypt the public key from the address; however, once you send funds from that address, the public key is published on the blockchain rendering that address vulnerable to attack. This means that your money has higher chances of being stolen. Nexus eliminates these vulnerabilities through an innovation called signature chains. Signature chains will enable access to an account using a username, password and PIN. When you create a transaction on the network, you claim ownership of your signature chain by revealing the public key of the NextHash (the hash of your public key) and producing a signature from the one time use private key. Your wallet then creates a new private/public keypair, generates a new NextHash, including the corresponding contract. This contract can be a receive address, a debit, a vote, or any other type of rule that is written in the contract code. This keeps the public key obscured until the next transaction, and by divorcing the address from the public key, it is unnecessary to change addresses in order to change public keys. Changing your password or PIN code becomes a case of proving ownership of your signature chain and broadcasting a new transaction with a new NextHash for your new password and/or PIN. This provides the ability to login to your account via the signature chain, which becomes your personal chain within the 3D chain, enabling the network to prove and disprove trust, and improving ease of use without sacrificing security. The next challenge with quantum computers is that Grover’s algorithm reduces the security of one-way hash function by a factor of two. Because of this, Nexus incorporates two new hash functions, Skein and Keccak, which were designed in 2008 as part of a contest to create a new SHA3 standard. Keccak narrowly defeated Skein to win the contest, so to maximize their potential Nexus combines these algorithms. Skein and Keccak utilize permutation to rotate and mix the information in the hash. To maintain a respective 256/512 bit quantum resistance, Nexus uses up to 1024 bits in its proof-of-work, and 512 bits for transactions.
5. What is the Unified Time protocol? All blockchains use time-stamping mechanisms, so it is important that all nodes operate using the same clock. Bitcoin allows for up to 2 hours’ discrepancy between nodes, which provides a window of opportunity for the blockchain to be manipulated by time-related attack vectors. Nexus eliminates this vulnerability by implementing a time synchronization protocol termed Unified Time. Unified Time also enhances transaction processing and will form an integral part of the 3D chain scaling solution. The Unified Time protocol facilitates a peer-to-peer timing system that keeps all clocks on the network synchronized to within a second. This is seeded by selected nodes with timestamps derived from the UNIX standard; that is, the number of seconds since January 1st, 1970 00:00 UTC. Every minute, the seed nodes report their current time, and a moving average is used to calculate the base time. Any node which sends back a timestamp outside a given tolerance is rejected. It is important to note that the Nexus network is fully synchronized even if an individual wallet displays something different from the local time.
6. Why does Nexus need its own satellite network? One of the key limitations of a purely electronic monetary system is that it requires a connection to the rest of the network to verify transactions. Existing network infrastructure only services a fraction of the world’s population. Nexus, in conjunction with Vector Space Systems, is designing communication satellites, or cubesats, to be launched into Low Earth Orbit in 2019. Primarily, the cubesat mesh network will exist to give Nexus worldwide coverage, but Nexus will also utilize its orbital and ground mesh networks to provide free and uncensored internet access to the world.
The Nexus Currency (NXS):
1. How can I get Nexus? There are two ways you can obtain Nexus. You can either buy Nexus from an exchange, or you can run a miner and be rewarded for finding a block. If you wish to mine Nexus, please follow our guide found below. Currently, Nexus is available on the following exchanges:
Bittrex (99% of trade volume)
Upbit (South Korea)
Nexus is actively reaching out to other exchanges to continue to be listed on cutting edge new financial technologies..
2. How much does a transaction cost? Under Nexus, the fee structure for making a transaction depends on the size of your transaction. A default fee of 0.01 NXS will cover most transactions, and users have the option to pay higher fees to ensure their transactions are processed quickly. When the 3D chain is complete and the initial 10-year distribution period finishes, Nexus will absorb these fees through inflation, enabling free transactions.
3. How fast does Nexus transfer? Nexus reaches consensus approximately every ~ 50 seconds. This is an average time, and will in some circumstances be faster or slower. NXS currency which you receive is available for use after just 6 confirmations. A confirmation is proof from a node that the transaction has been included in a block. The number of confirmations in this transaction is the number that states how many blocks it has been since the transaction is included. The more confirmations a transaction has, the more secure its placement in the blockchain is.
4. Did Nexus hold an ICO? How is Nexus funded? The Nexus Embassy, a 501(C)(3) not-for-profit corporation, develops and maintains the Nexus blockchain software. When Nexus began under the name Coinshield, the early blocks were mined using the Developer and Exchange (Ambassador) addresses, which provides funding for the Nexus Embassy. The Developer Fund fuels ongoing development and is sourced by a 1.5% commission per block mined, which will slowly increase to 2.5% after 10 years. This brings all the benefits of development funding without the associated risks. The Ambassador (renamed from Exchange) keys are funded by a 20% commission per block reward. These keys are mainly used to pay for marketing, and producing and launching the Nexus satellites. When Nexus introduces developer and ambassador contracts, they will be approved, denied, or removed by six voting groups namely: currency, developer, ambassador, prime, hash, and trust. Please Note: The Nexus Embassy reserves the sole right to trade, sell and or use these funds as required; however, Nexus will endeavor to minimize the impact that the use of these funds has upon the NXS market value.
5. Is there a cap on the number of NXS in existence? After an initial 10-year distribution period ending on September 23rd, 2024, there will be a total of 78 million NXS. Over this period, the reward gradient for mining Nexus follows a decaying logarithmic curve instead of the reward halving inherent in Bitcoin. This avoids creating a situation where older mining equipment is suddenly unprofitable, encouraging miners to continue upgrading their equipment over time and at the same time reducing major market shocks on block halving events. When the distribution period ends, the currency supply will inflate annually by a maximum of 3% via staking and by 1% via the prime and hashing channels. This inflation is completely unlike traditional inflation, which degrades the value of existing coins. Instead, the cost of providing security to the blockchain is paid by inflation, eliminating transaction fees. Colin Cantrell - Nexus Inflation Explained
6. What is the difference between the LLD wallet and the Oracle wallet? Due to the scales of efficiency needed by blockchain, Nexus has developed a custom-built database called the Lower Level Database. Since the development of the LLD wallet 0.2.3.1, which is a precursor to the Tritium updates, you should begin using the LLD wallet to take advantage of the faster load times and improved efficiency. The Oracle wallet is a legacy wallet which is no longer maintained or updated. It utilized the Berkeley DB, which is not designed to meet the needs of a blockchain. Eventually, users will need to migrate to the LLD wallet. Fortunately, the wallet.dat is interchangeable between wallets, so there is no risk of losing access to your NXS.
7. How do I change from Oracle to the LLD wallet? Step 1 - Backup your wallet.dat file. You can do this from within the Oracle wallet Menu, Backup Wallet. Step 2 - Uninstall the Oracle wallet. Close the wallet and navigate to the wallet data directory. On Windows, this is the Nexus folder located at %APPDATA%\Nexus. On macOS, this is the Nexus folder located at ~/Library/Application Support/Nexus. Move all of the contents to a temporary folder as a backup. Step 3 - Copy your backup of wallet.dat into the Nexus folder located as per Step 2. Step 4 - Install the Nexus LLD wallet. Please follow the steps as outlined in the next section. Once your wallet is fully synced, your new wallet will have access to all your addresses.
8. How do I install the Nexus Wallet? You can install your Nexus wallet by following these steps: Step 1 - Download your wallet from www.nexusearth.com. Click the Downloads menu at the top and select the appropriate wallet for your operating system. Step 2 - Unzip the wallet program to a folder. Before running the wallet program, please consider space limitations and load times. On the Windows OS, the wallet saves all data to the %APPDATA%\Nexus folder, including the blockchain, which is currently ~3GB. On macOS, data is saved to the ~/Library/Application Support/Nexus folder. You can create a symbolic link, which will allow you to install this information in another location. Using Windows, follow these steps:
Step 3 (optional) - Before running the wallet, we recommend downloading the blockchain database manually. Nexus Earth maintains a copy of the blockchain data which can save hours from the wallet synchronization process. Please go to www.nexusearth.com and click the Downloads menu. Step 4 (optional) - Extract the database file. This is commonly found in the .zip or .rar format, so you may need a program like 7zip to extract the contents. Please extract it to the relevant directory, as outlined in step 2. Step 5 - You can now start your wallet. After it loads, it should be able to complete synchronization in a short time. This may still take a couple of hours. Once it has completed synchronizing, a green check mark icon will appear in the lower right corner of the wallet. Step 6 - Encrypt your wallet. This can be done within the wallet, under the Settings menu. Encrypting your wallet will lock it, requiring a password in order to send transactions. Step 7 - Backup your wallet.dat file. This can be done from the File menu inside the wallet. This file contains the keys to the addresses in your wallet. You may wish to keep a secure copy of your password somewhere, too, in case you forget it or someone else (your spouse, for example) ever needs it. You should back up your wallet.dat file again any time you create – or a Genesis transaction creates (see “staking” below) – a new address.
Types of Mining or Minting:
1.Can I mine Nexus? Yes, there are 2 channels that you can use to mine Nexus, and 1 channel of minting: Prime Mining Channel This mining channel looks for a special prime cluster of a set length. This type of calculation is resistant to ASIC mining, allowing for greater decentralization. This is most often performed using the CPU. Hashing Channel This channel utilizes the more traditional method of hashing. This process adds a random nonce, hashes the data, and compares the resultant hash against a predetermined format set by the difficulty. This is most often performed using a GPU. Proof of Stake (nPoS) Staking is a form of mining NXS. With this process, you can receive NXS rewards from the network for continuously operating your node (wallet). It is recommended that you only stake with a minimum balance of 1000 NXS. It’s not impossible to stake with less, but it becomes harder to maintain trust. Losing trust resets the interest rate back to 0.5% per annum.
2. How do I mine Nexus? As outlined above, there are two types of mining and 1 proof of stake. Each type of mining uses a different component of your computer to find blocks, the CPU or the GPU. Nexus supports CPU and GPU mining on Windows only. There are also third-party macOS builds available. Please follow the instructions below for the relevant type of miner.
Prime Mining: Almost every CPU is capable of mining blocks on this channel. The most effective method of mining is to join a mining pool and receive a share of the rewards based on the contribution you make. To create your own mining facility, you need the CPU mining software, and a NXS address. This address cannot be on an exchange. You create an address when you install your Nexus wallet. You can find the related steps under How Do I Install the Nexus Wallet? Please download the relevant miner from http://nexusearth.com/mining.html. Please note that there are two different miner builds available: the prime solo miner and the prime pool miner. This guide will walk you through installing the pool miner only. Step 1 - Extract the archive file to a folder. Step 2 - Open the miner.conf file. You can use the default host and port, but these may be changed to a pool of your choice. You will need to change the value of nxs_address to the address found in your wallet. Sieve_threads is the number of CPU threads you want to use to find primes. Ptest_threads is the number of CPU threads you want to test the primes found by the sieve. As a general rule, the number of threads used for the sieve should be 75% of the threads used for testing. It is also recommended to add the following line to the options found in the .conf file: "experimental" : "true" This option enables the miner to use an improved sieve algorithm which will enable your miner to find primes at a faster rate. Step 3 - Run the nexus_cpuminer.exe file. For a description of the information shown in this application, please read this guide.
Hashing: The GPU is a dedicated processing unit housed on-board your graphics card. The GPU is able to perform certain tasks extremely well, unlike your CPU, which is designed for parallel processing. Nexus supports both AMD and Nvidia GPU mining, and works best on the newer models. Officially, Nexus does not support GPU pool mining, but there are 3rd party miners with this capability. The latest software for the Nvidia miner can be found here. The latest software for the AMD miner can be found here. The AMD miner is a third party miner. Information and advice about using the AMD miner can be found on our Slack channel. This guide will walk you through the Nvidia miner. Step 1 - Close your wallet. Navigate to %appdata%\Nexus (~/Library/Application Support/Nexus on macOS) and open the nexus.conf file. Depending on your wallet, you may or may not have this file. If not, please create a new txt file and save it as nexus.conf You will need to add the following lines before restarting your wallet:
Step 2 - Extract the files into a new folder. Step 3 - Run the nexus.bat file. This will run the miner and deposit any rewards for mining a block into the account on your wallet. For more information on either Prime Mining or Hashing, please join our Slack and visit the #mining channel. Additional information can be found here.
3. How do I stake Nexus? Once you have your wallet installed, fully synchronized and encrypted, you can begin staking by:
Choosing Unlock Wallet from the Settings menu
Check the box that says "Unlock for Mint Only", then enter your password.
When the question mark at the lower right of the wallet window changes to a clock icon, you are now staking.
After you begin staking, you will receive a Genesis transaction as your first staking reward. This establishes a Trust key in your wallet and stakes your wallet balance on that key. From that point, you will periodically receive additional Trust transactions as further staking rewards for as long as your Trust key remains active. IMPORTANT - After you receive a Genesis transaction, backup your wallet.dat file immediately. You can select the Backup Wallet option from the File menu, or manually copy the file directly. If you do not do this, then your Nexus balance will be staked on the Trust key that you do not have backed up, and you risk loss if you were to suffer a hard drive failure or other similar problem. In the future, signature chains will make this precaution unnecessary.
4. I am staking with my Nexus balance. What are interest rate, trust weight, block weight, and stake weight? These items affect the size and frequency of staking rewards after you receive your initial Genesis transaction. When staking is active, the wallet displays a clock icon in the bottom right corner. If you hover your mouse pointer over the icon, a tooltip-style display will open up, showing their current values. Please remember to backup your wallet.dat file (see question 3 above) after you receive a Genesis transaction. Interest Rate - The minting rate at which you will receive staking rewards, displayed as an annual percentage of your NXS balance. It starts at 0.5%, increasing to 3% after 12 months. The rate increase is not linear but slows over time. It takes several weeks to reach 1% and around 3 months to reach 2%. With this rate, you can calculate the average amount of NXS you can expect to receive each day for staking. Trust Weight - An indication of how much the network trusts your node. It starts at 5% and increases much more quickly than the minting (interest) rate, reaching 100% after one month. Your level of trust increases your stake weight (below), thus increasing your chances of receiving staking transactions. It becomes easier to maintain trust as this value increases. Block Weight - Upon receipt of a Genesis transaction, this value will begin increasing slowly, reaching 100% after 24 hours. Every time you receive a staking transaction, the block weight resets. If your block weight reaches 100%, then your Trust key expires and everything resets (0.5% interest rate, 5% trust weight, waiting for a new Genesis transaction). This 24-hour requirement will be replaced by a gradual decay in the Tritium release. As long as you receive a transaction before it decays completely, you will hold onto your key. This change addresses the potential of losing your trust key after months of staking simply because of one unlucky day receiving trust transactions. Stake Weight - The higher your stake weight, the greater your chance of receiving a transaction. The exact value is a derived by a formula using your trust weight and block weight, which roughly equals the average of the two. Thus, each time you receive a transaction, your stake weight will reset to approximately half of your current level of trust.
Welcome to the 1st Official Unitus Community Update! The community update will be released during the 1st week of every month from now on. Intro What is Unitus? Unitus is about bringing together smaller crypto-currencies and the communities that support them into a larger group capable of greater change, influence and innovation, whilst allowing each to maintain their own unique identities. Who is Unitus? Unitus is compromised of a bunch of passionate individuals who really want it to succeed. It is not one single person or entity. It is whoever is apart of it. The developers, team members, volunteers, investors, community and whoever else. We are all equal here and everybody is treated as such. What is the direction of Unitus? The direction is all about improving UIS in any fashion possible. The development, mining, marketing, exchanges, branding, the community and anything/everything else. Development Things on the current roadmap have been going smoothly. Core Wallet Update We are happy to officially announce that the major project for 2017, an update of the codebase of Unitus is complete! Unitus was initially based on bitcoin core 0.9.3 , which is now 3 years old. We've been working hard to rebase Unitus on bitcoin core 0.14.2, which brings some significant updates including:
Faster blockchain synchronization
Faster load times
Watch-only wallet support
Security improvements to transaction signing
OP_CHECKLOCKTIMEVERIFY - a transaction output can be made unspendable until a specified point in the future
Block file pruning
Lots of security fixes, less dependence on OpenSSL for transaction verification
Some of these changes are immediate, others are network level changes that will be introduced as more people adopt the new client. Key to all of this is compatibility with existing wallets and network nodes, thus major new features that are available in Bitcoin have not yet been enabled. We will evaluate in the future what features to enable, depending on what occurs upstream. Release of the new wallet, including pre-compiled binary files for Windows, MacOS, Ubuntu, Raspbian are out now! We're also working on a major re-styling of the wallet, to give us a unique identity. Paper Wallet Generator Just released a little while ago, this is now available at https://paper.unitus.online Electrum Wallet Preliminary work on an Electrum port for Unitus has started. This will give people a faster and light-weight option instead of the full core wallet. Other development projects All of these are included in our current roadmap, work on these is on-going:
A new, updated roadmap will also be published soon with other projects for the future. Mining Unitus Mining Pool - http://mine.unitus.online Always popular with Argon2d miners, the mining pool has been encountering a few growing pains recently, but we're working hard on that to ensure high uptime and maximum rewards! We are glad to announce that MasterZeus, has just updated and released the UIS Argon2d calculator. We've also implemented merge mining support, allowing us to mine other coins that share on of our proof-of-work, and then exchange those coins for more UIS. This has proven to be popular for Skein miners, and we're looking to add additional coins across the spectrum of algorithms. What is merge mining? Merge mining is what sets Unitus apart from many other cryptocurrencies. It allows us to essentially get free hashrate to secure the network, with no additional workload for miners. The miner does nothing extra. He just works away looking for those good hashes. The brains of the operation is in the pool, but the result is the same work for the miner with higher rewards, coins coming from both wallets, and network security for Unitus at no extra cost. Everyone wins! Coins you can currently merge mine with Unitus Adzcoin (ADZ) ArcticCoin (ARC) Artex (ATX) AuroraCoin (AUR) Beach (SAND) Beonpush (BOPS) Bitcoin Planet (BTPL) Bolivar (BOLI) Bows (BSC) CannabisCoin (CANN) Centurion (CNT) Coexist (COXST) Coino (CNO) CopyPasta (CTRLV) Dash (DASH) Digibyte (DGB) Eryllium (ERY) Fal (FAL) GlobalBoost-Y (BSTY) Granite (GRN) Happy (HPC) Influxcoin (INFX) Join (J-x-11) Kash (KASH) Kurrent (KURT) Linked (LXC) Marijuana (MAR) Marx (MARX) Mavrodi (MMM) Mind (MND) Monetary Unit (MUE) Myriad (XMY) Ofw (OFW) OGN (OGN) Ozzie (OZC) PIZZA (PIZZA) Prime-XI (PXI) Seven (SEV) StartCoin (START) Vault (VLTC) Verge (XVG) VertCoin (VTC) VirtaPlus (XVP) And growing! Branding You may have noticed that there are a few different colored UIS logos floating around the internet. Black chains and multi colored chains. Well, we are officially announcing that in a branding effort, the color Grey will be our main color. The official Unitus logo will be Grey on white. We feel that it is clean and neutral look. Grey on black will also be used for other UIS related headers, images and such. Other promotional material that is already out may still be used. Marketing Unitus has had solid development for years, but has lacked a bit in the marketing department. Now that we have committed on the branding, we can ramp up the marketing. We have just hired a new member to the team ~6 weeks ago, and he has been doing a good job on twitter getting attention and followers in the mean time prior to the news announcements in this thread. In a marketing effort, we would like to officially announce the creation of the United Crypto Alliance (UCA)! It will consist of Unitus and other cryptocurrencies that are merge mineable with UIS. The goal of the (UCA) will be to promote each other, therefore creating a synergistic effect that will benefit everybody involved. We would like to formally introduce Myriad (XMY) as the 1st member of the (UCA) besides Unitus! Stay tuned for more information regarding this! Community The community has been growing at a very good rate recently. Ever since we picked up our social media activity last month, we have been accruing a good amount of Slack members and Twitter followers. Right now we have over 400 total Slack members and over 1100 twitter followers. The Slack channel has been a lot more active recently as a result. You can get a pretty fast response to a question asked there. We currently have some very intelligent and friendly members. You can currently reach us at these places and we are also currently expanding to other platforms which will be announced. Website: http://unitus.online/home Twitter: https://twitter.com/UnitusCoin Reddit: https://www.reddit.com/Unitus/ ANN Thread: https://bitcointalk.org/index.php?topic=1121974.0 Slack: http://unitus.herokuapp.com/
A letter from the Myriad team to the community by a dedicated miner.
What is the myriad project ? It is a crypto currency like bitcoin but that's about all it has in common with bitcoin. I dare to say myriad's concept is better than bitcoin's, or any other coin for that matter, it's a big step in the future of the phenomenon known as crypto currency. These are not just words and marketing, Myriad proves its superiority every passing day. Allow me to explain how and why: Myriad is the first coin to implement the concept of multi-hashing, meaning, myriad does not run on a single algorythm or a chunk of algorythms chained together, it runs on 5 parallel algorythms. They are: sha256d, scrypt, skein, groestl and qubit. What does this mean ? It means that each algorythm works independently from the others to secure the network while using the same blockchain. It also means that each algorythm can be mined individually providing ALL miners a fair chance of generating coins. Myriad welcomes everyone, asic users, gpu users and cpu users. This not only makes the network more secure, it also ensures a fair and wide distribution of the generated coins avoiding one of the other big problems bitcoin is facing: most coins being generated by industrial mining farms controlled by rich investors. Another proven fact is that the concept of multi-hashing also provides much better protection against 51% attacks because while an attacker could gain 51% of one single algorythm it's highly improbable that he could gain 51% of the hashing power for all algorythms so if any one algorythm suffers a fork the other for will be working with the remaining 49% of the attacked algorythm to keep the network secure and your transactions safe (this has recently been proven when cryptopool.eu owning over 51% of the scrypt hashing power forked and the networks reaction was PERFECT) . This is also the best security against multipools attack because they can only target one algorythm they can only aquire 20% of the total coins since the coins are split up equally between algorythms and each algorythm gets TOTAL COINS / 5 . Other advantages the Myriad project has to offer include, but are not limited to:
coin profitability switching: miners can watch the profitability of the coin on each algo and if the algorythm they are currently mining becomes too difficult for them to mine they can always switch to one of the other algos to maximize profitability.
power saving algos, for example skein runs about 20% cooler than scrypt and with about 20% less power and groestl runs about 40% cooler using even less power, that also is a factor to take into when calculating profitability.
network flexibility, using 5 independent algorythms any of the algos can be swapped with others while the other 4 remain intact providing a secure transition from the replaced algorythm to the new one.
The list of features the Myriad project has to offer is too large to include in one email while avoiding making it a long and boring email but it is becoming increasingly clear that Myriad is a big step twards the future and the possibilities are amazing when thinking about new ways and services that Myriad can bring to the crypto world. As I've already described it in the thread (excuse the plastic representation): Myriad is a rose in a sea of rotting carcases , a fresh water lake in the middle of the sahara. It's being held back because it is hard to notice it when 20 hyped premined scam ipo coins emerge daily, but users who do notice it tend to stick around because as it happened to vertcoin people will eventually learn about myriad and see that it trully is the concept to unite the whole mining comunity under one coin, a huge step forward for the crypto currency world. In conclusion, no matter who you are and what hardware you have you are welcome to mine Myriad and I assure you it will be profitable no matter what technical inovations come to the market. Investors and crypto currency enthusiasts MYR offers more security and decentralization than any other coin in existence, even bitcoin, making it a very promising investment and considering the price and trading volume getting involved in Myriad right now is as good as getting involved from the begining. The community is blossoming day by day and we are all guided by the same principles, progress and fairness to each and every individual. Thank you for reading, A crypto currency miner who supports progress. PS: List of TODOS and projects that are in development or are being considered for MYR: -implementing an RPC command that returns network hashrate per algorythm -algorythm switching mining software for a algo-profit-switching pool -algo-profit-switching pool -andoid wallet -implementation of a 100% proven CPU algorythm (right now qubit and groestl are CPU friendly but not CPU dedicated so while CPU miners can still mine competing with GPUS on fair grounds they still do not have an exclusive algorythm) -adding a metalayer to Myriad (similar to xcp) and the list is evergrowing.
ZiftrCOIN Mining Update: Proof of Knowledge algorithm
TL;DR: Ziftrcoin is dropping Sign to Mine(S2M) and using the new Proof of Knowledge algorithm due to the potential problems S2M could create being much worse than the ones it was meant to solve.
Goodbye Sign to Mine. Hello Proof of Knowledge.
One of the things we love so much about cryptocurrency is the opportunity to engage with a community of brilliant individuals who are just as passionate about this technology as we are. Our priority, first and foremost, is to put out the best tools, applications, and products possible to improve cryptocurrency and facilitate mass adoption. Fortunately, thanks to Reddit, BitcoinTalk and other online cryptocurrency communities, we’ve received a lot of great feedback – specifically on our Sign to Mine mining algorithm. We’ve taken all of this valuable feedback into careful consideration and have decided to say goodbye to Sign to Mine and hello to a new and improved mining algorithm that we’re calling Proof of Knowledge. Please read on for all the details behind this decision and for an introduction to Proof of Knowledge. As always, we would love to hear any and all constructive feedback!
Problems with Mining
When we first set out to create ziftrCOIN, one of the goals that we had was to make improvements on cryptocurrency wherever we could. Bitcoin has a handful of issues that some people see as possible problems – problems that we wanted to try to fix and prevent. One of these issues is the risk of centralized control of the network hashing power. As mining gets more difficult, there is a natural tendency to have fewer yet larger mining pools. Unfortunately, the operators in charge of these pools then have control over large portions of the miners. The problems caused by this are outside the scope of this discussion but they include 51% attacks, selfish mining, and coordinated double spending. These problems only exist if the miners act on them. While it is unlikely that a large group of anonymous strangers would all be willing to combine forces to attack the network, a pool operator may choose to do so single-handedly. This is exactly where centralization becomes a problem: when pool operators have exclusive control over a large portion of the hashing power of the network.
Sign to Mine As a Proposed Solution
This was where our S2M solution was meant to help. In a normal mining setup, the miners mine the coins directly to an address controlled by the pool. It’s then up to the pool to distribute the rewards appropriately. With S2M, all miners working together must have the ability to withdraw the mined coins directly. This means that any single miner on the pool could choose how to distribute the rewards, including taking 100% of them. The idea is that S2M could prevent pooling by large groups of anonymous strangers. Pooling would still be possible, but every member of the pool would have to trust the entire group. However, pools serve a very important function for miners, which is to smooth out reward variance. It’s impractical for a miner to leave their equipment running for long periods of time in the hopes that they’ll win a large reward. Small constant payouts are practically required for miners to operate. We had plans to solve the rewards variance problem by providing a solution called social pooling. With social pools, miners could use reputation systems and social networking to find groups of like-minded miners to work with. In this way, people could pool their power and vary the rewards while also reducing the risk of loss caused by an anonymous user running off with the coins.
Possible Problems Caused By Sign to Mine
All of this sounds pretty good, so why get rid of S2M? The short answer is that our testing and theory-crafting showed that the problems created by the system could be much worse than the ones it was meant to solve. In addition, there are also ways pool operators could work around the limitation.
First, let’s look at some possible problems caused by S2M. If a miner is not getting regular rewards, it’s a safe assumption that they will simply stop mining. What this means is that only miners with enough hashing power to get regular payouts, sometimes referred to as whales, will mine. This leads to the exact problem we wanted to prevent in the first place: large portions of the mining power controlled by a single entity. In this case, it could be even worse because unlike the pool operators in a typical mining scenario, these miners would have direct control over the equipment itself.
Social pooling was our proposed solution for combatting the centralized mining by whales. In theory, groups of friends could gather enough hashing power to become equal to larger miners. However, what we’ve discovered is that the social mining would heavily reward malicious users and bad actors, leading to things like scamming users, creating fake accounts to build rep, and buying and selling of high-ranked accounts in order to steal block rewards. There are already enough problems in cryptocurrency with user security, theft, and scamming. To not only invite these problems but also to create a system that outright rewards bad actors seems to be the wrong answer.
The next issue is pool operators simply working around the system. Operating a pool can be a profitable enterprise. S2M would increase demand for a good pool to connect to. With S2M, the risk is that a miner could run away with the block rewards. A pool operator could easily work around this by providing each miner with a unique address to sign and mine with. By doing this, if a user ran off with the coins, the pool would know which user it was. The pool operator could then simply require a deposit equal to a single block reward, meaning that for any miner to mine on the pool they would have to give a block reward worth of coins temporarily to the pool. These coins could be held in a type of escrow account. When the user is done mining, they could check out, and get their deposit returned. If the user is found to have stolen a block reward, then the pool would simply seize the deposit. This could further be expanded on by allowing users to enter credit card info instead, or by requiring users to mine a block reward worth of coins before allowing a withdrawal.
Setting up account systems, escrow systems, and/or credit card processing systems isn’t a simple task. What this means is that only larger groups of dedicated people could create and operate pools. This would further push out the “little guy” and lead to centralized pools. Also, since the pools would be in demand, pool operators would also be able to charge large fees. The large fees would reduce the profitability of mining and lead to less users mining and a less secure blockchain.
Just like social pools, these large “buy in” pools are also breeding grounds for malicious activity. Hackers stealing deposits, scam pools accusing miners of theft to seize deposits, and credit card and account theft are just a few of the things that are likely to happen in a setup like this. When mining as part of a pool, the miner already has to put a lot of trust in the pool operator. Inviting all these other ways in which the miner could be ripped off is a bad idea for the mining community.
Due to all of these issues, it simply doesn’t make sense to keep S2M as part of ziftrCOIN. It’s a lot of work and risk for the miners who won’t even directly see the benefits. Keeping miners mining is an important part of keeping a blockchain strong. It seems much more likely that S2M would backfire and cause the problems it’s meant to prevent than it does that the problems would arise in the first place.
With all of this said, we had already put some resources into developing Sign to Mine before we decided not to go that route. The Sign to Mine code is contained within a branch in our GitHub repository, which will be made available when the coin is released. Obviously, this will be freely issued and available for anyone to use. There may be variations of S2M that put better incentives in place, and it would be great to see someone out there find a better way to use it.
ziftrCOIN’s New and Improved Mining Algorithm: Proof of Knowledge
Keeping mining decentralized is still an important goal for us, but attempting to force it via S2M doesn’t seem to be the solution. Instead, we are going to use something that we call Incentivized Proof of Knowledge. In our version of Proof of Knowledge, the miner may optionally prove knowledge of transaction data while mining to get a slightly higher reward. More specifically, a block solved with Proof of Knowledge of transaction data is allowed to claim a 5% higher reward than those that are not. The idea here is that we want to incentivize miners to run their own software to decide which transactions will be processed, rather than just working on data given by the pool operator. With this setup, pools can still exist to limit the variance of miners, but are no longer the source for transaction data while mining.
The exact hashing algorithm used is a combination of the 5 finalist algorithms that NIST selected as candidates for SHA3 (BLAKE, Grøstl, JH, Keccak, and Skein). The first in the series, Keccak, is executed, and then the order of the next four is determined based on the result.
The opt-in process of using transaction data while mining should reward miners who contribute their resources to the network in the form of running a full node. However, a pool protocol could just transfer transaction data and circumvent the requirement that the miner run a full node. Transmitting all transaction data to miners would require large amounts of bandwidth, however, so we do not expect that this will be an issue. In addition, even if this were done, it still increases decentralization by making miners aware of transaction data (in the standard work protocol, miners are not given autonomy to determine which transactions are mined into a block).
The obvious attack on this system is that miners could simply not run a full node and never add any transactions to their blocks. Since their blocks would be empty, there would be nothing to prove knowledge of. This would allow them to avoid the bandwidth overhead while still mining with Proof of Knowledge of transaction data to gain the 5% in rewards. But this is where the tie-breaking strategy kicks in.
In ziftrCOIN, the core client calculates the number of sufficiently old coins spent in each new block received on the peer-to-peer network. When two blocks are solved on the tip of the chain at nearly the same time, the block with more sufficiently old coins spent in it is chosen as the correct block. Chains are still prioritized by most-work first; the counting of old coins spent is only used when two chains have the same work. This tie-breaking strategy makes it unprofitable for a miner to mine PoK blocks while not including transactions because the blocks would have far fewer old coins spent in the block, and they would lose ties. Since the tie-breaking strategy is mathematically expected to take effect in approximately 18% of blocks, a 5% increase in rewards would not be sufficient to make this attack worthwhile.
Why make mining with Proof of Knowledge optional? The reason is that we don’t want to add unnecessary barriers to entry. Many miners may not find a 5% increase in payouts to be a sufficient reward for the hassle of running a full node. These miners could still participate in the ecosystem through a standard pool, but are at a slight economic disadvantage.
As mentioned above, we welcome any and all constructive feedback regarding our new mining algorithm. We believe wholeheartedly in the future of cryptocurrency and we value the community’s insight as we continue to do everything we can to improve it.
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