money finally went through bought a few btc on gdax now how do i withdraw it to a cold wallet whilst paying minimal fees submitted by
I use coinbase to buy a small amount of btc on each transaction. I also transfer it to my bank account and transfer it to my local (virtual) wallet. submitted by
What is the easiest way to transfer the bitcoin to my local wallet account without using a credit card.
I tried google for this but there is no easy way to do it. I have tried many ways but it doesn't seem to be working for me yet.
Bought in back in 2013, and want to add some more. I'd use coinbase again but remember that I couldn't set custom miner fees when transferring out. Any better place to pull this off? Need to buy more using USD. submitted by
I sent about $25 from my Bittrex account (Withdraw) to my Binance account (deposit), in Bitcoin Cash. They both call this currency Bitcoin Cash, with symbol BCC. The transaction has >10 confirmations and was placed a few hours ago, but it's not showing up in Binance. Another xfer I did as XVG was successful and happened in minutes. submitted by
Now, I'm starting to worry because a couple of sites I've seen are calling Bitcoin Cash by the symbol BCH. Is it possible these two exchanges have a totally different currency and are both calling it BCC? I'm concerned my deposit was of the wrong type and therefore is "Missing". If this were the case, how do I recover my funds, or does it just vanish into nowhere on one of the networks?
Thanks for any info and/or prayers for my poor $25.
PLS no me baneen
Aqui para los curiosos
Starting Nmap 7.60 ( https://nmap.org
) at 2020-09-01 03:06 CDT
Nmap scan report for imss.gob.mx
Host is up (0.060s latency).
Other addresses for imss.gob.mx
(not scanned): 184.108.40.206
Not shown: 740 filtered ports
PORT STATE SERVICE
53/tcp open domain
80/tcp open http
81/tcp open hosts2-ns
82/tcp open xfer
83/tcp open mit-ml-dev
84/tcp open ctf
85/tcp open mit-ml-dev
88/tcp open kerberos-sec
89/tcp open su-mit-tg
90/tcp open dnsix
99/tcp open metagram
389/tcp open ldap
443/tcp open https
444/tcp open snpp
445/tcp open microsoft-ds
500/tcp open isakmp
554/tcp open rtsp
555/tcp open dsf
587/tcp open submission
631/tcp open ipp
636/tcp open ldapssl
777/tcp open multiling-http
800/tcp open mdbs_daemon
801/tcp open device
843/tcp open unknown
880/tcp open unknown
888/tcp open accessbuilder
990/tcp open ftps
995/tcp open pop3s
999/tcp open garcon
1000/tcp open cadlock
1002/tcp open windows-icfw
1024/tcp open kdm
1025/tcp open NFS-or-IIS
1028/tcp open unknown
1080/tcp open socks
1111/tcp open lmsocialserver
1234/tcp open hotline
1433/tcp open ms-sql-s
1443/tcp open ies-lm
1455/tcp open esl-lm
1494/tcp open citrix-ica
1521/tcp open oracle
1935/tcp open rtmp
1971/tcp open netop-school
1972/tcp open intersys-cache
1974/tcp open drp
1984/tcp open bigbrother
2000/tcp open cisco-sccp
2001/tcp open dc
2006/tcp open invokator
2020/tcp open xinupageserver
2022/tcp open down
2048/tcp open dls-monitor
2049/tcp open nfs
2065/tcp open dlsrpn
2068/tcp open avocentkvm
2100/tcp open amiganetfs
2200/tcp open ici
2222/tcp open EtherNetIP-1
2557/tcp open nicetec-mgmt
3000/tcp open ppp
3001/tcp open nessus
3003/tcp open cgms
3005/tcp open deslogin
3006/tcp open deslogind
3007/tcp open lotusmtap
3011/tcp open trusted-web
3013/tcp open gilatskysurfer
3017/tcp open event_listener
3030/tcp open arepa-cas
3052/tcp open powerchute
3071/tcp open csd-mgmt-port
3077/tcp open orbix-loc-ssl
3306/tcp open mysql
3333/tcp open dec-notes
3389/tcp open ms-wbt-server
3404/tcp open unknown
3551/tcp open apcupsd
3580/tcp open nati-svrloc
4000/tcp open remoteanything
4001/tcp open newoak
4002/tcp open mlchat-proxy
4343/tcp open unicall
4443/tcp open pharos
4444/tcp open krb524
4445/tcp open upnotifyp
4449/tcp open privatewire
4848/tcp open appserv-http
5000/tcp open upnp
5001/tcp open commplex-link
5002/tcp open rfe
5003/tcp open filemaker
5004/tcp open avt-profile-1
5009/tcp open airport-admin
5050/tcp open mmcc
5051/tcp open ida-agent
5060/tcp open sip
5061/tcp open sip-tls
5080/tcp open onscreen
5100/tcp open admd
5120/tcp open barracuda-bbs
5222/tcp open xmpp-client
5225/tcp open hp-server
5226/tcp open hp-status
5269/tcp open xmpp-server
5280/tcp open xmpp-bosh
5440/tcp open unknown
5500/tcp open hotline
5544/tcp open unknown
5555/tcp open freeciv
5900/tcp open vnc
5901/tcp open vnc-1
5902/tcp open vnc-2
5903/tcp open vnc-3
5904/tcp open unknown
5906/tcp open unknown
5907/tcp open unknown
5910/tcp open cm
5911/tcp open cpdlc
5915/tcp open unknown
5987/tcp open wbem-rmi
5988/tcp open wbem-http
5989/tcp open wbem-https
5998/tcp open ncd-diag
5999/tcp open ncd-conf
6000/tcp open X11
6001/tcp open X11:1
6002/tcp open X11:2
6003/tcp open X11:3
6004/tcp open X11:4
6005/tcp open X11:5
6006/tcp open X11:6
6007/tcp open X11:7
6009/tcp open X11:9
6100/tcp open synchronet-db
6510/tcp open mcer-port
6543/tcp open mythtv
6565/tcp open unknown
6580/tcp open parsec-master
6666/tcp open irc
6699/tcp open napster
6779/tcp open unknown
6789/tcp open ibm-db2-admin
7000/tcp open afs3-fileserver
7001/tcp open afs3-callback
7002/tcp open afs3-prserver
7004/tcp open afs3-kaserver
7007/tcp open afs3-bos
7070/tcp open realserver
7100/tcp open font-service
7443/tcp open oracleas-https
7777/tcp open cbt
7778/tcp open interwise
7999/tcp open irdmi2
8000/tcp open http-alt
8001/tcp open vcom-tunnel
8002/tcp open teradataordbms
8007/tcp open ajp12
8008/tcp open http
8009/tcp open ajp13
8010/tcp open xmpp
8011/tcp open unknown
8021/tcp open ftp-proxy
8022/tcp open oa-system
8031/tcp open unknown
8042/tcp open fs-agent
8045/tcp open unknown
8080/tcp open http-proxy
8081/tcp open blackice-icecap
8082/tcp open blackice-alerts
8083/tcp open us-srv
8084/tcp open unknown
8085/tcp open unknown
8086/tcp open d-s-n
8087/tcp open simplifymedia
8088/tcp open radan-http
8089/tcp open unknown
8090/tcp open opsmessaging
8093/tcp open unknown
8099/tcp open unknown
8100/tcp open xprint-server
8180/tcp open unknown
8181/tcp open intermapper
8192/tcp open sophos
8193/tcp open sophos
8194/tcp open sophos
8200/tcp open trivnet1
8222/tcp open unknown
8300/tcp open tmi
8333/tcp open bitcoin
8383/tcp open m2mservices
8402/tcp open abarsd
8443/tcp open https-alt
8500/tcp open fmtp
8600/tcp open asterix
8701/tcp open unknown
8800/tcp open sunwebadmin
8873/tcp open dxspider
8888/tcp open sun-answerbook
8899/tcp open ospf-lite
9000/tcp open cslistener
9001/tcp open tor-orport
9002/tcp open dynamid
9003/tcp open unknown
9009/tcp open pichat
9010/tcp open sdr
9011/tcp open unknown
9040/tcp open tor-trans
9050/tcp open tor-socks
9071/tcp open unknown
9080/tcp open glrpc
9081/tcp open unknown
9090/tcp open zeus-admin
9091/tcp open xmltec-xmlmail
9099/tcp open unknown
9100/tcp open jetdirect
9101/tcp open jetdirect
9102/tcp open jetdirect
9103/tcp open jetdirect
9110/tcp open unknown
9111/tcp open DragonIDSConsole
9200/tcp open wap-wsp
9207/tcp open wap-vcal-s
9220/tcp open unknown
9500/tcp open ismserver
9943/tcp open unknown
9998/tcp open distinct32
9999/tcp open abyss
10000/tcp open snet-sensor-mgmt
10001/tcp open scp-config
10002/tcp open documentum
10003/tcp open documentum_s
10004/tcp open emcrmirccd
10009/tcp open swdtp-sv
10010/tcp open rxapi
10012/tcp open unknown
10024/tcp open unknown
10025/tcp open unknown
10082/tcp open amandaidx
11110/tcp open sgi-soap
12174/tcp open unknown
12265/tcp open unknown
12345/tcp open netbus
15002/tcp open onep-tls
16000/tcp open fmsas
16001/tcp open fmsascon
16012/tcp open unknown
16016/tcp open unknown
16018/tcp open unknown
16080/tcp open osxwebadmin
18040/tcp open unknown
18101/tcp open unknown
20000/tcp open dnp
30000/tcp open ndmps
31337/tcp open Elite
50000/tcp open ibm-db2
50001/tcp open unknown
55055/tcp open unknown
60443/tcp open unknown
Nmap done: 1 IP address (1 host up) scanned in 3.34 seconds
En serio de milagro nadie les ha hecho nada
I have nothing but good things to say about coinbase and typically ANY bitcoin transfer I do is relatively quick (using any and all wallets). The slow ones may sometimes take 20-30min tops. submitted by
I guess I should specify that I'm sending FROM coinbase to another site.
But its been over 3 hours now and I'm wondering if that happen periodically, if the confirmations are just VERY slow today or if coinbase is having issues.
Anyone else have it take this long every once in a while or are others having coinbase issues today?
****UPDATE: I'm not sure what resolved this issue, but the coins were returned to my coinbase account. 1 of 2 thing happened. Either Coinbase figured out a way to reverse the transaction/it never was initiated OR after waiting 4 hours I transferred bitcoins to the betting site using another wallet. The site I use has a different address every single time for depositing so perhaps once my transfer from wallet #2 went through the blockchain or the betting site rejected the coinbase transfer.
Edit: TL;DR added in the comments submitted by
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide
which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part. Technology and some more: Introduction
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website
is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains
where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG
, collective signing CoSi
The technical white paper
was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla
(functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply
is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13%
currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding
. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right? Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s
equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs
at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism
and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock
, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article
, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”.
For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi
: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.”
Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999
- one of the authors even won a Turing award
for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here
. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article
where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3
and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization. Decentralisation
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020
. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes
is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3
). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion. Smart contracts
to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this
article. And if you want to play around with some sample contracts in an IDE click here
. The faucet can be found here
. And more information on architecture, dapp development and API can be found on the Developer Portal
If you are more into listening and watching: check this
recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy
: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml
: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters,
is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language. Scilla
is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award
award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes
. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia
to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant
— a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do. Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here
. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state
. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication
and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech Roadmap / Zilliqa 2.0
There is no strict defined roadmap but here
are topics being worked on. And via the Zilliqa website
there is also more information on the projects they are working on. Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly
. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be
due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act)
. Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives
in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations
that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant
to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange
on their platform, together with financial institutions PhillipCapital
. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts
to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder
in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD
. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text
that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap
(dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo
which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX
. Here also an overview of the Tech Stack for Financial Applications
from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country
. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic
(part of PwC Switzerland), and Incognito
. Their sister company Aqilliz
(Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads
with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading
and futures trading
with really good volume
. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space. Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’
by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities
also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com
). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot
and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign
after their initial pilot
program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa
in their report, custodial and non-custodial Staking
, Binance Margin
, entering the Indian market
, and more. The Head of Marketing Colin Miles has also released this
as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa
and mentioning that both projects have a lot of room to grow
. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
I tried ordering my first rep from Puretime. As others have mentioned, there are issues paying with credit card on the website even though the option is 'displayed.' submitted by
I registered with the Cash app and xferred the appropriate amount of money. I see on bitcoin explorer that they've received the money; however they're claiming that they have not received it and are requesting a TXID, a transfer identification number.
Apparently, the Cash app doesn't give a TXID? Did I screw myself out of this rep purchase?
— Xfers (@xfers) October 5, 2020. Regulatory compliant and secure. The payment institution Xfers currently holds a MAS (Monetary Authority of Singapore) license. This simply means that Xfers can print as many XSGD tokens as it desires using its e-money issuance license. Also, all the minted stablecoins are backed 1:1 with the Singapore dollar. Create an Xfers account here using your registered phone number with Coinbase: ... You can buy Bitcoin for as little cash as you want! Try $100 for a start if you’re only just starting out, but remember to do your due diligence before buying. If you’re looking to sell, repeat step 9 and click on “Sell” instead. The process is extremely fuss-free. Head over to Coinbase now to start ... Xfers provides various payment solutions for businesses. Start accepting payments online now. A Major Payment Institution licensed by the Monetary Authority of Singapore for the provision of e-money issuance services. Developer-friendly APIs. Easy-to-use. Xfers has made an announcement recently, one regarding the release of its new stablecoin: The XSGD. This comes after the company had received an e-money issuance license by the Monetary Authority ... The post Xfers Launches Fully-Regulated Digital Singapore Dollar on Ethereum and Zilliqa appeared first on Crypto Briefing. Bitcoin (COIN:BTCUSD) Historical Stock Chart
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