Mt Gox Bitcoins: Trustee Plans to Distribute BTC and BCH ...
Mt Gox Bitcoins: Trustee Plans to Distribute BTC and BCH ...
Mark Karpelès - Bitcoin Wiki
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Spreading Crypto: How Protocols Reach Mainstream Adoption
This is the first post of ourSpreading Cryptoseries where we take a deep dive into what it’ll take to help this technology reach broader adoption. We look at some of the obstacles holding it back and what strategies we think will be successful. Mick Hagen (FoundeCEO) talking about protocols and how they become adopted Like many others working in crypto, I really want to see this tech reach a larger audience. I’ve been drinking crypto kool-aid for awhile now. I bought my first Bitcoin in 2013 and have been working full-time with decentralized protocols since 2014. I’ve been through the peaks of the bull market down to the depths of the bear market. Multiple times. I would not be all-in on this technology if I wasn’t a true believer. I obviously hope that Genesis Block will play an important role. But this goes beyond self-interest. I think for most of us in the industry, increasing crypto adoption is not about money.
It’s not about dumping our bags on retail. But rather it’s about the positive impact we believe this technology can have on the lives and societies all around us.
So, how do we bring this to the masses? How do we rid ourselves of the reputational damage that came with Mt Gox and dark markets like Silk Road? How do we make this technology easier for the normals to use? Today we start answering those questions. ---
Most of the products and services that we all enjoy today use protocols that are under the hood, operating in the background. For example, when you send someone an email you’re using a protocol called SMTP. When you browse the web, you’re using the HTTP protocol. Protocols allow for applications, computers, and devices to interact with each other. They are similar to a spoken language, where they have their own set of rules and vocabulary. If two people share the same language, they can communicate with each other. Protocols are usually hard for the common person to understand because they’re very technical and provide no user interface. There are a few rare cases where the protocols themselves have made it into the cultural lingo, like Bluetooth, WiFi, and SMS. But for the most part, protocols are invisible and hidden from end-users. Other protocols that have reached broad adoption
The world did not embrace the web when the TCP/IP or HTTP protocols were first invented. Nor did they start using email when the POP, SMTP, or IMAP protocols were invented. The masses started browsing the web when AOL and Netscape were launched. They started using email when Hotmail and Gmail went live.
Protocols become adopted when an application makes them more accessible and easier to use.
Protocols become adopted when a strong team abstracts away the complexity, and delivers a compelling product experience that solves a real user pain. This is a pattern that has repeated throughout the history of technology. Other examples include XMPP (chat), VoIP (internet audio calls), WebRTC (video conferencing), and NFC (close-contact device communication). Those protocols weren’t widely adopted until the launch of applications like AIM, WhatsApp, Skype, Google Hangouts, and Apple Pay. Protocols become adopted when the killer application arrives. Screenshots of Netscape and Hotmail
If history is any indication, crypto and blockchain will be no different. Bitcoin is a protocol. Ethereum is a protocol. Decentralized Finance (DeFi) is filled with low-level protocols. What many out there don’t realize — and those within our industry don’t like to acknowledge — is that Crypto today is mostly all protocols.
Decentralized protocols won’t be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to!
Crypto protocols are the building blocks, the lego pieces, the primitives that developers can use to build applications on top of. As with the numerous protocols that came before, these innovative protocols need world-class applications. They need product experiences that can propel this exciting tech to the masses. Crypto needs great product teams that abstract away all the blockchain complexity, and deliver it in a way that is simple, convenient, and powerful. Decentralized protocols are like lego pieces
Protocols usually operate in the background. So it should be no surprise that interacting directly with crypto and decentralized protocols is raw, rough, confusing, and complicated for most “normal” people out there. Most of the crypto industry today is still focused on protocol development. That’s totally fine — we’re still at the early stages of this entire industry. But because of that protocol focus, it should be no surprise to any of us that we still haven’t seen mainstream adoption. But as an industry, we cannot forget or lose sight of what it takes to reach the masses. As Mark Twain said, “history doesn’t repeat itself, but it often rhymes.”
If we want these exciting protocols to be adopted by billions of people around the world, we’re gonna need killer applications. Just like every protocol before.
In our next post, we’ll explore the current state of application development within crypto. Are we getting closer to that killer app? What will it look like? How do we achieve it? Stay tuned, that’s all coming next. --- Other links related to this episode:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download We have a lot more content coming. Be sure to follow our channels: https://genesisblock.com/follow/
2019 - On March 14, 2019, the Tokyo District Court found Karpelès guilty of falsifying data to inflate Mt. Gox’s holdings by $33.5 million, for which he was sentenced to 30 months in prison, suspended for four years, meaning he will serve no time unless he commits additional offenses over the next four years.
2019 - In November 2019, Private Internet Access was acquired by Kape Technologies.
In 2017 Knapp sold CyberGhost to an Israeli company called Crossrider for €9.2 million. Crossrider changed its name to “Kape Technologies” in 2018 – for reasons that we’ll explain below. Now here’s where things get interesting. When you research the company Crossrider (now Kape) you learn it is a company known for infecting devices with malware. When you research the company Crossrider, you find numerous articles about Crossrider malware and adware, such as this article from Malwarebytes:
Crossrider offers a highly configurable method for its clients to monetize their software. The common method to infect end-users is software bundlers. The installers usually resort to browser hijacking. Targeted browsers are Internet Explorer, Firefox, Chrome, and sometimes Opera. Crossrider not only targets Windows machines but Macs as well.
PUP.Optional.Crossrider installs are typically triggered by bundlers that offer software you might be interested in and combine them with adware or other monetizing methods. According to Malwarebytes and many other reputable online security websites, Crossrider was hiding malware in software bundlers, which would then infect the user’s computer with “adware or other monetizing methods”.
Trust takes years to build, second to break and Forever to repair.
Why we won't have a long term bear market, and how to systematically pick your future investments in crypto
With so much uncertainty right now it would be a good time to take some time to go over what happened recently and how to invest moving foward. We've seen a peak bubble at around 850 billion total market cap in the first week of January, consolidated down to $750 billion and have now just experienced a 40% correction.
What's happening now and how bad will it get?
First of all you should realize that there is a January Dip that happens every year, when we see a roughly 20-30% decline around mid January. This year its been much more severe though for several additional factors that have compounded on top. Different theories exist on why this happens (its actually the mirror opposite of the "January Effect" that happens in the US stock market), but the two major theories are: 1) Asian markets pull into fiat because of Asian New Year spending needs 2) People in the US sell in January to defer their capital gains tax liability an extra year While this cyclic event has lead to a healthy correction in the last few years, this year we got these new factors making more fear as well:
We had a new breed of speculators come in during the NovembeDecember timeframe after media made cryptocurrency mainstream following the Bitcoin 10K landmark. While cryptocurrency markets have always had too much hype, the latest rise wasn't just over-enthusiasm in fundamentally sound cryptocurrencies like Monero and Ethereum, but mass inflows of fiat into vaporware and complete nonsense without any use case. Many people came in to essentially gamble on symbols on an exchange, and are thus short term oriented and quick to sell on any slight downturn, which such further adds to selling pressure.
So in essence we got a storm of scary news along with the usual cyclic downturn. Currently I don't see this as being a systematic crash like Mt.Gox was that would lead to a long term bear market because the fundamental ecosystem is still intact, and I suspect that after about a month we should consolidate around a new low. All the exchanges are still operational and liquid, and there is no breakdown in trust nor uncertainty whether you'll be able to cash out. What range the market trades in will all depend how Bitcoin does, right now we've already broken below 10K but I'm seeing a lot of support at around $8000, which is roughly where the long term MA curve settles. We don't know how bad it will get or what the future will bring, but as of right now we shouldn't be in a bear market yet. What should you do if you recently entered the market? If you did buy in the last few months at or near ATH, the very worst thing you can do now is sell in panic and lose your principal. You shouldn't have more money in crypto than you can afford to lose, so it shouldn't be a problem to wait. You have to realize that 30% corrections in crypto are relatively common, just last fall we had a 40% flash correction over more China fears. Unless there is a systematic breakdown like we had during Mt.Gox, the market always recovers. The other worst thing you can do is unload into Tether as your safety net. If there is one thing that could actually cause a long term destruction of trust within the cryptocurrency investment ecosystem, its Tether having a run up on their liabilities and not having enough reserve to cover the leverage. It would not only bring down exchanges but lead to years of litigation and endless media headlines that will scare off everybody from putting fiat in. I don't know when the next Mt.Gox meltdown will occur but I can almost guarantee it will involve Tether. So stay away from it. What should long term investors do? For long term holders a good strategy to follow each year is to capture profit each December and swallow the capital gains taxation liability, park a reserve of fiat at Gemini (whose US dollar deposits are FDIC-insured) and simply wait till around late January to early February to re-enter the market at a discount and hold all year until next December. You can keep a small amount in core coins in order to trade around various Q1 opportunities you anticipate. Others may choose to simply do nothing and just keep holding throughout January which is also a perfectly fine strategy. The cyclical correction usually stabilizes toward late January and early February, then we see a rise in March and generally are recovered by end of April. Obviously this decision whether to sell in December to profit on the dip and pay tax liability or to just hold will depend on your individual tax situation. Do your own math sometime in November and follow suit. Essentially revaluate your positions and trim your position sizes if you don't feel comfortable with the losses.
How to construct your portfolio going forward
Rather than seeing the correction as a disaster see it as a time to start fresh. If you have been FOMO-ing into bad cryptos and losing money now is a time to start a systematic long term approach to investing rather than gambling. Follow a methodology for evaluating each cryptocurrency Memes and lambo dreams are fun and all, but I know many of you are investing thousands of dollars into crypto, so its worth it to put some organized thought into it as well. I can't stress enough how important it is to try and logically contruct your investment decisions. If you follow a set methodology, a checklist and template you will be able to do relative comparisons between cryptocurrencies, to force yourself to consider the negatives and alternative scenarios and also sleep comfortably knowing you have a sound basis for your investment decisions (even if they turn out to be wrong). There is no ideal or "correct" methodology but I can outline mine: 1) Initial information gathering and filtering Once I identify something that looks like a good potential investment, I first go to the CoinMarketCap page for that symbol and look at the website and blockchain explorer.
Critically evaluate the website. This is the first pass of the bullshit detector and you can tell from a lot from just the website whether its a scam. If it uses terms like "Web 4.0" or other nonsensical buzzwords, if its unprofessional and has anonymous teams, stay away. Always look for a roadmap, compare to what was actually delivered so far. Always check the team, try to find them on LinkedIn and what they did in the past.
Read the whitepaper or business development plan. You should fully understand how this crypto functions and how its trying to create value. If there is no use case or if the use case does not require or benefit from a blockchain, move on. Look for red flags like massive portions of the float being assigned to the founders of the coin, vague definition of who would use the coin, anonymous teams, promises of large payouts...etc
Check the blockchain explorer. How is the token distribution across accounts? Are the big accounts holding or selling? Which account is likely the foundation account, which is the founders account?
Read the subreddit and blogs for the cryptocurrency and also evaluate the community. Try to figure out exactly what the potential use cases are and look for sceptical takes. Look at the Github repos, does it look empty or is there plenty of activity?
2) Fill out an Investment Checklist I have a checklist of questions that I find important and as I'm researching a crypto I save little snippets in Evernote of things that are relevant to answering those questions:
What is the problem or transactional inefficiency the coin is trying to solve?
What is the Dev Team like? What is their track record? How are they funded, organized?
Who is their competition and how big is the market they're targeting? What is the roadmap they created?
What current product exists?
How does the token/coin actually derive value for the holder? Is there a staking mechanism or is it transactional?
What are the weaknesses or problems with this crypto?
3) Create some sort of consistent valuation model/framework, even if its simple I have a background in finance so I like to do Excel modeling. For those who are interested in that, this article is a great start and also Chris Burniske has a great blog about using Quantity Theory of Money to build an equivalent of a DCF analysis for crypto. Here is an Excel file example of OMG done using his model. You can download this and play around with it yourself, see how the formulas link and understand the logic. Once you have a model set up the way you like in Excel you can simply alter it to account for various float oustanding schedule and market items that are unique to your crypto, and then just start plugging in different assumptions. Think about what is the true derivation of value for the coin, is it a "dividend" coin that you stake within a digital economy and collect fees or is it a currency? Use a realistic monetary velocity (around 5-10 for currency and around 1-2 for staking) and for the discount rate use at least 3x the long term return of a diversified equity fund. The benefit is that this forces you to think about what actually makes this coin valuable to an actual user within the digital economy its participating in and force you to think about the assumptions you are making about the future. Do your assumptions make sense? What would the assumptions have to be to justify its current price? You can create different scenarios in a matrix (optimistic vs. pessimistic) based on different assumptions for risk (discount rate) and implementation (adoption rates). If you don't understand the above thats perfectly fine, you don't need to get into full modeling or have a financial background. Even a simple model that just tries to derive a valuation through relative terms will put you above most crypto investors. Some simple valuation methods that anyone can do
Metcalfe's Law which states that the value of a network is proportional to the square of the number of connected users of the system (n2). So you can compare various currencies based on their market cap and square of active users or traffic.
Another easy one is simply looking at the total market for the industry that the coin is supposedly targeting and comparing it to the market cap of the coin. Think of the market cap not only with circulating supply like its shown on CMC but including total supply. For example the total supply for Dentacoin is 1,841,395,638,392, and when multiplied by its price in early January we get a market cap that is actually higher than the entire industry it aims to disrupt: Dentistry.
If its meant to be just used as just a currency: Take a look at the circulating supply and look at the amount that is in cold storage or set to be released/burned. Most cryptos are deflationary so think about how the float schedule will change over time and how this will affect price.
Once you have a model you like set up, you can compare cryptos against each other and most importantly it will require that you build a mental framework within your own mind on why somebody would want to own this coin other than to sell it to another greater fool for a higher price. Modeling out a valuation will lead you to think long term and think about the inherent value, rather than price action. Once you go through this 3-step methodology, you'll have a pretty good confidence level for making your decision and can comfortably sit back and not panic if some temporary short term condition leads to a price decrease. This is how "smart money" does it. Think about your portfolio allocation You should think first in broad terms how you allocate between "safe" and "speculative" cryptos. For new investors its best to keep a substantial portion in what would be considered largecap safe cryptos, primarily BTC, ETH, LTC. I personally consider XMR to be safe as well. A good starting point is to have between 50-70% of your portfolio in these safe cryptocurrencies. As you become more confident and informed you can move your allocation into speculative small caps. You should also think in terms of segments and how much of your total portfolio is in each segment:
You should also think about where we are in the cycle, as now given so much uncertaintly its probably best to stay heavily in core holdings and pick up a few coins within a segment you understand well. If you don't understand how enterprise solutions work or how the value chain is built through corporations, don't invest in the enteprise blockchain solutions segment. If you are a technie who loves the technology behind Cardano or IOTA, invest in that segment. Think of your "circle of competence" This is actually a term Buffet came up with, it refers to your body of knowledge that allows you to evaluate an investment. Think about what you know best and consider investing in those type of coins. If you don't know anything about how supply chains functions, how can you competently judge whether VeChain or WaltonChain will achieve adoption? This where your portfolio allocation also comes into play. You should diversify but really shouldn't be in much more than around 12 cryptos, because you simply don't have enough competency to accurately access the risk across every segment and for every type of crypto you come across. If you had over 20 different cryptos in your portfolio you should probably think about consolidating to a few sectors you understand well. Continually educate yourself about the technology and markets If you aren't already doing it: Read a bit each day about cryptocurrencies. There are decent Youtubers that talk about the market side of crypto, just avoid those that hype specific coins and look for more sceptical ones like CryptoInvestor. If you don't understand how the technology works and what the benefits of a blockchain are or how POS/POW works or what a DAG is or how mining actually works, learn first. If you don't care about the technology or find reading about it tedious, you shouldn't invest in this space at all.
Summing it up
I predicted a few days ago that we would have a major correction in 2018 specifically in the altcoins that saw massive gains in Decemebeearly January, and it seems we've already had a pretty big one. I don't think we'll have a complete meltdown like some are predicting, but some more pain may be incoming. Basically take this time to think about how you can improve your investment style and strategy. Make a commitment to value things rather than chasing FOMO, and take your time to make a decision. Long term investment will grant you much more returns as will a systematic approach. Take care and have fun investing :) Edit March 2018: Lol looking back I'm regretting starting the title with "Why we won't have a long term bear market" now, I was more karma whoring with that catchy title than anything. We recovered up to 11K from this post, but then crashed again hard later in February-March because of a slew of reasons from Tether subpeona to unforseen regulatory issues.
February — The first ever cryptocurrency exchange, Bitcoin Market, is established. The first trade takes place a month later. April — The first public bitcoin trade takes place: 1000BTC traded for $30 at an exchange rate of 0.03USD/1BTC May — The first real-world bitcoin transaction is undertaken by Laszlo Hanyecz, who paid 10000BTC for two Papa John’s pizzas (Approximately $25 USD) June — Bitcoin developer Gavin Andreson creates a faucet offering 5 free BTC to the public July — First notable usage of the word “blockchain” appears on BitcoinTalk forum. Prior to this, it was referred to as ‘Proof-of-Work chain’ July — Bitcoin exchange named Magic The Gathering Online eXchange—also known as Mt. Gox—established August —Bitcoin protocol bug leads to emergency hard fork December — Satoshi Nakamoto ceases communication with the world
January — One-quarter of the eventual total of 21M bitcoins have been generated February — Bitcoin reaches parity for the first time with USD April — Bitcoin reaches parity with EUR and GBP June — WikiLeaks begins accepting Bitcoin donations June — Mt. Gox hacked, resulting in suspension of trading and a precipitous price drop for Bitcoin August — First Bitcoin Improvement Proposal: BIP Purpose and Guidelines October — Litecoin released December — Bitcoin featured as a major plot element in an episode of ‘The Good Wife’ as 9.45 million viewers watch.
May — Bitcoin Magazine, founded by Mihai Alisie and Vitalik Buterin, publishes first issue July — Government of Estonia begins incorporating blockchain into digital ID efforts September — Bitcoin Foundation created October — BitPay reports having over 1,000 merchants accepting bitcoin under its payment processing service November — First Bitcoin halving to 25 BTC per block
February — Reddit begins accepting bitcoins for Gold memberships March — Cyprus government bailout levies bank accounts with over $100k. Flight to Bitcoin results in major price spike. May —Total Bitcoin value surpasses 1 billion USD with 11M Bitcoin in circulation May — The first cryptocurrency market rally and crash takes place. Prices rise from $13 to $220, and then drop to $70 June — First major cryptocurrency theft. 25,000 BTC is stolen from Bitcoin forum founder July — Mastercoin becomes the first project to conduct an ICO August — U.S. Federal Court issues opinion that Bitcoin is a currency or form of money October — The FBI shuts down dark web marketplace Silk Road, confiscating approximately 26,000 bitcoins November — Vitalik Buterin releases the Ethereum White Paper: “A Next-Generation Smart Contract and Decentralized Application Platform” December — The first commit to the Ethereum codebase takes place
January — Vitalik Buterin announces Ethereum at the North American Bitcoin Conference in Miami February — HMRC in the UK classifies Bitcoin as private money March — Newsweek claims Dorian Nakamoto is Bitcoin creator. He is not April — Gavin Wood releases the Ethereum Yellow Paper: “Ethereum: A Secure Decentralised Generalised Transaction Ledger” June — Ethereum Foundation established in Zug, Switzerland June — US Marshals Service auctions off 30,000 Bitcoin confiscated from Silk Road. All are purchased by venture capitalist Tim Draper July — Ethereum token launch raises 31,591 BTC ($18,439,086) over 42 days September — TeraExchange launches first U.S. Commodity Futures Trading Commission approved Bitcoin over-the-counter swap October — ConsenSys is founded by Joe Lubin December — By year’s end, Paypal, Zynga, u/, Expedia, Newegg, Dell, Dish Network, and Microsoft are all accepting Bitcoin for payments
January — Coinbase opens up the first U.S-based cryptocurrency exchange February — Stripe initiates bitcoin payment integration for merchants April — NASDAQ initiates blockchain trial June — NYDFS releases final version of its BitLicense virtual currency regulations July — Ethereum’s first live mainnet release—Frontier—launched. August — Augur, the first token launch on the Ethereum network takes place September — R3 consortium formed with nine financial institutions, increases to over 40 members within six months October — Gemini exchange launches, founded by Tyler and Cameron Winklevoss November — Announcement of first zero knowledge proof, ZK-Snarks December — Linux Foundation establishes Hyperledger project
January — Zcash announced February — HyperLedger project announced by Linux Foundation with thirty founding members March — Second Ethereum mainnet release, Homestead, is rolled out. April — The DAO (decentralized autonomous organization) launches a 28-day crowdsale. After one month, it raises an Ether value of more than US$150M May — Chinese Financial Blockchain Shenzhen Consortium launches with 31 members June — The DAO is attacked with 3.6M of the 11.5M Ether in The DAO redirected to the attacker’s Ethereum account July — The DAO attack results in a hard fork of the Ethereum Blockchain to recover funds. A minority group rejecting the hard fork continues to use the original blockchain renamed Ethereum Classic July — Second Bitcoin halving to 12.5BTC per block mined November — CME Launches Bitcoin Price Index
January — Bitcoin price breaks US$1,000 for the first time in three years February — Enterprise Ethereum Alliance formed with 30 founding members, over 150 members six months later March — Multiple applications for Bitcoin ETFs rejected by the SEC April — Bitcoin is officially recognized as currency by Japan June — EOS begins its year-long ICO, eventually raising $4 billion July — Parity hack exposes weaknesses in multisig wallets August — Bitcoin Cash forks from the Bitcoin Network October — Ethereum releases Byzantium soft fork network upgrade, part one of Metropolis September — China bans ICOs October — Bitcoin price surpasses $5,000 USD for the first time November — Bitcoin price surpasses $10,000 USD for the first time December — Ethereum Dapp Cryptokitties goes viral, pushing the Ethereum network to its limits
January — Ethereum price peaks near $1400 USD March — Google bans all ads pertaining to cryptocurrency March — Twitter bans all ads pertaining to cryptocurrency April — 2018 outpaces 2017 with $6.3 billion raised in token launches in the first four months of the year April — EU government commits $300 million to developing blockchain projects June — The U.S. Securities and Exchange Commission states that Ether is not a security. July — Over 100,000 ERC20 tokens created August — New York Stock Exchange owner announces Bakkt, a federally regulated digital asset exchange October — Bitcoin’s 10th birthday November — VC investment in blockchain tech surpasses $1 billion December — 90% of banks in the US and Europe report exploration of blockchain tech
January — Coinstar machines begin selling cryptocurrency at grocery stores across the US February — Ethereum’s Constantinople hard fork is released, part two of Metropolis April — Bitcoin surpasses 400 million total transactions June — Facebook announces Libra July — United States senate holds hearings titled ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain” August — Ethereum developer dominance reaches 4x that of any other blockchain October — Over 80 million distinct Ethereum addresses have been created September — Santander bank settles both sides of a $20 million bond on Ethereum November — Over 3000 Dapps created. Of them, 2700 are built on Ethereum
Doge Token : AKA the post Sporklin did not want to make.
At times Twitter is not the platform that allows the proper conveyance of engagement, 280 characters is generally not enough; especially for myself. Given the topic here I ask that you allow me the grace of a proper platform in order to do this in a manner that leaves little question to intention. I want to preface this given rarely do I have to do these in public. Myself, the Dogecoin Core Developers believe that the space is wonderful, diverse, creative, and engaging across the several thousands of assets that exist. It is neither my intention nor our intention to prohibit, attack, dissuade or otherwise disincline something from existing in the space. However every now and again projects do pop up that seem to want their "upstart" in the space to begin with attacking Dogecoin. As a community driven asset with deeply communal ties to the entire space there are moments where even we pause and ask for clarity. This can help to gauge intentions, cause and more than once has led to showing someone as a "bad actor" in the space. We have spent over half a decade working with the Doge/Dogecoin branding, there are many assets with the name which we believe only helps to engage further people into cryptocurrency. So Doge Token. Technology DogeCoin is technologically behind
However, it’s core technology has not been upgraded much, and it has not been updated in well over a year latest releases from 2015.
Github can be hard to manage, and understand. What I fail to fathom is how you missed that we have had 7 releases since 2015. Dogecoin Releases. Further for the coming 1.14 release there was active and ongoing communal interaction and input along the way as Dogecoin is a social consensus asset not just network/chain consensus based. Path to 1.14 Which for noting puts our public start into 1.14 barely a year beyond the 1.10 DogeParty release. (Which happened in 2016, where you state nothing has been done since 2015.) Further as is shown there in the above posting 1.16-dev shows work. 1.17-dev Shows work as of 11 days ago even as we are waiting on final push for 1.14. This all counters your claim that there has been no releases, that nothing has been upgraded much. If you would care to explain why your white paper states otherwise I would be willing to listen, especially given as it is rather public what we are doing, when we are doing it, and further more who is doing what. We are community based, and there are comments on both @dogecoin along with @dogecoin_devs both have been active in keeping communities updated. I sourced most of the postings for the large post from reddit, and that is only half of the updates. We have also spent time among the telegram communities, slack, discord, Steam communities, IRC communities across a span of multiple languages no less interacting, updating, and engaging with users. Rolling back into the initial statement, "Dogecoin is technologically behind". I am curious where you see this, personally. This was gone into recently, by someone else who screamed the same things. Reality of Dogecoin Perhaps you missed this as well? Doge Token lives on the Stellar blockchain
Stellar is the one of the fastest growing and largest blockchain platforms out there.
Stellar nodes/validators 43 have uptime in the past 24 hours. Dogecoin Nodes This private node saw 420 other ones in 24 hours. (There are other versions listed there, they are forked coins that did not change the basis so appear on our node relay maps.) Nevermind what our public nodes see daily. Do not take this as a hit to Stellar, it has been around since July 2014. It is old in the space which is amazing it has lasted given how many projects die. However stating that it is one of the fastest growing and largest blockchains, is a bit of a stretch. It is a rather creative stretch in reality. I understand they function differently than Dogecoin in their handling, still "largest blockchain platforms out there"; just to note. ETH 6439 July 2015 BCH 786 BTCU 698 August 2017 / January 2016 BSV 485 November 2018 I got fairly far down the list on CMC and to continue seemed overly harsh as the trend continued.
Constant updates and support further improve the Stellar blockchain platform.
Factual they also do micro releases (small tweak releases) and they do master branch implementation and developmental work. A bit different than many things in the space.
Shibe loves Stellar.
It is a bit mutual. Dogecoin is such an interesting blockchain and serious project, that peek the advisors we have ties, old ones. Even as Stellar grew over the years more than a few of their services did drops to Dogecoin just due to the history between the assets. OneCred rip now This was one of the early services for Stellar. PoW vs Green Tech DogeCoin: Much Hash, Such Work
Even though DogeCoin has many orders of magnitude fewer transactions and smaller transactional value, it now exceeds over 20TH/s in terms of hashrate.
You are not wrong, in fact the other day we were one of the tops for hashrate in the entire space. It has been a long while since we were near 20TH/s though hashrate 9/22/2017 was the last time we were under 20TH/s. Just as a note, more transactions does not mean more energy spent as the energy spent is per block which contains multiple transactions.
The amount of electricity wasted to power stagnant technology negatively impacts the environment
You seem to have missed that Dogecoin is AuxPoW, this means that Dogecoin mining is a byproduct of Litecoin mining. Which is why our hashrates are generally close. This also takes the energy "waste" down to running a node, which most networks in the space have. Deciding it is wasteful simply for your narrative in Dogecoin's case; seems short sighted and a bit targeted.
and reduces mining rewards.
Given there is a very low energy cost via AuxPoW, there is not a reduction in mining rewards. Further given Dogecoin entered the "legacy" mining period we are beyond halvening, we are forever to the 10k block rewards which facilitate ongoing transactional functionality. Transaction fees, along with block rewards go to the miners; there is no reduction to the mining rewards for the miners.
Despite all this waste
Given the network is rather efficient, I do not understand the implication of waste.
DogeCoin is still theoretically much less secure than Stellar.
Based around what theoretical reference? Dogecoin is five and a half years old, in actual reality of functional existence ..Dogecoin has not had an attack that in any manner made the blockchain less secure. Further more blockchain audits, independent security reviews, network health reviews tend to be part of the listing process for the higher level compliant functioning exchanges. To date we have yet to fail one, shutter or even has a questionable passing. You state Dogecoin is insecure in theory.. Did you miss that Dogecoin follows Bitcoin's upstream? The codebase is public, if you wish to state we are insecure I will ask you for the proof of your claims, it is a rather grave implication to make without cause. I assume you have found something everyone else has missed, care to share? Doge Token: Such Green, Much token Transparency and Safety DogeCoin: Much scam, Such Sad
Remember the days of tipbots. Yes? Well we’re sure things didn’t end very well for the most avid tippers.
Pardon? I ask this honestly as we have had multiple tipbots ongoing for multiple platforms; with no issues in assorted communities that have had no issues. Surely you are aware that the tipbots, are external, third party offerings; they are unattached and uninvolved in the actual Dogecoin project. I state this because you seem to be of the mind that because something happened externally, on third party offerings, by third party developers; that it somehow reflects on Dogecoin itself.
Applications built on DogeCoin are often closed source and non-contract enforced.
We only mourn for the nice shibes who were victimized by these viles scammers.
Broad statements are made here in relation to all the tipbots. The one that did have issues, you seem to have missed was not actually tied to the project. Further more it was not just a tipbot that was impacted but an entire company. DogeTipBot. Doge Token: Such Clear, Much Trust
Doge Token cannot be attacked with 51% attack and this makes us invulnerable.
You are correct, it does not take a 51% attack to take Doge Token down. It takes sadly removing two nodes from the Stellar network down to take everything, in the fullest down. Due to their more centralized nature of issuance, and operation the base network under Doge Token is publicly known to have several issues. Recently Stellar had a review by an external third party. Stellar security which goes on to detail several known issues in relation to the base functionality methods of Stellar. Understanding that on the base, anyone can claim anything noting that David himself came out to reply seems important. Further adding to this is just what KAIST is along with why it is important to note that it was not just random people making these claims. Stellar exploit allowed 2.2bn Lumens to be created 2017. This was an onchain direct exploit. Ongoing issues with Stellar, one which related to SDEX where Doge Token exists bug reporting. Stellar Dex had an issue disclosed, which rather went interestingly. Now the very important distinction here, what I have listed above are on chain issues, they are flaws exploits, problems related to the base code of functionality of Stellar itself; not third party issues. They are also public knowledge to be issues do please do not assume I am taking a swing at their project. In the interest of disclosure there have been third party troubles relating to Stellar as well. There was the BlackWallet hack Jan 2018 hack that resulted in 400kUSD stolen.
This makes Doge Token more trust-worthy than DogeCoin.
I will note that your entire white paper is based around false claims, baseless speculation, very easily disproved comments about the Dogecoin project, and further more implied relations which are not the actual basis of anything. We have tried in vain repeatedly to contact your project, and you have resisted. I understand the space is huge, in fact we find it wonderful that it is so diverse. What we pause at, and what will always pause at are projects that make baseless claims, attacks, spread misinformation and bluntly put, lie. Whatever your intentions are this is not the best way to step into the space, especially given we have already had to answer for your projects comments, and we are also very curious why you took a logo without credit to the artist. In terms of trust? Dogecoin has been here for over half a decade, our engagements are public, our codebase is public, our communications. Our communities are user driven, our third party platforms are also user driven. Where do you find fault in the trust-worthiness given who we are is rather public, we engage in the space openly as people, we are honest, direct and very proactive in relation to the entire userbase. Sadly, the same cannot be said for you. With this it is our hope that you do correct your statements, that you do make things clearer, further more crediting the artist of your logo would also be kindly. Your methods are deceptive, your entire whitepaper is made up of libelous commentary. I do hope we can find a middle ground that does not take this much further given your stance thus far as been to mislead users by making grossly incorrect comments to further your own personal gains.
Ethereum is almost certainly the number 2 coin in comedy gold. It will likely surpass Bitcoin in comedy gold long before it passes it in market cap. Thanks in large part to a spam-based marketing campaign on Reddit, it also has a dedicated base of critics. After its IPO, it was known as “Inthereum” for a while, infinitely powerful of course, as vaporware can do anything. It had a major version release, then another. Finally, a major smart contract, in terms of valuation, came along: The DAO. Not to be confused with other DAOs, before and after. The DAO was the biggest. It was going to be the best; it already was the best! Euphoria was off the charts. Until just a few months in, a bug was found. And the killer app became the flash point. What could they do? Well, hard fork and give the money back, of course! And so they did. “Code is Law”; but this is actually good for Ethereum because “[a]lthough some do question the analogy ‘code is law’. I do not. We just found out that we have a supreme court, the community!”  After the D'OH, Ethereum struggles to top its ATH comedy gold, but there is still a bright future for popcorn and comedy gold from Ethereum.
5 Largest Veins of Comedy Gold
Here are the largest comedy gold veins in Ethereum in potential reserves in our estimation in approximately descending order:
Cultlike euphoria - Now, this can certainly be said to be common to almost all cryptocurrencies. But Ethereum seems special here, even more than Bitcoin's community. There is a real belief here that this coin is going to change the world. This helps play into a "this is very good for Ethereum" mindset, wherein even the D'OH fork was a great success!
Vitalik Buterin - The best name in cryptocurrency! Young genius central to Ethereum and almost universally seen as the most important leader in the project. In our view, his endorsement and leadership during the D'OH fork led to that route being taken. That is, we believe if he had opposed it from the start, he may have been able to prevent it or at least have led to what is now called ETC being the dominant of the two.
And so in our view, Mr. Buterin runs a billion dollar cryptocurrency right now. He and his team seem to have done reasonably well so far; it seems likely they'll continue to thrive. To the best of my knowledge, confirmed on /ethereum, there hasn't been a drug market implemented in Ethereum or trading with ETH so far. But while it seems like a terrible idea, because of the lack of privacy and proven mutability of contracts, it seems like eventually there's going to be a major drug market accepting ETH just because it has such a high value. And, they point out, monero and zcoin’s core privacy feature will apparently be available on ETH after this next fork, so look forward to anonymous ETH fueling drug markets! And then the interesting question will be raised of how Chief Justice Buterin will rule on the case, whether it is worthy of an intervention or not. If not a drug market, then another buggy and hacked contract. Or a hacked exchange, and the question of whether to make it or its users whole, or "let the hacker win".
DAOs - From the beginning, it was proposed that Ethereum itself and its reserve fund would be turned into a DAO. How exactly this was going to happen would be figured out later of course. There was an initial estimate of 2016 for the transition.
Of course, in 2016, The DAO and the D'OH happened. I'm not aware of a current further push to put all of ETH's future funding into a DAO. But I'm sure the topic will resurface. And it will be hilarious on so many levels. The DAO actually collapsed too soon for peak comedy gold extraction. It had been predicted that there would be no consensus on any proposals and that nothing would be funded, and that there would be gold from that. But it was just a few months in when the bug was found. And while the D'OH fork was certainly a rich vein of comedy gold, it wasn't as rich as what the DAO could have been if it had floundered around for a year or so before the hack. Surprisingly, there's actually a running, apparently working DAO on ETH that was started even before The DAO: digixDAO. If it keeps on running, it will continue to be hilarious as other DAOs fail to learn from it. If it fails, there's all the more hilarity for Ethereum, making it the platform where anything complicated enough to look like an original use case will break. The very existence of digix is proof-of-comedy-gold.
Immutability - The whole central notion of immutability is going to be a recurring question for Ethereum after the D'OH. While there was a lot of sentiment of "just this once and never again" at the time, there will someday be another major issue, and the precedent will mean that at least a major debate among the community will be had. Ethereum is "mostly immutable". Bitcoin is far better protected here, because while it's true they've hard forked to fix a bug before, that was years ago and the community is far more fractured now. Ethereum has a demonstrated capacity to do both routine and controversial hard forks. This strength is also a challenge, as it will invite constant legal and ethical questions about when it's appropriate to modify the chain itself with a fork: that is, rolling back some or all transactions after major bugs, thefts, frauds, and so forth.
Concentration of funds - This one I'm just guessing at. Although rich lists do exist, obviously one entity like an exchange could pool funds in an address without one person owning that much, or one person could splits their coins among many accounts. But it gives a rough guide. In Bitcoin, the top 113 addresses, having more than 10,000 BTC, in total are 17.46% of the current supply [ 2 ]. And in Ethereum, it's true that the top two accounts are marked as exchange accounts [ 3 ]. Still, having lots of funds concentrated in a single exchange wallet seems to still have some potential for comedy gold. In Ethereum, the top 50 addresses have more than double the proportion of the top 113 in Bitcoin, a bit over 40% of the current supply. My guess would be there are still a lot of people who invested heavily in the initial ICO who have held onto a significant portion of their initial ETH. While some of these top addresses are exchanges, I think there are probably many individuals represented in here as well, and every one of them is a multimillionaire from this account alone.
Of course, so far, because ETH is still smaller than BTC in overall market cap, these top addresses aren't as huge as the top addresses in Bitcoin in current market value. But if ETH were to overtake BTC's current position with a relatively unchanged distribution, there would be some real comedy gold coming off this factor. Cribs could have a spin-off Ethereum series. This concentration was a part of making The D'OH what it was in my view as well: in Bitcoin, there would never have been so much of the coin tied up in one particular venture, at least not now. But in Ethereum, this concentration and groupthink can combine to hilarious effect.
A Brief History of Comedy Gold in Ethereum:
“Laws, like sausages, cease to inspire respect in proportion as we know how they are made” - John Godfrey Saxe In the beginning, there was an offering. The greatest coin the world had ever seen; step right up and buy it! There was even code; this is no vaporware! Sure, there was more work to be done, but the ICO would fund that work, the founders would get a little, and create a reserve for the future and the rest would be mineable. There was also some of the most vociferous objections on BCT, declaring that the stake allocated to the founders was too large, pointing to other coins which had done smaller or done without. Arguing against the reserve; arguing against having a presale at all. Some people, of course, completely failing to read the documentation accurately to see what was even being proposed. And an almost complete radio silence from this large team working around the clock on Ethereum. It took some months from when the initial ANN was made until the sale actually started, but by the time they had their sale, they had perhaps the best documentation at launch to-date. Of course, there were some areas which seemed to lack some detail, like the budgeting, but never mind that, it was finally launching! Launching the sale, at least. In July and August of 2014, Ether was first sold. It was described as “fuel” for the virtual machine they were going to build [ 4 ]. And then, a year later, Ethereum was released live. By July 2016, it had already had its first major crisis after The DAO was hacked and the D’OH fork introduced in response. But the fact that Ethereum was ever released, and that it was released so quickly, is truly incredible. There was more than one person who thought that the stated goals of Ethereum were not possible. And, of course, many initial goals and deadlines didn’t happen. But unlike the railbirds on BCT were convinced, the team did not fail nor did it run off with the money. They were given a blank check, and they actually delivered a working product which has been successful so far financially. Of course, having its flagship smart contract go belly-up quite so quickly after having finally gotten a “killer app” seems rather unfortunate. The oracle problem (the question of how to reliably relate smart contracts to the outside world) seems unresolved, but partial solutions are inevitable and can only serve to make increasingly complex and thus popcorn-loaded contracts possible. Right now, all seems relatively quiet. But rest assured, there remains plenty of euphoria and gas to drive many more cycles of comedy gold production. Ether huffers need something to throw their ETH at. The more complicated; the better! Given some of the creations that have been made in NXT, for instance, a few more years of creativity on ETH should yield some very complicated and pop-corn rich smart contracts.
I was relaxing in my office, waiting for business. It was a dingy little one-room affair, but it would serve for now. Particularly with no clients. I had poured myself a double shot, and was about to enjoy it, when suddenly the door opened. A man walked in, familiar somehow although I couldn't place him. I reached out my hand instinctively, and instead of shaking it, he handed me a dollar. "Hello?" He pointed at the sign in the window, advertising a promotional one dollar gold survey for the first client. Always astute, I quickly surmised he wished to hire me. "Of course, sir! What coin would you like?" "Ethereum." "Certainly! And may I have your name for the log?" "Tyler Durdan." And with that, my newest client left. I downed my double and poured a generous triple to follow it. This was going to be a long day. Ethereum was the ultimate prize in my line of work. The coin which proved the adage that truth is stranger than fiction; which had proved itself a lucrative source of comedy gold. And who am I? Guy Noir, private comedy gold surveyor. I've seen things you people wouldn't believe. Premined scamcoins crashing on noname exchanges. I watched popcorn glitter in the dark on forgotten the BCT threads. Popcorn junkies strung out on a high, and I've delivered them more comedy gold, popcorn, salt and butter. There is never enough. A dark night in a world that never sleeps and knows how to keep its secrets...But on the 12th Floor of the Acme Building, one man is still trying to find the answers to life's persistent questions: Guy Noir, private comedy gold surveyor. Thank you, Narrator. Now, as I was saying, Ethereum is overloaded with gold. But the core is pretty straightforward: Ethereum promised "smart contracts". Immutable. Turing-complete. This was what Bitcoin lacked. The bee's knees. Crypto 2.0. What could go wrong? We'll skip over the "Inthereum" period. Perhaps the vaporware criticism was never fair: from their version, they had Proof-of-Concept code; they went through some iterations and eventually got to release. Let's note clearly that there was plenty of time to determine some sort of official policy for what to do about a buggy or improperly written contract losing money. In Bitcoin, every hack has been a SFYL event, although it’s true that a bug in the coin itself was hard forked away before. Mt. Gox tried to blame malleability, but there was never a fork to try to recover funds. In Ethereum, immutability was often talked about. So far as I saw in skimming, “what if” scenarios to undo bugs wasn’t brought up front-and-center. Nor was immutability being debated that I saw. So Ethereum releases. A major contract is launched, The DAO, which gets an astonishing portion of ETH invested. The world's largest crowd sale as they ultimately called it. All the major players in ETH buy into it, including Vitalik Buterin, the creator of Ethereum and the best name in cryptocurrency. Just as they're starting to get into the comedy gold that The DAO doesn't really have a purpose, a bug is discovered. And just as its leader is assuring everyone that no funds are at risk, the funds start being drained out of the contract by an unknown party. And suddenly immutable means "immutable unless we screw up on the biggest contract which everyone important has invested in heavily". Ethereum ultimately hard-forks to return investor funds and basically unwind The DAO. After claiming that the bug was in the contract, the coin itself is hard forked to fix the issue. And the first Ethereum clone results, one which simply does not follow the new hard fork. So the natural question is: when can a contract be changed? In the first page of the Ethereum launch, this question was implied by asking about what would happen if there were an assassination market hosted by a smart contract on Ethereum. Of course, in reality, Ethereum is not really functional enough at present to enforce such a contract, but the question remains in case Ethereum were to actually attain a functioning smart contract platform. Attempted reference to Tears in rain monologue, credit to Rutger Hauer Guy Noir and narrator text lovingly stolen from Prairie Home Companion's Guy Noir, by Garrison B. Keillor.
Filed for psych eval Twenty pages into the BCT ANN, I believe I have contracted cancer, again. I’m reminded of why I don’t generally go on BCT. As bad as altcoin forums tend to be for their circlejerking, it’s almost better than the, well, there’s really no way to put it other than FUD that inevitably appears in response to anything. Of course, it’s not paid shilling so much as it is willful and vocal ignorance. For all the critiques in that thread, most of them are utter nonsense and simply are misreading the initial information. On the other hand, it’s January 27th in the thread by now, with February 1st and the pre-sale start, and they don’t have their “prospectus” up yet. I also haven’t seen the change in mining rate yet. Side note: eMunie; wtf? I guess I missed something? Either it’s gone through a namechange or it’s dead, because a quick coinmarketcap search didn’t find anything. A comedy gold mining project for another day. Great; spoiler alert: fundraiser delayed apparently, so even more cancer to read through in that thread on the way to getting to a prospectus! The first 44 pages of the thread was summarized thus: “I want to believe. Why are you not speaking to us? Throw me a bone. Just tell me what I want to hear, and I'll gladly throw my money in.” [ 5 ] Would that I had only had to read that quote rather than all 44 pages, and facing many more. Pages and comments dragged on as I waded through the low-grade popcorn. When would this prospectus be released, so my torment would end? Oh god: a side-thread shows that by the time they get to April, there’s still no prospectus or presale date or estimate of when there may be a date [ 6 ]. It’s time to give up on reading through the cancerous mainthread on BCT and start jumping ahead pages to find the pre-sale and prospectus. Okay, finally, in July, they release documents and start the sale [ 7 ]. Good enough. I have mountains of links on my desk. Comedy gold is overflowing, but this is a survey expedition, not a mining operation. But by the time it’s surveyed, there’s always so much gold lined up to mine it gets hard to leave it behind and leave with the samples. It’s time to hammer out some copy and close this file. Folks, we hope you’ve enjoyed this descent into madness and comedy gold brought to you by the Comedy Gold Survey Company and our patron Tyler Durden. Do you need more comedy gold in your life? Of course you do! So please donate today; every $1 helps! I’ve added a new special: $5 lets you choose the next coin to be surveyed! Thanks again to Tyler Durden, and I will now be re-watching Fight Club and questioning my sanity. Cheers y’all! Resources:
[ 6 ] https://bitcointalk.org/index.php?topic=448923.msg6438910#msg6438910 - April 28th, 2014; Ursium says “We won't issue further comments regarding the Ether Sale, until we have completely finalized the framework for it. In the meantime enjoy the free technology, people are already building apps on it, which is exciting Smiley” ; this official Q&A thread then abandoned; these guys clearly hates BCT as much as I do
[ ] https://bitcointalk.org/index.php?topic=412878.msg4497464#msg4497464 charleshoskinson, January 14th, 2014; “Current plans are for a 60 day fundraiser, starting from Miami on; however, we are still exploring this and thus will set something in stone closer to the conference.” - fundraiser launches in less than a month but date not even set yet; also “No, the rate of inflation is always decreasing and comparable with bitcoin.” and “In terms of ROI, this should be reflected with a positive ROI.” ; also “As for P2P exchange, we have a close relationship with Open Transactions and combined with a namecoin style contract provided in the whitepaper and bitmessage makes a significantly more efficient distributive exchange than is possible with BitShares. Trust is not required as auditing can be done on Ethereum blockchain and we wouldn't suffer any bloat. “
[ ] https://github.com/ethereum/wiki/wiki/White-Paper - Accessed Feb 12, 2017; shows a different version of the issuance model, including the variable presale price modification and reduced future mining. But constant mining reward is still shown and fixed.
[ ] https://forum.ethereum.org/discussion/2007/whitepaper-pdf - Thread from April 2015 where Stephen Tual says changes in whitepaper were “as to how significant these were, probably not much”; “We had a hosted copy of the WP on our .org website, but that is now pointing to the github (as the pdf, by definition, was static).”
[ ] https://bitsharestalk.org/index.php/topic,1854.0.html Thread which goes into Bytemaster response to initial Ethereum proposal; points out that running something complicated like Bitshares on Ethereum would be cost prohibitive. Also predicts Ethereum becomes PoS.
[ ] https://github.com/slockit/DAO “Our Standard DAO Framework allows people to create Decentralized Autonomous Organizations (DAOs) governed by the code in this repository written immutably to the blockchain.”
[ ] https://bitcointalk.org/index.php?topic=428589.msg4690140#msg4690140 - “I think this whole project will get forced underground onto the Tor network in short order because the illegal stuff will be in the blockchain instead of externalized. It will have to directly compete with bitcoin with both hands tied behind its back because it will be hard for people to even find a safe copy of the program to download. Am I to understand that you will not have a legal opinion supporting what you are doing?” - Seth Otterstad
[ ] https://bitcointalk.org/index.php?topic=428589.msg4718951#msg4718951 “We will switch our PoW from Dagger to a hybrid PoW/PoS system to be developed via a bountied competition conducted by our university partners and open to the general community for participation. The terms will be announced in late february including judges, specifications and the university partners.” - jubalix quoting some Ethereum promotional document
[ ] https://bitcointalk.org/index.php?topic=428589.msg4740396#msg4740396 “Creating the platform with new features is one thing. Competing in the real world of hype, adoption, and social marketing with Bitcoin, Litecoin, and Dogecoin is a completely different beast. Especially, when every coin is based on ever changing software. The software is secondary to the marketing and socialization at this stage in the ballgame.” - DieJohnny
Sentinel protocol is a security intelligence platform for blockchains (SIPB) to protect valuable crypto assets from hacking and scam attempts. Threat Reputation Database collects risk information in a decentralized, incentive driven fashion, making it possible to have one unified global threat database. S-wallet, a machine learning engine integrated security wallet, leveraging TRDB, enabling its Fraud Detection System on distributed ledgers and identifies malicious transactions. Security is the fundamental layer of any meaningful projects, exchanges and DAPPs. Crytocurrency related hacks have been nothing short of major catastrophy, thankfully here come the Sentinels. Reason to invest:
First blockchain security solution (much much needed)
Viable business solution and monetizable revenue models
Strong team members from cyber-security fields
First mover advantage - First ICON ICO
Hype Rate: Medium growing to High Risk Rate: Low ROI Rate: High Potential Growth: Very High Overall Rating: Very High
Date: Mid-April Ticker: UPP Token type: Native UPP ICO Token Price: TBA Fundraising Goal: 48,000 ETH Total Tokens: 500,000,000 Available for Token Sale: 60% (300,000,000 UPP) Private Sale (concluded): 168,500,000 UPP. (30% bonus, bonus lock-up period: 180 days) Presale (April): 87,500,000 UPP. (15% bonus, bonus lock-up period: 180 days) Crowdsale: 39,000,000 UPP Pre-Sentinels: 5,000,000 UPP (Airdrop) Whitelist: Yes, Whitelist Form Know Your Customer (KYC): YES Bonus for the First: TBA Min/Max Personal Cap: Presale 30-300ETH, Crowdsale 0.5-10ETH Accepts: ETH
At a Glance
Sentinel Protocol can be described as security intelligence platform for blockchain (SIPB), this includes a wide variety of security features, from anti-theft, malformed transaction prevention, unknown threat prevention, transaction traceability etc. The protocol collects hacking reports, which are then delegated to "The Sentinels", a group of trusted security experts, who confirms the incident and registers the case information to the Threat Reputation Databse (TRDB). The Sentinels are rewarded for participation under the Delegated Proof of Stake (DPOS) model with Sentinel Points (SP), which can later be redeemed for its native currency UPP. Sentinel Protocol also introduces their own S-wallet, a secure wallet with built in machine learning AI, Fraud Detection System (FDS) and built-in security features such as filtering scam addresses and detecting abnormal behavior, leveraging TRDB for always up-to-date threat definitions. Sentinel Protocol utilizes the strength of decentralized and distributed computing, running extensive tests and simulations in their D-Sandbox (Distributed Malware Sandboxing) environment, effectively cutting cost down compared to the traditional expensive dedicated virtual machine environments. Sentinel Protocol can be integrated seamlessly to any client wallets and exchanges, leveraging its collective intelligence to protect users from malicious threats.
Key Security Features
Threat Reputation Database (TRDB) Those who have used anti-virus softwares for the internet should be familiar with definition files, each commercial virus scanners maintain their own virus/threat database and end-users need to update on a periodic basis for the latest definition. These databases are not only centralized making them more vulnerable to manipulate but more importantly never complete as vendors lack any incentive to collaborate. Sentinel Protocol aims to create a global alliance for threat information exchange, with built-in incentives for each vendor to contribute to the TRDB. Machine Learning Engine Integrated Security Wallet (S-Wallet) Sentinel Protocol's secure wallet (S-wallet) is similar to an "antivirus enabled wallet", leveraging collective intelligence harvested by the community and security experts pooled in the TRDB. S-wallets can detect suspicious executions, these can be in the form of blacklisted wallet addresses, scam sites or fradulent activities detected by their Fraud Detection System(FDS), driven by their proprietary machine learning engine. S-wallet also analyzes the threat tendency and history to proactively respond to unknown threats (known as zero-day attacks) that traditional antivirus softwares can't do before the next software update. This is an AI driven engine, continuously learning from the client side Sentinel Wallet to create model behaviors. Let's create a use case to see how this might work in real life. Say you're about to participate in an ICO, and ICOs these days come with scams by default. There's a telegram DM popped up on your phone, with a contribution address that will expire in 3 min, it's been a busy day that you're not keeping up with the latest update and you are about to FOMO in. Now when you enter the contribution address into your S-wallet, ready to send the transaction, the send button suddenly turns red with (13 SCAMS REPORTED), you know S-wallet just saved your hard earned(?) ETH. Distributed Malware Analysis Sandbox (D-Sandbox) D-Sandbox is similar to traditional sandbox, a test environment (virtual machines) to run unverified programs. In D-Sandbox environment (decentralized nodes), potential threats are submitted and analyzed thoroughly via collective intelligence, at significantly lower costs of computing resources and infinitely scalable.
Real Hacks, Real Solutions
The Sentinel Protocol team has written a wonderful article examining the recent NEM hack, or more precisely Coincheck exchange hack, a massive 523 million NEM coins compromised. The article can be found here So what is the solution to NEM hack and its kind? 'Security' is a big topic, let's examine a few high profile hacks to understand what Sentinel Protocol is capable of and what it isn't. The Mt.Gox Hack In 2011, some hacker breached into Mt. Gox auditor's computer and used it to transfer a huge amount of bitcoins to themselves, which were later sold on Mt. Gox itself. This created a huge strain on the market that caused a major crash. If Fraud Detection System (FDS) was installed to monitor and detect abnormal behavior, it would've been initiated to notify the exchange to take immediate actions to mitigate the hack, eg. halting trades from this specific address to prevent further damages to the order book. In 2014, Mt.Gox was robbed a whopping $473 million from transaction malleability attack. This protocol level vulnerability isn't something Sentinel Protocols can help prevent, it is more of a system level design security while Sentinels Protocol is an added layer of security. There are other examples, like the DAO hack caused by recursive requests called on a poorly designed function, or multi-sig vulnerability hack in both Bitfinex and Parity. These type of 'security' issues can't be fixed or prevented by Sentinel Protocol, but during adnormal events, Sentinel Protocol can at the very least alert the affected parties.
The Sentinel Protocol team is stacked with cyber security talents, a connection was apparently made through the company Darktrace that several team members including the foundeCEO worked for. Darktrace is an AI company for cyber security with 620 employees in 32 offices, specializing in machine learning algorithms to detect and respond to cyber-threats across diverse digital environments. We can also see traces of other industry leading cyber security firms including Palo Alto Networks, F5 Networks and Penta Security Systems. The team has complete relevant work history, experiences, as well as established industry connections for the Sentinel Protocol project. The name Uppsala is named after an old capital of Sweden, where the founder Patrick Kim and co-founder HM Park stayed and conducted some study over blockchain focusing on lightning consensus algorithm, the idea of Sentinel Protocol was also drafted there.
Top 50 Cryptocurrencies I thought this might be of real help for the ones that are just joining crypto and still want to read. Let’s face it: there are a lot of cryptocurrencies out there, with new ones coming out almost daily and old ones disappearing seemingly just as fast as they appeared. It’s easy to get overwhelmed. If you are new to cryptocurrencies, this is an excellent starting point to learn about each of the top 50 cryptocurrencies (by market cap). Even if you’re a crypto veteran, this is a great resource to reference if you ever get any of the top 50 confused, or if you want to read more about a new coin which has joined the ranks. Our hope is to point you in the right direction, spur your interest to do more research, and steer you away from the potential scams out there (And yes, there are potential scam coins in the top 50!) Here at Invest In Blockchain, we are obsessed with researching the internet for all things crypto. The information found in this post is the result of hundreds of hours of painstaking research by me and other writers on our team. Note that this list is constantly changing and I will do my best to keep it up-to-date, but the top 50 moves almost daily! Please refer to coinmarketcap.com for the latest information on the top 50 cryptocurrencies and their prices. Let’s get started! (Information accurate as of May 23, 2018)
#1 – Bitcoin (BTC)
📷 The king of the crypto world, Bitcoin is now a household name; to many, it is synonymous with “cryptocurrency”. Its purpose is to provide a peer-to-peer electronic version of cash to allow payments to be sent online without the need for a third party (such as Mastercard). The rapid rise in Bitcoin’s price has brought about an explosion of new Bitcoin investors. With the huge increase in interest has come a rise in merchants accepting Bitcoin as a legitimate form of payment. Bitcoin is fast moving towards its goal of becoming a currency accepted worldwide. Bitcoin’s development is led by Bitcoin Core developer Wladimir J. van der Laan, who took over the role on April 8, 2014. Bitcoin’s changes are decided democratically by the community. For an in-depth look at Bitcoin, including an explanation of Bitcoin mining, Bitcoin’s history, an analysis of Bitcoins’ value and a description on how bitcoin actually works, see our comprehensive guide “What is Bitcoin? Everything You Need to Know About Bitcoin, Explained“. For a more detailed description of Bitcoin’s economics, what makes money and how Bitcoin works in the economy as a whole see: “Bitcoin Explained” and “Bitcoin is a Deflationary Currency”.
#2 – Ethereum (ETH)
📷 Ethereum is the revolutionary platform which brought the concept of “smart contracts” to the blockchain. First released to the world in July 2015 by then 21-year-old Vitalik Buterin, Ethereum has quickly risen from obscurity to cryptocurrency celebrity status. Buterin has a full team of developers working behind him to further develop the Ethereum platform. For more background information on Buterin, read our article, “Vitalik Buterin: The Face of Blockchain”. Ethereum has the ability to process transactions quickly and cheaply over the blockchain similar to Bitcoin, but also has the ability to run smart contracts. For future reading on smart contracts, see “What’s the Difference Between Bitcoin and Ethereum”; but for now, think automated processes which can do just about anything. For further reading on Ethereum, including an analysis of the platform’s strengths and future prospects, read “What is Ethereum, Everything You Need to Know Explained“.
#3 – Ripple (XRP)
📷 Ripple aims to improve the speed of financial transactions, specifically international banking transactions. Anyone who has ever sent money internationally knows that today it currently takes anywhere from 3-5 business days for a transaction to clear. It is faster to withdraw money, get on a plane, and fly it to your destination than it is to send it electronically! Not to mention you will be paying exorbitant transaction fees — usually somewhere around 6% but it can vary depending on the financial institution. Ripple’s goal is to make these transactions fast (it only takes around 4 seconds for a transaction to clear) and cheap. The Ripple team currently comprises over 150 people, making it one of the biggest in the cryptocurrency world. They are led by CEO Brad Garlinghouse, who has an impressive resume which includes high positions in other organizations such as Yahoo and Hightail. Check out “What is Ripple” for more information, including a closer look at what they do, controversies and future prospects.
#4 – Bitcoin Cash (BCH)
📷 Bitcoin Cash was created on August 1, 2017 after a “hard fork” of the Bitcoin blockchain. For years, a debate has been raging in the Bitcoin community on whether to increase the block size in the hope of alleviating some of the network bottleneck which has plagued Bitcoin due to its increased popularity. Because no agreement could be reached, the original Bitcoin blockchain was forked, leaving the Bitcoin chain untouched and in effect creating a new blockchain which would allow developers to modify some of Bitcoin’s original programmed features. Generally speaking, the argument for Bitcoin Cash is that by allowing the block size to increase, more transactions can be processed in the same amount of time. Those opposed to Bitcoin Cash argue that increasing the block size will increase the storage and bandwidth requirement, and in effect will price out normal users. This could lead to increased centralization, the exact thing Bitcoin set out to avoid. Bitcoin Cash does not have one single development team like Bitcoin. There are now multiple independent teams of developers. Read “What is Bitcoin Cash” for more information. You can also check out their reddit and official webpage.
#5 – EOS (EOS)
📷 Billed as a potential “Ethereum Killer”, EOS proposes improvements that can challenge Ethereum as the dominant smart contract platform. One main issue EOS looks to improve is the scalability problems which has plagued the Ethereum network during times of high transaction volume, specifically during popular ICOs. A perhaps more profound difference EOS has, compared to Ethereum, is the way in which you use the EOS network. With Ethereum, every time you make modifications or interact with the network, you need to pay a fee. With EOS, the creator of the DAPP (decentralized app) can foot the bill, while the user pays nothing. And if you think about it, this makes sense. Would you want to have to pay every time you post something on social media? No, of course not! In addition to this, EOS has a few other technical advantages over Ethereum such as delegated proof of stake and other protocol changes. Just know that EOS has some serious power under the hood to back up the claim of “Ethereum Killer”. EOS was created by Dan Larrimer who is no stranger to blockchain or start ups. He has been the driving force behind multiple successful projects in the past such as BitShares, Graphene and Steem. For more information on EOS such as how and where to buy EOS tokens, EOS’s vision and potential challenges, see “What is EOS”.
#6 – Litecoin (LTC)
📷 Similar to Bitcoin, Litecoin is a peer-to-peer transaction platform designed to be used as a digital currency. Due to some notable technical improvements, Litecoin is able to handle more transactions at lower costs. Litecoin has been designed to process the small transactions we make daily. Litecoin is sometimes referred to “digital silver” while Bitcoin is known as “digital gold”. This is because traditionally silver was used for small daily transactions while gold was used as a store of wealth and was not used in everyday life. The Litecoin blockchain is a fork from the Bitcoin chain. It was initially launched in 2011 when its founder, Charlie Lee, was still working for Google. Well-known as a cryptocurrency expert, Charlie Lee is backed by a strong development team who appear to be achieving what they set out to do. They have recently achieved a very notable accomplishment with the first successful atomic swap. For an in-depth discussion on what Litecoin does, how it is different than Bitcoin and the team backing up the development, see “What is Litecoin”.
#7 – Cardano (ADA)
📷 Cardano is a smart contract-focused blockchain. It was originally released under the name Input Output Hong Kong by Charles Hoskinson and Jeremy Wood, a few of the early team members of Ethereum, and later rebranded into Cardano. Cardano is trying to fix some of the largest problems the cryptocurrency world which have been causing ongoing issues for years such as scalability issues and democratized voting. They have the potential to challenge Ethereum’s dominance in the smart contract world. Cardano is developing their own programing language similar to Ethereum; however, they are focusing more heavily on being interoperable between other cryptocurrencies. While some cryptocurrencies are all bite but no bark, Cardano is quite the opposite. They are quietly focusing on a strong software which will be completely open-source. Cardano’s team comprises some of the best minds in the industry, and they seek to create a strong foundation which others can build upon for years to come. For up-to-date information on Cardano’s status see their Reddit page or official website. You can also read our article “What is Cardano” to learn more about them.
#8 – Stellar Lumens (XLM)
📷 In a nutshell, Stellar Lumens seeks to use blockchain to make very fast international payments with small fees. The network can handle thousands of transactions a second with only a 3-5 second confirmation time. As you may know, Bitcoin can sometimes take 10-15 minutes for a transaction to confirm, can only handle a few transactions a second and, in turn, has very high transaction fees. If this sounds a lot like Ripple, you’re right! Stellar Lumens was based off of the Ripple protocol) and is attempting to do similar things. Some of Stellar Lumens’ main uses will be for making small daily payments (micropayments), sending money internationally, and mobile payments. Stellar Lumens is focusing on the developing world and, more specifically, the multi-billion dollar industry of migrant workers who send money back to their family in impoverished countries. The Stellar Lumens team is led by Jed McCaleb, who has worked in numerous successful startups in the past such as eDonkey, Overnet, Ripple, and the infamous Mt. Gox. For more information on Stellar Lumens, including the history and what sets Stellar Lumens apart, see “What are Stellar Lumens”. You can also learn about the differences between Stellar Lumens and Ripple.
#9 – TRON (TRX)
📷 As stated in TRON’s whitepaper, “TRON is an attempt to heal the internet”. The TRON founders believe that the internet has deviated from its original intention of allowing people to freely create content and post as they please; instead, the internet has been taken over by huge corporations like Amazon, Google, Alibaba and others. TRON is attempting to take the internet back from these companies by constructing a free content entertainment system. This will enable users to freely store, publish and own data, giving them the power to decide where and how to share. The project is led by founder Justin Sun, who has been listed on the Forbes 30 under 30 list twice (in 2015 and 2017). In addition, Sun is a protégé of Jack Ma, founder of Alibaba Group, China’s former Ripple representative and the founder of Peiwo APP. Sun has assembled a strong team with heavy hitters including Binshen Tang (founder of Clash of King), Wei Dai (founder of ofo, the biggest shared bicycles provider in China), and Chaoyong Wang (founder of ChinaEquity Group). Sun has also secured the support of a few notable angel investors such as Xue Manzi. For up-to-date information on Tron and further discussion of the technology and team, see “What is Tron” and their website.
#10 – IOTA (MIOTA)
📷 IOTA has seen many of the issues Bitcoin and Ethereum have with the POW (proof-of-work) and POI (proof-of-importance) models and looks to improve them with their revolutionary transaction validation network simply called “tangle”. When issuing a transaction in IOTA, you validate 2 previous transactions. This means you no longer outsource validation to miners which requires wasteful amounts of computing power and usually a large stake of coins. These required resources are, in effect, centralizing the currencies which many believe were created to be decentralized in the first place. With IOTA, the more active a ledger is, the more validation there is. In other words, the more people who use it, the faster it gets. You don’t have to subsidize miners, so there are no fees on transactions. That’s right: zero. The IOTA team has been actively developing blockchain technology since 2011, and created the IOTA foundation and company in 2016. Since its emergence, the team has been continuously growing, attracting exceptional talent from around the world. For more information on IOTA’s team and their revolutionary“tangle” technology, check out “What is IOTA”.
#11 – NEO (NEO)
📷 A leading platform for smart contracts and sometimes referred to as “China’s Ethereum”. NEO (formally Antshares) hopes to digitize many types of assets which were formerly kept in more traditional means, and therefore make it possible to use them in smart contracts. To imagine a potential use case of NEO, think digitizing the title to a house into a smart asset, and then setting up that asset to automatically transfer to another person after payment for the house has been received. This would be, in effect, a simple smart contract. NEO founder Da Hongfei is a leading figure in the cryptocurrency world and has worked on numerous blockchain projects in the past. The development team consists of 6 in-house investors and a large community of third-party developers. For a complete overview of NEO, including the team, history and competitive analysis, check out “What is NEO”.
#12 – Dash (DASH)
📷 Dash (which comes from ‘digital cash’) aims to be the most user-friendly and scalable cryptocurrency in the world. It has the ability to send funds instantly confirmed by “double-send-proof” security with the added functionality of erasable transaction history and the ability to send transactions anonymously. Like Bitcoin, Dash is meant to be used as a digital currency but has some added values such as much faster transaction times and lower fees. For a slightly higher fee, Dash has the added function of “instant send” which allows transactions to be confirmed almost instantly. This is one of the main selling points of Dash because many believe that this feature would allow it to be used in brick and mortar establishments. The Dash development team consists of over 50 members and is led by former financial services professional Evan Duffield. For the latest on Dash, see their official website and reddit page. You can also read “What is Dash” to learn more about the project.
#13 – Monero (XMR)
📷 Monero is a digital currency designed to be used as a completely anonymous payment system. A common misconception with Bitcoin is that it is completely anonymous. In reality, all payments processed on the Bitcoin network are recorded on a public ledger (blockchain), so Bitcoin is actually only partially anonymous or “pseudonymous”. This means that you can, in theory, trace back every transaction a coin has been involved with from its creation. Though users aren’t able to inherently link the public key on the blockchain with the private keys used to store the coins themselves, there will always exist a correlation between the two. Monero has solved this problem by implementing cryptonic hashing of receiving addresses, therefore separating the coin from the address it is going to. This can be hugely valuable for anyone wishing to conceal their purchases. The Monero development team consists of 7 core developers, only two of which are publicly known. There have been over 200 additional contributors to the project and software updates are implemented every six months or so. To learn more about Monero including its competitors and challenges, read “What is Monero”. If you’re thinking about investing in Monero, check out our opinion piece “Should You Invest In Monero?“.
#14 – Tether (UDST)
📷 Tether is a cryptocurrency token issued on the Bitcoin blockchain. Each Tether coin is allegedly backed by one US Dollar. The goal is to facilitate transactions with a rate fixed to the USD. Amongst other things, Tether looks to fix some of the legal issues which can arise when trading cryptocurrencies and it aims to protect people from market volatility. Tether has faced controversy regarding their business model, and some consider it a scam. More info can be seen on reddit posts such as this.
#15 – NEM (XEM)
📷 NEM (New Economy Movement) is the world’s first proof-of-importance (POI) enterprise based on blockchain technology. With a focus on business use cases, the software was built from the ground up with adaptability in mind. NEM’s goal is for companies to use their “smart asset system” to implement customizable blockchains. A smart asset can be almost anything: a cryptocurrency token, a business’s stock or a company’s invoicing and records. Some potential use cases for NEM’s technology include: voting, crowdfunding, stock ownership, keeping secure records, loyalty rewards point programs, mobile payments and escrow services. A list of NEM’s use cases can be found here. The development of NEM is monitored by the Singapore-based NEM Foundation. For more information on what NEM does and what sets NEM apart from its competitors, see “What is NEM”.
#16 – VeChain (VEN)
📷 As described in VeChain’s development plan, the organization’s purpose is to build “a trustfree and distributed business ecosystem based on the Blockchain technology self-circulated and expanding”. They plan to do this by creating an efficient trustless business ecosystem to significantly reduce the wasteful information transfer systems of today. Some of the areas and industries the VeChain platform is focusing on include eliminating counterfeiting in the fashion and luxury industry, food safety tracking systems, digitizing maintenance in the car industry and many other global supply chain processes. For more information on VeChain, see their reddit and website. Read “What is Vechain” to learn about the project, and our investment opinion piece “5 Reasons to Invest in Vechain“.
#17 – Ethereum Classic (ETC)
📷 Ethereum Classic came about after a hard fork of Ethereum in 2016. The fork was a result of the infamous DOA hack where around 50 million dollars worth of Ethereum was stolen due to what was considered an oversight in the code. The blockchain was forked in order to recoup the losses from this attack, but a small portion of the community did not wish to go back and change the original blockchain. Vitalik Buterin, founder of Ethereum, and subsequently the development team chose to go with the hard fork and work on what is now “Ethereum” today. There is a lot of ongoing controversy with Ethereum Classic which can be better described on this reddit thread. For an in-depth discussion of Ethereum Classic, see”What is Ethereum Classic“.
#18 – Binance Coin (BNB)
📷 Binance Coin is the coin used to facilitate operations on the Binance platform, a cryptocurrency exchange that is capable of processing 1.4 million orders per second. The name “Binance” is derived from the combination of the terms “binary” and “finance”, referring to the integration of digital technology and finance. The BNB coin is used to pay exchange fees, withdrawal fees, listing fees, and all other possible transaction expenses on the Binance platform. In order to incentivize new users to do their cryptocurrency trading on Binance, the team is offering discounts when BNB is used to pay fees. The discount will be 50% in the first year, 25% in the second, 12.5% in the third, and 6.25% in the fourth year before the discount ends. Binance was primarily marketed to Chinese cryptocurrency investors at first, but they also have English, Korean, Japanese, French, Spanish, and Russian versions of the platform. For a deeper look into Binance, you can read the whitepaper or check out the trading platform here.
#19 – Bytecoin (BCN)
📷 Bytecoindescribes itself as “a private, decentralized cryptocurrency with with open source code that allows everyone to take part in the Bytecoin network development”. It is the first coin to offer untraceable payments, unlinkable transactions and resistance to blockchain analysis. With Bytecoin, it is possible to send instant transactions anywhere around the world, which are totally untraceable and don’t require additional fees. Bytecoin’s development is community-driven and a list of all of the different community websites can be found here. For more information on Bytecoin, see: “What is Bytecoin“.
#20 – QTUM (QTUM)
📷 QTUM (pronounced Quantum) is an open-source value transfer platform which focuses on mobile decentralized apps or Dapps. QTUM is the world’s first proof-of-stake smart contracts platform. QTUM is meant to be used as both a value transfer protocol, like Bitcoin, and a smart contract platform, like Ethereum. They have a number of technical innovations which some consider to make it superior to Ethereum, and they are focusing on mobile applications. The platform itself is very new. It came about in March 2017, after a highly successful crowdfunding campaign raised them nearly 16 million dollars in only 5 days. QTUM has a small but strong development team and an impressive list of investors backing their ideas. QTUM’s development is lead by the Singapore based QTUM Foundation. For further reading on the background of QTUM and what sets them apart, see “What is QTUM”.
#21 – Zcash (ZEC)
📷 ZCash is a value transfer protocol forked off of the Bitcoin blockchain. ZCash can be used like Bitcoin, with a few added improvements. With “zero cash technology”, ZCash shields both the amount transferred and the senders, making transactions truly anonymous. ZCash is one of the new kids on the block in the world of “private transactions”. An interesting note is that Ethereum is in the process of implementing some of ZCash’s technologies to enable transactions on the Ethereum network to be anonymous as well. ZCash is being developed by the Zerocoin Electric Coin Company. They’ve had some great successes, most notably JP Morgan’s announcement that they would implement Zcash’s privacy technology to Quarum, a technology JP built on Ethereum. Interested in investing in ZCash? Here’s the opinion of one of our writers: Should You Invest In ZCash? ZCash was recently featured on the Radiolab episode The Ceremony.
#22 – OmiseGO (OMG)
📷 “Unbank the Banked” is the slogan of Omise’s online platform OmiseGo and that’s exactly what Omise has set out to do. Founded in 2013 off of the Ethereum blockchain, Omise aims to revolutionize the financial dynamics in Southeast Asia. Omise is targeting individuals and businesses of all sizes by improving the current financial system which is slow, outdated, and inaccessible to most “everyday” people in these countries. With their planned online exchange OmiseGO, Omise seeks to speed up the way money is spent and sent, both domestically and internationally in Southeast Asia and beyond. They have a lot to celebrate too. OmiseGo has been building partnerships in the region and recently partnered with McDonald’s and Credit Saison. Omise has established a strong team of over 130 staff members located in different countries. CEO and founder of Omise, Jun Hasegawa, has been involved in multiple startups and worked for Google for over 16 years. The OmiseGO platform has been endorsed by some of the heavy hitters in the cryptocurrency world such as Vitalik Buterin and Gavin Wood, the co-founders of Ethereum. For more information on what OmiseGO aims to do, see “What is OmiseGo”.
#23 – ICON (ICX)
📷 Fresh off a successful ICO, the Korea-based startup ICON is looking to provide a medium to connect all the different blockchains together. This puts ICON in the same field as Ark, which is attempting to accomplish similar goals. The main concept of ICON is their idea of a “loopchain”. As stated in their whitepaper, a loopchain can be described as a “high-performance blockchain that can provide real-time transaction, which is based on enhanced Smart Contract.” Through ICON, participants will be able to connect to any blockchain without relying on the current centralized exchanges. ICON has a relatively large team from various backgrounds. They have also secured the help of a few notable advisors such as Jason Best and Don Tapscott. For more information on ICON and the work they’re doing, see “What is ICON“.
#24 – Lisk (LSK)
📷 Lisk is a decentralized network, like Bitcoin and Litecoin, which enables developers to deploy their own side chains off the main Lisk blockchain. These side chains are fully customizable blockchains which enable you to change the parameters you want to fit your own blockchain application. This is similar to Ethereum and QTUM in some ways. With Lisk, the main difference is that the customizable blockchains split into their own separate side chains. This saves developers the grueling legwork of designing something from scratch. At the end of the day, side chains are only decentralized databases of blockchain applications. Lisk is being developed by a small but quickly growing Berlin-based team. They are led by co-founders Max Kordek and Olivier Beddows who are veterans in the cryptocurrency and development world. For a thorough look into Lisk including more on what Lisk does, its competitors, challenges and teams, see “What is Lisk”. You can also check out our case study of an accountant who invested all his life savings in Lisk: “Accountant Invests All in Lisk”.
#25 – Zilliqa – (ZIL)
📷 Zilliqa is a blockchain platform which focuses on solving the problem of scaling on public blockchains. With Zilliqa’s network, the number of transactions increases at a linear rate to the number of nodes. This means that as nodes increase, so will its ability to handle high transaction volume. Zilliqa has already run a successfultest on their network, where they were able to achieve 1,200 transactions per second with only 2,400 nodes. Zilliqa also is the first blockchain to successfully integrate “sharding” into a public blockchain. This concept is extremely useful in improving the rate of scalability, bandwidth and performance in blockchains. Sharding, in effect, splits nodes into “shards” which can then conduct micro-transactions in each blockchain block. In addition to this, Zilliqa claims to be more energy-efficient to mine. They also plan to implement dapps into their platform in the future. For more information on Zilliqa, see their website and reddit. Our article “What is Zilliqa” can provide you with an overview of the project.
When Bitcoin was created five years ago bitcoins were near valueless. Much of their traffic was in online computer games. They were pennies a handful. By early 2013 they were valued at about $13. By the time Mt. Gox, the largest bitcoin exchange in the world, was was hacked for more than a half billion last week, bitcoins had peaked at $1200. Per coin. When Flexcoin folded a couple days ago bitcoins were worth $1000. Haven't checked latest bankruptcies and values, but confidence in bitcoins is diminishing. Bitcoins are electronic currency "based on cryptographic proof instead of trust". Bitcoin transactions are peer to peer with no central authority. Anyone can buy or sell or pay for 'products' through multiple independent exchanges (banks). It has become a favorite currency of money launderers and drug dealers and shady operators and terrorists and your kids or neighbours who want to hide that questionable transaction. There's a prevaling myth that Bitcoin is anonymous, but turns out Bitcoin is the most transparent of all currencies because every transaction is recorded in a public blockchain. Bitcoin was created by Satoshi Nakamoto, which is a male Japanese name roughly meaning "wise". Satoshi Nakamoto does not exist. Every effort to trace his identity has failed. He was last heard from in 2011, when he informed the online community that he was "moving on to other things". Some think Satoshi Nakamoto is not a single person, but many. Some think he's really an invention of the NSA and Bitcoin a device to track terrorist money, an idea which might have seemed preposterous till the Snowden leaks. And the cryptographic functions which form the core of the Bitcoin network were originally designed by the NSA. Some think Satoshi Nakamoto is an invention of Wall Streeters, designed to skirt currency and securities law. The New Yorker thinks Satoshi Nakamoto is a cryptography graduate student from Trinity College, Dublin, who became a currency trader on Wall Street and published a relevant paper on peer to peer technology. Where was ZB educated? Fast Company thinks three researchers who filed patents and registered a company in 2009 concurrent with the first Bitcoin paper are Satoshi Nakamoto, because the phrase "...computationally impractical to reverse" appears in both the patent application and the Bitcoin paper. Two Israeli mathemeticians claimed Russ Ulbricht, founder of online drug marketplace Silk Road, was linked to Satoshi Nakamoto, but were debunked by a Reddit user. One thing seems certain: whoever wrote the original Bitcoin code was brilliant, but sloppy. Independent banks run by naive geeks and outright fraudsters and incompetent opportunists left gaping holes in their security systems, and hackers have exploited these holes for years. No one knows how much real money has been transfered from wallet to wallet because idiots like Mark Karpeles of Mt. Gox lost the fucking password to transferred money and just kept transferring more to inaccessable 'wallets' while hackers kept converting it to fiat money of many currencies, mostly greenbacks. Billions, and Karpeles didn't even know it was missing. And The Mysterious Satoshi Nakamoto remains as much a mystery today as ever.
Has anyone ever researched Mark Kerpeles as being Satoshi? Sure sounds stupid but given the Silk Road news today... If he really was the mastermind behind Silk Road, that's huge. Plus he created the first Bitcoin exchange. He created the original Bitcoin wiki. Was the first to register a bunch of Bitcoin websites. Is a master PHP coder, but maybe can write also in other languages. Lives in Japan (Satoshi name is Japanese). Edit: possibly Mark also started bitcointalk.org which was always thought to be started by Satoshi http://www.reddit.com/Bitcoin/comments/2skgci_was_at_the_ross_ulbricht_silk_road_trial_day_3/cnqdcia Edit 2: to follow up on the above, ARS published/confirmed that Karpeles was in fact involved with the creation of bitcointalk.org...
"Our position is that he set up Mr. Ulbricht," Dratel said. He told the judge some of the evidence he wanted to bring in. For instance, Karpeles was involved with the creation of Bitcointalk.org, which ran a somewhat outdated version of MediaWiki; Silk Road ran the same version. When DPR gave his only extensive interview, to Forbes in August 2013, he said "I am not the first DPR."
Hey all! This stickied thread is temporary: Data will be moved to wiki so users can update. therealbobsaget proposed the idea of keeping a relatively accurate record of Bitcoin heists. I believe the idea is great, and we can utilize the Wiki to store this information down for historical reasons. From History_of_Bitcoin#Theft_and_exchange_shutdowns:
On 19 June 2011, a security breach of the Mt. Gox Bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer illegally to transfer a large number of bitcoins to himself. They used the exchange's software to sell them all nominally, creating a massive "ask" order at any price. Within minutes the price reverted to its correct user-traded value. Accounts with the equivalent of more than US$8,750,000 were affected. SourceSourceSourceSource
On July 2011, the operator of Bitomat, the third largest Bitcoin exchange, announced that he lost access to his wallet.dat file with about 17,000 bitcoins (roughly equivalent to US$220,000 at that time). He announced that he would sell the service for the missing amount, aiming to use funds from the sale to refund his customers. Source
In August 2011, MyBitcoin, a now defunct Bitcoin transaction processor, declared that it was hacked, which caused it to be shut down, paying 49% on customer deposits, leaving more than 78,000 bitcoins (equivalent to roughly US$800,000 at that time) unaccounted for. SourceSource
In early August 2012, a lawsuit was filed in San Francisco court against Bitcoinica — a Bitcoin trading venue — claiming about US$460,000 from the company. Bitcoinica was hacked twice in 2012, which led to allegations that the venue neglected the safety of customers' money and cheated them out of withdrawal requests. SourceSource
Bitcoin Savings and Trust:
In late August 2012, an operation titled Bitcoin Savings and Trust was shut down by the owner, allegedly leaving around US$5.6 million in Bitcoin-based debts; this led to allegations that the operation was a Ponzi scheme. SourceSourceSourceSource. In September 2012, the U.S. Securities and Exchange Commission had reportedly started an investigation on the case. Source
In September 2012, Bitfloor, a Bitcoin exchange, also reported being hacked, with 24,000 bitcoins (worth about US$250,000) stolen. As a result, Bitfloor suspended operations. The same month, Bitfloor resumed operations; its founder said that he reported the theft to FBI, and that he plans to repay the victims, though the time frame for repayment is unclear. Source
On 3 April 2013, Instawallet, a web-based wallet provider, was hacked, resulting in the theft of over 35,000 bitcoins which were valued at US$129.90 per bitcoin at the time, or nearly $4.6 million in total. As a result Instawallet suspended operations. Source
On 11 August 2013, the Bitcoin Foundation announced that a bug in a pseudorandom number generator within the Android operating system had been exploited to steal from wallets generated by Android apps; fixes were provided 13 August 2013. Source
A Bitcoin bank, operated from Australia but stored on servers in the USA, was hacked on 23 and 26 October 2013, causing a loss of 4100 bitcoins, worth over A$1 million. Source
Global Bond Limited (GBL):
In Hong Kong a Bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US$5 million) from 500 investors on 26 October 2013. Source
After the arrest of SilkRoad's owner, the FBI claims it has confiscated over 144,000BTC. Source
Sheep Market (post-silkroad):
The debate concerning the Sheep Market heist of 96,000+ BTC is still ongoing, there has been talks of the owners simply taking the money and running, while the owners claim that their operations were "hacked". Source
301BTC were taken from SatoshiChrist's blockchain.info wallet. Attack method unknown, what is known is lack of 2FA may have lead to attacks capturing his wallet information from either phone or system.
Shortly after reopening the Bitcoin Wiki, Karpelès added a Bitcoin Map tool to it. The map plotted nodes geographically and a still of it was featured on the Main Page for years. Mt. Gox. Karpelès acquired 88% of the Tokyo-based company Mt. Gox from programmer Jed McCaleb Mt. Gox, called "Mount Gox" or simply "Gox", was the most widely used bitcoin currency exchange market from shortly after its inception in 2010 to its insolvency late 2013. The market was closed February 25, 2014 and has since filed for bankruptcy protection in Japan and the United States, after losing 640 thousand bitcoins.. A registrant on Mt. Gox had at least two sub-accounts: one for ... Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin (BTC) transactions worldwide, as the largest bitcoin intermediary and the world's leading bitcoin exchange. First big Bitcoin exchange. Had a big crash which ended the first real Bitcoin Bullrun., McCaleb, Jed; founder, Karpeles, Mark; bought it from Jed McCaleb, Powell, Jesse; helped out with Roger Ver during a crash. Now has oversight of Mt Gox claims of lost bitcoins. On March 24, the Mt Gox creditors’ trustee from Tokyo, Nobuaki Kobayashi, disclosed a newly written rehabilitation plan for claimants looking to access some of the funds they lost in 2013.
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