Power to the PeopleNot by Force but by Free WillThe Choice is always YoursArise…Choose Wisely…People do not understand the Monetary SystemPrivacy is not Secrecy.VeritasBitcoin cannot be ShutDownPower of the long tailCypherPunks Write Codebitcoin Genesis Block
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
โA mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.
Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.
On the other hand, technologists โ nerds โ are transfixed by it.
They see within it enormous potential and spend their nights and weekends tinkering with it.
Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people
wonder why its powerful promise wasnโt more obvious from the start.
What technology am I talking about?
Personal computers in 1975, the Internet in 1993, and โ I believe โ Bitcoin in 2014โฆ.
The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer.
The consequences of this breakthrough are hard to overstate.
What kinds of digital property might be transferred in this way?
Think about digital signatures, digital contracts, digital keys (to physical locks, or to online lockers), digital ownership of physical assets such as cars and houses, digital stocks and bonds โฆ
and digital moneyโ.
โ Marc Andreessen, Founder of Netscape & well-known venture capitalist, 2014
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Cryptoassets being held, generally as longer-term plays; sometimes used self-deprecatingly for soft or losing positions one should close, but canโt for whatever reason. โToo bad none of my alt bags saw the moon that I did today. #cryptoeclipseโ
Bitcoin Maximalists
The truest believers in bitcoinโs original mission and design, often paired with a disdain for altcoins.
Block
Blocks are found in the Bitcoin block chain. Blocks connect all transactions together.
Transactions are combined into single blocks and are verified every ten minutes through mining.
Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).
BIP
Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol.
New features, suggestions, and design changes to the protocol should be submitted as a BIP.
The BIP author is responsible for building consensus within the community and documenting dissenting opinions.
Black Swans
A black swan is an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict.
Black swan events are typically random and unexpected.
The term was popularized by Nassim Nicholas Taleb, a finance professor, writer, and former Wall Street trader.
Block Chain
The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a โpublic ledgerโ.
The block chain shows every single record of bitcoin transactions in order, dating back to the very first one.
The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain online.
Block Height
The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the โgenesis blockโ.
Block Reward
When a block is successfully mined on the bitcoin network, there is a block reward that helps incentivize miners to secure the network.
The block reward is part of a โcoinbaseโ transaction which may also include transaction fees.
The block rewards halves roughly every four years; see also โhalvingโ.
BTFD | #BTFD
โBuy the Fucking Dipโ Advice to other traders to pick up a coin thatโs presumably hit its bottom.
โ$GNT Golem making moves. Underpriced @ 7.5K If U are buying GNT under 10K still a good price 3 X LETS GO $ETH #CRYPTO #trading #BTFDโ
Change
Letโs say you are spending $9.90 in your local supermarket, and you give the cashier $10.00. You will get back .10 cents in change.
The same logic applies to bitcoin transactions.
Bitcoin transactions are made up of inputs and outputs.
When you send bitcoins, you can only send them in a whole โoutputโ.
The change is then sent back to the sender.
Cold Storage
The term cold storage is a general term for different ways of securing cryptocurrency offline (disconnected from the internet).
This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions.
The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.
Cold Wallet and Hot Wallet
Cold storage is an offline wallet provided for storing cryptocurrency.
With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.
Confirmation
A confirmation means that the bitcoin transaction has been verified by the network, through the process known as mining.
Once a transaction is confirmed, it cannot be reversed or double spent.
Transactions are included in blocks.
Cryptocurrency
Cryptocurrency is the broad name for digital currencies that use blockchain technology to work on a peer-to-peer basis.
Cryptocurrencies donโt need a bank to carry out transactions between individuals.
The nature of the blockchain means that individuals can transact with each other, even if they donโt trust each other.
The cryptocurrency network keeps track of all the transactions and ensures that no one tries to renege on a transaction.
Cryptocurrency 2.0
Also known as a decentralized app,(Dapp) a cryptocurrency 2.0 project uses the blockchain for something other than simply creating and sending money.
They typically involve decentralized versions of online services that were previously operated by a trusted third party.
Cryptography
Cryptography is used in multiple places to provide security for the Bitcoin network.
Cryptography, which is essentially mathematical and computer science algorithms used to encrypt and decrypt information, is used in bitcoin addresses, hash functions, and the block chain.
Cypherpunk
1. A person with an interest in encryption and privacy, especially one who uses encrypted email.
2. Cypherpunk, a term that appeared in Eric Hughesโ โA Cypherpunkโs Manifestoโ in 1993, combines the ideas of cyberpunk, the spirit of individualism in cyberspace, with the use of strong encryption ( ciphertext is encrypted text) to preserve privacy.
Cypherpunk advocates believe that the use of strong encryption algorithms will enable individuals to have safely private transactions.
They oppose any kind of government regulation of cryptography.
They admit the likelihood that criminals and terrorists will exploit the use of strong encryption systems, but accept the risk as the price to be paid for the individualโs right to privacy.
Dark Web
The part of the World Wide Web that is only accessible by means of special software, allowing users and website operators to remain anonymous or untraceable.
The Dark Web poses new and formidable challenges for law enforcement agencies around the world.
Decentralized
Having a decentralized bitcoin network is a critical aspect.
The network is โdecentralizedโ, meaning that itโs void of a centralized company or entity that governs the network.
Bitcoin is a peer-to-peer protocol, where all users within the network work and communicate directly with each other, instead of having their funds handled by a middleman, such as a bank or credit card company.
Difficulty
Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network.
Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks.
Difficulty is automatically adjusted to keep block verification times at ten minutes.
Dogecoin
Dogecoin is an altcoin that first started as a joke in late 2013. Dogecoin, which features a Japanese fighting dog as its mascot, gained a broad international following and quickly grew to have a multi-million dollar market capitalization.
Double Spend
If someone tries to send a bitcoin transaction to two different recipients at the same time, this is double spending. Once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.
DYOR | #DYOR
โDo Your Own Research.โ The traderโs caveat that advice shouldnโt be taken at face value.
โ$BCY has an appealing risk/reward here. Could take a few months to play out, however, and will require patience. #DYORโ
Exit Scam
Traditionally a term for darknet markets and vendors that, after building up a good reputation, accumulate bitcoins and disappear; exit scams are also feared by ICO participants who worry that, once theyโve raised hundreds of millions in hard-to-trace money, the developers will take the money and run.
Fiat
Government-issued money.
Full Node
A full node is when you download the entire block chain using a bitcoin client, and you relay, validate, and secure the data within the block chain.
The data is bitcoin transactions and blocks, which is validated across the entire network of users.
FOMO | #FOMO
โFear of Missing Out.โ When a coin starts to moon, dumb money rushes in. โ$LGD on a TEAR right now!!! It has major highs right now! Some major #FOMO going on!!! Sell while itโs high. It WILL drop before fight!!!โ
FUD
โFear, Uncertainty, and Doubt.โ
Another non-crypto term that describes attempts to scare weak-handed coin-holders into selling their positions, often with rumors of exit scams or hacks; the cheap, dumped coins are then picked up by the FUD-ers.
Fungibility
Fungibility is a good or assetโs interchangeability with other individual goods or assets of the same type.
Assets possessing this fungibility property simplify the exchange and trade processes, as interchangeability assumes everyone values all goods of that class the same.
HODL
HOLD ON FOR DEAR LIFE!
The intentionally misspelled word hodl has its roots in a December 2013 post on the Bitcoin Talk forum, โI AM HODLINGโ; when the author, GameKyuubi, couldnโt be bothered to fix his typo, the community instantly turned it into a verb: to hodl.
Along with other terms, hodl is an effective litmus test for sussing out newcomers, carpetbaggers, and tourists.
Halving
Bitcoins have a finite supply, which makes them scarce.
The total amount that will ever be issued is 21 million.
The number of bitcoins generated per block is decreased 50% every 210,000 blocks,roughtly four years.
This is called โhalving.โ
The final halving will take place in the year 2140.
Hash
A cryptographic hash is a mathematical function that takes a file and produces a relative shortcode that can be used to identify that file.
A hash has a couple of key properties:
โข It is unique.
Only a particular file can produce a particular hash, and two different files will never produce the same hash.
โข It cannot be reversed.
You canโt work out what a file was by looking at its hash.
Hashing is used to prove that a set of data has not been tampered with.
It is what makes bitcoin mining possible.
Hash Rate
The hash rate is how the Bitcoin mining network processing power is measured.
In order for miners to confirm transactions and secure the block chain, the hardware they use must perform intensive computational operations which is output in hashes per second.
Then, try changing just a letter in the input text to see how the resulting hash varies significantly
Hard Fork
A hard fork is when a single cryptocurrency splits in two.
It occurs when a cryptocurrencyโs existing code is changed, resulting in both an old and new version.
Meanwhile a soft fork is essentially the same thing, but the idea is that only one blockchain (and thus one coin) will remain valid as users adopt the update.
So both fork types create a split, but a hard fork is meant to create two blockchain/coins and a soft fork is meant to result in one.
Segwit was a soft fork, Bitcoin Cash, Bitcoin Gold, and Segwit2x are all hard forks.
Immutability
In object-oriented and functional programming, an immutable object (unchangeable object) is an object whose state cannot be modified after it is created.
This is in contrast to a mutable object (changeable object), which can be modified after it is created.
Lambo | #Lambo
A running joke among traders, youโre cryptorich when you can buy a Lamborghini; though absurd, itโs not unheard of โ when Alexandre Cazes, the suspected founder of a major darknet marketplace, was found hanged in his Bangkok jail cell, Thai media reported that he owned four Lamborghinis.
Mining
Bitcoin mining is the process of using computer hardware to do mathematical calculations for the Bitcoin network in order to confirm transactions.
Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.
Moon | #Moon
A rapid price increase.
Peer-to-Peer
Typically, online applications are provided by a central party that organizes all the transactions.
Your bank runs its own computers, and all the customers log into the bankโs computer to handle their transactions.
If Bob wants to send money to Alice, he asks the bank to do it, and the bank controls everything.
In a peer-to-peer arrangement, technology cuts out the middleman, meaning that people deal directly with each other.
Bob would send the money directly to Alice, and there wouldnโt be any bank involved at all.
Pool
As part of bitcoin mining, mining โpoolsโ are a network of miners that work together to mine a block, then split the block reward among the pool miners.
Mining pools are a good way for miners to combine their resources to increase the probability of mining a block, and also contribute to the overall health and decentralization of the bitcoin network.
Private Key
A private key is a string of data that shows you have access to bitcoins in a specific wallet.
Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.
Proof of Work
Proof of work refers to the hash of a block header (blocks of bitcoin transactions).
A block is considered valid only if its hash is lower than the current target.
Each block refers to a previous block adding to previous proofs of work, which forms a chain of blocks, known as a block chain.
Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.
Pump
A rapid price increase believed to be the result of market manipulation, a.k.a. pump and dump.
Public Address
A public bitcoin address is cryptographic hash of a public key.
A public address typically starts with the number โ1.โ
Think of a public address like an email address.
It can be published anywhere and bitcoins can be sent to it, just like an email can be sent to an email address.
Private Key
A private key is a string of data that shows you have access to bitcoins in a specific wallet.
Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.
Rekt | #Rekt
Meaning โwreckedโ.
โI never sell because of #FUD, and I never buy because of #FOMO.
Thatโs the easiest way to get #Rektโ
Sats
Satoshis, currently the smallest unit of a single bitcoin, useful for tracking coin prices. โAt the rate $XRPโs moving, I wouldnโt be surprised if it hits 10K sats by the end of the day.โ
Security Tokens
A security token (sometimes called an authentication token) is a small hardware device that the owner carries to authorize access to a network service.
The device may be in the form of a smart card or may be embedded in a commonly used object such as a key fob.
Shitcoins
Pejorative term for altcoins, especially low-cap coins, often affectionately used by shitcoin hodlers.
SEGWIT
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions.
When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.
Transaction
A transaction is when data is sent to and from one bitcoin address to another.
Just like financial transactions where you send money from one person to another, in bitcoin you do the same thing by sending data (bitcoins) to each other.
Bitcoins have value because itโs based on the properties of mathematics, rather than relying on physical properties (like gold and silver) or trust in central authorities, like fiat currencies.
Wallet
Just like with paper dollars you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoins securely.
There are many varieties of wallets available, whether youโre looking for a web or mobile solution.
Ideally, a bitcoin wallet will give you access to your public and private keys.
This means that only you have rightful access to spend these bitcoins, whenever you choose to.
Whale
Anyone who owns 5 percent of any given coin, often used as a boogeyman to explain unwanted price movements.
โNice support $NEO. Clear whale manipulation.โ
Blue Pill vs. Red PillChoose wiselyWhen You’re ready …
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Bitcoin is not Abracadabra… but Bitcoin can be Avada Kedavra for the current Banking system!
Bitcoin is not Magic… but it can be for Muggles!
Bitcoin is not an “Investment” … but educating yourself about bitcoin can be!
Bitcoin is not an “Investment”… but knowingย the basics and being educated about it, lowers the chances of loosing your hard earned money!
Bitcoin is not an “Investment”… but staking Sats proved to be a preety good Strategy in the Long Term!
Bitcoin is not digital money… but it’s ons of it’s first applications!
Bitcoin is not money… but is Money for the Internet!
Bitcoin is not PRICE !!!
Bitcoin is not PRICE… but the market is driven mostly by FUD & FOMO people
Fear Uncertainty Doubt
bring the market Down
Fear Of Missing Out
bring the market Up
Bitcoin is not a “Get Rich Quick Scheme” and the one’s that got rich were the one’s that were there from the begining…
Bitcoin is not voodoo people, magic people… but a bunch of smart geeks & nerds that support the bitcoin’s philosophy and what it stands for…
Bitcoin is not under no juridstiction… but it is a global p2p network of like-minded people that with the power of their equipment sustain, mantain and make the bitcoin network stronger and more decentralized!
Bitcoin is not a Coin… but an entry in a digital ledger!
Bitcoin is not illegal activity money… but bitcoin can be used in such activity… Reports show that FIAT is still the No. #1 choice for “Evil Doers” as it doens’t have an public, open and visible ledger … Duh…
Bitcoin is not evil… but bitcoin can be used to do evil! As does a Pen! It can be used to do evil! How, you would ask? Ifย I take this โ and stick it up your a… who is Evil ?!? The One who invented the pen? The Pen? Me? Your a.. cause it was in the way ๐คฃ Perspective is a matter of opinion…
Bitcoin is not News… but instead read pools, github, exchanges, wallets… They are the ones that pave the way where bitcoin could, should or would go!
Bitcoin is not DEAD… It was already declared Dead 441 times!
1 – Bitcoin consumes too much electricity, they don’t understand POW!
2 – Bitcoin isn’t a government backed currency, you should ask who backs their government… If the answer is the Army…
3 – Bitcoin isn’t backed by gold like the the US$… Neither is the $ since ’71
4 – Bitcoin isn’t real because I can’t see it… 80% of world’s money is Digital…
5 – Bitcoin isn’t a store of value as good as Gold is… Gold had thousands of years to prove that, bitcoin only 13… give it time! It already proved a lot !!!
6 – Bitcoin’s inventor is annonymous and can’t be trusted… Who invented money then? How do money come up into existance?
7 – Bitcoin will never be largely accepted because it isn’t issued by a government… You know what else wasn’t issued by no government ? Cars, Electricity, Steam Engine, Facebook, Uber, Google, Amazon, etc bla bla bla
8 – Bitcoin can’t be a currency cause I can’t buy anything with it… I think I have shared a list with places that you can buy things with bitcoin…Quite a few!!!
9 – Whales… Beware of yapidi yap of whales cause they say one and do the opposite ๐ ๐ !!!
9 – Bitcoin is not this, bitcoin is not that but they all swarm around the bee’s honeypot as if it were honey ๐คฃ๐คฃ๐คฃ
I forgot…In the meantime, little unsignificant countries like El Salvador, mine bitcoin with ๐ !!!
And still newspapers, investors that bite their whatever not having invested when it was under $1, and a hole portion of the world are all saying…
Etc bla bla bla Yapidi Yapidi Yap
Never Forget The Golden Rules:
Not Your Keys, Not Your Crypto!!!
Don’t Trust, Verify!!!
Don’t Believe, Do your own Resesearch and due diligence!!!
Save your Wallet’s Mnemonic Phrase in at least 3 places for safe-keeping!!!
WE ARE SATOSHI
When you’re ready…Timothy C. MayHal Finney
Poem of the Legacy
From the ashes of the long forgotten past, A bright mind wrote a code that would for ever last… A code so powerful and strong, That would change the world for oh so long…
The code he wrote and set it free, For the humankind legacy to be… To change the lives of future generations to come, He wrote the code and he was gone…
Oh, bright mind your legacy will last, For generations to come and be thankful about the past… Nobody knows who you might be, Some do and say Kudos to You for Ethernity!
Happy New Year!May the coming year be full of grand adventures , peace, prosperity and opportunities.Dream big and make the most of … Continue reading Happy New Year !!!!→
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Mining Pool Payouts explained: PPS vs. FPPS vs. PPLNS vs. PPS+
What is a Mining Pool?
Mining Pools
A Mining pools is a hub where a group of Crypto currency miners share their processing power to the network in order to solve the blocks quicker.
The rewards will be split equally based on the amount of shares that they contributed in finding a block.
Pool mining was introduced during early Bitcoin mining days when solo mining became non-viable.
The more powerful your hardware is, the more shares youโll submit, the more shares you submit, the more youโll earn.
In order for the pool to pay its miners each pool uses its own payment scheme. Two of the most popular option is PPS and PPLNS.
Pay-Per-Share (PPS)Pay-Per-Last-N-Shares (PPLNS)
The first thing a miner has to decide is which pool mining payout is best for their requirements.
PROPย (proportional),ย FPPSย (Full Pay Per Share),ย SMPPSย (Shared Maximum Pay Per Share),ย ESMPPSย (Equalized Shared Maximum Pay Per Share),ย CPPSRBย (Capped Pay Per Share with Recent Backpay),ย PPSย (Pay Per Share),ย PPLNSย (Pay Per Last N Share) and lastlyย PPS+ย (Pay Per Share Plus).
Among them PPS and PPLNS are the two types of payment models that are mostly used by mining pools currently. Before we explain both PPS and PPLNS weโll make a short note on mining pool.
There are numerous payment systems (over 15), but the vast majority of the pools operate on a PPS, FPPS, PPS+ and PPLNSbasis.
However, before trying to understand the different settlement models, it is important to come to a consensus on some terms used inย crypto mining.
Block Reward:ย Block reward refers to the new coins issued by the network to miners for each successfully solved block.
Hashing Power:ย Hash rate is the speed at which a computer completes an operation in the cryptocurrencyโs code. A higher hashrate increases a minerโs opportunity of finding the next block.
Luck:ย Luck, in mining, is the probability of success. Imagine that each miner is given a lottery ticket for a certain amount of hashing power they provide. If they are to provide 1 TH/s hashing power when the overall hashing power in the network is 10 TH/s, then they would receive 1 of 10 total lottery tickets. The probability of winning the lottery (in this case finding the block reward) would be 10%.
Transaction Fees:ย Some networks (like Bitcoin) also have substantial amounts of transaction fees rewarded to miners. These fees are the total fees paid by users of the network to execute transactions.
Pay-Per-Share (PPS)
PPS offers an instant flat payout for each share that is solved. With this payment method, a miner gets a standard payout rate for each share completed. Each share is worth a certain amount of mineable cryptocurrency.
After deducting the mining pool fees, the miners are given a fixed income every day. Therefore, under the PPS mode, the returns are relatively stable. Miners are exposed to risk here. They may not get the transaction fees.
It is ideal for low priced orders for an extended period. This model becomes lucrative during a bearish run of a particular coin.
Pay-Per-Last-N-Shares (PPLNS)
With this payout, profits will be allocated based on the number of shares miners contribute. This kind of allocation method is closely related to the block mined out. If the mining pool excavates multiple blocks in a day, the miners will have a high profit; if the mining pool is not able to mine a block during the whole day, the minerโs profit during the whole day is zero.
Notably, in the short term, the PPLNS model is highly correlated with a poolโs luck. If the luck factor of a particular mining pool decreases in the short term, the minerโs income will also decrease accordingly (the opposite case of the mining pool being lucky in the short term is possible too). However, in the long term, the luck factor tends to average out to the mean.
Hence, this model is ideal for fixing orders on a big pool that has a high chance of finding a block within the order time limit. Or a standard order which will have miners connected for a longer time.
Pay Per Share + (PPS+)
PPS+ is a blend of two modes mentioned above, PPS and PPLNS. The block reward is settled according to the PPS model. And the mining service charge /transaction fee is settled according to the PPLNS mode.
That is to say, in this mode, the miner can additionally obtain the income of part of the transaction fee based on the PPLNS payment method. This was a major drawback in the PPS model.
Full Pay Per Share (FPPS)
With this pool payout, both the block reward and the mining service charge are settled according to the theoretical profit. Calculate a standard transaction fee within a certain period and distribute it to miners according to their hash power contributions in the pool. It increases the minersโ earnings by sharing some of the transaction fees.
With the PPS and FPPS payment methods, you will get paid no matter if the pool finds a block or not. This is the most significant advantage over PPLNS. The risks and rewards are higher with the PPLNS plan.
The decision on which mining plan to choose from needs to be preceded by the decision of choosing the right mining infrastructure.
Difference between PPS vs PPLNS payment models?
PPLNS
PPLNS stands for Pay Per Last (luck) N Shares. This method calculates your payments based on the number of shares you submitted during a shift.
It includes shift system which is time based or by number of shares submitted by the miners on the pool.
Your pool may find blocks consistently or in overtime it may have huge variations in winning a block and that ultimately affects your payments. PPLNS greatly involves luck factor and youโll notice huge fluctuations in your 24 hour payout.
If you maintain your mining on a single pool then your payouts will remain consistent and it only differs when new miners join or leave the pool.
PPS
Pay Per Share pays you an average of the number of shares that you contributed to the pool in finding blocks.
PPS pays you on solid rate and is more of a direct method which completely eliminates luck factor.
In PPS method regardless of the pools lucky at winning blocks youโre going to get 100% payout at the end of the day. This is because there is a standard payout set for each miners based on their hash power.
It wonโt be more than 100% or less than that and with this PPS method you can easily calculate your potential earnings.
On the other hand with PPLNS payment system on average you can either get more than 100% or less than that. It is based on how lucky the pool is at finding blocks.
Should I choose PPS or PPLNS?
This is one of the common questions most miners have initially.
Should I choose Pay Per Share or Pay Per Last N Share pools?
If you are the person who donโt switch pools often then PPLNS is definitely for you as such pools are good at rewarding its loyal miners.
Pay Per Share:ย No matter what, if you need a fixed payouts at the end of the day to liquidate or for whatsoever reason then your choice would be PPS.
Pay Per Share works well for large mining farms who can calculate and have statistics based on their mining power.
PPS is good for large miners but really bad for pool owners as there is a guaranteed payout for work no matter if the pool hits the block or not.
For this reason and because of pool hoppers (not loyal miners of the pool) most of the mining pools have switched to PPLNS payment model.
Pay Per Last N Shares: If you are the one that is looking to accumulate and hold more coins then PPLNS is recommended.
For each block that your pool finds youโll get a share based on your hashrate.
Unlike PPS, in PPLNS youโll get payouts more often and in the long run youโll be rewarded more with PPLNS than PPS.
However due to huge variance itโs really hard to calculate your mining income.
PPLNS is good for both mid-range miners and pool owners as the payouts is only based on the blocks found.
If your pool is more luckyย then youโll see payments more often. This is the reason why miners stick to a pool where there is more hash power assuming the pool finds block very often.
You can find more comparison of mining pools payment systemย here.
How to find out if a pool is PPS or PPLNS?
Cryptocurrency mining can be a lucrative process. However itโs very important that you find out what payment scheme your pool is using before committing your hashing power.
Most of the mining pools has this information listed on FAQ page or at payouts page. If youโre unable to find this information then the only option is to contact the pool support.
Hope the information on this page is helpful for you to decide the right mining pool.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
What is a Cryptocurrency Wallet and How Does it Work?
If you want to learn about the basics of cryptocurrency and blockchain technology, one of the first things that you should become familiar with is the role of a cryptocurrency wallet.
This guide will explain everything you need to know, using really simple, real-world examples. By the end of reading it from start to finish, you will have all the information you need!
Before I go any further, I want you to think about how you store your real-world cash. You don’t walk about holding it in your hands, do you? Instead, you most probably store it a leather wallet or purse, or maybe even a piggy bank!
Either way, it is wise to store your money where it is safe. A cryptocurrency wallet follows the same core principles.
Nevertheless, by obtaining a crypto wallet, you will have the ability to send and receive Bitcoin and other cryptocurrencies.
So, now that you have a basic understanding of what a cryptocurrency wallet is used for, let’s see more depth how it works.
How Does a Cryptocurrency Wallet Work?
In the above section, I used the example of a real-world leather wallet, insofar that the wallet physically stores your cash. However, things are slightly different in the digital world of cryptocurrencies and blockchain technology.
Coins are not actually stored in a physical wallet, as cryptocurrencies do not exist in a physical form. Instead, the blockchain consists of transactional records that details which private and the public key has control over the funds.
To make sure you have a full understanding, I will quickly explain the role of a wallet address, as well as a private and public key, as they are all related.
A wallet address is like a bank account number. There is no harm in giving somebody else your bank account number, as people will need it if they are to transfer your funds. This could be so your employer can pay you your salary, so a customer can pay your invoice or so that your friends and family can send you some birthday money!
In the world of cryptocurrency, if somebody wants to transfer your coins, you simply give them your wallet address. Just like in the real world, no two wallet addresses are ever the same, which means that there is no chance that somebody else would get your funds. Also, there is no limit to the number of wallet addresses you can create.
To give you an example of what a Bitcoin address looks like, here is the wallet address that is believed to belong to the creator of Bitcoin, Satoshi Nakamoto!
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
As you can see, it uses a combination of numbers and letters, using both upper case and lower case. As most blockchains are transparent, it is easy to find out how much money a certain cryptocurrency wallet has, as well as the transactions the owner has previously made.
However, a cryptocurrency wallet address does not reveal the real-world identity of its owner, which is why the blockchain is referred to as โpseudonymousโ.
How Do Private and Public Keys Relate to a Wallet Address?
So, now that you know that a wallet address is very similar to a bank account number, I am now going to explain how you are given control of the funds. People often think that a public key is the same as a public wallet address, however, this is not correct.
Essentially, each individual cryptocurrency wallet address (remember, no two addresses can be the same) each have a unique private and public key. The private key allows you to access the funds that are related to the crypto wallet address.
To give you a real-world example, when you want to transfer money from your bank account to somebody elseโs bank account, you will need to enter your private password. Nobody else has access to this password, not even the bank. Otherwise, if somebody knew what it was, they would be able to send money from your bank account!
A private key does the exact same job and it is linked specifically to the individual crypto wallet address. So what about a public key? A public key is mathematically linked to your wallet address! However, it is a โhashed versionโ, which I will explain below.
A hash function allows a sequence of letters and/or numbers (called an “input”) to be encrypted into a new set of letters and/or numbers (called an “output”). This adds an extra layer of security and ensures that your wallet cannot be hacked. Here is a quick example to make things simple.
Public Key: 99b1ebcfc11a13df5161aba8160460fe1601d541
Now, I know what you are thinking: these two sets of keys are completely different? To the human eye, yes, however, the software technology knows that the two keys are specifically linked to each other! That proves that you are the owner of the coins and it allows you to transfer funds whenever you want!
The important thing to remember is that everything I have explained here is very technical. However, when you use a cryptocurrency wallet, the software does everything for you. It’s like using the internet to send an email!
You don’t actually need to understand the technology that runs in the background, the likes of Gmail and Hotmail do everything for you regarding emails โ just like a cryptocurrency wallet does regarding crypto transactions!
Are Coins Arenโt Actually Stored in Crypto Wallets?
You should now have a good understanding of what a cryptocurrency wallet is and how public and private keys are linked to a public wallet address. However, you might remember earlier that I said the coins arenโt actually physically stored in the wallet? Thatโs true! Let me clear things up.
As Bitcoin and other cryptocurrencies are not physical money, they are digitally stored on the blockchain. The blockchain is like a giant accounting ledger that stores every single transaction that has ever occurred in the system, as well as the total account balances of each public address.
The software within the cryptocurrency wallet is connected directly to the blockchain, so it allows you to submit transactions to the ledger. However, the crypto wallet is the protocol that generates your public and private keys. Without it, you wouldnโt be able to access your funds in the real world.
To get a better understanding of this relationship, think about walking into a store and paying for goods using a debit or credit card. There is no physical exchange of money between you and the store. However, by entering your private pin number, you verify that you own the funds and so they can move the funds from your account to the account of the store.
This is the same as a cryptocurrency wallet. By entering your private key, you verify that you own the coins and then you can transfer them to someone else. That is the only way that the coins can move from person A to person B.
So, now that you know the function of a cryptocurrency wallet, letโs take a look at the different types available!
What Are the Different Types of Cryptocurrency Wallets?
There are lots of different wallet types available and the one you choose will depend on your personal needs. Essentially, different wallets offer different things, such as extra security, user-friendliness or convenience. I will now list the most popular types of cryptocurrency wallets.
Desktop Wallet
Desktop wallets are to be downloaded to a specific laptop or computer and they can only be accessed from that particular device. Generally speaking, they offer a good combination of security and convenience. However, it is important to remember that if a hacker were able to remotely get hold of your device, they could gain access to your wallet.
Mobile Wallet
A mobile wallet is very similar to a desktop wallet as the wallet is downloaded directly to your device. You normally access your cryptocurrency wallet by downloading a mobile app, which also allows you to spend your coins in a physical store by scanning a QR code.
Web or Online Wallet
A web wallet offers the greatest level of convenience when sending coins to another person, however, they are also the least secure. This is because the wallet provider usually has full control over it.
An example of this would be storing coins in a cryptocurrency exchange. The exchange will store your coins on their central server, which means that if it hacked, the criminal could have access to all of your funds. It is best advised to only keep a small number of coins in a web crypto wallets.
Paper Wallet
Paper wallets are one of the most underrated crypto wallets available. All you need to do is to print your private and public keys onto a piece of paper โ and that’s it, your funds are secure!
This is because the keys are not connected to any servers, meaning the only way somebody could access them is if they had the physical paper! When you need to transfer funds, you simply enter the keys into a software or web wallet, or even easier, just scan the QR code that you printed!
Hardware Wallet
In terms of security, it doesnโt get any better than a hardware wallet. This is a physical device that has the sole purpose of storing your private and public crypto keys within the hardware.
The device is never connected to the internet unless you need to transfer funds. However, you enter your private pin directly on to the device, making it virtually impossible for a hacker to access your keys.
Are Cryptocurrency Wallets Secure?
Generally speaking, no matter which wallet you use, if somebody has access to your private key, then they have access to your funds. However, the key question is what safeguards are in place to prevent it from happening?
Any cryptocurrency wallet that has a relationship with the internet (e.g. a desktop, mobile or web wallet) will always be vulnerable.
Although abusive hackers are unethical people, they can be very intelligent. They are always creating new ways to access other peopleโs data, which is why you need to make sure you do everything you can to protect your private key.
Here are some examples of how a hacker could access your funds that are stored alongside an internet connection.
Malware
Virus
Key Logger
Remote Access to your device
Phishing
There are a number of things that you can do to protect yourself from the above threats. Firstly, you should always make sure your device is using the latest software. As hackers find new methods, they are able to override the inbuilt safety controls, so by updating your software, you will always have the highest level of security.
It is also a good idea to set up extra layers of security. There are many crypto wallets that allow you to set up two-factor authentication, which means that to access it you need to confirm a code that is sent to your mobile phone.
It is also a good idea to consider a wallet that allows multi-signatures. Basically, a multi-signature wallet means that to send funds, the user must authenticate the transaction using two or more separate devices. This way, if one of your devices is lost, stolen or hacked, the criminal wonโt be able to access your cryptocurrency, as they would need the other device(s) too!
Finally, it is also recommended to back up your wallet on regular occasions. This allows you to write down a backup password phrase so that if anything happened to your wallet, you could still regain access.
By making sure you follow all of the above security measures, you will ensure that your cryptocurrency wallet is safe and secure against hackers!
Can I Store All of My Cryptocurrencies in the Same Wallet?
This is the golden question โ with the answer being sometimes, as it depends on the specific coins you are holding! For example, if you are holding Bitcoin only, you just need to find a wallet that is compatible with Bitcoin. However, what if you are holding Bitcoin and Litecoin?
Although they each have their own blockchain, it is possible to use a multi-currency wallet. These crypto wallets allow you to store different cryptocurrencies within the same wallet, which is much easier than having to use a different wallet for each coin.
However, it all depends on what the wallet can support. Interestingly, most tokens that are available were built on top of the Ethereum blockchain โ meaning that they are โERC-20โ compatible. So, if you have lots of ERC-20 tokens, then they can sometimes all be stored within the same multi-currency wallet!
Other coins are not as flexible though, so always check with the wallet provider before you attempt to transfer funds across as if the coin is not compatible you will lose them forever!
Is it True that Cryptocurrency Wallets are Anonymous?
You might remember how I mentioned that the blockchain protocol is pseudonymous, not anonymous.
This means that although your wallet address does not contain your name, people still have access to lots of other information.
This includes all of the previous transactions that the particular wallet address has made (both sent and received), including the amount and the other addresses involved in the transaction.
In reality, this isnโt really an issue, as unless you give somebody your real-world identity, it would be very difficult for someone to know who owns the address.
Just remember, governments now regulate cryptocurrency exchanges, which means that if you want to buy coins using real-world money, then you need to identify yourself by submitting documents.
This means that even once you have withdrawn your funds to your wallet, the exchange will know that your identity is linked to the wallet you sent them to.
Which Cryptocurrency Wallet is the Best?
You should by now have a very good understanding of what a cryptocurrency wallet, how the technology works and the different types available.
You should also have a good idea of how to protect your wallet from hackers, as well as what information you reveal or donโt reveal when you use it.
Exodus
Exodus is a multi-currency desktop wallet that allows you to store lots of different coins, such as Bitcoin, Litecoin and Dash, as well as various ERC-20 tokens.
One of the best features of Exodus (other than it being free) is that it is really user-friendly. When you log in, you can view you entire cryptocurrency portfolio on a visual pie chart, which also lets you know the current market value of each coin.
The wallet provider never has access to your private keys, nor are they connected to the Exodus servers. For even more convenience, Exodus even has a ShapeShift API built in, which allows you to buy and sell cryptocurrencies within the wallet.
Ledger Nano S
For the ultimate layer of security, it doesnโt get any better than a hardware wallet, such as Ledger Nano S. You will receive a physical device that allows you to store a range of cryptocurrencies offline.
When you want to send coins to someone, you simply need to plug the wallet into your device (such as a laptop) and then enter your private pin number. If the wallet is lost or stolen, you can recover your coins by entering your backup passphrase on another device!
You will need to pay about 90 Euros for the Ledger Nano S, however, if you have a large number of coins, it is well worth the investment. Only ever buy it from the official Ledger Nano S website.
Pros
Super secure
Protection against physical damage
Supports more than 1500 coins and tokens
Ledger Nano X
Pros
Can be managed from mobile device
Very secure
Supports more than 1500 cryptocurrencies
Trezor
Pros
Top-notch security
Touchscreen user interface
Easy to set up
Jaxx
Jaxx is also one the most popular multi-currency wallets and it is available for download on most desktop and mobile devices. For extra convenience, you can also access your wallet through a Google or Firefox browser extension, making it great if you need to send funds on the go.
The Jaxx developers never hold your private keys, as these are only stored on your device. Moreover, just like Exodus, there is a built-in ShapeShift API that lets you easily trade/swap coins directly from your wallet!
If you have read the guide from start to finish, you should now have a really good understanding of what a wallet is, how the technology works and what it can be used for.
You should also have a good idea of the different types of wallets available on the market. As you now know, different wallet types suit different needs.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
On January 3rd, 2009 Satoshi Nakamoto published the Genesis Block with the first 50 Bitcoins on Sourceforge. He also left a message on the blockchain at the time, quoting the headline in the British newspaper Times:
On January 3, 2009, the minister was on the verge of bailing out the banks.
Nakamoto started writing the white paper in 2008 and published it in October of that year.
The concept of a decentralized, anonymous, trusted currency emerged after the 2008 financial crisis, which left responsibility for the banks.
Satoshi neither supports the modern banking system nor does he like partial reserve banks.
A partial reserve bank is a bank that takes deposits and issues loans or investments, but only has to reserve a fraction of its liabilities for deposits. Basically, the bank is using money that it doesnโt own.
Satoshi wants to get rid of banks and seedy middlemen whom he believes are corrupt and unreliable. As such, he created a more community-centric digital currency.
13 years later, Bitcoin is still going strong with a market cap of nearly $ 900 billion. It is currently held by billionaires, banks, celebrities, governments, and corporations. This is evidence of how far BTC has come in its brief existence.
The precarious banking situation and economic uncertainty are also in crisis again.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
Decentralized exchange (DEX) aggregators, also known as liquidity aggregators, compile the exchange rates of numerous DEX platforms and show you a list of platforms offering the best value for your crypto trades.
Moreover, you can access a deeper pool of liquidity by trading on multiple DEXs using a single trading dashboard. Think of them as the search engines of the DeFi landscape, scouring DEXs for the best deals so that you can swap your crypto assets with the lowest fees.
Although it is a DEX in its own right, 1Inchโs main USP is its position as a top DEX aggregator across multiple blockchains. The network supports trades across major ecosystems like Ethereum and Binance and smaller networks like Polygon, Arbitrum, and Optimism.
As an aggregator, 1Inch gives you access to over 120 liquidity sources, with 68 on Ethereum, 39 on Binance, and 24 on Polygon. With daily trading volumes averaging close to $300 million from 300,000+ active users, it is one of the most active DEX aggregators in 2021.
The native token of the 1Inch DEX is also called 1INCH. It functions as both a utility token and a governance token for the protocol. 1INCH is a multi-chain token available on the Ethereum and Binance Smart Chain.
1Inch is one of the best DEX aggregators for crypto rookies, with detailed documentation and a well-developed Help Center filled with starter guides, FAQs, and more.
Slingshot grew out of DEX.AG, a DEX aggregator platform created in late 2018 as part of a hackathon event. At its launch, it supported seven major DEX, including Uniswap, Kyber, and DDEX.
After million-dollar funding rounds, DEX.AG was rebranded as Slingshot in November 2020. Slingshot works on Ethereum-based protocols โ Polygon (formerly MATIC) and Arbitrum One. Across the two, you get access to over 326 exchanges/liquidity sources.
Slingshot is a very popular choice among experienced cryptocurrency traders due to its relative simplicity and advanced functionality. The average daily volumes touching over half a billion dollars is a testament to the platformโs popularity.
However, due to a threadbare interface and lack of easily accessible website FAQs, guides, and documentation, Slingshot is not a very beginner-friendly DEX platform.
Totle is a DEX aggregator that also dips into synthetic asset providers, allowing traders to engage with tokenized assets of many shapes and sizes. Unfortunately, the platform seems to be dormant, with no updates since mid-2021 and a lack of stats on any major crypto platform.
ParaSwap is a versatile DEX aggregator supporting Ethereum, Binance, Polygon, and Avalanche blockchains. In addition, it has a native token for liquidity and governance purposes called the PSP.
While it is one of the more feature-packed and beginner-friendly DEX aggregators, ParaSwap is still in the growth phase. In 2021, the platform reported 1.4 million total users over time, with daily transaction volumes peaking around $150 million.
ParaSwap allows you access to swap and payment options across 75 DEX platforms, focusing on better market rates and cheaper gas fees. In addition, decentralized applications (dApps) can also integrate with ParaSwap to better streamline token swaps.
Like 1Inch and Slingshot, Matcha is both a DEX aggregator and a decentralized exchange in itself. Powered by 0x Labs, the platform focuses on transparency, lower fees, smart order routing, and easier access.
Thanks to a recent partnership with MoonPay, Matcha can now accept payments in fiat currencies, a first for DEX platforms. This could be very useful for newcomers โ you can directly purchase cryptos using regular currency on Matcha and start trading immediately.
Matcha provides access to over 50 liquidity sources and DEX platforms across three blockchain systems โ Ethereum, Binance, and Polygon. Despite being one of the younger platforms on this list (launched in 2020), Matcha boasts over 2.5k daily traders. Its daily volumes are close to $150 million.
Uniswap is a DEX platform based on the Automated Marker Maker (AMM) model. After its launch in November 2018, the DEX has seen a meteoric rise among crypto circles. As of Q4 2021, it routinely tops the charts of DEX platforms with the largest daily volumes with $5.5 billion.
The platform is currently in its third iteration โ Uniswap V3. Based on the Ethereum Blockchain, Uniswap gives you access to over 50 liquidity pools, with 285 cryptocurrencies across more than 350 markets. The USDC-ETH pair alone accounts for over $1.8 billion worth of trades each day.
While not a DEX aggregator per se, Uniswap is still a great option to consider due to its sheer size and reach. Most of the other aggregators on this list have Uniswap as a major partner and source of trading options.
PancakeSwap launched in 2020 to work like Uniswap, but on the Binance Smart Chain instead of Ethereum. Like Uniswap, PancakeSwap is a DEX platform with an AMM operating model, with an additional focus on yield farming based on the native CAKE token.
Regardless of the sweet and syrupy โcakeโ theme, PancakeSwap is a major force on the DeFi scene, thanks to the sheer size of the Binance blockchain. It easily slots into the top three most active DEX platforms, with daily volumes exceeding $2.6 billion.
The platform is user-friendly, with detailed community guides, troubleshooting articles, and customer support. In addition, you can trade in over 30 major cryptos backed by an equal number of high-quality liquidity pools.
Is based directly on Uniswap, with a fork in the original code created by its anonymous developer who goes by the pseudonym Chef Nomi.
Right from the outset, SushiSwap has courted controversy. To generate liquidity, its founder encouraged users to deposit in Uniswap tokens, leeching away almost $810 million from Uniswap in a โvampire attack.โ
Chef Nomi then proceeded to withdraw his liquidity from the project, generating a massive controversy. Ultimately, he backtracked and returned all funds, relinquishing his control over the project to a new team.
Since these early missteps, SushiSwap has maintained healthy growth rates in the crowded arena of Ethereum-based DEX/AMM platforms. It currently ranks in the top ten list, with daily volumes of close to $800 million across 400+ markets.
dYdX is a major DEX platform with a heavy focus on reducing the inflated gas prices on Ethereum. It is one of the few platforms to offer gasless deposits to new users who deposit above a certain threshold. The platform has plans to make this a permanent feature.
dYdX is also working closely with StarkWare to deploy a Layer 2 scalability engine designed to reduce gas costs and trading fees further. Using Ethereum Smart Contracts, dYdX enables traders to invest in the crypto-equivalent of futures trading and other derivatives.
Due to its unique position on the Ethereum ecosystem, dYdX has managed to gain ground on other more popular DEX platforms like Uniswap. As a result, at the end of 2021, dYdX is ranked second on the list of the most active DEX platforms, with daily volumes of $5.4 billion.
Instead of Ethereum or Binance, the Raydium platform operates on the highly promising Solana blockchain. As a result, the Ethereum-competitor has a vibrant developer ecosystem, and its cryptocurrency has grown at least 16,000% since January 2021.
The increased interest in the Solana blockchain has also helped Raydium, an AMM platform based on the Serum DEX.
The platform gives access to over 430 trading pairs, with Solana-USDT being the most popular.
The native token, also called Raydium, is the foundation of all future apps and projects on the Solana and Serum ecosystems.
The projectโs primary focus is to function as the engine of DeFi on Solana. However, with current daily volumes already reaching $300 million, Raydium shows a lot of promise for future growth.
Launched in 2020 as a less expensive, more efficient alternative to Ethereum, Avalanche blockchain focuses on decentralized apps.
Its AVAX token has hit all-time high demands in late 2021, thanks to positive media coverage and high-profile partnerships with entities like Deloitte.
This surge has also propelled TraderJoe, the major DEX platform based around Avalanche blockchain, to the top of the DEX pile in recent times. Its pole position in the blockchain ecosystem has helped drive TraderJoeโs daily trades close to $1 billion.
You can trade major cryptos, stake and gain the native JOE token as rewards, lend other cryptos and farm yields on the TraderJoe platform. With low fees and over 170 markets, TraderJoe is a top target for anyone interested in the Avalanche ecosystem.
Top Pick: Uniswap
The Top pick isย Uniswap, for its deep liquidity pools, its user-friendliness, and its commitment to continuous innovation.
As the various DeFi ecosystems continue to grow and expand, the importance of DEX aggregators and AMM platforms will increase further.
These platforms serve a vital purpose, finding liquidity and facilitating transactional activity across multiple blockchains.
To say that the future of DeFi, and by extension, the future of finance as we know it, hinges on DEX aggregators would not be an overstatement.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
On November 14th, block height 709,632, Bitcoinโs Taproot upgrade was activated. The update brings with it improvements to the flexibility, security, and efficiency of bitcoin transactions. And as Bitcoinโs first protocol upgrade in over four years, itโs a major milestone in the development of the network.
Below, we outline the Taproot upgrade, what it changes, and how it will impact the bitcoin network going forward.
Three interconnected upgrades, deployed simultaneously
The Taproot upgrade is actually an umbrella term referring to three interconnected Bitcoin Improvement Proposals (BIPs) set to activate simultaneously:
BIP 340, orย Schnorr. This proposal introduces Schnorr signatures, a digital signature scheme that is faster, more secure, and less data-intensive than the cryptographic method currently in use (Elliptic Curve Digital Signature Algorithm, or ECDSA).
BIP 341, orย Taproot. This proposal defines Pay-to-Taproot (P2TR), a new way to send bitcoin that enhances privacy and flexibility for users. It also implements Merklized Alternative Script Trees (MAST), which compress complex Bitcoin transactions into a single hash. This reduces transaction fees, minimizes memory usage, and improves Bitcoinโs scalability.
BIP 342, orย Tapscript. This proposal defines Tapscript, an update to Bitcoinโs original scripting language that enables P2TR transactions, leverages Schnorr signaturesโ improved efficiency, and allows for more flexible upgrades going forward.
Taproot adoption timeline
On June 12th, 2021, these upgrade proposals reached a 90% consensus among miners, thus locking in their November activation as a soft fork to Bitcoinโs protocol. As a soft fork, the Taproot upgrade is backwards compatible with older versions of bitcoin and does not create a separate, parallel blockchain, as was the case with Bitcoin and Bitcoin Cash.
Adoption of taproot is expected to grow slowly over a period of years, just as it did with SegWit, the last major Bitcoin upgrade. Two years after SegWitโs activation, roughly 50 percent of transactions used it; today, four years after, that proportion is 80 percent. The main reason for this slow rate of adoption is that cryptocurrency wallets and service providers choose to opt-in on their own schedule.
Taprootโs impact
The Taproot upgrade will improve Bitcoin in a number of ways, such as:
Lower fees: Since the data size of complex transactions will be reduced, transaction fees will decline proportionally.
Improved lightning network efficiency: Taproot will make transactions on the Lightning Network cheaper, more flexible and more private.
Enhanced smart contract functionality: With Taproot, Bitcoin will be able to host smart contracts with any number of signatories while retaining the data size of a single-signature transaction. This lays the technical foundation for DeFi on the Bitcoin network.
In other words, the Taproot upgrade is a massive improvement to the Bitcoin protocol.
Lightning network improvements and expanded smart contract capabilities will improve bitcoinโs utility; meanwhile, lower transaction fees and increased network speed will improve its scalability.ย
For this reason, weโre thrilled to welcome BIP 340, 341, and 342 at block height 709,632 and beyond.
In a first, Bitcoin developers have done something amazing amid the criticism over the lightning network and issues associated with it. A team of developers has made an international payment using the radio … Continue reading International payment using the radio waves→
My inspiration for this page was given to me by my new aquired friend, a fellow Truth Seeker – Joris and to whom I dedicate this page… Wish you… as well as to … Continue reading Discipline Quotes→
Bitcoin white paper turns 15 and the Legacy of Satoshi Nakamoto lives on. โIโve been working on a new electronic cash system thatโs fully peer-to-peer, with no trusted third party,โ Satoshi Oct. 31, … Continue reading Bitcoin White Paper turn 15→
BitHouse 