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Technical: The Path to Taproot Activation
Taproot! Everybody wants to have it, somebody wants to make it, nobody knows how to get it! (If you are asking why everybody wants it, see: Technical: Taproot: Why Activate?) (Pedants: I mostly elide over lockin times) Briefly, Taproot is that neat new thing that gets us:
Multisignatures (n-of-n, k-of-n) that are just 1 signature (1-of-1) in length!! (MuSig/Schnorr)
Better privacy!! If all contract participants can agree, just use a multisignature. If there is a dispute, show the contract publicly and have the Bitcoin network resolve it (Taproot/MAST).
Activation lets devs work get back to work on the even newer stuff like!!!
Cross-input signature aggregation!! (transaction with multiple inputs can have a single signature for all inputs) --- needs Schnorr, but some more work needed to ensure that the interactions with SCRIPT are okay.
Block validation - Schnorr signatures for all taproot spends in a block can be validated in a single operation instead of for each transaction!! Speed up validation and maybe we can actually afford to increase block sizes (maybe)!!
SIGHASH_ANYPREVOUT - you know, for Decker-Russell-Osuntokun ("eltoo") magic!!!
OP_CHECKTEMPLATEVERIFY - vaulty vaults without requiring storing signatures, just transaction details!!
So yes, let's activate taproot!
The SegWit Wars
The biggest problem with activating Taproot is PTSD from the previous softfork, SegWit. Pieter Wuille, one of the authors of the current Taproot proposal, has consistently held the position that he will not discuss activation, and will accept whatever activation process is imposed on Taproot. Other developers have expressed similar opinions. So what happened with SegWit activation that was so traumatic? SegWit used the BIP9 activation method. Let's dive into BIP9!
bit - A field in the block header, the nVersion, has a number of bits. By setting a particular bit, the miner making the block indicates that it has upgraded its software to support a particular soft fork. The bit parameter for a BIP9 activation is which bit in this nVersion is used to indicate that the miner has upgraded software for a particular soft fork.
timeout - a time limit, expressed as an end date. If this timeout is reached without sufficient number of miners signaling that they upgraded, then the activation fails and Bitcoin Core goes back to the drawing board.
Now there are other parameters (name, starttime) but they are not anywhere near as important as the above two. A number that is not a parameter, is 95%. Basically, activation of a BIP9 softfork is considered as actually succeeding if at least 95% of blocks in the last 2 weeks had the specified bit in the nVersion set. If less than 95% had this bit set before the timeout, then the upgrade fails and never goes into the network. This is not a parameter: it is a constant defined by BIP9, and developers using BIP9 activation cannot change this. So, first some simple questions and their answers:
Why not just set a day when everyone starts imposing the new rules of the softfork?
This was done classically (in the days when Satoshi was still among us). But this might argued to put too much power to developers, since there would be no way to reject an upgrade without possible bad consequences. For example, developers might package an upgrade that the users do not want, together with vital security bugfixes. Either you live without vital security bugfixes and hire some other developers to fix it for you (which can be difficult, presumably the best developers are already the ones working on the codebase) or you get the vital security bugfixes and implicitly support the upgrade you might not want.
Sure, you could fork the code yourself (the ultimate threat in the FOSS world) and hire another set of developers who aren't assholes to do the dreary maintenance work of fixing security bugs, but Bitcoin needs strong bug-for-bug compatibility so everyone should really congregate around a single codebase.
Basically: even the devs do not want this power, because they fear being coerced into putting "upgrades" that are detrimental to users. Satoshi got a pass because nobody knew who he was and how to coerce him.
Suppose the threshold were lower, like 51%. If so, after activation, somebody can disrupt the Bitcoin network by creating a transaction that is valid under the pre-softfork rules, but are invalid under the post-softfork rules. Upgraded nodes would reject it, but 49% of miners would accept it and include it in a block (which makes the block invalid) And then the same 49% would accept the invalid block and build on top of that, possibly creating a short chain of doomed invalid blocks that confirm an invalid spend. This can confuse SPV wallets, who might see multiple confirmations of a transaction and accept the funds, but later find that in fact it is invalid under the now-activated softfork rules.
Thus, a very high threshold was imposed. 95% is considered safe. 50% is definitely not safe. Due to variance in the mining process, 80% could also be potentially unsafe (i.e. 80% of blocks signaling might have a good chance of coming from only 60% of miners), so a threshold of 95% was considered "safe enough for Bitcoin work".
Why have a timeout that disables the upgrade?
Before BIP9, what was used was either flag day or BIP34. BIP34 had no flag day of activation or a bit, instead, it was just a 95% threshold to signal an nVersion value greater than a specific value. Actually, it was two thresholds: at 75%, blocks with the new nVersion would have the new softfork rules imposed, but at 95% blocks with the old nVersion would be rejected (and only the new blocks, with the new softfork rules, were accepted). For one, between 75% and 95%, there was a situation where the softfork was only "partially imposed", only blocks signaling the new rules would actually have those rules, but blocks with the old rules were still valid. This was fine for BIP34, which only added rules for miners with negligible use for non-miners.
The reasons miners signalled support was because they felt they were being pressured to signal support. So they signalled support, with plans to actually upgrade later, but because of the widespread signalling, the new BIP66 version locked in before upgrade plans were finished. Thus, the timeout that disables the upgrade was added in BIP9 to allow miners an escape hatch.
The Great Battles of the SegWit Wars
SegWit not only fixed transaction malleability, it also created a practical softforkable blocksize increase that also rebalanced weights so that the cost of spending a UTXO is about the same as the cost of creating UTXOs (and spending UTXOs is "better" since it limits the size of the UTXO set that every fullnode has to maintain). So SegWit was written, the activation was decided to be BIP9, and then.... miner signalling stalled at below 75%. Thus were the Great SegWit Wars started.
BIP9 Feature Hostage
If you are a miner with at least 5% global hashpower, you can hold a BIP9-activated softfork hostage. You might even secretly want the softfork to actually push through. But you might want to extract concession from the users and the developers. Like removing the halvening. Or raising or even removing the block size caps (which helps larger miners more than smaller miners, making it easier to become a bigger fish that eats all the smaller fishes). Or whatever. With BIP9, you can hold the softfork hostage. You just hold out and refuse to signal. You tell everyone you will signal, if and only if certain concessions are given to you. This ability by miners to hold a feature hostage was enabled because of the miner-exit allowed by the timeout on BIP9. Prior to that, miners were considered little more than expendable security guards, paid for the risk they take to secure the network, but not special in the grand scheme of Bitcoin.
ASICBoost was a novel way of optimizing SHA256 mining, by taking advantage of the structure of the 80-byte header that is hashed in order to perform proof-of-work. The details of ASICBoost are out-of-scope here but you can read about it elsewhere Here is a short summary of the two types of ASICBoost, relevant to the activation discussion.
Overt ASICBoost - Manipulates the unused bits in nVersion to reduce power consumption in mining.
Covert ASICBoost - Manipulates the order of transactions in the block to reduce power consumption in mining.
Now, "overt" means "obvious", while "covert" means hidden. Overt ASICBoost is obvious because nVersion bits that are not currently in use for BIP9 activations are usually 0 by default, so setting those bits to 1 makes it obvious that you are doing something weird (namely, Overt ASICBoost). Covert ASICBoost is non-obvious because the order of transactions in a block are up to the miner anyway, so the miner rearranging the transactions in order to get lower power consumption is not going to be detected. Unfortunately, while Overt ASICBoost was compatible with SegWit, Covert ASICBoost was not. This is because, pre-SegWit, only the block header Merkle tree committed to the transaction ordering. However, with SegWit, another Merkle tree exists, which commits to transaction ordering as well. Covert ASICBoost would require more computation to manipulate two Merkle trees, obviating the power benefits of Covert ASICBoost anyway. Now, miners want to use ASICBoost (indeed, about 60->70% of current miners probably use the Overt ASICBoost nowadays; if you have a Bitcoin fullnode running you will see the logs with lots of "60 of last 100 blocks had unexpected versions" which is exactly what you would see with the nVersion manipulation that Overt ASICBoost does). But remember: ASICBoost was, at around the time, a novel improvement. Not all miners had ASICBoost hardware. Those who did, did not want it known that they had ASICBoost hardware, and wanted to do Covert ASICBoost! But Covert ASICBoost is incompatible with SegWit, because SegWit actually has two Merkle trees of transaction data, and Covert ASICBoost works by fudging around with transaction ordering in a block, and recomputing two Merkle Trees is more expensive than recomputing just one (and loses the ASICBoost advantage). Of course, those miners that wanted Covert ASICBoost did not want to openly admit that they had ASICBoost hardware, they wanted to keep their advantage secret because miners are strongly competitive in a very tight market. And doing ASICBoost Covertly was just the ticket, but they could not work post-SegWit. Fortunately, due to the BIP9 activation process, they could hold SegWit hostage while covertly taking advantage of Covert ASICBoost!
UASF: BIP148 and BIP8
When the incompatibility between Covert ASICBoost and SegWit was realized, still, activation of SegWit stalled, and miners were still not openly claiming that ASICBoost was related to non-activation of SegWit. Eventually, a new proposal was created: BIP148. With this rule, 3 months before the end of the SegWit timeout, nodes would reject blocks that did not signal SegWit. Thus, 3 months before SegWit timeout, BIP148 would force activation of SegWit. This proposal was not accepted by Bitcoin Core, due to the shortening of the timeout (it effectively times out 3 months before the initial SegWit timeout). Instead, a fork of Bitcoin Core was created which added the patch to comply with BIP148. This was claimed as a User Activated Soft Fork, UASF, since users could freely download the alternate fork rather than sticking with the developers of Bitcoin Core. Now, BIP148 effectively is just a BIP9 activation, except at its (earlier) timeout, the new rules would be activated anyway (instead of the BIP9-mandated behavior that the upgrade is cancelled at the end of the timeout). BIP148 was actually inspired by the BIP8 proposal (the link here is a historical version; BIP8 has been updated recently, precisely in preparation for Taproot activation). BIP8 is basically BIP9, but at the end of timeout, the softfork is activated anyway rather than cancelled. This removed the ability of miners to hold the softfork hostage. At best, they can delay the activation, but not stop it entirely by holding out as in BIP9. Of course, this implies risk that not all miners have upgraded before activation, leading to possible losses for SPV users, as well as again re-pressuring miners to signal activation, possibly without the miners actually upgrading their software to properly impose the new softfork rules.
BIP91, SegWit2X, and The Aftermath
BIP148 inspired countermeasures, possibly from the Covert ASiCBoost miners, possibly from concerned users who wanted to offer concessions to miners. To this day, the common name for BIP148 - UASF - remains an emotionally-charged rallying cry for parts of the Bitcoin community. One of these was SegWit2X. This was brokered in a deal between some Bitcoin personalities at a conference in New York, and thus part of the so-called "New York Agreement" or NYA, another emotionally-charged acronym. The text of the NYA was basically:
Set up a new activation threshold at 80% signalled at bit 4 (vs bit 1 for SegWit).
When this 80% signalling was reached, miners would require that bit 1 for SegWit be signalled to achive the 95% activation needed for SegWit.
If the bit 4 signalling reached 80%, increase the block weight limit from the SegWit 4000000 to the SegWit2X 8000000, 6 months after bit 1 activation.
The first item above was coded in BIP91. Unfortunately, if you read the BIP91, independently of NYA, you might come to the conclusion that BIP91 was only about lowering the threshold to 80%. In particular, BIP91 never mentions anything about the second point above, it never mentions that bit 4 80% threshold would also signal for a later hardfork increase in weight limit. Because of this, even though there are claims that NYA (SegWit2X) reached 80% dominance, a close reading of BIP91 shows that the 80% dominance was only for SegWit activation, without necessarily a later 2x capacity hardfork (SegWit2X). This ambiguity of bit 4 (NYA says it includes a 2x capacity hardfork, BIP91 says it does not) has continued to be a thorn in blocksize debates later. Economically speaking, Bitcoin futures between SegWit and SegWit2X showed strong economic dominance in favor of SegWit (SegWit2X futures were traded at a fraction in value of SegWit futures: I personally made a tidy but small amount of money betting against SegWit2X in the futures market), so suggesting that NYA achieved 80% dominance even in mining is laughable, but the NYA text that ties bit 4 to SegWit2X still exists. Historically, BIP91 triggered which caused SegWit to activate before the BIP148 shorter timeout. BIP148 proponents continue to hold this day that it was the BIP148 shorter timeout and no-compromises-activate-on-August-1 that made miners flock to BIP91 as a face-saving tactic that actually removed the second clause of NYA. NYA supporters keep pointing to the bit 4 text in the NYA and the historical activation of BIP91 as a failed promise by Bitcoin developers.
We have discussed BIP8: roughly, it has bit and timeout, if 95% of miners signal bit it activates, at the end of timeout it activates. (EDIT: BIP8 has had recent updates: at the end of timeout it can now activate or fail. For the most part, in the below text "BIP8", means BIP8-and-activate-at-timeout, and "BIP9" means BIP8-and-fail-at-timeout) So let's take a look at Modern Softfork Activation!
Modern Softfork Activation
This is a more complex activation method, composed of BIP9 and BIP8 as supcomponents.
First have a 12-month BIP9 (fail at timeout).
If the above fails to activate, have a 6-month discussion period during which users and developers and miners discuss whether to continue to step 3.
Have a 24-month BIP8 (activate at timeout).
The total above is 42 months, if you are counting: 3.5 years worst-case activation. The logic here is that if there are no problems, BIP9 will work just fine anyway. And if there are problems, the 6-month period should weed it out. Finally, miners cannot hold the feature hostage since the 24-month BIP8 period will exist anyway.
PSA: Being Resilient to Upgrades
Software is very birttle. Anyone who has been using software for a long time has experienced something like this:
You hear a new version of your favorite software has a nice new feature.
Excited, you install the new version.
You find that the new version has subtle incompatibilities with your current workflow.
You are sad and downgrade to the older version.
You find out that the new version has changed your files in incompatible ways that the old version cannot work with anymore.
You tearfully reinstall the newer version and figure out how to get your lost productivity now that you have to adapt to a new workflow
If you are a technically-competent user, you might codify your workflow into a bunch of programs. And then you upgrade one of the external pieces of software you are using, and find that it has a subtle incompatibility with your current workflow which is based on a bunch of simple programs you wrote yourself. And if those simple programs are used as the basis of some important production system, you hve just screwed up because you upgraded software on an important production system. And well, one of the issues with new softfork activation is that if not enough people (users and miners) upgrade to the newest Bitcoin software, the security of the new softfork rules are at risk. Upgrading software of any kind is always a risk, and the more software you build on top of the software-being-upgraded, the greater you risk your tower of software collapsing while you change its foundations. So if you have some complex Bitcoin-manipulating system with Bitcoin somewhere at the foundations, consider running two Bitcoin nodes:
One is a "stable-version" Bitcoin node. Once it has synced, set it up to connect=x.x.x.x to the second node below (so that your ISP bandwidth is only spent on the second node). Use this node to run all your software: it's a stable version that you don't change for long periods of time. Enable txiindex, disable pruning, whatever your software needs.
The other is an "always-up-to-date" Bitcoin Node. Keep its stoarge down with pruning (initially sync it off the "stable-version" node). You can't use blocksonly if your "stable-version" node needs to send transactions, but otherwise this "always-up-to-date" Bitcoin node can be kept as a low-resource node, so you can run both nodes in the same machine.
When a new Bitcoin version comes up, you just upgrade the "always-up-to-date" Bitcoin node. This protects you if a future softfork activates, you will only receive valid Bitcoin blocks and transactions. Since this node has nothing running on top of it, it is just a special peer of the "stable-version" node, any software incompatibilities with your system software do not exist. Your "stable-version" Bitcoin node remains the same version until you are ready to actually upgrade this node and are prepared to rewrite most of the software you have running on top of it due to version compatibility problems. When upgrading the "always-up-to-date", you can bring it down safely and then start it later. Your "stable-version" wil keep running, disconnected from the network, but otherwise still available for whatever queries. You do need some system to stop the "always-up-to-date" node if for any reason the "stable-version" goes down (otherwisee if the "always-up-to-date" advances its pruning window past what your "stable-version" has, the "stable-version" cannot sync afterwards), but if you are technically competent enough that you need to do this, you are technically competent enough to write such a trivial monitor program (EDIT: gmax notes you can adjust the pruning window by RPC commands to help with this as well). This recommendation is from gmaxwell on IRC, by the way.
New England New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/ NewEnglandcoin Symbol: NENG NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones. Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt. 1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377 NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number Bitcoin Fork - Suitable for Home Hobbyists NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs. The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity. MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018) https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software. Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%. NENG v1.4.0 release enabled CPU mining inside android phones. Youtube Video Tutorial How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG. We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange. Twitter Airdrop Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners Graphic Redesign Bounty Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form. Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues. Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1 Milestones
Sep 3, 2018 - Genesis block was mined, NewEnglandcoin created
Sep 8, 2018 - github source uploaded, Window wallet development work started
Sep 11,2018 - Window Qt Graphic wallet completed
Sep 12,2018 - NewEnglandcoin Launched in both Bitcointalk forum and Marinecoin forum
Sep 14,2018 - NewEnglandcoin is listed at ShorelineCrypto Exchange
Sep 17,2018 - Block Explorer is up
Nov 23,2018 - New Source/Wallet Release v1.1.1 - Enabled Dynamic Addjustment on Mining Hashing Difficulty
Nov 28,2018 - NewEnglandcoin became CPU minable coin
Nov 30,2018 - First Retail Real Life usage for NewEnglandcoin Announced
Dec 28,2018 - Cheetah_Cpuminer under Linux is released
Dec 31,2018 - NENG Technical Whitepaper is released
Jan 2,2019 - Cheetah_Cpuminer under Windows is released
Jan 12,2019 - NENG v1.1.2 is released to support MacOS GUI CLI Wallet
Jan 13,2019 - Cheetah_CpuMiner under Mac is released
Feb 11,2019 - NewEnglandcoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork
Mar 16,2019 - NewEnglandcoin v22.214.171.124 Released - Ubuntu 18.04 Wallet Binary Files
Apr 7, 2019 - NENG Report on Security, Decentralization, Valuation
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto
Sep 1, 2019 - Shoreline Tradingbot project is Launched by ShorelineCrypto
Dec 19, 2019 - Shoreline Tradingbot v1.0 is Released by ShorelineCrypto
Jan 30, 2020 - Scrypt RandomSpike - NENG v1.3.0 Hardfork Proposed
Feb 24, 2020 - Scrypt RandomSpike - NENG core v1.3.0 Released
Jun 19, 2020 - Linux scripts for Futurebit Moonlander2 USB ASIC on solo mining Released
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining and Ubuntu 20.04 support
Jul 21, 2020 - NENG v126.96.36.199 Released for MacOS Wallet Upgrade with Catalina
Jul 30, 2020 - NENG v188.8.131.52 Released for Linux Wallet Upgrade with 8 Distros
Aug 11, 2020 - NENG v184.108.40.206 Released for Android arm64 Upgrade, Chromebook Support
Aug 30, 2020 - NENG v220.127.116.11 Released for Android/Chromebook with armhf, better hardware support
2018 Q3 - Birth of NewEnglandcoin, window/linux wallet - Done
2018 Q4 - Decentralization Phase I
Blockchain Upgrade - Dynamic hashing algorithm I - Done
Cheetah Version I- CPU Mining Automation Tool on Linux - Done
2019 Q1 - Decentralization Phase II
Cheetah Version II- CPU Mining Automation Tool on Window/Linux - Done
Blockchain Upgrade Dynamic hashing algorithm II - Done
2019 Q2 - Fiat Phase I
Assessment of Risk of 51% Attack on NENG - done
Launch of Fiat USD/NENG offering for U.S. residents - done
Initiation of Mobile Miner Project - Done
2019 Q3 - Shoreline Tradingbot, Mobile Project
Evaluation and planning of Mobile Miner Project - on Hold
Initiation of Trading Bot Project - Done
2019 Q4 - Shoreline Tradingbot
Shoreline tradingbot Release v1.0 - Done
2020 Q1 - Evaluate NENG core, Mobile Wallet Phase I
NENG core Decentralization Security Evaluation for v1.3.x - Done
Light Mobile Wallet Project Initiation, Evaluation
2020 Q2 - NENG Core, Mobile Wallet Phase II
NENG core Decentralization Security Hardfork on v1.3.x - Scrypt RandomSpike
Light Mobile Wallet Project Design, Coding
2020 Q3 - NENG core, NENG Mobile Wallet Phase II
Review on results of v1.3.x, NENG core Dev Decision on v1.4.x, Hardfork If needed
Light Mobile Wallet Project testing, alpha Release
2020 Q4 - Mobile Wallet Phase III
Light Mobile Wallet Project Beta Release
Light Mobile Wallet Server Deployment Evaluation and Decision
Clixcoin, an Advertsing Faucet in which to invest online with crypto even for those with very little financial availability. First article of the month dedicated to advertising, now an increasingly predominant type in the sector of cryptocurrency faucet sites. Clixcoin, this is the name of the site, already has over a year of life behind it and at the time of writing we can consider it among the reliable sites. Thanks to our article, investing online with crypto on Clixcoin will become easy with the first steps. After logging in, you will immediately see the introductory page which in the center shows 2 main buttons: My account, which leads to the Dashboard, and Learn More which leads to the F.A.Q. page. At the top we have a menu that will be repeated in the Dashboard and that we will then describe later. Scrolling down the classic general information is displayed: last transfers, number of subscribers, main functions, etc ... Your Clixcoin account. By selecting My Account, the main screen will appear consisting of a menu bar and all the details relating to your account. The menu is divided as follows: - Dashboard: where are you now - Earn Bitcoin: the section that allows you to earn cryptocurrencies. Divided into 4 categories: Surf Ads, for which it will be sufficient to leave the page open until the timer expires; Active Windows Ads, with which you are forced to keep the page displayed on the screen open until the timer expires; Auto Surf Ads, with which you will earn a small amount of Satoshi by automatically letting some advertising pages scroll; Paid to Promote, where you will earn money by advertising Clixcoin using a link provided by the site. You can use it in combination with the many banners available. - Contest: the classic competitions that in this case reward those who get the most earnings from Referrals or Paid To Promote. - Miner: in this section you can buy a mining package by choosing from four different categories based on cost and power. You can buy as many packages as you want and each will last for 30 days. The accumulated Coins will later be convertible into Satoshi Bitcoin. Let's explore how to invest in advertising through crypto. - Advertisers: the section dedicated to advertising campaigns. Divided into four categories identical to those seen in Earn Bitcoin. The available options will allow you to enter title, URL, duration, description and activation after approval. Each campaign has a standard cost that will increase based on the duration of the individual advertisements. More accessible in terms of costs than other advertising sites. - Membership: as seen in other similar sites, it is possible to increase your membership level (divided into 4 levels) upon payment of a subscription. Going up in level will increase the percentage of earnings related to their clicks and those of their subscribers as well as a percentage on their purchases in the miner section and their level upgrade. - Referrals: all your referrals will be listed in my referrals including statistics and earnings obtained. In my referral link, your referral URL and a wide choice of banners of various sizes are provided together with the pre-compiled HTML code to be included on your sites. - History: lists all deposits made and cryptocurrency transfers to your wallets. The minimum threshold is currently set at 40000 Satoshi. - Settings: here you will be given the opportunity to decide whether to show your nickname during contests, to your subscribers and in transfers. You can change your password and your personal or FaucetPay Bitcoin address. Still on the Dashboard ... Returning to the Dashboard, let's quickly spend a few words on its content even if it is already repeated almost completely in the menu just described. In succession we have: - Main Balance which displays the total accumulated Satoshi. The Withdraw button will send directly to the transfers section. - Advertising Balance, with its deposit button, which displays the amount dedicated to the advertising section. - Referrals, shows the number of personal referrals and a button that opens a page showing all the clicks made by you and your referrals. - PTP, same as above but concerning the Paid to Promote. A button will send you to the dedicated page. - Offers and Games, not yet active. - Membership, your current rank. - Ads Surfed, the clicks made by you and your subscribers. - Earnings, the Satoshi earned by you and your subscribers. Finally, a graph showing your and your subscribers' clicks made in the last 7 days. As you have read, investing online with crypto in the advertising market is safe and does not require large investments. See you soon for a new article! If you liked this article and would like to contribute with a donation: Bitcoin: 1Ld9b165ZYHZcY9eUQmL9UjwzcphRE5S8Z Ethereum: 0x8D7E456A11f4D9bB9e6683A5ac52e7DB79DBbEE7 Litecoin: LamSRc1jmwgx5xwDgzZNoXYd6ENczUZViK Stellar: GBLDIRIQWRZCN5IXPIKYFQOE46OG2SI7AFVWFSLAHK52MVYDGVJ6IXGI Ripple: rUb8v4wbGWYrtXzUpj7TxCFfUWgfvym9xf By: cryptoall.it Telegram Channel: t.me/giulo75 Netbox Browser: https://netbox.global/PZn5A
﷽ The Federal Reserve and the United States government are pumping extreme amounts of money into the economy, already totaling over $484 billion. They are doing so because it already had a goal to inflate the United States Dollar (USD) so that the market can continue to all-time highs. It has always had this goal. They do not care how much inflation goes up by now as we are going into a depression with the potential to totally crash the US economy forever. They believe the only way to save the market from going to zero or negative values is to inflate it so much that it cannot possibly crash that low. Even if the market does not dip that low, inflation serves the interest of powerful people. The impending crash of the stock market has ramifications for Bitcoin, as, though there is no direct ongoing-correlation between the two, major movements in traditional markets will necessarily affect Bitcoin. According to the Blockchain Center’s Cryptocurrency Correlation Tool, Bitcoin is not correlated with the stock market. However, when major market movements occur, they send ripples throughout the financial ecosystem which necessary affect even ordinarily uncorrelated assets. Therefore, Bitcoin will reach X price on X date after crashing to a price of X by X date.
Stock Market Crash
The Federal Reserve has caused some serious consternation with their release of ridiculous amounts of money in an attempt to buoy the economy. At face value, it does not seem to have any rationale or logic behind it other than keeping the economy afloat long enough for individuals to profit financially and politically. However, there is an underlying basis to what is going on which is important to understand in order to profit financially. All markets are functionally price probing systems. They constantly undergo a price-discovery process. In a fiat system, money is an illusory and a fundamentally synthetic instrument with no intrinsic value – similar to Bitcoin. The primary difference between Bitcoin is the underlying technology which provides a slew of benefits that fiat does not. Fiat, however, has an advantage in being able to have the support of powerful nation-states which can use their might to insure the currency’s prosperity. Traditional stock markets are composed of indices (pl. of index). Indices are non-trading market instruments which are essentially summaries of business values which comprise them. They are continuously recalculated throughout a trading day, and sometimes reflected through tradable instruments such as Exchange Traded Funds or Futures. Indices are weighted by market capitalizations of various businesses. Price theory essentially states that when a market fails to take out a new low in a given range, it will have an objective to take out the high. When a market fails to take out a new high, it has an objective to make a new low. This is why price-time charts go up and down, as it does this on a second-by-second, minute-by-minute, day-by-day, and even century-by-century basis. Therefore, market indices will always return to some type of bull market as, once a true low is formed, the market will have a price objective to take out a new high outside of its’ given range – which is an all-time high. Instruments can only functionally fall to zero, whereas they can grow infinitely. So, why inflate the economy so much? Deflation is disastrous for central banks and markets as it raises the possibility of producing an overall price objective of zero or negative values. Therefore, under a fractional reserve system with a fiat currency managed by a central bank – the goal of the central bank is to depreciate the currency. The dollar is manipulated constantly with the intention of depreciating its’ value. Central banks have a goal of continued inflated fiat values. They tend to ordinarily contain it at less than ten percent (10%) per annum in order for the psyche of the general populace to slowly adjust price increases. As such, the markets are divorced from any other logic. Economic policy is the maintenance of human egos, not catering to fundamental analysis. Gross Domestic Product (GDP) growth is well-known not to be a measure of actual growth or output. It is a measure of increase in dollars processed. Banks seek to produce raising numbers which make society feel like it is growing economically, making people optimistic. To do so, the currency is inflated, though inflation itself does not actually increase growth. When society is optimistic, it spends and engages in business – resulting in actual growth. It also encourages people to take on credit and debts, creating more fictional fiat. Inflation is necessary for markets to continue to reach new heights, generating positive emotional responses from the populace, encouraging spending, encouraging debt intake, further inflating the currency, and increasing the sale of government bonds. The fiat system only survives by generating more imaginary money on a regular basis. Bitcoin investors may profit from this by realizing that stock investors as a whole always stand to profit from the market so long as it is managed by a central bank and does not collapse entirely. If those elements are filled, it has an unending price objective to raise to new heights. It also allows us to realize that this response indicates that the higher-ups believe that the economy could crash in entirety, and it may be wise for investors to have multiple well-thought-out exit strategies.
Economic Analysis of Bitcoin
The reason why the Fed is so aggressively inflating the economy is due to fears that it will collapse forever or never rebound. As such, coupled with a global depression, a huge demand will appear for a reserve currency which is fundamentally different than the previous system. Bitcoin, though a currency or asset, is also a market. It also undergoes a constant price-probing process. Unlike traditional markets, Bitcoin has the exact opposite goal. Bitcoin seeks to appreciate in value and not depreciate. This has a quite different affect in that Bitcoin could potentially become worthless and have a price objective of zero. Bitcoin was created in 2008 by a now famous mysterious figure known as Satoshi Nakamoto and its’ open source code was released in 2009. It was the first decentralized cryptocurrency to utilize a novel protocol known as the blockchain. Up to one megabyte of data may be sent with each transaction. It is decentralized, anonymous, transparent, easy to set-up, and provides myriad other benefits. Bitcoin is not backed up by anything other than its’ own technology. Bitcoin is can never be expected to collapse as a framework, even were it to become worthless. The stock market has the potential to collapse in entirety, whereas, as long as the internet exists, Bitcoin will be a functional system with a self-authenticating framework. That capacity to persist regardless of the actual price of Bitcoin and the deflationary nature of Bitcoin means that it has something which fiat does not – inherent value. Bitcoin is based on a distributed database known as the “blockchain.” Blockchains are essentially decentralized virtual ledger books, replete with pages known as “blocks.” Each page in a ledger is composed of paragraph entries, which are the actual transactions in the block. Blockchains store information in the form of numerical transactions, which are just numbers. We can consider these numbers digital assets, such as Bitcoin. The data in a blockchain is immutable and recorded only by consensus-based algorithms. Bitcoin is cryptographic and all transactions are direct, without intermediary, peer-to-peer. Bitcoin does not require trust in a central bank. It requires trust on the technology behind it, which is open-source and may be evaluated by anyone at any time. Furthermore, it is impossible to manipulate as doing so would require all of the nodes in the network to be hacked at once – unlike the stock market which is manipulated by the government and “Market Makers”. Bitcoin is also private in that, though the ledge is openly distributed, it is encrypted. Bitcoin’s blockchain has one of the greatest redundancy and information disaster recovery systems ever developed. Bitcoin has a distributed governance model in that it is controlled by its’ users. There is no need to trust a payment processor or bank, or even to pay fees to such entities. There are also no third-party fees for transaction processing. As the ledge is immutable and transparent it is never possible to change it – the data on the blockchain is permanent. The system is not easily susceptible to attacks as it is widely distributed. Furthermore, as users of Bitcoin have their private keys assigned to their transactions, they are virtually impossible to fake. No lengthy verification, reconciliation, nor clearing process exists with Bitcoin. Bitcoin is based on a proof-of-work algorithm. Every transaction on the network has an associated mathetical “puzzle”. Computers known as miners compete to solve the complex cryptographic hash algorithm that comprises that puzzle. The solution is proof that the miner engaged in sufficient work. The puzzle is known as a nonce, a number used only once. There is only one major nonce at a time and it issues 12.5 Bitcoin. Once it is solved, the fact that the nonce has been solved is made public. A block is mined on average of once every ten minutes. However, the blockchain checks every 2,016,000 minutes (approximately four years) if 201,600 blocks were mined. If it was faster, it increases difficulty by half, thereby deflating Bitcoin. If it was slower, it decreases, thereby inflating Bitcoin. It will continue to do this until zero Bitcoin are issued, projected at the year 2140. On the twelfth of May, 2020, the blockchain will halve the amount of Bitcoin issued when each nonce is guessed. When Bitcoin was first created, fifty were issued per block as a reward to miners. 6.25 BTC will be issued from that point on once each nonce is solved. Unlike fiat, Bitcoin is a deflationary currency. As BTC becomes scarcer, demand for it will increase, also raising the price. In this, BTC is similar to gold. It is predictable in its’ output, unlike the USD, as it is based on a programmed supply. We can predict BTC’s deflation and inflation almost exactly, if not exactly. Only 21 million BTC will ever be produced, unless the entire network concedes to change the protocol – which is highly unlikely. Some of the drawbacks to BTC include congestion. At peak congestion, it may take an entire day to process a Bitcoin transaction as only three to five transactions may be processed per second. Receiving priority on a payment may cost up to the equivalent of twenty dollars ($20). Bitcoin mining consumes enough energy in one day to power a single-family home for an entire week.
Trading or Investing?
The fundamental divide in trading revolves around the question of market structure. Many feel that the market operates totally randomly and its’ behavior cannot be predicted. For the purposes of this article, we will assume that the market has a structure, but that that structure is not perfect. That market structure naturally generates chart patterns as the market records prices in time. In order to determine when the stock market will crash, causing a major decline in BTC price, we will analyze an instrument, an exchange traded fund, which represents an index, as opposed to a particular stock. The price patterns of the various stocks in an index are effectively smoothed out. In doing so, a more technical picture arises. Perhaps the most popular of these is the SPDR S&P Standard and Poor 500 Exchange Traded Fund ($SPY). In trading, little to no concern is given about value of underlying asset. We are concerned primarily about liquidity and trading ranges, which are the amount of value fluctuating on a short-term basis, as measured by volatility-implied trading ranges. Fundamental analysis plays a role, however markets often do not react to real-world factors in a logical fashion. Therefore, fundamental analysis is more appropriate for long-term investing. The fundamental derivatives of a chart are time (x-axis) and price (y-axis). The primary technical indicator is price, as everything else is lagging in the past. Price represents current asking price and incorrectly implementing positions based on price is one of the biggest trading errors. Markets and currencies ordinarily have noise, their tendency to back-and-fill, which must be filtered out for true pattern recognition. That noise does have a utility, however, in allowing traders second chances to enter favorable positions at slightly less favorable entry points. When you have any market with enough liquidity for historical data to record a pattern, then a structure can be divined. The market probes prices as part of an ongoing price-discovery process. Market technicians must sometimes look outside of the technical realm and use visual inspection to ascertain the relevance of certain patterns, using a qualitative eye that recognizes the underlying quantitative nature Markets and instruments rise slower than they correct, however they rise much more than they fall. In the same vein, instruments can only fall to having no worth, whereas they could theoretically grow infinitely and have continued to grow over time. Money in a fiat system is illusory. It is a fundamentally synthetic instrument which has no intrinsic value. Hence, the recent seemingly illogical fluctuations in the market. According to trade theory, the unending purpose of a market or instrument is to create and break price ranges according to the laws of supply and demand. We must determine when to trade based on each market inflection point as defined in price and in time as opposed to abandoning the trend (as the contrarian trading in this sub often does). Time and Price symmetry must be used to be in accordance with the trend. When coupled with a favorable risk to reward ratio, the ability to stay in the market for most of the defined time period, and adherence to risk management rules; the trader has a solid methodology for achieving considerable gains. We will engage in a longer term market-oriented analysis to avoid any time-focused pressure. The Bitcoin market is open twenty-four-hours a day, so trading may be done when the individual is ready, without any pressing need to be constantly alert. Let alone, we can safely project months in advance with relatively high accuracy. Bitcoin is an asset which an individual can both trade and invest, however this article will be focused on trading due to the wide volatility in BTC prices over the short-term.
Technical Indicator Analysis of Bitcoin
Technical indicators are often considered self-fulfilling prophecies due to mass-market psychology gravitating towards certain common numbers yielded from them. They are also often discounted when it comes to BTC. That means a trader must be especially aware of these numbers as they can prognosticate market movements. Often, they are meaningless in the larger picture of things.
Volume – derived from the market itself, it is mostly irrelevant. The major problem with volume for stocks is that the US market open causes tremendous volume surges eradicating any intrinsic volume analysis. This does not occur with BTC, as it is open twenty-four-seven. At major highs and lows, the market is typically anemic. Most traders are not active at terminal discretes (peaks and troughs) because of levels of fear. Volume allows us confidence in time and price symmetry market inflection points, if we observe low volume at a foretold range of values. We can rationalize that an absolute discrete is usually only discovered and anticipated by very few traders. As the general market realizes it, a herd mentality will push the market in the direction favorable to defending it. Volume is also useful for swing trading, as chances for swing’s validity increases if an increase in volume is seen on and after the swing’s activation. Volume is steadily decreasing. Lows and highs are reached when volume is lower.
Therefore, due to the relatively high volume on the 12th of March, we can safely determine that a low for BTC was not reached.
VIX – Volatility Index, this technical indicator indicates level of fear by the amount of options-based “insurance” in portfolios. A low VIX environment, less than 20 for the S&P index, indicates a stable market with a possible uptrend. A high VIX, over 20, indicates a possible downtrend. VIX is essentially useless for BTC as BTC-based options do not exist. It allows us to predict the market low for $SPY, which will have an indirect impact on BTC in the short term, likely leading to the yearly low. However, it is equally important to see how VIX is changing over time, if it is decreasing or increasing, as that indicates increasing or decreasing fear. Low volatility allows high leverage without risk or rest. Occasionally, markets do rise with high VIX.
As VIX is unusually high, in the forties, we can be confident that a downtrend for the S&P 500 is imminent.
RSI (Relative Strength Index): The most important technical indicator, useful for determining highs and lows when time symmetry is not availing itself. Sometimes analysis of RSI can conflict in different time frames, easiest way to use it is when it is at extremes – either under 30 or over 70. Extremes can be used for filtering highs or lows based on time-and-price window calculations. Highly instructive as to major corrective clues and indicative of continued directional movement. Must determine if longer-term RSI values find support at same values as before. It is currently at 73.56.
Secondly, RSI may be used as a high or low filter, to observe the level that short-term RSI reaches in counter-trend corrections. Repetitions based on market movements based on RSI determine how long a trade should be held onto. Once a short term RSI reaches an extreme and stay there, the other RSI’s should gradually reach the same extremes. Once all RSI’s are at extreme highs, a trend confirmation should occur and RSI’s should drop to their midpoint.
Trend Definition Analysis of Bitcoin
Trend definition is highly powerful, cannot be understated. Knowledge of trend logic is enough to be a profitable trader, yet defining a trend is an arduous process. Multiple trends coexist across multiple time frames and across multiple market sectors. Like time structure, it makes the underlying price of the instrument irrelevant. Trend definitions cannot determine the validity of newly formed discretes. Trend becomes apparent when trades based in counter-trend inflection points continue to fail. Downtrends are defined as an instrument making lower lows and lower highs that are recurrent, additive, qualified swing setups. Downtrends for all instruments are similar, except forex. They are fast and complete much quicker than uptrends. An average downtrend is 18 months, something which we will return to. An uptrend inception occurs when an instrument reaches a point where it fails to make a new low, then that low will be tested. After that, the instrument will either have a deep range retracement or it may take out the low slightly, resulting in a double-bottom. A swing must eventually form. A simple way to roughly determine trend is to attempt to draw a line from three tops going upwards (uptrend) or a line from three bottoms going downwards (downtrend). It is not possible to correctly draw a downtrend line on the BTC chart, but it is possible to correctly draw an uptrend – indicating that the overall trend is downwards. The only mitigating factor is the impending stock market crash.
Time Symmetry Analysis of Bitcoin
Time is the movement from the past through the present into the future. It is a measurement in quantified intervals. In many ways, our perception of it is a human construct. It is more powerful than price as time may be utilized for a trade regardless of the market inflection point’s price. Were it possible to perfectly understand time, price would be totally irrelevant due to the predictive certainty time affords. Time structure is easier to learn than price, but much more difficult to apply with any accuracy. It is the hardest aspect of trading to learn, but also the most rewarding. Humans do not have the ability to recognize every time window, however the ability to define market inflection points in terms of time is the single most powerful trading edge. Regardless, price should not be abandoned for time alone. Time structure analysis It is inherently flawed, as such the markets have a fail-safe, which is Price Structure. Even though Time is much more powerful, Price Structure should never be completely ignored. Time is the qualifier for Price and vice versa. Time can fail by tricking traders into counter-trend trading. Time is a predestined trade quantifier, a filter to slow trades down, as it allows a trader to specifically focus on specific time windows and rest at others. It allows for quantitative measurements to reach deterministic values and is the primary qualifier for trends. Time structure should be utilized before price structure, and it is the primary trade criterion which requires support from price. We can see price structure on a chart, as areas of mathematical support or resistance, but we cannot see time structure. Time may be used to tell us an exact point in the future where the market will inflect, after Price Theory has been fulfilled. In the present, price objectives based on price theory added to possible future times for market inflection points give us the exact time of market inflection points and price. Time Structure is repetitions of time or inherent cycles of time, occurring in a methodical way to provide time windows which may be utilized for inflection points. They are not easily recognized and not easily defined by a price chart as measuring and observing time is very exact. Time structure is not a science, yet it does require precise measurements. Nothing is certain or definite. The critical question must be if a particular approach to time structure is currently lucrative or not. We will measure it in intervals of 180 bars. Our goal is to determine time windows, when the market will react and when we should pay the most attention. By using time repetitions, the fact that market inflection points occurred at some point in the past and should, therefore, reoccur at some point in the future, we should obtain confidence as to when SPY will reach a market inflection point. Time repetitions are essentially the market’s memory. However, simply measuring the time between two points then trying to extrapolate into the future does not work. Measuring time is not the same as defining time repetitions. We will evaluate past sessions for market inflection points, whether discretes, qualified swings, or intra-range. Then records the times that the market has made highs or lows in a comparable time period to the future one seeks to trade in. What follows is a time Histogram – A grouping of times which appear close together, then segregated based on that closeness. Time is aligned into combined histogram of repetitions and cycles, however cycles are irrelevant on a daily basis. If trading on an hourly basis, do not use hours.
Daily Lows Mode for those Months: 1, 1, 2, 4, 12, 17, 18, 24, 25, 28, 29, 30
Hourly Lows Mode for those Months (Military time): 0100, 0200, 0200, 0400, 0700, 0700, 0800, 1200, 1200, 1700, 2000, 2200
Minute Lows Mode for those Months: 00, 00, 00, 00, 00, 00, 09, 09, 59, 59, 59, 59
Day of the Week Lows (last twenty-six weeks):
Weighted Times are repetitions which appears multiple times within the same list, observed and accentuated once divided into relevant sections of the histogram. They are important in the presently defined trading time period and are similar to a mathematical mode with respect to a series. Phased times are essentially periodical patterns in histograms, though they do not guarantee inflection points Evaluating the yearly lows, we see that BTC tends to have its lows primarily at the beginning of every year, with a possibility of it being at the end of the year. Following the same methodology, we get the middle of the month as the likeliest day. However, evaluating the monthly lows for the past year, the beginning and end of the month are more likely for lows. Therefore, we have two primary dates from our histogram. 1/1/21, 1/15/21, and 1/29/21 2:00am, 8:00am, 12:00pm, or 10:00pm In fact, the high for this year was February the 14th, only thirty days off from our histogram calculations. The 8.6-Year Armstrong-Princeton Global Economic Confidence model states that 2.15 year intervals occur between corrections, relevant highs and lows. 2.15 years from the all-time peak discrete is February 9, 2020 – a reasonably accurate depiction of the low for this year (which was on 3/12/20). (Taking only the Armstrong model into account, the next high should be Saturday, April 23, 2022). Therefore, the Armstrong model indicates that we have actually bottomed out for the year! Bear markets cannot exist in perpetuity whereas bull markets can. Bear markets will eventually have price objectives of zero, whereas bull markets can increase to infinity. It can occur for individual market instruments, but not markets as a whole. Since bull markets are defined by low volatility, they also last longer. Once a bull market is indicated, the trader can remain in a long position until a new high is reached, then switch to shorts. The average bear market is eighteen months long, giving us a date of August 19th, 2021 for the end of this bear market – roughly speaking. They cannot be shorter than fifteen months for a central-bank controlled market, which does not apply to Bitcoin. (Otherwise, it would continue until Sunday, September 12, 2021.) However, we should expect Bitcoin to experience its’ exponential growth after the stock market re-enters a bull market. Terry Laundy’s T-Theory implemented by measuring the time of an indicator from peak to trough, then using that to define a future time window. It is similar to an head-and-shoulders pattern in that it is the process of forming the right side from a synthetic technical indicator. If the indicator is making continued lows, then time is recalculated for defining the right side of the T. The date of the market inflection point may be a price or indicator inflection date, so it is not always exactly useful. It is better to make us aware of possible market inflection points, clustered with other data. It gives us an RSI low of May, 9th 2020. The Bradley Cycle is coupled with volatility allows start dates for campaigns or put options as insurance in portfolios for stocks. However, it is also useful for predicting market moves instead of terminal dates for discretes. Using dates which correspond to discretes, we can see how those dates correspond with changes in VIX. Therefore, our timeline looks like:
2/14/20 – yearly high ($10372 USD)
3/12/20 – yearly low thus far ($3858 USD)
5/9/20 – T-Theory true yearly low (BTC between 4863 and 3569)
Same lies about Dash still floating around - Time for another crackdown
This article was caught by our spamfilter because it's hosted on a reward-for-article platform (similar to steemit). Nonetheless I will respond to it, as it recycles the same old lies about Dash many of us have grown used to and it serves as in illustration that these lies and accusations are still after 6 years regurgitated 1:1 by ignorant bystanders without a single critical thought behind them. The article is a real mess as you will notice. The author didn't even bother to edit the question section into Dash from ZCash. Anyway, that's not the real issue. This is about the section "Dash Launch And Issuance" which I am about to respond to.
The Dash cryptocurrency has a rather controversial launch and issuance as it involved a 2-day ‘instamine’ or ‘premine’
There is a huge difference between a premine and a fastmine. Conflating the two shows the author is either ignorant and thus unqualified to talk about the subject matter or tries to mislead the reader. A premine means the public is excluded from mining, which provably never happened in Dash, thus the term is 100% inapplicable.
According to Dash’s founder, Evan Duffield, this premine was the result of a bug. However, there are many people who beg to differ.
Those who "beg to differ" are idiots plain and simple. Because we have already proven that the same thing happened 2.5 years earlier in Litecoin from which Dash originally forked off (and not from Bitcoin as the author initially claims at the beginning of the article).
To ‘resolve’ the situation, the majority of these instamined coins were sold for very low prices on exchanges. However, it is widely believed that most of these coins were simply scooped up by Evan Duffield and the Dash core team for incredibly low prices.
This is my favorite part, because it's probably the only original thought in the article, as I have never heard anyone make up something so incoherently dumb with regards to Dash's launch. First they say, Evan mined "all the coins by himself" now suddenly he's buying coins for "incredibly low prices"?! So, which is it? Can't have it both ways. Or did he buy coins from himself? Let's cut the crap. Is it too hard to simply admit the coins were sold on the free and open market to ANYONE willing to buy them?? Nothing was sold to "resolve" anything. Anyone, not just Evan and the team, had the chance to buy cheap coins for under a Dollar, which was fair and square, hands down. Those who missed out crying foul today are really just trying too hard. Also Dash Core did not exist in 2014. Again the author shows his ignorance further disqualifying himself.
Duffield released Dash before its intended release date (which means the instamine that occurred can be classified as a premine).
Dash’s instamine happened because Dash was launched with a block reward of 500 coins per block before it was abruptly cut 2 days later after 2million coins were instamined.
Of course the fix would happen "abruptly" as soon as the necessary blockheight was reached, otherwise it would've gone on forever. It was a mess up and nobody denies this. The fact remains that the coins were sold for pennies as my analysis has shown. Here Evan talks about the launch himself. He clearly states that coins were spilt out too fast and he was under immense pressure to fix it asap.
Initially, Dash was only minable on Linux, which could have been intended so that fewer people would mine Dash and Duffield and Dash’s core team could dominate mining (over 90% of all computers use the Windows operating system).
Conjecture without a shred of evidence assuming ill-intent over good faith. Back in 2014 mining was still a niche hobby by nerds where Linux was the dominating operating system. Evan is a nerd who was using Linux at the time. He didn't own a Windows machine. If he did, why would he offer a reward to someone compiling a Windows binary? If he was the evil fastminer everyone accuses him of, it would be in his best interest to delay Windows mining as much as possible. The accusation holds no water.
Evan Duffield was able to temporarily mine Dash by himself for a while when the public miner wasn't working.
Dash was initially meant to have a max supply of 80 million DASH, but Evan Duffield held an obscure poll where the majority of the voters voted to reduce the Dash max coin supply from 80million to 20million (which instantly made the instamined DASH worth more).
First of all the value of all coins goes up with a lower supply, not just those that were first mined (duh!). This is intellectual dishonesty, but hardly surprising considering the previous lies of the author. Second, this poll is near worthless as a historic summary as it ignores what went down in the community before: Watch this analysis by Tao of Satoshi to learn that there was major community pressure on Evan's back with endless debates on how to change the reward structure and emission rate of Dash until it was finally settled after a full 7 adjustments in both directions. The narrative that there was one evil singular supply decrease to maliciously enrich Evan is completely stupid.
All in all, Dash’s launch is shrouded in controversy, and it's clear that Evan Duffield and Dash developers benefited tremendously from how everything went down.
The only thing shrouded in mystery is why anyone would believe these false conclusions, accusations and flat out lies when the facts are readily accessible. Of course the founder of any cryptocurrency benefits the most. It's how it's supposed to be. Satoshi "benefitted tremendously" as well from launching Bitcoin. The fact that Evan was able to quit his day job and work for Dash full time was the best thing that could have ever happened to this project. Of course our detractors don't like that, because they don't want to see Dash succeed. But we did and we're still here after 6 years of ceaseless innovation. Repeating ancient lies cannot undo that.
What is EPIC CASH? Epic Cash is the final point in the journey toward true P2P internet cash, the cornerstone of a private financial system. The Epic currency aims to become the world’s most effective privacy-protecting form of digital money. In order to fulfill that goal, it satisfies the three principal functions of money: 1. Store of Value — can be saved, retrieved, and exchanged at a later time, and of predictable value when retrieved; 2. Medium of Exchange — anything accepted as representing a standard of value and exchangeable for goods or services; 3. Unit of Account — the unit by which the value of a thing is accounted for and compared. Website: http://epic.tech Whitepapers: http://epic.tech/whitepaper Epic Cash Community: https://t.me/EpicCash Miner Chat: https://t.me/EpicMiners Gitlab: gitlab.com/epiccash Twitter: twitter.com/EpicCashTech Social Media: http://epic.tech/social-media Exchanges: https://epic.tech/service-list Oleg✌🏻 Hello community! Our AMA with EPIC begins🚀 We are very happy to have you here, on our joint AMA👌 So, lets start! The very first question for you. Can you introduce yourself? Max Freeman | Epic Cash | Mimblewimble I’m Max Freeman, which stands for “Maximum Freedom for Mankind” — we believe that the existing fiat money system enslaves people by unfairly confiscating their wealth through inflation. By using an honest money system such as Epic, we can improve the quality of life for billions of people worldwide. Yoga Dude Hello, I am Yoga Dude 🙂 I handle Marketing and PR, in crypto since 2011 started as Bitcoin miner, and in 2014 in Monero, and in 2015 in Ethereum, oh and briefly in DOGE for fun and unexpected profit. Heard about Epic Cash while learning about the Mimblewimble algo and joined the team last year. JLong I am John, Doing the general engineering and managerial work Max Freeman | Epic Cash | Mimblewimble I have been involved in early stage cryptos for the past 3 years, after building a global trading business for the past 20 years. Oleg✌🏻 nice to meet you🙂 Max Freeman | Epic Cash | Mimblewimble Epic is a decentralized community project like Bitcoin or Monero, there is no central authority or corporation involved. We had no ICO and no premine, we had a fair launch at 0 supply last September. Yoga Dude Great to meet everyone :) Oleg✌🏻 Here we go the 1st question for you ~ 1. What is Epic Cash about? Yoga Dude Epic Cash is designed to fulfill Satoshi’s original vision of P2P electronic cash, adjusting for what we learned from Bitcoin, a medium of exchange that is fast, free, open to all, while being private and fungible. We launched in September 2019 as a Proof of Work mineable crypto, without an ICO or a premine. Oleg✌🏻 Look like a real Bitcoin🙂 Yoga Dude with privacy and fungibility 😄 Oleg✌🏻 Sounds cool! move on to the next question… 2. What makes Epic Cash better than Monero or other privacy coins? Max Freeman | Epic Cash | Mimblewimble First off, we have a lot of respect for Monero and other privacy coins, we learned a lot from what they did right and what they did wrong, Our blockchain is much lighter than Monero or Bitcoin, our transaction engine is faster than Monero or ZCash. We use a three mining algo approach to allow more users the ability to obtain Epic Cash. We are a new, highly undervalued, coin and we look great not only for future use but for today's investment. Our blockchain is 90+% smaller than Monero or Bitcoin. Coins such as Zcash have optional privacy. Epic makes all transactions private, and it is impossible to trace movements of coins by watching wallet addresses. Oleg✌🏻 Young and hot😋 security and privacy level is very important now but… 3. Why copy the same supply economics as Bitcoin? Yoga Dude It is hard to compete with the success of Bitcoin today, part of the elegance and the appeal of Bitcoin is the responsible emission rate, terminating at 21million highly sub dividable coins. Like the Bitcoin supply curve, Epic Cash encourages early adopters, and with subsequent halvenings maintains a gradually diminishing flow of additional currency while preserving the overall value. Max Freeman | Epic Cash | Mimblewimble In 2028, the supply of Epic matches that of Bitcoin and they stay in sync until the final coin is mined in 2140. We have 4 halvenings between now and then, which is demonstrated in Bitcoin to drive the value over market cycles. Epic is a chance for people who were late to Bitcoin to ride the wave and not miss their opportunity this time. Oleg✌🏻 Interesting! 4. Why Choose Epic Cash over Grin and Beam? Max Freeman | Epic Cash | Mimblewimble First of all, we have tremendous respect for all Mimblewimble currencies and their talented teams, they all taught us a lot and we are thankful for that. Without sounding too contentious, the choice seems obvious. We offer the same core tech, but with a much more responsible emission curve — Grin is an endless fountain of emission and inflation (60 per second forever), and Beam is even more frontloaded outpacing even Grin’s aggressive emission schedule for the next several years… We respect Grin and Beam, we learned from them, and we believe we are the next evolutionary step. Additionally, as we mentioned earlier, we offer more ways to mine Epic Cash, both with GPU and CPU and ASICs, this gives us more potential users and miners, vs Grin and Beam that are only mineable with GPUs. Yoga Dude Yes, all that ☝️😄 Oleg✌🏻 I hope the miners read it all carefully 👌 Next question 5. Why have a development fund tax and what will it be used for? Yoga Dude Dev fund tax today is at a reasonable 7.77% dropping by 1.11% every year until it hits zero. As Epic Cash grows in value these funds will become increasingly more relevant in additional technical, marketing, and fintech partnerships developments. Oleg✌🏻 Very smart! 6. What is the advantage of 3 mining algorithms? Max Freeman | Epic Cash | Mimblewimble By having multiple mining algorithms we are able to attract CPU, GPU, and ASIC miners simultaneously. Currently all other Mimblewimble currencies are mineable with GPU only ignoring a large segment of CPU miners. Monero made a splash migrating to the RandomX CPU mining algo. Epic Cash from the beginning embraces all mining communities. Many miners are successfully using older hardware such as Xeon processors to help secure the network. We use RandomX for CPU, ProgPow for GPU, and Cuckoo for ASIC. Longer term, our flexible architecture means we can have many algorithms, not just 3. Our roadmap includes an allocation for SHA3 Keccak, which will help further decentralize the network and keep it unstoppable. Yoga Dude We love miners 🙂 and Epic Cash can be mined with laptops and gaming rigs 🙂 Oleg✌🏻 A wide selection of mining methods is a great way to create a stable, decentralized and large network👌 Let’s talk about persons… 7. Who are the people developing Epic Cash? Yoga Dude We are blessed with a very talented team of skilled developers with diverse backgrounds, many of them are volunteers who believe in what Epic Cash stands for and contribute with product and usability innovation. Our teams main focus is to make Epic Cash the best, most secure, most user friendly and usable product on the market, without making it unnecessarily techie, with as much mainstream user appeal as possible. This is a serious challenge but we are up for it 😄 Max Freeman | Epic Cash | Mimblewimble It is also important to note that we are a truly open ecosystem that anyone can participate in. Our community has developed wallets, mining pools, educational content, and much else besides. We are not limited by the funding generated during an ICO or VC investment, our users are an essential element of our team. Oleg✌🏻 Sounds very attractive. 8. What do you think is currently lack in today’s crypto? Max Freeman | Epic Cash | Mimblewimble We believe there is not enough privacy, anonymity and fungibility, although there is a growing awareness in the community as to why these are necessary. People are waking up to the fact that privacy is a right for everyone but today it is being exploited and violated by corporations, governments and unscrupulous individuals. Privacy does not mean that you have something to hide. We have doors on our houses, curtains on our windows, we wear clothes, and we have security on our bank accounts and businesses, not because we are criminals. Fungibility (the property of not being able to distinguish one unit of currency from another) also has become a hot issue as people have started to get in trouble because of someone else’s misdeeds. Tainted money (coins that are blacklisted or restricted) is a problem for Bitcoin and Ethereum, the top two cryptos today. Mimblewimble eliminates the risk of tainted coins making them indistinguishable from each other. With traceable coins, you always have to worry if the coins you are getting were involved in a hack, or perhaps the darknet. Oleg✌🏻 It’s good to see strong and safe coin in our time Let’s talk about your future… 9. What does the Epic Cash roadmap look like going forward? Yoga Dude First and foremost, we are focused on security and usability. We are working on a new, improved GUI wallet to incorporate the community feedback on ways to improve it. We are in the process of completing final testing phases for the next iteration of Epic Cash which will make it more secure and stable. Once that is done, we will be rolling out Android and iOS support to make Epic Cash usable on leading smartphones and smartwatches. Beyond that without going into too much detail we are focused on continuous evolution of privacy, ease of mining, and overall speed and usability. And of course we are constantly looking to add more exchanges both with and without KYC. Oleg✌🏻 Are you working on Android and IOS wallet ? What will your application be? Max Freeman | Epic Cash | Mimblewimble Yes, we will release a mobile wallet this year. It will bring us one step closer to people being able to actually use cryptocurrency as money in daily life. Yoga Dude The idea is to be able to access Epic Cash from any platform and device Max Freeman | Epic Cash | Mimblewimble Epic is very lightweight, which means that low-end devices such as smartwatches can participate. Oleg✌🏻 Ok, got it. Thanks for clarification! 10. What else can you tell us about Epic Cash? Max Freeman | Epic Cash | Mimblewimble Well one thing I really want to mention is our great Epic Cash community. We’ve been building a decentralized community organically, without the talk of price pumps, pressure to HODL and other BS crypto-gimmicks. Our community is truly global and consists of developers, volunteers, miners, and other Epic enthusiasts spreading the word about Epic Cash, helping us reach millions of people around the world to improve their quality of life through social media and directly. Everyone is an evangelist, everyone is an influencer, everyone has the power to make the world a better place to live in. As we continue to grow — the future looks Epic 😊 Yoga Dude Definitely the community! We got a talented crowd of very cool and motivated people from all over the world! Oleg✌🏻 Thank you guys, for such informative answers 🙂 Now we proceed to Section 3, where a Community can ask their questions to the EPIC team Now I’ll open chat for the quite some time … Oleg✌🏻 Thank you all, dear community! EPIC team, please choose the 10 best questions you want to answer. AngeI Everyone likes Privacy & Epic Cash provides their Best Privacy to users But, Which Technologies are being used by Epic Cash to make Blockchain very Private and Completely untrackable ? Max Freeman | Epic Cash | Mimblewimble From the wallet to the node, Epic uses Dandelion++ to bounce transactions around the world before they go into the mempool for mining. Within the blockchain itself, Cut-Through merges all transactions in a block together, with CoinJoin automatically mixing all coins. Beyond that, there are no addresses, so it’s impossible to watch someone’s wallet. Arnold Even litecoin is implementing mimblewimble, Don’t you think it’s a significant threat for Epic if they implement it, then why would anyone use a less popular and a new cryptocurrency. Max Freeman | Epic Cash | Mimblewimble LTC is implementing mw as an “extension block”, meaning that it is optional and not all transactions will use it. This is very different than the core protocol leveraging mw to make all transactions private and all coins fungible. Aluta Why Epic cash so much focus on fungibility? Does fungibility matters that much? Max Freeman | Epic Cash | Mimblewimble Fungibility is going to be one of the key issues within the cryptocurrency space in the coming years. Today, if you accept traceable coins from a seller, you are liable if they have ever been used in any illegal activity. This has led to a two tier market where freshly minted coins sell for more than circulated coins. When coins are fungible, like Epic, you don’t have to worry that you will run into a problem when an exchange or merchant blocks your transaction. Joxes It is a pleasure. When I first researched EpicCash, google showed me a youtube video that talked about how to mine with EpicCash. It made me ask: is this mining activity profitable so far? We are in the early stages of development I guess, what adoption strategies are you taking to have sustained growth? is it feasible to reach N ° 500 rank in coinmarketcap in the medium term? Yoga Dude When I got into crypto, it was by mining Bitcoin back in 2011 when you could still solve blocks on a single computer, but Bitcoin at the time was anything but profitable 😄 Today Epic Cash is still new, still young, and still undervalued. I believe it is mining-worthy because of its potential, not because of today’s price. By allowing Epic Cash to be mined with GPU and CPU on gaming rigs, servers, and even laptops we offer maximum public participation in our project. More people involved in the project, the more evangelists there are. We empower people to mine Epic Cash and to promote it. S.P.A.D.E What new features of Epic Cash provide that Grin or Beam does not offer. Why do we need Epic Cash? Max Freeman | Epic Cash | Mimblewimble They are great coins, but there are some ways in which Epic improves. Epic has better tokenomics than Grin and a more sustainable model than Beam, that has a company behind it that needs to repay investors via its high dev tax. this article explains in more detail https://medium.com/@frodofreeman/overview-of-mimblewimble-cryptocurrencies-7c70be146f50 Sahil What’s the Minimum Hardware / setup Required for Mining of EPIC Cash coins? Is Mining Profitable and Can we Mine EPIC Cash coins at Home? Max Freeman | Epic Cash | Mimblewimble It is possible to mine on an ordinary laptop or desktop from the last 5 years, sometimes older. Epic is open to everyone, and our friendly community is standing by to help you get started at t.me/epicminers Erven James Sato “TOKEN BURN” is BENEFECIAL for any projects, in able to CONTROL THE NUMBER OF TOKEN CIRCULATION and TO PROVIDE GREATER INCENTIVES TO INVESTORS. Does your GREAT PROJECT have plan about TOKEN BURN? Xenolink For deflating projects It is beneficial to drive the demand / scarcity / and price up in a faster pace. Epic Cash is here for the organic long run not the short run. However when it comes to long term economics elastic supplies whether inflating or deflating will not be a solid long term economic model. This has been heavily discussed already with Bitcoins inelastic Fixed 21 million supply in the past. Having a fixed model demonstrates good long term economics without worrying about balancing a deflating/inflating model. Bitcoin is a perfect example of a 21 million inelastic fixed supply model that has been proving itself till today. Which is why we are also using the same fixed 21 million supply model. Epic Cash plans to have a solid organic long term future to bring free private fungible money and make this world a better place. Red Z🔥🤙 No one predicted the COVID-19 pandemic while developing their business model. But the crisis and recession of the global economy is our present with you and it affects all sectors, including blockchain. Will you make or have already made changes to the project roadmap, tokenomics? Do you have a plan in case the situation does not improve in the coming months and will affect the crypto industry even more? Yoga Dude One thing we have seen as the result of the COVID-19 is more governments are talking about moving to digital cash — digital dollar in USA, digital Lira in Turkey, etc… If in the past the idea of digital money was not graspable by some people, today its the governments that are educating the people for us about the value of digital currency… What is ironic, the governments, by printing money to solve the economic consequences of COVID-19 also educating the consumer about the true “value” of fiat… What we offer is a touch free, borderless, private, anonymous, fungible currency that can not be printed beyond the initial defined algo. We are more responsible than the printing presses of the governments 🤔 kunlefighter How does the Dandelion++ Protocol, Confidential Transactions (CT) and CoinJoin assist in protecting the privacy of individuals and their transactions on Epic Cash Blockchain? Max Freeman | Epic Cash | Mimblewimble Dandelion++ bounces transactions around before committing them to the blockchain, making it impossible to determine where they originated from. Confidential Transactions means that all tx are private, you can’t tell anything about where the coins have been or who they belonged to. CoinJoin in essence melts down and re-mints each coin every time it is used, making it impossible to track their ownership or usage history. Epic provides comprehensive privacy to everyone, without the compromises that other pre-mimblewimble coins have. Dr Mönica Hello sir @maxfreeman4@Johnsstec@Yogadude Thanks for the ama I notice that Epic Cash has 2 type of new algorithm, progPoW version 0.15.0 and randomX version 1.0.3 NOW , CAN you tell me why you choose these 2 algorithm??? Yoga Dude We went with RandomX because it is a solid and very popular CPU centric algo used by several coins — most recently Monero. Most miners today heavily favor ASICs or GPUs, leaving a lot of solid high end users in the dust unable to mine emerging cryptos. As far as ProgPow, again its an established algo for GPU miners, and thanks to many cryptos starting with Bitcoin/Monero/Ethe etc there is no shortage of GPU rigs out there :) plus again the casual user with a video gaming caliber card can get in on the action. Oleg✌🏻Perfect!It was a great AMA, but it is coming to an end, thanks to everyone who was with us. Thanks EPIC team for taking the time👏. I hope our projects will be able to collaborate even more closely in the future and achieve new successes. Cheers!🎉
Dear Groestlers, it goes without saying that 2020 has been a difficult time for millions of people worldwide. The groestlcoin team would like to take this opportunity to wish everyone our best to everyone coping with the direct and indirect effects of COVID-19. Let it bring out the best in us all and show that collectively, we can conquer anything. The centralised banks and our national governments are facing unprecedented times with interest rates worldwide dropping to record lows in places. Rest assured that this can only strengthen the fundamentals of all decentralised cryptocurrencies and the vision that was seeded with Satoshi's Bitcoin whitepaper over 10 years ago. Despite everything that has been thrown at us this year, the show must go on and the team will still progress and advance to continue the momentum that we have developed over the past 6 years. In addition to this, we'd like to remind you all that this is Groestlcoin's 6th Birthday release! In terms of price there have been some crazy highs and lows over the years (with highs of around $2.60 and lows of $0.000077!), but in terms of value– Groestlcoin just keeps getting more valuable! In these uncertain times, one thing remains clear – Groestlcoin will keep going and keep innovating regardless. On with what has been worked on and completed over the past few months.
UPDATED - Groestlcoin Core 2.18.2
This is a major release of Groestlcoin Core with many protocol level improvements and code optimizations, featuring the technical equivalent of Bitcoin v0.18.2 but with Groestlcoin-specific patches. On a general level, most of what is new is a new 'Groestlcoin-wallet' tool which is now distributed alongside Groestlcoin Core's other executables. NOTE: The 'Account' API has been removed from this version which was typically used in some tip bots. Please ensure you check the release notes from 2.17.2 for details on replacing this functionality.
Builds are now done through Gitian
Calls to getblocktemplate will fail if the segwit rule is not specified. Calling getblocktemplate without segwit specified is almost certainly a misconfiguration since doing so results in lower rewards for the miner. Failed calls will produce an error message describing how to enable the segwit rule.
A warning is printed if an unrecognized section name is used in the configuration file. Recognized sections are [test], [main], and [regtest].
Four new options are available for configuring the maximum number of messages that ZMQ will queue in memory (the "high water mark") before dropping additional messages. The default value is 1,000, the same as was used for previous releases.
The rpcallowip option can no longer be used to automatically listen on all network interfaces. Instead, the rpcbind parameter must be used to specify the IP addresses to listen on. Listening for RPC commands over a public network connection is insecure and should be disabled, so a warning is now printed if a user selects such a configuration. If you need to expose RPC in order to use a tool like Docker, ensure you only bind RPC to your localhost, e.g. docker run [...] -p 127.0.0.1:1441:1441 (this is an extra :1441 over the normal Docker port specification).
The rpcpassword option now causes a startup error if the password set in the configuration file contains a hash character (#), as it's ambiguous whether the hash character is meant for the password or as a comment.
The whitelistforcerelay option is used to relay transactions from whitelisted peers even when not accepted to the mempool. This option now defaults to being off, so that changes in policy and disconnect/ban behavior will not cause a node that is whitelisting another to be dropped by peers.
A new short about the JSON-RPC interface describes cases where the results of anRPC might contain inconsistencies between data sourced from differentsubsystems, such as wallet state and mempool state.
A new document introduces Groestlcoin Core's BIP174 interface, which is used to allow multiple programs to collaboratively work to create, sign, and broadcast new transactions. This is useful for offline (cold storage) wallets, multisig wallets, coinjoin implementations, and many other cases where two or more programs need to interact to generate a complete transaction.
The output script descriptor (https://github.com/groestlcoin/groestlcoin/blob/mastedoc/descriptors.md) documentation has been updated with information about new features in this still-developing language for describing the output scripts that a wallet or other program wants to receive notifications for, such as which addresses it wants to know received payments. The language is currently used in multiple new and updated RPCs described in these release notes and is expected to be adapted to other RPCs and to the underlying wallet structure.
A new --disable-bip70 option may be passed to ./configure to prevent Groestlcoin-Qt from being built with support for the BIP70 payment protocol or from linking libssl. As the payment protocol has exposed Groestlcoin Core to libssl vulnerabilities in the past, builders who don't need BIP70 support are encouraged to use this option to reduce their exposure to future vulnerabilities.
The minimum required version of Qt (when building the GUI) has been increased from 5.2 to 5.5.1 (the depends system provides 5.9.7)
getnodeaddresses returns peer addresses known to this node. It may be used to find nodes to connect to without using a DNS seeder.
listwalletdir returns a list of wallets in the wallet directory (either the default wallet directory or the directory configured bythe -walletdir parameter).
getrpcinfo returns runtime details of the RPC server. Currently, it returns an array of the currently active commands and how long they've been running.
deriveaddresses returns one or more addresses corresponding to an output descriptor.
getdescriptorinfo accepts a descriptor and returns information aboutit, including its computed checksum.
joinpsbts merges multiple distinct PSBTs into a single PSBT. The multiple PSBTs must have different inputs. The resulting PSBT will contain every input and output from all the PSBTs. Any signatures provided in any of the PSBTs will be dropped.
analyzepsbt examines a PSBT and provides information about what the PSBT contains and the next steps that need to be taken in order to complete the transaction. For each input of a PSBT, analyze psbt provides information about what information is missing for that input, including whether a UTXO needs to be provided, what pubkeys still need to be provided, which scripts need to be provided, and what signatures are still needed. Every input will also list which role is needed to complete that input, and analyzepsbt will also list the next role in general needed to complete the PSBT. analyzepsbt will also provide the estimated fee rate and estimated virtual size of the completed transaction if it has enough information to do so.
utxoupdatepsbt searches the set of Unspent Transaction Outputs (UTXOs) to find the outputs being spent by the partial transaction. PSBTs need to have the UTXOs being spent to be provided because the signing algorithm requires information from the UTXO being spent. For segwit inputs, only the UTXO itself is necessary. For non-segwit outputs, the entire previous transaction is needed so that signers can be sure that they are signing the correct thing. Unfortunately, because the UTXO set only contains UTXOs and not full transactions, utxoupdatepsbt will only add the UTXO for segwit inputs.
getpeerinfo now returns an additional minfeefilter field set to the peer's BIP133 fee filter. You can use this to detect that you have peers that are willing to accept transactions below the default minimum relay fee.
The mempool RPCs, such as getrawmempool with verbose=true, now return an additional "bip125-replaceable" value indicating whether thetransaction (or its unconfirmed ancestors) opts-in to asking nodes and miners to replace it with a higher-feerate transaction spending any of the same inputs.
settxfee previously silently ignored attempts to set the fee below the allowed minimums. It now prints a warning. The special value of"0" may still be used to request the minimum value.
getaddressinfo now provides an ischange field indicating whether the wallet used the address in a change output.
importmulti has been updated to support P2WSH, P2WPKH, P2SH-P2WPKH, and P2SH-P2WSH. Requests for P2WSH and P2SH-P2WSH accept an additional witnessscript parameter.
importmulti now returns an additional warnings field for each request with an array of strings explaining when fields are being ignored or are inconsistent, if there are any.
getaddressinfo now returns an additional solvable Boolean field when Groestlcoin Core knows enough about the address's scriptPubKey, optional redeemScript, and optional witnessScript for the wallet to be able to generate an unsigned input spending funds sent to that address.
The getaddressinfo, listunspent, and scantxoutset RPCs now return an additional desc field that contains an output descriptor containing all key paths and signing information for the address (except for the private key). The desc field is only returned for getaddressinfo and listunspent when the address is solvable.
importprivkey will preserve previously-set labels for addresses or public keys corresponding to the private key being imported. For example, if you imported a watch-only address with the label "coldwallet" in earlier releases of Groestlcoin Core, subsequently importing the private key would default to resetting the address's label to the default empty-string label (""). In this release, the previous label of "cold wallet" will be retained. If you optionally specify any label besides the default when calling importprivkey, the new label will be applied to the address.
getmininginfo now omits currentblockweight and currentblocktx when a block was never assembled via RPC on this node.
The getrawtransaction RPC & REST endpoints no longer check the unspent UTXO set for a transaction. The remaining behaviors are as follows:
If a blockhash is provided, check the corresponding block.
If no blockhash is provided, check the mempool.
If no blockhash is provided but txindex is enabled, also check txindex.
unloadwallet is now synchronous, meaning it will not return until the wallet is fully unloaded.
importmulti now supports importing of addresses from descriptors. A desc parameter can be provided instead of the "scriptPubKey" in are quest, as well as an optional range for ranged descriptors to specify the start and end of the range to import. Descriptors with key origin information imported through importmulti will have their key origin information stored in the wallet for use with creating PSBTs.
listunspent has been modified so that it also returns witnessScript, the witness script in the case of a P2WSH orP2SH-P2WSH output.
createwallet now has an optional blank argument that can be used to create a blank wallet. Blank wallets do not have any keys or HDseed. They cannot be opened in software older than 2.18.2. Once a blank wallet has a HD seed set (by using sethdseed) or private keys, scripts, addresses, and other watch only things have been imported, the wallet is no longer blank and can be opened in 2.17.2. Encrypting a blank wallet will also set a HD seed for it.
signrawtransaction is removed after being deprecated and hidden behind a special configuration option in version 2.17.2.
The 'account' API is removed after being deprecated in v2.17.2 The 'label' API was introduced in v2.17.2 as a replacement for accounts. See the release notes from v2.17.2 for a full description of the changes from the 'account' API to the 'label' API.
addwitnessaddress is removed after being deprecated in version 2.16.0.
generate is deprecated and will be fully removed in a subsequent major version. This RPC is only used for testing, but its implementation reached across multiple subsystems (wallet and mining), so it is being deprecated to simplify the wallet-node interface. Projects that are using generate for testing purposes should transition to using the generatetoaddress RPC, which does not require or use the wallet component. Calling generatetoaddress with an address returned by the getnewaddress RPC gives the same functionality as the old generate RPC. To continue using generate in this version, restart groestlcoind with the -deprecatedrpc=generate configuration option.
Be reminded that parts of the validateaddress command have been deprecated and moved to getaddressinfo. The following deprecated fields have moved to getaddressinfo: ismine, iswatchonly,script, hex, pubkeys, sigsrequired, pubkey, embedded,iscompressed, label, timestamp, hdkeypath, hdmasterkeyid.
The addresses field has been removed from the validateaddressand getaddressinfo RPC methods. This field was confusing since it referred to public keys using their P2PKH address. Clients should use the embedded.address field for P2SH or P2WSH wrapped addresses, and pubkeys for inspecting multisig participants.
A new /rest/blockhashbyheight/ endpoint is added for fetching the hash of the block in the current best blockchain based on its height (how many blocks it is after the Genesis Block).
A new Window menu is added alongside the existing File, Settings, and Help menus. Several items from the other menus that opened new windows have been moved to this new Window menu.
In the Send tab, the checkbox for "pay only the required fee" has been removed. Instead, the user can simply decrease the value in the Custom Fee rate field all the way down to the node's configured minimumrelay fee.
In the Overview tab, the watch-only balance will be the only balance shown if the wallet was created using the createwallet RPC and thedisable_private_keys parameter was set to true.
The launch-on-startup option is no longer available on macOS if compiled with macosx min version greater than 10.11 (useCXXFLAGS="-mmacosx-version-min=10.11" CFLAGS="-mmacosx-version-min=10.11" for setting the deployment sdkversion)
A new groestlcoin-wallet tool is now distributed alongside Groestlcoin Core's other executables. Without needing to use any RPCs, this tool can currently create a new wallet file or display some basic information about an existing wallet, such as whether the wallet is encrypted, whether it uses an HD seed, how many transactions it contains, and how many address book entries it has.
Since version 2.16.0, Groestlcoin Core's built-in wallet has defaulted to generating P2SH-wrapped segwit addresses when users want to receive payments. These addresses are backwards compatible with all widely used software. Starting with Groestlcoin Core 2.20.1 (expected about a year after 2.18.2), Groestlcoin Core will default to native segwitaddresses (bech32) that provide additional fee savings and other benefits. Currently, many wallets and services already support sending to bech32 addresses, and if the Groestlcoin Core project sees enough additional adoption, it will instead default to bech32 receiving addresses in Groestlcoin Core 2.19.1. P2SH-wrapped segwit addresses will continue to be provided if the user requests them in the GUI or by RPC, and anyone who doesn't want the update will be able to configure their default address type. (Similarly, pioneering users who want to change their default now may set the addresstype=bech32 configuration option in any Groestlcoin Core release from 2.16.0 up.)
BIP 61 reject messages are now deprecated. Reject messages have no use case on the P2P network and are only logged for debugging by most network nodes. Furthermore, they increase bandwidth and can be harmful for privacy and security. It has been possible to disable BIP 61 messages since v2.17.2 with the -enablebip61=0 option. BIP 61 messages will be disabled by default in a future version, before being removed entirely.
The submitblock RPC previously returned the reason a rejected block was invalid the first time it processed that block but returned a generic "duplicate" rejection message on subsequent occasions it processed the same block. It now always returns the fundamental reason for rejecting an invalid block and only returns "duplicate" for valid blocks it has already accepted.
A new submitheader RPC allows submitting block headers independently from their block. This is likely only useful for testing.
The signrawtransactionwithkey and signrawtransactionwithwallet RPCs have been modified so that they also optionally accept a witnessScript, the witness script in the case of a P2WSH orP2SH-P2WSH output. This is compatible with the change to listunspent.
For the walletprocesspsbt and walletcreatefundedpsbt RPCs, if thebip32derivs parameter is set to true but the key metadata for a public key has not been updated yet, then that key will have a derivation path as if it were just an independent key (i.e. no derivation path and its master fingerprint is itself).
The -usehd configuration option was removed in version 2.16.0 From that version onwards, all new wallets created are hierarchical deterministic wallets. This release makes specifying -usehd an invalid configuration option.
This release allows peers that your node automatically disconnected for misbehaviour (e.g. sending invalid data) to reconnect to your node if you have unused incoming connection slots. If your slots fill up, a misbehaving node will be disconnected to make room for nodes without a history of problems (unless the misbehaving node helps your node in some other way, such as by connecting to a part of the Internet from which you don't have many other peers). Previously, Groestlcoin Core banned the IP addresses of misbehaving peers for a period (default of 1 day); this was easily circumvented by attackers with multiple IP addresses. If you manually ban a peer, such as by using the setban RPC, all connections from that peer will still be rejected.
The key metadata will need to be upgraded the first time that the HDseed is available. For unencrypted wallets this will occur on wallet loading. For encrypted wallets this will occur the first time the wallet is unlocked.
Newly encrypted wallets will no longer require restarting the software. Instead such wallets will be completely unloaded and reloaded to achieve the same effect.
A sub-project of Bitcoin Core now provides Hardware Wallet Interaction (HWI) scripts that allow command-line users to use several popular hardware key management devices with Groestlcoin Core. See their project page for details.
This release changes the Random Number Generator (RNG) used from OpenSSL to Groestlcoin Core's own implementation, although entropy gathered by Groestlcoin Core is fed out to OpenSSL and then read back in when the program needs strong randomness. This moves Groestlcoin Core a little closer to no longer needing to depend on OpenSSL, a dependency that has caused security issues in the past. The new implementation gathers entropy from multiple sources, including from hardware supporting the rdseed CPU instruction.
On macOS, Groestlcoin Core now opts out of application CPU throttling ("app nap") during initial blockchain download, when catching up from over 100 blocks behind the current chain tip, or when reindexing chain data. This helps prevent these operations from taking an excessively long time because the operating system is attempting to conserve power.
How to Upgrade?
Windows If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer. OSX If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), run the dmg and drag Groestlcoin Core to Applications. Ubuntu http://groestlcoin.org/forum/index.php?topic=441.0
ALL NEW - Groestlcoin Moonshine iOS/Android Wallet
Built with React Native, Moonshine utilizes Electrum-GRS's JSON-RPC methods to interact with the Groestlcoin network. GRS Moonshine's intended use is as a hot wallet. Meaning, your keys are only as safe as the device you install this wallet on. As with any hot wallet, please ensure that you keep only a small, responsible amount of Groestlcoin on it at any given time.
Groestlcoin Mainnet & Testnet supported
Multiple wallet support
Electrum - Support for both random and custom peers
Biometric + Pin authentication
Custom fee selection
Import mnemonic phrases via manual entry or scanning
BIP39 Passphrase functionality
Support for Segwit-compatible & legacy addresses in settings
Support individual private key sweeping
UTXO blacklisting - Accessible via the Transaction Detail view, this allows users to blacklist any utxo that they do not wish to include in their list of available utxo's when sending transactions. Blacklisting a utxo excludes its amount from the wallet's total balance.
Ability to Sign & Verify Messages
Support BitID for password-free authentication
Coin Control - This can be accessed from the Send Transaction view and basically allows users to select from a list of available UTXO's to include in their transaction.
HODL GRS connects directly to the Groestlcoin network using SPV mode and doesn't rely on servers that can be hacked or disabled. HODL GRS utilizes AES hardware encryption, app sandboxing, and the latest security features to protect users from malware, browser security holes, and even physical theft. Private keys are stored only in the secure enclave of the user's phone, inaccessible to anyone other than the user. Simplicity and ease-of-use is the core design principle of HODL GRS. A simple recovery phrase (which we call a Backup Recovery Key) is all that is needed to restore the user's wallet if they ever lose or replace their device. HODL GRS is deterministic, which means the user's balance and transaction history can be recovered just from the backup recovery key.
Simplified payment verification for fast mobile performance
Groestlcoin Seed Savior is a tool for recovering BIP39 seed phrases. This tool is meant to help users with recovering a slightly incorrect Groestlcoin mnemonic phrase (AKA backup or seed). You can enter an existing BIP39 mnemonic and get derived addresses in various formats. To find out if one of the suggested addresses is the right one, you can click on the suggested address to check the address' transaction history on a block explorer.
If a word is wrong, the tool will try to suggest the closest option.
If a word is missing or unknown, please type "?" instead and the tool will find all relevant options.
NOTE: NVidia GPU or any CPU only. AMD graphics cards will not work with this address generator. VanitySearch is a command-line Segwit-capable vanity Groestlcoin address generator. Add unique flair when you tell people to send Groestlcoin. Alternatively, VanitySearch can be used to generate random addresses offline. If you're tired of the random, cryptic addresses generated by regular groestlcoin clients, then VanitySearch is the right choice for you to create a more personalized address. VanitySearch is a groestlcoin address prefix finder. If you want to generate safe private keys, use the -s option to enter your passphrase which will be used for generating a base key as for BIP38 standard (VanitySearch.exe -s "My PassPhrase" FXPref). You can also use VanitySearch.exe -ps "My PassPhrase" which will add a crypto secure seed to your passphrase. VanitySearch may not compute a good grid size for your GPU, so try different values using -g option in order to get the best performances. If you want to use GPUs and CPUs together, you may have best performances by keeping one CPU core for handling GPU(s)/CPU exchanges (use -t option to set the number of CPU threads).
Fixed size arithmetic
Fast Modular Inversion (Delayed Right Shift 62 bits)
SecpK1 Fast modular multiplication (2 steps folding 512bits to 256bits using 64 bits digits)
Use some properties of elliptic curve to generate more keys
SSE Secure Hash Algorithm SHA256 and RIPEMD160 (CPU)
Groestlcoin EasyVanity 2020 is a windows app built from the ground-up and makes it easier than ever before to create your very own bespoke bech32 address(es) when whilst not connected to the internet. If you're tired of the random, cryptic bech32 addresses generated by regular Groestlcoin clients, then Groestlcoin EasyVanity2020 is the right choice for you to create a more personalised bech32 address. This 2020 version uses the new VanitySearch to generate not only legacy addresses (F prefix) but also Bech32 addresses (grs1 prefix).
Ability to continue finding keys after first one is found
Includes warning on start-up if connected to the internet
Ability to output keys to a text file (And shows button to open that directory)
Show and hide the private key with a simple toggle switch
Show full output of commands
Ability to choose between Processor (CPU) and Graphics Card (GPU) ( NVidia ONLY! )
Features both a Light and Dark Material Design-Style Themes
Free software - MIT. Anyone can audit the code.
Written in C# - The code is short, and easy to review.
Groestlcoin WPF is an alternative full node client with optional lightweight 'thin-client' mode based on WPF. Windows Presentation Foundation (WPF) is one of Microsoft's latest approaches to a GUI framework, used with the .NET framework. Its main advantages over the original Groestlcoin client include support for exporting blockchain.dat and including a lite wallet mode. This wallet was previously deprecated but has been brought back to life with modern standards.
Works via TOR or SOCKS5 proxy
Can use bootstrap.dat format as blockchain database
Import/Export blockchain to/from bootstrap.dat
Import wallet.dat from Groestlcoin-qt wallet
Export wallet to wallet.dat
Use both groestlcoin-wpf and groestlcoin-qt with the same addresses in parallel. When you send money from one program, the transaction will automatically be visible on the other wallet.
Rescan blockchain with a simple mouse click
Works as a full node and listens to port 1331 (listening port can be changed)
Fast Block verifying, parallel processing on multi-core CPUs
Mine Groestlcoins with your CPU by a simple mouse click
All private keys are kept encrypted on your local machine (or on a USB stick)
Lite - Has a lightweight "thin client" mode which does not require a new user to download the entire Groestlcoin chain and store it
Free and decentralised - Open Source under GNU license
Fixed Import/Export to wallet.dat
Rescan wallet option
Change wallet password option
Address type and Change type options through *.conf file
Import from bootstrap.dat - It is a flat, binary file containing Groestlcoin blockchain data, from the genesis block through a recent height. All versions automatically validate and import the file "grs.bootstrap.dat" in the GRS directory. Grs.bootstrap.dat is compatible with Qt wallet. GroestlCoin-Qt can load from it.
In Full mode file %APPDATA%\Groestlcoin-WPF\GRS\GRS.bootstrap.dat is full blockchain in standard bootstrap.dat format and can be used with other clients.
Groestlcoin Electrum Personal Server aims to make using Electrum Groestlcoin wallet more secure and more private. It makes it easy to connect your Electrum-GRS wallet to your own full node. It is an implementation of the Electrum-grs server protocol which fulfils the specific need of using the Electrum-grs wallet backed by a full node, but without the heavyweight server backend, for a single user. It allows the user to benefit from all Groestlcoin Core's resource-saving features like pruning, blocks only and disabled txindex. All Electrum-GRS's feature-richness like hardware wallet integration, multi-signature wallets, offline signing, seed recovery phrases, coin control and so on can still be used, but connected only to the user's own full node. Full node wallets are important in Groestlcoin because they are a big part of what makes the system be trust-less. No longer do people have to trust a financial institution like a bank or PayPal, they can run software on their own computers. If Groestlcoin is digital gold, then a full node wallet is your own personal goldsmith who checks for you that received payments are genuine. Full node wallets are also important for privacy. Using Electrum-GRS under default configuration requires it to send (hashes of) all your Groestlcoin addresses to some server. That server can then easily spy on your transactions. Full node wallets like Groestlcoin Electrum Personal Server would download the entire blockchain and scan it for the user's own addresses, and therefore don't reveal to anyone else which Groestlcoin addresses they are interested in. Groestlcoin Electrum Personal Server can also broadcast transactions through Tor which improves privacy by resisting traffic analysis for broadcasted transactions which can link the IP address of the user to the transaction. If enabled this would happen transparently whenever the user simply clicks "Send" on a transaction in Electrum-grs wallet. Note: Currently Groestlcoin Electrum Personal Server can only accept one connection at a time.
Use your own node
Uses less CPU and RAM than ElectrumX
Used intermittently rather than needing to be always-on
Doesn't require an index of every Groestlcoin address ever used like on ElectrumX
UPDATED – Android Wallet 7.38.1 - Main Net + Test Net
The app allows you to send and receive Groestlcoin on your device using QR codes and URI links. When using this app, please back up your wallet and email them to yourself! This will save your wallet in a password protected file. Then your coins can be retrieved even if you lose your phone.
Add confidence messages, helping users to understand the confidence state of their payments.
Handle edge case when restoring via an external app.
Count devices with a memory class of 128 MB as low ram.
Introduce dark mode on Android 10 devices.
Reduce memory usage of PIN-protected wallets.
Tapping on the app's version will reveal a checksum of the APK that was installed.
Fix issue with confirmation of transactions that empty your wallet.
Groestlcoin Sentinel is a great solution for anyone who wants the convenience and utility of a hot wallet for receiving payments directly into their cold storage (or hardware wallets). Sentinel accepts XPUB's, YPUB'S, ZPUB's and individual Groestlcoin address. Once added you will be able to view balances, view transactions, and (in the case of XPUB's, YPUB's and ZPUB's) deterministically generate addresses for that wallet. Groestlcoin Sentinel is a fork of Groestlcoin Samourai Wallet with all spending and transaction building code removed.
Technical: A Brief History of Payment Channels: from Satoshi to Lightning Network
Who cares about political tweets from some random country's president when payment channels are a much more interesting and are actually capable of carrying value? So let's have a short history of various payment channel techs!
Generation 0: Satoshi's Broken nSequence Channels
Because Satoshi's Vision included payment channels, except his implementation sucked so hard we had to go fix it and added RBF as a by-product. Originally, the plan for nSequence was that mempools would replace any transaction spending certain inputs with another transaction spending the same inputs, but only if the nSequence field of the replacement was larger. Since 0xFFFFFFFF was the highest value that nSequence could get, this would mark a transaction as "final" and not replaceable on the mempool anymore. In fact, this "nSequence channel" I will describe is the reason why we have this weird rule about nLockTime and nSequence. nLockTime actually only works if nSequence is not 0xFFFFFFFF i.e. final. If nSequence is 0xFFFFFFFF then nLockTime is ignored, because this if the "final" version of the transaction. So what you'd do would be something like this:
You go to a bar and promise the bartender to pay by the time the bar closes. Because this is the Bitcoin universe, time is measured in blockheight, so the closing time of the bar is indicated as some future blockheight.
For your first drink, you'd make a transaction paying to the bartender for that drink, paying from some coins you have. The transaction has an nLockTime equal to the closing time of the bar, and a starting nSequence of 0. You hand over the transaction and the bartender hands you your drink.
For your succeeding drink, you'd remake the same transaction, adding the payment for that drink to the transaction output that goes to the bartender (so that output keeps getting larger, by the amount of payment), and having an nSequence that is one higher than the previous one.
Eventually you have to stop drinking. It comes down to one of two possibilities:
You drink until the bar closes. Since it is now the nLockTime indicated in the transaction, the bartender is able to broadcast the latest transaction and tells the bouncers to kick you out of the bar.
You wisely consider the state of your liver. So you re-sign the last transaction with a "final" nSequence of 0xFFFFFFFF i.e. the maximum possible value it can have. This allows the bartender to get his or her funds immediately (nLockTime is ignored if nSequence is 0xFFFFFFFF), so he or she tells the bouncers to let you out of the bar.
Now that of course is a payment channel. Individual payments (purchases of alcohol, so I guess buying coffee is not in scope for payment channels). Closing is done by creating a "final" transaction that is the sum of the individual payments. Sure there's no routing and channels are unidirectional and channels have a maximum lifetime but give Satoshi a break, he was also busy inventing Bitcoin at the time. Now if you noticed I called this kind of payment channel "broken". This is because the mempool rules are not consensus rules, and cannot be validated (nothing about the mempool can be validated onchain: I sigh every time somebody proposes "let's make block size dependent on mempool size", mempool state cannot be validated by onchain data). Fullnodes can't see all of the transactions you signed, and then validate that the final one with the maximum nSequence is the one that actually is used onchain. So you can do the below:
Become friends with Jihan Wu, because he owns >51% of the mining hashrate (he totally reorged Bitcoin to reverse the Binance hack right?).
Slip Jihan Wu some of the more interesting drinks you're ordering as an incentive to cooperate with you. So say you end up ordering 100 drinks, you split it with Jihan Wu and give him 50 of the drinks.
When the bar closes, Jihan Wu quickly calls his mining rig and tells them to mine the version of your transaction with nSequence 0. You know, that first one where you pay for only one drink.
Because fullnodes cannot validate nSequence, they'll accept even the nSequence=0 version and confirm it, immutably adding you paying for a single alcoholic drink to the blockchain.
The bartender, pissed at being cheated, takes out a shotgun from under the bar and shoots at you and Jihan Wu.
Jihan Wu uses his mystical chi powers (actually the combined exhaust from all of his mining rigs) to slow down the shotgun pellets, making them hit you as softly as petals drifting in the wind.
The bartender mutters some words, clothes ripping apart as he or she (hard to believe it could be a she but hey) turns into a bear, ready to maul you for cheating him or her of the payment for all the 100 drinks you ordered from him or her.
Steely-eyed, you stand in front of the bartender-turned-bear, daring him to touch you. You've watched Revenant, you know Leonardo di Caprio could survive a bear mauling, and if some posh actor can survive that, you know you can too. You make a pose. "Drunken troll logic attack!"
I think I got sidetracked here.
Bears are bad news.
You can't reasonably invoke "Satoshi's Vision" and simultaneously reject the Lightning Network because it's not onchain. Satoshi's Vision included a half-assed implementation of payment channels with nSequence, where the onchain transaction represented multiple logical payments, exactly what modern offchain techniques do (except modern offchain techniques actually work). nSequence (the field, but not its modern meaning) has been in Bitcoin since BitCoin For Windows Alpha 0.1.0. And its original intent was payment channels. You can't get nearer to Satoshi's Vision than being a field that Satoshi personally added to transactions on the very first public release of the BitCoin software, like srsly.
Miners can totally bypass mempool rules. In fact, the reason why nSequence has been repurposed to indicate "optional" replace-by-fee is because miners are already incentivized by the nSequence system to always follow replace-by-fee anyway. I mean, what do you think those drinks you passed to Jihan Wu are, other than the fee you pay him to mine a specific version of your transaction?
Satoshi made mistakes. The original design for nSequence is one of them. Today, we no longer use nSequence in this way. So diverging from Satoshi's original design is part and parcel of Bitcoin development, because over time, we learn new lessons that Satoshi never knew about. Satoshi was an important landmark in this technology. He will not be the last, or most important, that we will remember in the future: he will only be the first.
Incentive-compatible time-limited unidirectional channel; or, Satoshi's Vision, Fixed (if transaction malleability hadn't been a problem, that is). Now, we know the bartender will turn into a bear and maul you if you try to cheat the payment channel, and now that we've revealed you're good friends with Jihan Wu, the bartender will no longer accept a payment channel scheme that lets one you cooperate with a miner to cheat the bartender. Fortunately, Jeremy Spilman proposed a better way that would not let you cheat the bartender. First, you and the bartender perform this ritual:
You get some funds and create a transaction that pays to a 2-of-2 multisig between you and the bartender. You don't broadcast this yet: you just sign it and get its txid.
You create another transaction that spends the above transaction. This transaction (the "backoff") has an nLockTime equal to the closing time of the bar, plus one block. You sign it and give this backoff transaction (but not the above transaction) to the bartender.
The bartender signs the backoff and gives it back to you. It is now valid since it's spending a 2-of-2 of you and the bartender, and both of you have signed the backoff transaction.
Now you broadcast the first transaction onchain. You and the bartender wait for it to be deeply confirmed, then you can start ordering.
The above is probably vaguely familiar to LN users. It's the funding process of payment channels! The first transaction, the one that pays to a 2-of-2 multisig, is the funding transaction that backs the payment channel funds. So now you start ordering in this way:
For your first drink, you create a transaction spending the funding transaction output and sending the price of the drink to the bartender, with the rest returning to you.
You sign the transaction and pass it to the bartender, who serves your first drink.
For your succeeding drinks, you recreate the same transaction, adding the price of the new drink to the sum that goes to the bartender and reducing the money returned to you. You sign the transaction and give it to the bartender, who serves you your next drink.
At the end:
If the bar closing time is reached, the bartender signs the latest transaction, completing the needed 2-of-2 signatures and broadcasting this to the Bitcoin network. Since the backoff transaction is the closing time + 1, it can't get used at closing time.
If you decide you want to leave early because your liver is crying, you just tell the bartender to go ahead and close the channel (which the bartender can do at any time by just signing and broadcasting the latest transaction: the bartender won't do that because he or she is hoping you'll stay and drink more).
If you ended up just hanging around the bar and never ordering, then at closing time + 1 you broadcast the backoff transaction and get your funds back in full.
Now, even if you pass 50 drinks to Jihan Wu, you can't give him the first transaction (the one which pays for only one drink) and ask him to mine it: it's spending a 2-of-2 and the copy you have only contains your own signature. You need the bartender's signature to make it valid, but he or she sure as hell isn't going to cooperate in something that would lose him or her money, so a signature from the bartender validating old state where he or she gets paid less isn't going to happen. So, problem solved, right? Right? Okay, let's try it. So you get your funds, put them in a funding tx, get the backoff tx, confirm the funding tx... Once the funding transaction confirms deeply, the bartender laughs uproariously. He or she summons the bouncers, who surround you menacingly. "I'm refusing service to you," the bartender says. "Fine," you say. "I was leaving anyway;" You smirk. "I'll get back my money with the backoff transaction, and posting about your poor service on reddit so you get negative karma, so there!" "Not so fast," the bartender says. His or her voice chills your bones. It looks like your exploitation of the Satoshi nSequence payment channel is still fresh in his or her mind. "Look at the txid of the funding transaction that got confirmed." "What about it?" you ask nonchalantly, as you flip open your desktop computer and open a reputable blockchain explorer. What you see shocks you. "What the --- the txid is different! You--- you changed my signature?? But how? I put the only copy of my private key in a sealed envelope in a cast-iron box inside a safe buried in the Gobi desert protected by a clan of nomads who have dedicated their lives and their childrens' lives to keeping my private key safe in perpetuity!" "Didn't you know?" the bartender asks. "The components of the signature are just very large numbers. The sign of one of the signature components can be changed, from positive to negative, or negative to positive, and the signature will remain valid. Anyone can do that, even if they don't know the private key. But because Bitcoin includes the signatures in the transaction when it's generating the txid, this little change also changes the txid." He or she chuckles. "They say they'll fix it by separating the signatures from the transaction body. They're saying that these kinds of signature malleability won't affect transaction ids anymore after they do this, but I bet I can get my good friend Jihan Wu to delay this 'SepSig' plan for a good while yet. Friendly guy, this Jihan Wu, it turns out all I had to do was slip him 51 drinks and he was willing to mine a tx with the signature signs flipped." His or her grin widens. "I'm afraid your backoff transaction won't work anymore, since it spends a txid that is not existent and will never be confirmed. So here's the deal. You pay me 99% of the funds in the funding transaction, in exchange for me signing the transaction that spends with the txid that you see onchain. Refuse, and you lose 100% of the funds and every other HODLer, including me, benefits from the reduction in coin supply. Accept, and you get to keep 1%. I lose nothing if you refuse, so I won't care if you do, but consider the difference of getting zilch vs. getting 1% of your funds." His or her eyes glow. "GENUFLECT RIGHT NOW." Lesson learned?
Payback's a bitch.
Transaction malleability is a bitchier bitch. It's why we needed to fix the bug in SegWit. Sure, MtGox claimed they were attacked this way because someone kept messing with their transaction signatures and thus they lost track of where their funds went, but really, the bigger impetus for fixing transaction malleability was to support payment channels.
Yes, including the signatures in the hash that ultimately defines the txid was a mistake. Satoshi made a lot of those. So we're just reiterating the lesson "Satoshi was not an infinite being of infinite wisdom" here. Satoshi just gets a pass because of how awesome Bitcoin is.
CLTV-protected Spilman Channels
Using CLTV for the backoff branch. This variation is simply Spilman channels, but with the backoff transaction replaced with a backoff branch in the SCRIPT you pay to. It only became possible after OP_CHECKLOCKTIMEVERIFY (CLTV) was enabled in 2015. Now as we saw in the Spilman Channels discussion, transaction malleability means that any pre-signed offchain transaction can easily be invalidated by flipping the sign of the signature of the funding transaction while the funding transaction is not yet confirmed. This can be avoided by simply putting any special requirements into an explicit branch of the Bitcoin SCRIPT. Now, the backoff branch is supposed to create a maximum lifetime for the payment channel, and prior to the introduction of OP_CHECKLOCKTIMEVERIFY this could only be done by having a pre-signed nLockTime transaction. With CLTV, however, we can now make the branches explicit in the SCRIPT that the funding transaction pays to. Instead of paying to a 2-of-2 in order to set up the funding transaction, you pay to a SCRIPT which is basically "2-of-2, OR this singlesig after a specified lock time". With this, there is no backoff transaction that is pre-signed and which refers to a specific txid. Instead, you can create the backoff transaction later, using whatever txid the funding transaction ends up being confirmed under. Since the funding transaction is immutable once confirmed, it is no longer possible to change the txid afterwards.
Todd Micropayment Networks
The old hub-spoke model (that isn't how LN today actually works). One of the more direct predecessors of the Lightning Network was the hub-spoke model discussed by Peter Todd. In this model, instead of payers directly having channels to payees, payers and payees connect to a central hub server. This allows any payer to pay any payee, using the same channel for every payee on the hub. Similarly, this allows any payee to receive from any payer, using the same channel. Remember from the above Spilman example? When you open a channel to the bartender, you have to wait around for the funding tx to confirm. This will take an hour at best. Now consider that you have to make channels for everyone you want to pay to. That's not very scalable. So the Todd hub-spoke model has a central "clearing house" that transport money from payers to payees. The "Moonbeam" project takes this model. Of course, this reveals to the hub who the payer and payee are, and thus the hub can potentially censor transactions. Generally, though, it was considered that a hub would more efficiently censor by just not maintaining a channel with the payer or payee that it wants to censor (since the money it owned in the channel would just be locked uselessly if the hub won't process payments to/from the censored user). In any case, the ability of the central hub to monitor payments means that it can surveill the payer and payee, and then sell this private transactional data to third parties. This loss of privacy would be intolerable today. Peter Todd also proposed that there might be multiple hubs that could transport funds to each other on behalf of their users, providing somewhat better privacy. Another point of note is that at the time such networks were proposed, only unidirectional (Spilman) channels were available. Thus, while one could be a payer, or payee, you would have to use separate channels for your income versus for your spending. Worse, if you wanted to transfer money from your income channel to your spending channel, you had to close both and reshuffle the money between them, both onchain activities.
Poon-Dryja Lightning Network
Bidirectional two-participant channels. The Poon-Dryja channel mechanism has two important properties:
No time limit.
Both the original Satoshi and the two Spilman variants are unidirectional: there is a payer and a payee, and if the payee wants to do a refund, or wants to pay for a different service or product the payer is providing, then they can't use the same unidirectional channel. The Poon-Dryjam mechanism allows channels, however, to be bidirectional instead: you are not a payer or a payee on the channel, you can receive or send at any time as long as both you and the channel counterparty are online. Further, unlike either of the Spilman variants, there is no time limit for the lifetime of a channel. Instead, you can keep the channel open for as long as you want. Both properties, together, form a very powerful scaling property that I believe most people have not appreciated. With unidirectional channels, as mentioned before, if you both earn and spend over the same network of payment channels, you would have separate channels for earning and spending. You would then need to perform onchain operations to "reverse" the directions of your channels periodically. Secondly, since Spilman channels have a fixed lifetime, even if you never used either channel, you would have to periodically "refresh" it by closing it and reopening. With bidirectional, indefinite-lifetime channels, you may instead open some channels when you first begin managing your own money, then close them only after your lawyers have executed your last will and testament on how the money in your channels get divided up to your heirs: that's just two onchain transactions in your entire lifetime. That is the potentially very powerful scaling property that bidirectional, indefinite-lifetime channels allow. I won't discuss the transaction structure needed for Poon-Dryja bidirectional channels --- it's complicated and you can easily get explanations with cute graphics elsewhere. There is a weakness of Poon-Dryja that people tend to gloss over (because it was fixed very well by RustyReddit):
You have to store all the revocation keys of a channel. This implies you are storing 1 revocation key for every channel update, so if you perform millions of updates over your entire lifetime, you'd be storing several megabytes of keys, for only a single channel. RustyReddit fixed this by requiring that the revocation keys be generated from a "Seed" revocation key, and every key is just the application of SHA256 on that key, repeatedly. For example, suppose I tell you that my first revocation key is SHA256(SHA256(seed)). You can store that in O(1) space. Then for the next revocation, I tell you SHA256(seed). From SHA256(key), you yourself can compute SHA256(SHA256(seed)) (i.e. the previous revocation key). So you can remember just the most recent revocation key, and from there you'd be able to compute every previous revocation key. When you start a channel, you perform SHA256 on your seed for several million times, then use the result as the first revocation key, removing one layer of SHA256 for every revocation key you need to generate. RustyReddit not only came up with this, but also suggested an efficient O(log n) storage structure, the shachain, so that you can quickly look up any revocation key in the past in case of a breach. People no longer really talk about this O(n) revocation storage problem anymore because it was solved very very well by this mechanism.
Another thing I want to emphasize is that while the Lightning Network paper and many of the earlier presentations developed from the old Peter Todd hub-and-spoke model, the modern Lightning Network takes the logical conclusion of removing a strict separation between "hubs" and "spokes". Any node on the Lightning Network can very well work as a hub for any other node. Thus, while you might operate as "mostly a payer", "mostly a forwarding node", "mostly a payee", you still end up being at least partially a forwarding node ("hub") on the network, at least part of the time. This greatly reduces the problems of privacy inherent in having only a few hub nodes: forwarding nodes cannot get significantly useful data from the payments passing through them, because the distance between the payer and the payee can be so large that it would be likely that the ultimate payer and the ultimate payee could be anyone on the Lightning Network. Lessons learned?
We can decentralize if we try hard enough!
"Hubs bad" can be made "hubs good" if everybody is a hub.
Smart people can solve problems. It's kinda why they're smart.
After LN, there's also the Decker-Wattenhofer Duplex Micropayment Channels (DMC). This post is long enough as-is, LOL. But for now, it uses a novel "decrementing nSequence channel", using the new relative-timelock semantics of nSequence (not the broken one originally by Satoshi). It actually uses multiple such "decrementing nSequence" constructs, terminating in a pair of Spilman channels, one in both directions (thus "duplex"). Maybe I'll discuss it some other time. The realization that channel constructions could actually hold more channel constructions inside them (the way the Decker-Wattenhofer puts a pair of Spilman channels inside a series of "decrementing nSequence channels") lead to the further thought behind Burchert-Decker-Wattenhofer channel factories. Basically, you could host multiple two-participant channel constructs inside a larger multiparticipant "channel" construct (i.e. host multiple channels inside a factory). Further, we have the Decker-Russell-Osuntokun or "eltoo" construction. I'd argue that this is "nSequence done right". I'll write more about this later, because this post is long enough. Lessons learned?
Bitcoin offchain scaling is more powerful than you ever thought.
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