IoT attacks increased by 900% in 2019. So, why are hackers increasingly targeting IoT devices? There are several explanations:
Lack of security software on the devices: Opposed to regular computers, IoT devices do not have a firewall or virus scanner.
Less experienced device producers: The businesses usually come from the industry vertical and often are lacking the IT security expertise of servecomputer manufacturers.
Multiple devices with the same security mechanisms: Once an attack works with one device it will work with thousands.
IoT devices are out of reach: device owners deploy their machines remotely. Often an owner won’t realize that the devices have been compromised until it is too late. Once an attacker has control over a device, it could run all day long before being physically shut down by the owner.
Who Are the Attackers and What Motivates Them?
Amateur hackers and script kiddies – usually their objective is fame among their peers, either by targeting a high-profile victim or by demonstrating an ability to infect many devices in a single attack.
Governments/Intelligence organizations – acting in the safety of their citizens, intelligence agencies attempt to secure access to important information.
Political interest groups – they attack organizations that they think are morally corrupt. Examples are groups like anonymous.
Criminal businesses – organizations that take advantage of vulnerabilities within the target to generate revenue for themselves.
The criminal businesses mentioned above are typically set up as ordinary businesses and are especially relevant in the IoT domain. Their objective is to gain control over a large number of IoT devices and make money out of them, often in one of the following ways:
Selling Distributed Denial of Service attacks – like webstresser.org (more information via Forbes)
Using devices for Bitcoin mining (more information via CNBC)
Blocking the device operation until the owner pays a ransom (ransomware)
How Do IoT Attacks Work?
The most common IoT attack today is the Mirai malware, which originated in 2016. The malware scans the public internet for IoT devices and tries to establish a remote telnet connection using a list of common factory default usernames and passwords. As soon as one device is infected, the malware begins scanning for more victims. All devices become part of the Mirai botnet which is then steered through the attacker’s command and control center. The attackers then execute a DDoS attack, on behalf of their customers, to a target destination in order to take down the servers of the victims.
The Stuxnet computer worm was first uncovered in 2010. The malware first injects Microsoft Windows machines exploiting zero-day exploit or outdated OS versions; initially it spread over USB flash drives. On the Windows machine it looks for the Siemens Step7 software that controls the Siemens programmable logic controller (PLC). With the Step7 software it then installs itself on the IoT device and takes over control. Stuxnet once targeted Iranian facilities and reportedly severely harmed the Iranian atomic program.
While Brickerbot was discovered in 2017 and Silex appeared in 2019, they have a common attack pattern. Like Mirai, the software scans the public internet and tries to log in to the IoT device with default and weak login and password combinations. After infection, the software overwrites all data and deletes the network configuration, which makes the IoT device unusable, unless someone can physically get a hand on the device.
Countermeasures to Guard Against Attacks
As seen in the Stuxnet attack, IoT devices in the same network as other machines can be impacted by the vulnerabilities of those other machines. To avoid this, using a dedicated network infrastructure is recommended, instead of using shared LAN or Wi-Fi networks. Alternatively, using cellular communication that separates the communication of the different machines is also preferred. The Mirai and Silex / Brickerbot malware show the value of having random and unique log-in credentials for the different devices – this could have prevented the above-mentioned attack. While the devices allowed for remote access by their owners, the access was granted via the unsecured public internet. A more secure way to get remote access to IoT devices is to use IPSec or Intra-Cloud Connect, avoiding the exposure of public Internet. One way to prevent attempts to steal remote access to IoT devices, as well as completely block attacks, is to use a cellular firewall. With a cellular firewall, devices are only permitted to communicate with a defined subset of IP addresses. The firewall itself is not located on the individual devices, rather on the cellular connection – out of the attacker’s control.
Key Takeaway: Security First
While the excitement surrounding the brimming potential of IoT connectivity is understandable–and warranted–overlooking IoT device security can prove catastrophic. A robustly secured IoT solution is one that can safely scale globally, enable groundbreaking solutions, and last for years to come. Originally published by EMnify -| August 12, 2020 iot for all
How Ransomware Encryption Happens & 4 Methods for Recovery
We know how overwhelming it can feel to be the victim of a ransomware attack and how your business cannot operate due encrypted or locked files. This page delivers insight on why your files were encrypted or locked, and the options you have to decrypt ransomware. As a ransomware recovery service provider, we have helped thousands of clients successfully recover their data and decrypt their data. Evaluating all options will include analyzing the encrypted files, and the least desirable option to pay the ransom demand if necessary. Our process helps provide critical insight into decrypting ransomware and the available options that clients have. By the end of this piece, it is our goal to show you what is involved to successfully recover your files. This guide outlines what steps and research are necessary to decrypt or unlock your files from a ransomware attack.
You’re the victim of a ransomware attack
You arrive to work and start noticing suspicious alerts coming from your servers, and none of the databases are functional. Your co-workers are frantic and cannot access any of their data. You investigate further and find all of the files on your network are renamed and discover ransom notes, and a screen asking you to email someone if you want your data back. You finally realize that you are a victim of a ransomware attack, and all of your files are locked or encrypted.
3 Common Ways Your Files Were Encrypted or Locked
Ransomware succeeds when businesses have poor security hygiene. Organizations that lack policies & procedures around data security will have a higher risk of ransomware attacks. Here are some of the most common ways to fall victim to a ransomware attack:
Open Remote Desktop Protocol Ports (RDP)
Businesses that have improperly configured network security may leave their Remote Desktop Protocol (RDP) ports open. Unknowingly, this is the equivalent of leaving the front door unlocked when you leave your home: it provides an opportunity for cyber attacks to come through with little deterrence. Once a hacker is connected to your network, they can install ransomware and additional back doors to access your network at a later date. A large percentage of ransomware attacks still use this method of attack because so many organizations are not even aware of this security vulnerability.
Ransomware can infiltrate your network by a malicious email campaign known as a phishing attack. Ransomware operators use massive networks of internet-connected devices (botnets) to send phishing emails to unsuspecting victims. These emails intend to trick the receiver into clicking on a malicious attachment or link, which can secretly install the ransomware virus or other malware. Phishing emails are becoming increasingly difficult to detect as cybercriminals find clever ways to make a malicious email look legitimate. This underscores the importance of security awareness training for everyone in the organization, not just the I.T. department.
The ransomware operators may have used previously compromised passwords from employees at your organization to gain unauthorized access to the networks. This derives from the poor security practices of reusing the same passwords for multiple accounts and authentication processes. If your employees have been using old & weak passwords to access your business data, a cyber criminal can use a previously compromised password to initiate the attack. Remember to always to follow good password hygiene. The variety of attack vectors highlights the importance of a digital forensics investigation that can help victims understand how the ransomware came onto your computer and what steps you can take to remediate the vulnerability.
4 Options for Ransomware Recovery
In this section, we cover the options to restore files encrypted or locked by ransomware.
1. Recover files with a backup
If your files become encrypted in a ransomware attack, check to see if you have backups to restore and recover (in order).
Off-site or offline backup. Having your backup stored in the cloud or offline would protect the data from the virus since it is not accessible at the time of the attack.
Check your Windows Shadow Copies. Even though most ransomware will delete Windows Shadow Copies, you might get lucky and find them intact.
Check your on-site backups. We observe that most on-site data is either manually deleted by the attacker, or encrypted by the ransomware virus.
2. Recreate the data
Even though your files are encrypted by ransomware, you might be able to recreate the data from a variety of sources as outlined below:
Recreate the data from paper copies. When you have clean systems and physical copies of your data, you can re-enter the data manually from paper copies into your computers and servers.
Piece together data from email. Email exchanges are a great way to salvage some of your data from email attachments.
Database mining. Some ransomware variants only encrypt a small part of a database or backup files so you can pull out good, usable data.
3. Breaking the ransomware encryption
The harsh truth is that the majority of ransomware encryption is unbreakable. This impossibility is a tough concept for many of us to accept, given the technological advances of our society. Does this mean you should skip looking into whether the ransomware encryption can be broken? This option should always be explored if presented by a ransomware recovery firm, although the final choice is yours to make. We will lay out a real life example at Proven Data below to outline why this was a great decision for a company that was infected with ransomware. While it tends to be rare, there are poorly constructed ransomware encryptions that have been broken by security researchers. If you can avoid paying a ransom, you should at all costs. There can be flaws in the malware or weaknesses in the encryption. Businesses can look at these options, especially if time is on your side. There are also free ransomware decryption resources that provide tools for previously decrypted ransomware variants. A client of ours had hired a ransomware recovery company to recover their files until we discovered at the very last moment through our analysis that the encryption was breakable. With less than 20 minutes to spare, we saved the client out of paying a $450,000 ransom.
Why can’t most ransomware encryption be broken?
Ransomware is a cryptovirus, which means it uses cryptography in combination with malware to lock your files. Modern cryptography uses sophisticated mathematical equations (algorithms) and secret keys to encrypt and decrypt data. If strong encryption is used, it can take thousands, if not millions of years to break the encryption given the strength of today’s computers. Encryption is a security tool created with the intent of data protection. It is a defensive tool to provide security, privacy, and authentication. Sadly, ransomware attackers are using it as a weapon against innocent victims.
How do I know if the encryption can be broken?
You can start off with this free ransomware identification resource to determine the feasibility of decryption. You will need to upload the ransom note and a sample file into the ID-Ransomware website, and it will tell you if there is a free decrypter or if it is an unknown ransomware variant. Please note that the tool is not always 100% accurate. If the variant is still under analysis, you will need a malware or encryption analyst to determine whether or not there is a possibility for decryption. Encryption is designed to be unbreakable, which is why security researchers can’t simply make a tool for ransomware decryption. These unbreakable encryptions protect our bank accounts, trade secrets, government data, and mobile communications, among other things. It would be a significant security concern if there were a master decryption tool that could break encryption algorithms.
4. Paying the ransom to decrypt ransomware files
If the encryption is too strong, the only way to obtain the decryption key for your files is to pay the ransom. Many ransomware victims don’t have time on their side because they are facing significant business disruption. Each minute that passes could be a lost client, or worse for a medical organization. Here is a list of the most prevalent ransomware variants that are known to be “cryptographically secure,” which means that Proven Data or the security community has confirmed the encryption is unbreakable:
I don’t want to pay the hackers ransom.
Businesses and individuals have the option of choosing not to pay the ransom in a ransomware attack to regain access to their files. For personal, political, or moral reasons, there has been resentment of the ransomware economy, and victims do not have to engage in extortion. If paying the ransom is the only option, you should know what to expect before considering moving forward.
How a ransomware recovery specialist can help
If you do decide to use a ransomware recovery company and if there is one thing you get out of this article, it is this: You should always question how a ransomware recovery company is recovering your data. If you are unsure, asking the right questions will ensure a transparent experience:
How are you recovering my locked / encrypted data?
How much will ransomware recovery cost?
Do you have experience with this variant?
A ransomware recovery specialist can analyze your current situation and determine what options are available to you at the time of the inquiry. A competent and experienced ransomware recovery company should be able to provide the following:
Understanding the ransomware variant and what to expect
Malware analysis to determine if the encryption can be broken
Consultation on the attack vector which caused the attack and preventative methods
Digital currency readily available to facilitate the ransom payment expeditiously
Modification of non-functioning or poorly-functioning decryption programs that are causing delays in decrypting your files
Repairing damaged databases or files
Understanding how your files were affected by ransomware in the first place will provide you with the insight needed to prevent another attack. Whether you choose Proven Data or another company to decrypt your ransomware files, it’s important to know what unknowns there may be out there. Our threat intelligence that we’ve gathered from the thousands of previous cases enable you to make informed decisions in helping restore your data after a ransomware attack. If you require a company with such experience, we’re standing by to assist 24/7.
Why is the RandomX algorithm being hyped to the moon?
TL;DR: don't assume the average return from mining RandomX will be higher than the current CryptonightR algorithm. Hold back your excitement for now. I think we all need to bring something to our attention. Over the last month, there have been so many topics and comments here on MoneroMining about the new 'RandomX' algorithm. This algorithm is supposed to be launched a couple of months from now. There are many questions like "is this a good hashrate for my CPU"? "What's your power usage on RandomX"? "How can I tune my CPU for RandomX"? "How would the algorithm perform on this hardware"? I think these are great constructive comments that are at the heart of what miners stand for. We miners love optimizing our rigs and educating ourselves on technological trends. But I've noticed many questions such as "what parts should I buy for a RandomX mining rig"? "Is an AMD Ryzen 9 3900x a good investment"? "What parts will give me the most profit when RandomX launches"? Many of these questions are asked with very little research. I think there's a gold fever brewing behind some of these comments. The kind of motives that have bankrupted many miners in the past bubbles. As we have seen in 2014 and 2018, anybody who enters the crypto industry with an 'I want easy profit' attitude almost always goes bankrupt. They buy coins or hardware at the peak of the bubble. Sometimes they get lucky and sell their coins or rigs right before the crash (only to get burned in a future bubble later). But most of the time, these new users lose most of their investment. As a veteran miner, a lot of alarm bells ring in my head when I read these kinds of RandomX hype posts. I have no reason to think CPU mining will be more profitable on RandomX than on the current CryptonightR.
If the new AMD CPUs are very efficient on RandomX, that just means more people will buy them, driving up the difficulty. Your shiny R9 3900x's profit will start falling because it's no longer as competitive against the other hardware on the network.
If the profits on day 1 of the RandomX launch are indeed high, more people will start adding rigs to the network. If the average miner's profit is above the equilibrium of the market, it will start going down. That equilibrium is largely set by botnets, large scale farms in China/Russia/Niagara Falls/Georgia, and datacenters with spare capacity. So if your R9 3900x earns $10/day on day 1, you can count on that golden streak ending soon.
CPU mining as a market is never stable. Your CPU rig is limited tojust 1 or 2 coins: Monero and Veruscoin. Edit: there are a few more CPU coins than these. AMD GPUs can at least mine 3 or 4 coins well, while nVidia GPUs are the best at 5-10 different algorithms. GPU mining is a safer, less risky investment. GPU mining is like playing blackjack. Building a rig specifically for CPU mining is like tossing a coin. You're locked into one coin by building a CPU rig. Yes, it has resale value to gamers, but it's much harder to resell a MOBO combo than a bunch of GPUs at any price. Trust me, I've sold hundreds of GPUs and dozens of MOBOs before!
I don't know what the market share of CPUs vs. GPUs on CryptonightR is right now. But if most of the current nethash is made up of CPUs, these CPUs will have no choice but to switch to RandomX when it is out. There's no other coin for them to mine, unless they have some work to do outside of mining. So almost all of them will get onto the RandomX network, too, along with your expensive new CPU rig. I think this'll be the biggest factor driving up difficulty. Yes, the older CPUs might not be as efficient as the new Ryzens, but many of them are already paid for in terms of capital (like in a datacenter) or have free power (like in a botnet or apartment with free power).
You might say that Monero will always be profitable enough because it has survived so long, or the developers are better, or they're taking action against ASICs. But that doesn't necessarily guarantee profit. Monero might be a successful coin and overtake ETH, but that has nothing to do with profit on the network. Even though Bitcoin's really successful, you're guaranteed to lose money if you buy the latest Antminer and run it at residential power rates. Meanwhile, Dogecoin back in the day had awesome profits even though it was a blatant fork of LTC with few improvements.
Your new RandomX rig might look like it has decent "ROI" to you, but that doesn't mean it was the best investment. You might have been better off building a GPU rig and mining Grincoin or Ravencoin. I.E. if you build a RandomX rig, you're earning less profit for the same amount of capital invested. And even if you earn the same return, you still took a higher risk than if you built a GPU rig (see the point above).
In the GPU mining community, I have the feeling that there's a lot of resentment over the 2018 crypto recession and the whole 'ASIC miner invasion'. I think people here are feeling burned over their losses last year and the evil ASIC takeover, and want an opportunity for the little guy to start mining again. So we're falsely seeing the RandomX ray of hope as a floodlight, and getting overexcited. And in general, the ordinary person cannot make a significant, steady profit in the crypto mining industry. The guy who wrote that thread is very rich and even 100 GTX 1080 Ti's cost nothing to him. The reason he became wealthy is because he avoided get-rich-quick gimmicks back in the day (like the dotcom sites) and focused on learning technology for the future. Mining will not make you rich, and especially not RandomX coin tossing. If you love RandomX, build your rig now, keep benchmarking and undervolting and have fun at it. But if you just want profit, wait until RandomX is up and running. And consider all the risks involved with a new algorithm and commercial mining in general. So I hope we can all reconsider whether we're excited about RandomX for the right reasons. Let's try to avoid jumping to conclusions about profitability and hold off on the Newegg 'checkout' button. Even though 12 cores at 70 watts sounds awesome. Happy mining!
Vertcoin was created in 2014. It is a direct hedge against long term mining consensus centralization on the Bitcoin mining network. Vertcoin achieves its mining consensus solely through Graphics Cards as they are the most abundant / widely available consensus devices that produce a reasonable amount of hashrate. This is done using a mining algorithm that deliberately geared against devices like ASICs, FPGAs and CPUs (due to botnets) making them extremely inefficient. Consensus distribution over time is the most important aspect of a blockchain and should not be taken lightly. It is critical that you understand what blockchain specifications mean/do to fully understand Vertcoin.
When users of our network send each other Vertcoin, their transactions are secured by a process called mining. Miners will compose a so-called block out of the pending transactions, and need to perform a large number of computations called hashes in order to produce the Proof-of-Work. With this Proof-of-Work, the block is accepted by the network and the transactions in it become confirmed. Mining is essentially a race. Whoever finds a valid Proof-of-Work and gets the block propagated over more than half of the Vertcoin network first, wins this race and is allowed to reward themselves with the block reward. The block reward is how new Vertcoin come in circulation. This block reward started at 50 VTC when Vertcoin was launched, and halves every four years. The current block reward is 25 VTC. Vertcoin's One Click Miner: https://github.com/vertcoin-project/One-Click-Minereleases Learn more about mining here: https://vertcoin.org/mine/ Specification List: · Launch date: Jan 11, 2014 · Proof-Of-Work (Consensus Mechanism) · Total Supply: 84,000,000 Vertcoin · Preferred Consensus Device: GPU · Mining Algorithm: Lyra2REv3 (Made by Vertcoin) · Blocktime: 2.5 minutes · SegWit: Activated · Difficulty Adjustment Algorithm: Kimoto Gravity Well (Every Block) · Block Halving: 4 year interval · Initial Block Reward: 50 coins · Current Block Reward: 25 coin More spec information can be found here: https://vertcoin.org/specs-explained/
Why Does Vertcoin Use GPUs Then?
ASIC’s (Manufactuer Monopoly) If mining were just a spade sure, use the most powerful equipment which would be an ASIC. The problem is ASICs are not widely available, and just happen to be controlled by a monopoly in China. So, you want the most widely available tool that produces a fair amount of hashrate, which currently manifests itself as a Graphics Card. CPUs would be great too but unfortunately there are viruses that take over hundreds of thousands of computers called Botnets (they’re almost as bad as ASICs).
Mining In Pools
Because mining is a race, it’s difficult for an individual miner to acquire enough computational power to win this race solo. Therefore there’s a concept called pool-mining. With pool-mining, miners cooperate in finding the correct Proof-of-Work for the block, and share the block reward based on the work contributed. The amount of work contributed is measured in so-called shares. Finding the Proof-of-Work for a share is much easier than finding it for a block, and when the cooperating miners find the Proof-of-Work for the block, they distribute the reward based on the number of shares each miner found. Vertcoin always recommends using P2Pool to keep mining as decentralized as possible. How Do I Get Started? If you want to get started mining, check out the Mine Vertcoin page.
Vertcoin just forked to Lyra2REv3 and we are currently working on Verthash
Verthash is and was under development before we decided to hard fork to Lyra2REv3. While Verthash would’ve resulted in the same effect for ASICs (making them useless for mining Vertcoin), the timeline was incompatible with the desire to get rid of ASICs quickly. Verthash is still under development and tries to address the outsourcability problem. Verthash is an I/O bound algorithm that uses the blockchain data as input to the hashing algorithm. It therefore requires miners to have all the blockchain data available to them, which is currently about 4 GB of data. By making this mining data mandatory, it will become harder for auto profit switching miners — like the ones that rent out their GPU to Nicehash — because they will need to keep a full node running while mining other algorithms for the moment Verthash becomes more profitable — the data needs to be available immediately since updating it can take a while. Over the past month, we have successfully developed a first implementation of Verthash in the Vertcoin Core code base. Within the development team we have run a few nodes on Testnet to test the functionality — and everything seems to work properly. The next step is to build out the GPU miners for AMD and Nvidia. This is a NOETA at the moment, since we’re waiting on GPU developers which are in high demand. Once the miners are ready, we’ll be releasing the Vertcoin 0.15 beta that hardforks the testnet together with the miners for the community to have a testrun. Given the structural difference between Lyra2RE and Verthash, we’ll have to run the testnet for a longer period than we did with the Lyra2REv3 hard fork. We’ll have to make sure the system is reliable before hardforking our mainnet. So the timeline will be longer than with the Lyra2REv3 hard fork. Some people in the community have voiced concerns about the fact that Verthash development is not being done “out in the open”, i.e.: the code commits are not visible on Github. The main two reasons for us to keep our cards to our chest at this stage are: (1) only when the entire system including miners has been coded up can we be sure the system works, we don’t want to release preliminary stuff that doesn’t work or isn’t secure. Also (2) we don’t want to give hardware manufacturers or mining outsourcing platforms a head start on trying to defeat the mechanisms we’ve put in place.
Transcript of Open Developer Meeting in Discord - 7/19/2019
[Dev-Happy] BlondfrogsLast Friday at 3:58 PM Hey everyone. The channel is now open for the dev meeting. LSJI07 - MBITLast Friday at 3:58 PM Hi TronLast Friday at 3:59 PM Hi all! JerozLast Friday at 3:59 PM :wave: TronLast Friday at 3:59 PM Topics: Algo stuff - x22rc, Ownership token for Restricted Assets and Assets. JerozLast Friday at 4:00 PM @Milo is also here from coinrequest. MiloLast Friday at 4:00 PM Hi :thumbsup: Pho3nix Monk3yLast Friday at 4:00 PM welcome, @Milo TronLast Friday at 4:00 PM Great. @Milo Was there PRs for Android and iOS? MiloLast Friday at 4:01 PM Yes, I've made a video. Give me a second I'll share it asap. JerozLast Friday at 4:02 PM I missed the iOS one. MiloLast Friday at 4:02 PM Well its 1 video, but meant for all. JerozLast Friday at 4:02 PM Ah, there's an issue but no pull request (yet?) https://github.com/RavenProject/ravenwallet-ios/issues/115 [Dev-Happy] BlondfrogsLast Friday at 4:03 PM nice @Milo MiloLast Friday at 4:04 PM Can it be that I have no video post rights? JerozLast Friday at 4:05 PM In discord? MiloLast Friday at 4:05 PM yes? [Dev-Happy] BlondfrogsLast Friday at 4:05 PM just a link? JerozLast Friday at 4:05 PM Standard version has a file limit afaik Pho3nix Monk3yLast Friday at 4:05 PM try now gave permissions MiloLast Friday at 4:05 PM it's not published yet on Youtube, since I didn't knew when it would be published in the wallets file too big. Hold on i'll put it on youtube and set it on private LSJI07 - MBITLast Friday at 4:06 PM no worries ipfs it...:yum: Pho3nix Monk3yLast Friday at 4:06 PM ok, just send link when you can [Dev-Happy] BlondfrogsLast Friday at 4:07 PM So guys. We released Ravencoin v2.4.0! JerozLast Friday at 4:08 PM If you like the code. Go update them nodes! :smiley: [Dev-Happy] BlondfrogsLast Friday at 4:08 PM We are recommending that you are upgrading to it. It fixes a couple bugs in the code base inherited from bitcoin! MiloLast Friday at 4:08 PM https://www.youtube.com/watch?v=t\_g7NpFXm6g&feature=youtu.be sorry for the hold up YouTube Coin Request Raven dev Gemiddeld LSJI07 - MBITLast Friday at 4:09 PM thanks short and sweet!! KAwARLast Friday at 4:10 PM Is coin request live on the android wallet? TronLast Friday at 4:10 PM Nice video. It isn't in the Play Store yet. Pho3nix Monk3yLast Friday at 4:10 PM Well, this is the first time in a while where we have this many devs online. What questions do y'all have? LSJI07 - MBITLast Friday at 4:11 PM Algo questions? Pho3nix Monk3yLast Friday at 4:11 PM sure KAwARLast Friday at 4:11 PM KK LSJI07 - MBITLast Friday at 4:12 PM what are the proposed 22 algos in x22r? i could only find the original 16 plus 5 on x21. TronLast Friday at 4:12 PM Likely the 5 from x21 and find one more. We need to make sure they're all similar in time profile. liqdmetalLast Friday at 4:14 PM should we bother fixing a asic-problem that we dont know exists for sure or not? TronLast Friday at 4:14 PM That's the 170 million dollar question. [Dev-Happy] BlondfrogsLast Friday at 4:14 PM I would prefer to be proactive not reactive. imo JerozLast Friday at 4:14 PM same LSJI07 - MBITLast Friday at 4:15 PM RIPEMD160 is a golden oldie but not sure on hash speed compared to the others. liqdmetalLast Friday at 4:15 PM in my mind we should focus on the restricted messaging etc Sevvy (y rvn pmp?)Last Friday at 4:15 PM probably won't know if the action was needed until after you take the action liqdmetalLast Friday at 4:15 PM we are at risk of being interventionistas acting under opacity TronLast Friday at 4:15 PM Needs to spit out at least 256 bit. Preferably 512 bit. LSJI07 - MBITLast Friday at 4:15 PM ok TronLast Friday at 4:15 PM If it isn't 512 bit, it'll cause some extra headache for the GPU mining software. liqdmetalLast Friday at 4:16 PM i seek to avoid iatrogenics TronLast Friday at 4:16 PM Similar to the early problems when all the algos except the first one were built for 64-bytes (512-bit) inputs. Had to look that one up. TIL iatrogenics JerozLast Friday at 4:17 PM I have to google most of @liqdmetal's vocabulary :smile: liqdmetalLast Friday at 4:17 PM @Tron tldr: basically the unseen, unintended negative side effects of the asic "cure" Sevvy (y rvn pmp?)Last Friday at 4:18 PM 10 dolla word liqdmetalLast Friday at 4:19 PM we need a really strong case to intervene in what has been created. TronLast Friday at 4:19 PM I agree. I'm less concerned with the technical risk than I am the potential split risk experienced multiple times by Monero. Sevvy (y rvn pmp?)Last Friday at 4:20 PM tron do you agree that forking the ravencoin chain presents unique risks compared to other chains that aren't hosting assets? JerozLast Friday at 4:21 PM Yes, if you fork, you need to figure out for each asset which one you want to support. Sevvy (y rvn pmp?)Last Friday at 4:21 PM yeah. and the asset issuer could have a chain preference TronLast Friday at 4:22 PM @Sevvy (y rvn pmp?) Sure. Although, I'd expect that the asset issuers will be honor the assets on the dominant chain. Bigger concern is the branding confusion of multiple forks. See Bitcoin, Bitcoin Cash, Bitcoin SV for an example. We know they're different, but do non-crypto folks? Hans_SchmidtLast Friday at 4:22 PM I thought that the take-away from the recently published analyses and discussions was that ASICs for RVN may be active, but if so then they are being not much more effective than GPUs. Sevvy (y rvn pmp?)Last Friday at 4:22 PM agreed on all accounts there tron TronLast Friday at 4:23 PM I'm not yet convinced ASICs are on the network. KAwARLast Friday at 4:23 PM It would be better to damage an asic builder by forking after they made major expenses. Creating for them the type of deficit that could be negated by just buying instead of mining. Asic existence should be 100 percent confirmed before fork. liqdmetalLast Friday at 4:23 PM 170million dollar question is right.lol TronLast Friday at 4:24 PM I've had someone offer to connect me to the folks at Fusion Silicon. Sevvy (y rvn pmp?)Last Friday at 4:25 PM yes. and if they are active on the network they are not particularly good ASICs which makes it a moot point probably TronLast Friday at 4:26 PM The difficult part of this problem is that by the time everyone agrees that ASICs are problematic on the network, then voting the option in is likely no longer an option. Sevvy (y rvn pmp?)Last Friday at 4:26 PM yes. part of me wonders if we would say "okay, the clock on the asic countdown is reset by this new algo. but now the race is on" [Dev-Happy] BlondfrogsLast Friday at 4:26 PM There are always risks when making a change that will fork the network. We want wait to long though, as tron said. It wont be a voting change. it will be a mandatory change at a block number. Sevvy (y rvn pmp?)Last Friday at 4:26 PM acknowledge the inevitable MiloLast Friday at 4:27 PM I had just a small question from my side. When do you think the android version would be published, and do you maybe have a time-frame for the others? TronLast Friday at 4:27 PM Quick poll. How would everyone here feel about a BIP9 option - separate from the new features that can be voted in? KAwARLast Friday at 4:27 PM Maybe voting should not be a strictly blockchain vote. A republic and a democratic voice? [Dev-Happy] BlondfrogsLast Friday at 4:27 PM @Milo We can try and get a beta out next week, and publish soon after that. MiloLast Friday at 4:28 PM @[Dev-Happy] Blondfrogs :thumbsup::slight_smile: [Dev-Happy] BlondfrogsLast Friday at 4:28 PM BIP9 preemptive vote. I like it. TronLast Friday at 4:30 PM The advantage to a BIP9 vote is that it puts the miners and mining pools at a clear majority before activation. LSJI07 - MBITLast Friday at 4:30 PM Centralisation is inevitable unless we decide to resist it. ASIC's are market based and know the risks and rewards possible. A key step in resisting is sending a message. An algo change to increase asic resistance is imho a strong message. A BIP9 vote now would also be an indicator of bad actors early.... TronLast Friday at 4:30 PM The disadvantage is that it may not pass if the will isn't there. LSJI07 - MBITLast Friday at 4:30 PM Before assets are on main net and cause additional issues. KAwARLast Friday at 4:31 PM I am not schooled in coding to have an educated voice. I only understand social problems and how it affects the economy. SpyderDevLast Friday at 4:31 PM All are equal on RVN TronLast Friday at 4:31 PM It is primarily a social problem. The tech change is less risky and is easier than the social. LSJI07 - MBITLast Friday at 4:32 PM All can have a share....people who want more of a share however pay for the privilege and associated risks. KAwARLast Friday at 4:33 PM Assets and exchange listings need to be consistent and secure. brutoidLast Friday at 4:36 PM I'm still not entirely clear on what the overall goal to the algo change is? Is it just to brick the supposed ASICs (unknown 45%) which could still be FPGAs as seen from the recent block analysis posted in the nest. Is the goal to never let ASICs on? Is it to brick FPGAs ultimately. Are we making Raven strictly GPU only? I'm still unclear LSJI07 - MBITLast Friday at 4:37 PM What about the future issue of ASICs returning after a BIP9 fork "soon"? Are all following the WP as a community? i.e asic resistant or are we prepared to change that to asic resistant for early coin emission. Ideally we should plan for the future. Could the community make a statement that no future algo changes will be required to incentivise future public asic manufacturers? Lol. Same question @brutoid brutoidLast Friday at 4:37 PM Haha it is You mind-beamed me! [Dev-Happy] BlondfrogsLast Friday at 4:38 PM The is up to the community. Currently, the feel seems like the community is anti asic forever. The main issue is getting people to upgrade. KAwARLast Friday at 4:38 PM Clarity is important. Otherwise we are attacking windmills like Don Quixote. brutoidLast Friday at 4:39 PM I'm not getting the feeling of community ASIC hate if the last few weeks of discussion are anything to go by? Hans_SchmidtLast Friday at 4:39 PM A unilateral non-BIP9 change at a chosen block height is a serious thing, but anti-ASIC has been part of the RVN philosophy since the whitepaper and is therefore appropriate for that purpose. [Dev-Happy] BlondfrogsLast Friday at 4:39 PM We can use the latest release as an example. It was a non forking release, announced for 2 weeks. and only ~30% of the network has upgraded. TronLast Friday at 4:39 PM @Hans_Schmidt Well said. liqdmetalLast Friday at 4:40 PM I'm not concerned about a "asic hardware problem" so much as I believe it more likely what we are seeing is several big fish miners (perhaps a single really big fish). For now I recommend standing pat on x16r. In the future I can see an algo upgrade fork to keep the algo up to date. If we start fighting against dedicated x16r hashing machines designed and built to secure our network we are more likely to go down in flames. The custom SHA256 computers that make the bitcoin the most secure network in existence are a big part of that security. If some party has made an asic that performs up to par or better than FPGA or GPU on x16r, that is a positive for this network, a step towards SHA256 security levels. It is too bad the community is in the dark regarding their developments. Therefore I think the community has to clarify its stance towards algorithm changes. I prefer a policy that will encourage the development of mining software, bitstreams and hardware by as many parties as possible. The imminent threat of ALGO fork screws the incentive up for developers. JerozLast Friday at 4:40 PM @brutoid the vocal ones are lenient towards asics, but the outcome of the 600+ votes seemed pretty clear. brutoidLast Friday at 4:40 PM This is my confusion TronLast Friday at 4:41 PM More hashes are only better if the cost goes up proportionally. Machines that do more hashes for less $ doesn't secure the network more, and trends towards centralization. JerozLast Friday at 4:41 PM I would argue for polling ever so often as it certainly will evolve dynamically with the state of crypto over time. TronLast Friday at 4:41 PM Measure security in two dimensions. Distribution, and $/hash. liqdmetalLast Friday at 4:41 PM and volume of hash traysiLast Friday at 4:42 PM 45% of the hashrate going to one party is unhealthy, and standing pat on x16r just keeps that 45% where it is. TronLast Friday at 4:42 PM Volume doesn't matter if the cost goes down. For example, lets say software shows up that does 1000x better than the software from yesterday, and everyone moves to it. That does not add security. Even if the "difficulty" and embedded hashes took 1000x more attempts to find. brutoidLast Friday at 4:42 PM My issue is defintely centralization of hash and not so much what machine is doing it. I mine with both GPU and FPGA. Of course, the FPGAs are not on raven TJayLast Friday at 4:44 PM easy solution is just to replace a few of 16 current hash functions, without messing with x21r or whatever new shit TronLast Friday at 4:44 PM How do folks here feel about allowing CPUs back in the game? traysiLast Friday at 4:44 PM Botnets is my concern with CPUs brutoidLast Friday at 4:44 PM Botnets is my concern SpyderDevLast Friday at 4:44 PM Yes please. LSJI07 - MBITLast Friday at 4:44 PM the poll votes seem not very security conscious. More of day miners chasing profits. I love them bless! Imho the future is bright for raven, however these issues if not sorted out now will bite hard long term when asset are on the chain and gpu miners are long gone..... ZaabLast Friday at 4:45 PM How has the testing of restricted assets been on the test net? liqdmetalLast Friday at 4:45 PM Agreed. I dont think x16r is obsolete like that yet however [Dev-Happy] BlondfrogsLast Friday at 4:45 PM @Zaab not enough testing at the moment. HedgerLast Friday at 4:45 PM Yes, how is the Testing going? justinjjaLast Friday at 4:45 PM Like randomX or how are cpus going to be back in the game? TronLast Friday at 4:45 PM @Zaab Just getting started at testing at the surface level (RPC calls), and fixing as we go. ZaabLast Friday at 4:45 PM And or any updates on the review of dividend code created by the community Lokar -=Kai=-Last Friday at 4:45 PM if the amount of hash the unknown pool has is fixed as standarderror indicated then waiting for the community of FPGAers to get onto raven might be advantageous if the fork doesn't hurt FPGAs. ZaabLast Friday at 4:45 PM Can't rememeber who was on it SpyderDevLast Friday at 4:45 PM @Zaab But we are working on it... Lokar -=Kai=-Last Friday at 4:46 PM more hash for votes JerozLast Friday at 4:46 PM @Maldon is, @Zaab TronLast Friday at 4:46 PM @Zaab There are unit tests and functional tests already, but we'd like more. [Dev-Happy] BlondfrogsLast Friday at 4:46 PM @Zaab Dividend code is currently adding test cases for better security. Should have more update on that next meeting KAwARLast Friday at 4:46 PM Absolute democracy seems to resemble anarchy or at least civil war. In EVE online they have a type of community voice that get voted in by the community. ZaabLast Friday at 4:46 PM No worries was just curious if it was going as planned or significant issues were being found Obviously some hiccups are expected More testing is always better! TronLast Friday at 4:47 PM Who in here is up for a good civil war? :wink: ZaabLast Friday at 4:47 PM Tron v Bruce. Celebrity fight night with proceeds to go to the RVN dev fund SpyderDevLast Friday at 4:48 PM Cagefight or mudpit? JerozLast Friday at 4:48 PM talking about dev funds..... :wink: Pho3nix Monk3yLast Friday at 4:49 PM and there goes the conversation.... KAwARLast Friday at 4:49 PM I am trying to be serious... ZaabLast Friday at 4:49 PM Sorry back to the ascii topic! traysiLast Friday at 4:49 PM @Tron What do we need in order to make progress toward a decision on the algo? Is there a plan or a roadmap of sorts to get us some certainty about what we're going to do? LSJI07 - MBITLast Friday at 4:50 PM Could we have 3 no BIP9 votes? No1 Friendly to asics, retain status quo. No2 change to x17r minimal changes etc, with no additional future PoW/algo upgrades. No3. Full Asic resistance x22r and see what happens... :thonk~1: Sounds messy.... TronLast Friday at 4:51 PM Right now we're in research mode. We're building CNv4 so we can run some metrics. If that goes well, we can put together x22rc and see how it performs. It will likely gore everyone's ox. CPUs can play, GPUs work, but aren't dominant. ASICs VERY difficult, and FPGAs will have a tough time. ZaabLast Friday at 4:51 PM Yeah i feel like the results would be unreliable TronLast Friday at 4:51 PM Is this good, or do we lose everyone's vote? PlayHardLast Friday at 4:52 PM Fpga will be dead Lokar -=Kai=-Last Friday at 4:52 PM why isn;t a simple XOR or something on the table? ZaabLast Friday at 4:52 PM The multiple bip9 that is Lokar -=Kai=-Last Friday at 4:52 PM something asic breaking but doesn't greatly complicate ongoing efforts for FPGA being my point. justinjjaLast Friday at 4:52 PM How are you going to vote for x22rc? Because if by hashrate that wouldn't pass. traysiLast Friday at 4:52 PM Personally I like the idea of x22rc but I'd want to investigate the botnet threat if CPUs are allowed back in. TronLast Friday at 4:52 PM XOR is on the table, and was listed in my Medium post. But, the social risk of chain split remains, for very little gain. traysiLast Friday at 4:53 PM @Lokar -=Kai=- A small change means that whoever has 45% can probably quickly adapt. LSJI07 - MBITLast Friday at 4:53 PM Research sounds good. x22rc could be reduce to x22r for simplicity... TronLast Friday at 4:53 PM x22r is a viable option. No CNv4. LSJI07 - MBITLast Friday at 4:53 PM Don't know how much time we have to play with though... Lokar -=Kai=-Last Friday at 4:53 PM if they have FPGAs yes if they have ASIC then not so much, but I guess that gets to the point, what exactly are we trying to remove from the network? PlayHardLast Friday at 4:54 PM Guys my name is Arsen and we designed x16r fpga on bcus. Just about to release it to the public. I am buzzdaves partner. Cryptonight Will kill us But agreed Asic is possible on x16r And you dont need 256 core Cores traysiLast Friday at 4:55 PM Hi Arsen. Are you saying CN will kill "us" meaning RVN, or meaning FPGA? JerozLast Friday at 4:55 PM This is what im afraid of ^ an algo change killing FPGA as I have the feeling there is a big fpga community working on this PlayHardLast Friday at 4:55 PM Fpgas )) whitefire990Last Friday at 4:55 PM I am also about to release X16R for CVP13 + BCU1525 FPGA's. I'm open to algo changes but I really don't believe in CPU mining because of botnets. Any CNv4 shifts 100% to CPU mining, even if it is only 1 of the 22 functions. Lokar -=Kai=-Last Friday at 4:55 PM namely FPGAs that aren;t memory equipped like fast mem not ddr PlayHardLast Friday at 4:55 PM Hbm non hbm Cryptonight whitefire990Last Friday at 4:56 PM Right now with both Buzzdave/Altered Silicon and myself (Zetheron) about to release X16R for FPGA's, then the 45% miner's share will decrease to 39% or less. PlayHardLast Friday at 4:56 PM Will be dead for fpga LSJI07 - MBITLast Friday at 4:56 PM sound so x22r is fpga "friendly" ... more so than asic anyway... PlayHardLast Friday at 4:56 PM But a change must be planned X16r is no way possible to avoid asics TJayLast Friday at 4:56 PM @LSJI07 - MBIT I would say less friendly... whitefire990Last Friday at 4:57 PM As I mentioned in thenest discussion, asic resistance increases with the square of the number of functions, so X21R is more asic resistant than X16R, but both are pretty resistant PlayHardLast Friday at 4:58 PM Yeah more algos make it heavier on ASIC DirkDiggler (Citadel Architect)Last Friday at 4:58 PM My interpretation of the whitepaper was that we used x16r as it was brand new (thus ASIC resistant), and that was to ensure a fair launch... We've launched... I don't like the idea of constantly forking to avoid the inevitable ASICs. x16r was a great "experiment" before we had any exchange listings... that ship has sailed though... not sure about all these x22rs lmnop changes KAwARLast Friday at 5:00 PM I believe that it is easier to change the direction of a bicycle than an oil tanker. We feel more like a train. We should lay out new tracks and test on them and find benefits that are acceptable to everyone except train robbers. Then open the new train station with no contentious feelings except a silently disgruntled minority group. ??? Hans_SchmidtLast Friday at 5:01 PM The most productive action the community can do now re ASICs is to voice support for the devs to make a non-BIP9 change at a chosen block height if/when the need is clear. That removes the pressure to act rashly to avoid voting problems. LSJI07 - MBITLast Friday at 5:01 PM Thats why im proposing to fork at least once to a more asic resistant algo (but FPGA "friendly/possible"), with the proviso ideally that no more PoW algo forks are require to provide future ASICs some opportunity to innovate with silicon and efficiency. TJayLast Friday at 5:01 PM folks should take into account, that high end FPGAs like BCU1525 on x16r can't beat even previous gen GPUs (Pascal) in terms of hash cost. so they aren't a threat to miners community PlayHardLast Friday at 5:02 PM A proper change Requires proper research eyz (Silence)Last Friday at 5:02 PM Just so I'm clear here, we are trying to boot ASICS, don't want CPUs because of Botnets, and are GPU and FPGA friendly right? PlayHardLast Friday at 5:02 PM It is not a quick one day process eyz (Silence)Last Friday at 5:02 PM If there is a bip9 vote there needs to be a clear explanation as I feel most in the community don't understand exactly what we are trying to fix TronLast Friday at 5:03 PM @Hans_Schmidt I like that route. It has some game theoretics. It gives time for miners to adapt. It is only used if needed. It reduces the likelihood of ASICs dominating the network, or even being built. [Dev-Happy] BlondfrogsLast Friday at 5:03 PM Hey guys. great convo. We are of course looking to do the best thing for the community and miner. We are going to be signing off here though. justinjjaLast Friday at 5:03 PM TJay that comes down to power cost. If your paying 4c/kw gpus all the way. But if your a home miner in europe an fpga is your only chance LSJI07 - MBITLast Friday at 5:03 PM @Hans_Schmidt How do we decide the block limit and when sufficient evidence is available? I would say we have had much compelling information to date... [Dev-Happy] BlondfrogsLast Friday at 5:03 PM Thanks for participating. and keep up the good work :smiley: Have a good weekend. CAWWWW TronLast Friday at 5:03 PM I haven't seen any compelling evidence of ASICs - yet. Pho3nix Monk3yLast Friday at 5:03 PM :v: JerozLast Friday at 5:04 PM I suggest to continue discussion in #development and #thenest :smiley: thanks all! TronLast Friday at 5:04 PM Cheers everyone! KAwARLast Friday at 5:04 PM Agree with Hans. DirkDiggler (Citadel Architect)Last Friday at 5:04 PM thanks Tron Pho3nix Monk3yLast Friday at 5:04 PM Ending here. continue in Nest if wanted DirkDiggler (Citadel Architect)Last Friday at 5:04 PM I am waiting for compelling evidence myself.
Miners have always had it rough.. "Frustrated Miners" The Problem with PoW (and what is being done to solve it) Proof of Work (PoW) is one of the most commonly used consensus mechanisms entrusted to secure and validate many of today’s most successful cryptocurrencies, Bitcoin being one. Battle-hardened and having weathered the test of time, Bitcoin has demonstrated the undeniable strength and reliability of the PoW consensus model through sheer market saturation, and of course, its persistency. In addition to the cost of powerful computing hardware, miners prove that they are benefiting the network by expending energy in the form of electricity, by solving and hashing away complex math problems on their computers, utilizing any suitable tools that they have at their disposal. The mathematics involved in securing proof of work revolve around unique algorithms, each with their own benefits and vulnerabilities, and can require different software/hardware to mine depending on the coin. Because each block has a unique and entirely random hash, or “puzzle” to solve, the “work” has to be performed for each block individually and the difficulty of the problem can be increased as the speed at which blocks are solved increases. Hashrates and Hardware Types While proof of work is an effective means of securing a blockchain, it inherently promotes competition amongst miners seeking higher and higher hashrates due to the rewards earned by the node who wins the right to add the next block. In turn, these higher hash rates benefit the blockchain, providing better security when it’s a result of a well distributed/decentralized network of miners. When Bitcoin first launched its genesis block, it was mined exclusively by CPUs. Over the years, various programmers and developers have devised newer, faster, and more energy efficient ways to generate higher hashrates; some by perfecting the software end of things, and others, when the incentives are great enough, create expensive specialized hardware such as ASICs (application-specific integrated circuit). With the express purpose of extracting every last bit of hashing power, efficiency being paramount, ASICs are stripped down, bare minimum, hardware representations of a specific coin’s algorithm. This gives ASICS a massive advantage in terms of raw hashing power and also in terms of energy consumption against CPUs/GPUs, but with significant drawbacks of being very expensive to design/manufacture, translating to a high economic barrier for the casual miner. Due to the fact that they are virtual hardware representations of a single targeted algorithm, this means that if a project decides to fork and change algorithms suddenly, your powerful brand-new ASIC becomes a very expensive paperweight. The high costs in developing and manufacturing ASICs and the associated risks involved, make them unfit for mass adoption at this time. Somewhere on the high end, in the vast hashrate expanse created between GPU and ASIC, sits the FPGA (field programmable gate array). FPGAs are basically ASICs that make some compromises with efficiency in order to have more flexibility, namely they are reprogrammable and often used in the “field” to test an algorithm before implementing it in an ASIC. As a precursor to the ASIC, FPGAs are somewhat similar to GPUs in their flexibility, but require advanced programming skills and, like ASICs, are expensive and still fairly uncommon. 2 Guys 1 ASIC One of the issues with proof of work incentivizing the pursuit of higher hashrates is in how the network calculates block reward coinbase payouts and rewards miners based on the work that they have submitted. If a coin generated, say a block a minute, and this is a constant, then what happens if more miners jump on a network and do more work? The network cannot pay out more than 1 block reward per 1 minute, and so a difficulty mechanism is used to maintain balance. The difficulty will scale up and down in response to the overall nethash, so if many miners join the network, or extremely high hashing devices such as ASICs or FPGAs jump on, the network will respond accordingly, using the difficulty mechanism to make the problems harder, effectively giving an edge to hardware that can solve them faster, balancing the network. This not only maintains the block a minute reward but it has the added side-effect of energy requirements that scale up with network adoption. Imagine, for example, if one miner gets on a network all alone with a CPU doing 50 MH/s and is getting all 100 coins that can possibly be paid out in a day. Then, if another miner jumps on the network with the same CPU, each miner would receive 50 coins in a day instead of 100 since they are splitting the required work evenly, despite the fact that the net electrical output has doubled along with the work. Electricity costs miner’s money and is a factor in driving up coin price along with adoption, and since more people are now mining, the coin is less centralized. Now let’s say a large corporation has found it profitable to manufacture an ASIC for this coin, knowing they will make their money back mining it or selling the units to professionals. They join the network doing 900 MH/s and will be pulling in 90 coins a day, while the two guys with their CPUs each get 5 now. Those two guys aren’t very happy, but the corporation is. Not only does this negatively affect the miners, it compromises the security of the entire network by centralizing the coin supply and hashrate, opening the doors to double spends and 51% attacks from potential malicious actors. Uncertainty of motives and questionable validity in a distributed ledger do not mix. When technology advances in a field, it is usually applauded and welcomed with open arms, but in the world of crypto things can work quite differently. One of the glaring flaws in the current model and the advent of specialized hardware is that it’s never ending. Suppose the two men from the rather extreme example above took out a loan to get themselves that ASIC they heard about that can get them 90 coins a day? When they join the other ASIC on the network, the difficulty adjusts to keep daily payouts consistent at 100, and they will each receive only 33 coins instead of 90 since the reward is now being split three ways. Now what happens if a better ASIC is released by that corporation? Hopefully, those two guys were able to pay off their loans and sell their old ASICs before they became obsolete. This system, as it stands now, only perpetuates a never ending hashrate arms race in which the weapons of choice are usually a combination of efficiency, economics, profitability and in some cases control. Implications of Centralization This brings us to another big concern with expensive specialized hardware: the risk of centralization. Because they are so expensive and inaccessible to the casual miner, ASICs and FPGAs predominantly remain limited to a select few. Centralization occurs when one small group or a single entity controls the vast majority hash power and, as a result, coin supply and is able to exert its influence to manipulate the market or in some cases, the network itself (usually the case of dishonest nodes or bad actors). This is entirely antithetical of what cryptocurrency was born of, and since its inception many concerted efforts have been made to avoid centralization at all costs. An entity in control of a centralized coin would have the power to manipulate the price, and having a centralized hashrate would enable them to affect network usability, reliability, and even perform double spends leading to the demise of a coin, among other things. The world of crypto is a strange new place, with rapidly growing advancements across many fields, economies, and boarders, leaving plenty of room for improvement; while it may feel like a never-ending game of catch up, there are many talented developers and programmers working around the clock to bring us all more sustainable solutions. The Rise of FPGAs With the recent implementation of the commonly used coding language C++, and due to their overall flexibility, FPGAs are becoming somewhat more common, especially in larger farms and in industrial setting; but they still remain primarily out of the hands of most mining enthusiasts and almost unheard of to the average hobby miner. Things appear to be changing though, one example of which I’ll discuss below, and it is thought by some, that soon we will see a day when mining with a CPU or GPU just won’t cut it any longer, and the market will be dominated by FPGAs and specialized ASICs, bringing with them efficiency gains for proof of work, while also carelessly leading us all towards the next round of spending. A perfect real-world example of the effect specialized hardware has had on the crypto-community was recently discovered involving a fairly new project called VerusCoin and a fairly new, relatively more economically accessible FPGA. The FPGA is designed to target specific alt-coins whose algo’s do not require RAM overhead. It was discovered the company had released a new algorithm, kept secret from the public, which could effectively mine Verus at 20x the speed of GPUs, which were the next fastest hardware types mining on the Verus network. Unfortunately this was done with a deliberately secret approach, calling the Verus algorithm “Algo1” and encouraging owners of the FPGA to never speak of the algorithm in public channels, admonishing a user when they did let the cat out of the bag. The problem with this business model is that it is parasitic in nature. In an ecosystem where advancements can benefit the entire crypto community, this sort of secret mining approach also does not support the philosophies set forth by the Bitcoin or subsequent open source and decentralization movements. Although this was not done in the spirit of open source, it does hint to an important step in hardware innovation where we could see more efficient specialized systems within reach of the casual miner. The FPGA requires unique sets of data called a bitstream in order to be able to recognize each individual coin’s algorithm and mine them. Because it’s reprogrammable, with the support of a strong development team creating such bitstreams, the miner doesn’t end up with a brick if an algorithm changes. All is not lost thanks to.. um.. Technology? Shortly after discovering FPGAs on the network, the Verus developers quickly designed, tested, and implemented a new, much more complex and improved algorithm via a fork that enabled Verus to transition smoothly from VerusHash 1.0 to VerusHash 2.0 at block 310,000. Since the fork, VerusHash 2.0 has demonstrated doing exactly what it was designed for- equalizing hardware performance relative to the device being used while enabling CPUs (the most widely available “ASICs”) to mine side by side with GPUs, at a profit and it appears this will also apply to other specialized hardware. This is something no other project has been able to do until now. Rather than pursue the folly of so many other projects before it- attempting to be “ASIC proof”, Verus effectively achieved and presents to the world an entirely new model of “hardware homogeny”. As the late, great, Bruce Lee once said- “Don’t get set into one form, adapt it and build your own, and let it grow, be like water.” In the design of VerusHash 2.0, Verus has shown it doesn’t resist progress like so many other new algorithms try to do, it embraces change and adapts to it in the way that water becomes whatever vessel it inhabits. This new approach- an industry first- could very well become an industry standard and in doing so, would usher in a new age for proof of work based coins. VerusHash 2.0 has the potential to correct the single largest design flaw in the proof of work consensus mechanism- the ever expanding monetary and energy requirements that have plagued PoW based projects since the inception of the consensus mechanism. Verus also solves another major issue of coin and net hash centralization by enabling legitimate CPU mining, offering greater coin and hashrate distribution. Digging a bit deeper it turns out the Verus development team are no rookies. The lead developer Michael F Toutonghi has spent decades in the field programming and is a former Vice President and Technical Fellow at Microsoft, recognized founder and architect of Microsoft's .Net platform, ex-Technical Fellow of Microsoft's advertising platform, ex-CTO, Parallels Corporation, and an experienced distributed computing and machine learning architect. The project he helped create employs and makes use of a diverse myriad of technologies and security features to form one of the most advanced and secure cryptocurrency to date. A brief description of what makes VerusCoin special quoted from a community member- "Verus has a unique and new consensus algorithm called Proof of Power which is a 50% PoW/50% PoS algorithm that solves theoretical weaknesses in other PoS systems (Nothing at Stake problem for example) and is provably immune to 51% hash attacks. With this, Verus uses the new hash algorithm, VerusHash 2.0. VerusHash 2.0 is designed to better equalize mining across all hardware platforms, while favoring the latest CPUs over older types, which is also one defense against the centralizing potential of botnets. Unlike past efforts to equalize hardware hash-rates across different hardware types, VerusHash 2.0 explicitly enables CPUs to gain even more power relative to GPUs and FPGAs, enabling the most decentralizing hardware, CPUs (due to their virtually complete market penetration), to stay relevant as miners for the indefinite future. As for anonymity, Verus is not a "forced private", allowing for both transparent and shielded (private) transactions...and private messages as well" If other projects can learn from this and adopt a similar approach or continue to innovate with new ideas, it could mean an end to all the doom and gloom predictions that CPU and GPU mining are dead, offering a much needed reprieve and an alternative to miners who have been faced with the difficult decision of either pulling the plug and shutting down shop or breaking down their rigs to sell off parts and buy new, more expensive hardware…and in so doing present an overall unprecedented level of decentralization not yet seen in cryptocurrency. Technological advancements led us to the world of secure digital currencies and the progress being made with hardware efficiencies is indisputably beneficial to us all. ASICs and FPGAs aren’t inherently bad, and there are ways in which they could be made more affordable and available for mass distribution. More than anything, it is important that we work together as communities to find solutions that can benefit us all for the long term. In an ever changing world where it may be easy to lose sight of the real accomplishments that brought us to this point one thing is certain, cryptocurrency is here to stay and the projects that are doing something to solve the current problems in the proof of work consensus mechanism will be the ones that lead us toward our collective vision of a better world- not just for the world of crypto but for each and every one of us.
Okay MoneroV gets posted about enough I think it's time someone told the truth about what's going on. Save this post and paste it on other XMV threads, because this shit is a fucking scam.
Everything MoneroV does "differently" is a lie. Here are their claims.
MoneroV claims that Monero is run by one individual and therefore vulnerable. This is false. Monero development is freelanced and funded by the community through charity donations, and that can be seen live HERE.
More evidence proving the contrary is how many times Monero has kicked their figurehead off the team: Monero was created by Thankful_for_today and the community banned him. It was acquired by Tacotime - Who the community blocked out as well.
Also, how can MoneroV have a decentralized development team if 1) it's closed source 2) has A DEVELOPER PREMINE and 3) doesn't invite anyone on the team? Who even audits their code?
MoneroV also boasts about their full-time development team. But HMM, somehow it's a decentralized full-time development team..
On Supply Cap
MoneroV sites in their whitepaper that the Austrian School of Economics determines that a fixed cap on the circulating supply of a coin is best from an economic standpoint. They fail to realize the following things though:
Because Monero works differently than Bitcoin, THERE CANNOT BE a supply cap. Monero scales on-chain so they never have to fork to a larger block size. This is done through Dynamic Block Sizing, which relies on people mining for a reward on each block. Monero must always mint new coins for this to work.
On Legitimate Mining
MoneroV claims to fight the botnets that Monero allows to allow more competition for legitimate miners using their computers.
Monero has never supported the use of botnets, and has forked to bar ASICs from ruining the network. MoneroV - Has not.
This is not a shitfork like Bitcoin Gold where you just "Claim free money". MoneroV damages both networks.
Because of how Monero works, forking the chain in the specific way MoneroV has chosen to ruins Ring Signatures on both networks for users who decide to participate in the "Free Coin Airdrop".
Monero is anonymous through the Cryptonote protocol which enables Ring Signatures and Stealth Addressing by default. Over the years, more things have been added on top such as subaddresses and RingCT. This makes the transaction A -> B invisible on the blockchain to an outside observer, and MoneroV still has that.
The issue with re-using the chain is when B is trying to find out who sent it money by only looking at the blockchain. A -> B is invisible to the average user by stealth addresses, but only to B via RingCT and Ring Signatures. Due to some complicated math I can't get into with a single Reddit post, this risks the anonymity of A to B.
Monero also supports forks in open arms. /Aeon is linked on their sidebar for fucks sakes. This is not an issue with forking Monero - This is an issue with MoneroV.
Please save, share and spread this post like wildfire. As a large user of Monero I'm making this post completely against my own economical gain, but this really needs to be said. I would even encourage you to ask these questions on their subreddit (although fair warning you will get banned ). Stay safe and happy forking.
Thank you for being a part of the ColossusXT Reddit AMA! Below we will summarize the questions and answers. The team responded to 78 questions! If you question was not included, it may have been answered in a previous question. The ColossusXT team will do a Reddit AMA at the end of every quarter. The winner of the Q2 AMA Contest is: Shenbatu Q: Why does your blockchain exist and what makes it unique? A: ColossusXT exists to provide an energy efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video and audio streams-all will be reborn as services that live in cyberspace, assembling and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Q: What is the Colossus Grid? A: ColossusXT is an anonymous blockchain through obfuscation, Zerocoin Protocol, along with utilization of I2P. These features will protect end user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist. Q: When will zerocoin be fully integrated? A: Beta has been released for community testing on Test-Net. As soon as all the developers consider the code ready for Main-Net, it will be released. Testing of the code on a larger test network network will ensure a smooth transition. Q: Is the end goal for the Colossus Grid to act as a decentralized cloud service, a resource pool for COLX users, or something else? A: Colossus Grid will act as a grid computing resource pool for any user running a COLX node. How and why we apply the grid to solve world problems will be an ever evolving story. Q: What do you think the marketing role in colx.? When ll be the inwallet shared nodes available...i know its been stated in roadmap but as u dont follow roadmap and offer everything in advance...i hope shared MN's to be avilable soon. A: The ColossusXT (COLX) roadmap is a fluid design philosophy. As the project evolves, and our community grows. Our goal is to deliver a working product to the market while at the same time adding useful features for the community to thrive on, perhaps the Colossus Grid and Shared Masternodes will be available both by the end of Q4 2018. Q: When will your github be open to the public? A: The GitHub has been open to the public for a few months now. You can view the GitHub here: https://github.com/ColossusCoinXT The latest commits here: https://github.com/ColossusCoinXT/ColossusCoinXT/commits/master Q: Why should I use COLX instead of Monero? A: ColossusXT offers Proof of Stake and Masternodes both which contribute layers in protection from 51% attacks often attributed with Proof of Work consensus, and in being Proof of Work(Monero) ColossusXT is environmentally friendly compared to Proof of Work (Monero). You can generate passive income from Proof of Stake, and Masternodes. Along with helping secure the network.What really sets ColossusXT apart from Monero, and many other privacy projects being worked on right now, is the Colossus Grid. Once plugged into the Colossus Grid, a desktop machine will draw computational horsepower from all the other computers on the grid. Blockchain, was built on the core value of decentralization and ColossusXT adhere to these standards with end-user privacy in mind in the technology sector. Q: With so many coins out with little to no purpose let alone a definitive use case, how will COLX distinguish itself from the crowd? A: You are right, there are thousands of other coins. Many have no purpose, and we will see others “pumping” from day to day. It is the nature of markets, and crypto as groups move from coin to coin to make a quick profit. As blockchain regulations and information is made more easily digestible projects like ColossusXT will rise. Our goal is to produce a quality product that will be used globally to solve technical problems, in doing so grid computing on the ColossusXT network could create markets of its own within utilizing Super-computing resources. ColossusXT is more than just a currency, and our steadfast approach to producing technical accomplishments will not go unnoticed. Q: Tell the crowd something about the I2P integration plan in the roadmap? 🙂 A: ColossusXT will be moving up the I2P network layer in the roadmap to meet a quicker development pace of the Colossus Grid. The I2P layer will serve as an abstraction layer further obfuscating the users of ColossusXT (COLX) nodes. Abstraction layer allows two parties to communicate in an anonymous manner. This network is optimised for anonymous file-sharing. Q: What kind of protocols, if any, are being considered to prevent or punish misuse of Colossus Grid resources by bad actors, such as participation in a botnet/denial of service attack or the storage of stolen information across the Grid? A: What defines bad actors? ColossusXT plans on marketing to governments and cyber security companies globally. Entities and individuals who will certainly want their privacy protected. There is a grey area between good and bad, and that is something we can certainly explore as a community. Did you have any ideas to contribute to this evolving variable?What we mean when we say marketing towards security companies and governments is being utilized for some of the projects and innovating new ways of grid computing. Security: https://wiki.ncsa.illinois.edu/display/cybersec/Projects+and+Software Governments: https://www.techwalla.com/articles/what-are-the-uses-of-a-supercomputer Q: The Colossus Grid is well defined but I don't feel easily digestible. Has their been any talk of developing an easier to understand marketing plan to help broaden the investoadoptor base? A: As we get closer to the release of the Colossus Grid marketing increase for the Colossus Grid. It will have a user friendly UI, and we will provide Guides and FAQ’s with the release that any user intending to share computing power will be able to comprehend. Q: Can you compare CollossusXT and Golem? A: Yes. The Colosssus Grid is similar to other grid computing projects. The difference is that ColossusXT is on it’s own blockchain, and does not rely on the speed or congestion of a 3rd party blockchain. The Colossus Grid has a privacy focus and will market to companies, and individuals who would like to be more discreet when buying or selling resources by offering multiple levels of privacy protections. Q: How do you guys want to achieve to be one of the leaders as a privacy coin? A: Being a privacy coin leader is not our end game. Privacy features are just a small portion of our framework. The Colossus Grid will include privacy features, but a decentralized Supercomputer is what will set us apart and we intend to be leading this industry in the coming years as our vision, and development continue to grow and scale with technology. Q: With multiple coins within this space, data storage and privacy, how do you plan to differentiate COLX from the rest? Any further partnerships planned? A: The Colossus Grid will differentiate ColossusXT from coins within the privacy space. The ColossusXT blockchain will differentiate us from the DATA storage space. Combining these two features with the ability to buy and sell computing power to complete different computational tasks through a decentralized marketplace. We intend to involve more businesses and individuals within the community and will invite many companies to join in connecting the grid to utilize shared resources and reduce energy waste globally when the BETA is available. Q: Has colossus grid had the best come up out of all crypto coins? A: Possibly. ColossusXT will continue to “come up” as we approach the launch of the Colossus Grid network. Q: How far have Colossus gone in the ATM integration A: ColossusXT intends to and will play an important role in the mass adoption of cryptocurrencies. We already have an ongoing partnership with PolisPay which will enable use of COLX via master debit cards. Along with this established relationship, ColossusXT team is in touch with possible companies to use colx widely where these can only be disclosed upon mutual agreement. Q: How does COLX intend to disrupt the computing industry through Grid Computing? A: Using the Colossus Grid on the ColossusXT blockchain, strengthens the network. Computers sit idly by for huge portions of the day. Connecting to the Colossus Grid and contributing those idle resources can make use of all the computing power going to waste, and assist in advancing multiple technology sectors and solving issues. Reducing costs, waste, and increased speed in technology sectors such as scientific research, machine learning, cyber security, and making it possible for anyone with a desktop PC to contribute resources to the Colossus Grid and earn passive income. Q: What kind of partnerships do you have planned and can you share any of them? :) A: The ColossusXT team will announce partnerships when they are available. It’s important to finalize all information and create strong avenues of communication between partners ColossusXT works with in the future. We are currently speaking with many different exchanges, merchants, and discussing options within our technology sector for utilizing the Colossus Grid. Q: Will shared Masternodes be offered by the COLX team? Or will there be any partnerships with something like StakingLab, StakeUnited, or SimplePosPool? StakingLab allows investors of any size to join their shared Masternodes, so any investor of any size can join. Is this a possibility in the future? A: ColossusXT has already partnered with StakingLab. We also plan to implement shared Masternodes in the desktop wallet. Q: How innovative is the Colossus Grid in the privacy coin space? A: Most privacy coins are focused on being just a currency / form of payment. No other project is attempting to do what we are doing with a focus on user privacy. Q: Hey guys do you think to integrated with some other plataforms like Bancor? I would like it! A: ColossusXT is in touch with many exchange platforms, however, due to non disclosure agreements details cannot be shared until it is mutually decided with the partners. We will always be looking for new platforms to spread the use of colx in different parts of the world and crypto space. Q: What is the reward system for the master node owners? A: From block 388.800 onwards, block reward is 1200 colx and this is split based on masternode ownestaker ratio. This split is based on see-saw algorithm. With an increasing number of masternodes the see-saw algorithm disincentivizes the establishment of even more masternodes because it lowers their profitability. To be precise, as soon as more than 41.5% of the total COLX coin supply is locked in masternodes, more than 50% of the block reward will be distributed to regular staking nodes. As long as the amount of locked collateral funds is below the threshold of 41.5%, the see-saw algorithm ensure that running a masternode is financially more attractive than running a simple staking node, to compensate for the additional effort that a masternode requires in comparison to a simple staking node.Please refer to our whitepaper for more information. Q: What other marketplaces has the COLX team been in contact with? Thanks guys! Love the coin and staff A: ColossusXT gets in touch for different platforms based on community request and also based on partnership requests received upon ColossusXT business team’s mutual agreement. Unfortunately, these possibilities cannot be shared until they are mutually agreed between the partners and ColossusXT team due to non disclosure agreements. Q:What do you think about the new rules that will soon govern crypto interactions in the EU?they are against anonymous payments A: Blockchain technology is just now starting to become clear to different governments. ColossusXT's privacy features protect the end-user from oversharing personal information. As you are probably aware from the multiple emails you've received recently from many websites. Privacy policies are always being updated and expanded upon. The use of privacy features with utility coins like ColossusXT should be a regular norm throughout blockchain. This movement is part is about decentralization as much as it is about improving technology. While this news may have a role to play. I don't think it is THE role that will continuously be played as blockchain technology is implemented throughout the world. Q: Any hints on the next big feature implementation you guys are working on? According to road map - really excited to hear more about the Shared MN and the scale of the marketplace! A: Current work is focused on the privacy layer of Colossus Grid and completing the updated wallet interface. Q: Why choose COLX, or should I say why should we believe in COLX becoming what you promise in the roadmap. What are you different from all the other privacy coins with block chain establishment already in effect? A: ColossusXT is an environmentally friendly Proof of Stake, with Masternode technology that provide dual layers of protection from 51% attacks. It includes privacy features that protect the user while the utilize resources from the Colossus Grid. Some of the previous questions within this AMA may also answer this question. Q: What tradeoffs do you have using the Colossus Grid versus the more typical distribution? A: The advantage of supercomputers is that since data can move between processors rapidly, all of the processors can work together on the same tasks. Supercomputers are suited for highly-complex, real-time applications and simulations. However, supercomputers are very expensive to build and maintain, as they consist of a large array of top-of-the-line processors, fast memory, custom hardware, and expensive cooling systems. They also do not scale well, since their complexity makes it difficult to easily add more processors to such a precisely designed and finely tuned system.By contrast, the advantage of distributed systems (Like Colossus Grid) is that relative to supercomputers they are much less expensive. Many distributed systems make use of cheap, off-the-shelf computers for processors and memory, which only require minimal cooling costs. In addition, they are simpler to scale, as adding an additional processor to the system often consists of little more than connecting it to the network. However, unlike supercomputers, which send data short distances via sophisticated and highly optimized connections, distributed systems must move data from processor to processor over slower networks making them unsuitable for many real-time applications. Q: Why should I choose Colossus instead of another 100,000 altcoins? A: Many of these alt-coins are all very different projects. ColossusXT is the only Grid computing project with a focus on user privacy. We have instant transactions, and zero-fee transactions and ColossusXT is one of the very few coins to offer live support. Check out our Whitepaper! Q: Will there be an option (in the future) to choose between an anonymous or public transaction? A: Zerocoin is an evolution of the current coin mixing feature. Both allow an individual to decide how they would like to send their transactions. Q: What exchange has highest volume for ColossusXT, and are there any plans for top exchanges soon ? A: Currently Cryptopia carries the majority of ColossusXT volume. We are speaking with many different exchanges, and preparing requested documentation for different exchanges. ColossusXT intends to be traded on every major exchange globally. Q: What is the TPS speed that colx blockchain achieves? A: ColossusXT achieves between 65-67 TPS depending on network conditions currently. Q: Plans on expanding the dev team? A: As development funds allow it, the team will be expanded. Development costs are high for a unique product like ColossusXT, and a good majority of our budget is allocated to it. Q: Can you explain what is and what are the full porpose of the COLOSSUSXT GRID PROJECT ? A: Colossus Grid is explained in the whitepaper. The uses for grid computing and storage are vast, and we are only starting to scratch the surface on what this type of computing power can do. There is also a description within the formatting context within the AMA of the Colossus Grid. Q: Is there mobile wallet for Android and iOS? If not, is there a roadmap? A: There Android wallet is out of beta and on the Google PlayStore: iOS wallet is planned for development. The roadmap can be found here: https://colossusxt.io/roadmap/ Q: Is ColossusXT planning on partnering up with other cryptocurrency projects? Such as: Bread and EQUAL. A: ColossusXT plans on partnering with other crypto projects that make sense. We look for projects that can help alleviate some of our development work / provide quality of life upgrades to our investors so that we can focus on Colossus Grid development. When absolutely love it when the community comes to us with great projects to explore. Q: Did you ever considered a coinburn? Don't you think a coin burn will increase COLX price and sustain mass adoption? Do you plan on keeping the price of COLX in a range so the potential big investors can invest in a not so much volatile project? A**:** There are no plans to do a coinburn at this time. Please check out our section in the whitepaper about the supply. Q: what is the next big exchange for colx to be listed ? A: There are several exchanges that will be listing ColossusXT soon. Stay tuned for updates within the community as some have already been announced and future announcements.
Q: How will Colx compete with other privacy coins which claim to be better like Privacy? A: ColossusXT is not competing with other privacy coins. ColossusXT will evolve into the Colossus Grid, which is built on the backbone of a privacy blockchain. In our vision, all these other privacy coins are competing for relevancy with ColossusXT. There are also similar responses to question that may hit on specifics. Q: Does COLX have a finite number of coins like bitcoin? A: No, ColossusXT is Proof of Stake. https://en.wikipedia.org/wiki/Proof-of-stake Q: What are the advantages of COLX over other competitor coins (eg. ECA)? A: The only similarities between ColossusXT and Electra is that we are both privacy blockchains. ColossusXT is very much an entirely different project that any other privacy coin in the blockchain world today. The Colossus Grid will be a huge advantage over any other privacy coin. Offering the ability for a desktop machine to rent power from others contributing to the Colossus Grid and perform and compute high level tasks. Q: How do you feel about some countries frowning upon privacy coins and how do you plan to change their minds (and what do you plan to do about it?) A: The ColossusXT team tries to view opinions from multiple perspectives so that we can understand each line of thinking. As blockchain technology becomes more widely adopted, so will the understanding of the importance of the privacy features within ColossusXT. Privacy is freedom. Q: How do you see COLX in disrupting cloud gaming services such as PlayStation Now? A: Cloud gaming services have not been discussed. Initial marketing of our private grid computing framework will be targeted at homes users, governments, and cyber security firms who may require more discretion / anonymity in their work. Q: Since colx is a privacy coin and is known for its privacy in the transactions due to which lot of money laundering and scams could take place, would colx and its community be affected due to it? And if does then how could we try to prevent it? A: ColossusXT intends to be known for the Colossus Grid. The Colossus Grid development will be moved up from Q1 2019 to Q3 2018 to reflect this message and prevent further miscommunication about what privacy means for the future of ColossusXT. Previous answers within this AMA may further elaborate on this question. Q: When do you plan to list your coin on other "bigger" exchanges? A: ColossusXT is speaking with many different exchanges. These things have many different factors. Exchanges decide on listing dates and we expect to see ColossusXT listed on larger exchanges as we approach the Colossus Grid Beta. The governance system can further assist in funding. Q: What was the rationale behind naming your coin ColossusXT? A:Colossus was a set of computers developed by British codebreakers in the years 1943–1945. XT symbolises ‘extended’ as the coin was forked from the original Cv2 coin. Q: Can you give any details about the E Commerce Marketplace, and its progress? A: The Ecommerce Marketplace is a project that will receive attention after our development pass on important privacy features for the grid. In general, our roadmap will be changing to put an emphasis on grid development. Q: How will someone access the grid, and how will you monetize using the grid? Will there be an interface that charges COLX for time on the grid or data usage? A: The Colossus Grid will be integrated within the ColossusXT wallet. Buying & Selling resources will happen within the wallet interface. You won't be able to charge for "time" on the grid, and have access to unlimited resources. The goal is to have users input what resources they need, and the price they are willing to pay. The Colossus Grid will then look for people selling resources at a value the buyer is willing to pay. Time may come into play based on which resources you are specifically asking for. Q: Are there any plans to launch an official YouTube channel with instructional videos about basic use of the wallets and features of COLX? Most people are visually set and learn much faster about wallets when actually seeing it happen before they try themselves. This might attract people to ColossusXT and also teach people about basic use of blockchain and cryptocurrency wallets. I ask this because I see a lot of users on Discord and Telegram that are still learning and are asking a lot of real basic questions. A: ColossusXT has an official YT account with instructional videos: https://www.youtube.com/channel/UCCmMLUSK4YoxKvrLoKJnzng Q: What are the usp's of colx in comparing to other privacy coins? A: Privacy coins are a dime a dozen. ColossusXT has different end goals than most privacy coins, and this cannot be stated enough. Our goal is not just to be another currency, but to build a sophisticated computing resource sharing architecture on top of the privacy blockchain. Q: A new exchange will probably gain more liquidity for our coin. If you might choose 3 exchanges to get COLX listed, what would be your top 3? A: ColossusXT intends to be listed on all major exchanges globally. :) Q: What is the future of privacy coins? What will be the future colx userbase (beyond the first adopters and enthusiasts)? A: The future of privacy is the same it has always been. Privacy is something each and everyone person owns, until they give it away to someone else. Who is in control of your privacy? You or another person or entity?The future of the ColossusXT user base will comprise of early adopters, enthusiast, computer science professionals, artificial intelligence, and computational linguistics professionals for which these users can utilize the Colossus Grid a wide range of needs. Q: Will ColossusXT join more exchanges soon?? A: Yes. :) Q: So when will Colossus put out lots of advertisement to the various social media sites to get better known? Like Youtube videos etc. A: As we get closer to a product launch of the Colossus Grid, you’ll begin to see more advertisements, YouTubers, and interviews. We’re looking to also provide some presentations at blockchain conferences in 2018, and 2019. Q: In your opinion, what are some of the issues holding COLX back from wider adoption? In that vein, what are some of the steps the team is considering to help address those issues? A: One of the main issues that is holding ColossusXT back from a wider adoption is our endgame is very different from other privacy coins. The Colossus Grid. In order to address this issue, the ColossusXT team intends to have a Colossus Grid Beta out by the end of Q4 and we will move development of the Colossus Grid from Q1 2019 to Q3 2018. Q: Or to see it from another perspective - what are some of the biggest issues with crypto-currency and how does COLX address those issues? A: Biggest issue is that cryptocurrency is seen as a means to make quick money, what project is going to get the biggest “pump” of the week, and there is not enough focus on building blockchain technologies that solve problems or creating legitimate business use cases. For the most part we believe the base of ColossusXT supporters see our end-game, and are willing to provide us with the time and support to complete our vision. The ColossusXT team keeps its head down and keeps pushing forward. Q: I know it's still early in the development phase but can you give a little insight into what to look forward to regarding In-wallet voting and proposals system for the community? How much power will the community have regarding the direction COLX development takes in the future? A: The budget and proposal system is detailed in the whitepaper. Masternode owners vote on and guide the development of ColossusXT by voting on proposals put forth by the community and business partners. Our goal is to make this process as easy and accessible as possible to our community. Q: Will there be an article explaining the significance of each partnership formed thus far? A: Yes, the ColossusXT team will announce partners on social media, and community outlets. A detailed article of what partnerships mean will be available on our Medium page: https://medium.com/@colossusxt Q: What potential output from the Grid is expected and what would it's use be? For example, x teraflops which could process y solutions to protein folding in z time. A: There are many uses for grid computing. A crypto enthusiast mining crypto, a cyber security professional cracking a password using brute force, or a scientist producing climate prediction models. The resources available to put towards grid projects will be determined by the number of nodes sharing resources, and the amount of resources an individual is willing to purchase with COLX. All individuals will not have access to infinite grid resources. Q: Is there a paper wallet available? A: Yes, see https://mycolxwallet.org Q: Is there a possibility of implementing quantum computer measures in the future? A: This is a great idea for potentially another project in the future. Currently this is not possible with the Colossus Grid. Instead of bits, which conventional computers use, a quantum computer uses quantum bits—known as qubits. In classical computing, a bit is a single piece of information that can exist in two states – 1 or 0. Quantum computing uses quantum bits, or 'qubits' instead. These are quantum systems with two states. However, unlike a usual bit, they can store much more information than just 1 or 0, because they can exist in any superposition of these values. Q: Do you plan to do a coin burn? A: No future coin burns are planned. Anything like this would go through a governance proposal and Masternode owners would vote on this. This is not anything we’ve seen within the community being discussed. Q: Can I check the exact number of current COLX master node and COLX staking node? A: Yes. You can view the Masternodes and the amount of ColossusXT (COLX) being staked by viewing the block explorer. Block explorer: https://chainz.cryptoid.info/colx/#!extraction Q: What incentive could we give a youtuber to do the BEST video of ColossusXT (COLX)? A: We've been approached by several YouTubers. The best thing a YouTuber can do is understand what ColossusXT is, join the community, ask questions if there is something they don't understand. The problem with many YouTubers is that some of them are just trying to get paid, they don't really care to provide context or research a project. Disclaimer: This is not all YouTubers, but many. Q: In which ways is the ColossusGrid different from other supercomputer / distributed computing projects out there. Golem comes to mind. Thanks! A: The main difference is that we are focused on the end users privacy, and the types of users that we will be targeting will be those that need more discretion / anonymity in their work. We are building framework that will continue to push the boundaries of user privacy as it relates to grid computing. Q: Can we please complete our roadmap ahead of schedule? I find most other coins that do this actually excell in terms of price and community members. Keep on top of the game :) A: The Colossus XT roadmap is a very fluid document, and it is always evolving. Some items are moved up in priority, and others are moved back. The roadmap should not be thought of something that is set in stone. Q: Does COLX have master nodes? A: Yes. ColossusXT has masternodes. Q: Have thought about providing a method to insert a form of payment in colx in any page that wants to use cryptocurrencies in a fast and simple way in order to masive adoption???? A: There is already this option.https://mycryptocheckout.com/coins/ Q: What do you think your community progress till now? A: The community has grown greatly in the last 3 months. We’re very excited to go from 13 to 100 questions in our quarterly AMA. Discord, Telegram, and Twitter are growing everyday. Q: I noticed on Roadmap: Coinomi and ahapeshift wallet integration. Can you tell me more about this? I am new in crypto and new ColX investor so I don't know much about this. Thanks and keep a good work. A: Coinomi is a universal wallet. ColossusXT will have multiple wallet platforms available to it. Shapeshift allows you to switch one crypto directly for another without the use of a coupler (BTC). Q: Is "A general-purpose decentralized marketplace" written in the whitepaper the same as "E-COMMERCE MARKETPLACE" written on the roadmap? Please tell me about "A general-purpose decentralized marketplace" or "E-COMMERCE MARKETPLACE" in detail. A: Details will be posted as we get closer to the marketplace. It will be similar to other marketplaces within blockchain. Stay tuned for more information by following us on Twitter. Q: History has shown that feature-based technologies always get replaced by technologies with platforms that incorporate those features; what is colossius big picture? A: The Colossus Grid. Which has been explained within this AMA in a few different ways. Q: What are the main objectives for COLX team this year? Provide me 5 reason why COLX will survive in a long term perspective? Do you consider masternodes working in a private easy to setup wallet on a DEX network? Already big fan, have a nice day! A: Getting into Q3 our main object is to get a working product of the Colossus Grid by the end of Q4.
Community - Our community is growing everyday as knowledge about what we’re building grows. When the Colossus Grid is online we expect expansion to grow at a rapid pace as users connect to share resources.
Team - The ColossusXT team will continue to grow. We are stewards of a great community and an amazing project. Providing a level of support currently unseen in many other projects through Discord. The team cohesion and activity within the community is a standard we intend to set within the blockchain communities.
Features - ColossusXT and The Colossus Grid will have user friendly AI. We understand the difficulties when users first enter blockchain products. The confusion between keys, sending/receiving addresses, and understanding available features within. Guides will always be published for Windows/Mac/Linux with updates so that these features can be easily understood.
Colossus Grid - The Colossus Grid answers real world problems, and provides multiple solutions while also reducing energy consumption.
Use Case - Many of the 1000+ other coins on the market don’t have the current use-case that ColossusXT has, let alone the expansion of utility use-cases in multiple sectors.
BTC is centralized and filled with misinformation/censorships and controlled by a single entity. However, their propaganda has worked wonders and made many people think the opposite. The fact is, Bitcoin Cash is magnitudes more decentralized...
Credits To thepaip and singularity87 TLDR: BTC is centralized and filled with misinformation/censorships and controlled by a single entity. However, their propaganda has worked wonders and made many people think the opposite. The fact is, Bitcoin Cash is magnitudes more decentralized in terms of miners, multiple independent development/research teams, etc. There are 3 things that cannot be hidden for long; the sun, the moon, and the truth. Educate yourself and spread the truth. This is the only way to make a stand against misinformation and censorships. People should get the full story of bitcoin because it is probably one of the strangest of all reddit subs. bitcoin, the main sub for the bitcoin community is held and run by a person who goes by the pseudonym u/theymos. Theymos not only controls bitcoin, but also bitcoin.org and bitcointalk.com. These are top three communication channels for the bitcoin community, all controlled by just one person. For most of bitcoin's history this did not create a problem (at least not an obvious one anyway) until around mid 2015. This happened to be around the time a new player appeared on the scene, a for-profit company called Blockstream. Blockstream was made up of/hired many (but not all) of the main bitcoin developers. (To be clear, Blockstream was founded before mid 2015 but did not become publicly active until then). A lot of people, including myself, tried to point out there we're some very serious potential conflicts of interest that could arise when one single company controls most of the main developers for the biggest decentralised and distributed cryptocurrency. There were a lot of unknowns but people seemed to give them the benefit of the doubt because they were apparently about to release some new software called "sidechains" that could offer some benefits to the network. Not long after Blockstream came on the scene the issue of bitcoin's scalability once again came to forefront of the community. This issue came within the community a number of times since bitcoins inception. Bitcoin, as dictated in the code, cannot handle any more than around 3 transactions per second at the moment. To put that in perspective Paypal handles around 15 transactions per second on average and VISA handles something like 2000 transactions per second. The discussion in the community has been around how best to allow bitcoin to scale to allow a higher number of transactions in a given amount of time. I suggest that if anyone is interested in learning more about this problem from a technical angle, they go to btc and do a search. It's a complex issue but for many who have followed bitcoin for many years, the possible solutions seem relatively obvious. Essentially, currently the limit is put in place in just a few lines of code. This was not originally present when bitcoin was first released. It was in fact put in place afterwards as a measure to stop a bloating attack on the network. Because all bitcoin transactions have to be stored forever on the bitcoin network, someone could theoretically simply transmit a large number of transactions which would have to be stored by the entire network forever. When bitcoin was released, transactions were actually for free as the only people running the network were enthusiasts. In fact a single bitcoin did not even have any specific value so it would be impossible set a fee value. This meant that a malicious person could make the size of the bitcoin ledger grow very rapidly without much/any cost which would stop people from wanting to join the network due to the resource requirements needed to store it, which at the time would have been for very little gain. Towards the end of the summer last year, this bitcoin scaling debate surfaced again as it was becoming clear that the transaction limit for bitcoin was semi regularly being reached and that it would not be long until it would be regularly hit and the network would become congested. This was a very serious issue for a currency. Bitcoin had made progress over the years to the point of retailers starting to offer it as a payment option. Bitcoin companies like, Microsoft, Paypal, Steam and many more had began to adopt it. If the transaction limit would be constantly maxed out, the network would become unreliable and slow for users. Users and businesses would not be able to make a reliable estimate when their transaction would be confirmed by the network. Users, developers and businesses (which at the time was pretty much the only real bitcoin subreddit) started to discuss how we should solve the problem bitcoin. There was significant support from the users and businesses behind a simple solution put forward by the developer Gavin Andreesen. Gavin was the lead developer after Satoshi Nakamoto left bitcoin and he left it in his hands. Gavin initially proposed a very simple solution of increasing the limit which was to change the few lines of code to increase the maximum number of transactions that are allowed. For most of bitcoin's history the transaction limit had been set far far higher than the number of transactions that could potentially happen on the network. The concept of increasing the limit one time was based on the fact that history had proven that no issue had been cause by this in the past. A certain group of bitcoin developers decided that increasing the limit by this amount was too much and that it was dangerous. They said that the increased use of resources that the network would use would create centralisation pressures which could destroy the network. The theory was that a miner of the network with more resources could publish many more transactions than a competing small miner could handle and therefore the network would tend towards few large miners rather than many small miners. The group of developers who supported this theory were all developers who worked for the company Blockstream. The argument from people in support of increasing the transaction capacity by this amount was that there are always inherent centralisation pressure with bitcoin mining. For example miners who can access the cheapest electricity will tend to succeed and that bigger miners will be able to find this cheaper electricity easier. Miners who have access to the most efficient computer chips will tend to succeed and that larger miners are more likely to be able to afford the development of them. The argument from Gavin and other who supported increasing the transaction capacity by this method are essentially there are economies of scale in mining and that these economies have far bigger centralisation pressures than increased resource cost for a larger number of transactions (up to the new limit proposed). For example, at the time the total size of the blockchain was around 50GB. Even for the cost of a 500GB SSD is only $150 and would last a number of years. This is in-comparison to the $100,000's in revenue per day a miner would be making. Various developers put forth various other proposals, including Gavin Andresen who put forth a more conservative increase that would then continue to increase over time inline with technological improvements. Some of the employees of blockstream also put forth some proposals, but all were so conservative, it would take bitcoin many decades before it could reach a scale of VISA. Even though there was significant support from the community behind Gavin's simple proposal of increasing the limit it was becoming clear certain members of the bitcoin community who were part of Blockstream were starting to become increasingly vitriolic and divisive. Gavin then teamed up with one of the other main bitcoin developers Mike Hearn and released a coded (i.e. working) version of the bitcoin software that would only activate if it was supported by a significant majority of the network. What happened next was where things really started to get weird. After this free and open source software was released, Theymos, the person who controls all the main communication channels for the bitcoin community implemented a new moderation policy that disallowed any discussion of this new software. Specifically, if people were to discuss this software, their comments would be deleted and ultimately they would be banned temporarily or permanently. This caused chaos within the community as there was very clear support for this software at the time and it seemed our best hope for finally solving the problem and moving on. Instead a censorship campaign was started. At first it 'all' they were doing was banning and removing discussions but after a while it turned into actively manipulating the discussion. For example, if a thread was created where there was positive sentiment for increasing the transaction capacity or being negative about the moderation policies or negative about the actions of certain bitcoin developers, the mods of bitcoin would selectively change the sorting order of threads to 'controversial' so that the most support opinions would be sorted to the bottom of the thread and the most vitriolic would be sorted to the top of the thread. This was initially very transparent as it was possible to see that the most downvoted comments were at the top and some of the most upvoted were at the bottom. So they then implemented hiding the voting scores next to the users name. This made impossible to work out the sentiment of the community and when combined with selectively setting the sorting order to controversial it was possible control what information users were seeing. Also, due to the very very large number of removed comments and users it was becoming obvious the scale of censorship going on. To hide this they implemented code in their CSS for the sub that completely hid comments that they had removed so that the censorship itself was hidden. Anyone in support of scaling bitcoin were removed from the main communication channels. Theymos even proudly announced that he didn't care if he had to remove 90% of the users. He also later acknowledged that he knew he had the ability to block support of this software using the control he had over the communication channels. While this was all going on, Blockstream and it's employees started lobbying the community by paying for conferences about scaling bitcoin, but with the very very strange rule that no decisions could be made and no complete solutions could be proposed. These conferences were likely strategically (and successfully) created to stunt support for the scaling software Gavin and Mike had released by forcing the community to take a "lets wait and see what comes from the conferences" kind of approach. Since no final solutions were allowed at these conferences, they only served to hinder and splinter the communities efforts to find a solution. As the software Gavin and Mike released called BitcoinXT gained support it started to be attacked. Users of the software were attack by DDOS. Employees of Blockstream were recommending attacks against the software, such as faking support for it, to only then drop support at the last moment to put the network in disarray. Blockstream employees were also publicly talking about suing Gavin and Mike from various different angles simply for releasing this open source software that no one was forced to run. In the end Mike Hearn decided to leave due to the way many members of the bitcoin community had treated him. This was due to the massive disinformation campaign against him on bitcoin. One of the many tactics that are used against anyone who does not support Blockstream and the bitcoin developers who work for them is that you will be targeted in a smear campaign. This has happened to a number of individuals and companies who showed support for scaling bitcoin. Theymos has threatened companies that he will ban any discussion of them on the communication channels he controls (i.e. all the main ones) for simply running software that he disagrees with (i.e. any software that scales bitcoin). As time passed, more and more proposals were offered, all against the backdrop of ever increasing censorship in the main bitcoin communication channels. It finally come down the smallest and most conservative solution. This solution was much smaller than even the employees of Blockstream had proposed months earlier. As usual there was enormous attacks from all sides and the most vocal opponents were the employees of Blockstream. These attacks still are ongoing today. As this software started to gain support, Blockstream organised more meetings, especially with the biggest bitcoin miners and made a pact with them. They promised that they would release code that would offer an on-chain scaling solution hardfork within about 4 months, but if the miners wanted this they would have to commit to running their software and only their software. The miners agreed and the ended up not running the most conservative proposal possible. This was in February last year. There is no hardfork proposal in sight from the people who agreed to this pact and bitcoin is still stuck with the exact same transaction limit it has had since the limit was put in place about 6 years ago. Gavin has also been publicly smeared by the developers at Blockstream and a plot was made against him to have him removed from the development team. Gavin has now been, for all intents an purposes, expelled from bitcoin development. This has meant that all control of bitcoin development is in the hands of the developers working at Blockstream. There is a new proposal that offers a market based approach to scaling bitcoin. This essentially lets the market decide. Of course, as usual there has been attacks against it, and verbal attacks from the employees of Blockstream. This has the biggest chance of gaining wide support and solving the problem for good. To give you an idea of Blockstream; It has hired most of the main and active bitcoin developers and is now synonymous with the "Core" bitcoin development team. They AFAIK no products at all. They have received around $75m in funding. Every single thing they do is supported by theymos. They have started implementing an entirely new economic system for bitcoin against the will of it's users and have blocked any and all attempts to scaling the network in line with the original vision. Although this comment is ridiculously long, it really only covers the tip of the iceberg. You could write a book on the last two years of bitcoin. The things that have been going on have been mind blowing. One last thing that I think is worth talking about is the u/bashco's claim of vote manipulation. The users that the video talks about have very very large numbers of downvotes mostly due to them having a very very high chance of being astroturfers. Around about the same time last year when Blockstream came active on the scene every single bitcoin troll disappeared, and I mean literally every single one. In the years before that there were a large number of active anti-bitcoin trolls. They even have an active sub buttcoin. Up until last year you could go down to the bottom of pretty much any thread in bitcoin and see many of the usual trolls who were heavily downvoted for saying something along the lines of "bitcoin is shit", "You guys and your tulips" etc. But suddenly last year they all disappeared. Instead a new type of bitcoin user appeared. Someone who said they were fully in support of bitcoin but they just so happened to support every single thing Blockstream and its employees said and did. They had the exact same tone as the trolls who had disappeared. Their way to talking to people was aggressive, they'd call people names, they had a relatively poor understanding of how bitcoin fundamentally worked. They were extremely argumentative. These users are the majority of the list of that video. When the 10's of thousands of users were censored and expelled from bitcoin they ended up congregating in btc. The strange thing was that the users listed in that video also moved over to btc and spend all day everyday posting troll-like comments and misinformation. Naturally they get heavily downvoted by the real users in btc. They spend their time constantly causing as much drama as possible. At every opportunity they scream about "censorship" in btc while they are happy about the censorship in bitcoin. These people are astroturfers. What someone somewhere worked out, is that all you have to do to take down a community is say that you are on their side. It is an astoundingly effective form of psychological attack. Source: https://np.reddit.com/BitcoinMarkets/comments/6rxw7k/informative_btc_vs_bch_articles/dl8v4lp/ Sources: https://twitter.com/adam3us/status/633119949943275520 https://www.reddit.com/Bitcoin/comments/3hb63g/bip_suggestion_lock_the_blockchain_to_only/cu5v2u2/ https://www.reddit.com/Bitcoin/comments/3h9cq4/its_time_for_a_break_about_the_recent_mess/ https://www.reddit.com/Bitcoin/comments/3uu3we/bitstamp_will_switch_to_bip_101_this_decembe https://www.reddit.com/Bitcoin/comments/3uu3we/bitstamp_will_switch_to_bip_101_this_decembecxi370c/ https://www.reddit.com/Bitcoin/comments/3rejl9/coinbase_ceo_brian_armstrong_bip_101_is_the_best/cwpglh6 https://www.reddit.com/Bitcoin/comments/3axnc3/this_is_the_definition_of_fud_how_to_subvert/ https://www.reddit.com/btc/comments/3z0pkq/theymos_caught_redhanded_why_he_censors_all_the/ http://pastebin.com/1kvuj5bw https://www.reddit.com/btc/comments/418r0l/lukejr_is_already_trying_to_sabotage_bitcoin/ https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7#.cjuafsypy https://www.reddit.com/Bitcoin/comments/3axnc3/this_is_the_definition_of_fud_how_to_subvert/ https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff#.g42rjs2ew https://news.bitcoin.com/bitcoin-classic-targeted-by-ddos-attacks/ https://www.reddit.com/btc/comments/5h2wiv/was_theymos_running_a_botnet_in_2007_theymos/? https://www.reddit.com/btc/comments/5fm11b/unullc_is_actively_trying_to_delete_satoshi_from/? https://github.com/BitcoinUnlimited/BitcoinUnlimited/pull/180#discussion_r91823463
The past couple of months, especially the last week, has been pretty euphoric for the price of our green coin. In this post I want to attempt to explain how we got here, where we are now and what's next. Tell me if I missed something, or if my interpretation of what happened (or what is to come) is not how you see things. Obviously this is all my personal opinion, I hope it will start a healthy discussion about the future of the coin and it's community! How we got here To explain the recent bull run we have to look back a couple of months. Vertcoin implemented segwit and was one of the first coins to complete an atomic swap. Personally this was the first time I heard of the coin, after reading around for a bit I didn't think too much of it; “oh an other Bitcoin clone with some extra gimmicks, cool.” Obviously there would be a spike in price because of the attention, but I didn't yet realize what potential the coin had or what made it unique. Judging by the price action I wasn't the only one. The community seemed nice and ASIC resistance seemed like a smart hedge against the bigger PoW coins, but a small coin is still a small coin. Who knows what happens next right? Well some of you did... Skip forward a few months and the whole Segwit2x debate starts to get more and more serious and uncertainty about the future market starts to grow. I don't want to get into a debate about this one. Simply because there doesn't seem to be any genuine debate about it at all. It feels like the whole debacle devolved in both parties regurgitating their talking points and pointing out how the opposing side is lying/power hungry/satan himself. What did bother me quite a bit (bit! Get it?) was the fact that market forces was pretty much left out of this discussion. Which is a bad sign to me. Ideology and principle is fine and all, but we have to go with what works, not with what is forced the hardest. We are talking about creating an alternative currency to fiat based on neutrality principle, how is market mechanism not the main tool?! Well that's where the ASIC centralization rears it's head. This whole debacle wouldn't have gone this far if mining power was spread evenly, if both parties can't agree they can split up and start their own project. Now we have 2 parties that are straight up hostile towards each other and the normal user can either join one party or watch from the sideline. This is where I started to look for alternatives for Bitcoin because I was done with the whole centralization problem. At first I moved in to Litecoin, but this coin is actually as centralized, or even more, as Bitcoin is. All though I love that community and the hard work the developers put in, hell vertcoin wouldn't be here without them, I couldn't get over the idea that Litecoin now might be a good alternative for what I want in a coin, but it isn't this way because the users demanded it, it's this way because the miners allow it to be. This is (obviously) the point I bought Vertcoin, the whole ASIC resistance thing started to make a whole lot of sense all of a sudden. Where we are now I'm guessing the most recent bull run didn't start because of these events, the Ledger adaptation seemed to be the main initial driver. People were reminded that Vertcoin existed and most probably realized that Ledger exposure means more price action. This exposure did create awareness about the ASIC resistance part. The timing is almost perfect though, the whole segwit FUD starts to reach new highs, alt market goes down and the people who lost confidence in the Bitcoin project start to look for alternatives, and Vertcoin says hello. This massive bull run might not be close to done yet, considering the general uncertainty in the rest of the cryptomarket. Vertcoin, at the moment, is a good hedge against ASIC coins while other alts are sinking. The momentum now reminds me of the insane run ANS/NEO had a while back. At a certain point more and more people notice this coin that just keeps making massive gains, has a solid foundation, a low price and a relative small market cap. It's not unthinkable this run will keep going during this FUD month, I would absolutely not be surprised if Vertcoin hits top 20 within a month because of this, but there will be a correction. Especially if this run keeps going, it will mean more people buy Vertcoin to profit short term instead of buying it for it's long term potential. So... What's next? I think this is the beauty of Vertcoin. Since we are ASIC resistant it means everyone can profit from mining, which mean EVERYONE should mine. I'd like to compare Vertcoin's method to an other ASIC resistant coin, Monero. Monero shares this part of the philosophy, the coin should be by the people, for the people. BUT, the Monero mining isn't the easiest to get into. It's mostly a tech savvy and highly ideological motivated crowd. This group isn't that adverse to put in the effort to mine. However, this is not the target group Vertcoin aims for, Vertcoin seems to go for more general adaptation. This is where Vertcoin shines, the one click miner makes it easy for the beginner to mine for themselves. It's still in beta, it's not as easy as it could be and AMD videocards aren't optimized yet, but this will all happen. Most people reading this, especially through this wall of text, will have little qualm with starting to mine Vertcoin at it's current state. Soon it will be easy enough to let mom and pop do it too! I highly encourage people to spread the word on this and start mining, because we simply need it. Last time I checked were are on 2 Thash/s, which compared to other cryptos isn't that much. Think of it like the old days of P2P downloading (member Napster and KaZaa? I member). Those networks don't work if no one seeds, our network isn't secure if people don't mine. The plus is, this time you actually get paid for participating! ASIC resistance has some other advantages and some disadvantages we shouldn't ignore. The Monero crowd realized that mining could be implemented on sites as an alternative to ads, which seems to be a great idea. The network get's more security, the coin more exposure and the humble internet surfer no ads! It does however open up other forms of centralization. Big sites implementing these methods would indirectly control a bigger portion of the hashrate. Not only this, but the mining is open for malware implementation. Why not infect some office pc's with a miner directed at your Vertcoin address? Or to go full doom and gloom, what about a double spend botnet attack on the network? These concerns are not that pressing today, we can enjoy and celebrate our achievements for now. But soon we need to get back to it. Start mining everyone and start thinking about how we can protect the network form these risks! Lastly, create awareness among other investors how easy and important it is to mine! The added bonus is of course, the more people mine, the less tempted they are to buy in and get out at a profit! EDIT: People, this is all about healthy discussion. Don't downvote opinion you don't agree with, upvote the whole debate if you think the subject is important.
I think a chaotic and constantly changing mining environment is good for decentralization. There is something called the competitive exclusion principle which states: two species competing for the same limiting resource cannot coexist at constant population values. When one species has even the slightest advantage over another, the one with the advantage will dominate in the long term. This leads either to the extinction of this competitor or to an evolutionary or behavioral shift toward a different ecological niche. https://en.m.wikipedia.org/wiki/Competitive_exclusion_principle Now, all miners are competing for the exact same thing: the block reward. If cost of electricity, cost of hardware, difficulty/difficulty increase, and every other factor were constant, the most savvy miner could continuously reinvest their profits and eventually overtake the entire network. The more constant it is, the more likely you'll see centralization: look at how few and how big the mining pools for Bitcoin are becoming. Imagine if a government were to strategically reduce/remove taxes and subsidize electrical costs for ASIC miners: instantly, miners in that country would be more profitable than anywhere else and soon the majority of miners would be in that country. . That country could easily have 51%+ the mining power, and ultimately could sieze the miners hardware if they don't cooperate with them. Alternatively, imagine a place with cheap electricity, and a use for the heat generated. Imagine a place like Sweden or Canada. Maybe the heat generation could be used for greenhouses or heating Walmarts since it's a cold place, and the electricity is cheap. The fact that we can have smaller GPU/CPU miners, botnet mining, browser mining, and that the GPU/CPU have higher utility for different things: different coins, gaming, artificial intelligence computation, etc, etc ultimately means we have a far higher and more chaotic environment which will ultimately reduce the risk of centralization. If a government were to try the same attack on us, we'd likely be more decentralized: web browser mining and botnets already get electricity for free. People with certain rent/dorm rooms have fixed costs and are getting their electricity for free, which combined with the fact that the barrier to entry for mining is far lower (any computer vs buying an ASIC miner from China), they are more likely to do it. Botnets are not stable. Computers get updated, exploits get fixed etc so botnet mining is a great source of chaos. ASICs, as I think we can observe in the real world is bad for decentralization. The reason they are bad is the same reason why CPU and GPU mining is good for decentralization. Anything that adds chaos and uncertainty to mining makes it more decentralized because the constantly changing environment allows for different strategies to be more profitable for certain periods of times and nothing can become so well established as to take over the network.
Bitcoin Mining is a necessary process that drives the Bitcoin Network. It was previously possible to mine bitcoins using a high end GPU or CPU, but with the creation of SHA-256 ASICs (Application ... As far as I can tell, custom-ASIC based Bitcoin mining is continuing to deploy at a fast rate, and any profit to be made from Botnet Bitcoin mining is likely to evaporate soon. BrianKrebs July 19 ... Moreover, the botnet was still under development when it was uncovered. As a result, it doesn’t have many recruiters. However, it was important to stop it before the attackers compromised more devices. We observed that the botnet performs Bitcoin mining on its victim devices on a growing scale using known mining tools such as xmrig and emech. Creating a Bitcoin-Mining Botnet at No Cost. Bitcoins are valuable, in large part because mining for bitcoins takes a lot of resources. At Black Hat a pair of researchers demonstrated that it's ... Botnet: A network of internet-connected devices that have been compromised by hackers without the knowledge of the legitimate owners. A Botnet is able to control the computers it targets by using ...
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