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Full Detailed Guide - Converting Reddit Moons to $$$

Full Detailed Guide - Converting Reddit Moons to $$$
This guide will be guide starting from nothing, to convert your Moons to ETH, I found lots of guides, but I ended up having to use about 4 guides, and a few videos to get it done, so I decided to put this guide together for the community.
To see the current price of Moons, go here:
https://info.honeyswap.org/token/0x1e16aa4df73d29c029d94ceda3e3114ec191e25a

Linking Metamask, and your Reddit wallet.
  • Go to https://metamask.io/download.html
  • Click the Chrome or Firefox logo, to add Metamask to your browser.
  • Now Open the Reddit app on your mobile
  • Open the Reddit Menu (Click your profile picture in the top-left)
  • Click on Vault
  • Click on the 3 dots next to Vault, once in the Vault Page.
  • Click on Recovery Phrase and Copy it to your clipboard.
  • Send the Recovery phrase to your computer in a secure manner, so you can access it on the computer you have installed Metamask
  • Once Metamask is installed, click "Import using account seed phrase
https://preview.redd.it/ar5ufuw8grp51.png?width=505&format=png&auto=webp&s=56c98ca22d2b3c7cf22e85c936040d1467694ee8
  • Paste in the seed phrase you got from your Reddit Value
  • Set a password, and continue, you should now be logged in to Metamask
Seeing your Reddit moons in Metamask.
  • In Metamask, switch to the Rinkeby Test Network

https://preview.redd.it/p5dxrldcjrp51.png?width=507&format=png&auto=webp&s=1c3431e7f1940eea7cab8e6d1870362e18f713df
  • Click "Add Token"
  • Click "Custom Token"
  • In the "Token Contract Address" field, put in 0xDF82c9014F127243CE1305DFE54151647d74B27A
  • Click "Next"
  • Click "Back"
  • Click "Custom Token"
  • In the "Decimals of Precision" field, put in 18
  • Click "Next"
  • Click "Add Tokens"
You should now be able to see your Reddit Moons Balance within Metamask on the Rinkeby Test Network
https://preview.redd.it/i63q1snijrp51.png?width=478&format=png&auto=webp&s=5e7de78801c20b3264f4a1fb00821a17b659d2fd
Funding your wallet to cover fees
Now you need to fund your main network "Main Ethereum Network" with around $20 of Ethereum (GAS fees were quite high when I transferred, mileage may vary here).
This is to cover purchasing Dai to cover conversions from xDai to Dai etc
  • Fund your main wallet from anywhere you like with Ethereum, to do so, switch back to the "Main Ethereum Network" copy the address, and then send some Ethereum (I did so from Binance)
  • You also need to fund your "Rinkeby Test Network" with Ethereum you can do this in several ways, most methods will require you to connect your wallet to one of the faucets available
  1. Use https://faucet.metamask.io/ ***
  2. Use https://faucet.rinkeby.io/ (Requires a social media post) ***
  3. Use https://testnet.help/en/ethfaucet/rinkeby (Requires registration via email) ***
  4. Use https://rinkeby.faucet.epirus.io/ ***
  5. Ask someone nicely on Reddit BankBailout was extremely kind in sending me some, and if anyone struggles with getting some via the other methods, then I will be happy to send some over!

I now have plenty of Rinkeby ETH, so feel free to reach out and I will send some over.

*** None of those worked for me, step 4 is how I got the ETH to convert it.
Now you have ETH in your "Main Ethereum Network" wallet and your "Rinkeby Test Network" Wallet, you now need some Dai in your "Main Ethereum Network" wallet
  • There are 3 solid DeFi exchanges below, look between all 3, to see who has the best GAS rate at the time, to maximize the amount you get from your Moons!
For Oasis
For Uniswap:
For Kyberswap:
Adding the xDai Network
  • Now go back to Metamask
  • Click on the Network Dropdown
  • Click "Custom RPC"
  • In the "Network Name" field, put xDai
  • In the "New RPC URL" field, put https://dai.poa.network
  • Click "Save"
Now you need to convert 5 Dai to 5 xDai
  • Go to https://dai-bridge.poa.network/
  • Link your Metamask wallet, in the top-right
  • Switch to the "Main Ethereum Network" wallet
  • Put in 5, and click Transfer
  • Confirm the transfer in your wallet pop-up
  • You should in a minute or so, have 5 xDai, in your xDai custom Network
Now the best part, converting those moons into $$$
  • Go to https://xmoon.exchange/
  • Connect your Metamask Wallet
  • Switch to your "Rinkeby Test Network" Wallet in Metamask
  • Click "MOON to xMOON"
  • Confirm the transfer in your wallet pop-up
  • Wait until the xMOON's show up on the exchange, it will be on the left-hand side.
  • Switch to your "xDai" wallet in Metamask

Selling large quantities of moons, at once, may tank the market a touch, due to the currently quite low liquidity.

At this point, you can continue to use xmoon.exchange, or you can use Honeyswap, which has around 10x the liquidity, at the time of posting.
Continuing on xMOON
  • On the exchange, click xMOON to xDAI
  • Confirm the transaction
  • Wait until the amount of xDAI Increases on the right-hand side of the exchange.
Using HoneySwap
Now converting those xDAI, back to DAI.
This can take up to 1 hour as reported by some users.
  • Go to https://dai-bridge.poa.network/
  • Switch to your "xDAI" Network within Metamask, if you are not already on it.
  • Transfer your xDAI to DAI via the bridge.
  • Confirm the transaction in your Metamask wallet pop-up
  • You should now have your DAI in your "Main Ethereum Network" Account
  • You can then use Oasis etc, or other DeFi exchanges, to convert that DAI to ETH, etc.
I then sent the ETH to my Binance, then my Coinfloor account in the UK, and cashed out to my bank.
I thought I would document this process for others, as I Imagine like myself many of us are going through hard times at the moment due to Covid, and the $200ish I pulled from this, will help myself massively, so hopefully, it will help some of you!
Please let me know, if I have missed anything, or if there is anything I should add.
EDIT 1: Added note about using Honeyswap, and instructions on how to do so, due to the increased liquidity.
EDIT 2: Added multiple Defi Exchange instructions, as the GAS fees on Oasis were getting really high.
submitted by DanklyNight to CryptoCurrency [link] [comments]

Ethereum on ARM. New Eth2.0 Raspberry Pi 4 image for joining the Medalla multi-client testnet. Step-by-step guide for installing and activating a validator (Prysm, Teku, Lighthouse and Nimbus clients included)

TL;DR: Flash your Raspberry Pi 4, plug in an ethernet cable, connect the SSD disk and power up the device to join the Eth2.0 medalla testnet.
The image takes care of all the necessary steps to join the Eth2.0 Medalla multi-client testnet [1], from setting up the environment and formatting the SSD disk to installing, managing and running the Eth1.0 and Eth2.0 clients.
You will only need to choose an Eth2.0 client, start the beacon chain service and activate / run the validator.
Note: this is an update for our previous Raspberry Pi 4 Eth2 image [2] so some of the instructions are directly taken from there.

MAIN FEATURES

SOFTWARE INCLUDED

INSTALLATION GUIDE AND USAGE

RECOMMENDED HARDWARE AND SETUP
STORAGE
You will need an SSD to run the Ethereum clients (without an SSD drive there’s absolutely no chance of syncing the Ethereum blockchain). There are 2 options:
Use an USB portable SSD disk such as the Samsung T5 Portable SSD.
Use an USB 3.0 External Hard Drive Case with a SSD Disk. In our case we used a Inateck 2.5 Hard Drive Enclosure FE2011. Make sure to buy a case with an UASP compliant chip, particularly, one of these: JMicron (JMS567 or JMS578) or ASMedia (ASM1153E).
In both cases, avoid getting low quality SSD disks as it is a key component of your node and it can drastically affect the performance (and sync times). Keep in mind that you need to plug the disk to an USB 3.0 port (in blue).
IMAGE DOWNLOAD AND INSTALLATION
1.- Download the image:
http://www.ethraspbian.com/downloads/ubuntu-20.04.1-preinstalled-server-arm64+raspi-eth2-medalla.img.zip
SHA256 149cb9b020d1c49fcf75c00449c74c6f38364df1700534b5e87f970080597d87
2.- Flash the image
Insert the microSD in your Desktop / Laptop and download the file.
Note: If you are not comfortable with command line or if you are running Windows, you can use Etcher [10]
Open a terminal and check your MicroSD device name running:
sudo fdisk -l
You should see a device named mmcblk0 or sdd. Unzip and flash the image:
unzip ubuntu-20.04.1-preinstalled-server-arm64+raspi-eth2-medalla.img.zip
sudo dd bs=1M if=ubuntu-20.04.1-preinstalled-server-arm64+raspi.img of=/dev/mmcblk0 conv=fdatasync status=progress
3.- Insert de MicroSD into the Raspberry Pi 4. Connect an Ethernet cable and attach the USB SSD disk (make sure you are using a blue port).
4.- Power on the device
The Ubuntu OS will boot up in less than one minute but you will need to wait approximately 7-8 minutes in order to allow the script to perform the necessary tasks to install the Medalla setup (it will reboot again)
5.- Log in
You can log in through SSH or using the console (if you have a monitor and keyboard attached)
User: ethereum Password: ethereum 
You will be prompted to change the password on first login, so you will need to log in twice.
6.- Forward 30303 port in your router (both UDP and TCP). If you don’t know how to do this, google “port forwarding” followed by your router model. You will need to open additional ports as well depending on the Eth2.0 client you’ve chosen.
7.- Getting console output
You can see what’s happening in the background by typing:
sudo tail -f /valog/syslog
8.- Grafana Dashboards
There are 5 Grafana dashboards available to monitor the Medalla node (see section “Grafana Dashboards” below).

The Medalla Eth2.0 multi-client testnet

Medalla is the official Eth2.0 multi-client testnet according to the latest official specification for Eth2.0, the v0.12.2 [11] release (which is aimed to be the final) [12].
In order to run a Medalla Eth 2.0 node you will need 3 components:
The image takes care of the Eth1.0 setup. So, once flashed (and after a first reboot), Geth (Eth1.0 client) starts to sync the Goerli testnet.
Follow these steps to enable your Eth2.0 Ethereum node:
CREATE THE VALIDATOR KEYS AND MAKE THE DEPOSIT
We need to get 32 Goerli ETH (fake ETH) ir order to make the deposit in the Eth2.0 contract and run the validator. The easiest way of getting ETH is by joining Prysm Discord's channel.
Open Metamask [14], select the Goerli Network (top of the window) and copy your ETH Address. Go to:
https://discord.com/invite/YMVYzv6
And open the “request-goerli-eth” channel (on the left)
Type:
!send $YOUR_ETH_ADDRESS (replace it with the one copied on Metamask)
You will receive enough ETH to run 1 validator.
Now it is time to create your validator keys and the deposit information. For your convenience we’ve packaged the official Eth2 launchpad tool [4]. Go to the EF Eth2.0 launchpad site:
https://medalla.launchpad.ethereum.org/
And click “Get started”
Read and accept all warnings. In the next screen, select 1 validator and go to your Raspberry Pi console. Under the ethereum account run:
cd && deposit --num_validators 1 --chain medalla
Choose your mnemonic language and type a password for keeping your keys safe. Write down your mnemonic password, press any key and type it again as requested.
Now you have 2 Json files under the validator_keys directory. A deposit data file for sending the 32 ETH along with your validator public key to the Eth1 chain (goerli testnet) and a keystore file with your validator keys.
Back to the Launchpad website, check "I am keeping my keys safe and have written down my mnemonic phrase" and click "Continue".
It is time to send the 32 ETH deposit to the Eth1 chain. You need the deposit file (located in your Raspberry Pi). You can, either copy and paste the file content and save it as a new file in your desktop or copy the file from the Raspberry to your desktop through SSH.
1.- Copy and paste: Connected through SSH to your Raspberry Pi, type:
cat validator_keys/deposit_data-$FILE-ID.json (replace $FILE-ID with yours)
Copy the content (the text in square brackets), go back to your desktop, paste it into your favourite editor and save it as a json file.
Or
2.- Ssh: From your desktop, copy the file:
scp [email protected]$YOUR_RASPBERRYPI_IP:/home/ethereum/validator_keys/deposit_data-$FILE_ID.json /tmp
Replace the variables with your data. This will copy the file to your desktop /tmp directory.
Upload the deposit file
Now, back to the Launchpad website, upload the deposit_data file and select Metamask, click continue and check all warnings. Continue and click “Initiate the Transaction”. Confirm the transaction in Metamask and wait for the confirmation (a notification will pop up shortly).
The Beacon Chain (which is connected to the Eth1 chain) will detect this deposit (that includes the validator public key) and the Validator will be enabled.
Congrats!, you just started your validator activation process.
CHOOSE AN ETH2.0 CLIENT
Time to choose your Eth2.0 client. We encourage you to run Lighthouse, Teku or Nimbus as Prysm is the most used client by far and diversity is key to achieve a resilient and healthy Eth2.0 network.
Once you have decided which client to run (as said, try to run one with low network usage), you need to set up the clients and start both, the beacon chain and the validator.
These are the instructions for enabling each client (Remember, choose just one Eth2.0 client out of 4):
LIGHTHOUSE ETH2.0 CLIENT
1.- Port forwarding
You need to open the 9000 port in your router (both UDP and TCP)
2.- Start the beacon chain
Under the ethereum account, run:
sudo systemctl enable lighthouse-beacon
sudo systemctl start lighthouse-beacon
3.- Start de validator
We need to import the validator keys. Run under the ethereum account:
lighthouse account validator import --directory=/home/ethereum/validator_keys
Then, type your previously defined password and run:
sudo systemctl enable lighthouse-validator
sudo systemctl start lighthouse-validator
The Lighthouse beacon chain and validator are now enabled

PRYSM ETH2.0 CLIENT
1.- Port forwarding
You need to open the 13000 and 12000 ports in your router (both UDP and TCP)
2.- Start the beacon chain
Under the ethereum account, run:
sudo systemctl enable prysm-beacon
sudo systemctl start prysm-beacon
3.- Start de validator
We need to import the validator keys. Run under the ethereum account:
validator accounts-v2 import --keys-dir=/home/ethereum/validator_keys
Accept the default wallet path and enter a password for your wallet. Now enter the password previously defined.
Lastly, set up your password and start the client:
echo "$YOUR_PASSWORD" > /home/ethereum/validator_keys/prysm-password.txt
sudo systemctl enable prysm-validator
sudo systemctl start prysm-validator
The Prysm beacon chain and the validator are now enabled.

TEKU ETH2.0 CLIENT
1.- Port forwarding
You need to open the 9151 port (both UDP and TCP)
2.- Start the Beacon Chain and the Validator
Under the Ethereum account, check the name of your keystore file:
ls /home/ethereum/validator_keys/keystore*
Set the keystore file name in the teku config file (replace the $KEYSTORE_FILE variable with the file listed above)
sudo sed -i 's/changeme/$KEYSTORE_FILE/' /etc/ethereum/teku.conf
Set the password previously entered:
echo "yourpassword" > validator_keys/teku-password.txt
Start the beacon chain and the validator:
sudo systemctl enable teku
sudo systemctl start teku
The Teku beacon chain and validator are now enabled.

NIMBUS ETH2.0 CLIENT
1.- Port forwarding
You need to open the 19000 port (both UDP and TCP)
2.- Start the Beacon Chain and the Validator
We need to import the validator keys. Run under the ethereum account:
beacon_node deposits import /home/ethereum/validator_keys --data-dir=/home/ethereum/.nimbus --log-file=/home/ethereum/.nimbus/nimbus.log
Enter the password previously defined and run:
sudo systemctl enable nimbus
sudo systemctl start nimbus
The Nimbus beacon chain and validator are now enabled.

WHAT's NEXT
Now you need to wait for the Eth1 blockchain and the beacon chain to get synced. In a few hours the validator will get enabled and put into a queue. These are the validator status that you will see until its final activation:
Finally, it will get activated and the staking process will start.
Congratulations!, you join the Medalla Eth2.0 multiclient testnet!

Grafana Dashboards

We configured 5 Grafana Dashboards to let users monitor both Eth1.0 and Eth2.0 clients. To access the dashboards just open your browser and type your Raspberry IP followed by the 3000 port:
http://replace_with_your_IP:3000 user: admin passwd: ethereum 
There are 5 dashboards available:
Lots of info here. You can see for example if Geth is in sync by checking (in the Blockchain section) if Headers, Receipts and Blocks fields are aligned or find Eth2.0 chain info.

Updating the software

We will be keeping the Eth2.0 clients updated through Debian packages in order to keep up with the testnet progress. Basically, you need to update the repo and install the packages through the apt command. For instance, in order to update all packages you would run:
sudo apt-get update && sudo apt-get install geth teku nimbus prysm-beacon prysm-validator lighthouse-beacon lighthouse-validator
Please follow us on Twitter in order to get regular updates and install instructions.
https://twitter.com/EthereumOnARM

References

  1. https://github.com/goerli/medalla/tree/mastemedalla
  2. https://www.reddit.com/ethereum/comments/hhvi2ethereum_on_arm_new_eth20_raspberry_pi_4_image/
  3. https://github.com/ethereum/go-ethereum/releases/tag/v1.9.20
  4. https://github.com/ethereum/eth2.0-deposit-cli/releases
  5. https://github.com/prysmaticlabs/prysm/releases/tag/v1.0.0-alpha.23
  6. https://github.com/PegaSysEng/teku
  7. https://github.com/sigp/lighthouse/releases/tag/v0.2.8
  8. https://github.com/status-im/nim-beacon-chain
  9. https://grafana.com
  10. https://www.balena.io/etcher
  11. https://github.com/ethereum/eth2.0-specs/releases/tag/v0.12.2
  12. https://blog.ethereum.org/2020/08/03/eth2-quick-update-no-14
  13. https://goerli.net
  14. https://metamask.io
submitted by diglos76 to ethereum [link] [comments]

Ethereum on ARM. New Eth2.0 Raspberry pi 4 image for automatically joining Prylabs Onyx Eth2.0 testnet. Step-by-step guide for installing and activating a validator.

TL;DR: Flash your Raspberry Pi 4, plug in an ethernet cable, connect the SSD disk and power up the device to join the Eth2.0 Onyx testnet.
The image takes care of all the necessary steps to join the Eth2.0 Onyx testnet [1], from setting up the environment and formatting the SSD disk to installing and running the Ethereum Eth1.0 and Eth2.0 clients as well as starting the blockchains synchronization (for both Geth Eth1.0 Goerli [2] and Prysm [3] Eth2.0 Beacon Chain).
You will only need to create a validator account, send the deposit of 32 Goerli ETH to the Onyx contract and start the validator systemd service.
MAIN FEATURES
SOFTWARE INCLUDED

INSTALLATION GUIDE AND USAGE

RECOMMENDED HARDWARE AND SETUP
STORAGE
You will need and SSD to run the Ethereum clients (without an SSD drive there’s absolutely no chance of syncing the Ethereum blockchain). There are 2 options:
In both cases, avoid getting low quality SSD disks as it is a key component of you node and it can drastically affect the performance (and sync times). Keep in mind that you need to plug the disk to an USB 3.0 port (in blue).
IMAGE DOWNLOAD AND INSTALLATION
1.- Download the image:
http://www.ethraspbian.com/downloads/ubuntu-20.04-preinstalled-server-arm64+raspi-eth2-onyx.img.zip
SHA256 13bc7ac4de6e18093b99213511791b2a24b659727b22a8a8d44f583e73a507cc
2.- Flash the image
Insert the microSD in your Desktop / Laptop and download the file:
Note: If you are not comfortable with command line or if you are running Windows, you can use Etcher [8]
Open a terminal and check your MicroSD device name running:
sudo fdisk -l 
You should see a device named mmcblk0 or sdd. Unzip and flash the image:
unzip ubuntu-20.04-preinstalled-server-arm64+raspi-eth2-onyx.img.zip sudo dd bs=1M if=ubuntu-20.04-preinstalled-server-arm64+raspi.img of=/dev/mmcblk0 conv=fdatasync status=progress 
3.- Insert de MicroSD into the Raspberry Pi 4. Connect an Ethernet cable and attach the USB SSD disk (make sure you are using a blue port).
4.- Power on the device
The Ubuntu OS will boot up in less than one minute but you will need to wait approximately 7 minutes in order to allow the script to perform the necessary tasks to join the Onyx testnet (it will reboot again)
5.- Log in
You can log in through SSH or using the console (if you have a monitor and keyboard attached)
User: ethereum Password: ethereum 
You will be prompted to change the password on first login, so you will need to log in twice.
6.- Forward 30303 and 13000 ports in your router (both UDP and TCP). If you don’t know how to do this, google “port forwarding” followed by your router model.
7.- Getting console output
You can see what’s happening in the background by typing:
sudo tail -f /valog/syslog 
7.- Grafana Dashboards
There are 2 Grafana dashboards to monitor the node (see section “Grafana Dashboards below”.
See [9]

The Onyx Eth2.0 testnet

Onyx is an Eth2.0 testnet created by Prylabs according to the latest official specification for Eth2.0, the v0.12.1 [10] release (which is aimed to be the final).
In order to run an Onyx Eth 2.0 node you will need 3 components:
The image takes care of the Eth1.0 Geth and Eth2.0 Beacon Chain configurations and syncs. So, once flashed (and after a first reboot), Geth (Eth1.0 client) starts syncing the Goerli testnet and the Beacon Chain (Eth2.0 client) gets activated through the Prysm client, both as systemd services.
When the Goerli testnet sync is completed, the Beacon Chain starts syncing. Both chains are necessary as the validator needs to communicate with them (as explained below).
Activating the validator
Once Goerli and the Beacon chain are in sync you have just one task left, configure the Validator for enabling the staking process.
The image provides the Prysm validator client for running the staking process. With this validator, you will create an account with 2 keys (public and private) and get an HEX string that needs to be sent to the Eth 1.0 blockchain as data through a 32 ETH transaction.
The Beacon Chain (which is connected to the Eth1 chain) will detect this deposit (which includes the validator public key) and the Validator will be activated.
So, let’s get started. Geth Goerli testnet and the Beacon Chain are already syncing in the background. Goerli will sync in about 1 hour and the Beacon Chain in about 2 hours (so this will take 3 hours overall).
The easiest way to enable a Prysm validator is to use the Prylabs web portal to get Goerli ETH (testnet ETH) and follow their instructions:
https://prylabs.net/participate
Let’s break this down:
Step 1) Get Prysm
Nothing to do here. Prysm is already installed.
Step 2) Get GöETH — Test ETH
We need 32 ETH to stake (it is fake ETH as this is a tesnet). Prylabs created a faucet with a great UI so you can easily get 32.5 Goerli ETH.
You will need a web3 provider to use the faucet. Install Metamask browser extension (if you don’t have it running yet). Create an account and set the network to “Goerli test network” (on the top of the Metamask screen). Now, click once in “Metamask” and then click “Need GoETH?” button. Confirm the transaction.
Once funded, you will see something like this:
You are 0x0b2eFdbFB8EcaF7F4eCF6853cbd5eaD86510d63C and you have 32.5 GöETH. 
Step 3). Generate a validator public / private key
Go to your Raspberry Pi console and run the following command (make sure you are logged in with your ethereum user):
validator accounts create 
Press return to confirm the default path
Enter a password twice (you will need it later to run the validator so write it down and be careful). Once finished, your account will be created (under the /home/ethereum/.eth2validators directory) containing, among other info, your validator keys. Additionally you will get the deposit data as follows (this is an example):
========================Deposit Data======================= 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 =================================================================== ***Enter the above deposit data into step 3 on https://prylabs.net/participate*** 
Copy this data (just the hexadecimal part, from 0x to the last number), go back to step 3 of Prylabs website and paste it into the field “Your validator deposit data”.
Step 4) Start your beacon chain & validator clients
Beacon chain is already running in the background so let’s configure the validator. Just edit the /etc/ethereum/prysm-validator.conf file and replace “changeme” string with your password (you can use nano or vim editors). Now run:
sudo systemctl enable prysm-validator && sudo systemctl start prysm-validator 
Check if everything went right by running:
sudo systemctl status prysm-validator 
Step 5) Send a validator deposit
We are almost there. Just click the “Make deposit” button and confirm the transaction.
Done!
Now you need to wait for the validator to get activated. In time, the beacon chain will detect the 32 ETH deposit (which contains the validator public key) and the system will put your validator in queue. These are the validator status that you will see during the activation process:

Grafana Dashboards

We configured 2 Grafana Dashboards to let users monitor both Eth1.0 and Eth2.0 progress. To access the dashboards just open your browser and type your Raspberry IP followed by the 3000 port:
http://replace_with_your_IP:3000 user: admin passwd: ethereum 
There are 3 dashboards available:
Lot of info here. You can see for example if Geth is in sync by checking (in the Blockchain section) if Headers, Receipts and Blocks are aligned or easily find the validator status.

Whats's next

We are planning a new release for a multi testnet Eth2.0 network including Prysm, Teku and Lighthouse client (and hopefully Nimbus).

Gitcoin Grant

Gitcoin Grants round 6 is on!. If you appreciate our work, please consider donating. Even $1 can make the difference!
https://gitcoin.co/grants/384/ethereum-on-arm
Follow us on Twitter. We post regular updates and info you may be interested in!
https://twitter.com/EthereumOnARM

References

  1. https://medium.com/prysmatic-labs/introducing-the-onyx-testnet-6dadbd95d873
  2. https://goerli.net
  3. https://docs.prylabs.network/docs/getting-started/
  4. https://www.reddit.com/ethereum/comments/gf3nhg/ethereum_on_arm_raspberry_pi_4_images_release/
    1. Installation script: https://github.com/diglos/pi-gen/blob/ethraspbian2.0/stage2/04-ethereum/files/rc.local.eth2.onyx
  5. https://github.com/ethereum/go-ethereum/releases/tag/v1.9.15
  6. https://github.com/prysmaticlabs/prysm/releases/tag/v1.0.0-alpha.13
  7. https://grafana.com/
    1. Prysm Dashboard: https://github.com/GuillaumeMiralles/prysm-grafana-dashboard/tree/master
  8. https://etcher.io
  9. https://twitter.com/EthereumOnARM/status/1277184480189517824
  10. https://github.com/ethereum/eth2.0-specs/releases
  11. https://github.com/goerli/altona
submitted by diglos76 to ethereum [link] [comments]

Update and Few Thoughts, a (Well-Typed) transcript: Liza&Charles the marketeers, Voltaire kick-off, PrisM and Ebb-and-Flow to fuck ETH2.0 Gasper, the (back)log of a man and a falcon, lots of companies, September Goguen time, Basho, 2021 Titans, Basho, Hydra and much more thoughts and prayers

Hi everybody this is Charles Hoskinson broadcasting live from warm sunny Colorado. I'm trying a new streaming service and it allows me to annotate a few things and simulcast to both periscope and youtube. Let's see how this works. I also get to put a little caption. I think for the future, I'm just for a while going to put: "I will never give away ada". So, when people repost my videos for giveaway scams they at least have that. First off, a thank you, a community member named Daryl had decided to carve a log and give his artistic impression of my twitter profile picture of me and the falcon so that always means a lot when I get these gifts from fans and also I just wanted to, on the back of the Catalyst presentation, express my profound gratitude and excitement to the community.
You know it's really really cool to see how much progress has been made in such a short period of time. It was only yesterday when we were saying "when Shelley"? Now Shelley's out and it's evolving rapidly. Voltaire is now starting to evolve rapidly and we're real close to Goguen. At the end of this month we'll be able to talk around some of the realities of Goguen and some of the ideas we have and give some dates for certain things and give you a sense of where that project is at. The good news is that we have gained an enormous amount of progress and knowledge about what we need to do and how to get that done and basically people are just executing and it's a much smaller task than getting us to Shelley. With Byron to Shelley we literally had to build a completely new cryptocurrency from the ground up. We had to have new ledger rules, new update system, we had to invent a way of transitioning from one system to another system and there's hundreds of other little innovations along the way: new network stack and so forth. Byron cosmetically looks like Shelley but under the hood it's completely different and the Shelley design was built with a lot of the things that we needed for Goguen in mind. For example, we built Shelley with the idea of extended UTXO and we built Shelley understanding what the realities were for the smart contract model and that's one of the advantages you get when you do this type of bespoke engineering. There's two consequences to that, one, the integration is significantly easier, and two, the integration is significantly faster. We won't look at that same complexity there.
The product update at the end of the month... We'll really start discussing around some of these things as well as talk about partners and talk about how the development ecosystem is going to evolve. There are a lot of threads throughout all three organizations that are happening simultaneously. Emurgo, they're really thinking deeply about DeFi and they've invited us to collaborate with them on things like stablecoins for example but we're also looking at oracles (oracle pools), DEX and these other things and because there are already people in market who have made mistakes, learned lessons, it gives us the benefit of hindsight. It means we can be much faster to market and we can build much more competitive things in market and the Cardano community gets first access to these next generation DeFi applications without a lot of the problems of the prior generations and that's super beneficial to us.
You know, the other side of it, is that Voltaire is going to have a systemic influence not just on community funding but also the overall evolution and direction of the platform. The longer it exists the more pervasive it will become. Probably first applied towards the Cardano foundation roadmap but later on it will definitely have a lot of influence and say over every element aspect of the system including the launch dApps and these other things. Basically, long term, the types of problems that Cardano solves so that's incredibly appealing to me and very exciting to me because it's like I have this giant community brain with the best and brightest of all of you working with us to get us where we need to go.
You know, another thing that was super encouraging, it's a small thing, but it shows us that we're definitely in the right direction was that we recently got a demo from Pramod (Viswanath) and his team out of university of Illinois on a protocol they create called PrisM which is a super fast proof-of-work protocol and they wrote this beautiful paper and they wrote code along with it that showed that PrisM is a ten thousand times faster than Nakamoto consensus. If you take the bitcoin proof-of-work protocol, you strip it out, you put PrisM in, you can run the entire bitcoin system 10000 times faster. They have these beautiful benchmarks to show that. Even in bad network conditions. (I'm) promoting this team, they're, they're real researchers, and they're real engineers, they use a lot of cool HPC concepts like springboarding and other things like that to accommodate that. Then I asked him in the presentation, I said well, how much faster if you replay the Ethereum chain? He says, well, that it takes a big performance hit, could be only maybe a hundred times because that model is not as easy to optimize and shard with standard computer science concepts. In fact in some cases there are limitations there that really can't be overcome. It turns out that we're more on that UTXO side than we are on the account side. As a coincidence or intent of the design of extended UTXO we're gonna have a lot easier time getting much higher performance where and when it's necessary.
I also approved this week a scaling up of the Basho project. In particular, to build a hydra prototype team. The science has gotten to a point where we can make a really competitive push in that particular direction. What does that mean? It means that in just a few short months we can de-risk technological approaches that long-term will give us a lot of fruit where and when the community decides that they need infrastructure like hydra. Now, here's the beautiful thing about hydra. If you watch my whiteboard back in September of 2017 when Cardano first hit market with Byron I talked about this concept of looking at scalability with a very simple test which is as you get more people in the system it stays at the same performance or it gets faster. We all experience systems that do this, for example, bittorrent, more people downloading something you tend to be able to get it faster and we all experience the converse which is, the system gets slower when you get more people. What does this mean? It means that hydra is an actual approach towards true scalability in the system and it's a lot easier to do than sharding even though we have a beautiful approach to get the sharding on the ledger side if we truly desire to go down that way. There's beautiful ideas that we are definitely in deep discussions about. That's a very complex thing. There was recently a paper ("Ebb-and-Flow Protocols: A Resolution of the Availability-Finality Dilemma") out of Stanford that showed that the Gasper protocol as proposed for ETH2.0 does have some security concerns and it's going to be the burden on the shoulders of the Ethereum 2.0 developers and Vitalik to address those concerns from those Stanford professors. Whenever you have these very complex protocols they have so many different ways they can break and things can go wrong so it's much more appealing when you don't have to embrace complexity to achieve the same. The elegance of hydra is that stake pool operators are very natural parties to put hydra channels on and every time we add one we get much more performance out of that and the system as it gets more valuable. The k factor increases which means you get more stake pull operators, which means you get more hydra channels, so with growth we get appreciation, with appreciation we get more decentralization, with more decentralization we get more performance. In essence, this spiritually speaking, is really what we meant when we said scalability. That the system will always grow to meet its particular needs and we have a very elegant way of moving in that direction that doesn't require us to embrace very sophisticated techniques. It's not to say that these techniques don't have a place and purpose but it says that the urgency of implementing these is gone and we then have the luxury to pick the best science when it's ready instead of rushing it to market to resolve a crisis of high fees. We'll never have that crisis so there's a beauty to Cardano that is missing, I in my view, from many cryptocurrencies and blockchains in the marketplace and we're now seeing that beauty shine through. Not only through our community who are so passionate and amazing but in the science and the engineering itself and how easy it is for us to navigate the concepts. How easy it is for us to add more things, to take some things away, to clean some things up here and there and our ability to move through.
I never imagined when in 2015 I signed up to go in on this crazy ride and try to build a world financial operating system we would have made as much progress as we made today. We've written more than 75 research papers as an organization many of which are directly applicable to Cardano. We've got great partners who work with Nasa and Boeing and Pfizer, massive companies, that have 10 years of history and millions of users to come in and help us grow better. We've worked with incredible organizations, major universities like university of Wyoming, university of Edinburgh, Tokyo, tech professors all across the world. We've worked with incredible engineering firms like VacuumLabs and AtixLabs and Twig and Well-Typed, runtime verification, QuviQ and dozens of others along the years and despite the fact that at times there's been delays and friction throughout this entire journey we've mostly been aligned and we keep learning and growing. It gives me so much hope that our best days are ahead of us and an almost fanatical belief that success is inevitable in a certain respect. You see because we always find a way to be here tomorrow and we always find a way to make tomorrow a better day than today and as long as that's the trend you're monotonically increasing towards a better tomorrow, you're always going to have that outcome, you're always going to be in a position where Cardano shines bright. Towards the end of the month we'll have a lot more to say about the development side and that'll be a beginning just like Voltaire is the beginning and then suddenly you now notice the beautiful parallelism of the roadmap. Shelley continues to evolve, partial delegation is coming, in fact, I signed the contract with vacuumlabs to bring that to Ledger (and Trezor). The Daedalus team is hard at work to make that feature apparent for everyone as is the Yoroi team.
You see that, with now Voltaire, and soon was Goguen, and these are not endpoints, rather they're just beginnings and they're never over. We can always make staking better, more diverse, more merit-based and entertain different control models, have better delegation mechanics, have better user experience. The same for smart contracts, that's an endless river and along the way what we've discovered is it's easy for us to work with great minds and great people. For example with testing of smart contracts I would love to diversify that conversation above and beyond what we can come up with and bring in some firms who have done this for a long time to basically take that part with us shoulder to shoulder and build beautiful frameworks to assist us. For example, runtime verification is doing this with, the EVM with a beautiful project called Firefly to replace Truffle. I believe that we can achieve similar ends with Plutus smart contracts.
When you ask yourself what makes a system competitive in the cryptocurrency space? In my view there are four dimensions and you have to have a good story for all four of those dimensions. You need security and correctness. A lot of people don't prioritize that but when they get that wrong it hurts retail people, it hurts everyday people, billions of dollars have been lost due to the incompetence and ineptitude of junior developers making very bad mistakes and oftentimes those developers faced no consequences. The people who lost money were innocent people who believed in cryptocurrencies and wanted to be part of the movement but didn't protect themselves adequately. That's a really sad thing and it's unethical to continue pushing a model that that is the standard or the likely outcome rather than a rare edge case. You have to as a platform, a third generation platformn invest heavily in giving the developers proper tools to ensure security and correctness. We've seen a whole industry there's been great innovations out of Quantstamp and ConsenSys and dozens of other firms in the space including runtime verification who have really made major leaps in the last few years of trying to improve that story. What's unique to Cardano is that we based our foundations on languages that were designed right the first time and there's over 35 years of history for the approach that we're following in the Haskell side that allows us to build high assurance systems and our developers in the ecosystem to build high assurance systems. We didn't reinvent the wheel, we found the best wheel and we're giving it to you.
I think we're going to be dominant in that respect as we enter 2021. Second, you look at things like ease of maintenance, ease of deployment, the life cycle of the software upgrades to the software and as we've demonstrated with things like the hard fork combinator and the fact that Voltaire is not just a governance layer for ada and Cardano but will eventually be reusable for any dApp deployed on our system. You have very natural tooling that's going to allow people to upgrade their smart contracts, their dApps and enable governance for their users at an incredibly low cost and not have to reinvent the governance wheel each and every application. This is another unique property to our system and it can be reused for the dApps that you deploy on your system as I've mentioned before. Performance is a significant concern and this was often corrupted by marketers especially ICO marketers who really wanted to differentiate (and) say: "our protocol tested on a single server in someone's basement is 500000 transactions per second" and somehow that translates to real life performance and that's antithetical to anyone who's ever to study distributed systems and understands the reality of these systems and where they go and what they do and in terms of performance. I think we have the most logical approach. You know, we have 10 years of history with bitcoin, it's a massive system, we've learned a huge amount and there's a lot of papers written about, a lot of practical projects and bitcoin is about to step into the world of smart contracts. We congratulate them on getting Schnorr sigs in and the success of Taproot. That means entering 2021, 2022, we are going to start seeing legitimate dApps DeFi projects, real applications, instead of choosing Ethereum or Algorand, EOS, Cardano, choosing bitcoin and they're adding a lot to that conversation. I think that ultimately that model has a lot of promise which is why we built a better one. There are still significant limitations with what bitcoin can accomplish from settlement time to the verbosity of contracts that can be written.
The extended UTXO model was designed to be the fastest accounting and most charitable accounting model ever, on and off chain, and hydra was designed to allow you to flex between those two systems seamlessly. When you look at the foundations of where we're at and how we can extend this from domain specific languages, for domain experts, such as Marlowe to financial experts, and the DSLs that will come later, for others, like lawyers and supply chain experts in medical databases and so forth and how easy it is to write and deploy these. Plutus being beautiful glue code for both on and off chain communications. I think we have an incredibly competitive offering for performance and when hydra comes, simply put, there'll be no one faster. If we need to shard, we're going to do that and definitely better than anybody else because we know where our security model sits and there won't be surprise Stanford papers to blindside us that require immediate addressing.
In terms of operating costs, this is the last component, in my view, and that's basically how much does it cost you the developer to run your application? There are really two dimensions, one is predictability and the other is amount. It's not just good enough to say: it's a penny per transaction today. You need to know that after you spend millions of dollars and months or years of effort building something and deploying something that you're not going to wake up tomorrow and now it's five dollars to do what used to cost a penny. You need that cost to be as low as possible and as predictable as possible and again the way that we architectured our system and as we turn things on towards the end of this year and as we enter into the next year we believe we have a great approach to achieve low operating cost. One person asks why Cardano? Well because we have great security and correctness in the development experience and tools with 35 years of legacy that were built right the first time and don't put the burdens of mistakes on your customers. They ask why Cardano and we say: well the chain itself is going to give you great solutions with identity value transformation and governance itself and as a consequence when you talk about upgrading your applications having a relationship with your customers of your applications and you talk about the ease of maintenance of those applications. There's going to be a good story there and we have beautiful frameworks like Voltaire that allow that story to evolve and we keep adding partners and who have decades of experience to get us along. We won't stop until it's much better. They asked why Cardano? We said because at the moment we're 10 times faster today than Ethereum today and that's all we really need for this year and next year to be honest and in the future we can be as fast as we need to be because we're truly scalable. As the system gets more decentralized the system improves performance and where and when we need to shard we can do that. We'll have the luxury of time to do it right, the Cardano way, and when people ask why Cardano? Because the reality is, it's very cheap to do things on our platform and the way we're building things. That's going to continue being the case and we have the governance mechanisms to allow the community to readjust fees and parameters so that it can continue being affordable for users. Everything in the system will eventually be customizable and parameterizable: from block size, to transaction fees and the community will be in a good position to dynamically allocate these things where and when needed so that we can enjoy as an ecosystem predictability in our cost.
In the coming weeks and months, especially in my company, we're going to invest a lot of time and effort into comparison marketing and product marketing. When I see people say, oh well, you've launched proof of stake, a lot of other people have done. I don't think those people fully appreciate the magnitude of what we actually accomplished as an ecosystem and the quality of the protocols that are in distribution. That's not their fault, it's our fault, because we didn't take the time in simplistic terms, not scientific papers and deep code and formal specifications, but rather everyday language, to really show why we're different. I admit that that's a product failing and that needs to be corrected so we hired a great marketing director, named Liza (Horowitz?) and she is going to work full time with me and others in the ecosystem, a great team of people, every single day to get out there and explain what we have done is novel, unique, competitive and special to our industry. Everything from Ouroboros and contrast to major other protocols from the EOSes and Algorands and the Tezos of the world. Why we're different, trade-offs we chose over them, to our network stack, to the extended UTXO model, to Plutus, to Marlowe and we're going to keep hammering away at that until we get it right and everybody acknowledges and sees what has been accomplished.
I've spent five years of my life, good years of my life, and missed a lot to get this project where it needs to go. All of our employees have invested huge sums of their personal lives, their time, their brand, their careers, in trying to make this the really most magical and special cryptocurrency and blockchain infrastructure around. No one ever signed up in this company or the other companies working on Cardano to work on a mediocre protocol. That's just another blockchain, they signed up to change the world, they signed up to build a system that legitimately can look at you in the face and say: one day we have the potential to have a billion users! That's what they signed up for and they showed up to play. They built technology that evolves in that direction with some certainty and great foundations and we have an obligation to market in a way that can show the world why, succinctly, with clarity. Understandably, this has been a failing in the past but you know what? You can always be better tomorrow that monotonically increasing make it better and that's what we're going to do. We recognized it and we're going to invest in it and with Voltaire if we can't do it. You the community can do it and we'll work with you. If you can do a better job and the funding will be there to get that done. In addition to this, we think about 2021 and we ask where does the future take us? I've thought a lot about this you know I've thought a lot about how do we get the next five years as we close out 2020 and here's the reality: we're not going to leave as a company until we have smart contracts and multi-asset and Voltaire has evolved to a point where the community can comfortably make decisions about the future of the protocol and that the staking experience has solidified and it's stable.
I don't care if this costs me millions or tens of millions of dollars out of my own pocket to make happen. I'm going to do that because that's my commitment to you, the community and every product update will keep pushing our way there. We'll continue to get more transparent, we'll continue to get more aggressive and hire more and parallelize more. Aware when we can, to deliver that experience so that Cardano gets where it needs to go. Then when we ask about where do we go next? The reality is that the science as an industry, the engineering as an industry has given a menu of incredibly unique attractive and sexy things that we can pursue. What we're going to do is work with the community and the very same tools that are turning on today, the Voltaire tools, the cardano.ideascale.com tools and we're going to propose a consortium and we're going to bring the best and brightest together and give a vision of where we can take the system in another five years. With the benefit of hindsight, massively improved processes, better estimation capabilities and the fact that we're not starting with two people at IOG. We're starting with 250 people and the best scientific division in our industry and the legacy of almost, nearly by the end of this year, 100 scientific papers. That's us, you know what, there's dozens of companies throughout the history who have worked on Cardano. It's about time to scale them up too and get client diversity. So come next year when the protocol has evolved to the point where it's ready for it, we'll have that conversation with you the community and that's going to be a beautiful conversation. At the conclusion of it, there's going to be certainty of how we're going to evolve over the next five years to get ourselves beyond the cryptocurrency space. I'm very tired of these conversations we have about: are you going to go to (coindesk's) consensus or not? Or who's going to be the big winner? What about Libra or what about this particular regulation and this crypto unicorn and this thing?
You know I've been in the space a long time and I've noticed that people keep saying the same things year after year in the same venues. Yes, the crowd sizes get larger and the amount of value at risk gets larger but I haven't seen a lot of progress in the places where I feel it is absolutely necessary for this technology to be permanent in the developing world. We need to see economic identity. People often ask what is the mission for Cardano? For us IOG, you look at economic identity and you take a look at a roadmap. For it, you scale up and down, and each and every step along the way, from open data, to self-sovereign identity, to financial inclusion. You can keep going down: to decentralized lending, decentralized insurance, decentralized banking. Each and every step along the way to economic identity. When you admit a blockchain tells you that, there's a collection of applications and infrastructure that you need to build.
My life's work is to get to a point where we have the technology to do that. The infrastructure to do that, with principles, and so we'll keep evolving Cardano and we'll keep evolving the space as a whole and the science as a whole until I can wake up and say: each box and that road to economic identity, for all people not just one group, we have a solution for that. I'm going to put those applications on Cardano and success for me is not about us being king of the crypto hill and having a higher market cap than bitcoin or being entrepreneur of the year coindesk's most influential person. It's meaningless noise, success for me is reflecting back at the things that we have accomplished together and recognizing that millions if not billions now live in a system where they all matter, they all have a voice, they all have an equal footing. The Jeff Bezos of the world have the very same experience as the person born in Rwanda and we're not done until that's the case. It's a long road, it's a hard road, but you know what? We're making progress, we have great people in Africa, we have great people in eastern Europe, we have great people in southeast Asia and great partners all along the way. Great people, Latin America, great people in south America, great people here in the United States.
When we talk about economic identity there are millions, if not tens of millions of Americans who don't have it. Same for Canadians, hundreds of thousands, who don't have it. Developed western cultures, it's the greatest blind spot of policy and as we enter into a depression as a result of coronavirus, add millions if not tens of millions more onto that list. Generations are being disenfranchised by this legacy system and we as an ecosystem, we as an entire community are offering a different way forward. Not hyper centralizationn not social credit but a way forward where you own your own money, your own identity, your own data. You're not a victim of surveillance capitalism, you're not a victim of civil asset forfeiture. When you say the wrong things, you get shut out of society. Each and every human being matters and I'm optimistic to believe that when you remind people that they matter they're gonna rise to the occasion. That is the point of my company. In the things that we do each and every day, that's our mission to give the platforms to the world so that those who don't have economic identity can get it and they can keep it and no one can take it from them and they can enjoy an ever increasing growth of standard of living wealth and prosperity.
However you want to measure that this is my goal post, I couldn't care less about the cryptocurrency space. It was a great place to start but the space needs to be reminded why it exists. Bitcoin was given a mandate on the back of the 2008 financial crisis to do something different. It was not given a mandate to go be a new settlement layer for central banks or a new way for the old guard to make more money and banks get bigger and for those who are in control to preserve their power. The whole point of doing something so crazy as to buy a coin that doesn't even exist in real life, that's just a bunch of numbers in the cloud, the whole point of that was so that we as a society could do something different than the way that we'd been doing things before. So, each and every member of the cryptocurrency space needs to remind everyone else from time to time why we're here and where did we come from and where are we going to go.
The beauty of Cardano is we have already achieved for the most part a decentralized brain and that momentum is pushing harder than ever. More and more scientists are waking up, more and more institutions are waking up, getting us there. The code we have, the right approach and I think we have a great competitive offering for 2021 as we go and battle the titans and that's going to be a lot of fun but we know who we are and where we're going and we're in the right places. It's so incredibly encouraging to see the stake pool operators not just be from California or Texas or New York or Canada. To see a lot of stake pool operators from the place that need the most, help everybody does matter and it means a lot to me for the people who are there but it means a lot to everybody to say that we have created an equal platform. It makes the participation of all of us so much more meaningful. We're not just talking to each other, we're talking to the world and by working together on this platform we're lifting the world up and giving people hope. That's the point, there's a lot more to do, we didn't get everything done. You never do you aspire, you work hard, you set a moon, shot and sometimes you can just get to orbit with the first go but you know what? When you build the next rocket you can go to Mars.
Thank you all for being with me, thank you all for being part of this. Today was a damn good day with the announcement of Voltaire. Go to cardano.ideascale.com. You can participate in that, so end of September is going to be a good day too. There's a lot of good days to come, in between a lot of hard days, doing tasks sometimes entirely forgettable but always necessary to keep the revolution going and the movement going. I cannot wait for 2021, our best days are ahead of us, because of you. You all take care now .
Source: https://www.youtube.com/watch?v=BFa9zL_Dl_w
Other things mentioned:
https://cardano.ideascale.com/
https://www.atixlabs.com/blockchain
https://www.well-typed.com/
https://www.vacuumlabs.com/
https://medium.com/interdax/what-is-taproot-and-how-will-it-benefit-bitcoin-5c8944eed8da
https://medium.com/interdax/how-will-schnorr-signatures-benefit-bitcoin-b4482cf85d40
https://quantstamp.com/
https://bloxian.com/bloxian-platforms/ (TWIG)
https://runtimeverification.com/firefly/
https://www.trufflesuite.com/
https://experts.illinois.edu/en/publications/prism-deconstructing-the-blockchain-to-approach-physical-limits (PrisM and not our Prism https://atalaprism.io/)
Ebb-and-Flow Protocols: A Resolution of the Availability-Finality Dilemma (aka Gasper and ETH2.0 fucker) https://arxiv.org/abs/2009.04987
http://www.quviq.com/products/
https://en.wikipedia.org/wiki/Schnorr_signature
submitted by stake_pool to cardano [link] [comments]

Ethereum on ARM. Raspberry Pi 4 images release based on Ubuntu 20.04 64 bit. Turn your Raspberry Pi 4 into an Eth 1.0 or Eth 2.0 node just by flashing the MicroSD card. Memory issues solved and new monitoring dashboards. Installation guide.

TL;DR: Flash your Raspberry Pi 4, plug in an ethernet cable, connect the SSD disk and power up the device to turn the Raspberry Pi 4 into a full Ethereum 1.0 node or an Ethereum 2.0 node (beacon chain / validator)
Some background first. As you know, we’ve been running into some memory issues [1] with the Raspberry Pi 4 image as Raspbian OS is still on 32bits [2] (at least the userland). While we prefer to stick with the official OS we came to the conclusion that, in order to solve these issues, we need to migrate to a native 64 bits OS
Besides, Eth 2.0 clients don’t support 32 bits binaries so using Raspbian would exclude the Raspberry Pi 4 from running an Eth 2.0 node (and the possibility of staking).
So, after several tests we are now releasing 2 different images based on Ubuntu 20.04 64bit [3]: Eth 1.0 and Eth 2.0 editions.
Basically, both are the same image and include the same features of the Raspbian based images. But they are setup for running Eth 1.0 or Eth 2.0 software by default
Images take care of all the necessary steps, from setting up the environment and formatting the SSD disk to installing and running the Ethereum software as well as starting the blockchain synchronization.

Main features

Software included

Both images include the same packages, the only difference between them is that Eth 1.0 runs Geth by default and Eth 2.0 runs Prysm beacon chain by default.
Ethereum 1.0 clients
Ethereum 2.0 clients
Ethereum framework

INSTALLATION GUIDE AND USAGE

Recommended hardware and setup

Storage

You will need and SSD to run the Ethereum clients (without an SSD drive there’s absolutely no chance of syncing the Ethereum blockchain). There are 2 options:
In both cases, avoid getting low quality SSD disks as it is a key component of you node and it can drastically affect the performance (and sync times)
Keep in mind that you need to plug the disk to an USB 3.0 port (blue)

Image download & installation

1.- Download Eth 1.0 or Eth 2.0 images:
ubuntu-20.04-preinstalled-server-arm64+raspi-eth1.img.zip
sha256 34f105201482279a5e83decd265bd124d167b0fefa43bc05e4268ff899b46f19
ubuntu-20.04-preinstalled-server-arm64+raspi-eth2.img.zip
sha256 74c0c15b708720e5ae5cac324f1afded6316537fb17166109326755232cd316e
2.- Flash the image
Insert the microSD in your Desktop / Laptop and download the file (Eth 1.0, for instance):
wget https://ethraspbian.com/downloads/ubuntu-20.04-preinstalled-server-arm64+raspi-eth1.img.zip 
Note: If you are not comfortable with command line or if you are running Windows, you can use Etcher (https://etcher.io)
Open a terminal and check your MicroSD device name running:
sudo fdisk -l 
You should see a device named mmcblk0 or sdd. Unzip and flash the image:
unzip ubuntu-20.04-preinstalled-server-arm64+raspi-eth1.img.zip sudo dd bs=1M if=ubuntu-20.04-preinstalled-server-arm64+raspi-eth1.img of=/dev/mmcblk0 && sync 
3.- Insert de MicroSD into the Raspberry Pi 4. Connect an Ethernet cable and attach the USB SSD disk (make sure you are using a blue port).
4.- Power on the device
The Ubuntu OS will boot up in less than one minute but you will need to wait approximately 10 minutes in order to allow the script to perform the necessary tasks to turn the device into an Ethereum node and reboot the Raspberry.
Depending on the image, you will be running:
5.- Log in
You can log in through SSH or using the console (if you have a monitor and keyboard attached)
User: ethereum Password: ethereum 
You will be prompted to change the password on first login, so you will need to login twice.
6.- Open 30303 port for Geth and 13000 if you are running Prysm beacon chain. If you don’t know how to do this, google “port forwarding” followed by your router model.
7.- Getting console output
You can see what’s happening in the background by typing:
sudo tail -f /valog/syslog 
Congratulations. You are now running a full Ethereum node on your Raspberry Pi 4.

Syncing the Blockchain

Now you need to wait for the blockchain to be synced. In the case of Eth 1.0 This will take a few days depending on several factors but you can expect up to about 5-7 days.
If you are running the Eth 2.0 Topaz tesnet you can expect 1-2 days of Beacon chain synchronization time. Remember that you will need to setup the validator later in order to start the staking process (see “How to run the Eth 2.0 validator” section below).

Monitoring dashboards

For this first release, we included 3 monitoring dashboards based on Prometheus [5] / Grafana [6] in order to monitor the node and clients’ data (Geth and Besu). You can access through your web browser:
URL: http://your_raspberrypi_IP:3000 User: admin Password: ethereum 

Switching clients

All clients run as a systemd service. This is important because in case of some problem arises the system will respawn the process automatically.
Geth and Prysm beacon chain run by default (depending on what you are synchronizing, Eth 1.0 or Eth 2.0) so, if you want to switch to other clients (from Geth to Nethermind, for instance), you need to stop and disable Geth first, and enable and start the other client:
sudo systemctl stop geth && sudo systemctl disable geth 
Commands to enable and start each Eth 1.0 client:
sudo systemctl enable besu && sudo systemctl start besu sudo systemctl enable nethermind && sudo systemctl start nethermind sudo systemctl enable parity && sudo systemctl start parity 
Eth 2.0:
sudo systemctl stop prysm-beacon && sudo systemctl disable prysm-beacon sudo systemctl start lighthouse && sudo systemctl enable lighthouse 

Changing parameters

Clients’ config files are located in the /etc/ethereum/ directory. You can edit these files and restart the systemd service in order for the changes to take effect. The only exception is Nethermind which, additionally, has a mainnet config file located here:
/etc/nethermind/configs/mainnet.cfg 
Blockchain clients’ data is stored on the ethereum home account as follows (note the dot before the directory name):
Eth 1.0
/home/ethereum/.geth /home/ethereum/.parity /home/ethereum/.besu /home/ethereum/.nethermind 
Eth2.0
/home/ethereum/.eth2 /home/ethereum/.eth2validators /home/ethereum/.lighthouse Hyperledger Besu and Nethermind 

Nethermind and Hyperledger Besu

These 2 great Eth 1.0 clients have become a great alternative to Geth and Parity. The more diversity in the network, the better, so you may give them a try and contribute to the network health.
Both need further testing so feel free to play with them and report back your feedback.

How to run the Eth 2.0 validator (staking)

Once the Topaz testnet beacon chain is synchronized you can run a validator in the same device. You will need to follow the steps described here:
https://prylabs.net/participate
The first time, you need to create manually an account by running the “validator” binary and setup a password. Once you completed this step you can add the password to /etc/ethereum/prysm-validator.conf and start the validator as a systemd service

Feeback appreciated

We put a lot of work trying to setup the Raspberry Pi 4 as a full Ethereum node as we know the massive user base of this device may have a very positive impact in the network.
Please, take into account that this is the first image based on Ubuntu 20.04 so there may be some bugs. If so, open an issue on Github or reach us on twitter (https://twitter.com/EthereumOnARM).

References

  1. https://github.com/ethereum/go-ethereum/issues/20190
  2. https://github.com/diglos/pi-gen
  3. https://ubuntu.com/download/raspberry-pi
  4. https://en.wikipedia.org/wiki/Port_forwarding
  5. https://prometheus.io
  6. https://grafana.com
  7. https://forum.armbian.com/topic/5565-zram-vs-swap/
  8. https://geth.ethereum.org
  9. https://github.com/openethereum/openethereum
  10. https://nethermind.io
  11. https://www.hyperledger.org/projects/besu
  12. https://github.com/prysmaticlabs/prysm
  13. https://lighthouse.sigmaprime.io
  14. https://ethersphere.github.io/swarm-home
  15. https://raiden.network
  16. https://ipfs.io
  17. https://status.im
  18. https://vipnode.org
submitted by diglos76 to ethereum [link] [comments]

Introducing Sashimi, a Fair Version of Sushi, with No Team Shares, No Pre-mine and a Cross Chain Swap Ecosystem!

Introducing Sashimi, a Fair Version of Sushi, with No Team Shares, No Pre-mine and a Cross Chain Swap Ecosystem!

https://preview.redd.it/2vh8onx8hpo51.png?width=512&format=png&auto=webp&s=2ad66e03ab864297fc5656f6b567eb0aca00807f
Following the release of AESwap, a decentralized trading platform and the first DeFi project on aelf network on August 28, aelf is launching SashimiSwap, its version of SushiSwap today!

What is SashimiSwap?

SashimiSwap is a new SushiSwap project developed by aelf. Like other types of swap products, it adopts the model of automatic market maker(AMM). However, SashimiSwap is not a fork of Sushiswap, thus the two do not share liquidity. Once launched, anyone can participate in staking and mining on SashimiSwap! As an “upgraded & simplified SUSHI”, SashimiSwap is very easy to get started with and offers a smooth mining experience and high yield.
SashimiSwap gives liquidity providers on UniSwap an opportunity to earn SASHIMI tokens. UniSwap’s liquidity providers can stake some of their LP tokens and start earning SASHIMI tokens at block height 10,833,000 (around 10:00 am on September 10, SGT). We use the same token allocation mechanism as Sushi, with a 10x bonus (end height 10,933,000) for the first 100,000 blocks, which means we’ll release 1,000 SASHIMI tokens in each of the first 100,000 blocks. After 100,000 blocks, each block will release 100 SASHIMI tokens.

And the most important part is…

In the early stage, the 10 liquidity pools that can participate in mining are: ETH-USDT, USDC-ETH, DAI-ETH, YFI-ETH, LEND-ETH, LINK-ETH, SNX-ETH, ELF-ETH, WBTC-ETH, SASHIMI-ETH.
Unlike SushiSwap, which distributes 10% of its funding each time to the founding team for development, future iterations, audits, etc. SashimiSwap did away with such “development funds”. SashimiSwap charges a 0.3% transaction fee, of which 0.25% will be used to reward users for adding liquidity. After the aelf mainnet is launched, the remaining 0.05% will be sent to SASHIMI DAO contract, which will all be used for community governance.
SashimiSwap is committed to creating a fairer and more transparent DEX platform. It is already connected to Uniswap and will be connected to AESwap soon. The aelf team will continue to focus on R & D, achieve asset swap between SashimiSwap and AESwap via CCTP and other ways, thus creating a permissionless and decentralized cross-chain DEX.
Aelf is committed to making SashimiSwap a fairer and more transparent DEX platform. Now we are connected to Uniswap, and we will connect it to AESwap soon. The aelf team will continue to focus on R & D, achieve asset swap between SashimiSwap and AESwap via CCTP and other ways, thus creating a permissionless and decentralized cross-chain DEX.
The mobile version of AESwap (Closed Beta) has completed phase 1 of feature development, and the internal testing is ongoing within the saelf governed community.

What features does AESwap provide?

  1. Market makers can make profit by adding liquidity to trading pairs.
  2. Allow market makers to create trading pairs.
  3. Users can swap one token for another.
  4. Users can withdraw their shares from the liquidity pool any time.
  5. Users do not need to register an account. They can log in using the account of aelf Wallet, web wallet and aelf Explorer Extensions.
Learn how to use AESwap in this video: https://youtu.be/lVM5p1YTyig

https://preview.redd.it/rz9m7tnahpo51.png?width=551&format=png&auto=webp&s=85e2201bba6f0039f91b9b808274733e4051208c
After the mainnet launch, SashimiSwap and AESwap will be integrated. Users can swap and stake tokens on the aelf network, which can reduce gas fees and ease the issue of network congestion on Ethereum and prevent unexpected losses.
It’s pretty exciting to see decentralized and community-governed products like SashimiSwap which require no pre-mining, no investors, and no funds for the dev team. Various new fair launch products are considered as the future trend of DAO, as well as a new form of financing.
Missed Sushi? No worries, you are in for a Sashimi treat! Try out SashimiSwap now and give us your feedback!
SashimiSwap Website: https://sashimi.cool/farms
SashimiSwap Community (Telegram): https://t.me/SashimiSwap
SashimiSwap Community (Discord): https://discord.gg/mSEc2uv
submitted by Floris-Jan to aelfofficial [link] [comments]

Calculating the value of Moon tokens using Metcalfe's Law

I have seen a few posts here with users wondering what the price of Moon tokens on this sub are worth, and while they're "technically" not worth anything, I thought it would be fun coming up with an estimate as to how much each token is roughly worth. To do this, I measured using a metric called "Metcalfe's Law". Metcalfe's Law states that the value of a network is n log(n) of the number of participants within the network.
For the calculations and statistics I'm using here, I'm getting my information from bitinfocharts.com. I figured to start with measuring this metric through the number of active users on this subreddit. For these metrics, I think it is fair to take the statistics of the last week into consideration, so that there are no outliers in this data set. Since these tokens are technically on Ethereum, that means I will be using some Ethereum statistics in this to get as accurate results as possible.
Now for determining the active number of users on the network, I took the top post for this entire week (which has 3,200 upvotes + 300 comments), and assumed an engagement rate of 2.5% (This is the average engagement rates of posts on social media). Using this, the number of active users in the sub can be calculated to be ~140,000. Using this figure, and entering it in the equation v = n log(n), we get a network value of ~720,500.
With this value in mind, we have to multiply it by some metric, so for this figure, I decided to multiply it by the median transaction value for Ethereum (7 day SMA). Though there are no available current metrics for median transaction value, the last SMA value for median transaction value is $0.013. I chose the median transaction value because unlike Ethereum, Moons aren't used for wealth transfer or large transactions. Otherwise, I would take the average transaction value into consideration. Multiplying this, the total market cap of Moon tokens is $9,365.95. This gives each token a value of ~$0.000605 per token. Looking at these metrics, this means the user who currently earned the most moons this month earned ~$28.52.
Just to show you how accurate this metric is, I'm going to compare it using the active addresses of some of the top coins, and the average transaction value (since other currencies ARE used for wealth transfer) and compare it to the real market cap of these coins:
Coin Market Cap Metcalfe's Law Market Cap
Bitcoin ~$174,000,000,000 ~$125,850,000,000
Ethereum ~$25,955,000,000 ~$1,188,000,000
Bitcoin Cash ~$4,425,000,000 ~$3,230,000,000
Bitcoin SV ~$3,280,000,000 ~$10,560,000
Litecoin ~$2,860,000,000 ~$1,380,000,000
* I think mainly the only reason there is a discrepancy for Ethereum is partly because it's not a currency intended for wealth transfer, but is more focused on creating dApps, and developing DeFi
submitted by 1MightBeAPenguin to CryptoCurrency [link] [comments]

Bitcoin DeFi May Be Unstoppable: What Does It Look Like?

One of the quietest yet best-funded bitcoin companies in the world is gearing up to enter the 2020 decentralized finance (DeFi) bull run.
In July the DG Lab conglomerate, which like Ethereum powerhouse ConsenSys includes both an investment arm and an adjacent software company, open sourced its proposal for self-sovereign derivatives trading on the Bitcoin blockchain, using the Lightning Network.
These contracts turn bitcoin, the asset itself, into programmable money capable of a wider variety of functions.
This offers a stark contrast to the typical DeFi approach so far, which relies on “wrapped” representations of bitcoin or exchange platforms. The Silicon Valley startup cLabs recently acquired DeFi firm Summa, which spearheaded the bitcoin-on-Ethereum approach. Now it looks as though DG Lab, founded in 2015, is the leading incumbent exploring DeFi opportunities for Bitcoin.
“I’ve been working on a proposal to integrate DLC [Discreet Log Contracts] and channels into the Lightning Network,” DG Lab researcher Ichiro Kuwahara said of his recent work. “We can establish many contracts without broadcasting transactions on the blockchain.”
This software uses the Lightning Network to execute business logic without clogging up the base-layer blockchain. The hottest trend among Bitcoin veterans these days is imagining DeFi functionality applied to the bitcoin currency through such layers. There are many opinions on how to approach this opportunity, from DLC to soft forks.
submitted by ami_nil1987 to airdropfactory [link] [comments]

CoinEx Weekly Update, 7–13 September 2020

CoinEx Weekly Update, 7–13 September 2020

https://preview.redd.it/z2u247jq51n51.png?width=525&format=png&auto=webp&s=a8197406a085f35b8694f9964d6b2540e3d1a50d
Dear CoinEx users, to keep you updated each week, we will share with you a recap of all the exciting events of the previous week. Below are major events that occurred in the ecosystem over the 7–13 September.

OneSwap “Gemini” Public Beta launched

CoinEx invested project, OneSwap, has launched its public beta and announced its extension. To reward participants during the extended period, OneSwap will take an additional 100,000 ONES from the team incentives as a yield farming reward.
https://preview.redd.it/lfnk5l8t51n51.jpg?width=680&format=pjpg&auto=webp&s=042e560d61c14338f2224a64fcff0993c6437c7a
Details

NEW LISTING

To provide users with more trading options, after rigorous reviews, CoinEx has listed following coins:

DMD Online

About DMD Website Diamond will be distributed in the spirit of BTC and YFI: no pre-mine, no founder, no VC interests, equality for everyone. DMD hope to boost the development of EOS Defi community.
https://preview.redd.it/yjwcmk3w51n51.png?width=679&format=png&auto=webp&s=fe5d318d2d3fb30f8e1b69418352a5c09aacba41
Details

IFT Online: Trade IFT & Hold CET to Share 800,000 IFT

About IFT Website | Explorer | White paper IFT was issued by IFWallet Fund LTD of Singapore. By holding IFT, users can get more rights and bonuses from IF products (including IFWallet, IFTip Bot, IFBlock and IFSwap). IoTFactor team aims to connect users with infinite possibilities of blockchain.
https://preview.redd.it/3ye9g6my51n51.jpg?width=680&format=pjpg&auto=webp&s=26c2f63ab525c40d86ee45c9a7dd70e6a9b96421
Details

SUN Online: DeFi on Tron

About SUN Website | Explorer SUN is a social experiment, which focuses on the DeFi potential of TRON. Designed as the quintessential Bitcoin equivalent on the TRON network, SUN features zero VC investments, with zero PE investments, no pre-mining or reserves for the team, and is wholly operated by the community through its open-source smart contracts.

Details

Official Arabic Twitter Channel Now Available

https://preview.redd.it/g8y4zznd61n51.jpg?width=680&format=pjpg&auto=webp&s=f23718851a3c6f30aaa47e9ed8f8a870f81e25ce
https://twitter.com/CoinExMENA/status/1304374332701904896

Winning Results For “Trade to Share RING & KTON Worth 2,000 USDT” Published

The winners for “RING & KTON Launched: Deposit to Share RING & KTON Worth 10,000 USDT” event have been published. The event ended at 16:00 on September 8, 2020 (UTC), and its rewards will be distributed within two weeks, participants can log into their account for confirmation.
FULL DETAILS HERE

Youtube Tutorials

Subscribe to CoinEx youtube channel to watch various tutorials in your local language, including:
  • How to bind Google Authenticator
  • How to send a Red Packet
  • How to create a Support Ticket and so on
https://preview.redd.it/1tdnp1og61n51.png?width=1024&format=png&auto=webp&s=cf727d4d4cf6074d921b872312e9f84cb21271ac

CoinEx Institution

Research Report about Curve Protocol
https://preview.redd.it/rqd72kfl61n51.png?width=930&format=png&auto=webp&s=f1cd7b7e2ef9c5ee6dfcb5029bdd9bba8d066f54
Launched in January 2020, Curve is a blockchain-based platform for exchanging Ether-based stablecoins safely and securely. Michael Egorov, the founder of the protocol, recently told DeFi Prime that Curve is “an exchange expressly designed for stablecoins and Bitcoin tokens on Ethereum.”
Read full report here
Research Report About SushiSwap
https://preview.redd.it/vzuvna2o61n51.jpg?width=900&format=pjpg&auto=webp&s=3ec021d1a0e0c25bfe9cf300f67df846a2333cbc
SushiSwap is a fork of Uniswap with some key differences — most notably, the SUSHI token. The token has two functions at launch: entitling holders to governance rights and a portion of the fees paid to the protocol. In a simplified way, SUSHI holders “own” the protocol.
Read full report here

Important Services

ABOUT CoinEx

As a global and professional cryptocurrency exchange service provider, CoinEx was founded in December 2017 with Bitmain-led investment and has obtained a legal license in Estonia. It is a subsidiary brand of the ViaBTC Group, which owns the fifth largest BTC mining pool, which is also the largest of BCH mining, in the world.
CoinEx supports perpetual contract, spot, margin trading, and other derivatives trading, and its service reaches global users in nearly 100 countries/regions with various languages available, such as Chinese, English, Korean and Russian.
Click here to register on CoinEx
Reach CoinEx on TELEGRAM | TWITTER | FACEBOOK | WEBSITE | API| DOWNLOAD APP|
submitted by CoinExcom to u/CoinExcom [link] [comments]

Metamask transactions not being sent to ledger nano s for signature

Hi all, if somebody could please help, I'd greatly appreciate it. Everything was working perfectly until a couple days ago.

I can't send any successful transactions from my Metamask currently, whether for smart contract interactions, or for direct Eth transfers. My Metamask account is linked to my Ledger Nano S, and whenever I get to the part of sending a transaction where it should be sent to my ledger for approval/signature, nothing shows up on my Ledger. The Ledger is properly connected and unlocked.

The transaction then shows up in my Metamask as pending. If I change my Metamask to connect to one of the testnets and then change back to mainnet, the transaction fails at last (because it was unsigned) and stops 'pending'. I can (and have) safely reset my Metamask to get rid of all the pending/cancelled transaction clutter, as none of them can unexpectedly pass later because they're all unsigned transactions. Obviously none of these transactions are ever completed and then broadcast to the ethereum network, so they're not pending/visible on etherscan.

I know the problem isn't my Ledger, or USB cable/port. I can send transactions from the same account directly from my Ledger Live, and the transaction shows up in my Ledger Nano S for approval. I've also made sure to close Ledger Live when using Metamask, as my reading seems to indicate they can interfere with each other if simultaneously open. This is definitely a problem with Metamask failing in some way with broadcasting the transaction to my Ledger Nano S for signature.

I am using Metamask as a plugin on Brave browser on my Mac, MacOS Catalina 10.15.4 (in case any of that makes a difference). The ethereum app on my Ledger Live is up to date (v1.3.7)

Any guidance would be greatly appreciated so I can continue with the wonderful world of DeFi.

P.S. To clarify, when I try send eth directly, i get the yellow spinning wheel going on forever from metamask while it tries to connect to my ledger, whereas for dapp contract interaction upon confirming the transaction in metamask, the transaction goes to 'pending' in the activity log on metamask while no transaction confirmation arrives in my ledger.
submitted by Lord_Luvat to Metamask [link] [comments]

Q&A SESSION WITH SWITCHEO CO-FOUNDERS IVAN POON & JACK YEU

Q&A SESSION WITH SWITCHEO CO-FOUNDERS IVAN POON & JACK YEUON TELEGRAM at getrichwithmandygroupchat 23/07/2020
Ivan Poon, [23.07.20 11:33]
Hey everyone. Happy to share abit more about what's going on at Switcheo
Jack Yeu, [23.07.20 11:34]
happy to be here 🙂
Q:Brad, [23.07.20 11:35]
Hello Jack
Can you please share some details about future developments and upgrages
A:Jack Yeu, [23.07.20 11:36]
hey Brad, we’re currently working on a few developments for Switcheo, namely Switcheo Tradehub (previously Switcheo Chain) and DeMex (a decentralized derivatives platform built on Switcheo Tradehub)
Q:Brad, [23.07.20 11:36]
I love switcho exchange but little bit conscious about its trading volume and liquidity.
Do you guys have any plan for that?
A:Jack Yeu, [23.07.20 11:39]
yes, Switcheo TradeHub will have an inbuilt AMM model where users can stake tokens into liquidity pools to earn provider fees (quite similar to how uniswap works) to provide liquidity onto the spot trading pairs
Q:Mostafa nazar, [23.07.20 11:35]
Hi
How will BTC be available on Tradehub in non-custodial way?
Will it be like renBTC or will you use different tech?
A:Ivan Poon, [23.07.20 11:39]
renBTC is quite a good protocol which can be used to automatically wrap BTC through an ethereum smart contract, for e.g. seamlessly using it with the deposit / lock contract. However fees are still high and we do have another protocol that we will use initially.
Q:Olexander, [23.07.20 11:36]
What's the plan to Increase the Demand & Value of the native token?
A:Ivan Poon, [23.07.20 11:41]
we have two articles here talking about SWTH token. On top of that there's more value propositions that we're releasing in a future article soon
A:Jack Yeu:
SWTH will be used for validating transactions on Switcheo TradeHub through staking, where stakers will earn transaction + trading fees generated by Switcheo Exchange; there are also other use cases for SWTH tokens - I’ve linked an article below for those who would like to find out more:
https://blog.switcheo.network/enhancing-the-switcheo-token/
Q:Terrupi©, [23.07.20 11:36]
What is your strategy to marketing and for Mass Adoption? What message do you want to send to community through AMA today?
A:Ivan Poon, [23.07.20 11:44]
I don't think such things can be easily discussed in an AMA format. There's many angles to marketing and we are tackling them all. We're also still far from mass adoption in terms of the entire crypto landscape. In the meantime we'll just keep building what we think is most needed.
For today we just want to share more about Switcheo and catch up with our community!
Q:Jacopo DioBrando, [23.07.20 11:36]
Can u talk about Demex and what is the edge of Switcheo compared to other hundreds exchanges u/ravenxce ?
A:Ivan Poon, [23.07.20 11:45]
I think demex will be the first derivative exchange that is scalable and you can place your bets with in a fair and transparent manner
Q:edWARd SNOVden | TFF, [23.07.20 11:36]
Hello, with how many validators will the tradehub start?
There are two different numbers. In the article "Enhancing The Switcheo Token" it's 11, and in a post of Ivan on twitter is "open for all". What is correct?
A:Ivan Poon, [23.07.20 11:47]
It's open for all, but only the top 11 will be active and actually earn block proposer rewards / commissions. As we increase the number of validators, more validators will be able to earn that. So basically it's about controlling how many active proposers there are.
Q:Bhaskar, [23.07.20 11:36]
Security is very important so,how about #Switcheo security systems? Is it enough safe because recently many exchanges get hacked and what makes #Switcheo different from other project?
A:Ivan Poon, [23.07.20 11:48]
I think so. We are looking at NXM (Nexus Mutual) as an insurance option which will also give users more confidence in the DEX.
As mentioned above, we're looking at Nexus Mutual insurance to allow coverage on our ethereum smart contracts. We also will have an insurance fund for the upcoming TradeHub platform.
Q:Nic, [23.07.20 11:45]
With the uprising and adoption of BEP2 standard, slowly most of the ERC20 tokens are migrating to BEP2 and listed on Binance DEX. What is your take on this? Will Ethererum based DEX exist in long run considering the network constraints of Ethererum network?
A:Ivan Poon, [23.07.20 11:49]
Ethereum's current scalability is one of the primary reasons for building Switcheo TradeHub which acts as a sidechain / scaling solution. With that we are confident of solving issues of high fees that currently plague defi, including Switcheo Exchange.
A:Jack Yeu, [23.07.20 11:49]
I think that while Binance Dex has fast order settlements, it still lacks a degree of decentralization with Binance using their .com as a gateway for tokens that already exist on other chains to swap, for example if you want to swap an ERC-20 token to BEP-2, you would have to lock the tokens via .com ; DEXs on ethereum however are getting increasingly expensive to operate due to high gas costs
Q:Suraj Rajput, [23.07.20 11:45]
Defi seems to be a useful $switcheo and concept right now. Many and many finance-related blockchain projects are built with Defi inside. So, beside cooperating with banking, has your team ever thought about integrating Defi into $switcheo platform ?
A:Jack Yeu, [23.07.20 11:50]
our focus has always been around defi with many of the upcoming concepts around demex incorporating familiar products already in the space; i’m not sure what do you mean by cooperating with banking
Q:Nic, [23.07.20 11:45]
Word decentralization means nothing centralized like email, etc. Can developers create full dex exchange on Switcheo no email nothing?
A:Ivan Poon, [23.07.20 11:51]
You can already connect to Switcheo directly from your personal wallet like Metamask or Trust wallet.
Q:A. Ivanov, [23.07.20 11:45]
For Decentralized Exchanges, Liquidity is major Issue.. So, How Switcheo Platform solve the Liquidity problems from it's Exchange?
A:Ivan Poon, [23.07.20 11:53]
We're building cross-chain liquidity pools similar to uniswap and balancer into Switcheo TradeHub, and will have on-chain incentives to attract liquidity providers. We're also integrating these L1 liquidity pools like kyber and uniswap. These combined with external market makers will improve exchange liquidity.
Q:Vincent, [23.07.20 11:56]
Will Switcheo have real BTC trading with order books? In what way will it be similar or different to BTC trading on Nash?
A:Ivan Poon, [23.07.20 11:58]
Of course. No idea how Nash does it as none of their core code is open source till this date to our knowledge.
Q:Brad, [23.07.20 11:58]
Love to see fiat gateway
A:Ivan Poon, [23.07.20 12:00]
We did have a fiat gateway for awhile. But integrating fiat is expensive and not cost effective. We're focusing on decentralized efforts / defi for now.
Q:Ashish Tripathi, [23.07.20 11:56]
Switcheo Platform offers DEX on Ethereum, EOS, NEO ! But Do you have any Plans to add More Blockchains Like Tron, Binance Chain in Switcheo Platform?
A:Ivan Poon, [23.07.20 12:02]
Yes. We really want to add many more blockchains, and will be one of our priorities in the near future.
Q:Roshan 🇮🇳🇸🇪, [23.07.20 12:01]
u/ravenxce Hey there Ivan hope you and your team are in good health
I wanted to know recently with some windows 10 updates logging into Switcheo using the ledger hardware wallet is next to impossible any work around instead of just changing the OS ?
How will you tackle the legal hurdles of integrating a decentralised cross chain platform with a Fiat gateway ?
Thank you in advance
All the best
A:Ivan Poon, [23.07.20 12:03]
I think we added webusb support which should fix most issues on ethereum. For neo routing through a software wallet like O3 is the best. If we have time we may be able to submit an update for the neo ledger app to support webusb, so that can be fixed too.
Q:Joseph, [23.07.20 11:58]
What is the structure of the company, is it a decentralised, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
A:Ivan Poon, [23.07.20 12:04]
For now, most of the development work is centralized. But we're moving towards a DAO model, where it's really community driven and developed in a fully open manner. Blog post soon on this as well.
Q:Michael Jackson, [23.07.20 11:57]
What business scenarios can Switcheo Network support now? In what industry can we see a mass adoption of Switcheo Network technology in the near future?
A:Jack Yeu, [23.07.20 12:05]
switcheo tradehub lets developers build order matching types of platforms (such as exchanges) on the chain itself, we’re also working on actual use cases for tradehub
Q:NasdaQ Ryong, [23.07.20 11:58]
Could you tell us some details about Support of Switcheo? Is it active 24/7?
A:Ivan Poon, [23.07.20 12:05]
Yes. We have someone always available. Max response time is at most 1-2 hours usually.
Q:Jacopo DioBrando, [23.07.20 11:58]
Is it true that on Demex it will be possible to trade more or less any asset?
A:Jack Yeu, [23.07.20 12:06]
yes, anyone would be able to create any sorts of CFD markets
Q:Joseph, [23.07.20 11:56]
Is Switcheo easy for new users? Can you highlights some points that attract users who don't know too much about Switcheo ?
A:Ivan Poon, [23.07.20 12:07]
I think all they need to do is try it to see how easy it is to use. I think being able to trade with an order book plus uniswap / kyber as a liquidity pool is quite unique.
Q:Joseph, [23.07.20 11:56]
How does #Switcheo get profit from running the project?
A:Ivan Poon, [23.07.20 12:08]
For the team, we hold SWTH tokens, so we profit from an increase in treasury as well as earn a proportion of the trading fees
Q:Maxim, [23.07.20 11:56]
I really hadn't heard of the Switcheo Network, but I have used Uniswap. Does it have the same operation and is it easy to manipulate? what differentiates Switcheo from Uniswap?
A:Ivan Poon, [23.07.20 12:09]
It's a little different in that we use a deposit / order book / withdraw model. It's cheaper if you're making multiple orders, and you can do limit orders more easily unlike on uniswap.
Q:Pubudu Eranga, [23.07.20 11:56]
Switcheo is now running on the NEO, ETH and EOS blockchain. One of the future plans of Switcheo is creating their own chain. But is there any specific date for this to happen?
A:Ivan Poon, [23.07.20 12:10]
very soon ™️. our testnet is already ongoing
Q:Mostafa nazar, [23.07.20 11:57]
Will switcheo support elastic AMM pools (for example 20-80%) pools to lower impermanent loss for liquidity providers? Like what balancer did
A:Ivan Poon, [23.07.20 12:12]
Yes, this requirement has been recently added
Q:Raghav, [23.07.20 11:57]
In my opinion DeFi is still in Early Stage & it Needs Huge Developments to grow! But, What are your Future Thoughts for DeFi Markets?
A:Jack Yeu, [23.07.20 12:12]
we do see a lot of current demand and uses for defi products such as curvefi, uniswap, switcheo; which would likely spawn a new wave of more advanced projects built around current defi protocols, such as switcheo tradehub :)
Q:Brad, [23.07.20 11:57]
How robust are you to handle 21st century volume of transactions Your metamorphosis is a laudable one, how have you been able to survive on longest bear market and continue building and developing cos many projects have died out
A:Ivan Poon, [23.07.20 12:14]
We are confident of the scalability of our upcoming platforms. Surviving is a matter of being agile and managing risk and treasury well I guess.
Q:Castro Tiburcio, [23.07.20 11:57]
Few crypto platform project have very slow interface usage on their platform because of overload from the server itself especially when there is big move in the market like btc crash.
How Switcheo platform handle this issue?
A:Ivan Poon, [23.07.20 12:17]
At the moment we have an off-chain matching engine. So we can take the load and queue them up to broadcast to smart contracts asynchronously. When Switcheo TradeHub launches, it will be similar but the matching engine will be distributed across many validator nodes!
A:Jack Yeu, [23.07.20 12:19]
great question - the issue with ethereum onchain dexs that deal with margin/deriviatives would be these sorts of black swan events involving mass liquidations (which would result in high gas fees and failed txns), which then flood the chain and prevent cancellations or stop losses from occuring.
by moving onto switcheo tradehub, we save on transactions costs and benefit from higher tps
submitted by imolev to NEO [link] [comments]

Bitcoin DeFi May Be Unstoppable: What Does It Look Like?

One of the quietest yet best-funded bitcoin companies in the world is gearing up to enter the 2020 decentralized finance (DeFi) bull run.
In July the DG Lab conglomerate, which like Ethereum powerhouse ConsenSys includes both an investment arm and an adjacent software company, open sourced its proposal for self-sovereign derivatives trading on the Bitcoin blockchain, using the Lightning Network.
These contracts turn bitcoin, the asset itself, into programmable money capable of a wider variety of functions.
This offers a stark contrast to the typical DeFi approach so far, which relies on “wrapped” representations of bitcoin or exchange platforms. The Silicon Valley startup cLabs recently acquired DeFi firm Summa, which spearheaded the bitcoin-on-Ethereum approach. Now it looks as though DG Lab, founded in 2015, is the leading incumbent exploring DeFi opportunities for Bitcoin.
“I’ve been working on a proposal to integrate DLC [Discreet Log Contracts] and channels into the Lightning Network,” DG Lab researcher Ichiro Kuwahara said of his recent work. “We can establish many contracts without broadcasting transactions on the blockchain.”
This software uses the Lightning Network to execute business logic without clogging up the base-layer blockchain. The hottest trend among Bitcoin veterans these days is imagining DeFi functionality applied to the bitcoin currency through such layers. There are many opinions on how to approach this opportunity, from DLC to soft forks.
submitted by ami_nil1987 to DigitalCryptoWorld [link] [comments]

Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?

Crypto Banking Wars: Can BlockFi & Celsius Disrupt Banking?
These crypto lending & borrowing services found early traction. Are they capable of bundling more financial services and winning the broader consumer finance market?
https://reddit.com/link/icps9l/video/98kl1y596zh51/player
This is the third part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe a crypto-native company will ultimately become the bank of the future. We’re confident Genesis Block will have a seat at that table, but we aren’t the only game in town.
In the first post of this series, we did an analysis of big crypto exchanges like Coinbase & Binance. In our second episode, we looked at the world of non-custodial wallets.
Today we’re analyzing crypto lending & borrowing services. The Earn and Borrow use-case covers a lot of what traditional banks deliver today. This category of companies is a threat worth analyzing. As we look at this market, we’ll mostly be focused on custodial, centralized products like BlockFi, Nexo, and Celsius.
Many of these companies found early traction among crypto users. Are they capable of bundling more financial services and winning the broader consumer finance market? Let’s find out.

Institutional Borrowers

Because speculation and trading remains one of the most popular use-cases of crypto, a new crypto sub-industry around credit has emerged. Much of the borrowing demand has been driven by institutional needs.
For example, a Bitcoin mining company might need to borrow fiat to pay for operational costs (salaries, electricity). Or a crypto company might need to borrow USD to pay for engineering salaries. Or a crypto hedge fund needs to borrow for leverage or to take a specific market position. While all of these companies have sufficient crypto to cover the costs, they might not want to sell it — either for tax or speculative reasons (they may believe these crypto assets will appreciate, as with most in the industry).
Instead of selling their crypto, these companies can use their crypto as collateral for loans. For example, they can provide $1.5M in Bitcoin as collateral, and borrow $1M. Given the collateralization happening, the underwriting process becomes straightforward. Companies all around the world can participate — language and cultural barriers are removed.

https://preview.redd.it/z9pby83d6zh51.png?width=600&format=png&auto=webp&s=54bf425215c3ed6d5ff0ca7dbe571e735b994613
The leader (and one of our partners) in this space is Genesis Capital. While they are always the counterparty for both lenders and borrowers, they are effectively a broker. They are at the center of the institutional crypto lending & borrowing markets. Their total active loans as of March 2020 was $649M. That number shot up to $1.42B in active loans as of June 2020. The growth of this entire market segment is impressive and it’s what is driving this opportunity for consumers downstream.

Consumer Products

While most of the borrowing demand comes from institutional players, there is a growing desire from consumers to participate on the lend/supply side of the market. Crypto consumers would love to be able to deposit their assets with a service and watch it grow. Why let crypto assets sit on an exchange or in cold storage when it can be earning interest?
A number of consumer-facing products have emerged in the last few years to make this happen. While they also allow users to borrow (always with collateral), most of the consumer attraction is around growing their crypto, even while they sleep. Earning interest. These products usually partner with institutional players like Genesis Capital to match the deposits with borrowing demand. And it’s exactly part of our strategy as well, beyond leveraging DeFi (decentralized finance protocols).
A few of the most popular consumer services in this category include BlockFi, Nexo, and Celsius.

https://preview.redd.it/vptig5mg6zh51.png?width=1051&format=png&auto=webp&s=b5fdc241cb9b6f5b495173667619f8d2c93371ca

BlockFi

BlockFi (Crunchbase) is the leader in this category (at least in the West). They are well-capitalized. In August 2019, they raised $18.3M in their Series A. In Feb 2020, they raised $30M in their Series B. In that same time period, they went from $250M in assets under management to $650M. In a recent blog post, they announced that they saw a 100% revenue increase in Q2 and that they were on track to do $50M in revenue this year. Their growth is impressive.
BlockFi did not do an ICO, unlike Celsius, Nexo, Salt, and Cred. BlockFi has a lot of institutional backing so it is perceived as the most reputable in the space. BlockFi started with borrowing — allowing users to leverage their crypto as collateral and taking out a loan against it. They later got into Earning — allowing users to deposit assets and earn interest on it. They recently expanded their service to “exchange” functionality and say they are coming out with a credit card later this year.

https://preview.redd.it/byv2tbui6zh51.png?width=800&format=png&auto=webp&s=bac080dcfc85e89574c30dfb396db0b537d46706
Security Woes
It’s incredible that BlockFi has been able to see such strong growth despite their numerous product and security woes. A few months ago, their systems were compromised. A hacker was able to access confidential data, such as names, dates of birth, postal addresses, and activity histories. While no funds were lost, this was a massive embarrassment and caused reputational damage.

https://preview.redd.it/lwmxbz5l6zh51.png?width=606&format=png&auto=webp&s=ebd8e6e5c31c56da055824254b35b218b49f80e0
Unrelated to that massive security breach and earlier in the year, a user discovered a major bug that allowed him to send the same funds to himself over and over again, ultimately accumulating more than a million dollars in his BlockFi account. BlockFi fortunately caught him just before withdrawal.
Poor Product Execution
Beyond their poor security — which they are now trying to get serious about — their products are notoriously buggy and hard-to-use. I borrowed from them a year ago and used their interest account product until very recently. I have first-hand experience of how painful it is. But don’t take my word for it… here are just a few tweets from customers just recently.

https://preview.redd.it/wcqu3icn6zh51.png?width=1055&format=png&auto=webp&s=870e2f06a6ec377a87e5d6d1f24579a901de66b5
For a while, their interest-earning product had a completely different authentication system than their loan product (users had two sets of usernames/passwords). Many people have had issues with withdrawals. The app is constantly logging people out, blank screens, ugly error messages. Emails with verification codes are sometimes delayed by hours (or days). I do wonder if their entire app has been outsourced. The sloppiness shines through.
Not only is their product buggy and UX confusing, but their branding & design is quite weak. To the left is a t-shirt they once sent me. It looks like they just found a bunch of quirky fonts, added their name, and slapped it on a t-shirt.

https://preview.redd.it/mi6yeppp6zh51.png?width=600&format=png&auto=webp&s=fd4cd8201ad0d5bc667498096388377895b72953
Culture
To the innocent bystander, many of these issues seem totally fixable. They could hire an amazing design agency to completely revamp their product or brand. They could hire a mercenary group of engineers to fix their bugs, etc. While it could stop the bleeding for a time, it may not solve the underlying issues. Years of sloppy product execution represents something much more destructive. It represents a top-down mentality that shipping anything other than excellence is okay: product experience doesn’t matter; design doesn’t matter; craftsmanship doesn’t matter; strong execution doesn’t matter; precision doesn’t matter. That’s very different from our culture at Genesis Block.
This cancerous mentality rarely stays contained within product & engineering — this leaks to all parts of the organization. No design agency or consulting firm will fix some of the pernicious values of a company’s soul. These are deeper issues that only leadership can course-correct.
If BlockFi’s sloppiness were due to constant experimentation, iteration, shipping, or some “move fast and break things” hacker culture… like Binance… I would probably cut them more slack. But there is zero evidence of that. “Move fast and break things” is always scary when dealing with financial products. But in BlockFi’s case, when it’s more like “move slow and break things,” they are really playing with fire. Next time a massive security breach occurs, like what happened earlier this year, they may not be so lucky.
Institutional Focus
Based on who is on their team, their poor product execution shouldn’t be a surprise. Their team comes mostly from Wall Street, not the blockchain community (where our roots are). Most of BlockFi’s blockchain/crypto integration is very superficial. They take crypto assets as deposits, but they aren’t leveraging any of the exciting, low-level DeFi protocols like we are.
While their Wall Street heritage isn’t doing them any favors on the product/tech side, it’s served them very well on winning institutional clients. This is perhaps their greatest strength. BlockFi has a strong institutional business. They recently brought on Three Arrows Capital as a strategic investor — a crypto hedge fund who does a lot of borrowing. In that announcement, BlockFi’s founder said that bringing them on “aligns well with our focus on international expansion of our institutional services offering.” They also recently brought someone on who will lead business development in Asia among institutional clients.
BlockFi Wrap Up
There are certainly BlockFi features that overlap with Genesis Block’s offering. It’s possible that they are angling to become the bank of the future. However, they simply have not proven they are capable of designing, building, and launching world-class consumer products. They’ve constantly had issues around security and poor product execution. Their company account and their founder’s account seem to only tweet about Bitcoin. I don’t think they understand, appreciate, or value the power of DeFi. It’s unlikely they’ll be leveraging it any time soon. All of these reasons are why I don’t see them as a serious threat to Genesis Block.
However, because of their strong institutional offering, I hope that Genesis Block will ultimately have a very collaborative and productive partnership with them. Assuming they figure out their security woes, we could park some of our funds with BlockFi (just as we will with Genesis Capital and others). I think what’s likely to happen is that we’ll corner the consumer market and we’ll work closely with BlockFi on the institutional side.
I’ve been hard on BlockFi because I care. I think they have a great opportunity at helping elevate the entire industry in a positive way. But they have a lot of issues they need to work through. I really don’t want to see users lose millions of dollars in a security breach. It could set back the entire industry. But if they do things well… a rising tide lifts all boats.

Honorable Mentions

Celsius (ICO Drops) raised $50M in an ICO, and is led by serial entrepreneur Alex Mashinsky. I’ve met him, he’s a nice guy. Similar to Binance, their biggest Achilles heel could be their own token. There are also a lot of unanswered questions about where their deposits go. They don’t have a record of great transparency. They recently did a public crowdraise which is a little odd given their large ICO as well as their supposed $1B in deposits. Are they running out of money, as some suggest? Unclear. One of their biggest blindspots right now is that Mashinsky does not understand the power of DeFi. He is frequently openly criticizing it.
Nexo (ICO Drops) is another similar service. They are European-based, trying to launch their own card (though they’ve been saying this forever and they still haven’t shipped it), and have a history in the payments/fintech space. Because they haven’t penetrated the US — which is a much harder regulatory nut to crack — they are unlikely to be as competitive as BlockFi. There were also allegations that Nexo was spreading FUD about Chainlink while simultaneously partnering with them. Did Nexo take out a short position and start spreading rumors? Never a dull moment in crypto.
Other players in the lending & borrowing space include Unchained Capital, Cred (ICO Drops), and Salt (ICO Drops).

https://preview.redd.it/9ts6m0qw6zh51.png?width=1056&format=png&auto=webp&s=dd8d368c1aa39994c6bc5e4baec10678d3bbba2d

Wrap Up

While many companies in this category seem to be slowly adding more financial services, I don’t believe any of them are focused on the broader consumer market like we are. To use services like BlockFi, Nexo, or Celsius, users need to be onboarded and educated on how crypto works. At Genesis Block, we don’t believe that’s the winning approach. We think blockchain complexity should be abstracted away from the end-user. We did an entire series about this, Spreading Crypto.
For many of these services, there is additional friction due to ICO tokens that are forcefully integrated into the product (see NEXO token or CEL Token). None of these services have true banking functionality or integration with traditional finance —for example, easy offramp or spending methods like debit cards. None of them are taking DeFi seriously — they are leveraging crypto for only the asset class, not the underlying technology around financial protocols.
So are these companies potential competitors to Genesis Block? For the crypto crowd, yes. For the mass market, no. None of these companies are capable of reaching the billions of people around the world that we hope to reach at Genesis Block.
------
Other Ways to Consume Today's Episode:
Follow our social channels: https://genesisblock.com/follow/
Download the app. We're a digital bank that's powered by crypto: https://genesisblock.com/download
submitted by mickhagen to genesisblockhq [link] [comments]

Polkadot Launch AMA Recap

Polkadot Launch AMA Recap

The Polkadot Telegram AMA below took place on June 10, 2020

https://preview.redd.it/4ti681okap951.png?width=4920&format=png&auto=webp&s=e21f6a9a276d35bb9cdec59f46744f23c37966ef
AMA featured:
Dieter Fishbein, Ecosystem Development Lead, Web3 Foundation
Logan Saether, Technical Education, Web3 Foundation
Will Pankiewicz, Master of Validators, Parity Technologies
Moderated by Dan Reecer, Community and Growth, Polkadot & Kusama at Web3 Foundation

Transcription compiled by Theresa Boettger, Polkadot Ambassador:

Dieter Fishbein, Ecosystem Development Lead, Web3 Foundation

Dan: Hey everyone, thanks for joining us for the Polkadot Launch AMA. We have Dieter Fishbein (Head of Ecosystem Development, our business development team), Logan Saether (Technical Education), and Will Pankiewicz (Master of Validators) joining us today.
We had some great questions submitted in advance, and we’ll start by answering those and learning a bit about each of our guests. After we go through the pre-submitted questions, then we’ll open up the chat to live Q&A and the hosts will answer as many questions as they can.
We’ll start off with Dieter and ask him a set of some business-related questions.

Dieter could you introduce yourself, your background, and your role within the Polkadot ecosystem?

Dieter: I got my start in the space as a cryptography researcher at the University of Waterloo. This is where I first learned about Bitcoin and started following the space. I spent the next four years or so on the investment team for a large asset manager where I primarily focused on emerging markets. In 2017 I decided to take the plunge and join the space full-time. I worked at a small blockchain-focused VC fund and then joined the Polkadot team just over a year ago. My role at Polkadot is mainly focused on ensuring there is a vibrant community of projects building on our technology.

Q: Adoption of Polkadot of the important factors that all projects need to focus on to become more attractive to the industry. So, what is Polkadot's plan to gain more Adoption? [sic]

A (Dieter): Polkadot is fundamentally a developer-focused product so much of our adoption strategy is focused around making Polkadot an attractive product for developers. This has many elements. Right now the path for most developers to build on Polkadot is by creating a blockchain using the Substrate framework which they will later connect to Polkadot when parachains are enabled. This means that much of our adoption strategy comes down to making Substrate an attractive tool and framework. However, it’s not just enough to make building on Substrate attractive, we must also provide an incentive to these developers to actually connect their Substrate-based chain to Polkadot. Part of this incentive is the security that the Polkadot relay chain provides but another key incentive is becoming interoperable with a rich ecosystem of other projects that connect to Polkadot. This means that a key part of our adoption strategy is outreach focused. We go out there and try to convince the best projects in the space that building on our technology will provide them with significant value-add. This is not a purely technical argument. We provide significant support to projects building in our ecosystem through grants, technical support, incubatoaccelerator programs and other structured support programs such as the Substrate Builders Program (https://www.substrate.io/builders-program). I do think we really stand out in the significant, continued support that we provide to builders in our ecosystem. You can also take a look at the over 100 Grants that we’ve given from the Web3 Foundation: https://medium.com/web3foundation/web3-foundation-grants-program-reaches-100-projects-milestone-8fd2a775fd6b

Q: On moving forward through your roadmap, what are your most important next priorities? Does the Polkadot team have enough fundamentals (Funds, Community, etc.) to achieve those milestones?

A (Dieter): I would say the top priority by far is to ensure a smooth roll-out of key Polkadot features such as parachains, XCMP and other key parts of the protocol. Our recent Proof of Authority network launch was only just the beginning, it’s crucial that we carefully and successfully deploy features that allow builders to build meaningful technology. Second to that, we want to promote adoption by making more teams aware of Polkadot and how they can leverage it to build their product. Part of this comes down to the outreach that I discussed before but a major part of it is much more community-driven and many members of the team focus on this.
We are also blessed to have an awesome community to make this process easier 🙂

Q: Where can a list of Polkadot's application-specific chains can be found?

A (Dieter): The best list right now is http://www.polkaproject.com/. This is a community-led effort and the team behind it has done a terrific job. We’re also working on providing our own resource for this and we’ll share that with the community when it’s ready.

Q: Could you explain the differences and similarities between Kusama and Polkadot?

A (Dieter): Kusama is fundamentally a less robust, faster-moving version of Polkadot with less economic backing by validators. It is less robust since we will be deploying new technology to Kusama before Polkadot so it may break more frequently. It has less economic backing than Polkadot, so a network takeover is easier on Kusama than on Polkadot, lending itself more to use cases without the need for bank-like security.
In exchange for lower security and robustness, we expect the cost of a parachain lease to be lower on Kusama than Polkadot. Polkadot will always be 100% focused on security and robustness and I expect that applications that deal with high-value transactions such as those in the DeFi space will always want a Polkadot deployment, I think there will be a market for applications that are willing to trade cheap, high throughput for lower security and robustness such as those in the gaming, content distribution or social networking sectors. Check out - https://polkadot.network/kusama-polkadot-comparing-the-cousins/ for more detailed info!

Q: and for what reasons would a developer choose one over the other?

A (Dieter): Firstly, I see some earlier stage teams who are still iterating on their technology choosing to deploy to Kusama exclusively because of its lower-stakes, faster moving environment where it will be easier for them to iterate on their technology and build their user base. These will likely encompass the above sectors I identified earlier. To these teams, Polkadot becomes an eventual upgrade path for them if, and when, they are able to perfect their product, build a larger community of users and start to need the increased stability and security that Polkadot will provide.
Secondly, I suspect many teams who have their main deployment on Polkadot will also have an additional deployment on Kusama to allow them to test new features, either their tech or changes to the network, before these are deployed to Polkadot mainnet.

Logan Saether, Technical Education, Web3 Foundation

Q: Sweet, let's move over to Logan. Logan - could you introduce yourself, your background, and your role within the Polkadot ecosystem?

A (Logan): My initial involvement in the industry was as a smart contract engineer. During this time I worked on a few projects, including a reboot of the Ethereum Alarm Clock project originally by Piper Merriam. However, I had some frustrations at the time with the limitations of the EVM environment and began to look at other tools which could help me build the projects that I envisioned. This led to me looking at Substrate and completing a bounty for Web3 Foundation, after which I applied and joined the Technical Education team. My responsibilities at the Technical Education team include maintaining the Polkadot Wiki as a source of truth on the Polkadot ecosystem, creating example applications, writing technical documentation, giving talks and workshops, as well as helping initiatives such as the Thousand Validator Programme.

Q: The first technical question submitted for you was: "When will an official Polkadot mobile wallet appear?"

A (Logan): There is already an “official” wallet from Parity Technologies called the Parity Signer. Parity Signer allows you to keep your private keys on an air-gapped mobile device and to interactively sign messages using web interfaces such as Polkadot JS Apps. If you’re looking for something that is more of an interface to the blockchain as well as a wallet, you might be interested in PolkaWallet which is a community team that is building a full mobile interface for Polkadot.
For more information on Parity Signer check out the website: https://www.parity.io/signe

Q: Great thanks...our next question is: If someone already developed an application to run on Ethereum, but wants the interoperability that Polkadot will offer, are there any advantages to rebuilding with Substrate to run as a parachain on the Polkadot network instead of just keeping it on Ethereum and using the Ethereum bridge for use with Polkadot?

A (Logan): Yes, the advantage you would get from building on Substrate is more control over how your application will interact with the greater Polkadot ecosystem, as well as a larger design canvas for future iterations of your application.
Using an Ethereum bridge will probably have more cross chain latency than using a Polkadot parachain directly. The reason for this is due to the nature of Ethereum’s separate consensus protocol from Polkadot. For parachains, messages can be sent to be included in the next block with guarantees that they will be delivered. On bridged chains, your application will need to go through more routes in order to execute on the desired destination. It must first route from your application on Ethereum to the Ethereum bridge parachain, and afterward dispatch the XCMP message from the Polkadot side of the parachain. In other words, an application on Ethereum would first need to cross the bridge then send a message, while an application as a parachain would only need to send the message without needing to route across an external bridge.

Q: DOT transfers won't go live until Web3 removes the Sudo module and token holders approve the proposal to unlock them. But when will staking rewards start to be distributed? Will it have to after token transfers unlock? Or will accounts be able to accumulate rewards (still locked) once the network transitions to NPoS?

A (Logan): Staking rewards will be distributed starting with the transition to NPoS. Transfers will still be locked during the beginning of this phase, but reward payments are technically different from the normal transfer mechanism. You can read more about the launch process and steps at http://polkadot.network/launch-roadmap

Q: Next question is: I'm interested in how Cumulus/parachain development is going. ETA for when we will see the first parachain registered working on Kusama or some other public testnet like Westend maybe?

A (Logan): Parachains and Cumulus is a current high priority development objective of the Parity team. There have already been PoC parachains running with Cumulus on local testnets for months. The current work now is making the availability and validity subprotocols production ready in the Polkadot client. The best way to stay up to date would be to follow the project boards on GitHub that have delineated all of the tasks that should be done. Ideally, we can start seeing parachains on Westend soon with the first real parachains being deployed on Kusama thereafter.
The projects board can be viewed here: https://github.com/paritytech/polkadot/projects
Dan: Also...check out Basti's tweet from yesterday on the Cumulus topic: https://twitter.com/bkchstatus/1270479898696695808?s=20

Q: In what ways does Polkadot support smart contracts?

A (Logan): The philosophy behind the Polkadot Relay Chain is to be as minimal as possible, but allow arbitrary logic at the edges in the parachains. For this reason, Polkadot does not support smart contracts natively on the Relay Chain. However, it will support smart contracts on parachains. There are already a couple major initiatives out there. One initiative is to allow EVM contracts to be deployed on parachains, this includes the Substrate EVM module, Parity’s Frontier, and projects such as Moonbeam. Another initiative is to create a completely new smart contract stack that is native to Substrate. This includes the Substrate Contracts pallet, and the ink! DSL for writing smart contracts.
Learn more about Substrate's compatibility layer with Ethereum smart contracts here: https://github.com/paritytech/frontier

Will Pankiewicz, Master of Validators, Parity Technologies


Q: (Dan) Thanks for all the answers. Now we’ll start going through some staking questions with Will related to validating and nominating on Polkadot. Will - could you introduce yourself, your background, and your role within the Polkadot ecosystem?

A (Will): Sure thing. Like many others, Bitcoin drew me in back in 2013, but it wasn't until Ethereum came that I took the deep dive into working in the space full time. It was the financial infrastructure aspects of cryptocurrencies I was initially interested in, and first worked on dexes, algorithmic trading, and crypto funds. I really liked the idea of "Generalized Mining" that CoinFund came up with, and started to explore the whacky ways the crypto funds and others can both support ecosystems and be self-sustaining at the same time. This drew me to a lot of interesting experiments in what later became DeFi, as well as running validators on Proof of Stake networks. My role in the Polkadot ecosystem as “Master of Validators” is ensuring the needs of our validator community get met.

Q: Cool thanks. Our first community question was "Is it still more profitable to nominate the validators with lesser stake?"

A (Will): It depends on their commission, but generally yes it is more profitable to nominate validators with lesser stake. When validators have lesser stake, when you nominate them this makes your nomination stake a higher percentage of total stake. This means when rewards get distributed, it will be split more favorably toward you, as rewards are split by total stake percentage. Our entire rewards scheme is that every era (6 hours in Kusama, 24 hours in Polkadot), a certain amount of rewards get distributed, where that amount of rewards is dependent on the total amount of tokens staked for the entire network (50% of all tokens staked is currently optimal). These rewards from the end of an era get distributed roughly equally to all validators active in the validator set. The reward given to each validator is then split between the validators and all their nominators, determined by the total stake that each entity contributes. So if you contribute to a higher percentage of the total stake, you will earn more rewards.

Q: What does priority ranking under nominator addresses mean? For example, what does it mean that nominator A has priority 1 and nominator B has priority 6?

A (Will): Priority ranking is just the index of the nomination that gets stored on chain. It has no effect on how stake gets distributed in Phragmen or how rewards get calculated. This is only the order that the nominator chose their validators. The way that stake from a nominator gets distributed from a nominator to validators is via Phragmen, which is an algorithm that will optimally put stake behind validators so that distribution is roughly equal to those that will get in the validator set. It will try to maximize the total amount at stake in the network and maximize the stake behind minimally staked validators.

Q: On Polkadot.js, what does it mean when there are nodes waiting on Polkadot?

**A (Will):**In Polkadot there is a fixed validator set size that is determined by governance. The way validators get in the active set is by having the highest amount of total stake relative to other validators. So if the validator set size is 100, the top 100 validators by total stake will be in the validator set. Those not active in the validator set will be considered “waiting”.

Q: Another question...Is it necessary to become a waiting validator node right now?

A (Will): It's not necessary, but highly encouraged if you actively want to validate on Polkadot. The longer you are in the waiting tab, the longer you get exposure to nominators that may nominate you.

Q: Will current validators for Kusama also validate for Polkadot? How strongly should I consider their history (with Kusama) when looking to nominate a good validator for DOTs?

A (Will): A lot of Kusama validators will also be validators for Polkadot, as KSM was initially distributed to DOT holders. The early Kusama Validators will also likely be the first Polkadot validators. Being a Kusama validator should be a strong indicator for who to nominate on Polkadot, as the chaos that has ensued with Kusama has allowed validators to battle test their infrastructure. Kusama validators by now are very familiar with tooling, block explorers, terminology, common errors, log formats, upgrades, backups, and other aspects of node operation. This gives them an edge against Polkadot validators that may be new to the ecosystem. You should strongly consider well known Kusama validators when making your choices as a nominator on Polkadot.

Q: Can you go into more details about the process for becoming a DOT validator? Is it similar as the KSM 1000 validators program?

A (Will): The Process for becoming a DOT validators is first to have DOTs. You cannot be a validator without DOTs, as DOTs are used to pay transaction fees, and the minimum amount of DOTs you need is enough to create a validate transaction. After obtaining enough DOTs, you will need to set up your validator infrastructure. Ideally you should have a validator node with specs that match what we call standard hardware, as well as one or more sentry nodes to help isolate the validator node from attacks. After the infrastructure is up and running, you should have your Polkadot accounts set up right with a stash bonded to a controller account, and then submit a validate transaction, which will tell the network your nodes are ready to be a part of the network. You should then try and build a community around your validator to let others know you are trustworthy so that they will nominate you. The 1000 validators programme for Kusama is a programme that gives a certain amount of nominations from the Web3 Foundation and Parity to help bootstrap a community and reputation for validators. There may eventually be a similar type of programme for Polkadot as well.
Dan: Thanks a lot for all the answers, Will. That’s the end of the pre-submitted questions and now we’ll open the chat up to live Q&A, and our three team members will get through as many of your questions as possible.
We will take questions related to business development, technology, validating, and staking. For those wondering about DOT:
DOT tokens do not exist yet. Allocations of Polkadot's native DOT token are technically and legally non-transferable. Hence any publicized sale of DOTs is unsanctioned by Web3 Foundation and possibly fraudulent. Any official public sale of DOTs will be announced on the Web3 Foundation website. Polkadot’s launch process started in May and full network decentralization later this year, holders of DOT allocations will determine issuance and transferability. For those who participated in previous DOT sales, you can learn how to claim your DOTs here (https://wiki.polkadot.network/docs/en/claims).


Telegram Community Follow-up Questions Addressed Below


Q: Polkadot looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in Polkadot to give it the importance it deserves? What are your planning to achieve with your project?

A (Will): Personally, what I think differentiates it is the governance process. Coordinating forkless upgrades and social coordination helps stand it apart.
A (Dieter): The wiki is awesome - https://wiki.polkadot.network/

Q: Over 10,000 ETH paid as a transaction fee , what if this happens on Polkadot? Is it possible we can go through governance to return it to the owner?

A: Anything is possible with governance including transaction reversals, if a network quorum is reached on a topic.
A (Logan): Polkadot transaction fees work differently than the fees on Ethereum so it's a bit more difficult to shoot yourself in the foot as the whale who sent this unfortunate transaction. See here for details on fees: https://w3f-research.readthedocs.io/en/latest/polkadot/Token%20Economics.html?highlight=transaction%20fees#relay-chain-transaction-fees-and-per-block-transaction-limits
However, there is a tip that the user can input themselves which they could accidentally set to a large amount. In this cases, yes, they could proposition governance to reduce the amount that was paid in the tip.

Q: What is the minimum ideal amount of DOT and KSM to have if you want to become a validator and how much technical knowledge do you need aside from following the docs?

A (Will): It depends on what the other validators in the ecosystem are staking as well as the validator set size. You just need to be in the top staking amount of the validator set size. So if its 100 validators, you need to be in the top 100 validators by stake.

Q: Will Web3 nominate validators? If yes, which criteria to be elected?

A (Will): Web 3 Foundation is running programs like the 1000 validators programme for Kusama. There's a possibility this will continue on for Polkadot as well after transfers are enabled. https://thousand-validators.kusama.network/#/
You will need to be an active validator to earn rewards. Only those active in the validator set earn rewards. I would recommend checking out parts of the wiki: https://wiki.polkadot.network/docs/en/maintain-guides-validator-payout

Q: Is it possible to implement hastables or dag with substrate?

A (Logan): Yes.

Q: Polkadot project looks very futuristic! But, could you tell us the main role of DOT Tokens in the Polkadot Ecosystem?

A (Dan): That's a good question. The short answer is Staking, Governance, Bonding. More here: http://polkadot.network/dot-token

Q: How did you manage to prove that the consensus protocol is safe and unbreakable mathematically?

A (Dieter): We have a research teams of over a dozen scientists with PhDs and post-docs in cryptography and distributed computing who do thorough theoretical analyses on all the protocols used in Polkadot

Q: What are the prospects for NFT?

A: Already being built 🙂

Q: What will be Polkadot next roadmap for 2020 ?

A (Dieter): Building. But seriously - we will continue to add many more features and upgrades to Polkadot as well as continue to strongly focus on adoption from other builders in the ecosystem 🙂
A (Will): https://polkadot.network/launch-roadmap/
This is the launch roadmap. Ideally adding parachains and xcmp towards the end of the year

Q: How Do you stay active in terms of marketing developments during this PANDEMIC? Because I'm sure you're very excited to promote more after this settles down.

A (Dan): The main impact of covid was the impact on in-person events. We have been very active on Crowdcast for webinars since 2019, so it was quite the smooth transition to all-online events. You can see our 40+ past event recordings and follow us on Crowdcast here: https://www.crowdcast.io/polkadot. If you're interested in following our emails for updates (including online events), subscribe here: https://info.polkadot.network/subscribe

Q: Hi, who do you think is your biggest competitor in the space?

A (Dan): Polkadot is a metaprotocol that hasn't been seen in the industry up until this point. We hope to elevate the industry by providing interoperability between all major public networks as well as private blockchains.

Q: Is Polkadot a friend or competitor of Ethereum?

A: Polkadot aims to elevate the whole blockchain space with serious advancements in interoperability, governance and beyond :)

Q: When will there be hardware wallet support?

A (Will): Parity Signer works well for now. Other hardware wallets will be added pretty soon

Q: What are the attractive feature of DOT project that can attract any new users ?

A: https://polkadot.network/what-is-polkadot-a-brief-introduction/
A (Will): Buidling parachains with cross chain messaging + bridges to other chains I think will be a very appealing feature for developers

Q: According to you how much time will it take for Polkadot to get into mainstream adoption and execute all the plans set for this project?

A: We are solving many problems that have held back the blockchain industry up until now. Here is a summary in basic terms:
https://preview.redd.it/ls7i0bpm8p951.png?width=752&format=png&auto=webp&s=a8eb7bf26eac964f6b9056aa91924685ff359536

Q: When will bitpie or imtoken support DOT?

A: We are working on integrations on all the biggest and best wallet providers. ;)

Q: What event/call can we track to catch a switch to nPOS? Is it only force_new_era call? Thanks.

A (Will): If you're on riot, useful channels to follow for updates like this are #polkabot:matrix.org and #polkadot-announcements:matrix.parity.io
A (Logan): Yes this is the trigger for initiating the switch to NPoS. You can also poll the ForceEra storage for when it changes to ForceNew.

Q: What strategy will the Polkadot Team use to make new users trust its platform and be part of it?

A (Will): Pushing bleeding edge cryptography from web 3 foundation research
A (Dan): https://t.me/PolkadotOfficial/43378

Q: What technology stands behind and What are its advantages?

A (Dieter): Check out https://polkadot.network/technology/ for more info on our tech stack!

Q: What problems do you see occurring in the blockchain industry nowadays and how does your project aims to solve these problems?

A (Will): Governance I see as a huge problem. For example upgrading Bitcoin and making decisions for changing things is a very challenging process. We have robust systems of on-chain governance to help solve these coordination problems

Q: How involved are the Polkadot partners? Are they helping with the development?

A (Dieter): There are a variety of groups building in the Polkadot ecosystem. Check out http://www.polkaproject.com/ for a great list.

Q: Can you explain the role of the treasury in Polkadot?

A (Will): The treasury is for projects or people that want to build things, but don't want to go through the formal legal process of raising funds from VCs or grants or what have you. You can get paid by the community to build projects for the community.
A: There’s a whole section on the wiki about the treasury and how it functions here https://wiki.polkadot.network/docs/en/mirror-learn-treasury#docsNav

Q: Any plan to introduce Polkadot on Asia, or rising market on Asia?

**A (Will):**We're globally focused

Q: What kind of impact do you expect from the Council? Although it would be elected by token holders, what kind of people you wish to see there?

A (Will): Community focused individuals like u/jam10o that want to see cool things get built and cool communities form

If you have further questions, please ask in the official Polkadot Telegram channel.
submitted by dzr9127 to dot [link] [comments]

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