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Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

Syscoin Platform’s Great Reddit Scaling Bake-off Proposal

https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44
We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution!
Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality.
Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining.
This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.

Solutions

Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
  1. Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
  2. The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
  3. Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.

Syscoin + Matic Integration

Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both.
Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.

Proving Performance & Cost Savings

Our POC focuses on 100,000 on-chain settlements of token transfers on the Syscoin Core blockchain. Transfers and burns perform equally with Syscoin. For POCs related to smart contracts (subscriptions, etc), refer to the Matic Network proposal.
On-chain settlement of 100k transactions was accomplished within roughly twelve minutes, well-exceeding Reddit’s expectation of five days. This was performed using six full-nodes operating on compute-optimized AWS c4.2xlarge instances which were geographically distributed (Virginia, London, Sao Paulo Brazil, Oregon, Singapore, Germany). A higher quantity of settlements could be reached within the same time-frame with more broadcasting nodes involved, or using hosts with more resources for faster execution of the process.
Addresses used: 100,014
The demonstration was executed using this tool. The results can be seen in the following blocks:
612722: https://sys1.bcfn.ca/block/6d47796d043bb4c508d29123e6ae81b051f5e0aaef849f253c8f3a6942a022ce
612723: https://sys1.bcfn.ca/block/8e2077f743461b90f80b4bef502f564933a8e04de97972901f3d65cfadcf1faf
612724: https://sys1.bcfn.ca/block/205436d25b1b499fce44c29567c5c807beaca915b83cc9f3c35b0d76dbb11f6e
612725: https://sys1.bcfn.ca/block/776d1b1a0f90f655a6bbdf559ff5072459cbdc5682d7615ff4b78c00babdc237
612726: https://sys1.bcfn.ca/block/de4df0994253742a1ac8ac9eec8d2a8c8b0a6d72c53d6f3caa29bb6c171b0a6b
612727: https://sys1.bcfn.ca/block/e5e167c52a9decb313fbaadf49a5e34cb490f8084f642a850385476d4ef10d70
612728: https://sys1.bcfn.ca/block/ab64d989edc71890e7b5b8491c20e9a27520dc45a5f7c776d3dae79057f59fe7
612729: https://sys1.bcfn.ca/block/5e8b7ecd0e36f99d07e4ea6e135fc952bf7ec30164ab6f4d1e98b0f2d405df6d
612730: https://sys1.bcfn.ca/block/d395df3d31dde60bbb0bece6bd5b358297da878f0beb96be389e5f0e043580a3
It is important to note that this POC is not focused on Z-DAG. The performance of Z-DAG has been benchmarked within realistic network conditions: Whiteblock’s audit is publicly available. Network latency tests showed an average TPS around 15k with burst capacity up to 61k. Zero-latency control group exhibited ~150k TPS. Mainnet testing of the Z-DAG network is achievable and will require further coordination and additional resources.
Even further optimizations are expected in the upcoming Syscoin Core release which will implement a UTXO model for our token layer bringing further efficiency as well as open the door to additional scaling technology currently under research by our team and academic partners. At present our token layer is account-based, similar to Ethereum. Opt-in compliance structures will also be introduced soon which will offer some positive performance characteristics as well. It makes the most sense to implement these optimizations before performing another benchmark for Z-DAG, especially on the mainnet considering the resources required to stress-test this network.

Cost Savings

Total cost for these 100k transactions: $0.63 USD
See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing:
ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37)
Syscoin price: $0.11
Snapshot of live fee comparison chart
Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions.
Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.

Tools, Infrastructure & Documentation

Syscoin Bridge

Mainnet Demonstration of Syscoin Bridge with the Basic Attention Token ERC-20
A two-way blockchain interoperability system that uses Simple Payment Verification to enable:
  • Any Standard ERC-20 token to be moved from Ethereum to the Syscoin blockchain as a Syscoin Platform Token (SPT), and back to Ethereum
  • Any SPT to be moved from Syscoin to the Ethereum blockchain as an ERC-20 token, and back to Syscoin

Benefits

  • Permissionless
  • No counterparties involved
  • No trading mechanisms involved
  • No third-party liquidity providers required
  • Cross-chain Fractional Supply - 2-way peg - Token supply maintained globally
  • ERC-20s gain vastly improved transactionality with the Syscoin Token Platform, along with the security of bitcoin-core-compliant PoW.
  • SPTs gain access to all the tooling, applications and capabilities of Ethereum for ERC-20, including smart contracts.
https://preview.redd.it/l8t2m8ldh8e51.png?width=1180&format=png&auto=webp&s=b0a955a0181746dc79aff718bd0bf607d3c3aa23
https://preview.redd.it/26htnxzfh8e51.png?width=1180&format=png&auto=webp&s=d0383d3c2ee836c9f60b57eca35542e9545f741d

Source code

https://github.com/syscoin/?q=sysethereum
Main Subprojects

API

Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.

Documentation

Syscoin Bridge & How it Works (description and process flow)
Superblock Validation Battles
HOWTO: Provision the Bridge for your ERC-20
HOWTO: Setup an Agent
Developer & User Diligence

Trade-off

The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms.
The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.

Cost

Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens
Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.

Z-DAG

Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).

Benefits

  • Unique fee-market that is more efficient for microtransaction redemption and settlement
  • Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
  • Provides high throughput and secure fulfillment even if blocks are full
  • Probabilistic and interactive
  • 99.9999% security assurance within 10 seconds
  • Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
  • Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
https://preview.redd.it/pgbx84jih8e51.png?width=1614&format=png&auto=webp&s=5f631d42a33dc698365eb8dd184b6d442def6640

Source code

https://github.com/syscoin/syscoin

API

Syscoin-js provides tooling for all Syscoin Core RPCs including interactivity with Z-DAG.

Documentation

Z-DAG White Paper
Useful read: An in-depth Z-DAG discussion between Syscoin Core developer Jag Sidhu and Brave Software Research Engineer Gonçalo Pestana

Trade-off

Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.

Syscoin Specs

Syscoin 3.0 White Paper
(4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
  • 16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
  • SHA256 merge mined with Bitcoin
  • UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
  • Z-DAG on asset layer, bridge to Ethereum on asset layer
  • On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
  • Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
  • Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
  • Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.

Wallets

Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask.
Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2.
Current supported wallets
Syscoin Spark Desktop
Syscoin-Qt

Explorers

Mainnet: https://sys1.bcfn.ca (Blockbook)
Testnet: https://explorer-testnet.blockchainfoundry.co

Thank you for close consideration of our proposal. We look forward to feedback, and to working with the Reddit community to implement an ideal solution using Syscoin Platform!

submitted by sidhujag to ethereum [link] [comments]

Bank of England adviser tells Bloomberg that cryptos fail fundamental financial tests

Crypto Market Recap

Crypto Developments in Financial Services

Crypto Regulatory Environment

General Crypto News

Sources:
https://bitcoinist.com/bank-of-england-cryptocurrencies-threat-not-worried/ https://bitcoinist.com/bis-bitcoin-depart-proof-of-work/ https://bitcoinist.com/london-stock-exchange-confirms-tech-sale-to-hong-kong-cryptocurrency-exchange/ https://blog.coinbase.com/announcing-new-features-and-services-to-make-trading-easier-for-high-volume-customers-in-asia-and-57a30ad08e2f?gi=fa5d40da3c9f https://coin360.io/ https://coinmarketcap.com/ https://cointelegraph.com/news/a-glimpse-into-the-future-what-happens-when-there-are-no-more-bitcoin-to-mine https://cointelegraph.com/news/bank-of-england-adviser-cryptocurrencies-fail-basic-financial-tests-lack-value https://cointelegraph.com/news/ethereum-on-chain-transaction-volume-reached-record-high-in-december-2018 https://cointelegraph.com/news/major-central-bank-institution-bis-bitcoin-must-depart-from-proof-of-work https://cointelegraph.com/news/nyse-operators-long-awaited-crypto-platform-bakkt-announces-new-key-vacancies https://cointelegraph.com/news/vulnerability-is-found-in-constantinople-hours-after-eth-devs-call-it-least-eventful-hard-fork https://twitter.com/Bakkt/status/1087729490522972163 https://www.bakkt.com/careers https://www.bis.org/publ/work765.htm https://www.coindesk.com/coinbase-adds-cross-border-wire-transfers-for-whales-in-europe-and-asia https://www.coindesk.com/dutch-financial-authorities-plan-licensing-scheme-for-crypto-exchanges https://www.coindesk.com/london-stock-exchanges-trading-tech-to-power-new-crypto-exchange https://www.dnb.nl/en/binaries/Crypto%20Uk\_tcm47-381603.pdf?2019012109 https://www.lseg.com/resources/media-centre/press-releases/lseg-technology-selected-atom-power-aax-digital-asset-exchange https://www.newsbtc.com/2019/01/22/binance-crypto-and-blockchain-event-in-singapore-a-resounding-success/
submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

1st Round AMA Answers!

Based on the volume of questions from the East and West, we have compiled them all here. We also want to make sure the community has a chance to see all of the answers in a neat and orderly presentation.
 
Reddit 1st AMA Answers
What do you mean by “side chains”? Will the Hcash main chain run parallel with other chains, or are other chains plugged in based on certain block numbers? My question is based around the vertical and parallel scalability I see with EOS. What is the interaction with the side chains? Is this faster than vertical scaling?
Side chains will run parallel and be interoperable with the main chain. Side chains allow for new, more efficient, consensus mechanisms as well as smart contract functionality. Eventually other major blockchains will be interoperable with Hcash, through side chains and relays, DAG EVM for ETH, and other “Layer 2” solutions (Lightning Network for BTC and BTC forked code). Side chains allow for different scalability methods, flexibility and accessibility.
Is quantum resistance to protect against hacking, or against “fast mining” (preventing inequality between PoW miners)? How is it possible to guarantee quantum resistance? Isn’t our understanding of quantum computing just based on theories since quantum computers are not fully functional yet?
Quantum resistance is the protection against attacks made by quantum computers, which is currently contrasted by what we know about classical computers. Quantum computers weaken the security assumptions of certain types of cryptography, including ECDSA. If ECDSA were broken, attackers could steal balances in addresses that have made previous spends because the ECDSA public key for the address is revealed to the blockchain. Addresses with unexposed ECDSA keys will be resistant to this type of attack, as they are secured by RIPEMD160 and their ECDSA keys have not been revealed. Quantum resistance does not mean quantum proof. Quantum resistance means that quantum-based attacks do not have a significant advantage over the computers we have today. Based on what we currently know, our signature scheme is quantum resistant. No one knows what the future holds which is why it is important to always continue research and development into quantum resistant cryptography.
What do you mean by “exchange of value and valuable information”? Is this the exchange of coins and smart contracts?
The “value” you are referring is not derived from our current understanding of value (fiat). The “true value” that blockchain systems hold is stored in the hashes themselves. Data and information is king.
Imagine that in 2 years, a kid walks up to you and asks, “What do you do and how does it help society?”
We are one of many projects that helped build a more secure web of connected devices, and revolutionized peoples’ opinion on value and what really matters.
An uninformed businessman who has no understanding of blockchain, but has heard Bitcoin approaches you. How do you explain your product and the benefits to him so that he remembers to give you a call the next day?
Tell him to do his research on blockchain first before selling him on some grand idea. Smart investors grow a stable smart economy, not dumb money.
After reviewing the Hcash source code on GitHub https://github.com/HcashOrg/hcashd, I've found that almost all the Hcash main chain code has been written by SJTU (Shanghai Jiao Tong University), for example https://github.com/sammy00 https://github.com/yczhangsjtu. What have other contributors, such as the Nucleus Team, done for Hcash?
Shanghai Jiao Tong University’s Lab of Cryptography and Computer Security is the primary contributor to the main chain code. It is no small feat to have the 4th best university in China working on this project. The Nucleus Team is working with them to finish main chain testing. After the main chain launch, the Nucleus team will focus on the future development for Hcash including our side DAG EVM and main chain Lightning interoperability.
The main chain public repo hasn’t been updated very frequently.
Please refer to our new GitHub. The frequency of updates will increase as we approach/ pass the main chain launch.
When will the swap from Hshares to Hcash take place?
The swap to the main chain will take place after the main chain launch mid-February. Announcements will be made as to how and where you can swap your Hshares for Hcash.
What is the exact date of main chain launch?
The main chain launch will take place mid-February. We are aiming for release on February 15th.
Will you provide interoperability for all the existing blockchains?
We hope to provide interoperability for all blockchains in the future. That is a lot of work though. We will start with the larger chains that have healthy development and community sizes first. To make this easier, we plan to provide a back-end solution for new blockchains to make this process easier.
Will the interoperability between the blockchains support both transfer of data and transfer of value?
Yes
What is a block-less blockchain? Is this a traditional distributed system?
A block-less blockchain accomplishes the same goals as a traditional blockchain by using consensus to determine the order of transactions. A block-less blockchain, such as a DAG, allows for faster consensus without traditional block size requirements. Faster consensus means higher throughput.
How will Hcash bridge block-less and traditional blockchains?
Through relays between our main chain and side DAG. A more technical analysis will be available in our upcoming yellow paper.
What signature scheme will you use to achieve quantum resistance? Why?
Hcash is using the BLISS signature scheme. Hcash’s version of BLISS has been hardened to mitigate side channel attacks. BLISS was chosen for its efficient key and signature size.
Provide an overview as to how inoperability will be achieved.
We will be using relays to Hashed Timelock Contracts for Lightning Network interop on our main chain, relays and colored coins that operate with our DAG EVM, bridges to side chains for more uncommon chains, and back-end protocols for newer blockchains.
Specifically, what is the theory behind Hcash’s interoperability?
This answer would be longer than the entire AMA. Unfortunately, the specifics will have to wait until the yellow paper release. In the meantime, I would read the Lightning Network whitepaper because it is an excellent source of information. You could also research BTC relays and EVMs.
What is the timeline for interoperability? Will this be the main focus of Hcash? When can be expect an Alpha version?
We will be updating the roadmap in Q2. Interop timeframes will be easier to gauge after the main chain release. There are quite a few ideas around what we would like to tackle next, whether it would be assisting other projects on Lightning Network development, the DAG EVM implementation, or possibly both at the same time.
How will swap values be calculated when switching between blockchains? Is it based on the current market value?
Yes, it would be based on the current, real time market value.
Will you update the whitepaper to include a comprehensive overview of interoperability, its theory and its exchange functions?
In the coming months we plan to do an update on the white paper. The technical analysis will be provided in our yellow paper. These will be detailed in the updated roadmap to be released after the main chain launch.
Can you explain who will use the Hcash? I am trying to figure out where the supply and demand will come from.
Our target audience is everyone, from people playing mobile games to supporting business and government logic. The supply and demand will come with the need to transfer more and more data across multiple platforms. As for the economic model, this has not been outlined yet. We will be exploring all methods that fall in line with creating smart economies, including 2 token models.
Will you be hiring an advertising team?
We are already expanding Western marketing, primarily in the US. More focus on this will come soon after the main chain.
What are ring signatures in cryptography? How do they work?
At this time, we are exploring more efficient transaction schemes, such as bulletproofs. Bulletproofs can reduce the computational power needed for privatized/ anonymous transactions.
Most of us understand the interoperability of the network. What is a specific use case for Hcash? What role will Hcash have in the network? What makes it a requirement for interoperability? If someone has Bitcoin and wants to convert it to Ethereum using Hcash’s network wallet, is Hcash used as a fee for that conversion?
Here is an analogy. You walk into an arcade with 20 different machines. Each of these machines takes a different token, but you only have coins that operate with one of these machines. This would be the type of solution we hope to provide. Fees can be paid with Hcash. In the future we can explore taking fees in other denominations as well. More of this would be explained in detail with our yellow paper and economic model.
 
Baidu 1st AMA Answers
What specific date will the main chain go online?
Main chain release is mid-February, but we are aiming for launch on February 15th.
Are you willing to divulge how many apps you have in development for the Hcash main chain?
The primary focus right now is to improve the stability of the Hcash main chain. This will ensure successful launches in the future for developers on our side DAG EVM.
What is the Martian’s current relationship to Hcash? Is he still part of its team?
The Hcash team is currently located on Earth. The last I heard the Martian was returning to Mars.
Will the main chain go up according to schedule? Are there any problems with Hcash? The specialist sales team was made up of shareholders/ investors, right?
Provided no unforeseen circumstances, we are on schedule for the main chain release. There are roadblocks and disconnects with every project. This is a new world of technology we are exploring. I think the team you may be referring to is the Hcash Foundation themselves. A lot of the Western marketing and development is being handled by the Nucleus Team.
Is the code on GitHub all original? Are all developments executed on GitHub? Why is there so little original code? There are so few modifications. I also noticed there are remarkably few references to the code. Most of them are from documents that have been updated.
Many engineers have worked to contribute to the blockchain community over the years. We are taking advantage of the hard work and research that has been done while also making our own meaningful contributions for others to use in their code. It is important to acknowledge the contributions of others. The work completed by Decred in particular has allowed us to grow. Now we will have our chance to contribute back to them and others with our post quantum signature scheme and NG implementation. There are advantages of having similar projects that people don’t realize. For example, after our main chain launch we can explore assisting with development on the Lightning Network. As for GitHub, you will see activity increase when the main chain launches.
What is scope of the Hcash R&D team?
To assess, research and develop cutting edge decentralized consensus mechanisms and applications.
Hcash is currently collaborating with three universities. Shanghai Jiao Tong University has been working on the main chain quantum resistance. What are the main responsibilities of the other two universities?
Building blockchain technology is a group effort. The other teams have also been researching other options for main chains, smart contracts etc. For example, Dr. Joseph Liu from Monash University is working on ring signature schemes to continue our research and development into privatized transactions. We are looking forward to taking the best efforts of all teams and bringing them to the blockchain communities at large, starting with the post quantum implementation from LoCCS at Shanghai Jiao Tong University.
The Westerners working on Hcash don't seem very enthusiastic. They aren't following a lot of people on Twitter. Does the team have any clearer plans for increasing publicity?
The Westerners are primarily focused on the technology, development, and creating more content. The community management will be increasing transparency and activity in time. More Western marketing can be done after the launch of the main chain.
Are there plans to get onto more exchanges such as Bittrex?
When moon? We are constantly considering all options to allow users to access Hcash. Currently we are listed amongst some of the top exchanges like Binance and growing exchanges like KuCoin.
When will quantum resistant technology be implemented into Hcash? Where can we follow the developments being made and is there anywhere we can go to participate in the project?
Quantum resistant technology is available now on GitHub at https://github.com/HcashOrg/hcashd and will be available for use outside of the testing environment when the main chain launches in the middle of February.
Where do you download the wallet? How do you mine?
The wallet for the new main chain can be found on GitHub at https://github.com/HcashOrg/hcashwallet. You can mine on the new main chain by joining a pool or using the hcashd node to solo-mine.
When will Hshares swap Hcash? Can you announce a general time?
Hshares can be redeemed for Hcash after the main chain launches in the middle of February. Announcements will be made regarding how and where to swap your Hshares for Hcash.
Will there be an address mapping when Hshares swaps to Hcash like there was with EOS? What other kind of mechanism will be used for the coin swap?
A snapshot of Hshares will be included in the Genesis (first) block of Hcash’s launch to allow users to convert their Hshares into Hcash. An announcement will be made as to how, when and where conversions will take place.
When will the main chain that can support smart contracts go online? When will tokenization for Hcash take place?
Smart contract functionality will be available when our side DAG launches. Users, businesses and developers will be able to build dApps, launch tokens and more. We are making sure the main chain is a stable foundation before adding our DAG to the Hcash ecosystem.
There aren't many updates on GitHub and there aren’t many contributors. What kind of coordination is going on with the development team?
Both the Nucleus Team and members of Shanghai Jiao Tong University LoCCS are working together to finalize testing. Updates are being made to our GitHub at https://github.com/HcashOrg/hcashd.
Based on what I've been reading, Shanghai Jiao Tong University is mainly responsible for the main chain portion of the project. How is their team doing? How many research students in their labs are helping them?
Shanghai Jiao Tong is responsible for building and launching the new main chain. Their team there has been doing a great job with research and development and we look forward to seeing more of their work. The Nucleus Team is currently working with them to finish testing. After testing, the Nucleus team will focus on the future development of the project including our side DAG. I do not know the size of their team as we have not visited their lab.
Can you confirm that the main chain will finally go up in mid-February? Is it just a hypothetical date and then a further delay?
The primary responsibility is to make sure the main chain is stable and secure so that it can be used as the foundation to add other important features to the Hcash ecosystem, like smart contracts and hidden transactions. Everyone is working very hard to hit the target release date of mid-February. We are planning on mid-February for the launch unless anything unexpected comes up.
What is the status of these interoperability features? When is the main chain going online?
Main chain will be released mid-February. The interoperability features depend on the stability of the network. Our side DAG EVM will be the quickest addition to the Hcash ecosystem that will allow for ETH interoperability. Lightning Network on the main chain will require further research and development.
Won’t zero knowledge proofs conflict with the system’s throughput?
We are currently working on more uncommon implementations of zero proof knowledge, such as bulletproofs that allow for efficient transaction speeds. We can also achieve higher throughput with our side DAG.
 
Thank you to everyone who participated! Round 2 of our AMA session leading up to the launch of the main chain will be announced shortly 😊
submitted by Mr_Handsome_Nucleus to hcash [link] [comments]

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