# Vision5 : Blockchains ## General ## Ranks For market cap on 25/08/2018 ## Creating new networks - To fit in with the same SMDNS - Still work with the original one too ## Better terms - Network Value NOT Market Cap ## Terms ## Merkle Trees https://en.wikipedia.org/wiki/Merkle_tree - Used in cryptography, IPFS, Btrfs, FZS - Ralph Merkle (1979) - Certificate transparency - Add 0x00, 0x01 ... to the parts of a split file - Prevents creating alternative files on Merkle trees that have the same hash ## Forks Articles https://www.coindesk.com/information/hard-fork-vs-soft-fork/ Hard - More flexible - New does not (necessarily) work with old - Double spend risks Soft - Less flexible - New works with old, but some old does not (necessarily) work with new - No double spend risks - Soft fork will win out in the end - Old miners will recognize that their blocks are being rejected, and upgrade ## Nonce ## ASIC Application-Specific Integrated Circuit ## Blocknet ideas # Transaction5 ## Basechain NEM ## New concepts ## Proof-of-Regulation - Proof-of-Importance applied generally - Banks and other regulated financial institutions could have a higher level of acceptance because they are regulated - Governments similarly could have increased status ## Service providers ## Cryptocurrency payments [Coingate](https://coingate.com/accept-bitcoin) - 1% - To EUR (free SEPA) - To USD (expensive bank transfer) - To Advcash (fees then apply) - Very fast customer service, even on Sunday morning! [Coinpayments](https://www.coinpayments.net) - 0.5% - Only to Bitcoin [Cryptonator](https://www.cryptonator.com/merchant/) - 0.9% - To EUR bank account (1%) - 1.9% total [ShapeShift](https://shapeshift.io/#/coins) ## International transfers [TorFX](https://www.torfx.com/) - Best exchange rates for 2016-8 - Based in Penzance - Can't see rates on site [Transferwise](https://transferwise.com/) - Not always the best rates - See rates on site ## Articles [Comparison of transaction speeds](https://www.abitgreedy.com/transaction-speed/) (Aug 2018) TO CHECK OUT Harmony - https://www.youtube.com/watch?v=IK5DMxDZ9M0 - Seems very interesting !!! - QUIC - OmniLedger - Mosaic Pull-Reduce Speeding up transport 10x - QUIC (Quick UDP Internet Connection) - Bloom tables / filters (definitely no X and probably some Y in a set) - 5G rather than 4G - At least 10x achieved Speeding up system tools 10x - Parallel processing improvements - Kernel improvements with Unikernel - + more - Mosaic (59x speedup on most challenging benchmarks) Speeding up consensus protocol 10x - Omniledger 13k tps with 1800 nodes (proven) - EOS Zilliqa - $850M Hashgraph - Raising $300m - $4-5B valuation Thunder - Valued $100m Dfinity - Raised $100m - $2b valuation Kadena - Raised $12m Algorand - Raised $4m ## Tokens / Dapps # 0x - ZRX (25) ## Home [0xproject.com](https://0xproject.com/) ## Videos [Crypto News Network - pt. 1](https://www.youtube.com/watch?v=hWYxUfDM8sE) [Crypto News Network - pt.2](https://www.youtube.com/watch?v=YBfqLOLaym4) ## Key concepts Decentralized exchange protocol - Not an exchange - An Open Protocol For Decentralized Exchange On The Ethereum Blockchain Lack of standardization - Leads to redundancy - Users won't want to have 5 different tokens for 5 different apps - Parallel redundancy - different apps implementing the same functionality # Augur - REP (39) ## Videos [Cryptografi](https://www.youtube.com/watch?v=579SRoK_kdQ) [David Hay](https://www.youtube.com/watch?v=s17NVBuzZbc) ## Key concepts Dapp + token on Ethereum Decentralized Prediction Market - Google the future - Predictions backed by $ - People vote (with money) ## Use cases - Company projects (Google, Microsoft) - internally - Austrian economics (mid 20th C) ## Speed [6 mins average](https://www.abitgreedy.com/transaction-speed/) ## Risk - Crowd mentality - Voting on what think others will vote on, rather than the best # Basic Attention Token - BAT (40) ## Team - CEO the guy that invented JavaScript ## Videos [David Hay](https://www.youtube.com/watch?v=Tf8F1wb3JhI) ## Key concepts BAT vs Brave Browser - Linked in with paying content creators through the Brave Browser ## Problems - Seemingly deliberately misleading marketing - Token not integrated with the Brave browser - Illogical - Frustrating - Content providers not paid properly - Brave browser not work quite as well as Chrome - BAT token has been doing airdrops to the Brave browser - Paid content not a very sustainable model for the Internet - To receive BAT tokens (ERC-20), need to provide details, then create wallet in Uphold (for doing payment processing etc? / crypto processing) - Uphold really expensive - like Visa/MC - No alternative to Uphold for Brave browser ## Pros - Linked with the Brave browser ## P2P coins # Nano - NANO (23) ## History - Was called Raiblocks ## YouTube [Decentralized Thought](https://www.youtube.com/watch?v=dlRhUwLQWXc) ## About - Designed to be solely P2P payment system - Slogan : Do one thing, and do it right - Near instant transactions - No transaction fees - No inflation - No miners - No incentive structure ## Key concepts Faucets - No ICO - Raidrops distributed through faucets - Faucets sites that say you're not a bot - 130M Raiblocks distributed - 70M for development - 200M burned Personal blockchains - Every wallet has own personal blockchain - Lattice structure - When each transaction happens, two new entries - One on each person's blockchain Proof-of-work - Small PoW for each transaction - Included to prevent spamming of the network Network consensus - DPoS ## Speed [5 secs average](https://www.abitgreedy.com/transaction-speed/) ## Pros - Seems clean - Not controversial ## Fiat coins # Tether - USDT (8) ## DAGs # IOTA - MIOTA (12) ## Key concepts - Not a blockchain - Directed Acyclic Graph (DAG) - Centralized, closed system Tangle [Tangle explained](https://www.tangleblog.com/2017/01/25/the-tech-behind-iota-explained/#comment-4719) ## Speed [3 mins average](https://www.abitgreedy.com/transaction-speed/) ## Problems - Single core node - [Cryptographic vulnerabilities](https://medium.com/@neha/cryptographic-vulnerabilities-in-iota-9a6a9ddc4367) in the past - Likely no quality testers on team - Slow ## Payment processing # OmiseGO - OMG (22) ## Videos [David Hay](https://www.youtube.com/watch?v=8iE_D7vGIrw) [Boxmining](https://www.youtube.com/watch?v=5UmO5UsKHdk) ## Articles [$25m ICO, turned down $100m](https://techcrunch.com/2017/07/05/omise-go-ico-25-million-omg/) ## History - Omise existing company - Like Stripe - Across S.E. Asia - Integrated into websites - Well backed - Necessary service in that part of the world - Thailand (heavily centred there) - Japan - China - Philippines - Vietnam ## Focus - Decentralized payments - Access - Scalability - Security ## Key concepts Combining banking services with the blockchain - Decentralized exchange - Liquidity provider mechanics - Clearing house messaging network - Asset-backed blockchain gateway - Wallet Based on Ethereum for now - Smart contract? - Plasma for Ethereum ## Pros - Solving an actual problem - It will at least - Solving a problem in SE Asia - Very difficult to transfer money between countries - Big need in SE Asia - Plenty of top advisors, including Vitalik Buterin # Ripple - XRP (3) ## Home [ripple.com](https://ripple.com/) ## History - 2004-12 Ripplepay - Founded by Ryan Fugger - Financial service to provide payment options via a global network - Various people come together to create P2P system - September 2012 founded OpenCoin - Fugger handed over reins to Chris Larsen - 2012-13 OpenCoin - Later Ripple Labs - Ripple Transaction Protocol - Enables the instant and direct transfer of money between two parties - Any type of currency can be transferred - Early investors included Google Ventures - 1st July 2013 XRP Fund II (now XRP II) founded in South Carolina - Next day Ripple announced linking of Bitcoin and Ripple protocols via Bitcoin Bridge - October 2013 Ripple created further partnership with ZipZap - Deemed a threat to Western Union - 2014-17 Focus on banking - July 2014 Ripple Labs proposed Codius, a project to develop a new smart contract system that was programming language agnostic - Lots of banks experimenting with Ripple Protocol - Since 2012 Ripple Labs have professed support for regulation of the crypto-currency market, as it helps businesses grow - In 2015 Ripple Labs fined by FinCEN for violations of the Bank Secrecy act, from additions in 2013 - Ripple Labs agreed to only transact through registered Money Services Businesses (MSB's) - Also added Anti Money-Laundering (AML) transaction monitoring to the network - 13th June 2016 Ripple obtained a virtual currency license from the New York State Department of Financial Services - Becomes 4th company to obtain a BitLicense from ## Key concepts Reserve - Keep 20 XRP in reserve account - Used for non-native transactions - Helps with anti-spam Bridge currency - Can act as a bridge between two currencies - Used if there's no direct conversion possible - Ripple focused on being a currency exchange, not an alternative currency per se Anti-spam - Transaction fees start at 0.00001 XPR for periodic ones - Higher transaction fees are charged if goes up to thousands of transactions per minute - Used to prevent overloading of the system ## Drops - Min are drops - 0.000001 XRP (1m drops per ripple) ## Speed [4 secs average](https://www.abitgreedy.com/transaction-speed/) # Stellar - XLM (6) ## Home [stellar.org](https://www.stellar.org/) ## History - Forked from Ripple in 2014 - Founder Jeb McCaleb had a different financial philosophy - Stellar Development Foundation (SDF) is a non-profit in Delaware - Creates Stellar Consensus Protocol (from Ripple Consensus Protocol) + OS documentation for implementation - SDF + David Mazieres (Standford Uni) created Federated Byzantine Agreement - Whitepaper released in April 2015 - Upgraded network live in Nov 2015 ## Coins - STR replaced with XLM in 2015 after upgrade - 100 billion coins originally - Used as intermediary coins (like XRP) ## Focus - Financial platform - Speed - Bank payments AND people ## Key concepts Stellar Network - Decentralized distributed exchange Federated Byzantine Agreement - Neo uses Practical Byzantine Fault Tolerance (PBFT) - FBA a different solution to the same problem - Look it up !!! Inflation - Inflationary - 1% added each year Inflation pool - Coin-owners vote on who receives funds from inflationary pool (including fees) - More than 0.05% votes receive funds each week ## YouTube [Aimstone](https://www.youtube.com/watch?v=9bzTzJLfU6c) ## Similar blockchains Ripple ## Speed - [5 secs average](https://www.abitgreedy.com/transaction-speed/) - More than 1000 tx/s ## Fees - Funds from base fees added to the inflationary pool - Average fee = $0.000007 ## Partners - IBM (October 2017) - Deloitte (2016) - consulting firm - ICICI Bank (2016) ## Pros ## Exchange platforms https://coinsutra.com/best-decentralized-exchanges-dex/ # Ark - ARK * ## Home [ark.io](https://ark.io/) # Binance Coin - BNB (16) * ## Videos [Coin FOMO](https://www.youtube.com/watch?v=fLPxYmMPMe4) ## History - Created July 2017 - ERC20 ## Key concepts Binary + Finance = Binance Chinese cryptocurrency exchange - One of the best crypto trading ecosystems out there 20m users Buy-backs - 20% of profits each quarter allocated to buy back tokens at the current market price - Will continue until 50% of the tokens are burned - Afterwards will have a stable value that will continue to appreciate over time Usage of token - Currency for the exchange's fees - 50% discount on the first year of use - Exchange fee of 0.1% - Bitrex 0.25% - Pay 100% if you don't already have the BNB, so is an incentive to buy now - Info platform - Advertising that goes on the platform - More to come Price of token - Seems to closely follow Bitcoin ## Binance Labs $1B ecosystem - For pre-ICO - Financing - Advice ## Pros - One of the very few coins to go up since January - 1.4m exchange orders / s # Bisq ## Home [bisq.network](https://bisq.network/) # Bitshares - BTS (33) ## History ## Key concepts DAO's - Decentralized exchange platform - Allows for the creation of DAO's - Create shares, produce profits, and then re-distribute them as dividends to their shareholders Delegated Proof-of-Stake BITUSD - If think of as a company, then the products are a service - Bitshares the overall company - BITUSD - service under bitshares, not a separate cryptocurrency - Stable store of value - BITUSD very similar to Tether ## Use cases - Ethereum like a tank - Bitshares like a sniper rifle (specialized) - Ethereum not so efficient - Bitshares good for high-frequency / volume trading - Trading - Derivatives market $700T globally - Small change could make big difference ## Speed [2 secs average](https://www.abitgreedy.com/transaction-speed/) # Blocknet - BLOCK * ## Home [blocknet.co](https://www.blocknet.co/) ## Github https://github.com/BlocknetDX/BlockDX # Ether Delta # Komodo BarterDEX ## Digital assets # Bytom - BTM (43) ## Home [bytom.io](http://bytom.io/) ## Videos [Decentralized TV](https://www.youtube.com/watch?v=J7SJLHgvfyE) ## Focus - Digital assets ## Key concepts Decentralized assets So you can : - Speculate - Trade - Gamble 3 layers - Data - Smart contract - Interaction ## Comments - Not very interesting # NEM - XEM (17) ## Project [nem.io](http://nem.io) New Economic Movement ## History - Launched March 2015 - 15 developers - 30 marketers - Singapore - Developers pseudonymous - From Bitcoin Talk - UtopianFuture - Initially wanted to improve - Lon Wong president of NEM.io Foundation - Also founder and CEO of Dragonfly Fintech ## Use cases General - Can manage legal documents, energy usage, supply chains, real estate titles, cryptocurrencies - Financial transactions - Banks might be happier than a general-purpose platform - Replace PayPal / Visa - Could use similar model for a financial system - Pay small transaction fees to create global network - Having a dedicated financial network might make adoption better - Not libertarians' dream - Not necessarily revolutionary - Functional, while we transition to something more revolutionary? Japan - Second largest cryptocurrency - Mijin tested in December 2015 by Japan's largest trust bank, SBI Sumishin Net Bank, owned by Sumitomo Mitsui Trust Holdings, to add to their online banking services. - Japanese Ministry of Agriculture uses to track shipments of meat Venezuela - Sses for Petro cryptocurrency (PTR) - Prices in Petros and Bolivar Soberanos - 1 Petro = 3,600 Bolivar Soberanos - Bs.S. Launched 20/08/2018 - Hyperinflation not checked - Between 18 August and 21 August 2018, the inflation rate increased 16,560 percent from 48,760 percent to 65,320 percent ## YouTube [David Hay](https://www.youtube.com/watch?v=c0PHsWhU3UY) [Aimstone](https://www.youtube.com/watch?v=9lva_WU5aoE) ## Coins XEM Fixed at 8,999,999,999 ## Similar blockchains Dash ## Key concepts Proof-of-Importance - Similar to Proof-of-Stake - Uses harvesters not miners - Lots of NEM > Can become a supernode - Supernode > Can vote - More coins > More votes - PoS > Specific amount of coins to be a validator - More caution in the network when it comes to nodes' validation - Harvesters sort of become banks Harvesters - People who stake their coins to assist in networt validation - People are paid to process transactions - 10K XEM to be a harvester - 3M XEM to be a supernode - Proof-of-Stake - Net transfers - Cluster nodes Namespaces - Like web domains - Sub-namespaces Mosaics - Digital assets - XEM is a mosaic on the NEM network - Anything you can sell or trade can become a mosaic Smart Assets - NEM's Smart Asset System allows devs to code NEM applications easily - More than just P2P transactions Multisig - m of n Mijin - Private blockchain that uses NEM tech ## Speed [30 secs average](https://www.abitgreedy.com/transaction-speed/) - 6s to show up in wallet - 20s to confirm - 3000/s (more than Visa) ## Fees - 100x less than Bitcoin - $0.10c / $1000 - Visa : 2.2-2.9% - Paypal : 1.9-3.4% - Venmo : 3% - Nem : 0.01% Pay to use the messaging service ## Traceability - 100% traceable and transparent ## Pros - Low transaction fees - Inflation resistant (deflationary cryptocurrency) ## Problems - On 26 January 2018, Japanese cryptocurrency exchange Coincheck, was the victim of a massive hack resulting in a loss of 523 million XEM coins, the native token of NEM, worth approximately $400 million # Nxt - NXT ## History - First group to use DAGs ## Focus - Shares - Crypto Assets ## Key concepts Proof-of-Stake Lightweight User rewards - Users rewarded for supporting the network - The more NXT you have, the more often will generate a block and rewarded with a fee Alias system Data storage on the chain Decentralized asset exchange - Allow for decentralized services on top ## Speed - Blocks produced every 60s on average ## Offline # Pundi X - NPXS (45) * ## Home [pundix.com](https://pundix.com/) ## Videos [Crypto Cruising](https://www.youtube.com/watch?v=EicQjyszZTU) ## Focus - Non-connected people - Next billion crypto users ## Key concepts Offline - XPoS (merchant's point of sale device) - Go into shop Online - P2P Worldwide - China - Asia - UK - Switzerland - Brazil 5000 POS total (so far) ## Supercomputers # Golem - GNT (51) * ## Home [golem.network](https://golem.network/) ## Videos [The Golem Project](https://www.youtube.com/watch?v=_Q888b0VRx8) ## History ## Key concept Sharing computing power - Users can sell their redundant computer power to those that need it P2P - Anyone can join - Nobody more important than anyone else Uses Ethereum ## Speed [5 mins average](https://www.abitgreedy.com/transaction-speed/) ## Specialized platforms # Maker - MKR (32) ## Videos [Decentralized TV](https://www.youtube.com/watch?v=ndjI7ajRIV4) ## Focus - Reduce volatility - Debt ## Key concepts Smart contact on ETC blockchain Stabilize bond - Known as a DAI - Through smart contacts called Collateralized Debt Positions (CDP) - MAKR = DAI + CDP 1 DAI = $1 USD MAKR value attributed to the DAI bond ## Pros - Relatively stable # Siacoin - SC (42) ## Videos [Boxmining](https://www.youtube.com/watch?v=ZhL9tJlT6fg) ## Focus - Sharing hard drive space ## Key concepts Network dropbox - AirBnB of hard drive space Contribution - Get paid Encryption - User has key - Very strong ## Pros - Users can share unused hard drive space - Cheaper for people to store their files - Decentralization and privacy - Don't know the encryption level of Dropbox - Very strong encryption, spread over multiple computers ## Cons - Dropbox has huge ecosystem - Not as many cool features as Dropbox / Google Drive yet # Steem - STEEM (36) ## History ## Speed [3 secs average](https://www.abitgreedy.com/transaction-speed/) # Waves - WAVES (38) ## Videos [Boxmining](https://www.youtube.com/watch?v=7VCtlMnvRXM) ## Focus - Creating own tokens ## Key concepts Create tokens - Costs 1 wave to create a token - For commodities Smart contracts - Non Turing-complete ## Pros - Cheap transfers ## IoT smart contract platforms # Waltonchain - WTC (47) ## Videos [Ready Set Crypto](https://www.youtube.com/watch?v=gSh_ciRLHBI) ## Key concepts Supply chain RFID's Parts 1. Production 2. Warehousing 3. Logistics 4. Stores Enterprise Resource Planning (ERP) - Already exist - But centralized - Putting onto a blockchain helps prevent counterfeits Value Internet of Things (VOIT) - Digitizing of assets + blockchains ## Use cases - Baggage - Deliveries # VeChain - VET (18) ## Home [vechain.org](https://www.vechain.org/) ## History ## Focus - Supply chains - Counterfiting - Customer trust ## Key concepts Supply chain tracking - Track products on a supply chain - Combined IoT with blockchain - Digitizes the supply chain Scanning - Scan QR code / barcode - App shows you everything you need to know about the product, including freshness - Tracks entire supply chain - Picks up data on products - Customer can be sure that the info is accurate Anti-counterfits - Customers can check authenticity of products Generic platform - Dapps - Smart contracts - ICOs Double tokens - VET - Thor Power Tokens (interest created from stored VET) - TPT like GAS in Neo - When Thor Power Tokens spent, 70% taken out of circulation - 30% awarded to authority masternodes Node types - Economic (help with stability) - Weakest to strongest 1) Strenght node 2) Thunder node 3) Mjolnir node - Authority 4) Thrudhem node (authority masternode) ## Partnerships - Renault - PWC - Quite a few others ## Speed - [6 mins average](https://www.abitgreedy.com/transaction-speed/) - 10k tx/s (eventually) ## Non-Turing-Complete platforms *MANY OTHERS TOO* # Zilliqa - ZIL (31) ## Videos [Aimstone](https://www.youtube.com/watch?v=b3SyrPpFsWU) ## Key concepts Smart contracts - Not Turing complete Sharding Practical Byzantine Fault Tolerance ## Speed - 2400 tps (3600 nodes) ## Pros - High-profile fintech + banking experts partnerships + on team ## Multi-chain smart contract platforms # Ardor - ARDR (63) ## History - Nxt 2.0 - Nxt foundation ## Focus - For business ## Speed [60 secs average](https://www.abitgreedy.com/transaction-speed/) ## Key concepts Solves blockchain bloat Parent and child chain architecture - Only parent involved in the consensus - Smart contracts, etc, are stored on the child chains - Applications, asset exchange, voting, marketplace - Child chains can be pruned and removed from the blockchain - Only keep a cryptographic proof that they ever existed - New node only needs to d/l the transactions from the last 24 hours of the child chains - Size of the blockchain does not grow linearly with time (like with other blockchains) - Interesting applications - Child chain can focus on a specific use case - # Lisk - LSK (21) ## History - Many years in development - Move to mainnet on Aug 29th 2018 ## Videos [CryptoMar](https://www.youtube.com/watch?v=3w7KrVPaF8o) ## Home [lisk.io](https://lisk.io/) ## Key concepts Blockchain platform - Very similar to Ethereum - Quite a few different use cases SDK - Sidechain development kit - Not available at end of Aug 2018 - Not sure when it will be bready Programming language - JavaScript - Ethereum uses Solidity Side chains - Lisk uses side chains - Ethereum uses smart contracts - All applications use their own separate blockchains - Ethereum runs everything on the main blockchain - Proof of work - Proof of stake - Not built into the main blockchain Wordpress of blockchains ## Pros - No congestion on the network for specific use cases - Very customizable - Great team - Managing funds well - Promoting their work, not the token, and let it speak for itself # MOAC - MOAC (46) *** ## Home [moac.io](https://www.moac.io/) ## Videos [BlockWolf](https://www.youtube.com/watch?v=fU6m2mqGYec) ## History ## Comments - Really interesting - Could take the code and adapt it - Check out the cross-chain stuff - Genesis5 blockchain in Vision5 ## Key concepts Mother of all chains - Bitcoin - coin - Etheruem - own token - MOAC - own blockchain Tradeoff - Scalability - Security - Decentralization (EOS more centralized) MOAC puts itself in the centre Solution - Multi-chain architecture - Sharding - Main chain - Microchains (different protocols / setups) Cross-chain functionality - Between different chains Mining - Micro chains (whatever their creators decide) - Mother chain (PoW) Inflation - 150M now - Max at 210M by 2058 ## Problems - Small team - Not much money - Open-source code just seems like solidity contracts # Ontology - ONT (24) ## Home [ont.io](https://ont.io/) ## Videos [Legit Crypto](https://www.youtube.com/watch?v=GCdy-HD8OBA) ## History ## Similarities Interblocknet ## Key concepts Multi-chain - Distributed trust and collaboration project Blockchain customization - Different public blockchains can be modified for different applications Infrastructure - ONT Blockchains - ONT Blockchain Frameworks - ONT Interaction Protocols Modules and protocols - ONT ID - ONT Data - ONT Scores (like credit score on the ONT blockchains) Common applications - ONTO (self soverign of digital signatures) - ONT TSE (search) - ONT DDXF (distributed exchange framework) Scenarios - Multi-source identity system for people - " for objects - Distributed data exchange ## Smart contract platforms # Aeternity - AE (37) * ## Home [aeternity.com](https://aeternity.com/) ## Videos [Aeternity](https://www.youtube.com/watch?v=F9cqkdx1Llo) ## Solves - Scalability - Privacy - Transaction speed ## Key concepts State channels - Interactions private, and off the main blockchain - Instant and private interactions - No limit to the volume of transactions that can be processed at the same time - On-chain enforcement only upon disagreement of the smart contracts - NICE!!! Hybrid PoW-PoS system - Consensus by PoW - Can be mined on all devices, including smart phones - Governance works on PoS model, based on prediction markets Oracle machine - Allow you to connect real-world data to smart contracts - Any real-world data can be included ## Use cases - Financial applications - Supply chain management - Information market - Insurances - Gaming # Cardano - ADA (9) ## Home [cardano.org](https://www.cardano.org/en/home/) ## Team - Charles Hoskinson (Ethereum and Bitshares) - Mathematician and entrepreneur ## History - Launched in September 2017 - 2 years of development - Built around peer-reviewed papers - Claims to be 3rd generation of cryptocurrency - 1 - Bitcoin - 2 - Ethereum + smart contracts - 3 - Cardano + Iota (future proof) ## Focus ## Scalability Transactions / second - Ouroboros - Proof-of-Stake - Time divided into epochs and slots - Network elects a slot leader for each slot - Only person that can mine a block for that slot - Slot leaders listen for transactions, verify them, and put them in a block - If slot leader doesn't show up, needs to wait until re-elected by the network - Good scalability - Can divide into more epochs / slots - Can run multiple epochs in parallel Network bandwidth - P2P network - Each peer in the network receives copy of all new transactions (not scalable) - Recursive InterNetwork Architecture (RINA) - Subnetworks that can communicate with each other if necessary Data storage - Pruning - Compression - Partitioning - Will tackle this problem in 2018 / 2019 ## Interoperability Many cryptos - Trying to be the "Internet of blockchains" - Direct competitor to Interblocknet ??? Banks and governments - Metadata for transactions - From whom? - To whom? - For what reason? - Opt-in - Allow user to choose if they want to put this info in - Would help make crypto world play nicer with the traditional banking world ## Sustainability Raise money with ICO - Not sustainable Treasury - Receives a small fee for every transaction on the network - Developers petition improvement proposals - Community votes on the best ideas - Continuous improvements ## Speed [5 mins average](https://www.abitgreedy.com/transaction-speed/) ## Price - Jan 2018 $32B - Aug 2018 $2.3B ## Quotes Dan Larimer : Cardano is a 400lb bullet-proof vest that doesn't stop bullets Mark Zuckerberg : Great ideas are not fully formed until you start working on them ## Problems - Too academic - Too much peer review - Needs to get out there first # Dfinity ** ## Home [dfinity.org](https://dfinity.org/) ## Contact hello@dfinity.org ## Videos [DFINITY](https://www.youtube.com/watch?v=kyCfGRZaDnw) [Coin Crunch](https://www.youtube.com/watch?v=bxfIW6HuwVI&t=4s) ## Focus - Internet computer ## Key concepts Threshold cryptography Hundreds of nodes Language-agnostic - Will be able to run lots of different languages Capability-based security Gas - Like in Ethereum Wasm - Like EOS ## Speed - 2 blocks for finality - 1s total # EOS - EOS (5) ## History ## Speed [1.5 secs average](https://www.abitgreedy.com/transaction-speed/) # Ethereum - ETH (2) ## Plasma network ## Pros - Big market - Big purchasing and marketing power - A lot of developers - Decentralized (companies like Consensus) - Fastish (15s/transaction) ## Speed [6 mins average](https://www.abitgreedy.com/transaction-speed/) # Ethereum Classic - ETC (13) # ICON - ICX (29) ## Home [icon.foundation](https://icon.foundation/?lang=en) ## Videos [Daily Deals with Tim](https://www.youtube.com/watch?v=c-pgH-gpjXk) Team - 35 when started ## Focus - Connect institutions through a blockchain network ## Key concepts Hyperconnect the world - Building a large decentralized network - Aims to connect real-life institutions, starting in Korea - Banks - Securities - Insurance - Hospital - Universities - more - The public Smart contract Loopchain - Connect together - ID, DAPP, DEX - Fully compatible with Bitcoin, Ethereum ... ## Partners - Loop (major Korean blockchain company) - Davinci (leading AI company) # IoT Chain - ITC ## Home [iotchain.io](https://iotchain.io/) ## Videos [The Crypto Lark](https://www.youtube.com/watch?v=BE8Gf-6sfJ4) [Interview with CEO](https://www.youtube.com/watch?v=LwFTdGBW4M0) ## Focus - Chinese team - Focused on the Chinese market - Based in Singapore - Security - Stability of the network - Controlling your own data - AI (promoting through data collected from the devices intercommunicating) ## Awards - Blockchain excellence award - Davos World Economic Forum (2018) ## Key concepts Hybrid model - DAG with PBFT - Practical Byzantine Fault Tolerance (like Neo) - Fast and secure - Protect data ownership - Simpl payment verification Hardware chip - Not just software - also a hardware chip - Solid chip creators - Plug and play devices ## Tokens - ERC-20 token - Swap for the mainnet when it comes out Intelligent network - Intelligent lighting - Intelligent transportation - Medical care - Intelligent household applicances - Intelligent factories - New energy Right to use - Base on the ITC token Data ownership - All devices will generate data - That data can be sold for ITC tokens - Companies buy the data - Usually private, but can say who it pertains to - IOTA not have this Witness nodes - No master nodes - ## Scalability - Testnet doing 10000 tx/s - 100000 tx/s when have mainnet ## Fees - When send money, incurs a fee - Turning on/off smart lights does not incur a fee - Sending the data + trading in does incur a fee - Low fees? - IOTA not have this ## Pros - Lots of top, experienced people - Seem intelligent - Aiming for Chinese market - Testnet seems solid (we'll see how the mainnet goes) - Hardware integration - Lots of experience with smart hardware architecture ## Interesting ideas - Working with an umbrella-sharing cooperative # NEO - NEO (15) ## History ## Speed [15 secs average](https://www.abitgreedy.com/transaction-speed/) # Qtum - QTUM (26) ## Home [qtum.org](https://qtum.org/en) ## Videos [Crypto Coins](https://www.youtube.com/watch?v=V-oRTGWg0U8) ## History - Singapore Qtum Foundation - Crowdsale in March-April 2017 ## Focus - Industry use cases - Mobile telecommunications - COunterfeit protection - Finance - Industrial logistics - Manufacturing - Low bandwidth - Run on toasters ? ## Key concepts Hybrid - Bitcoin - Ethereum - Proof of Stake - Take the best parts of Bitcoin, Etherum etc Qtum Go Mobile - First decentralized use by mobiles Account Abstraction Layer - Allows for multiple virtual machines - Including Ethereum Virtual Machine - Bridge between EVM and Unspent Transaction Output model of Bitcoin Oracles and datafeeds - Allow developers to create smart contracts built around trusted sources of information ## Use cases - Best parts of Bitcoin and Ethereum and combine into a business-friendly model - Integrates nicely with IoT ## Pros - Compatible with major existing blockchain ecosystems - Can run on mobile devices (check???) - Lots of nodes (6023) - could be because of bitcoin? # RChain - RHOC (50) ## Home [rchain.coop](https://www.rchain.coop/) ## Videos [i like money](https://www.youtube.com/watch?v=k_20RYCkXmY) ## Key concepts Smart contracts 100,000 TPS RhoLang - Custom programming language - Supposedly fast and secure - Platform - Scala - MongoDB !!! - P2P Industrial-sized applications Concurrent - Not parallel # Stratis - STRAT (49) ## Videos [David Hay](https://www.youtube.com/watch?v=KCABIodGhBg) ## History ## Use cases - Help prevent corruption - Records with lots of value - Birth records - DMV - Banking - Probably not for database / storing session data ... ## Key concepts Smart contracts C# & .Net ## Speed [6 mins average](https://www.abitgreedy.com/transaction-speed/) ## Cons - Bill users on a subscription-based model # Tezos - XTZ (19) ## Home [tezos.com](https://tezos.com/) ## Videos [Aimstone](https://www.youtube.com/watch?v=It96bIBPXZ0) ## History - Developed since 2014 ## Team - Founders - Arthur Breitman - Kathleen Breitman ## Focus ## Key concepts Commonwealth - DAO Smart contracts platform - Like Ethereum Upgrade process - On-chain governance - Doesn't require a fork - Hard forks as a last resort Compensation structure - proposals for upgrading the platform / protocol Consensus protocol - DPoS Smart contracts - Written in Michelson - Facilitates formal verification of code mathematically - Little room for errors, e.g. - Medicine - Aeroplanes - Nuclear reactors ## Cons - Can be difficult for programmers to understand the full process of formal verification of code - Can lead to a false sense of security # Tron - TRX (11) ## Home [tron.network](https://tron.network/index?lng=en) ## History - Beijing, 2014 - May 31 2018 Mainnet launched ## Team - CEO Justin Sun - Founded Peiwo APP ## Videos [Legit Crypto](https://www.youtube.com/watch?v=yp5dauagqEc) ## Key concepts Decentralized entertainment system Premium content - People pay for premium content using TRX - Similar to Steemit using Steem token Token creation - Like on Ethereum - Also Lisk, eventually - Create own ecosystem inside Tron Ecosystem - A bit like Web5 ## Speed - [5 mins average](https://www.abitgreedy.com/transaction-speed/) - 2000 tx/s? ## Pros - Not focusing on just profits - Want to create things that are of benefit to the community ## Coins # Aeon - AEON ## History - Fork of Monero ## Focus Privacy coin Differences to Monero - Mobile-friendly - Different PoW (speedier) - Fast-syncing - Lightweight transfers ## Speed 240s block time # Bitcoin - BTC (1) ## History - Originally had no block size limit - Malicious actors created fake, long data, as a form of DoS - The fake blocks would be detected, but take a long time to be detected, slowing down the system - 1MB block size limit introduced through a soft fork ## Key concepts FlexTrans - Flexible Transactions - Backwards incompatible - Changes how they are described to a tag system Lightning Network - [25/08/2018](https://cryptobriefing.com/whats-holding-back-the-lightning-network/) - Success rate low, especially for larger amounts - \>$200 = 1% chance - \>$20 = 5% chance - Chooses optimal path through thousands of intermediaries - Because intermediary nodes need to be online, effectively centralize around a few hubs ## Speed [78 mins average](https://www.abitgreedy.com/transaction-speed/) # Bitcoin Cash - BCH (4) ## Key concepts Block size 8MB ## Speed [60 mins average](https://www.abitgreedy.com/transaction-speed/) ## Problems - Think that all scaling should be done on the main blockchain - Direct competitor to Bitcoin, and will likely lose - Bitcoin has better scaling plans # Bitcoin Diamond - BCD (44) ## Home [btcd.io](https://btcd.io/) ## Videos [The Naughty Investor](https://www.youtube.com/watch?v=oLvmv3BRxos) [The Crypto Lark](https://www.youtube.com/watch?v=fV810nd37Nc) ## History - Bitcoin hard fork ## Team - Hidden on site ## Focus - Privacy ## Key concepts Increased supply 210M tokens, not 21M Mining algorithm - Great for GPU miners 10min, 8MB, segwit Encryption - for privacy - Algorithm? ## Cons - Not solving a problem - Don't know who team is - Seems like a pump and dump scheme - More Bitcoin forks on the way - Plenty of privacy coins # Bitcoin Gold - BTG (28) ## History - Hard fork from Bitcoin - October 24th 2017 ## Key concepts Equihash - PoW - Memory-oriented - Zcash too - Security, privacy, ASIC miner resistance - Uses graphics processors ## Problems - May 2018 Double spend (51% attack) - $18.6m USD transferred to Cryptocurrency Exchange - Then reverted in public ledger - Two other cryptocurrencies too - Equihash-based - No longer ASIC resistant - Bitcoin Gold - ZenCash - Zcash - Litecoin Cash # Bytecoin - BCN (27) ## Videos [Boxmining](https://www.youtube.com/watch?v=m07_DoWIWiY) ## History - Started in 2012 - Long history in privacy coin space ## Focus - Privacy - Anonymous transactions ## Key concepts Proof of work Protections - Protects wallet ID - Protects the amount being sent Algorithm - Cryptonote - Resistant to ASICs - Minded by GPUs and CPUs Based on Cryptonote - Note based on Bitcoin - Concepts of emission ## Similar coins - Monero - Digital note - Pebblecoin - Dash ## Speed - Mined every 2 mins ## Problems - Was a bug in cryptonote that allowed people to create lots of money out of nothing - Was patched in Monero and Bytecoin (Cryptonote too???) # Dash - DASH (14) ## Home [dash.org](https://www.dash.org/) Digital Cash ## History - Launched as Xcoin in Jan 2014 - Darkcoin soon after - Dash in March 2015 ## YouTube [Private send explained](https://www.youtube.com/watch?time_continue=189&v=vgCId3wJc5Y) ## Focus - Privacy - Transaction speed - Decentralized governance ## Key concepts ## Participants - Wallet-holders - Miners - Master nodes ## Master nodes - Participants that put up min of 1000 Dash coins as collateral - Rewarded for providing additional level of governance to the network - Private send - Instant send - Decide how funds in the treasury are spent ## Block reward splits - 45% to miners - 45% to the master nodes - 10% to the treasury Treasury - Funds projects that further the Dash platform - Voted on by the master nodes Private send - Mixes transactions from multiple inputs to multiple outputs - Small fee by master nodes - Transaction amounts must be multiples of pre-determined amounts to allow for efficient mixing - 0.01, 0.1, 1, 10 DASH - Used OpenSSL rand bytes to select a master node to do a mixing request - Doesn't use recently used master nodes - Request sends denomination(s) and amounts, plus fee to master node - Various amounts added to the mixing queues - 3 participants required for a mix - Sends input addresses and output addresses (empty?) - Transaction created - Sent initially to just the three inputs - Wallets check the transaction is correct and honest - Outputs = inputs - Input and output addresses are accurate - Won't know the inputs and outputs of the other 2 people in the transaction - Once checked, each wallet signs with their private key - Each signs saying it's OK to send without the other two knowing the private key - Once all 3 OK the transaction, broadcast to the network for real - If things are changed, the signatures will be invalid, and transaction won't go through - In pending until goes through - Process can be repeated up to 8 times - Size of the uncertainty set increases - Collateral usually sent back - 1/10 times it's kept, to prevent abuse Instant send - Near instant transactions - Lock inputs while being written to the blockchain ## Speed - [15 mins average](https://www.abitgreedy.com/transaction-speed/) - Transaction takes a few seconds - Confirmation takes a few minutes - Instantx - a second # Digibyte - DGB (35) ## Videos [Decentralized TV](https://www.youtube.com/watch?v=yadVSDiBxqg) ## Key concepts Altcoin Super secure - Same as for nuclear codes # Dogecoin - DOGE (34) ## Home [dogecoin.com](https://dogecoin.com/) ## Videos [Andrew Sauls](https://www.youtube.com/watch?v=07h_-MgDrZQ) [David Hay](https://www.youtube.com/watch?v=hssvr39rD9Y) ## History - 2013 - Billy Marcus - Wanted something other than for the Silk Road - "Fun" cryptocurrency - Started as a joke - Done stuff for charity - 2014 price shoots up - Bitcoin plummets - All others too - Early 2017 crypto prices start to rise again ## Key concepts Privacy Microtransactions - Very low fees - Very functional - Good for tipping Support - Doge4water - NASCAR - Jamaican Bobsled team 2014 fund-raiser ## Use cases - Tipping, especially on - Reddit - Twitter - Twitch ## Competitors - Redcoin ## Speed [1 min average](https://www.abitgreedy.com/transaction-speed/) ## Pros - Widely used - Low fees - Very functional # Decred - DCR (30) ## Home [decred.org](https://www.decred.org/) ## Videos [Daily Deals with Tim](https://www.youtube.com/watch?v=aV6CsfZ19Yk) ## Key concepts Decentralized credit Community-based governance in the blockchain Hybrid mining system * - Provide a balance between the miners and the users Development - Anyone can submit feature proposals - Funding comes from the blockchain Governance - Layered - Extends beyone the miners and users - Complicated, but seems interesting Decred Constitution - Comprehensive - Seems good Payments to Litecoin - Instananeous - Low fees ## Pros - Seems a bit more stable than many coins - Very open about where the %'s of coins come from - Allows anyone to participate in ecosystem - Lots of info ## Cons - A bit complicated # Electroneum - ETN ## Videos [Cointelegraph](https://www.youtube.com/watch?v=FQdSShCgOyQ) ## History - First British crypto - Fork of Monero ## Focus - Mobile gaming - Online gambling ## Key concepts App Simplicity - Take technical out of technical knowledge - And knowledge ;-) QR code scanning - For sending and receiving Anonymity ## Speed [75 mins average](https://www.abitgreedy.com/transaction-speed/) ## Problems - DDoS hack that kept people out of wallet for several days - Slow takeoff ## Investment - Worst - Much lower than when started # Horizen / Zencash - ZEN ## Home [horizen.global](https://www.horizen.global/) ## Videos [Decentralized TV](https://www.youtube.com/watch?v=_tKOkzwm9hw) ## History - Formerly Zencash ## Focus - Privacy - Scalability ## Key concepts Anonymity / privacy - To a degree? Zk-snarks - From Zcash IPFS - Used to publish info anonymously ??? Secure - 7000 nodes - Node-to-node encryption ## Problems - 51% attack (June 2018) - Confusing how it can be used ## Pros - Relatively stable price compared to many # Litecoin - LTC (7) ## History - October 2011 - Charlie Lee created it - May 2017 became first of top 5 cryptocurrencies to adopt segregated witness - Later in May first transaction on the Lightening Network ## Key concepts Bitcoin code - Just a modification of the original Bitcoin code - Not Block time - Reduced block time from 10m to 2.5m (compared to Bitcoin) - Quicker transactions - Lower costs for transactions Algorithm - First crypto to use s-criyt algorithm - See miner Different kind of miner - When Bitcoin became popular, lots of hardware to specialize in SHA256 - Took the emphasis away from desktop computers to ASIC's - Litecoin needed to use a different kind of miner (desktop, for longer) Specialized hardware - Antminers Speed of change - General faster to adopt new technologies than Bitcoin - Reached a consenus about segwit and the Lightening network long before Bitcoin - Bitcoin like a giant tanker, and Litecoin like a speedboat ## Videos [David Hay](https://www.youtube.com/watch?v=6s74RCgcrG4) ## Speed [30 mins average](https://www.abitgreedy.com/transaction-speed/) ## Pros - People in the Bitcoin camp say 'see what happens on Litecoin first' - Leader in the older blockchain technologies ## Problems - Growth could be slowed by advances in Bitcoin - Benefits of Litecoin over Bitcoin less than in past because changes have been made - Depends on if transaction times and fees go down with the Lightening network # Monero - XMR (10) ## History ## Speed [30 mins average](https://www.abitgreedy.com/transaction-speed/) # Verge - XVG (41) ## Home [vergecurrency.com](https://vergecurrency.com/) ## Videos [Financial Responsibility](https://www.youtube.com/watch?v=-eaJxqDhGUg) ## Focus - Privacy ## Key concepts Proof of work - 5 different algorithms Stealth addresses - Dash no - Verge yes ## Problems - Hacked twice - 51% - Not much development? ## Pros - Cheap # Zcash - ZEC (20) ## Home [z.cash](https://z.cash/) ## Videos https://www.youtube.com/watch?v=-xDXiJ0i-zQ https://www.youtube.com/watch?v=EufN7C-0fy4 ## History - Not an open-source community - Company - 10% of coins for funding - 1% to non-profit organizations ## Team - Zooko Wilcox ## Focus - Anonymity (parties, transaction amounts) ## Key concepts Anonymity - All information is encrypted - Sender - Recipient - Values Zero-knowledge cryptograpgy (Zk-snark) - NOT AUTOMATIC - Proof-of-Construction - Allows the network to maintain a secure ledger of balances - Does not disclose parties or amounts involved in transactions - Uses zero knowledge proofs / cryptography - Needs to satisfy certain parameters - Completeness (if true an honest verifier can be convinced by an honest prover) - Soundness (if prover dishonest, verifier can't be convinced) - Zero-knowledge (if statement true, the verifier won't know what the statement says) Founders reward - Tax on mining rewards Bitcoin HTTP, Zcash HTTPS Transaction types - Transparent - Shielded Address types - Transparent (T-) Addresses - Shielded (Z-) Addresses - Online wallets tend to only support T-Addresses - Hardware wallets only T-Addresses - Exchange wallets only T-Addresses - Need to run local wallets for full private wallets ## Speed [15 mins average](https://www.abitgreedy.com/transaction-speed/) ## Questions - Details of the ZK-snark algorithm ## Lists # Cryptonote coins https://cryptonote.org/coins/ - Bytecoin - BCN - Boolberry - BBR - Dashcoin - DSH (not DASH) - DigitalNote - XDN - DarkNetCoin - DCN - Fantomcoin - FCN - Monero - XMR - Pebblecoin - XPB - Quazarcoin - QCN - AEON - DoctorByte (DB) - Infinium-8 (INF8) - MonetaVerde (MCN) - Dosh (DOSH) - Magnatoj - RedWind (RD) - Tavos (XTV)