cpt.Blockchain-Network (Bcn-net)

Cpt-created: {2016-03-04}


Blockchain-network (bcnnet) is a-peer-to-peer-network that stores in a-shared-file (blockchain) a-chain of blocks with the-history of the UNMODIFIABLE, TRANSPARENT transactions-of-information among its nodes.
Bcnnet is a young and fluid technology.
Our view about it is double fluid.
Do-NOT-expect my view to cover all its attributes and to-have a-small-amount of mistakes.

The blockchain is a recent development in the field of computer science, which uses a global peer-to-peer network to provide an open platform that can deliver neutrality, reliability and security.

These cryptoeconomic networks come in many flavors — ASIC-based PoW, GPU-based PoW, naive PoS, delegated PoS, hopefully soon Casper PoS — and each of these flavors inevitably comes with its own underlying philosophy.

Blockchain technology is the technological basis of Bitcoin, first described by its mysterious author Satoshi Nakamoto in his white paper “Bitcoin: A Peer-to-Peer Electronic Cash System”, published in 2008.
While the use of blockchains for more general uses was already discussed in the original paper, it was not until a few years later that blockchain technology emerged as a generic term.
A blockchain is a distributed computing architecture where every network node executes and records the same transactions, which are grouped into blocks.
Only one block can be added at a time, and every block contains a mathematical proof that verifies that it follows in sequence from the previous block. In this way, the blockchain’s “distributed database” is kept in consensus across the whole network.
Individual user interactions with the ledger (transactions) are secured by strong cryptography.
Nodes that maintain and verify the network are incentivized by mathematically enforced economic incentives coded into the protocol.

* cpt.Bcn-(Blockchain),
* cpt.Bcn-net-(Blockchain-Network), {2017-03-05}
* cpt.Blockchain-based-system,
* cpt.Blockchain-ecosystem,
* cpt.Blockchain-framework,
* cpt.Blockchain-Network-(BcnNet),
* cpt.Blockchain-technology,
* cpt.Consensus-technology,
* cpt.Cryptoeconomic-network,
* cpt.Decentralised-consensus-based-transaction-system,
* cpt.Decentralized-consensus-network,
* cpt.NetBcn, {2016-03-25}
* cpt.Network.blockchain,

* ενν.Αλυσιδωτών-μπλοκ-δίκτυο, {2017-01-25}
* ενν.Δίκτυο-αλυσιδωτών-μπλοκ, {2017-01-25}
* ενν.Δίκτυο-αλυσίδας-μπλοκ,
* ενν.Μπλοκτσέιν-δίκτυο, {2017-05-06}

Bcn-net'whole.DAO (bcndao)

Cpt-created: {2017-03-28}

IF a-bcnnet incorporates (= buildin) a-decentralized-autonomous-governing-system
THEN it is-becoming a-DAO (Decentralized-Autonomous-Organization).

* cpt.Bcn-Dao-(Blockchain-decentralized-autonomous-organization),
* cpt.Blockchain-Decentralized-Autonomous-Organization,
* cpt.Blockchain-DAO,
* cpt.DAO-of-blockchain,

Organization is a-system-of-humans with an-administering-system.
IF it has-no administering-system, it is a-GROUP.
No humans, no group, no organization, no DAO.
A-blockchain-network only if it will add an-administering-system is becoming organization.
Bitcoin, Ethereum networks do-not have such a-system and have a-tendency to split.
BitShares clearly states in its whitepaper that it is a-DAO-company (as it runs for profit).
"BitShares is a decentralized autonomous company, and as such offers products to earn their shareholders a profit.
As we have seen in the previous section, it also offers a way to pay for expense, such as development and administration but earns a profit by burnning (i.e. reducing supply).
Of course, the company can only be profitable if the income exceeds the expenses.
Thus, we will now discuss both in detail". [idBtswpr4]
A-DAO RUNS autonomously.
It evolves with decentralized-decision-making.
The proof-of-work structure that secures and maintains the Bitcoin network is one manner of organizing individuals who do not necessarily trust one another to act in the best interest of all participants of the network.


* {2016-05-31} Ralph C. Merkle: DAOs, Democracy and Governance: http://merkle.com/papers/DAOdemocracyDraft.pdf,
* {2013-09-19} Vitalik Buterin: Bootstrapping A Decentralized Autonomous Corporation: Part I: https://bitcoinmagazine.com/articles/bootstrapping-a-decentralized-autonomous-corp.../


* Bitshares-DAO,
* BOScoin-DAO,
* Dfinity-DAO,
* Tezos-DAO,

Bcn-net'Protocol (bcnprl)

Protocol is A-DESCRIPTION of the-communication-process of the-network.
Algorithm usually is-called a-description of info processing.

* cpt.Bcn-net--protocol,
* cpt.Bcn-prl-(Blockchain-protocol),
* cpt.Blockchain-protocol,
* cpt.Protocol-of-blockchain,

* p2p-network-protocol,

bcn-prl'White-paper (bcnwpr)

Usually, PDF-files that DESCRIBE the-protocol in natural-language.

* cpt.Bcn-prl--white-paper,
* cpt.Bcn-wpr-(Blockchain-white-paper), {2017-03-26}
* cpt.BcnPrlwpr,
* cpt.Blockchain-white-paper,
* cpt.White-paper-of-blockchain,

* Aeternity-white-paper,
* Bitcoin-white-paper,
* BitShares-white-paper,
* BOSnet-white-paper,
* ChronoBank-white-paper,
* Dash-white-paper,
* Ethereum-white-paper,
* Humaniq-white-paper,
* Peercoin-white-paper,
* Waves-white-paper,


The-computer-language used to write the-protocol.
Nxt was built from scratch in Java – one of the most popular programming languages for developers and users alike, and one ideally suited to the needs of the web. Most other cryptocurrencies are written in C++ (including Bitcoin and its immediate derivatives), which has a smaller base of developers. Java is cross-platform, meaning that it can be run on any operating system without modification. It’s also used on 3 billion phones and mobile devices worldwide.

The widespread use of Java and the open source nature of Nxt makes it a universal application that can be used on any mainstream device or operating system and can be maintained by potentially millions of software developers worldwide. The Nxt protocol reflects the values and strengths of the project itself: its development was entirely decentralised, spread across many different countries as its core members came together to create a platform that would not only improve upon the first generation of cryptocurrencies but add totally new features to position it for a whole new era in the history of the internet.

* cpt.Bcn-net--coding-language,
* cpt.Bcn-net--implementation-language,
* cpt.Bcn-net--source-code-language,
* cpt.Bcn-prl--implementation-language,
* cpt.Blockchain-implementation-language,
* cpt.Implementation-language-of-blockchain,


* bcnprl.specific,
* cpt.Bcn-prl.specific,

* bitcoin-protocol,
* ethereum-protocol,

Bcn-net'Node (bcnnod)

A blockchain is a distributed computing architecture where every network node executes and records the same transactions, which are grouped into blocks.
Only one block can be added at a time, and every block contains a mathematical proof that verifies that it follows in sequence from the previous block. In this way, the blockchain’s “distributed database” is kept in consensus across the whole network.
Individual user interactions with the ledger (transactions) are secured by strong cryptography.
Nodes that maintain and verify the network are incentivized by mathematically enforced economic incentives coded into the protocol.

* cpt.Bcn-net--network-node,
* cpt.Bcn-net--node,
* cpt.Bcn-nod,
* cpt.Blockchain-node,
* cpt.Node-of-blockchain,

bcn-nod'Operator (link)


* bcnnod.specific,
* cpt.Bcn-nod.specific,

* Full-node,
* Light-node,
* Miner-node,
* Updater-node,


Full nodes are servers running on a p2p network, that allow peers to use them to receive updates about the events on the network.
These nodes require significant amounts of traffic and other resources that carry substantial cost.

* cpt.Bcn-nod.full,
* cpt.Blockchain-full-node,
* cpt.Full-node-of-blockchain,


A-light-node does-not-store the-whole-blockchain, only what interest it.

* cpt.Bcn-nod.light,
* cpt.Blockchain-light-node,
* cpt.Light-node-of-blockchain,


* Miner-node is a-node that adds blocks in a-blockchain with proof-of-work-consensus-algorithm.
It is-called 'miner' because in this process, new coins are-created.

* cpt.Bcn-net--node.miner,
* cpt.Bcn-nodeMnr,
* cpt.NetBct'miner-node,
* cpt.Miner-node-of-blockchain,

* ενν.Εξoρύκτης-αλλυσίδας-μπλοκ-κόμβος,

bcn-nodMnr'Human.Miner (bcnmnr)

* Miner-human is a-human that owns|operates a-miner-node.

* cpt.Bcn-hmn.miner,
* cpt.Bcn-miner-human,
* cpt.Bcn-net--miner-human,
* cpt.Miner-human-of-blockchain,

bcn-nodMnr'Mining (bcnmng)

A-blockchain is-updating ONLY by adding new blocks by consensus.
Its history is unmodifiable.
In pow blockchains, updating is-called mining because in this process new coins are-created and resembles gold finding.
In NEM harvesting is the act of forming blocks (mining/forging).

* cpt.Bcn-mining,
* cpt.Bcn-minting,
* cpt.Bcn-mng-(Blockchain-mining),
* cpt.Bcn-net--mining,
* cpt.Bcn-net--forging,
* cpt.Bcn-net--harvesting,
* cpt.Blockchain-appending,
* cpt.Blockchain-mining,
* cpt.Blockchain-updating,
* cpt.Mining-of-blockchain,
* cpt.Updating-blockchain,

* Bitcoin-mining,
* Ethereum-mining,
* Lisk-mining,


The mining of coins by a cryptocurrency’s founder before that coin has been announced and details released to others who may wish to mine the coin.
Pre-mining is a common technique used with scamcoins, although not all pre-mined coins are scamcoins (see Scamcoins).

* cpt.Blockchain--pre-mining,
* cpt.Bcn--pre-mining,
* cpt.Pre-mining-of-blockchain,


Most Bitcoin Cloud Mining Companies are Scams
Like the heading says, most cloud mining contracts are scams. Why? Because it’s easy for companies to take peoples’ money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware.
So remember: 99% of cloud mining companies are scams.
Which Companies Are Not Scams?
There is only one cloud mining company we are willing to recommend on this site: Genesis Mining.
Just because it is not a scam, however, does not mean that you will make a profit by using it.

* cpt.Blockchain-cloud-mining,
* cpt.Cloud-mining-of-blockchain,

* Bitcoin-cloud-mining,

bcn-nodMnr'MINING-POOL (bcnmgpl)

Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hashing power.
While mining pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner.
Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.

* cpt.Bcn-net--mining-pool,
* cpt.Mining-pool-of-blockchain,





MinerGate is a mining pool created by a group of cryptocoin enthusiasts.
It is the first pool which provides service for merged mining. This means that while mining on our pool you can mine different coins simultaniously without decrease of hashrate for major coin.
Changelly was developed by MinerGate, one of the oldest mining pools on the market, that has
about two mln users all over the world.

* cpt.MinerGate,
* cpt.Minergate,

* https://minergate.com/


Updater-node is a-node that updates the-blockchain.

* cpt.Bcn-nod.updater,
* cpt.Blockchain-updater-node,
* cpt.Updater-node-of-blockchain,

* Miner-node,

Bcn-net'Blockchain (bcnbcn)

A-blockchain is a-file in a-blockchain-network, which contains a-chain of blocks with THE-HISTORY (timestamped) of the-transactions-of-information among the-nodes of the-network.
The-blockchain IS-SHARED (transparent) by all the-nodes and it is UNMODIFIABLE, only appendable.
New-blocks with the-new-transactions are-appended AUTOMATICALLY (not manually) with an-algorithm builtin in the-network (the-consensus-algorithm).
A-blockchain is a-file which contains a-chain of blocks with the-history of the-transactions-of-information among the-nodes of the-network.
The-blockchain is-shared by all the-nodes and it is unmodifiable.
New-blocks with the-new-transactions are-added AUTOMATICALLY in the-blockchain with an-algorithm builtin in the-network (the-consensus-algorithm).

* cpt.Bcn-bcn-(Blockchain-blockchain),
* cpt.Bcn-ledger,
* cpt.Bcn-lgr-(Blockchain-ledger), {2017-03-19}
* cpt.Blockchain,
* cpt.Blockchain-database,
* cpt.Blockchain-file,
* cpt.Blockchain-ledger,
* cpt.Blockchain-record,
* cpt.Bcn-net--blockchain,
* cpt.Bcn-net--distributed-database,
* cpt.Consensus-ledger,
* cpt.Distributed-database-of-bcnnet,
* cpt.MnyBcn'blockchain-ledger,
* cpt.MnyBcn'ledger,

* ενν.Βάση-δεδομέων-αλυσιδωτών-μπλοκ, {2017-01-25}
* ενν.Καθολικό-αλυσιδωτών-μπλοκ, {2017-01-25}
* ενν.Μητρώο-αλυσιδωτών-μπλοκ, {2017-01-25}
* ενν.Μπλοκ-αλυσίδα,
* ενν.Μπλοκτσέιν, {2017-04-10}

A blockchain is essentially just a record, or ledger, of digital events — one that’s “distributed,” or shared between many different parties.
It can only be updated by consensus of a majority of the participants in the system.
And, once entered, information can never be erased.
The bitcoin blockchain contains a certain and verifiable record of every single bitcoin transaction ever made.

A blockchain is fundamentally a public record of state changes.

The security of cryptocurrency ledgers is based on the assumption that the majority of miners are honestly trying to maintain the ledger, having financial incentive to do so.

The blockchain is a state-machine and every time a transaction takes place the state is updated.
So, you can always see at which block what transaction took place.

A list of validated blocks, each linking to its predecessor all the way to the genesis block.
[Mastering Bitcoin, Adonopoulos, https://github.com/bitcoinbook/bitcoinbook/blob/first_edition/glossary.asciidoc]

Blockchain is a decentralized database shared among a network of computers, all of which must approve an exchange before it can be recorded. There’s no need for a trusted intermediary like a bank because the information is held securely and transparently on a digital ledger for all users on the network to see.

A blockchain in all it’s incarnations is a database type designed specifically for use in a DCN.
It can hold any information, and can set rules on how information is updated.
Its primary feature is that it is updated in discrete chunks called ‘blocks’ which are ‘chained’ together using hashes of the previous blocks content.
A blockchain contains not only the information that is currently stored in the database, but also every change made to the database in its history.
Known as the state and transactions respectively it makes for a database with a complete custodial history that cannot be altered without altering every subsequent block.
A private key always signs ‘Transactions’ or requests to change the state of the database, and the signature is stored in the blockchain.

The major story from 2015 is undoubtedly the increasing focus on bitcoin's underlying technology, commonly referred to as blockchain or distributed ledger technology (DLT). Many parties, from government authorities to financial institutions, began to examine potential applications of DLT for securities transaction settlement and other use cases.

Nxt’s innovation is built on the idea of the blockchain: a public, secure record of every transaction that has ever occurred between any two parties within the network. Whilst the blockchain is completely transparent and anyone can access it, once an entry has been added it is impossible to change or remove it. The blockchain allows anyone to prove ownership and exchange of anything that has been agreed between two parties: money, property, rights, IP and more. The revolution that this enables cannot be underestimated.

Blockchain technology, introduced by Satoshi Nakamoto with the proof-of-concept implementation of a simple value transfer system known as bitcoin, represents the best digital system we have (after the internet itself) for administering multi-user interactions without any need for centralized coordination or oversight.

Satoshi Nakamoto's development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or "intrinsic value" and no centralized issuer or controller.
However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin.
Commonly cited alternative applications of blockchain technology include using on-blockchain digital assets to represent custom currencies and financial instruments ("colored coins"), the ownership of an underlying physical device ("smart property"), non-fungible assets such as domain names ("Namecoin"), as well as more complex applications involving having digital assets being directly controlled by a piece of code implementing arbitrary rules ("smart contracts") or even blockchain-based "decentralized autonomous organizations" (DAOs). What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create "contracts" that can be used to encode arbitrary state transition functions, allowing users to create any of the systems described above, as well as many others that we have not yet imagined, simply by writing up the logic in a few lines of code.

bcn-bcn'Attribute (bcnatt)

Recorded digital-information:



bcn-bcn'Block (bcnblk)

Block is a-package of transactions and meta-information that proves that it follows the-last confirmed block.
Block is a-package of transactions.
A blockchain is a distributed computing architecture where every network node executes and records the same transactions, which are grouped into blocks.
Only one block can be added at a time, and every block contains a mathematical proof that verifies that it follows in sequence from the previous block.
In this way, the blockchain’s “distributed database” is kept in consensus across the whole network.

* cpt.Bcn-blk-(Blockchain-block),
* cpt.Bcn-net--block,
* cpt.Block-of-blockchain,


A-block contains information that proves that it follows the-last block and a-number of transactions.

* cpt.Bcn-blk--header,
* cpt.BcnBlkhdr,
* cpt.Bcn-net--block-header,
* cpt.Header-of-block-of-blockchain,

* Bitcoin-block-header,
* Ethereum-block-header,


A-block contains information that proves that it follows the-last block and a-number of transactions.

* cpt.Bcn-blk--transaction,
* cpt.Bcn-blk--transaction-list,
* cpt.BcnBlktx,
* cpt.Bcn-net--block-transaction,

The-number of transactions contained in a-block.

bcn-blk'Consensus-algorithm (link)

bcn-blk'Explorer (link)


The number of blocks preceding a particular block on a block chain.
For example, the genesis block has a height of zero because zero block preceded it.

* cpt.Bcn-blk--height,
* cpt.Bcn-blk--number,
* cpt.Bcn-net--block-height,
* cpt.Block-height-of-blockchain,


The-miner who adds a-new block in the-blockchain is-rewarded with new coins or transaction-fees or both.

* cpt.Bcn-net--block-reward,
* cpt.Block-reward-of-blockchain,

bcn-blk'Time (bcnblktim)

Time related with a-block.

* cpt.Bcn-blk--time,
* cpt.Bcn-net--Block-time,
* cpt.Time-of-block-of-blockchain,


How long ago a-block was-added to a-blockchain.

* cpt.Bcn-blk--age,
* cpt.Bcn-net--age-of-Block,


The-time a-block created.

* cpt.Bcn-blk--timestamp,
* cpt.Bcn-net--block-timestamp,


The-time BETWEEN block creation.

* cpt.Bcn-blk--blocktime,
* cpt.Bcn-net--blocktime,
* cpt.Block-generation-time,
* cpt.Block-interval-of-blockchain,
* cpt.Blockchain-block-interval,
* cpt.Blocktime-of-blockchain,


* Block-hash is the-hash of a-block's-header.

* cpt.Blockchain-block-hash,
* cpt.Blockchain-hash-of-block,
* cpt.Bcn-hash-of-block,


The-size (in bytes) of a-block.

* cpt.Bcn-blk--size,
* cpt.Bcn-net--block-size,


* bcnblk.specific,
* cpt.Bcn-blk.specific,

* Bitcoin-block,
* Ethereum-block,


The-first block, height 0, written programatically into the-blockchain.

* cpt.Bcn-blk.genesis,
* cpt.Blockchain-genesis-block,
* cpt.Genesis-block-of-blockchain,

* Bitcoin-genesis-block,
* Ethereum-genesis-block,

bcn-bcn'Block-Explorer (bcnbex)

Website that presents information about the-parts of a-blockchain-network.

* cpt.Bcn--block-explorer,
* cpt.Bcn-blk--explorer,
* cpt.Bcn-explorer,
* cpt.Bcn-net--block-explorer,
* cpt.Bcn-net--explorer,
* cpt.Block-explorer-of-blockchain,
* cpt.Blockchain-block-explorer,
* cpt.Blockchain-explorer,

* https://chainz.cryptoid.info/
* Bitcoin-block-explorer,
* Ethereum-block-explorer,

bcn-bcn'Consensus-algorithm (bcncsa)

The-consensus-algorithm is an-algorithm describing how to UPDATE the-blockchain.
How the next block will-be-added with consensus.

* cpt.Bcn-net--block-verification-method,
* cpt.Bcn-net--consensus-algorithm,
* cpt.Bcn-net--mining-system,
* cpt.Bcn-net--model-of-security,
* cpt.Bcn-net--transaction-verification-method,
* cpt.Block-validation-algorithm-of-bcnnet,
* cpt.Consensus-algorithm-of-bcnnet,

The consensus algorithm is core to any blockchain based currency or system.
The algorithm attempts to answer the question, ‘how can we prove with confidence that all distributed databases hold the same set of information?’

Ethereum Frontier like all blockchain technologies uses an incentive-driven model of security.
Consensus is based on choosing the block with the highest total difficulty.

Cryptocurrencies use various timestamping schemes to avoid the need for a trusted third party to timestamp transactions added to the blockchain ledger.

Proof-of-work schemes
The first timestamping scheme invented was the proof-of-work scheme. The most widely used proof-of-work schemes are based on SHA-256, which was introduced by bitcoin, and scrypt, which is used by currencies such as Litecoin.[22] The latter now dominates over the world of cryptocurrencies, with at least 480 confirmed implementations.[42]

Some other hashing algorithms that are used for proof-of-work include Blake, SHA-3, and X11.

Proof-of-stake and combined schemes
Some cryptocurrencies use a combined proof-of-work/proof-of-stake scheme,[22][43] The Proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely code dependent on the coin, and there's currently no standard form of it.

bcn-csa'Mining (link)


Distributed timestamping protocols were first applied to decentralizing a financial network in the ground-breaking paper on Bitcoin by Nakamoto[1]. The field has seen explosive research follow-up from both amateurs and professionals, competing to offer extensions, adjustments, improvements, and refinements of the existing protocol. Notable implementations of new ideas include Ethereum[2], which extended scripting, CryptoNote[3], which refined privacy, and Sidechains[4], which investigated two-way pegs with 1:1 Bitcoin tokens. These protocols all utilize proof-of-work (PoW) as originally described in the Bitcoin whitepaper.

A common extension to the Bitcoin protocol modifies the consensus mechanism to either completely or partially use proof-of-stake (PoS), or the use of one’s stake (tokens) rather than one’s computational power to participate in the timestamping process. The first proof-of-stake blockchain based on the Bitcoin protocol was implemented in 2012 by King and Nadal[5], and includes both PoW and PoS that gradually skew towards complete PoS over time. Criticisms of pure PoS consensus systems have themselves been abundant[6] [7], with the most vehement opposition coming from those working with purely PoW blockchains. The most common argument against PoS for distributed timestamping is “nothing-at-stake” or “costless simulation”, describing the systematic instability resulting from stakeholders being able to generate alternatively timestamped histories with no cost to themselves.

Despite the controversy, it is apparent that systems who have a PoS overlay dependent on a PoW timestamping system may be able to independently achieve consensus. This is mathematically explored by Bentov and colleagues[8] in a paper on their scheme, proof-of-activity (PoA), and appears to be a viable extension to the PoW protocols that may enable some interesting new properties. A similar design called MC2 was earlier proposed by Mackenzie in 2013[9]. Here we describe the construction and implementation of a similar consensus system that we have named “Decred”.
1.Nakamoto S. 2008. Bitcoin: A peer-to-peer electronic cash system.
2.Buterin V. 2014. A Next-generation smart contract and decentralized application platform.
3.von Saberhagen N. 2013. CryptoNote v2.0.
4.Back A., Corallo M., Dashjr L., Friedenbach M., Maxwell G., Miller A., Poelstra A., Timon A., Wuille P. 2014. Enabling Bitcoin innovations with pegged sidechains.
5.King S. and Nadal S. 2012. PPCoin: Peer-to-peer crypto-currency with proof-of-stake.
6.Bentov I., Gabizon A., Mizrahi A. 2015. Cryptocurrencies without proof-of-work.
7.Poelstra A. 2015. On stake and consensus.
8.Bentov I., Lee C., Mizrahi A., Rosenfeld M. 2014. Proof-of-activity: Extending Bitcoin’s proof-of-work via proof-of-stake.
9.Mackenzie A. 2013. MEMCOIN2: A hybrid proof-of-work, proof-of-stake crypto-currency.


* Proof-of-work,
* Proof-of-stake,
* Proof-of-importance,

bcn-csa.Proof-of-work (bcnpow)

proof-of-work (majority of computing power says which transactions settle) for
proof-of-stake (majority of coin wealth says which transactions settle)

* cpt.Bcn-net--pow,
* cpt.Bcn-pow-(Blockchain-proof-of-work),
* cpt.Proof-of-work,

* ενν.Αλγόριθμος-απόδειξης-εργασίας,
* ενν.Απόδειξη-εργασίας-σε-μπλοκτσέιν-δίκτυο,
* ενν.Μπλοκτσέιν-απόδειξη-εργασίας,

Originally envisioned as a spam prevention system proof of work is a simple method for proving that you have *probably* performed a large number of mathematical operations.
It is implemented in the majority of cases using a cryptographic hash function; given an arbitrary piece of data, (like a list of transactions and the header of a block) you must find a second piece of data which, when combined with the first, produces a hash that has certain characteristics (like a number of trailing zeros).
Because it is impossible to predict what second piece of data will produce the required hash, you must randomly iterate through possible data until you find one that produces the hash you require.
HashCash {1997} Antispam mechanism: you have to do some work in order to send a message.
This work for ONE message is almost nothing.
For a spammer of 1000000 messages is huge.
In 2009, a decentralized currency was for the first time implemented in practice by Satoshi Nakamoto, combining established primitives for managing ownership through public key cryptography with a consensus algorithm for keeping track of who owns coins, known as "proof of work".
The mechanism behind proof of work was a breakthrough in the space because it simultaneously solved two problems. First, it provided a simple and moderately effective consensus algorithm, allowing nodes in the network to collectively agree on a set of canonical updates to the state of the Bitcoin ledger. Second, it provided a mechanism for allowing free entry into the consensus process, solving the political problem of deciding who gets to influence the consensus, while simultaneously preventing sybil attacks. It does this by substituting a formal barrier to participation, such as the requirement to be registered as a unique entity on a particular list, with an economic barrier - the weight of a single node in the consensus voting process is directly proportional to the computing power that the node brings. Since then, an alternative approach has been proposed called proof of stake, calculating the weight of a node as being proportional to its currency holdings and not computational resources; the discussion of the relative merits of the two approaches is beyond the scope of this paper but it should be noted that both approaches can be used to serve as the backbone of a cryptocurrency
A proof-of-work (POW) system (or protocol, or function) is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer. The concept may have been first presented by Cynthia Dwork and Moni Naor in a 1993 journal article.[1] The term "Proof of Work" or POW was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels.[2]
A key feature of these schemes is their asymmetry: the work must be moderately hard (but feasible) on the requester side but easy to check for the service provider. This idea is also known as a CPU cost function, client puzzle, computational puzzle or CPU pricing function. It is distinct from a CAPTCHA, which is intended for a human to solve quickly, rather than a computer. Proof of space (PoS) proposals apply the same principle by proving a dedicated amount of memory or disk space instead of CPU time. Proof of bandwidth approaches have been discussed in the context of cryptocurrency. Proof of ownership aims at proving that specific data are held by the prover.

A proof-of-work (POW) system (or protocol, or function) is an economic measure to deter denial of service attacks and other service abuses such as spam on a network by requiring some work from the service requester, usually meaning processing time by a computer. The concept may have been first presented by Dwork and Naor in a 1993 journal.[1] The term "Proof of Work" or POW was first coined and formalized in a 1999 paper.[2]

A key feature of these schemes is their asymmetry: the work must be moderately hard (but feasible) on the requester side but easy to check for the service provider. This idea is also known as a CPU cost function, client puzzle, computational puzzle or CPU pricing function. It is distinct from a CAPTCHA, which is intended for a human to solve quickly, rather than a computer.

* CryptoNight,
* Dash,
* Primecoin,
* Scrypt,
* SHA-256,
* X11,
* Zerocoin,


DigitalNote is an experimental open-source cryptocurrency based on CryptoNote technology and CryptoNight algorithm. It is a fork of Bytecoin - the very first implementation of CryptoNote.
Bytecoin is a first CryptoNote-based cryptocurrency. A CPU-mined coin, it's primary advantages are extraordinary transaction untraceability and unlinkability features. BCN is stated to be much more anonymous than Bitcoin and all its existing forks. The developers claim a person’s right to privacy is their primary concern and strictly observe their own privacy. Bytecoin was started on July 4th, 2012.
BCN is based on CryptoNote, an open-source technology for anonymous cryptocurrencies. It utilizes ring signature and one-time addresses for completely anonymous payments. CryptoNote is designed in a way, which makes block chain analysis impossible. CryptoNote is focused on CPU-mining in order to make the special purposes devices useless.

* cpt.CryptoNote-pow,
* cpt.Pow.CryptoNight,
* cpt.Pow.CryptoNote's-CryptoNight,
* cpt.Proof-of-work.CryptoNight,

* https://cryptonote.org/,


In cryptography, scrypt is a password-based key derivation function created by Colin Percival, originally for the Tarsnap online backup service.[1]
The algorithm was specifically designed to make it costly to perform large-scale custom hardware attacks by requiring large amounts of memory.
In 2012, the scrypt algorithm was published by IETF as an Internet Draft, intended to become an informational RFC.[2]
A simplified version of scrypt is used as a proof-of-work scheme by a number of cryptocurrencies first implemented by Litecoin.[3]
An alternative proof of work system to SHA-256, designed to be particularly friendly to CPU and GPU miners, while offering little advantage to ASIC miners.

* cpt.Bcn-pow.scrypt,
* cpt.Bcn-scrypt-pow,


Dash uses a chained hashing algorithm approach called X11 for the proof-of-work. Instead of using the SHA-256 (from well-known Secure Hash Algorithm family) or scrypt it uses 11 rounds of different hashing functions.[3]

* cpt.Bcn-pow.X11,
* cpt.Bcn-X11-pow,

bcn-csa.Proof-of-stake (bcnpos)

proof-of-work (majority of computing power says which transactions settle) for
proof-of-stake (majority of coin wealth says which transactions settle)

* cpt.Bcn-net--proof-of-stake,
* cpt.Bcn-pos-(Blockchain-proof-of-stake),
* cpt.Proof-of-stake,
* cpt.Proof-of-stake-security,

Proof-of-stake is a method by which a cryptocurrency blockchain network aims to achieve distributed consensus.
While the more mainstream proof-of-work method asks users to repeatedly run difficult hashing algorithms to validate electronic transactions,[1] proof-of-stake asks users to prove ownership of a certain amount of currency (their "stake" in the currency).
Peercoin[2] was the first cryptocurrency to launch using Proof-of-Stake.
Other prominent implementations are found in BitShares, Nxt, BlackCoin, NuShares/NuBits and Qora.
The proof-of-stake approach means that the security of the network is maintained by every existing holder of Nxt, who earn transaction fees in proportion to the number of coins they already own – rather than the network being maintained by the relatively small number of miners who can afford the expensive hardware required.
Improved security. This property also protects the network from the problems of mining power being concentrated in a few big pools or organisations, which renders it vulnerable to a ‘51 percent’ attack. Nxt’s proof-of-stake means that even if one person owns 90 percent of all the coins available, the network remains secure.
Proof-of-stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. Unlike Proof-of-Work (PoW) based cryptocurrencies (such as bitcoin), where the algorithm rewards participants who solve complicated cryptographical puzzles in order validate transactions and create new blocks (i.e. mining), in PoS-based cryptocurrencies the creator of the next block is chosen in a deterministic (pseudo-random) way, and the chance that an account is chosen depends on its wealth (i.e. the stake). In PoS cryptocurrencies the blocks are usually said to be forged (in the blacksmith sense of this word), or minted, rather than mined. Also, usually all the coins are created in the beginning and the total number of coins never changes afterwards (although there are some other versions of PoS where new coins can be created). Therefore, in the basic version of PoS there are no block rewards (e.g. as in bitcoin); so, the forgers take only the transaction fees.[1]
Peercoin[2] was the first cryptocurrency to launch using proof-of-stake. Other prominent implementations are found in ShadowCash, Nxt, BlackCoin, NuShares/NuBits, Qora and Nav Coin.[3] Ethereum has planned a hard fork transition from PoW to PoS consensus. Both Peercoin and Decred[4] hybridize PoW with PoS and combine elements of both consensus approaches in an attempt to garner the benefits of the two systems and create a more robust notion of consensus.
[https://en.wikipedia.org/wiki/Proof-of-stake {2017-01-29}]

bcn-csa.Proof-of-importance (bcnpoi)

The consensus of the Blockchain network is achieved utilizing the unique environmental and energy friendly algorithm “POI” (Proof of Importance).
POI is a technologically advanced algorithm compared to the earlier established PoW (Proof of Work) and PoS (Proof of Stake).

* cpt.Bcn-net--proof-of-importance,
* cpt.Bcn-poi-(Blockchain-proof-of-importance),
* cpt.Proof-of-importance,
* cpt.Proof-of-importance-consensus-algorithm,

bcn-bcn'Address (bcnads)

Address is a-sequence of symbols a-blockchain uses to denote ownership of crypto-info in the-blockchain.

* cpt.Bcn-ads-(Blockchain-address),
* cpt.Bcn-net--address,
* cpt.Blockchain-address,

* bitcoin: 1DSrfJdB2AnWaFNgSbv3MZC2m74996JafV,
* ethereum: 0x0998c9a0c7224Ec4ED782A4Ecfef53A0e25fA9FC,

bcn-bcn'Transaction (bcntx)

Transactions are documents that broadcasted to the-network and change THE-STATE of the-blockchain.
Information on the-blockchain (exchange-value, programs, etc) is-stored cryptographically with public-private-keys.
Blockchain-addresses are unique-names of blockchain-info[1] which[1] can-be-managed only by the-owners of its[1] private-key.

A blockchain is a globally shared, transactional database. This means that everyone can read entries in the database just by participating in the network. If you want to change something in the database, you have to create a so-called transaction which has to be accepted by all others. The word transaction implies that the change you want to make (assume you want to change two values at the same time) is either not done at all or completely applied. Furthermore, while your transaction is applied to the database, no other transaction can alter it.

As an example, imagine a table that lists the balances of all accounts in an electronic currency. If a transfer from one account to another is requested, the transactional nature of the database ensures that if the amount is subtracted from one account, it is always added to the other account. If due to whatever reason, adding the amount to the target account is not possible, the source account is also not modified.

Furthermore, a transaction is always cryptographically signed by the sender (creator). This makes it straightforward to guard access to specific modifications of the database. In the example of the electronic currency, a simple check ensures that only the person holding the keys to the account can transfer money from it.

Transaction: a transaction is a document authorizing some particular action associated with the blockchain. In a currency, the dominant transaction type is sending currency units or tokens to someone else; in other systems actions like registering domain names, making and fulfilling trade offers and entering into contracts are also valid transaction types.

* cpt.Bcn-transaction,
* cpt.Bcn-tx-(Blockchain-transaction),
* cpt.Blockchain-transaction-(BcnTx),

* ενν.Συναλλαγή-μπλοκτσέιν,
* ενν.Μπλοκτσέιν-συναλλαγή,

bcn-tx'Creator (sender)

* cpt.Bcn-tx-creator,
* cpt.Bcn-tx-sender,


Transaction-fee is fee applied to transaction to support the-network. This fee is-collected by the-nodes that update the-blockchain.
As blocks began to fill up in 2015, it became clear that the best practice is to use a dynamic fee algorithm because it can respond to changing conditions on the network.
Bitcoin Core started calculating dynamic fee estimates as of the 0.10 release in February 2015, and Alex Morcos has been steadily improving them since then. Core's fee estimate algorithm is rather complex; you can view its code here and the english explanation here.
Vitalik Buterin @VitalikButerin {2017-05-23}
Possible way to negotiate chain resource limit increases: fix N, adjust limits so cost of sending N txs = cost of running full node for year

* cpt.Bcn-tx-fee,
* cpt.Fee-of-bcntx,


* cpt.Bcn-net--number-of-transactions-per-second,
* cpt.Bcn-net--transactions-per-second,
* cpt.Bcn-net--transaction-speed,
* cpt.Transactions-per-second-of-bcnnet,
* cpt.Txpersec-of-bcnnet,

Bitcoin:  7tx/sec
Ethereum: 25tx/sec
BOSnet:   1,000tx/sec (target)
Cryptonomex provides software development services to meet the growing demand for custom, high-performance, blockchains and related technology. Our engineers have designed and built one of the most advanced blockchain architectures on the market, capable of processing over 100,000 transactions per second with an average confirmation time of less than 1 second.


* bcntx.specific,
* cpt.Bcn-tx.specific,

* Bitcoin-transaction,
* Ethereum-transaction,

Ethereum is at its heart based on the same fundamental technology as Bitcoin, and even shares many of the same principles, but with Ethereum we can create almost any conceivable type of transaction, opening new opportunities to automate industry verticals that previously were impossible.


Paying a tiny amount for an asset or service, primarily online.
Micro-transactions are difficult to perform under conventional payment systems, because of the heavy commissions involved.
It is difficult to pay two cents to read an online article using your credit card, for example.

* cpt.Blockchain-microtransaction,
* cpt.Bcn-microtransaction,

bcn-bcn'Crypto (bcncrpt)

The use of mathematics to create codes and ciphers that can be used to conceal information.
Used as the basis for the mathematical problems used to verify and secure bitcoin transactions.

* cpt.Blockchain-cryptography,
* cpt.Bcn-cryptography,

bcn-crpt'Algorithm (cipher)

In cryptography, a cipher (or cypher) is an algorithm for performing encryption or decryption—a series of well-defined steps that can be followed as a procedure.
An alternative, less common term is encipherment.
To encipher or encode is to convert information from plain text into code or cipher.

* cpt.Blockchain-algorithm.cryptography,
* cpt.Blockchain-cipher, /'saifer/
* cpt.Blockchain-cypher,
* cpt.Blockchain-encryption-algorithm,
* cpt.Bcn-cipher,

bcn-crpt'Cryptographic-hash-funciton (bcnchf)

Cryptographic hash functions are a third type of cryptographic algorithm.
They take a message of any length as input, and output a short, fixed length hash which can be used in (for example) a digital signature.
For good-hash-functions, an attacker cannot find two messages that produce the same hash.
MD4 is a long-used hash function which is now broken;
MD5, a strengthened variant of MD4, is also widely used but broken in practice.
The U.S. National Security Agency developed the Secure Hash Algorithm series of MD5-like hash functions:
SHA-0 was a flawed algorithm that the agency withdrew;
SHA-1 is widely deployed and more secure than MD5, but cryptanalysts have identified attacks against it;
the SHA-2 family improves on SHA-1, but it isn't yet widely deployed, and the U.S. standards authority thought it "prudent" from a security perspective to develop a new standard to "significantly improve the robustness of NIST's overall hash algorithm toolkit."[25]
Thus, a hash function design competition is underway and meant to select a new U.S. national standard, to be called SHA-3, by 2012.

* cpt.Blockchain-cryptographic-hash-function,
* cpt.Blockchain-hash-function,
* cpt.Bcn-cryptographic-hash-function,
* cpt.Bcn-hash-function,
* cpt.Hash-algorithm-of-blockchain,
* cpt.Hash-function-of-blockchain,


bcn-chf'Hash (output)

Hash is-called the-output of a-hash-function.

* cpt.Blockchain-hash,
* cpt.Bcn-cryptographic-has,
* cpt.Bcn-digest,
* cpt.Bcn-hash,
* cpt.Bcn-hash-function-output,
* cpt.Bcn-hash-value,
* cpt.Hash-of-blockchain,

* ενν.Κατακερματισμός-μπλοκτσέιν,
* ενν.Κρυπτογραφικός-κατακερματισμός-μπλοκτσέιν,
* ενν.Μπλοκτσέιν-κατακερματισμός,


Hashing is-called THE-PROCESS of using a-hash-function on input-data[1] and producing its[1] hash.

* cpt.Blockchain-hashing,
* cpt.Bcn-hashing,
* cpt.Hashing-of-blockchain,


Public key cryptography, or asymmetric cryptography, is any cryptographic system that uses pairs of keys: public keys which may be disseminated widely, and private keys which are known only to the owner.
This accomplishes two functions:
- authentication, which is when the public key is used to verify that a holder of the paired private key sent the message, and
- encryption, whereby only the holder of the paired private key can decrypt the message encrypted with the public key.

* cpt.Asymmetric-cryptography-of-blockchain,
* cpt.Blockchain-asymmetric-cryptography,
* cpt.Blockchain-publickey-cryptography,
* cpt.Publickey-cryptography-of-blockchain,

bcn-bcn'Hash-rate (bcnhhr )

The hash rate is the measuring unit of the processing power of the Bitcoin network. The Bitcoin network must make intensive mathematical operations for security purposes. When the network reached a hash rate of 10 Th/s, it meant it could make 10 trillion calculations per second.
Hash (Rate) ~ A hash is the output of a hash function and, as it relates to Bitcoin, the Hash Rate is the speed at which a compute is completing an operation in the Bitcoin code. A higher hash rate is better when mining as it increases your opportunity of finding the next block and receiving the reward.

* cpt.Bcn--hashing-power,
* cpt.Bcn-net--hash-rate,
* cpt.Bcn-net--hashing-power,
* cpt.Blockchain-hash-rate,
* cpt.Blockchain-hashing-power,
* cpt.Blockchain-hashing-rate,
* cpt.Hash-rate-of-blockchain,
* cpt.Hashing-power-of-blockchain,
* cpt.Hashing-rate-of-blockchain,



A blockchain contains not only the information that is currently stored in the database, but also every change made to the database in its history.
Known as the state and transactions respectively it makes for a database with a complete custodial history that cannot be altered without altering every subsequent block.

* cpt.Bcn-bcnstate,
* cpt.Blockchain-state,


* Blockchain-creating,
* Blockchain-updating,

bcn-dng.UPDATING (link)


* Bitcoin-blockchain,
* Ethereum-blockchain,

Bcn-net'Exchange-Value-Unit (bcnevu)

Cpt-created: {2013-08-24}


Blockchain-Exchange-Value-Unit (bcnevu) is digital-information recorded on the-blockchain that REPRESENTS units of exchange-value (= no double-spending).
Information can-represents anything.
IF this bcnevu represents AND a-commodity, we say that this bcnevu IS-BACKED with this commodity.
Generally, there-are two theories about the-exchange-value of a-commodity.
1) the-supply-demand-theory (capitalism advocating):
the supply and demand of a-commodity defines its exchange-value.
2) the-average-work-TIMES-the-supply-demand-theory (sosialism advocating):
when there-is equilibrium between supply and demand the-exchange-value is the-average-work needed to produce a-commodity (= an-entity we exchange, not an-entity we use).
No matter what theory we accept, when we exchange commodities we accept|set an-exchange-value.
The-problem is to use A-FAIR-ONE.
Blockchain-DAOs can define a-fair-exchange-value and use it automatically.
Blockchain-Exchange-Value-Token (bevtkn) is digital-information recorded on the-blockchain that REPRESENTS units of exchange-value (= no double-spending).
Information can-represents anything.
IF this bevtkn represents AND a-commodity, we say that this bevtkn IS-BACKED with this commodity.
Generally, there-are two theories about the-exchange-value of a-commodity.
1) the-supply-demand-theory (capitalism advocating):
the supply and demand of a-commodity defines its exchange-value.
2) the-average-work-TIMES-the-supply-demand-theory (sosialism advocating):
when there-is equilibrium between supply and demand the-exchange-value is the-average-work needed to produce a-commodity (= an-entity we exchange, not an-entity we use).
No matter what theory we accept, when we exchange commodities we accept|set an-exchange-value.
The-problem is to use A-FAIR-ONE.
Blockchain-DAOs can define a-fair-exchange-value and use it automatically.
Exchange-value-token (bcnevt) is digital-information recorded on the-blockchain that REPRESENTS exchange-value.
Information can-represents anything.
IF this bcnevt represents AND a-commodity, we say that this bcnevt IS-BACKED with this commodity.
Generally, there-are two theories about the-exchange-value of a-commodity.
1) the-supply-demand-theory (capitalism advocating):
the supply and demand of a-commodity defines its exchange-value.
2) the-average-work-TIMES-the-supply-demand-theory (sosialism advocating):
when there-is equilibrium between supply and demand the-exchange-value is the-average-work needed to produce a-commodity (= an-entity we exchange, not an-entity we use).
Societies have to choose which view serves better their interests, because they have to correlate exchange-values to their commodities, fair or not.
exchange-value-of-commodity = average-work-measure TIMES demand / supply.
No matter what theory we accept, when we exchange commodities we accept|set an-exchange-value.
The-problem is to use A-FAIR-ONE.
Blockchain-DAOs can define a-fair-exchange-value and use automatically.
Satoshi Nakamoto solved the-double-spending-problem WHITHOUT a-central trust entity.
So blockchain is ideal for holding information representing exchange-value, ie any financial-product.
Blockchain-money is money a-bcnnet needs to operate or issued by it.

Ether is a necessary element -- a fuel -- for operating the distributed application platform Ethereum.

A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units.[1] Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009.[2] Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative.[3][4]
Cryptocurrencies typically feature decentralized control[citation needed] (as opposed to a centralized electronic money system, such as PayPal) and a public ledger[citation needed] (such as bitcoin's block chain) which records transactions.
[https://en.wikipedia.org/wiki/Cryptocurrency] {retrieved 2015-08-12},

A cryptocurrency is a type of digital currency (which in turn is a type of alternative currency) that relies on cryptography, usually alongside a proof-of-work scheme, in order to create and manage the currency.[1][2] Cryptocurrencies are peer-to-peer and decentralized, and are currently all based on the first cryptocurrency, Bitcoin.[1][2][3][4][5][6] They are generally designed to have no inflation (once all the currency has been produced), in order to keep scarcity and hence value.[7][8] However, a few cryptocurrencies, such as PPCoin, do have a small amount of inflation. Cryptocurrencies are also designed to ensure that funds can neither be frozen nor seized.[7][9] Existing cryptocurrencies are all pseudonymous, though additions such as Zerocoin have been suggested, which would allow for anonymity.[10][11][12][13]

Digital currencies or cryptocurrencies are a way of transferring money over the internet. These combine cutting-edge encryption with far-reaching developments in social networking. The resulting advantages that cryptocurrencies offer over traditional methods of payment are truly remarkable.

We have used the same way of transferring money for centuries. Even with the advent of the internet, these methods didn’t really change much. Cryptocurrency is something completely new – so new that it cannot be described in terms of these traditional means of payment.

Instead, it’s easier to understand cryptocurrencies in terms of what they can do. For the first time in history, it is possible to send money anywhere on the planet within a few minutes, directly between individuals and completely securely, without relying on any banks, payment companies or other third parties, and virtually free of cost.

A form of currency based on mathematics alone.
Instead of fiat currency, which is printed, cryptocurrency is produced by solving mathematical problems based on cryptography.

* cpt.Bcn-evu-(Blockchain-exchange-value-unit), {2017-05-07}
* cpt.Bcn-net--exchange-value-unit, {2017-05-07}
* cpt.Blockchain-exval-unit, {2017-05-07}
* cpt.Blockchain-exchange-value-unit-(BcnEvu), {2017-05-07}
* cpt.Exchange-value-unit-of-bcnnet, {2017-05-07}
* cpt.Token-of-Blockchain, {2017-06-10}
* cpt.Bcn-evt-(Blockchain-exchange-value-token), {2017-04-14}
* cpt.Bcn-evtkn, {2017-03-29}
* cpt.Bcn-net--exchange-value-token, {2017-03-29}
* cpt.Bevtkn, {2017-04-02}
* cpt.Blockchain-exval-token, {2017-03-30}
* cpt.Blockchain-exchange-value-token, {2017-03-29}
* cpt.Exchange-value-token-of-bcnnet, {2017-03-29}
* cpt.Bcn-mny-(Blockchain-money),
* cpt.Bcn-net--currency,
* cpt.Bcn-net--money,
* cpt.Bcn-net--token,
* cpt.Blockchain-evu,
* cpt.Blockchain-exchange-value-unit, {2017-05-12}
* cpt.Blockchain-coin,
* cpt.Blockchain-currency,
* cpt.Blockchain-money,
* cpt.Blockchain-token,
* cpt.Coin-of-blockchain,
* cpt.Crypto-token,
* cpt.Cryptocoin, {2017-01-31}
* cpt.Cryptocurrency,
* cpt.Decentralized-currency,
* cpt.Evu,
* cpt.MnyBcn, {2016-04-08}
* cpt.MnyBlockchain,
* cpt.MnyCrypto,
* cpt.Money.blockchain, {2016-04-08}
* cpt.Money.decentralized, {2016-06-01}
* cpt.NetBcn'currency,
* cpt.NetBcn'money,
* cpt.NetBcn'token,

* ενν.ΜΑΑ-μπλοκτσέιν-(Μπλοκτσέιν-Μονάδα-Ανταλλακτικής-Αξίας), {2017-05-09}
* ενν.ΜΜΑΑ-(Μπλοκτσέιν-Μονάδα-Ανταλλακτικής-Αξίας), {2017-07-02}
* ενν.Μπλοκτσέιν-ΜΑΑ-(Μπλοκτσέιν-Μονάδα-Ανταλλακτικής-Αξίας), {2017-05-09}
* ενν.Μπλοκτσέιν-Μονάδα-Ανταλλακτικής-Αξίας-(ΜΜΑΑ), {2017-05-09}
* ενν.Κρυπτονόμισμα,

* including internet currencies such as Bitcoin and Ven,


Many bcn-evu have and a 3 or 4 letter short-name ie BTC for bitcoin.

* cpt.Bcn-evu--code,
* cpt.Bcn-evu--short-name,
* cpt.Bcn-evu--short-name,


A small picture denoting the-bcnevu.


The-bcnevus are-stored cryptographically in the-blockchain.
We use public-keys to receive them and the corresponding private-keys to spend them.

* cpt.Bcn-evu--key,
* cpt.Key-of-blockchain,

bcn-evu'Wallet (link)

bcn-evu'Exchange-rate (bcnexr|value)

Exchange-rate (value) of a-blockchain-token is its exchange-value measured with another UNIT of exchange-value.

* cpt.Bcn-evu--exchange-rate,
* cpt.Bcn-evu--foreign-exchange-rate,
* cpt.Bcn-evu--forex,
* cpt.Bcn-evu--price,
* cpt.Bcn-evu--rate,
* cpt.Bcn-evu--value, {2017-04-02}
* cpt.Bcn-evu--forex,
* BcnExr, {2017-04-15}

* ενν.Ισοτιμία-μπλοκτσέιν-ΜΑΑ,

* https://coinmarketcap.com/
* https://www.cryptonator.com/rates,
* http://coincap.io/?gclid=CjwKEAiAn7HEBRDHw...FYokrLGFyNNJ1vGnktBoC3nLw_wcB,


Because it is a relatively new entity, of speculators and an-unfair-economy, the-exchange-rate of tokens are volatile.

* cpt.Bcn-evu--exchange-rate-volatility,
* cpt.Bcn-evu--foreign-exchange-rate-volatility,
* cpt.Bcn-evu--forex-volatility,
* cpt.Bcn-evu--price-volatility,
* cpt.Bcn-evu--rate-volatility,
* cpt.Bcn-evu--value-volatility,

* ενν.Αστάθεια-ισοτιμίας-μπλοκτσέιν-ΜΑΑ,
* ενν.Μεταβλητότητα-ισοτιμίας-μπλοκτσέιν-ΜΑΑ,
* ενν.Αστάθεια-τιμής-ΜΜΑΑ,
* ενν.Μεταβλητότητα-τιμής-ΜΜΑΑ,


All bcn-evt REPRESENT (as digital-info) exchange-value.
Backness is A-SECOND-REPRESENTATION with a-commodity.
Some are-backed with gold or other precious-metals.
Others are-backed with fiat-money, us-dollars, euros, etc.
Any commodity, financial or not can-be-used.


Is the-token alive or dead?.

bcn-evu'Blockchain-network (link)


So, as of Dec. 3. [{2013}], using a price of $1,000 (which is basically where we are now), and assuming 12 million Bitcoins in circulation, here's the breakdown: 47 individuals own 28.9% of the approximately 12 million Bitcoins in existence so far.
Another 880 own 21.5%, meaning 927 people control half of the entire market cap of the digital currency.
Another 10,000 individuals control about a quarter.
And the rest of us (around a million of us) get the crumbs (500,000 are out of circulation, whether through government seizure or people losing their passwords).
- NEM relatively large egalitarian distribution


Evaluating an Alt Coin
With so many alt coins out there, how does one decide which ones are worthy of attention?
Some alt coins attempt to achieve broad distribution and use as currencies.
Others are laboratories for experimenting on different features and monetary models.
Many are just get-rich-quick schemes by their creators.
To evaluate alt coins, I look at their defining characteristics and their market metrics.

Here are some questions to ask about how well an alt coin differentiates from bitcoin:
- Does the alt coin introduce a significant innovation?
- Is the difference compelling enough to attract users away from bitcoin?
- Does the alt coin address an interesting niche market or application?
- Can the alt coin attract enough miners to be secured against consensus attacks?

Here are some of the key financial and market metrics to consider:
- What is the total market capitalization of alt coin?
- How many estimated users/wallets does the alt coin have?
- How many merchants accept the alt coin?
- How many daily transactions (volume) are executed on the alt coin?
- How much value is transacted daily?

Without mentioning Litecoin, he ranks Bitcoin, Monero and Decred as his highest coins citing that Decred spent a year doing coding to improve its consensus and governance system, and Monero which didn’t have a GUI wallet. Ethereum is close, he adds, but the decision to hardfork and go back on the “uncensorable transaction” promise really hurts.


In order to remain equally interchangeable, units of cryptocurrency must be unlinked from their history so that one unit is as good as any other unit.
Zcash brings fungibility to cryptocurrency by unlinking shielded coins from their history on the blockchain.



* cpt.Bcn-evu--creator,
* cpt.Bcn-evu--founder,
* cpt.Bcn-evu--founder,


* cpt.Bcn-evu--adoption,
* cpt.Bcn-evu--usage,
* cpt.Bcn-evu--user-base,
* cpt.Bcn-evu--adoption,
* cpt.Bcn-evu--usage,


As of 2013 cryptocurrencies were illegal in Iceland, due to its freeze on foreign exchange.[28] Controversy over the misuse of cryptocurrency has also led to restrictions in certain countries – regulators in China banned the handling of bitcoins by financial institutions during an extremely fast adoption period in early 2014.[29] In Russia, though cryptocurrencies are legal, it is illegal to actually purchase goods with any currency other than the Russian ruble.[30]

On March 25, 2014, the United States Internal Revenue Service (IRS) ruled that bitcoin will be treated as property for tax purposes as opposed to currency. This means bitcoin will be subject to capital gains tax. One benefit of this ruling is that it clarifies the legality of bitcoin. No longer do investors need to worry that investments in or profit made from bitcoins are illegal or how to report them to the IRS.[31] In a paper published by researchers from Oxford and Warwick it was shown that Bitcoin has some characteristics similar to the precious metals market more than to traditional currencies, hence in agreement to the IRS decision even if based on different reasons.[32]

Some cryptocurrency have legal issues such as Coinye, an altcoin that used, without permission, rapper Kanye West as its logo. This altcoin has been compared to the popular Dogecoin. Upon hearing of the release of Coinye, originally called Coinye West, attorneys for Kanye West sent a cease and desist letter to the email operator of Coinye, who since revealed himself as David P. McEnery Jr. The letter stated that Coinye was willful trademark infringement, unfair competition, cyberpiracy, and dilution and instructed Coinye to stop using the likeness and name of Kanye West.[33]

* http://cointelegraph.com/news/ russian-law-enforcement-considers-further-criminalizing-cryptocurrencies,

bcn-evu'ICO (link)

bcn-evu'Organization (bcnevtogn)

bcn-evuogn.EXCHANGE (link)

bcn-evuogn.MERCHANT (link)


* http://digitalcurrency.unic.ac.cy/?utm_source=Twitter&utm_medium=Banner&utm_campaign=MScDigital,


Reliable wallet/service for storage of your altcoins is the most important thing for you.
Every owner of cryptocurrency can tell their own story of how they failed to rescue their PC flooded with beer, on which wallet files were stored, or could not restore access to the online wallet linked to their lost mobile phone.

bcn-evu'Transaction (link)



* cpt.Date-of-introduction-of-bcnevt,
* cpt.Bcn-evu--introduction,


* {2017-05-28} Thoughts on Tokens: Tokens are early today, but will transform technology tomorrow. By Balaji S. Srinivasan and Naval Ravikant https://medium.com/@balajis/,
* http://www.coinwarz.com/ How frequently is the information updated on CoinWarz?
The current difficulty, exchange rate, exchange volume, and current profit ratio versus BTC are updated every 5 minutes. All other information, including the difficulty charts, exchange rate charts, and profit ratio versus BTC charts are updated every hour.
* http://cointelegraph.com/news/ auroracoin-sterlingcoin-scotcoin-national-cryptocurrencies-provide-alternative-to-central-banking,
* http://cointelegraph.com/news/central-banking-is-broken-solution-is-bitcoin-panama-papers-reveal,
* http://www.links.org/files/decentralised-currencies.pdf,
* {2015-03-10}: Masters joins cryptocurrency start-up http://www.ft.com/intl/cms/s/0/e29808a8-c744-11e4-9e34-00144feab7de.html?siteedition=intl#axzz3U5OWaspl,


XRP: Math-Based Currency
Feb 20, 2015 | Julian Martinez
A math-based currency, also referred to as a cryptocurrency, is a digital asset with verifiable mathematical properties, similar to how we can reliably verify gold as a substance made of atoms with 79 protons. Math-based currencies exist as digital assets in their own right and can be transferred directly between users (as fiat cash can be) without relying on a centralized protocol operator. XRP exists as a math-based currency on the Ripple protocol.

The supply of a math-based currency is governed by mathematics. There is no human intervention after the creation & implementation of the protocol rules. This is in contrast to the many “virtual currencies” that can be issued without restriction by companies and people (such as airline miles, reward points, etc.). In this example, XRP cannot be ‘devalued’ by the creation of additional XRP.

Bitcoin was the first example of a math-based currency. Bitcoin exists natively as a digital asset. On the network, it is not a balance that is redeemable at a central point of failure, and does not carry risk from a counterparty as “digital fiat” currencies do (as with an online balance from a bank that is not FDIC insured). You could hand someone a thumb drive with Bitcoin on it, and in doing so, you are transferring the asset itself, like handing over cash, as opposed to transferring an IOU or someone’s promise to pay. It does not require trust in any third party.

XRP exists natively within the Ripple protocol as a counterparty-free currency, as Bitcoin does on the Blockchain. Because XRP is an asset, as opposed to a redeemable balance, it does not require that users trust any specific financial institution to trade or exchange it. All other currencies on Ripple do require some amount of trust, as they each have an issuer, from whom that currency can be redeemed (this includes BTC on the Ripple network).

Users of the Ripple protocol are not required to use XRP as a medium of exchange or as a store of value. The Ripple protocol is currency agnostic. Users can use their preferred currency, whether that’s USD, BTC, XRP, or any other currency. Similarly, users may freely choose to trust any issuers they find reliable; this includes the trust implied by users trading in an issued non-XRP currency.

* cpt.Money.math-based,
* cpt.Mny.math-based,



You can-acquire bcnevu:
- from an-exchange,
- updating the-blockchain,
- selling commodities,
- from an-ICO,

* cpt.Bcn-evu--acquiring,
* cpt.Bcn-evu--obtaining,
* cpt.Bcn-evu--acquiring,
* cpt.Bcn-evu--obtaining,

* exchanging,
* mining,
* selling-goods-and-services,
* ICO,


The-process of creating new bcn-evu.
- NEM zero monetary inflation (fixed supply, all 9 billion coins released at launch).

* cpt.Bcn-evu--creating,
* cpt.Bcn-evu--issuing,
* cpt.Bcn-evu--issuance,


* cpt.Bcn-evu--Rate-of-issuance,


* bcnevu.specific,
* bcnevt.specific,
* cpt.Bcn-evtSpc,
* cpt.Bcn-evu.specific,

* Active-bcnevu,
* ActiveNo-bcnevu,
* Altcoin,
* Consensus-bcnevu,
* ConsensusNo-bcnevu,
* Minable-bcnevu,
* MinableNo-bcnevu,
* Protocol-bitcoin-based,
* Protocol-CryptoNote-based,
* Ardor-ARDR,
* Augur-REP,
* AuroraCoin-AUR,
* Bitcoin-BTC,
* BitShares-BTS,
* Bytecoin-BCN,
* BlackCoin-BLK,
* Counterparty,
* CureCoin-CURE,
* Dash,
* Dogecoin-DOGE,
* Ether-ETH,
* Factom-FCT,
* Faircoin-FAIR,
* Freicoin-FRC,
* Gulden-NLG,
* LBRY-Credits-LBC,
* Lisk-LSK,
* Litecoin-LTC,
* MaidSafeCoin-MAID,
* Mastercoin,
* Monero-XMR,
* Namecoin-NMC,
* NAV-Coin-NAV,
* Nxt-NXT,
* Nubits-USNBT,
* Peercoin-PPC,
* Radium-RADS,
* Reddcoin-RDD,
* Ripple-XRP,
* Stellar,
* StorjcoinX,
* Stratis-STRAT,
* Synereo-AMP,
* Tether-USDT,

* SHA-256-based: Bitcoin, Peercoin, Namecoin, Titcoin,
* Scrypt-based: Auroracoin, Dogecoin, Litecoin, PotCoin,
* Zerocoin-based: Zcash, Zcoin, ZeroVert,
* CryptoNote-based: Bytecoin, Monero,
* Other proof-of-work: Ethereum, Primecoin,
* Non proof-of-work: BlackCoin, Counterparty, Gridcoin, Lisk, NEM, Nxt, Ripple, Stellar, Shadow,


* consensus-bcnevu,
* consensusNo-bcnevu,


* builtin-governace-bcnevu,
* builtin-governaceNo-bcnevu,


* {2017}:

* {2016}:
- Decred-DCR,
- LBRY-Credits-LBC,
- Lisk-LSK,
- NAV-Coin-NAV,
- Stratis-STRAT,
- Zcash-ZEC,
* {2015}:
- BitShares-BTS,
- Ether-ETH,
- Factom-FCT,
- Radium-RADS,
* {2014}:
- AuroraCoin-AUR,
- BlackCoin-BLK,
- FairCoop-FAIR,
- Gulden-NLG,
* MaidSafeCoin-MAID,
- NuBits-USNBT,
* {2013}:
- DogeCoin-DOGE,
- Nxt-NXT,
* {2012}:
- Freicoin-FRC,
- Peercoin-PPC,
- Ripple-XRP,
* {2011}:
- Litecoin-LTC,
- Namecoin-NMC,
* {2010}:

* {2009}:
- Bitcoin-BTC,


* Bitcoin-based,
* CryptoNote-based,
* Nxt-based,


* cpt.Bitcoin-based-cryptocurrency,
* cpt.Bitcoin-based-token,
* cpt.Bitcoin-fork-cryptocurrency,

* Litecoin-LTC,


CryptoNote Phylosophy
CryptoNote is the technology that allows the creation of completely anonymous egalitarian cryptocurrencies. A number of our community members have been focused on research and development for more than a decade. We aim to promote the derived principles to influence the contemporary economic paradigm.
The current power distribution on our planet is the legacy of the world where the economy is controlled by the few. The status quo was shaped throughout centuries, making human beings engage in rat races, detrimental rivalry, and bloodshed. In spite of humanity's hope to overcome local crises through education and internationalization, we still fail to have full control over our lives.
However, state-of-the-art advancements in technology, mathematics, and cryptography may become the key to subvert this paradigm. The advent of cryptocurrencies is the first sign that the new world is coming. It is marked with a hope that the economy will interlace with the technology, that communities will set new transparent principles, and impartial cryptographic algorithms will control its implementation.
It is in our philosophy to encourage enlightenment through breakthrough innovations. Emancipation begins with laymen getting access to financial resources that will give the oppressed the hope for quality education, drinking water, and a better life. CryptoNote is not about creating yet another digital currency. It is the mindset and concepts that represent the first small step to regain the power over ourselves in order to live peacefully and prosper.

* cpt.CryptoNote-based-cryptocurrency,
* cpt.CryptoNote-based-token,
* cpt.CryptoNote-fork-cryptocurrency,

* https://cryptonote.org/

* ByteCoin-BCN,
* DarkNetCoin-DNC,
* Dashcoin-DSH,
* DigitalNote-XDN,
* Fantomcoin-FCN,
* Monero-XMR,
* Pebblecoin-XPB,
* QuazarCoin-QCN,

bcn-evu.CryptoNote.Aeon (AEONcevu {2014-06-06})

Aeon is a CryptoNote-based anonymous cryptocurrency using the CryptoNight-light algorithm. It offers data protection features, untraceable payments with ring signatures and unlikable transactions to its users. Aeon was launched on 06.06.2014.
AEON (Anonymous Electronic On-line coiN) is a Monero fork and also a privacy focused coin that is aimed towards open-source community to deliver fast and secure payment method while being simple enough to be used by anyone. ?AEON has started as an experiment but then found its supporters and now AEON is fully functional CryptoNote currency.
Aeon (AEON)
$0.235153 (5.35%)
0.00019879 BTC (5.74%)
Rank 96
Mineable Currency
Market Cap
2,773 BTC
Volume (24h)
9.04 BTC
Circulating Supply
13,948,703 AEON
[https://coinmarketcap.com/currencies/aeon/] {2017-04-16}

* cpt.AEONcevu,
* cpt.AEON-money,
* cpt.AEON-token,

* https://coinmarketcap.com/currencies/aeon/
* ANN: https://bitcointalk.org/index.php?topic=641696.0, {2014-06-06}
* http://chainradar.com/aeon/blocks,
* BlockH1: http://chainradar.com/aeon/block/1,

bcn-evu.CryptoNote.ByteCoin (BCN byncevu {2012-07-04})

Bytecoin (BCN)
Bytecoin is the first CryptoNote-based currency, which has reached mass adoption successfully. Bytecoin also possesses one of the largest ecosystems. Bytecoin has been originally created in close cooperation with CryptoNote team. It is the first implementation of CryptoNote technology, with the release dating back to July 2012. Up to this date Bytecoin developers has been making significant contributions to the development of CryptoNote technology.
Bytecoin BCN
Bytecoin is a first CryptoNote-based cryptocurrency. A CPU-mined coin, it's primary advantages are extraordinary transaction untraceability and unlinkability features. BCN is stated to be much more anonymous than Bitcoin and all its existing forks. The developers claim a person’s right to privacy is their primary concern and strictly observe their own privacy. Bytecoin was started on July 4th, 2012.
BCN is based on CryptoNote, an open-source technology for anonymous cryptocurrencies. It utilizes ring signature and one-time addresses for completely anonymous payments. CryptoNote is designed in a way, which makes block chain analysis impossible. CryptoNote is focused on CPU-mining in order to make the special purposes devices useless.
Bytecoin (BCN)
$0.000153 (10.58%)
0.00000013 BTC (10.99%)
Rank 31
Mineable Currency
Market Cap
23,574 BTC
Volume (24h)
84.20 BTC
Circulating Supply
182,759,167,360 BCN
[https://coinmarketcap.com/currencies/bytecoin-bcn/] {2017-04-16}

* cpt.BCN-(Bytecoin-token),
* cpt.ByteCoin-Consensus-Exval-Token, {2017-04-02}
* cpt.Bytecoin-token-(BCN),
* cpt.Crypto-token.BCN-(Bytecoin),
* cpt.MnyByteCoin,
* Byncevt, {2017-04-02}
* Byncevu, {2017-05-10}

* https://bytecoin.org/
* http://chainradar.com/bcn/blocks,
* BlockH1: http://chainradar.com/bcn/block/1,


1 BTC is 14,721,300 BCN (Changelly)

bcn-evu.CryptoNote.DarkNetCoin (DNC )

DarkNetCoin (DNC)
DarkNetCoin is the general currency of DarkNetSpace, a platform for anonymous applications such as p2p exchange, on-chain shop, lotto, gambling and bets. It uses Wild Keccak hash function instead of CryptoNight. Starting with the 4550th block 1% of block reward is donated to CryptoNote team and 9% to DarkNetSpace team.

* cpt.DarkNetCoin-token-(DNC),
* cpt.DNC-(DarkNetCoin-token),
* cpt.DNC-evuC,
* cpt.Crypto-token.DNC-(DarkNetCoin),

bcn-evu.CryptoNote.Dashcoin (DSHevuC {2014-07-05})

Dashcoin (DSH)
Dashcoin is a cryptocurrency started on July 5, 2014. Dashcoin is a fork of Bytecoin and it also utilizes CryptoNote algorithm. ?The goal of Dashcoin is to automatically create a perfect mirror image of Bytecoin, the first CryptoNote based cryptocurrency, at any given moment of time. ?The only difference is the supply amount.
Dashcoin DSH
Dashcoin is a Next generation anonymous cryptocurrency and the first automatically mutating cryptocurrency created with CryptoNote technology.
Dashcoin (DSH)
$0.018697 (-9.18%)
0.00001580 BTC (-8.86%)
Rank 228
Mineable Currency
Market Cap
273 BTC
Volume (24h)
1.27 BTC
Circulating Supply
17,273,729 DSH
[https://coinmarketcap.com/currencies/dashcoin/] {2017-04-16}

* cpt.Crypto-token.DSH-(Dashcoin),
* cpt.Dashcoin-token-(DSH),
* cpt.DSH-(Dashcoin-token),
* cpt.DSH-evuC,

* http://dashcoin.info/
* BlockH1: http://chainradar.com/dsh/block/1,

bcn-evu.CryptoNote.DigitalNote (XDNevuC {2014-05-30})

DigitalNote XDN
DigitalNote is an experimental open-source cryptocurrency based on CryptoNote technology and CryptoNight algorithm. It is a fork of Bytecoin - the very first implementation of CryptoNote. Nobody own or control DigitalNote. It is a scalable decentralized cryptocurrency with strong privacy protection. DigitalNote uses ring signatures, to provide unlinkable and untraceable transactions.
DigitalNote (XDN)
$0.000155 (3.69%)
0.00000013 BTC (4.04%)
Rank 148
Mineable Currency
Market Cap
903 BTC
Volume (24h)
17.77 BTC
Circulating Supply
6,878,755,652 XDN
[https://coinmarketcap.com/currencies/digitalnote/] {2017-04-16}

* cpt.Crypto-token.XDN-(DigitalNote),
* cpt.DigitalNote-token-(XDN),
* cpt.XDN-(DigitalNote-token),
* cpt.XDN-evuC,

* http://digitalnote.org/
* BlockH1: http://chainradar.com/xdn/block/1,

bcn-evu.CryptoNote.Fantomcoin (FCNevuC {2014-05-06})

Fantomcoin FCN
Unlike other CryptoNote based cryptocurrencies, Fantomcoin supports merged mining. It can be possible with Bytecoin, Monero, QuazarCoin or any CN based coin. New blockchain needs no additional hashpower - it uses Bytecoin, Monero, QuazarCoin blocks or shares as PoW. Miners are free to choose "donor" chain they like. In case other chains based on CryptoNote will appear they also can be used as "donor" chains.
Fantomcoin (FCN)
Fantomcoin is the first CryptoNote currency with merged mining support. Users who mine Fantomcoin are also able to mine other CryptoNote-based coins without additional hash power. This feature allows user to receive not only FCNs but also any other CryptoNote-based currency. As the result, Fantomcoin encourages fair distribution and stabilization of the cryptocurrency market through diversification.
Fantomcoin (FCN)
$0.089940 (3.15%)
0.00007601 BTC (3.50%)
Rank 193
Mineable Currency
Market Cap
430 BTC
Volume (24h)
0.98 BTC
Circulating Supply
5,657,591 FCN
[https://coinmarketcap.com/currencies/fantomcoin/] {2017-04-16}

* cpt.Crypto-token.FCN-(Fantomcoin),
* cpt.Fantomcoin-token-(FCN),
* cpt.FCN-(Fantomcoin-token),
* cpt.FCN-evuC,

* http://fantomcoin.org/
* BlockH1: http://chainradar.com/fcn/block/1,

bcn-evu.CryptoNote.Monero (XMRevuC {2014-04-18})

Monero XMR
Monero is a new coin using the CryptoNote protocol. It's based on Bytecoin, which was coded from scratch and is not a descendent of Bitcoin. XMR was launched on April 18, 2014.
Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on privacy, decentralisation and scalability. Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and possesses significant algorithmic differences relating to blockchain obfuscation.[1] Monero has ongoing support from the community,[2] and its modular code architecture has been praised by Wladimir J. van der Laan, a Bitcoin Core maintainer.[3] Initially meeting little popularity with the general public, Monero experienced rapid growth in market capitalization (from US$5M to US$185M)[4] and transaction volume[5] during the year 2016, partly due to adoption by major darknet market AlphaBay at the end of summer 2016.[6]
Monero (XMR)
Monero (previously known as Bitmonero) is one of the first CryptoNote coins. It utilizes the same values every CryptoNote coin does – privacy, decentralization and fungibility. Monero development is community-driven, based on donations and with a focus on decentralization and scalability.
Monero (XMR)
$20.69 (-0.47%)
0.01746860 BTC (-0.22%)
Rank 6
Mineable Currency
Market Cap: $295,879,036, 249,864 BTC
Volume (24h): $4,271,650, 3,607 BTC
Circulating Supply: 14,303,624 XMR
[https://coinmarketcap.com/currencies/monero/] {2017-04-16}

* cpt.Crypto-token.XMR-(Monero),
* cpt.Monero-token-(XMR),
* cpt.XMR-(Monero-token),
* cpt.XMR-evuC-of-Monero,

* https://getmonero.org/
* Block1: http://chainradar.com/xmr/block/1,

bcn-evu.CryptoNote.Pebblecoin (XPB)

Pebblecoin (XPB)
Pebblecoin is a CryptoNote-based coin with certain adjustments. XPB implemented a mining algorithm called Boulderhash that requires 13 GB RAM. This has been the successful attempt to block botnet-controlled computers from mining. XPB has a distinct emission curve: the standard block reward of 300 coins remains unchanged for the whole period of XPB mining.

* cpt.Pebblecoin-XPB,
* cpt.XPB-Pebblecoin,

bcn-evu.CryptoNote.QuazarCoin (QCN {2014-05-08})

QuazarCoin QCN
QuazarCoin is a new cryptocurrency based on the CryptoNote and uses the CryptoNight algorithm. QCN protects your data and privacy with help of completely anonymous transactions with ring signatures.
Quazarcoin (QCN)
Quazarcoin is a CryptoNote-based coin, which has been launched as a result of community discussions. It has a flatter emission curve and fair, open launch to attract the wider community. QCN's developers focus on usability aspects of the currency. Its main contribution is the popularization of CryptoNote technology.
QuazarCoin (QCN)
$0.009481 (3.45%)
0.00000800 BTC (3.65%)
Rank 448
Mineable Currency
Market Cap: $52,191, 44 BTC
Volume (24h): $13, 0.01 BTC
Circulating Supply: 5,505,034 QCN
[https://coinmarketcap.com/currencies/quazarcoin/] {2017-04-16}

* cpt.Bcn-evuC.QuazarCoin-QCN,
* cpt.QuazarCoin-QCN,
* cpt.QCN-QuazarCoin,

* BlockH1: http://chainradar.com/qcn/block/1,


* Bitcoin,
* BitcoinNo-altcoin,


The collective name for cryptocurrencies offered as alternatives to bitcoin.
Litecoin, Feathercoin and PPcoin are all altcoins.
A clone of the protocol with some modifications.
Usually all altcoins have rules incompatible with Bitcoin and have their own genesis blocks.
Most notable altcoins are Litecoin (uses faster block confirmation time and scrypt as a proof-of-work) and Namecoin (has a special key-value storage).
In theory, an altcoin can be started from an existing Bitcoin blockchain if someone wants to support a different set of rules (although, there was no such example to date).
See also Fork.

* cpt.Altcoin-of-blockchain,
* cpt.Blockchain-altcoin,
* cpt.Bcn-altcoin,



* cpt.Bcn-evu.active,


CT: Has CoinMarketCap ever permanently removed a coin from being listed on the site? If so is there a list of delisted coins? How about delisting an exchange?
G: About 40% of the coins ever added to the site are now "inactive" due to failing to meet the basic criteria. In virtually all cases, the reason for delisting is because all exchanges have delisted the coin. There is not currently a list of these coins, but perhaps in the future. Exchanges get delisted when their API fails ceases to work for a significant period of time.
[https://cointelegraph.com/news/coinmarketcap-about-40-of-the-coins-ever-added-to-the-site-are-now-inactive] {2015-08-21}

* cpt.Bcn-evu.activeNo,
* cpt.Bcn-evu.inactive,

* Solocoin-SOL, https://coinmarketcap.com/currencies/solcoin/



* cpt.Bcn-evu.minable,

* Bitcoin-BTC,
* Ethereum-ETH,
* Litecoin-LTC,
* Dash-DASH,
* Monero-XMR,
* Ethereum Classic-ETC,
* Zcash-ZEC,
* Steem-STEEM,
* Decred-DCR,
* BitConnect-BCC,
* Dogecoin-DOGE,
* Bytecoin-BCN,
* GameCredits-GAME,
* Siacoin-SC,
* Peercoin-PPC,
* Emercoin-EMC,
* Komodo-KMD,
* Nexus-NXS,
* SysCoin-SYS,
* ZCoin-XZC,
* Creditbit-CRBIT,
* Namecoin-NMC,


* cpt.Bcn-evu.minableNo,

* Ripple-XRP,
* Stratis-STRAT,
* Waves-WAVES,
* Lisk-LSK,
* Stellar Lumens-XLM,
* BitShares-BTS,
* Ark-ARK,
* Nxt-NXT,
* Bitcrystals-BCY,
* Byteball-GBYTE,
* Counterparty-XCP,
* AntShares-ANS,
* I/O Coin-IOC,
* Rubycoin-RBY,
* Nexium-NXC,
* BlackCoin-BLK,
* NAV Coin-NAV,
* YbCoin-YBC,
* Radium-RADS,
* BitBay-BAY,
* Omni-OMNI,


* cpt.Bcn-evu.sigificantly-premined,

* Gulden-NLG,


Most cryptocurrencies are designed to gradually decrease production of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation.
This can mimic the scarcity (and value) of precious metals and avoid hyperinflation.
Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies are less susceptible to seizure by law enforcement.
Existing cryptocurrencies are all pseudo-anonymous, though additions such as Zerocoin and its distributed laundry[13] feature have been suggested, which would allow for true anonymity.

* cpt.Bcn-evu.supply,
* cpt.Supply-of-bcnevu,

This is a list of notable cryptocurrencies. There were more than 530 cryptocurrencies available for trade in online markets as of 5 January 2015 and more than 740 in total[1] but only 10 of them had market capitalizations over $10 million.[2]


* Circulating-supply,
* Total-supply,
* Market-cap,


The-product of aggregate-tokens times its exchange-rate.

* cpt.Bcn-market-cap-of-bcnevt,
* cpt.Blockchain-market-cap-of-bcnevt,
* cpt.Market-cap-of-bcnevt,
* cpt.Market-capitalization-of-bcnevu,

bcn-evu.csa.CONSENSUS (bcnevuC)

Blockchain-Consensus-Exval-Token[1] is the main token of a-bcnnet, needed to make consensus to upadate the-blocs in a-blockchain.
As long as a-blockchain-network is public, this[1] token is a-commodity with exchange-value the-work needed to exist the-network TIMES demand/supply.
Blockchain-Consensus-Exval-Token is AUTOBACKED.

* cpt.Bcn-evuC-(Blockchain-exchange-value-unit.consensus), {2017-07-17}
* cpt.Bcn-cevu-(Blockchain-consensus-exchange-value-unit), {2017-07-17}
* cpt.Consensus-exchange-value-unit-of-blockchain, {2017-07-17}

* cpt.Bcn-cevt, {2017-04-15}
* cpt.Bcn-cet, {2017-03-31}
* cpt.Blockchain-CEV-Token, {2017-04-04}
* cpt.Blockchain-Consensus-Exval-Token, {2017-03-31}
* cpt.Bcn-ctk-(Blockchain-consensus-token), {2017-03-29}
* cpt.Blockchain-consensus-token, {2017-03-29}
* cpt.Core-token-of-bcnnet,
* cpt.Basic-blockchain-token, [BitShares {2017-03-28}]
* cpt.Base-token-of-bcnnet, [BitShares {2017-03-28}]
* cpt.Bcn-crc-(Blockchain-currency), {2017-03-28}
* cpt.Bcn-evu.consensus,
* cpt.Bcn-evu.main,
* cpt.Bcn-evu.consensus-currency,
* cpt.Bcn-net--consensus-currency,
* cpt.Bcn-net--consensus-currency,
* cpt.Consensus-money, {2017-03-28}
* cpt.Main-blockchain-token,
* cpt.Main-network-token,
* cpt.Consensus-currency-in-blockchaine-network,

We believe that Bitcoin is in fact the first ever decentralized job network to exist, if we define jobs on the bitcoin network as actions by network participants who are paid directly and autonomously from a purely decentralized source such as the block reward.
[https://www.dash.org/binaries/evo/DashPaper-v13-v1.pdf, Evan Duffield]

Blockchain-currency is the main money of a-bcnnet, needed to create the-blockchain.

A-cryptocoin used in a-blochain that transacts money.


Blockchain-Consensus-Exchange-Value-Token[1] is the main token of a-bcnnet, needed to make consensus to append the-blocks of the-blockchain.
As long as a-blockchain-network is public, this[1] token is a-commodity with exchange-value the-work needed to exist the-network TIMES demand/supply.

* cpt.Bcn-cevt-exchange-rate,


Low energy consumption.
Many cryptocurrencies rely on a ‘proof-of-work’ model to create new coins and secure the network.
This is an intensive computational process that can only be carried out by highly specialised hardware and requires huge amounts of electricity.
Nxt’s ‘proof-of-stake’ solution needs very little energy by comparison, with the result that the network has a fraction of the carbon footprint of other cryptocurrencies.

* cpt.Bcn-net--energy-consumption,
* cpt.Blockchain-energy-consumption,
* cpt.Energy-consumption-of-bcnnet,


* bcnevuC.specific,
* cpt.Bcn-evuC.specific,

* {2017}:

* {2016}:
- Decred-DCR,
- LBRY-Credits-LBC,
- Lisk-LSK,
- NAV-Coin-NAV,
- Stratis-STRAT,
- Zcash-ZEC,
* {2015}:
- BitShares-BTS,
- Ether-ETH,
- Factom-FCT,
- Radium-RADS,
* {2014}:
- AuroraCoin-AUR,
- BlackCoin-BLK,
- FairCoop-FAIR,
- Gulden-NLG,
- NuBits-USNBT,
* {2013}:
- DogeCoin-DOGE,
- Nxt-NXT,
* {2012}:
- Freicoin-FRC,
- Peercoin-PPC,
- Ripple-XRP,
* {2011}:
- Litecoin-LTC,
- Namecoin-NMC,
* {2010}:

* {2009}:
- Bitcoin-BTC,

bcn-evu.csa.CONSENSUS.NO (bcnevtCNo)

Non-consensus-exchange-value-unit is an-exchange-value-unit which is-not-used as incentive in the-consensus-algorithm.
A-secondary-cryptocoin created in a-blochain with different MAIN money.

* cpt.Bcn-asset-(Blockchain-asset), {2017-06-24}
* cpt.Bcn-cevuN-(Blockchain--consensus-exchange-value-unit.No), {2017-06-24}
* cpt.Bcn-evuCN-(Blockchain--exchange-value-unit.consensusNo), {2017-05-17}
* cpt.Bcn-evu.consensusNo,
* cpt.Bcn-evu.secondary,
* cpt.Bcn-evu.subcurrency,
* cpt.Bcn-net--subcurrency,
* cpt.Blockchain--consensus-exchange-value-unit.No-(Bcn-cevuN), {2017-06-24}
* cpt.Blockchain--exchange-value-unit.consensusNo-(Bcn-evuCN), {2017-05-17}
* cpt.Blockchain-asset, {2017-06-24}
* cpt.Blockchain-subcurrency,
* cpt.ConsensusNo--exchange-value-of-blockchain, {2017-05-17}
* cpt.Custom-blockchain-token,
* cpt.Non-consensus--exchange-value-of-blockchain, {2017-05-17}
* cpt.Subcurrency-in-blockchaine-network,
* Bcn-cevtNo-(Blockchain--consensus-exchange-value-token.No), {2017-03-31}
* Bcn-ctkNo, {2017-03-29}
* Bcn-scrc-(Blockchain-subcurrency), {2017-03-28}
* Blockchain-consensusNo-exval-token, {2017-03-31}
* Blockchain-consensusNo-token, {2017-03-29}

* Chronobank-LHT,
* Chronobank-TIME,
* Colored-coin,
* Ethereum-evuCN,


ColoredCoins started in 2013 as method to push metadata to the Bitcoin blockchain, and evolved over the years to a vibrant ecosystem for digital currencies.

As the open source community continues to develop, a consortium of stake-holders has formed with the realization that the blockchain movement will transform the way we do business in the future and that this revolution, much like the internet, will happen after standards will form around every layer of the stack.

The ColoredCoins project taps into the biggest and the most successful crypto-currency ecosystem in the world, Bitcoin, and creates a blockchain agnostic framework for digital-currencies that will apply those best practices to traditional finance.

* cpt.ColoredCoin,
* cpt.Colored-coin,


A proposed add-on function for bitcoin that would enable bitcoin users to give them additional attributes.
These attributes could be user-defined, enabling you to mark a bitcoin as a share of stock, or a physical asset.
This would enable bitcoins to be traded as tokens for other property.
A concept of adding a special meaning to certain transaction outputs.
This could be used to create a tradable commodity on top of Bitcoin protocol.
For instance, a company may create 1 million shares and declare a single transaction output containing 10 BTC (1 bln *satoshis*) as a source of these shares.
Then, some or all of these bitcoins can be moved to other addresses, sold or exchanged for anything.
During a voting process or a dividend distribution, share owners can prove ownership by simply singing a particular message by the private keys associated with addresses holding bitcoins derived from the initial source.

* cpt.Bitcoin-ColoredCoin,
* cpt.Bitcoin-colored-coin,
* cpt.BtcColored-coin,


ICO-tokens are tokens issued by companies that support ICO processes.

* cpt.Bcn-ICO-token,

* http://cofound.it/ (ethereum-based),
* https://www.dcorp.it/ (ethereum-based),


National cryptocurrencies provide a meaningful alternative to the central banking system, allow a people to gather equity instead of debt, and have a more focused distribution model than general purpose cryptocurrencies such as Bitcoin.

* cpt.Bcn-evu.national,
* cpt.National-cryptocurrency,
* cpt.MnyNational-cryptocurrency,

* {2017-05-15} Palestine May Launch Its Own Cryptocurrency as Sovereign Legal Tender: https://bitcoinmagazine.com/,


* cpt.eCFA-money,
* cpt.Mny.eCFA,

NOV 27, 2016
By Joseph Young
Senegal Introduces Cryptocurrency Based on its National Currency

Senegal Introduces Cryptocurrency Based on its National Currency
Senegalmay become the first country to release a cryptocurrency based on its national currency.

Earlier this month, Senegal introduced eCFA, a digital currency currently in development in collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited. BRM bank, a Senegal-based financial institution specializing in capital markets and the implementation of tailor-made banking solutions, is leading both the development and integration of the digital currency, which the Senegal government states would serve as a legal tender.

Similar to the vision of Norway’s largest bank DNB, Senegal is attempting to secure a significant market share of Africa’s severely underbanked and underserved populations, which are struggling to find access to reliable and cost-efficient financial platforms and networks to settle cross-border transactions.

Interestingly, the development and launch of eCFA is overseen by the West African Economic and Monetary Union (WAEMU), which suggests that once ready for commercial roll-out, eCFA will be made available for other African countries including Benin, Burkina Faso, Cote d’Ivoire, Niger, Togo and more.

Criticisms and future plans

Upon the first announcement of plans to develop eCFA, BRM bank as well as the Senegal government received criticisms from cryptography experts and analysts due to eCFA’s dependence on a centralized banking system. It has been said that if eCFA is based on its national currency, it defeats the purpose of implementing a digital currency.

In spite of these criticisms, BRM bank CEO Alioune Camara, stated earlier this month that it will assist the Senegal government in creating a system which can facilitate interoperability between all financial applications, platforms and networks within the region.

Camara stated:

“An eCFA backed by our banking system and the central bank is the safest and most secure way to enable the digital economy. We can now facilitate full interoperability between all e-money payment systems. This is a great leap forward for Africa.”

Ambiguity in Blockchain specifications

However, BRM and eCurrency Mint Limited have yet to release any technical information and background on their Blockchain-based digital currency. In fact, it is still unknown whether the currency will be based on a permissioned ledger or a decentralized Blockchain network. If the latter, the bank will struggle with existing financial regulations.

If the bank opts for a permissioned ledger, various security consequences will lead to issues with the deployment process, which may turn out increasingly inefficient for both the bank and its future users.

bcn-evu.Stratis (STRATevuC {2016-08-09})

Stratis STRAT
Stratis is a flexible and powerful Blockchain Development Platform designed for the needs of real-world financial services businesses.

* cpt.Crypto-token.STRAT-(Stratis),
* cpt.STRAT-evuC,
* cpt.Stratis-token-(STRAT),
* cpt.STRAT-(Stratis-token),

* https://stratisplatform.com/
* Block#1: https://chainz.cryptoid.info/strat/block.dws?1.htm,

bcn-evu.LBRY-Credits (LBCevuC {2016-06-23})

LBRY Credits LBC
LBRY is the first digital marketplace to be controlled by the market’s participants rather than a corporation or other 3rd-party.
LBRY Credits (LBC)
$0.082279 (-4.60%)
0.00006966 BTC (-5.48%)
Rank 71
Mineable Currency
Market Cap
4,267 BTC
Volume (24h)
349.94 BTC
Circulating Supply
61,254,380 LBC
Total Supply
459,154,380 LBC
[https://coinmarketcap.com/currencies/library-credit/] {2017-04-16}

* cpt.LBC-evuC,
* cpt.LBC-(LBRY-Credits-token),
* cpt.LBRY-Credits-token-(LBC),
* cpt.Crypto-token.LBC-(LBRY-Credits),

* https://lbry.io/
* https://explorer.lbry.io/
* BlockH1: https://explorer.lbry.io/block/decb9e2cca03a...1b088f22f8f38556d93ac4358b86c24,

bcn-evu.NAV-Coin (NAVevuC {2016-05-12})

NAV Coin is a X13 POS cryptocurrency. Anonymous Technology using Subchains and Community's Foundation
NAV Coin (NAV)
$0.101782 (15.79%)
0.00008618 BTC (14.79%)
Rank 64
Market Cap
5,248 BTC
Volume (24h)
364.32 BTC
Circulating Supply
60,897,100 NAV
[https://coinmarketcap.com/currencies/nav-coin/] {2017-04-16}

* cpt.NAV-evuC,
* cpt.NAV-(NAV-token),
* cpt.NAV-token-(NAV),
* cpt.Crypto-token.NAV-(NAV-Coin),

* http://navcoin.org/
* Block#1: https://chainz.cryptoid.info/nav/block.dws?1.htm,

bcn-evu.Steem (STEEMcevu {2016})

Steem is the first Reddit-like social media platform based on blockchain technologies. Each worthy content, instead of likes, is rewarded by STEEM, a crypto that fuels the platform. STEEM may also be mined through the p2p network.
Steem (STEEM)
$0.216145 (9.80%)
0.00018364 BTC (10.63%)
Rank 19
Mineable Currency
Market Cap
43,465 BTC
Volume (24h)
1,650 BTC
Circulating Supply
236,687,178 STEEM
Total Supply
253,661,272 STEEM
[https://coinmarketcap.com/currencies/steem/] {2017-04-16}

* cpt.Crypto-token.STEEM,
* cpt.STEEM-evuC,
* cpt.STEEM-(Steem-token),
* cpt.Steem-token-(STEEM),

* https://steem.io/
* ANN: https://bitcointalk.org/index.php?topic=1410943.0, {2016-03-24}

bcn-evu.Factom (FCTevuC {2015-09-01})

Factom FCT
Factom is an open source project implementing blockchain technology for businesses. Entries in the ledger cannot be altered, thus there is no place for fraud and forgery, the system becomes transparent. Factom cryptocurrency is alternatively called Factoids.
Users of the system can exchange them for Entry Credits, in this case the coins are burnt.
Individuals who run FCT Servers pay transaction fees for Bitcoin and get Factoids as an incentive for that.
Factom (FCT)
$5.84 (18.27%)
0.00494316 BTC (17.05%)
Rank 18
Market Cap
43,269 BTC
Volume (24h)
3,138 BTC
Circulating Supply
8,753,219 FCT
[https://coinmarketcap.com/currencies/factom/] {2017-04-16}

* cpt.Crypto-token.FCT-(Factom),
* cpt.FCT-evuC,
* cpt.Factom-token-(FCT),
* cpt.FCT-(Factom-token),

* http://factom.org/

bcn-evu.Radium (RADSevuC {2015-05-25})

Radium RADS
Radium and its blockchain serve as a basis for the Radium SmartChain, a foundation for the progressive blockchain development. The ultimate goal is to set up an environment for completely decentralized services. RADS can be sent using traditional addresses or usernames recorded in the blockchain of the coin.
Radium (RADS)
$1.53 (3.94%)
0.00129289 BTC (3.30%)
Rank 72
Market Cap
4,134 BTC
Volume (24h)
44.40 BTC
Circulating Supply
3,197,641 RADS
[https://coinmarketcap.com/currencies/radium/] {2017-04-16}

* cpt.Crypto-token.RADS-(Radium),
* cpt.Radium-token-(RADS),
* cpt.RADS-evuC,
* cpt.RADS-(Radium-token),

* http://projectradon.info/
* https://chainz.cryptoid.info/rads/
* Block#1: https://chainz.cryptoid.info/rads/block.dws?1.htm,

bcn-evu.NuBits (USNBTevuC {2014-08-03})

NuBits NBT
NuBits is a digital currency developed in 2014 by the creators of Peershares. The unique feature of this cryptocurrency is its stable price. NuBits is always equal to $1 and it is the first decentralized cryptocurrency to maintain the $1 peg for over a year. They accomplish it by adjusting the coin supply to match investor demand, the markets don’t control the price.
Nu is the first decentralized central bank in the world who issue NuBits, the first crypto-dollar with a stable prize 1NBT = 1USD. Value stability is highly desirable in a currency, and we expect more and more users will begin using NuBits for online purchases.
NuBits (USNBT)
$0.988734 (1.19%)
0.00083747 BTC (0.51%)
Rank 294
Market Cap
114 BTC
Volume (24h)
0.71 BTC
Circulating Supply
135,603 USNBT
Total Supply
4,845,406 USNBT
[https://coinmarketcap.com/currencies/nubits/] 2017-04-16

* cpt.Crypto-token.NBT-(NuBits),
* cpt.NBT-evuC,
* cpt.NBT-(Nubits-token),
* cpt.Nubits-token-(NBT),

* https://www.nubits.com/
* https://nuexplorer.ddns.net/
* BlockH0: https://nuexplorer.ddns.net/blocks/000003cc2d...9ddc1204efd169e947dd4cbad73f/1,

bcn-evu.MaidSafeCoin (MAIDevuCN {2014-04-22})

MaidSafeCoin MAID
MaidSafeCoin is a part of MaidSafe network. The developers created SAFE (Secure Access For Everyone) network for invulnerable and private data storage with no governing party. Users of the network who grant their resources are automatically rewarded with the coins. They can exchange the received Safecoins for the services within SAFE Network or trade them as any other cryptocurrency.
MaidSafeCoin (MAID)
$0.200548 (2.10%)
0.00016979 BTC (1.14%)
Rank 11
Market Cap
76,838 BTC
Volume (24h)
359.25 BTC
Circulating Supply
452,552,412 MAID
[https://coinmarketcap.com/assets/maidsafecoin/] {2017-04-16}

* cpt.Crypto-token.MAID-(MaidSafeCoin),
* cpt.MAID-evuCN,
* cpt.MAID-(MaidSafeCoin-token),
* cpt.MaidSafeCoin-token-(MAID),

* http://maidsafe.net/
* ann: https://bitcointalk.org/index.php?topic=579797.0, {2014-04-22}
* http://omnichest.info/lookupsp.aspx?sp=3, {2014-04-22}

bcn-evu.Gulden (NLGevuC {2014-03-29})

Gulden NLG
Gulden is the first digital currency with a human approach. It is a Dutch cryptocurrency named after the national defunct currency of Netherlands. The crypto is determined by the demand for gold and silver. Guldens are stored on a mobile or desktop app and can be used anywhere Bitcoin is accepted, including IBAN banks.
Gulden (NLG)
$0.040189 (12.73%)
0.00003402 BTC (11.60%)
Rank 44
Mineable Premined Currency
Market Cap
11,698 BTC
Volume (24h)
57.39 BTC
Circulating Supply
343,822,145 NLG
Total Supply
445,842,300 NLG
[https://coinmarketcap.com/currencies/gulden/] {2017-04-16}

* cpt.Crypto-token.NLG,
* cpt.Gulden-token-(NLG),
* cpt.NLG-(Gulden-token),

* https://gulden.com/
* BlockH1: https://blockchain.gulden.com/block/756e5147f4...950819c82d8d17ee7ceaa8e3a6628,

bcn-evu.BlackCoin (BLKcevu {2014-02-24})

BlackCoin (BLK)
$0.081931 (12.03%)
0.00006927 BTC (10.84%)
Rank 63
Market Cap
5,270 BTC
Volume (24h)
137.84 BTC
Circulating Supply
76,076,517 BLK
[https://coinmarketcap.com/currencies/blackcoin/] {2017-04-15}
BlackCoin is a peer-to-peer cryptocurrency. BlackCoin uses a proof-of-stake system and is open-source.[3] BlackCoin was created by the developer Rat4, with the goal of proving that BlackCoin’s way of disabling proof-of-work is stable and secure.[4] BlackCoin secures its network through a process called "minting". Transactions in BlackCoin were called "significant" in a Citibank whitepaper.[5]

* cpt.BlackCoin-token-(BLK),
* cpt.BLK-(BlackCoin-token),
* cpt.Crypto-token.BLK,

* http://blackcoin.co/
* Block#1 https://chainz.cryptoid.info/blk/block.dws?1.htm,

bcn-evu.Auroracoin (AURevuC {2014-01-24})

Auroracoin (AUR)
$0.177925 (8.19%)
0.00015040 BTC (7.06%)
Rank 130
Mineable Premined Currency
Market Cap
1,302 BTC
Volume (24h)
2.27 BTC
Circulating Supply
8,658,139 AUR
[https://coinmarketcap.com/currencies/auroracoin/] {2017-04-15}
Auroracoin is a cryptocurrency launched in February 2014 as an Icelandic alternative to Bitcoin and the Icelandic krona.[1][2][3] Its unknown creator or creators use the pseudonym Baldur Friggjar O?insson (or Odinsson).[1][2][3] They stated that they planned to distribute half of auroracoins that would ever be created to all 330,000 people listed in Iceland's national ID database beginning on March 25, 2014, free of charge, coming out to 31.8 auroracoins per person.[1][3]
Auroracoin was created as an alternative currency to address the government restrictions on Iceland's krona, in place since 2008, which severely restricts movement of the currency outside of the country.[1] Iceland's Foreign Exchange Act also prohibits the foreign exchange of bitcoins from the country, according to a government minister.[4]

* cpt.AUR-evuC,
* cpt.AUR-(AuroraCoin-token),
* cpt.AuroraCoin-token-(AUR),
* cpt.Crypto-token.AUR,

* http://new.auroracoin.is/
* https://github.com/aurarad/auroracoin,
* http://cointelegraph.com/news/saving-icelands-economy-did-auroracoin-fail-its-mission {2016-04-19}
* http://cointelegraph.com/news/could-iceland-embrace-crypto-before-anyone-else,

bcn-evu.Dogecoin (DOGEevuC {2013-12-06})

Dogecoin (DOGE)
$0.000441 (4.92%)
0.00000037 BTC (3.83%)
Rank 21
Mineable Currency
Market Cap
40,702 BTC
Volume (24h)
1,196 BTC
Circulating Supply
108,982,504,127 DOGE
[https://coinmarketcap.com/currencies/dogecoin/] {2017-04-16}
Dogecoin DOGE
Dogecoin is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Started as a "joke currency" in late 2013, Dogecoin quickly developed its own online community and reached reasonable capitalization nowadays.
Date of introduction     December 8, 2013; 19 months ago
User(s)     International
Inflation     Approximately 100 billion coins to be mined by early 2015, and 5.256 billion new coins per year.
Symbol     ?[1]
Nickname     Doge
Plural     DOGE, Dogecoins
Dogecoin (/?do??k??n/ DOHZH-koyn,[2] code: DOGE, symbol: ?[1] and D) is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo.[3][4][5][6] It was introduced on December 8, 2013.[7]

Started as a "joke currency" in late 2013, Dogecoin quickly developed its own online community and reached a capitalization of USD 60 million in January 2014;[8] as of January 2015, it had a capitalization of USD 13.5 million.[9]

Compared with other cryptocurrencies, Dogecoin has a fast initial coin production schedule: 100 billion coins have been in circulation by mid 2015 with an additional 5.256 billion coins every year thereafter. As of 30 June 2015, the 100 billionth Dogecoin has been mined.[10] While there are few mainstream commercial applications, the currency has gained traction as an Internet tipping system, in which social media users grant Dogecoin tips to other users for providing interesting or noteworthy content.[11] Many members of the Dogecoin community, as well as members of other cryptocurrency communities, use the phrase "To the moon!" to describe the overall sentiment of the coin's rising value.[12][13][14]

* cpt.Crypto-token.DOGE,
* cpt.DOGE-evuC,
* cpt.DOGE-(Doge-token),
* cpt.Doge-token-(DOGE),

* http://dogecoin.com/

bcn-evu.Freicoin (FRCcevu {2012-12-21})

Freicoin is a decentralized, distributed, peer-to-peer electronic currency designed to address the grievances of the working class and re-align financial interests of the wealthy elite with the stability and well-being of the economy as a whole. Whereas inflationary currencies like the U.S. Dollar or Euro are controlled by central bankers under rules that intentionally or not benefit the establishment, Freicoin is completely decentralized and self-regulating, with a demurrage fee that ensures its circulation and bearers of the currency pay this fee automatically to those community members who contribute work to secure the currency.
Freicoin is an implementation of the accounting concept of a proof-of-work block chain used by Satoshi Nakamoto in the creation of Bitcoin. It includes a downloadable client for Mac OS X, Windows, and Linux, and an electronic network for transferring funds denominated in Freicoin world-wide. You can download, review and improve the code of this free software project on Github.
A cryptocurrency based on the inflation-free principles outlined by the economist Silvio Gessell.
Freicoin (FRC)
$0.001772 (1.05%)
0.00000150 BTC (0.00%)
Rank 335
Mineable Currency
Market Cap
41 BTC
Volume (24h)
0.94 BTC
Circulating Supply
27,665,859 FRC
Total Supply
100,000,000 FRC
[https://coinmarketcap.com/currencies/freicoin/] {2017-04-16}

* cpt.FRC-evuC,
* cpt.FRC-token,
* cpt.FRCcevu,
* cpt.Freicoin,

* http://freico.in/

bcn-evu.Tether (USDTevt)

We’ve combined the best of both worlds
Get the joint benefits of the Bitcoin blockchain and traditional currency
Add more value to your business
Start reaping the rewards of stable currency on the Blockchain

Custodial Account
Avoid the hassle of the banking system.
Store cash as if it were bitcoin.

Provide a Bitcoin Alternative
Offer your customers stable currency with the benefits and functionality of the Blockchain.

Transact with Digital Currency
Store, send and receive 1-to-1 backed digital currency across exchanges, platforms, and wallets.
Tether (USDT)
$0.999837 (0.00%)
0.00084977 BTC (0.79%)
Rank 19
Market Cap
43,121 BTC
Volume (24h)
10,136 BTC
Circulating Supply
50,743,773 USDT
Total Supply
54,950,871 USDT
[https://coinmarketcap.com/assets/tether/] {2017-04-16}

* cpt.Crypto-token.Tether,
* cpt.Tether-token-(USDT),
* cpt.USDT-(Tether-token),

* https://tether.to/
* https://bravenewcoin.com/assets/Whitepapers/Tether-White-Paper.pdf,
* http://omnichest.info/lookupsp.aspx?sp=31,


An altcoin produced with the sole purpose of making money for the originator.
Scamcoins frequently use pump and dump techniques and pre-mining together.

* cpt.Blockchain-scamcoin,
* cpt.Bcn-scamcoin,
* cpt.Scamcoin,

bcn-evu.EVOLUTING (bcnevuEvn)

* cpt.Bcn-evuEvn,
* cpt.Bcn-evu.evoluting,

=== GENESIS Wei-Dai:
Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.
The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto.
Satoshi left the project in late 2010 without revealing much about himself.
The community has since grown exponentially with many developers working on Bitcoin.

Bcn-net'Statistics (bcnstat)

Quantifiable information about many attributes of a-blockchain-network.

* cpt.Bcn-net--statistics,
* cpt.Blockchain-network-statistics,
* cpt.Blockchain-statistics,

bcn-stat'Block-explorer (link)


Ethereum Network Statistics
Description Value
Ethereum's current estimated annual electricity consumption (TWh) 4.4
Annualized global mining revenues $2,790,138,907
Annualized estimated global mining costs $528,358,419
Country closest to Ethereum in terms of electricity consumption Brunei Darussalam
Estimated electricity used over the previous day (KWh) 12,062,978
Implied Watts per MH/s 8.654
Break-even Watts per MH/s (based on 5 cents per KWh) 45.708
Electricity consumed per transaction (KWh) 46.00
Number of U.S. households that could be powered by Ethereum 407,684
Number of U.S. households powered for 1 day by the electricity consumed for a single transaction 1.55
Ethereum's electricity consumption as a percentage of the world's electricity consumption 0.02%

* cpt.Bcn-energy-consumption,
* cpt.Bcn-net-energy-consumption,
* cpt.Blockchain-energy-consumption,
* cpt.Energy-consumption-of-blockchain-network,

* http://digiconomist.net/bitcoin-energy-consumption,
* http://digiconomist.net/ethereum-energy-consumption

Bcn-net'Governance-system (bcngov)

While all blockchains offer financial incentives for maintaining consensus on their ledgers, no blockchain has a robust on-chain mechanism that seamlessly amends the rules governing its protocol and rewards protocol development. As a result, first-generation blockchains empower de facto, centralized core development teams or miners to formulate design choices.
Tezos takes a fundamentally different approach by creating governance rules for stakeholders to approve of protocol upgrades that are then automatically deployed on the network. When a developer proposes a protocol upgrade, they can attach an invoice to be paid out to their address upon approval and inclusion of their upgrade. This approach provides a strong incentive for participation in the Tezos core development and further decentralizes the maintenance of the network. It compensates developers with tokens that have immediate value rather than forcing them to seek corporate sponsorships, foundation salaries, or work for Internet fame alone.

Recently, new blockchains equipped with built in governance system tried to cope with this problem.
Dash is the forerunner to implement governance system in their blockchain.
Dash, who call themselves as the “First Self Governing, Self Funding Protocol”,proposed a decentralized management system based on the masternode voting mechanism in 2015.
Dash has been steadily developed using this governance system.
Recently the price of Dash surpassed over $100 {March 16th, 2017}.
A stable governance structure may be the reason for the increased value.

More and more recent cryptocurrencies have governance systems.
Qtum, a Chinese cryptocurrency, has governance system named the “Judgement Committee”.
Dfinity and Tezos also have governance systems.
Needless to say BOScoin has a governance system as well.
If these systems are implemented in blockchain, the blockchain can adjust and evolve itself according to the contemporary environment.
If these systems work successfully, we can build a true DAO(Decentralized Autonomous Organization) self-governing community which is the dream of blockchain enthusiasts.
I believe these kinds of democratic systems are the key to sustaining and growing the cryptocurrency ecosystem.
Cryptocurrencies equipped with a governance structure will be the next wave of blockchain technology.
Myung Sahn Juhn

* cpt.Bcn-gov-(Blockchain-governance),
* cpt.Bcn-net--governance-system,
* cpt.Blockchain-governance-system,




whether the-governance-system is built-in or not.


whether a-new-version or policy is applied automatically or manually.
Dash has no auto-updating function so have a penalty policy to urge the masternode to maintain the latest program.


* cpt.Bcn-net--decision-making-process,
* cpt.Bcn-net--governing,
* cpt.Bcn-net--managing,


Bitcoin:  Non-systematic
Ethereum: Non-systematic
BOSnet:   Democratic Congress (One node = One vote)

Bcn-net'Program (bcnpgm)

Bcnnet-program is any computer-program used in a-blockchain-network.

* cpt.Bcn-net--program,
* cpt.Bcn-netpgm,
* cpt.Blockchain-network-program,


* Blockchain-program,
* Client-program,
* dApp,
* Wallet-program,


Blockchain-client is the-program that implements the-protocol of the-blockchain-network.

* cpt.Blockchain-client,


Blockchain-program[1] is a-computer-program stored in a-blockchain that[1] process arbitrary transitions of the-blockchain's-information.
Smart-contract is a-program deployed on a-blockchain.

* cpt.Smart-contract,

* Ethereum-smart-contract,
* BOScoin-smart-contract,

bcn-pgm.dApp (bcndap)

Cpt-created: {2016-02-24}

Dapp or decentralised-app is an-app running on a-decentralised-network.
Dapp CAN-HAVE a-front-end-code or user-interface written on any language.
Definition of a Dapp
For an application to be considered a Dapp (pronounced Dee-app, similar to Email) it must meet the following criteria:

The application must be completely open-source, it must operate autonomously, and with no entity controlling the majority of its tokens. The application may adapt its protocol in response to proposed improvements and market feedback but all changes must be decided by consensus of its users.

The application's data and records of operation must be cryptographically stored in a public, decentralized blockchain in order to avoid any central points of failure.

The application must use a cryptographic token (bitcoin or a token native to its system) which is necessary for access to the application and any contribution of value from (miners / farmers) should be rewarded in the application’s tokens.

The application must generate tokens according to a standard crytptographic algorithm acting as a proof of the value nodes are contributing to the application (Bitcoin uses the Proof of Work Algorithm).

* cpt.Blockchain-application,
* cpt.DApp-(Decentralized-application),
* cpt.dApp-(Decentralized-application),
* cpt.Decentralised-application-(dApp),


* http://www.oraclize.it/,


* Ethereum-dApp,
* Lisk-dApp,

Bcn-net'Wallet (bcnwlt)

Wallets are containers for private keys, usually implemented as structured files or simple databases.

* cpt.Bcn-wlt-(Blockchain-wallet),
* cpt.Bcn-wallet,
* cpt.Blockchain-wallet-(BcnWlt),

A Bitcoin wallet can refer to either a wallet program or a wallet file.
Wallet programs create public keys to receive satoshis and use the corresponding private keys to spend those satoshis.
Wallet files store private keys and (optionally) other information related to transactions for the wallet program.
Now that you are connected to the network, the next thing you need to do is create a wallet that will hold your account addresses and DCR balance.


Wallet-evu is the-evu the-wallet stores.

* cpt.Bcn-wlt--exval-unit,
* cpt.Bcn-wlt--evu,
* cpt.Bcn-wlt--token,
* cpt.Wallet-token-of-blockchain,


What are transaction fees, and what fees does Jaxx apply?
Fees applied to transaction go to support the networks that run the coin/token - so, for instance, every standard (non-contract) ETH transaction currently applies a fee of .000441 ETH. This fee does not go to us; it goes to reward miners (thereby ensuring that the transaction is logged into the blockchain in a timely fashion) and support the Ethereum network itself. Note that transactions that interact with a contract address will be more costly.

The same is true of Bitcoin - BTC fees applied go to the Bitcoin network. The difference is that the BTC fees applied are dynamic - they are subject to go up or down based on the state of the network. Jaxx lets you specify between three different fee options depending on whether your transaction is time-sensitive or not (as the lower fee may face a longer confirmation period).

As newer coins are implemented, each coin is subjected to their own transaction fee that goes to their respected networks.

* cpt.Bcn-wlt--fee,
* cpt.Wallet-fee-of-blockchain,
* cpt.Wallet-transaction-fee-of-blockchain,

* Transaction-fee,


* https://wallet.mycelium.com/index.html,
* http://www.walletrecoveryservices.com/
* http://www.coindesk.com/meet-man-will-hack-long-lost-bitcoin-wallet-money/


This is the list of words that make up your private key

* cpt.Bcn-wlt--seed,





=== Specific-division.network:
* Bitcoin-wallet,
* Ethereum-wallet,
=== Specific-division.medium:
* Program-wallet,
* Brain-wallet,
* Paper-wallet,
* Hardware-wallet,
=== Specific-division.same-address:
* Static-wallet,
* StaticNo-wallet,
 - HD-wallet,
=== Specific-division.determinism:
* Deterministic-wallet,
* Deterministic.No-wallet,
=== Specific-division.online:
* Online-wallet,
 - Web-wallet,
* OnlineNo-wallet,
=== Specific-division.number-of-tokens:
* Mono-wallet,
* MonoNo-wallet,
* Jaxx-wallet,


Computer-program that manages the-keys of coins. Public-keys to receive coins and the corresponding private-keys to spend them.

* cpt.Bcn-wlt.program,
* cpt.Program-wallet-of-blockchain,

* https://coinomi.com/ Free Secure Open-Source Multi-Coin HD Wallet for Bitcoin and Altcoins,


The-storage of private-key, as a memorable phrase, in once brain.

* cpt.Bcn-wlt.brain,
* cpt.Blockchain-brain-wallet,
* cpt.Brain-wallet-of-blockchain,

* bitcoin-brain-wallet,


The-storage of keys on paper.

* cpt.Blockchain-paper-wallet,
* cpt.Bcn-wlt.paper,
* cpt.Paper-wallet-of-blockchain,


Hardware-wallet is a-device, such as trezor, ledger etc, that stores the-keys of bcn-evus.

* cpt.Blockchain-hardware-wallet,
* cpt.Bcn-wlt.hardware,
* cpt.Hardware-wallet-of-blockchain,


Static (non-HD) wallets stick to using a single address for all transactions.
While that's simpler, address reuse greatly undermines your privacy.

* cpt.Bcn-wlt.static,
* cpt.Static-wallet-of-blockchain,


A-wallet that changes the-addressess of the-transactions to improve privacy.

* cpt.StaticNo-wallet-of-blockchain,


HD (or "hierarchical deterministic") wallets like Jaxx generate a new address every time funds are sent to the current address.
All addresses generated from the same wallet can be used to receive funds, and all funds sent to any of these addresses will show up in your Jaxx balance.
The balance you see on your main wallet screens represent the total sum between those addresses.

* cpt.HD-wallet-of-blockchain,
* cpt.Hierarchical-deterministic-wallet,


A deterministic wallet is a system of deriving keys from a single starting point known as a seed. The seed allows a user to easily back up and restore a wallet without needing any other information and can in some cases allow the creation of public addresses without the knowledge of the private key.

* cpt.Bcn-wlt.deterministic,
* cpt.Deterministic-wallet-of-blockchain,


* https://www.cryptonator.com/ Online cryptocurrency wallet
Free multi-cryptocurrency accounts with instant exchange


A-web-wallet is A-WEBPAGE using javascript to manage addresses.
It can store your keys locally or online.

* cpt.Bcn-wlt.web,
* cpt.Blockchain-web-wallet,

HolyTransaction (Luxembourg)

Universal Wallet
Access Bitcoin, Litecoin, Dogecoin, Peercoin, Dash, Ethereum, Decred, Zcash, Faircoin, Gamecoin, Gridcoin and Blackcoin from one unified interface. Easy and instantly, right from this website. No software downloads required.

* cpt.HolyTransaction,

* https://holytransaction.com/


Mono-wallet is a-wallet that stores ONE token.

* cpt.Bcn-wlt.mono,
* cpt.Mono-wallet-of-blockchain,


Multi-wallet is a-wallet that stores MANY tokens.

* cpt.Bcn-wlt.monoNo,
* cpt.Bcn-wlt.multi,
* cpt.MonoNo-wallet-of-blockchain,
* cpt.Multi-wallet-of-blockchain,

bcn-wlt.Jaxx (jaxwlt)

Your Blockchain Interface.
Bye-bye gatekeepers. With Jaxx, you have the keys to control the new digital world.

* cpt.Jaxwlt,
* cpt.Jaxx-wallet,


Jaxx currently supports:
Dash (not available for iOS wallets)
Ethereum Classic
Augur REP
Zcash (not available for iOS wallets)
Rootstock Testnet (not available for iOS wallets)


What are transaction fees, and what fees does Jaxx apply?
Fees applied to transaction go to support the networks that run the coin/token - so, for instance, every standard (non-contract) ETH transaction currently applies a fee of .000441 ETH.
This fee does not go to us; it goes to reward miners (thereby ensuring that the transaction is logged into the blockchain in a timely fashion) and support the Ethereum network itself.
Note that transactions that interact with a contract address will be more costly.

The same is true of Bitcoin - BTC fees applied go to the Bitcoin network. The difference is that the BTC fees applied are dynamic - they are subject to go up or down based on the state of the network. Jaxx lets you specify between three different fee options depending on whether your transaction is time-sensitive or not (as the lower fee may face a longer confirmation period).

As newer coins are implemented, each coin is subjected to their own transaction fee that goes to their respected networks.


What can Jaxx do?
Jaxx can perform the following functions:

Send currencies to another currency address
Receive currency from another currency address
Manage your DAO Tokens
Convert between currencies through the in-app ShapeShift integration
Pair from or to another device's Jaxx wallet so that you can access that same wallet across all devices (mobile, desktop, tablet, or browser extension format)
Transfer funds from a paper wallet / private key, including encrypted paper wallets
Send to contract addresses
Use your device's camera to scan addresses in QR code form (mobile only) for sending and receiving bitcoin and ether, as well as pairing wallets and transferring funds from a paper wallet
Scan websites for valid addresses (browser extensions only)


How do I update Jaxx on desktop? (iOS / Windows)
Please visit Jaxx.io to find and download the latest version of Jaxx. Please make sure you write down your 12-word Backup Phrase in the exact sequence prior to updating.

Bcn-net'Problem (bcnpbm)

* cpt.Bcn-net--problem,
* cpt.Bcn-pbm-(Blockchain-problem),
* cpt.Blockchain-issue,
* cpt.Blockchain-problem,


* Security-problem,
* Lisk-LSK-network-problem,
* Nem-XEM-network-problem,
* Bitcoin-BTC-network-problem,


Bcnnet solved the-problem of information-security.
All security-systems are-created by humans and other humans broke them.
Our history shows that.
Transparency destroys the-need for security.

* cpt.Bcn-net--security,
* cpt.Bcn-scrt-(Blockchain-security),
* cpt.Bcn-security,
* cpt.Blockchain-security,

bcn-scrt'Consensus-algorithm (link)


* cpt.Bcn-net--51-percent-attack,


* cpt.Bcn-net--resource.security,
* cpt.Bcn-net--security-resource,

* https://medium.com/@VitalikButerin/a-proof-of-stake-design-philosophy-506585978d51,

Bcn-net'Human (bcnhmn)

* cpt.Bcn-hmn-(Blockchain-human),
* cpt.Bcn-net--human,
* cpt.Blockchain-human-(BcnHmn),


* cpt.Bcn-hmn--skill,

* https://cointelegraph.com/news/what-blockchain-skills-are-in-high-demand-digital-headhunter,


* bcnhmn.specific,
* cpt.Bcn-hmn.specific,

* dapp-user-human,
* developer-human,
* miner-human,
* user,
* wallet-user-human,

bcn-hmn.DEVELOPER (bcnhmnDvr)

* cpt.Bcn-hmnDvr,
* cpt.Bcn-hmn.developer,
* cpt.Bcn-net--developer,

bcn-hmn.USER (bcnusr)

User is a-human who uses the-services of the-network.

* cpt.Bcn-hmn.user,
* cpt.Bcn-usr-(Blockchain-user),
* cpt.Blockchain-user,

bcn-hmn.NODE-OPERATOR (bcnhmnNor)

* cpt.Bcn-hmnNor,
* cpt.Bcn-hmn.node-operator,
* cpt.Bcn-hmn.node-owner,
* cpt.Bcn-net--node-operator,


* cpt.Bcn-hmn.wallet-user,
* cpt.Bcn-net--wallet-user,

Bcn-net'Organization (bcnogn)

* cpt.Cryptocurrency-venture,
* cpt.Bcn-net--ogn,
* cpt.Bcn-ogn-(Blockchain-organization),
* cpt.Blockchain-organization-(BcnOgn),

* http://cryptovalleyzug.net/links.html,


DEFINITION of 'Initial Coin Offering (ICO)'
An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.

Also called an Initial Public Coin Offering (IPCO).

BREAKING DOWN 'Initial Coin Offering (ICO)'
When a cryptocurrency startup firm wants to raise money through an Initial Coin Offering (ICO), it usually creates a plan on a whitepaper which states what the project is about, what need(s) the project will fulfill upon completion, how much money is needed to undertake the venture, how much of the virtual tokens the pioneers of the project will keep for themselves, what type of money is accepted, and how long the ICO campaign will run for. During the ICO campaign, enthusiasts and supporters of the firm’s initiative buy some of the distributed cryptocoins with fiat or virtual currency. These coins are referred to as tokens and are similar to shares of a company sold to investors in an Initial Public Offering (IPO) transaction. If the money raised does not meet the minimum funds required by the firm, the money is returned to the backers and the ICO is deemed to be unsuccessful. If the funds requirements are met within the specified timeframe, the money raised is used to either initiate the new scheme or to complete it.

Early investors in the operation are usually motivated to buy the cryptocoins in the hope that the plan becomes successful after it launches which could translate to a higher cryptocoin value than what they purchased it for before the project was initiated. An example of a successful ICO project that was profitable to early investors is the smart contracts platform called Ethereum which has Ethers as its coin tokens. In 2014, the Ethereum project was announced and its ICO raised $18 million in Bitcoins or $0.40 per Ether. The project went live in 2015 and in 2016 had an ether value that went up as high as $14 with a market capitalization of over $1 billion.

ICOs are similar to IPOs and crowdfunding. Like IPOs, a stake of the startup or company is sold to raise money for the entity’s operations during an ICO operation. However, while IPOs deal with investors, ICOs deal with supporters that are keen to invest in a new project much like a crowdfunding event. But ICOs differ from crowdfunding in that the backers of the former are motivated by a prospective return in their investments, while the funds raised in the latter campaign are basically donations. For these reasons, ICOs are referred to as crowdsales.

Although there are successful ICO transactions on record and ICOs are poised to be disruptive innovative tools in the digital era, investors are cautioned to be wary as some ICO or crowdsale campaigns are actually fraudulent. Because these fund-raising operatives are not regulated by financial authorities such as the Securities Exchange Commission (SEC), funds that are lost due to fraudulent initiatives may never be recovered.

Read more: Initial Coin Offering (ICO) Definition | Investopedia http://www.investopedia.com/terms/i/initial-coin-offering-ico.asp#ixzz4WU1TYEkA
Follow us: Investopedia on Facebook

* cpt.Bcn-Ico,
* cpt.Bcn-ogn--ICO,
* cpt.ICO-(Initial-Coin-Offering),
* cpt.Initial-Coin-Offering-(ICO),

* https://www.icoalert.com/,
* {2017-06-09} V-Buterin: Analyzing Token Sale Models: http://vitalik.ca/,
* {2017-06-19} ICOs: New Model of Blockchain Capitalism: https://cointelegraph.com/,
* {2017-05-24} ICO: Three Ways of Conducting It, and How Companies Choose One: https://cointelegraph.com/,


* Exchange-ogn,
* Foundation-ogn,
* Merchant-ogn,
* Mining-pool-ogn,
* Wallet-ogn,
* Akasha International, Zug, www.akasha.world,
* Bitcoin Suisse AG, Baar, www.bitcoinsuisse.ch,
* Bitfinitum GmbH, Zug, www.bitfinitum.com,
* Blockchain Source, Zug, www.blockchainsource.ch,
* Crypto AG, Zug, www.crypto.ch,
* Cryptocash AG, Uster, www.cryptocash.ch,
* Ethereum Foundation, Baar, www.ethereum.org,
* IFZ Zug, www.ifz.ch,
* InfoGuard AG, Zug, www.infoguard.ch,
* iprotus, Walchwil, www.iprotus.ch,
* MME Legal, Zug, www.mme.ch,
* Monetas AG, Zug, www.monetas.net,
* Mount10, Baar, www.mount10.ch,
* Netmon GmbH, Zurich, www.netmon.ch,
* Patria Digitalis, Zug, www.pd.coop,
* Sapphire Innovation, Zug, www.sapphireinnovation.com,
* Shapeshift, Zug, shapeshift.io,
* Xapo GmbH, Zug, www.xapo.com,

bcn-ogn.EXCHANGE (bcnx)

Crypto-exchange is a-company that shells and buys benevu.

* cpt.Bcn-net--exchange,
* cpt.Bcn-X-(Blockchain-exchange), {2017-02-04}
* cpt.Blockchain-exchange, {2017-05-13}
* cpt.BlockchainX-(Blockchain-exchange), {2017-02-04}
* cpt.Crypto-exchange,
* cpt.Exchange-ogn-of-blockchain-currencies,
* cpt.Exchange-organization-of-blockchain-currencies,


* Lykke    0
* Bittrex  0.25%
* Cashilla 1% plus 1€ for fiat deposit.


The different bcn-evu an-exchange offers.

* cpt.Blockchain-exchange-token,


* BitPay-exchange,
* BitStamp-exchange,
* Blockchain-exchange,
* Changenlly-exchange,
* Coinbase-exchange,
* Kraken-exchange,
* LakeBTC-exchange,
* Liqui-exchange,
* LiteBit-exchange,
* Poloniex-exchange,
* QuadrigaCX-exchange,
* ShapShift-exchange,

bcn-x.BitPay {2011}

BitPay was founded in 2011, while Bitcoin was still in its infancy. We saw the potential for bitcoin to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale.

We started BitPay with the intention of making it easy for businesses to accept bitcoin payments, and we are currently the largest bitcoin payment processor in the world, serving more than 60,000 merchants on six continents.

Payment processing was our first contribution to the Bitcoin ecosystem, but it is not our last. We're building open source software to power the next applications of Bitcoin. Bitcoin's future looks very bright, and we plan on remaining on the forefront of this technology, creating more tools and services for everyone to use in innovative new ways.

* cpt.BitPay,
* cpt.OgnBtcsvc.BitPay,


How works:
Order your card for $9.95. Once your ID has been verified, your card will arrive within 7-10 business days.
When your card arrives in the mail, activate the card at bitpay.com/card/activate and create a cardholder account.
Load your card with dollars using any bitcoin wallet, or via direct deposit through your employer.
Spend dollars anywhere Visa® debit cards are accepted, or withdraw cash from any Visa®-compatible ATM.

bcn-x.Bitstamp (3rd - EU)

Bitstamp is a European Union based bitcoin marketplace. It allows people from all around the world to safely buy and sell bitcoins.
No. We are providing a service. You are always buying bitcoins from another individual, who is selling them. All we do is provide a safe and simple environment to trade. We guarantee that buyers get their bitcoins and sellers get their money at agreed price.
This morning, Bitstamp announced that it has received a license from the Luxembourg Ministry of Finance to operate as a payment institution, and according to the company, this license applies to the European Union as a whole. “With this,” says Dan Morehead, the chairman of Bitstamp and the CEO of Pantera Capital, a firm that specializes in investments related to bitcoin, “Bitstamp is able to do business in all 28 countries of the EU.”
... FIFTEEN MONTHS AGO, hackers lifted more than $5 million from the bitcoin exchange operated by Bitstamp, a Slovenian company that aspired to push the digital currency across Western Europe. The hack wasn’t nearly as large or as devastating as the one that pilfered $460 million from Mt. Gox and sent the Japan-based exchange, then one of the world’s largest, spiraling into bankruptcy. But it was yet another black eye for bitcoin, the digital currency that holds so much promise as an alternative to fiat currencies but has never really broken into the mainstream.

* cpt.Bitstamp-ogn,
* cpt.Bitstamp,
* cpt.OgnBtcsvc.Bitstamp,

* blockchain-exchange,

* https://www.bitstamp.net/


Bitstamp Ltd.
5 New Street Square
London EC4A 3TW
United Kingdom

Bitstamp Europe S.A.
10 rue Antoine Jans
L-1820 Luxembourg

Bitstamp USA Inc.
2930 Magnolia Street
Berkeley, CA 94705
United States

bcn-x.Bittrex (USA)

We provide individuals and businesses a world class experience to buy and sell cutting-edge cryptocurrencies and digital tokens. Based and fully regulated in the USA, Bittrex is the go-to spot for traders who demand lightning fast trade execution, stable wallets, and industry-best security practices. Whether you are new to trading and cryptocurrencies, or a veteran to both, Bittrex.com was created for you!

* cpt.Bittrex-exchange,
* cpt.Bittrex-exchange-ogn,

bcn-x.Blockhain {2011}

Blockchain is the world’s most popular Bitcoin wallet. It is often confused with the core innovation that Bitcoin introduced. Founded in 2011, the company is one of the oldest and biggest Bitcoin’s companies.
Experiencing a rapid expansion in the last few years, the company has passed 6.7 million users, and the amount of wallets created on the platform is constantly increasing.
Blockchain is the world’s most popular Bitcoin wallet, and home to the most widely used Bitcoin APIs and trusted block explorer and search engine. It is recognized as the strongest, most trusted brand in Bitcoin.

* cpt.Blockchain-bcnx,
* cpt.OgnBlockchain,

bcn-x.Changenlly-exchange {2016}

Changelly, an automated cryptocurrency exchange and a relatively new player on the market of cryptocurrency exchanges, made its services available to its users in April 2016 after six months of a successful beta.
Changelly launched in 2013 as an instant exchange app, similar to the well-known ShapeShift. Rather than being a traditional exchange that requires users register before trading against an order book, with variable depth and the problems of slippage that can result, it aggregates rates from the largest trading platforms and offers a single rate. The commission is just 0.5%. By fundamentally rethinking the way cryptocurrencies are exchanged, Changelly aims to remove technical impediments to customers engaging with this critical element of the cryptocurrency world’s infrastructure.

* cpt.Bcn-net--Changenlly,
* cpt.Changenlly,
* cpt.OgnChangenlly,


Other cryptocurrency trading services charge you with withdrawal fees and commissions. We have a reasonable fee of 0.5%.


1 BTC = 023.69664034 ZEC,
1 BTC = 057.98876409 DASH,
1 BTC = 072.59264636 XMR,
1 BTC = 087.7577885 ETH,
1 BTC = 219.63516402 REP,
1 BTC = 237.42056798 LTC,
1 BTC = 262.5505738 FCT,
1 BTC = 706.47412891 ETC,
1 BTC = 914.12273926 SBD,
1 BTC = 919.07541013 NBT,
1 BTC = 002,186.00736684 RADS,
1 BTC = 003,086.5626495 EXP,
1 BTC = 005,702.06699928 STEEM,
1 BTC = 005,749.10888812 LSK,
1 BTC = 006,724.72344574 MAID,
1 BTC = 007,403.29446603 AEON,
1 BTC = 008,836.26402756 STRAT,
1 BTC = 018,537.39920289 AMP,
1 BTC = 021,466.13716861 NAV,
1 BTC = 028,985.50724637 FCN,
1 BTC = 030,688.96731624 LBC,
1 BTC = 034,387.89546079 NLG,
1 BTC = 046,019.3281178 ARDR,
1 BTC = 144,927.53623188 NXT,
1 BTC = 146,735.14306676 XRP,
1 BTC = 179,856.11510791 XEM,
1 BTC = 222,222.22222222 QCN,
1 BTC = 257,367.13421696 DSH,

1 BTC = 04,444,444.44444444 DOGE,
1 BTC = 10,822,510.82251082 XDN,
1 BTC = 15,797,788.30963665 BCN,

bcn-x.Coinbase (USA {2012})

Founded in June of 2012, Coinbase is a bitcoin wallet and platform where merchants and consumers can transact with the new digital currency bitcoin. We're based in San Francisco, California.
Bitcoin is the world's most widely used alternative currency with a total market cap of approximately $5.3 billion. The bitcoin network is made up of thousands of computers run by individuals all over the world.
Bitcoin, made simple.
Coinbase is an international digital wallet that allows you to securely buy, use, and accept bitcoin currency ›

* cpt.Coinbase,
* cpt.OgnBtcsvc.Coinbase,

* https://coinbase.com/


Coinbase Exchange is the leading platform to trade bitcoin.


* https://docs.exchange.coinbase.com/?javascript#introduction,


Coinbase opens bitcoin exchange in UK
Company targets British enthusiasm for digital currency as it eyes an international expansion
[Financial Times Briefing 2015-04-29]

bcn-x.Kraken-exchange (USA {2011})

Founded in 2011, San Francisco-based Kraken is the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, US dollars, British pounds and Japanese yen. Kraken is consistently rated the best and most secure Bitcoin exchange by independent news media. Kraken was the first Bitcoin exchange to have trading price and volume displayed on the Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit, and is a partner in the first cryptocurrency bank. Kraken is trusted by hundreds of thousands of traders, the Tokyo government's court-appointed trustee, and Germany's BaFin regulated Fidor Bank.

* cpt.Blockchain-token-exchange.Kraken,
* cpt.Kraken-exchange,

bcn-x.LakeBTC (CHINA)

Location Addr: Suite 613, 231-1 Ludi Avenue, Kunshan, Jiangsu, China
LakeBTC project was started in early 2013 as a virtual bitcoin exchange initially for traders and other financial professionals interested in cryptocurrencies and blockchain technology. Later that year, the exchange was incorporated and operated under the current domain name. Today, LakeBTC stands for Lake Banking Technology Company.
With years of experience trading treasuries, agency bonds, currencies, commodities, interest rates, volatilities and all types of derivatives and structured products, LakeBTC is dedicated to building a bitcoin platform for pricing, liquidity, security, derivatives and indexes. On LakeBTC, individuals, merchants and institutions can easily trade bitcoins, lock down the prices, manage their exposures, and hedge their risks.
Today, as cryptocurrencies gained more and more exposures to the general public, LakeBTC is becoming one of the best bitcoin platforms around the globe. Our years of risk management and internal control experience in financial industries build the most solid foundation for ensuring customers' fund and privacy being safe and secure. LakeBTC is one of the Big Four exchanges in the world that determinesCoinDesk Bitcoin Price Index (BPI).

* cpt.LakeBTC,

* https://www.lakebtc.com/


Our years of risk management and internal control experience in financial industries build the most solid foundation for ensuring customers' fund and privacy being safe and secure.

To protect your fund, we implemented a number of rigorous mechanisms including SSL encryption, cold storage, 2-step verification, SMS withdrawal confirmation, trade notifications and so on.

High availability and fast trade matches, even under enormouse amount of load, are two attributes that are critical to high liquidity and make us stand out in the crowd.

Besides, we also provide highly-secure market data and trading API's for advanced users who prefer arbitrages, market making, or alogrithm trading.

bcn-x.Liqui ({2016})

Liqui is the latest exchange to add ChronoBank’s TIME token. The exchange launched on 1 September 2016, and is still a relatively new but fast-growing entrant to the cryptocurrency world. Its team of seven are located in various countries and jurisdictions around the world, and in a short period of time have managed to build a strong business that has gained the trust of an increasing number of traders thanks to its user-friendly interface, commitment to user support and rapid listing of some of the most popular and promising Ethereum-based tokens?—?including Iconomi, Golem and Wings.
One of Liqui’s unique features is its deposit accounts that allow users to earn annual interest of 24% for BTC and ETH, within a fixed limit. The exchange’s trading API has recently been implemented, and in the near future a Tether (USDT) market is expected. Liqui has established a reputation for pro-active cooperation with leading market-makers and businesses within the cryptocurrency industry.

* cpt.Liqui-exchange,

bcn-x.LiteBit-exchange (Netherlands {2013})

LiteBit is a young innovative company established in Zoetermeer, The Netherlands. LiteBit exists now more than two year and we, as a team, are very proud of that! LiteBit ensures that you and others can buy & sell bitcoins easily, safely and quickly. All our employees work accurately with a aim for the customer. We provide all kinds of services to make your life with crypto currency easier, quicker and more efficient. Did you try out our price alerts for bitcoin or any other crypto currency? It’s free!
Besides LiteBit we develop new applications that are using Blockchain Technology. We are also known as 2525 Ventures B.V.
Kenny Rokven
“I started LiteBit on 7th of december in 2013. I am responsible for all general business of LiteBit. ”

* cpt.Blockchain-token-exchange.LiteBit,
* cpt.LiteBit-exchange,

bcn-x.Lykke-exchange (lkx Swiss)

What is Lykke?
Lykke is a movement to build one global marketplace that is a level playing field where everyone has access.
We start with foreign exchange and expand to equities, fixed income, commodities and other asset classes.
Lykke Corp is incorporated in Switzerland and issued it's shares on the blockchain (Lykke Coins).

* cpt.Lykke,
* cpt.Lykke-exchange,
* cpt.Lykke-exchange-ogn,
Why did we choose the name Lykke?
Lykke was the surname of Richard's grandmother on his father's side. The word means luck and happiness. His father explained to them that they are Lykke.


What is the business-model?

Commissions & fees at Lykke Wallet are essentially zero. Lykke will make money on providing liquidity, issuance services and consulting.



* cpt.Lykke-block-explorer,
* cpt.Lykke-explorer,
* cpt.Lkxblk'explorer,
* cpt.Lkxnet'explorer,
* cpt.Lkxblkexr,

* https://blockchainexplorer.lykke.com/


* cpt.Lykke-asset,
* cpt.Lykke-evu,
* cpt.Lykke-token,

* https://blockchainexplorer.lykke.com/assets,


What is a Lykke coin?
A Lykke coin is a colored coin that is issued by Lykke Corp.
One Lykke colored coin is 0.01 (one one-hundredth) of one share of Lykke Corp. 100 Lykke colored coins are one share of Lykke Corp.
Lykke Corp has committed 2.5 Mio Lykke Corp shares (20% of Lykke's capital) for issuance as Lykke colored coins, which means that a total of 250 Mio Lykke colored coins will be outstanding.
Lykke Corp makes a market for its coins so that citizens can sell their coins and cash out.
See Lykke Coinprism Metadata

What's the total supply of Lykke coins?
Total number of Lykke Coins issued is 1,285,690,000. The ownership structure is stored on the blockchain: https://www.coinprism.info/asset/AXkedGbAH1XGDpAypVzA5eyjegX4FaCnvM/owners


* http://lykke.world/

bcn-x.Poloniex-exchange (USA)

We are a US-based cryptocurrency exchange offering maximum security and advanced trading features.

* cpt.Poloniex-exchange,
* cpt.Poloniex-exchange-ogn,

bcn-x.QuadrigaCX (Canada)

Quadriga CX is a Canadian Cryptocurrency exchange platform, with offices in Vancouver, BC. Our goal is to provide an easy to use platform to simplify the process of buying and selling Bitcoins.

* cpt.OgnBtcsvc.QuadrigaCX,

bcn-ogn.BRIDGE (bcnbrdg)

Bridges/gateways are the recommended method of moving funds into or out of the network. They simplify the process of moving funds from one blockchain-based crypto currency to another.

* cpt.Bcn-bridge,
* cpt.Bcn-ogn.bridge,
* cpt.Bcn-ogn.gateway,

* BlockTrades,
* ShapeShift,


Providing Safety, Speed, and Convenience
This website enables users to rapidly and safely purchase cryptocurrencies without the hassles typically associated with purchasing through a centralized cryptocurrency exchange. Unlike a traditional exchange, you don't need to maintain a balance on our site. Instead, you simply send in the desired amount of cryptocurrency you wish to spend, and we transfer to your wallet an equivalent amount of the cryptocurrency you are buying. This protects you from possible losses that can occur when you hold your cryptocurrency on a exchange that is vulnerable to attacks by hackers.
Purchases can also be made very rapidly (speed is dependent on the underlying confirmation speeds of the currencies being converted between) and large purchases do not tend to move market prices the way they do when placing an order on a centralized exchange.

* cpt.BlockTrades,


ShapeShift is a new piece of infrastructure in Bitcoinland. It is how digital currency exchange should work. From start to finish you can change currencies in under ten seconds, no account required.
Let's assume you have Bitcoin and you want Litecoin. It goes like this:
1. Select Bitcoin as the input and Litecoin as the output
2. Provide your Litecoin address in the box, then click the Start button
3. ShapeShift will generate a BTC deposit address for you. Please send your BTCs to this generated address. (Don't send more than the Deposit Limit).
That's it. In a few moments, your Litecoin will be sent to you.
No emails or passwords. No lengthy sign­up process. No accounts. No bid and ask orders. No friction.

* cpt.ShapeShift-ogn,
* cpt.ShapeShift,

* https://shapeshift.io/#/coins,


What exchange rate do you use?
Jon April 05, 2016 22:12
The exchange rate is our own, derived from several market sources and based on the amount we feel comfortable exchanging at that fixed rate (whether you do small or large order, the rate stays the same - no slippage).
We earn a profit to the extent we can source coins in other markets for a lower cost to replenish our reserves.


What’s your fee structure?
January 08, 2017 11:04
ShapeShift does not charge a per exchange fee, while our exchange rates depend on the depth and spread of particular coin pairs and markets.
This means the amount that ShapeShift makes on any particular transaction varies based on current market conditions.
Depending on the liquidity and spread of a particular coin/coin pair, ShapeShift's spread usually falls in the range of about 0.5-1% or so.


Wholesaler or retailer who may buy goods from any or all sources for resale to anyone and everyone for profit, using bitcoins.

* cpt.Bcn-ogn.merchant,


The Chain Platform
Our solutions enable institutions to design, deploy, and operate blockchain networks that can power any type of asset in any market.

* cpt.Chain.com,


Coin Center, the industry’s leading public policy research and advocacy center.

* cpt.Coin-Center,


CoinDesk is the world leader in news and information on digital currencies such as bitcoin, and its underlying technology – the blockchain.

We cover news and analysis on the trends, price movements, technologies, companies and people in the bitcoin and digital currency world.

Our per-minute Bitcoin Price Index, a derived measure of bitcoin's value based on an agreed set of criteria, also serves as a point of reference for those involved in the bitcoin industry.

If you're new to bitcoin, read our straightforward guides on the basics of what bitcoin is, why people use it, where to buy bitcoins and how to spend them. We also explain the basics of bitcoin mining, how to set up a bitcoin miner, and how bitcoin transactions work.

Digital currency is a rapidly evolving industry and we believe one of the biggest developments in internet history in the making.

There are bitcoin exchanges, merchants accepting and promoting bitcoin, investors, traders, startups and developers all contributing to the ecosystem. There are also regulatory bodies all over the world trying to understand more about bitcoin, take a stance on it and assign guidelines to companies trading in or otherwise involved with bitcoin.

We strive to cover news accurately, fairly, objectively and responsibly. Obtaining original comment, corroborating information from other sources, and showcasing original opinion are fundamental to this. View our editorial policy here.

CoinDesk is an independent publication with reporters all over the world. If you're interested in writing for us, whether as a freelancer or occasional contributor, get in touch or check out our Jobs page.

If you have a question or a story, send us a tip. Contact us for anything else.

* cpt.CoinDesk,


Digital Currency Group (DCG), the blockchain industry’s most active investor

* cpt.DCG-(Digital-Currency-Group),
* cpt.Digital-Currency-Group-(DCG),


Expanding Blockchain Technology Around the World
The Global Blockchain Business Council (GBBC) brings together the world’s leading businesses and business leaders to highlight the latest innovations and advances in Blockchain technology.
The GBBC is committed to fostering partnerships, raising awareness of the potential of this groundbreaking technology and providing a forum for education, collaboration and partnership.
By Alicia Naumoff {2017-01-22}
The Blockchain Council Announced in Davos That Bitcoin Price Will Grow as Trump Takes Office
The Bitfury Group that develops Bitcoin mining hardware and operates mining farms has announced that in collaboration with the international law firm Covington it has launched the Global Blockchain Business Council (GBBC).

The announcement was made at the event held alongside the World Economic Forum’s annual meeting in Davos.

It happened just before the new United States President Donald Trump sent jitters down the spine of the world’s political and financial elite announcing at his inauguration: “From this day forward, a new vision will govern our land.” Trump has promised the American people “challenges” and “hardships” on the way of “getting the job done.” The price of Bitcoin took a cue from that message and immediately shot forward.

Top heads sighted

A number of technology, banking and financial experts and thought leaders were spotted at the Davos event where the Blockchain council has been created. They include former Swedish Prime Minister and senior advisor at Covington Carl Bildt, former Estonian President Toomas Hendrik, Dr. Wei Wang, founding chairman of China Mergers & Acquisitions (CMAA), and Don Tapscott the author of the best-seller “Blockchain Revolution”, just to name a few.

The Bitfury Group is a global team of experts in technology, business, communications, security and civil society, who are all big believers in the potential of Blockchain to open new doors for global economic opportunity and prosperity.

The main idea behind the Council is to bring together leading businesses, executives and government authorities to collaborate driving forward development and adoption of Blockchain technology around the globe.

A resource center and an educational forum

Valery Vavilov, the CEO of Bitfury Group, described the newly established Council as “a much-needed forum for businesses, innovators and technologists” to join forces and facilitate the advancement of Blockchain technology.

The GBBC will fulfill the role of a resource center and an educational forum to foster collaboration and partnerships across industries. It will assist companies by raising awareness of the potential of Blockchain technology and help engaging businesses interested in developing within the Blockchain space.

Covington brings to the table its broad-based experience in advising their clients in connection with policies, regulation litigation, enforcement and investigation, privacy and data security, consumer protection and transactional matters related to distributed ledger technology.

Sebastian Vos, Co-Chair of Covington’s global public policy and government affairs practice, said:

“Through advocacy and international engagement, Covington looks forward to working with the Global Blockchain Business Council to unlock the potential of Blockchain technology.”

Blockchain revolution

We saw how the Internet revolutionized many industries. We are now witnessing Blockchain technology steadily changing our approach to commerce, communications, financial services, entertainment industries, and many other spheres.

A lot has been said about the beauty of this technology and how it allows for any asset to be digitized, transferred and recorded on transparent and extremely secure ledgers.

Blockchain is marching across industries sweeping away slow, expensive and hackable intermediaries. When talking about the ways to facilitate this process, many experts often emphasize the need to increase collaboration between businesses and government authorities. Well, some are moving from words to deeds.

To learn more about the Global Blockchain Business Council please visit www.gbbcouncil.org.

* cpt.GBBC,
* cpt.Global-Blockchain-Business-Council,


About Guardtime
Who we are
We are a team of over 100 cryptographers, network architects, hardware engineers, software developers and security architects, with decades of experience building cybersecurity solutions for enterprise, financial, telecommunications service providers, and military customers among others.

In 2007 we invented Keyless Signature Infrastructure, the first and only blockchain platform for ensuring the integrity of systems, networks and data at industrial scale.

What we do
We build products using our technology that solve problems no one else can solve. Examples include Anti-Tamper hardware designed to resist nation-state reverse engineering, a quantum-immune replacement for RSA digital signatures, cryptographic provenance tracking for software and IOT life cycles, insider threat mitigation and deterministic data loss prevention.

What we believe
We believe that integrity must be the basis for building reliable, resilient and secure systems. For the last 40 years security has come to mean confidentiality and encryption. Integrity has largely been forgotten, primarily because there hasn't been the tools to address it. Our contrarian view is that confidentiality is what you get when your systems have integrity.

If you can guarantee integrity (of systems, of processes, of supply chains) then you can guarantee the absence of compromise and replace a security strategy based on hope (that your security is working) with one based on mathematical certainty.

Office locations

The Netherlands
Pinnacle Tower, Rapenburgerstraat 177/S,
1011 VM Amsterdam,
The Netherlands

Irvine, CA
United States
5151 California Ave,
Irvine, CA 92617,
United States

A. H. Tammsaare tee 60,
Tallinn, 11316,

Kόόni 5b,
Tartu, 51004,

Please e-mail us at info@guardtime.com

For press inquiries: pr@guardtime.com and +1 (415) 625-8555

* cpt.Guardtime,

bcn-ogn.HyperLedger-Project (hlp)

The Hyperledger Project is a collaborative effort created to advance blockchain technology by identifying and addressing important features for a cross-industry open standard for distributed ledgers that can transform the way business transactions are conducted globally. The Project is a Linux Foundation Collaborative Project and implements many open source best practices familiar to other leading projects.

To facilitate an open ecosystem, the Hyperledger Project was structured with an open governance model.

The Technical Steering Committee (TSC) will provide leadership regarding the technical direction of the Hyperledger Project.
The Board of Directors will manage business leadership for the Hyperledger Project including governance, marketing and operational decisions.
For more information on the Hyperledger Project's Governance Model, IP Policy, Antitrust Guidelines, and other operational aspects, please read the Hyperledger Project Charter

* cpt.Bcn-ogn.hyperledger,
* cpt.HLP,
* cpt.HyperLedger-project,

* https://www.hyperledger.org/
* {2017-04-18} https://cointelegraph.com/news/permissible-smart-contr...tion-with-ethereum,



* https://wiki.hyperledger.org/community/project-lifecycle,

Project Lifecycle
The term “project” within the Hyperledger Project will refer to a collaborative endeavor to deliver a work item. There may be some projects that are intended to produce a document, such as a requirements or use cases document, a whitepaper, or analysis. Others may be to develop a new capability, or refactor (or remove) an existing capability for the Hyperledger technology releases. Such projects may take the form of a new component (e.g. a new repository) or may propose additions, deletions or changes to an existing repository(s).

Many other open source initiatives leverage an incubation process for new work items, and this seems to have a desired effect of encouraging new ideas and tracks of work, while at the same time providing clear guidance to the broader community as to what is real and supported, versus what is still in the exploratory/experimental/developmental phases.

Therefore the Hyperledger Project has adopted a similar lifecycle process as follows:
Projects are in one of five possible states:
End of Life
Projects may not necessarily move through those states in a linear way and may go through several iterations.


Project Proposals shall be submitted to the TSC for review, using a Proposal Template. Proposals that are approved shall enter into an Incubation state, unless they are of a refactoring nature, in which case they will be turned over to the relevant project maintainer(s) to handle as they deem fit.

A Proposal must:

have a clear description
have a well-defined scope
identify committed development resources
identify initial maintainers
be vendor neutral

Approved project proposals enter into Incubation. For new components/modules, a repository will be created under the hyperledger Github org, and optionally under Gerrit and JIRA, if requested. New features/capabilities should be handled through pull requests labeled with tags that identify the project and tag it as “incubator” (and will ideally be capable of being enabled/disabled with feature-flags).

Projects in Incubation may overlap with one another. Entering Incubation is meant to be fairly easy to allow for community exploration of different ideas.

Once a project qualifies to be declared Active, the project’s maintainers can then vote to request a graduation review by the TSC.

Projects seeking to graduate from Incubation must:

have fully functional code base
have test coverage commensurate with other Active projects
have an active and diverse community of developers
have a history of releases that follow the Active release process
Entering Incubation does not guarantee that the project will eventually get to Active state. Projects may never get to Active state.

The criteria to exit Incubation are defined in the Incubation Exit Criteria document.


Projects that have successfully exited the Incubation phase are in the Active phase.

Anyone may propose that a project be deprecated, by submitting a rationale and identifying a substitute project/component (if any). The maintainers of the project shall vote on such a request and if it passes, make that recommendation to the TSC. Members of the community that disagree with the request shall make their case before the TSC. The TSC shall consider all points of view and render a final decision to deprecate or not.


A Deprecated project will be maintained for a six month period by its community, after which it will be removed from any subsequent formal releases. Notice will be given to the public of the project’s deprecation. After the six-month deprecation period, the project will be labeled End of Life.

End of Life

A project that is no longer actively developed or maintained.


* cpt.Bcn-eln-(Blockchain-evaluation),
* cpt.Bcn-evaluation,
* cpt.Bcn-net--evaluation,
* cpt.Blockchain-evaluation-(BcnEln),

Throughout all the years I’ve been working as a software engineer, there has never been a technology breakthrough that I thought had more potential to change people’s lives for the better than Bitcoin.

“Wherever trust is a problem, blockchain can be a solution.”
- Amanda Gutterman

Blockchain Features
Blockchains have the following properties.
The data that is on the blockchain will exist as long as there is some node in the network still operating. Once data has been put in a block, it can never be removed.
Using public-private key cryptography, all data are verifiably signed and cannot be modified by a third party.
No Downtime
Using the blockchain, zero downtime systems can finally be realized.
Advanced Features for the Blockchain
Mijin is not only a simple platform for creating points or custom currencies, but will have many advanced features.
Support for Multiple Assets
Unlike Bitcoin that has only a single digital asset, Mijin supports any arbitrary asset, allowing you to freely create and manage all your assets. We call these.
Support for Multi-signature Accounts
Mijin supports m-of-n multi-signature accounts at the platform level. You can designate multiple signatory accounts that need to sign off on transactions from an account. This can be useful for managing departmental budgets for companies or governments.
Smart Contract Support
Mijin will allow for powerful computational contracts and programs to be run in a decentralized and verifiable manner.

Over a year ago, Marc Andreessen, the doyen of Silicon Valley’s venture capitalists, listed the blockchain’s distributed consensus model as the most important invention since the Internet itself.

This is why blockchain technology is so exciting – it is not just about an incremental improvement in utility e.g. escrow smart contracts, it is not just about dramatically lowering the cost of setting up a trusted business, see the Great Unbundle blog, it is also about the ability to quickly and cheaply experiment with new money creation models.

Blockchain technology allows the elimination of any centralized point of failure, storing all the platform data on all system nodes in a distributed fashion.


* cpt.Bcn-elnCon,
* cpt.Bcn-evaluationCon,
* cpt.Bcn-net--evaluation.con,
* cpt.Blockchain-drwaback,
* cpt.Blockchain-evaluation.con,

The rise and success of Bitcoin during the last six years proved the value of blockchain technology.
However, this technology also has a number of drawbacks, which prevent it to be used as a one and only global platform for cryptocurrencies.
Among these drawbacks, an especially notable one is the impossibility of making micro-payments, which have increased importance for the rapidly developing Internet-of-Things industry.
Specifically, in the currently available systems one must pay a fee for making a transaction; so, transferring a very small amount just makes no sense since one would have also to pay the fee which is many times larger.
On the other hand, it is not easy to get rid of the fees since they serve as an incentive for the creators of the blocks.
[https://iota.org/IOTA_Whitepaper.pdf] {2016}

It should be also observed that existing cryptocurrencies are heterogeneous systems with clear separation of roles (transaction issuers, transaction approvers).
Such systems create unavoidable discrimination of some of their elements which in turn creates conflicts and makes all elements spend resources on conflict resolution.
[https://iota.org/IOTA_Whitepaper.pdf] {2016}


* cpt.Bcn-elnPro,
* cpt.Bcn-evaluationPro,
* cpt.Bcn-net--evaluation.pro,
* cpt.Blockchain-advantage,
* cpt.Blockchain-benefit,
* cpt.Blockchain-evaluation.pro,

Double-spend protection is the main reason blockchains exist in the first place.

Bcn-net'Law (bcnlaw)

A-bcnnet to exist must-issue money-(cryptocurrency).
Since {1971} money is-backed by thin-air and controlled by governments and financial-institutions.
This destroyed the-link (the-invisible-hand) of money with real-economy and was one of the-reasons that drived the-world into the-2008-global-cirisis.
Bcnnets decentralize the-control of money.
Obviously there-is a-conflict between the-usefulness-of-bcnnets and the-control of money by governments and financial-institutions.
That's why the-law on cryptocurrencies varies substantially from country to country and is still UNDEFINDED or CHANGING in many of them [wikipedia].

* cpt.Bcn-law,
* cpt.Bcn-net--law,
* cpt.Blockchain-law,
* cpt.Law-of-blockchain,


To grasp the potential that applications built on top of blockchains can deliver, it is essential to understand the three key differences between blockchains and most existing computer designs.
We present these below as non-localization, security, and auditability.

* cpt.Blockchain-relation-to-other-computer-systems,


* cpt.Bcn-cfc-(Blockchain-conference),
* cpt.Bcn-net--conference,
* cpt.Bcn-net--event,
* cpt.Blockchain-conference-(BcnCfc),
* cpt.Conference-of-blockchain,

{time.2016-05-02-04} CONSENSUS-2016

CoinDesk is proud to present its 2nd annual blockchain technology summit, Consensus 2016, in collaboration with Digital Currency Group (DCG), the blockchain industry’s most active investor, and Coin Center, the industry’s leading public policy research and advocacy center. The multi-day event will define what is “real” in blockchain technology and focus on how to mainstream real-world applications for consumers and enterprises alike. This May 2-4, professionals from leading industry startups, investment firms, financial services institutions, academic and policy groups will congregate at the New York Marriott Marquis for Consensus 2016.

{time.2015} CONSENSUS-2015

Consensus 2015, CoinDesk's inaugural summit on digital currencies and blockchain tech brought together more than 600 professionals from the tech, finance, and investment sectors – organizations such as Citi, PayPal, Wells Fargo, IBM and more. Experts, innovators, and executives across multiple sectors convened to explore the digital currency economy in-depth.

Bcn-net'Resource (bcnrsc)

* cpt.Bcn-net--resource,
* cpt.Bcn-rsc-(Blockchain-resource),
* cpt.Blockchain-resource,
* cpt.Resource-of-blockchain,

* {2016-07-27} Vitalik Buterin: https://blog.ethereum.org/2016/07/27/inflation-transaction-fees-cryptocurrency-monetary-policy/,
* {2016-06-22} http://cointelegraph.com/news/bitcoin-is-potential-national-threat-says-us-regulator,
* {2016-04-07} http://www.wsj.com/articles/ bitcoins-blockchain-technology-proves-itself-in-wall-street-test-1460021421,
* {2016-03-04} Jeff John Roberts: The Crisis in Bitcoin and the Rise of Blockchain
* https://www.weforum.org/agenda/2016/03/ could-blockchain-technology-make-big-banks-a-thing-of-the-past/
* https://www.weforum.org/agenda/2016/03/could-blockchain-technology-help-the-worlds-poor,
* http://recode.net/2015/07/05/forget-bitcoin-what-is-the-blockchain-and-why-should-you-care/
* http://www.ibm.com/blockchain/what_is_blockchain.html,
* http://edcab.eu/read/about,
* http://nakamotoinstitute.org/about/


Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business and the World Paperback – 26 May 2016


"Mastering Bitcoin". Andreas M. Adonopoulos.
- https://www.bitcoinbook.info/
- https://github.com/bitcoinbook/bitcoinbook,
- (in Greek) http://synagonism.net/dirMiwMcs/dirTchInf/filMcsBcnnetBtcbookMasteringGr.html,

* cpt.Book.Mastering-Bitcoin.Adonopoulos,
* cpt.Mastering-Bitcoin.Adonopoulos,


* cpt.Bcn-dng-(Blockchain-doing),
* cpt.Bcn-net--doing,
* cpt.Blockchain-doing-(Blockchain-doing),


* cpt.Bcn-net--creating,
* cpt.Bcn-dng.creating,
* cpt.Blockchain-creating,


One of the important arguments in the blockchain space is that of whether hard forks or soft forks are the preferred protocol upgrade mechanism.
To update means to bring someone or something up to date, whereas to upgrade means to raise or improve something to a higher standard.
The difference between these two is particularly apparent in the world of computers: an update is not always and improvement!

* cpt.Bcn-dng.upgrating,
* cpt.Bcn-net--protocol-upgrate-mechanism,
* cpt.Bcn-net--upgrating,
* cpt.Blockchain-upgrating,

Hardfork (link)

Softfork (link)


* http://vitalik.ca/general/2017/03/14/forks_and_markets.html,

bcn-dng.GOVERNING (link)


Money received (ICO) to build the system.

* cpt.Bcn-dng.funding,
* cpt.Blockchain-funding,

bcn-dng.SERVICE (bcnsvc)

Although currency transactions are the most common applications of the blockchain technology, some groups are also attempting to transfer other digital assets, such as financial products and services, logistics information, property ownership, identity etc.
The-service of a-blockchain-network and the-service of its consensus-money is the-same.

* cpt.Bcn-net--adoption,
* cpt.Bcn-net--application,
* cpt.Bcn-net--service,
* cpt.Bcn-net--usage,
* cpt.Bcn-svc-(Blockchain-Service),
* cpt.Blockchain-service-(BcnSvc),


* http://www.blockchaintechnologies.com/blockchain-applications,
* {2016-12-13} Beyond bitcoin: 4 surprising uses for blockchain: https://www.weforum.org/agenda/...fighting-human-trafficking-tracing-blood-diamonds-and-other?
* https://news.bitcoin.com/ecb-plans-blockchain-e-governance/
* {2016-11-28} 5 Blockchain Applications That Are Shaping Your Future: http://www.huffingtonpost.com/ameer-rosic-/5-blockchain-applications_b_13279010.html,
* {2016-04-27} ECB Reveals Plans for Blockchain E-Governance http://cointelegraph.com/news/...blockchain-is-gaining-unprecedented-traction,
* {2016-04-10} Match & Teach Me: Blockchain, Psychometrics To Help Teach Refugees: http://cointelegraph.com/news/match-teach-me-blockchain-psychometrics-to-help-teach-refugees,
* {2016-04-09} Blockchain: Overhyped or Underexplored, It Will Be Deployed At Scale: http://cointelegraph.com/news/blockchain-overhyped-or-underexplored-it-will-be-deployed-at-scale,
* {2016-04-08} Filipino Breach: How Blockchain Can Bring Privacy Revolution To Masses: http://cointelegraph.com/news/filipino-breach...bring-privacy-revolution-to-masses,
* {2016-04-06} Blockchain Goes On A Brand Protection Mission, Fights Counterfeiting: http://cointelegraph.com/news/blockchain...brand-protection-mission-fights-counterfeiting,
* {2016-03-16} Response to Marcella Atzori: can the blockchain provide governance? https://bitnation.co/blog/response-marcella-atzori-can-blockchain-provide-governance/
* {2016-01-08} The Top 10 Blockchain Startups to Watch in 2016: https://medium.com/the-intrepid-review/the-top-...changing-the-game,


* bcnsvc.specific,
* cpt.Bcn-svc.specific,

* Academic-degree--blockchain-service,
* Administering-decentralized-blockchain-service,
* Asset-exchange-blockchain-service,
* Banking-blockchain-service,
* Birth-certificate--blockchain-service,
* Blockchain-service-providing,
* Charity--blockchain-service,
* Cloud-computing-blockchain-service,
* Cloud-storage-blockchain-service,
* Content-providing-blockchain-service,
* Coordination.global-blockchain-service,
* Crownd-funding--blockchain-service,
* Economy-blockchain-service,
* Energy-sector-blockchain-service,
* Exchange-value--blockchain-service,
* Financial-sector-blockchain-service,
* Freight-blockchain-service,
* General-purpose-computing-blockchain-service,
* Gold-exchange-blockchain-service,
* Healthcare-sector--blockchain-service,
* Identification-blockchain-service,
* Info-tech-sector--blockchain-service,
* Intellectual-property-blockchain-service,
* Invoice-managing-blockchain-service,
* Land-registry-blockchain-service,
* Legal-sector-blockchain-service,
* Manufacturing-sector-blockchain-service,
* Marketplace-blockchain-service,
* Money-transfer-blockchain-service,
* Music-service-blockchain-service,
* Notarization-blockchain-service,
* Program--blockchain-service,
* Proof-of-existance--blockchain-service,
* Recruitmen-sector-blockchain-service,
* Record-blockchain-service,
* Smart-contract--blockchain-service,
* Social-security-blockchain-service,
* Startup-funding-blockchain-service,
* Tech-info-blockchain-service,
* Trade-sector-blockchain-service,
* Transportation-sector--blockchain-service,
* Voting-blockchain-service,
* Wedding-certificate-blockchain-service,
* Welfare-benefit-blockchain-service,
* Will--blockchain-service,


Blockchain stores timestamped and unchanged information with many applications.

* cpt.Bcn-sve.info-stored-specific-division,

* academic-degree-service,
* birth-certificate-service,
* charity-service,
* exchange-value-service,
* land-info-service,
* music-service,
* program-service,
* voting-service,
* wedding-certificate-service,
* will-service,


* cpt.Bcn-net--industry,
* cpt.Bcn-net--sector,
* cpt.Bcn-svc.sector-division,

* {2017-02-07} Banking Is Only The Start: 27 Big Industries Where Blockchain Could Be Used, https://www.cbinsights.com/blog/industries-disrupted-blockchain/

* Banking-sector,
* Energy-sector,
* Financial-sector,
* Healthcare-sector,
* Info-tech-sector,
* Legal-sector,
* Manufacturing-sector,
* Music-sector,
* Trade-sector,
* Transportation-sector,


“Bitcoin—or more precisely, the underlying technology that allows it to function, called distributed ledgers, or blockchain—could allow what many see as a radical rewiring of the financial sector.”

* cpt.Bcn-svc.financial,
* cpt.Financial-sector--blockchain-service,

* https://www.bloomberg.com/news/articles/2016-06-06/ central-bankers-told-they-should-be-sprinting-toward-blockchain,
* https://www.weforum.org/agenda/2016/05/how-blockchain-could-shake-up-stock-markets/


* cpt.Bcn-svc.banking,
* cpt.Banking--blockchain-service,

* {2017-05-18} Bank Blockchain Pilot in India Sees Transactions Going From Weeks to Hours: https://cointelegraph.com/,
* Polybius Bank will combine features of modern banking, IoT, Big Data and Blockchain-based technologies while also meeting security and UX requirements.
- https://polybius.io/,
* Humaniq is a simple and secure 4th generation mobile bank. We are developing a completely new banking experience by dissolving all the barriers of archaic banks such as the need to come to a branch, doing endless paperwork, dealing with hard-to-use, buggy mobile apps, and protecting data with hard-to-remember, complex passwords.We have created a safe, strong financial tool, specifically designed to be used by people who are undereducated or who don’t possess identification. Most of them live in emerging economies on less than two dollars a day. We believe we can change that. Learn more about Humaniq…
- https://humaniq.co/


* cpt.Bcn-svc.gold-exchange,
* cpt.Gold-exchange--blockchain-service,

* https://www.dinardirham.com/


* cpt.Bcn-svc.money,
* cpt.Money--blockchain-service,

* http://dcebrief.com/tunisia-becomes-first-nation-to-put-nations-currency-on-a-blockchain/ {2015-12-28}
* https://cointelegraph.com/news/ukraine-to-become- next-country-to-go-cashless-plans-national-digital-currency,


* cpt.Bcn-svc.startup-funding,
* cpt.Startup-funding-blockchain-funding,

* Neufund-ogn,


Neufund is building a blockchain-based and investor-directed platform which bridges the world of cryptocurrency and equity. The fund unlocks the resources of cryptocurrency and blockchain to fund startups and all forms of technological innovation and disruption.

* cpt.Neufund-ogn,


* cpt.Bcn-svc.recruitment,
* cpt.Recruitment-sector--blockchain-service,

* https://chronobank.io/ ChronoBank.io is an ambitious and wide-ranging blockchain project, aimed at disrupting the HR/recruitment/finance industries in a similar way to how Uber disrupted the taxi business and how Upwork represented an evolution in freelancing.


* cpt.Bcn-svc.trade,
* cpt.Trade-sector--blockchain-service,

* https://cointelegraph.com/news/wells-fargo-and-australian-bank- begin-sending-physical-products-via-blockchain,


* cpt.Bcn-svc.asset-exchange,
* cpt.Asset-exchange--blockchain-service,


* cpt.Bcn-svc.handover,
* cpt.Freight--blockchain-service,

* https://cointelegraph.com/news/ibm-maersk-to-deliver-first-blockchain-project-by-end-of-2017,


The government in Singapore has turned to Blockchain developing a system to prevent invoice fraud cases.

* cpt.Bcn-svc.invoice-managing,
* cpt.Invoice-managing--blockchain-service,


Project Provenance began with a frustration for how little we know about the things we buy
We are now a growing collective with backgrounds in software design, product manufacturing and data science. Our base is in London, but our mission is global. Our common goal is to deliver meaningful change to commerce through open and accessible information about products and supply chains.

* cpt.Provenance-ogn,

* The woman whose mum inspired her to track ethical food
By Matthew Wheeler
Business reporter
13 February 2017
- http://www.bbc.com/news/business-38773878,


* cpt.Bcn-svc.energy,
* cpt.Energy--blockchain-service,

* http://www.greentechmedia.com/articles/read/ the-energy-blockchain-could-bitcoin-be-a-catalyst-for-the-distributed-grid?


* cpt.Bcn-svc.legal,
* cpt.Law--blockchain-service,
* cpt.Legal--blockchain-service,

* {2016-10-14} Argentina-Based Notarization Platform Launches Public Beta, Brings Bitcoin to Legal Industry: https://cointelegraph.com/news/argentina-based-notarization...legal-industry,
* Agrello: Have your own AI counselor help you create and manage smart-contract-based legal agreements. No coding or legal skills required.
- https://www.agrello.org/,


* cpt.Bcn-svc.manufacturing,
* cpt.Manufacturing--blockchain-service,

* {2016-06-08} http://cointelegraph.com/news/ blockchain-watch-manufactures-start-using-blockchain-to-confirm-authenticity-of-luxury-goods,
- Upon the sale or transfer of assets, the original owner performs a simple operation on the blockchain to automatically transfer their right to ownership to the new owner.


* cpt.Bcn-svc.music,
* cpt.Music--blockchain-service,

* http://www.ibtimes.co.uk/ pink-floyd-blockchain-technology-music-could-be-truly-revolutionary-1569649,


* cpt.Bcn-svc.info-tech,
* cpt.Info-tech--blockchain-service,


* cpt.Bcn-svc.general-purpose-computing,
* cpt.General-purpose-computing--blockchain-service,

* https://sonm.io/ SONM is a decentralized worldwide fog supercomputer for general purpose computing from site hosting to scientific calculations.
The purpose of SONM project is to replace traditional Proof-of-Work cryptocurrency mining prevalent in the blockchain community at the moment.


* cpt.Bcn-svc.cloud-computing,
* cpt.Cloud-computing--blockchain-service,



* cpt.Bcn-svc.cloud-storage,
* cpt.Cloud-storage--blockchain-service,
* cpt.Sector.storage-bcnnet-service,

* https://cointelegraph.com/news/ sia-v103-comes-out-aims-at-revolution-in-blockchain-cloud-storage,
* http://cointelegraph.com/news/ cloud-storage-meets-bitcoin-blockchain-siacoin-takes-on-amazon-google-microsoft,
* https://sia.tech/


* cpt.Bcn-svc.content-providing,
* cpt.Content-providing--blockchain-service,

* https://cointelegraph.com/news/how-to-monetize-content-using-blockchain-platforms,


* cpt.Bcn-svc.gambling.online-gambling,
* cpt.Bcn-svc.online-gambling,

* https://dao.casino/,


* cpt.Bcn-svc.blockchain-service-providing,
* cpt.Blockchain-service-providing,

* http://cointelegraph.com/news/emercoin-blockchain-engine-becomes- first-blockchain-solution-available-on-microsoft-azure-marketplace,
Emercoin joined the Microsoft Azure program in January 2016, becoming one of the first partners and blockchain implementing service providers. On this day, the Emercoin Blockchain Engine has become the first Microsoft Azure Market application to provide blockchain services to end users around the world.
* Blockchain-as-a-service-network,


Blockchain technology and dApps have the ability to decentralize power from existing authorities in business, law, and technology to a broad set of stakeholders.
This shift will disrupt current business, economic and social paradigms.
Transaction costs and barriers to entry in various industries will be reduced in these industries.
The result will likely be an increase in economic exchange and prosperity.

* cpt.Bcn-svc.governance,
* cpt.Administering--blockchain-service,
* cpt.Governance--blockchain-service,


The need to look beyond the currency and investigate the potential use of the technology in industries outside payments is often emphasized. So should global governments be embracing Blockchain?
Backing e-government platforms with Blockchain can solve a number of issues that arise when dealing with public authorities nowadays. Citizens feel so disconnected from their governments and think the general level of state bureaucracy is unbelievable. Therefore, digitization of state services in general and especially the integration of Blockchain in this sphere is an interesting process to follow.

* cpt.Administering-society--blockchain-service,
* cpt.Bcn-svc.governance.society,
* cpt.Government-services-on-blockchain,
* cpt.Bcn-svc.Public-sector,
* cpt.Bcn-svc.sector.Public,
* cpt.Public-services-on-blockchain,
* cpt.State-services-on-blockchain,

* http://www.borderless.tech/


Ghana has been playing around with Blockchain to apply it in land registry with 28 communities involved in the project to enable tamper-resistant property ownership.
For instance, Sweden is working to back real estate transactions with Blockchain technology, enabling all parties involved to easily track the progress of agreements.

* cpt.Bcn-svc.land-registry,
* cpt.Bcn-svc.real-estate-transaction,
* cpt.Blockchain.land-registry,
* cpt.Land-registry--blockchain-service,

* {time.2017-07-06} Sweden Officially Started Using #Blockchain to Register Land and Properties: https://twitter.com/Cointelegraph/status/883016884051955712,
* {time.2017-04-04} https://cointelegraph.com/news/blockchain-land-registry-trial-in-sweden-concludes-second-phase,


* cpt.Bcn-svc.social-security,
* cpt.Social-security--blockchain-service,

* China recently announced that they would put their entire social security system on a Blockchain.
[https://cointelegraph.com/news/ukraine-to-become-next-country-to-go-cashless-plans-national-digital-currency 2016-11-13]


* cpt.Bcn-svc.voting,
* cpt.Blockchain-voting,
* cpt.Voting--blockchain-service,
* cpt.Voting.blockchain,

* {2017.04-06} https://cointelegraph.com/news/blockchain-voting-may-lead-to-liquid-democracy-globally-in-20-years,
* {2016-06-30} https://cointelegraph.com/news/australia-to-make-blockchain-voting-app-a-global-democratic-movement,
While Russia is testing an e-proxy voting system based on a distributed ledger, Australia is launching a Blockchain voting app in hopes of starting a global political movement.
The Flux Party is a new Australian political party that aims to return power over important decisions made in Parliament to individual electors.
* http://cointelegraph.com/news/russia-tests-blockchain-voting-plans-to-launch-it-in-2017, National Settlement Depository, Russia’s central securities depository, has successfully tested an e-proxy voting system based on a distributed ledger (blockchain) technology.
* {2016} http://www.europarl.europa.eu/RegData/etudes/ATAG/2016/581918/EPRS_ATA(2016)581918_EN.pdf, European Parliament Research Service.

* bitcoin-voting,


The UK has been exploring the use of Blockchain to manage and monitor the distribution of welfare benefits.


* cpt.Bcn-svc.decentralized,
* cpt.Blockchain-decentralized-economy,
* cpt.Economy--blockchain-service,

* {2017-03-30} How Amir Taaki Tried to Build Bitcoin Economy in Syria While Fighting ISIS: https://cointelegraph.com/news/how-amir...build-bitcoin-economy-in-syria-while-fighting-isis,


* cpt.Bcn-svc.identification,
* cpt.Bcn-svc.ID,
* cpt.Identification--blockchain-service,

* {2017-05-26} “Identity on the blockchain” — chapter 3: https://blog.oraclize.it/,
* {2017-05-15} RegTech: New Blockchain Platform Seeks To Disrupt Identity Industry: https://cointelegraph.com/,
* https://uport.me/#home, Your universal digital passport
Simple, secure, self-sovereign identity on Ethereum
Self-sovereign identity puts you 100% in control of your identity and data
* https://shocard.com/how-it-works/

* bitcoin-ID-service,


* cpt.Bcn-svc.coordination.global,
* cpt.Bcn-svc.global-coordination,
* cpt.Coordination.global--blockchain-service,

* http://www.telegraph.co.uk/business/2016/06/20/ skype-inventor-jaan-tallinn-wants-to-use-bitcoin-technology-to-s/


Fermat is a Decentralized, Blockchain enabled, Modular App Platform that unleashes the P2P “Internet of People” Economy.
Fermat seeks to deliver the better world, initially promised by Bitcoin. Through a decentralized app framework that incentivizes collaborative development, shared ownership and hyper-customization of modular software, the Project aims to unshackle free markets, by removing intermediaries from their current levels of influence, and to earn widespread mainstream adoption.
Fermat’s central premise is that there is a path to software development that is smarter, better and more efficient than the status quo. The Fermat framework allows anyone from anywhere to collaborate and mutually profit from shared ownership of modular applications: it enables an open-ended stream of micropayments to authors of reusable software components that can be perpetually combined and recombined across an ever-expanding library of useful, highly-customizable, peer-to-peer commercial applications (apps).
The blockchain-enabled system is built to be user-controlled, censorship-resistant and flexible – a platform for person-to-person exchange of goods, service, assets and data, free from the whims, risks, costs and interference of unwanted, self-interested third parties who put their priorities ahead of those of the people directly involved in the exchange.
Our roadmap to a better world starts from the view of mass adoption. Our first step is to envision a future where cryptocurrency is mass-adopted; fiat currencies are already completely digitized; and people have the freedom to choose which electronic currency to use, where to store them and how and when to exchange that purchasing power.
In this future people manage multiple online identities, using the one that best fits their current needs in each situation. They transact with whatever privacy level they choose. They not only have money on their devices, but a whole suite of software that can use their digital money to enable and sustain all kinds of p2p business models. Fermat is making this possible.
I envision a future where humans are more important than legal fictions like companies and corporations and non-objective realities like nations and states.

* cpt.Bcn-svc.Fermat-framwork,
* cpt.Fermat-framwork--blockchain-service,

* https://drive.google.com/file/d/0Bzq6JfsbkKrAUFAwWUNyNS12ekU/view?ts=56f6c013,


The Nxt Marketplace feature allows you to list items for sale and make sales on the blockchain.

You do not need to rely on external market sites to conduct your business. Instead, transactions are done between seller and buyer directly.

* cpt.Bcn-svc.marketplace,
* cpt.Marketplace--blockchain-service,


* cpt.Bcn-svc.notarization,
* cpt.Notarization--blockchain-service,

* συμβολαιογραφική-υπηρεσία,

* https://cointelegraph.com/news/argentina-based-notarization-platform-launches-public-beta- brings-bitcoin-to-legal-industry,


The opening for a blockchain intern at Disney illustrates that banks and financial institutions are no longer the only companies looking at blockchain solutions.
The blockchain can find applications in any industry where records need to be securely maintained and processed – whether they be land records, medical records or shipping records.
We can expect companies in other industries to follow Disney's lead and start looking at blockchain solutions in the near future.
Factom showed how a blockchain that stores hashes can be used as a proof of existence for any digital data.

* cpt.Bcn-svc.record-keeping,
* cpt.Document-keeping--blockchain-service,
* cpt.Record-keeping--blockchain-service,

* student-credintials: http://www.cnbc.com/2016/05/09/schools-are-recording-students-results-on-the-blockchain.html,

* Academic-degrees,
* intellectual-property,
* land-registry,
* medical-records-registry,
* proof-of-existence,
* shipping-registry,
* strudents-credentials,
* wedding-agreement,


* cpt.Bcn-svc.intellectual-property,
* cpt.Intellectual-property--blockchain-service,

* https://cointelegraph.com/news/blockai-uses-bitcoin-blockchain-to-protect-intellectual-property, blockai.com,


* cpt.Bcn-svc.wedding-agreement,
* cpt.Wedding-agreement--blockchain-service,

This isn't the first connection that Disney has with the blockchain.
Way back in 2014, the first blockchain wedding took place at Disneyland, Florida.
David Mondrus and Joyce Bayo registered their wedding agreement on the blockchain, eliminating the role of both religious and government officials.

bcn-svc.Blockstack (bsksvc)

Cpt-created: {2017-03-14}

Blockstack is a new internet for decentralized, server-less applications.
Building on Blockstack starts with single-page applications built in Javascript that are downloaded onto user devices.
Developers plug into blockstack.js, which provides API’s for authenticating the user, grabbing application data from the user, and storing new application data with the user (encrypted and backed up to cloud storage).
The blockchain is utilized to maintain a cross-application identity system, securely mapping user IDs to usernames, public keys, and data storage URIs.
Developers don’t have to worry about running servers, maintaining databases, or building out user management systems, and decentralized, server-less applications can be built more simply than their traditional counterparts.

* cpt.Bcn-Bsk-(Blockchain-blockstack),
* cpt.Blockstack-platform-(BskSvc),
* cpt.BskSvc-(Blockstack-service),


* {2017-05-23} Blockstack Releases Blockchain-Powered, Tokenized Internet Browser: http://www.coindesk.com/,
* {2017-03-14} https://cointelegraph.com/news/blockstack-launches-third-ever-blockchain-product-on-amazon-marketplace,


* DLedger-network,


* Bcn-net.specific,
* cpt.Bcn-net.specific,
* cpt.Bcn-netSpc,

* Blockchain-as-a-Service,
* Blockchain-curency-network,
* Builtin-governance-network,
* Depedent-blockchain-network,
* DepedentNo-blockchain-network,
* One-blockchain-network,
* OneNo-blockchain-network,
* Service.Exchange-value-unit-network,
* Service.Program-network,
* Public-blockchain-network,
* PublicNo-blockchain-network,
* Aeternity-AE-network,
* Akasha-network,
* Bitcoin-BTC-network {2009},
* Bitshares2-BTS-network {2015},
* BOScoin-network,
* Cosmos-network,
* Dash-DASH-network {2014},
* Decred-DCR-network {2016},
* Dfinity-network,
* Emercoin-EMC-network {2013},
* Ethereum-ETH-network {2015},
* FairCoop-FAIR-network {2014},
* Gnosis-network,
* Humaniq-network,
* IBM-blockchain-network,
* KSI-network,
* Lisk-LSK-network {2016},
* Litecoin-LTC-network {2011},
* Namecoin-NMC-network {2011},
* NEM-XEM-network {2015},
* Nxt-NXT-network {2013},
* Peercoin-PPC-network {2012},
* PIVX-network {2016},
* Qtum-network,
* Ripple-XRP-network {2012},
* RSK-network,
* Synereo,
* Tezos-network,
* Zcash-ZEC-network {2016},
* Waves-WAVES-network {2016},
* Wings-network,

Thus, in general, there are two approaches toward building a consensus protocol: building an independent network, and building a protocol on top of Bitcoin


* builtin-goverance,
* builtinNo-goverance,


* proof-of-stake-bcnnet,
* proof-of-work-bcnnet,
* hybrid-stake-work-bcnnet,


* one-blockchain-bcnnet,
* many-blockchains-bcnnet,


* dependent-bcnnet,
* dependentNo-bcnnet,


=== {2017}
=== {2016}
* Zcash-network,
* Lisk-network,
* Waves-network,
* Decred-network,
* PIVX-network,
=== {2015}
* Bitshares2-network,
* Ethereum-network,
* NEM-network,
=== {2014}
* Dash-network,
* FairCoop-network,
=== {2013}
* Emercoin-network,
* Nxt-network,
=== {2012}
* Peercoin-network,
* Ripple-network,
=== {2011}
* Litecoin-network,
* Namecoin-network,
=== {2010}
=== {2009}
* Bitcoin-network,


* public-bcnnet,
* publicNo-bcnnet,


* app-service,
* government-service,
* exval-token-service,
* record-keeping-service,


* announcement-stage|phase,
* ico-stage,
* planning-stage,
* development-stage,
* experimental-stage,
* testing-stage,
* working|production-stage,
* working.stableNo-stage,
* working.stable-stage,
* working.mature-stage,
* conceptual-stage,
* development-stage,
* production-stage,


Blockchain-network with builtin project decentralized governance.
Not centralized governance.
Not governance only written in a-smart-contract-program.
Decentralized governance of the-people of the-project.

* cpt.Bcn-netBig,
* cpt.Bcn-net.builtin-governance,
* cpt.Blockchain-network-with-builtin-decentralized-governance,

* Decred-network {2016},
* BitShares-network {2015},
* Dash-network {2014},
* BOScoin-network,
* Dfinity-network,


Proof-of-stake-blockchain-network is a-blockchain-network with proof-of-work consensus-algorithm.

* cpt.Bcn-netPow,
* cpt.Bcn-net.proof-of-work,
* cpt.Proof-of-work-blockchain-network,

* Zcash-ZEC-network {2016},
* Ethereum-ETH-network {2015},
* Bitcoin-BTC-network {2009},


Proof-of-stake-blockchain-network is a-blockchain-network with proof-of-stake consensus-algorithm.

* cpt.Bcn-netPos,
* cpt.Bcn-net.proof-of-stake,
* cpt.Pos-blockchain-network,
* cpt.Proof-of-stake-blockchain-network,

* Lisk-LSK-network {2016},
* NAV-Coin-NAV-network {2016},
* PIVX-network {2016},
* Waves-WAVES-network {2016},
* BitShares-network {2015},
* BlackCoin-BLK-network {2014},
* Nxt-NXT-network {2013},
* Peercoin-PPC-network {2012} first,


Hybrid-pos-pow-blockchain-network is a-blockchain-network with both proof-of-stake and proof-of-work, consensus-algorithm.

* cpt.Bcn-netHsw,
* cpt.Bcn-net.hybrid-pos-pow,
* cpt.Hybrid-pos-pow-blockchain-network,

* Aeternity-AE-network,
* Decred-DCR-network {2016},
* Emercoin-EMC-network {2013},
* Peercoin-PPC-network {2012},


Multiblockchain-blockchain-network is a-blockchain-network with many blockchains.

* cpt.Bcn-netOneNo,
* cpt.Bcn-net.many-blockchains,
* cpt.Bcn-net.multi-blockchain,
* cpt.OneNo-blockchain-blockchain-network,
* cpt.Many-blockchain-blockchain-network,
* cpt.Multi-blockchain-blockchain-network,

* Cosmos-network,

Bcn-net.dependance.DEPENDENT (bcnnetDpt)

Dependent-bcnnet is a-bcnnet that does-NOT-operate autonomously.
It works as another layer on another bcnnet.

* cpt.Bcn-net.dependent,
* cpt.Bcn-netDpt,

* Humaniq, (Ethereum)
* Omni_layer, (Bitcoin)

Bcn-netDpt.Counterparty-network (XCP-token)

Counterparty extends Bitcoin’s functionality by “writing in the margins” of regular Bitcoin transactions, opening the door for innovation and advanced features not possible with ordinary Bitcoin software.
The Counterparty protocol is open source and extensively tested.
Besides allowing users to create and trade any kind of digital token, Counterparty enables anyone to write specific digital agreements, or programs known as Smart Contracts, and execute them on the Bitcoin blockchain.
Smart Contracts are a revolutionary technology which opens the door to endless possibilities.
By using the Bitcoin’s decentralized ledger network and Counterparty’s built-in scripting language, real-world scenarios can now be transformed into code and executed automatically with no need for an intermediary.

* cpt.Counterparty-network-(XcpNet),

Bcn-netDpt.Omni-network (OMNI-token)

Omni is a platform for creating and trading custom digital assets and currencies.
It is a software layer built on top of the most popular, most audited, most secure blockchain -- Bitcoin.
Omni transactions are Bitcoin transactions that enable next-generation features on the Bitcoin Blockchain.
Our reference implementation, Omni Core is an enhanced Bitcoin Core that provides all the features of Bitcoin as well as advanced Omni Layer features.

* cpt.Mastercoin-network,
* cpt.Omni-network,

Bcn-netDpt.Raiden-network (rdnnet)

Cpt-created: {2017-03-27}

Raiden Network
High speed asset transfers for Ethereum
Payment-Channel Network for Ethereum
Raiden is a technology that leverages off-chain state networks to extend Ethereum with some nice properties for asset transfers:
Scalable: it scales linearly with the number of participants (1,000,000+ transfers per second possible)
Fast: Transfers are confirmed and final within the fraction of a second
Confidential: Single transfers don’t show up in the global shared ledger
Interoperable: Works with any token that follows Ethereum’s standardized token API
Low Fees: Transaction fees can be 7 orders of magnitude lower than on the blockchain
Micro-payments: Low transaction fees allow to efficiently transfer tiny values
The technology enabling this is similar to the proposed Bitcoin Lightning Network.
The basic idea is to switch from a model where all transactions hit the shared ledger on the blockchain (which is the bottleneck) to a model where users can privately exchange messages which sign the transfer of value.
Raiden uses a network of p2p payment channels and deposits in Ethereum to preserve the guarantees expected from a blockchain system.
Raiden is implemented as an extension to Ethereum. A Raiden node runs alongside an Ethereum node and communicates with other Raiden nodes to facilitate transfers and with the Ethereum blockchain to manage deposits. It offers a simple API which makes it easy to use Raiden in DApps.
Micropayments for content distribution: Alternative to Paywalls, Ads and Subscriptions. (Figure a decentralized youtube where the creators of a video are paid for every second watched)
Decentralized M2M markets: especially in IoT where tiny chunks of bandwidth, storage, cpu time, energy, sensor data, etc. can be traded.
Frictionless Token Systems: Game Tokens, Reward Tokens, Private Currencies
API Access: Accessing and monetizing APIs on a per use basis is at the core of the upcoming Machine-to-Machine economy
Fast Decentralized Exchanges
Complementary to Ethereum
Vitalik Buterin: “State channels are an important technology that has the potential to greatly improve the scalability and privacy of many categories of blockchain applications; in conjunction with sharding and other privacy-preserving cryptographic technologies, they are an important ingredient in helping decentralized systems to achieve the properties that mainstream individual and institutional users expect and deserve.”
Coindesk feature on Raiden: “Will Ethereum Beat Bitcoin to Mainstream Microtransactions?”
Robert McCone’s blogpost about a lightning style network on Ethereum
Oktahedron Podcast with Augusto from the core team, explaining the Raiden Network
Raiden Network IoT Demo - Enabling High Speed Asset Transfers
The Raiden Network is currently under development. Release of an MVP is planned for the end of March 2017. See our GitHub repository and read our latest blog post on development progress for the latest updates.

* cpt.Raiden-network,
* cpt.Rdnnet,


Cpt-created: {2017-03-19}

We propose a new technology, pegged sidechains, which enables bitcoins and other ledger assets to be transferred between multiple blockchains.
This gives users access to new and innovative cryptocurrency systems using the assets they already own.
By reusing Bitcoin’s currency, these systems can more easily interoperate with each other and with Bitcoin, avoiding the liquidity shortages and market fluctuations associated with new currencies.
Since sidechains are separate systems, technical and economic innovation is not hindered.
Despite bidirectional transferability between Bitcoin and pegged sidechains, they are isolated: in the case of a cryptographic break (or malicious design) in a sidechain, the damage is entirely confined to the sidechain itself.

* cpt.Bcn-net.sidechain,
* cpt.Sidechain-network,


* {2014-10-26} https://gendal.me/2014/10/26/a-simple-explanation-of-bitcoin-sidechains/
* {2014-10-22} Adam Back, Matt Corallo, Luke Dashjr, Mark Friedenbach, Gregory Maxwell, Andrew Miller, Andrew Poelstra, Jorge Timón, and Pieter Wuille: Enabling Blockchain Innovations with Pegged Sidechains: https://blockstream.com/sidechains.pdf,


A-blockchain-network with an-independent blockchain.

* cpt.Bcn-net.independent,


Microsoft Azure already features a wide range of Blockchain solutions, including Ethereum, Chain Core, Corda, Nxt, Lisk, and Waves.
Together, they form an elaborate ecosystem known as Blockchain as a Service, which supports the creation of all kinds of Blockchain projects for all kinds of purposes and for companies of any size.

* cpt.BaaS,
* cpt.Blockchain-as-a-Service,


Program-blockchain-network is a-blockchain-network that stores blockchain-programs[1] in its blockchain that[1] process arbitrary transitions of the-blockchain's-information.

* cpt.Bcn-netPgm,
* cpt.Bcn-net.application,
* cpt.Bcn-net.program,
* cpt.Bcn-net.smart-contract,
* cpt.Blockchain-program-bcnnet,
* cpt.Blockchain-program-blockchain-network,
* cpt.Program-blockchain-network,

* Lisk-LSK-network {2016},
* Ethereum-ETH-network {2015},

* BOScoin-BOS-network,
* Dfinity-DFN-network,
* Qtem-network,
* Rootstock-RSK-network,
* Tezos-network,

Bcn-net.service.EXCHANGE-VALUE-UNIT (evunet)

Exchange-value-token-blockchain-networks were the first networks created, when Satoshi solved the-double-spending-problem without a central authority.

* cpt.Evtnet, {2017-04-14}
* cpt.Exchange-value-token-bcnnet, {2017-04-14}
* cpt.Bcn-netEvtkn, {2017-03-31}
* cpt.Bcn-net.currency-application,
* cpt.Bcn-net.evu,
* cpt.Bcn-net.exchange-value-unit,
* cpt.Bcn-net.money,
* cpt.Bcn-net.value-transfer,
* cpt.Bcn-netMny,
* cpt.Money-bcnnet,
* cpt.Net.blockchain.currency,
* cpt.Net.currency.blockcain,
* cpt.Satoshi-based-blockchain,
* cpt.StmIthMny.currency.crypto,
* cpt.StmIthMny.currency.cryptocurrency,
* cpt.Cryptocurrency-network, cptIt51.12,
* cpt.Cryptocurrency-platform, cptIt51.12,
* cpt.NetBcnMny,
* cpt.NetCbc,
* cpt.NetCcc, {2016-04-03}
* cpt.SihCcc,
* cpt.SihCcc,
* cpt.SihCrypto,
* cpt.SihCrypto, cptIt51.12,
* cpt.StmIthCrypto,

* blockchain-network,


* Bcnnet-DAO,


* Bcnnet-protocol,


* Bcnnet-white-paper,


* Bcnnet-protocol-implementation-language,


* Bcnnet-node,


* Bcnnet-blockchain,

* cpt.Blockchain-of-evunet,


* Bcnnet-block,


* Bcnnet-block-explorer,


* Bcnnet-consensus-algorithm,


* Bcnnet-address,


* Bcnnet-transaction,


* Bcnnet-hash-rate,


* Bcnnet-consensus-exchange-value-unit,


* Bcnnet-statistics,


* Bcnnet-governance-system,


* Bcnnet-program,


* Bcnnet-wallet,


* Bcnnet-problem,


* Bcnnet-human,


* Bcnnet-organization,


* Bcnnet-evaluation,


* Bcnnet-law,


* Bcnnet-conference,


* Bcnnet-resource,

* {2017-05-13} Monero 2.0? Why INTCoin Claims to Be Next Generation Decentralized Currency: https://cointelegraph.com/news/monero-20-why-intcoin-claims-to-be-next-generation-decentralized-currency,


* Bcnnet-doing,


* evunet.specific,
* cpt.Evunet.specific,

* Bitcoin-BTC-network {2009},
* Bitshares2-BTS-network {2015},
* Dash-DASH-network {2014},
* Decred-DCR-network {2016},
* FairCoop-FAIR-network {2014},
* Humaniq-network,
* Litecoin-LTC-network {2011},
* Namecoin-NMC-network {2011},
* NEM-XEM-network {2015},
* Nxt-NXT-network {2013},
* Peercoin-PPC-network {2012},
* PIVX-network {2016},
* Zcash-ZEC-network {2016},
* Waves-WAVES-network {2016},

Bcn-net.time.Zcash (ZECnet {2016-10-28})

Internet money
Zcash is the first open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography.

* cpt.Zcash-network,
* cpt.Zecnet,

* Exchange-value-unit-network,
* Proof-of-work-network,

zecnet'Blockchain (zecbcn)

zecnet'Block-explorer (zecber)

* https://explorer.zcha.in/
* BlockH0 https://explorer.zcha.in/blocks/00040fe8ec84719...a8a5c453883c000b031973dce08,


* Is Zcash proof-of-work? What mining algorithm do you use? Is it ASIC resistant?—
Yes, since launch, Zcash has been based on proof-of-work. Maybe the community will choose to change it to proof-of-stake or something someday. We cannot predict what the community or communities will ultimately decide about such things but are very much open to improvement and evolution. We are currently using Equihash as the proof-of-work for block mining in Zcash. Equihash is a proof-of-work algorithm devised by Alex Biryukov and Dmitry Khovratovich. It is based on a computer science and cryptography concept called the Generalized Birthday Problem. Please read the Why Equihash blog post for more details. The algorithm is currently not economically implementable in ASIC. We’re still evaluating whether we think it will resist custom hardware (“ASIC”) implementation long-term.

zecnet'Exchange-value-unit.Consensus (ZECevuC)

Zcash ZEC
Zcash is a totally private decentralized crypto using a new cryptographic algorithm for payments using a zero-knowledge proof of construction, providing safe encryption of a sender, a recipient and an amount sent. Zcash has a view key for users to see and control the content.
Privacy technology for blockchains
Zcash is the first open, permissionless financial system employing zero-knowledge security.
The Zcash genesis block will launch in 7 days. Zcash is currently in testnet (testnet coins have no value and will never hold monetary value); our engineering roadmap is publicly available here. If anyone says that they will pay you Zcash before October 28, 2016, then there must be some mistake, because Zcash will not exist until then.
Zcash offers total payment confidentiality, while still maintaining a decentralized network using a public blockchain. Unlike Bitcoin, Zcash transactions automatically hide the sender, recipient, and value of all transactions on the blockchain. Only those with the correct view key can see the contents. Users have complete control and can opt-in to provide others with their view key at their discretion.
Zcash transactions do not depend on the cooperation of other parties.
[https://z.cash/] {2016-10-20}

* cpt.Crypto-token.ZEC,
* cpt.Zcash-token-(ZEC),
* cpt.ZEC-(Zcash-token),
* cpt.ZEC-evuC,


* https://z.cash/,
* https://z.cash/support/faq.html#what-is-a-zero-knowledge-proof,
* {2016-10-20} https://cointelegraph.com/news/with-launch-of-zcash-approaching-mining-companies-get-prepared,

Bcn-net.time.Lisk (LSKnet {2016-05-24})

Cpt-created: {2017-01-29}

Lisk is a public blockchain platform that provides decentralized blockchain apps.
It was forked from Crypti by Max Kordek and Olivier Beddows in early 2016.

* cpt.Lisk-network,
* cpt.Lsknet,
* cpt.NetLisk,
* cpt.NetLsk,


* https://github.com/LiskHQ/lisk-wiki/wiki/Technical-Protocol-Reference,




Lisk utilizes an inflationary forging rewards system which creates new LSK for every successful block.
During year 1, the forging rewards are set at 5 LSK per block.
Every 3,000,000 blocks (~1 year) forging rewards are reduced by 1 LSK, ending at 1 LSK per block after 5 years.
The forging rewards will then stay at 1 LSK per block indefinitely.[12]
The Forging Rewards will be equally distributed through all active (top 101) delegates, same as any network fees.

* cpt.Lskmining,
* cpt.Lskmng,


lskbcn'Block-Explorer (lskbex)

* cpt.Lisk-block-explorer,
* cpt.Lisk-explorer,
* cpt.Lskexplorer,

* https://explorer.lisk.io/
* BlockH1 https://explorer.lisk.io/block/13658550407518916215,

lskbcn'Consensus-algorithm (lskcsa)

Lisk is a decentralized network such as Bitcoin, Nxt, or BitShares.
It doesn’t utilize Proof of Work like Bitcoin, or Proof of Stake like Nxt.
Lisk uses a simplified implementation of BitShares’ original consensus algorithm called Delegated Proof of Stake.
That means every LSK holder can vote for mainchain delegates which are securing the network.
There are only a maximum of 101 active mainchain delegates which always got the most votes on the whole network, and only they can earn block generation rewards, that means there is a financial incentive to become an active delegate.
Every other delegate is on standby awaiting to become elected, or alternatively, securing a Lisk sidechain.

* cpt.Lisk-consensus-algorithm,

lsknet'Exchange-value-unit.Consensus (LSKevuC {2016})

Lisk LSK
Lisk is a new decentralized application platform with its own cryptocurrency.
The platform is based on JavaScript and allows to create and distribute decentralised applications (DApps) and so-called sidechains.
These are custom blockchains integrated into the Lisk’s one.
Lisk uses Delegated-Proof-of-Stake, a highly secured and flexible consensus model, which elects 101 delegates to create blocks.

* cpt.Lisk-Consensus-Exval-Token,
* cpt.Lisk-token-(LSK),
* cpt.LSK-(Lisk-token),
* cpt.Crypto-token.LSK,

* Consensus-exchange-value-token,


* https://coinmarketcap.com/currencies/lisk/

1 BTC = 005,749.10888812 LSK,


* https://coinmarketcap.com/currencies/lisk/


You can buy LSK from most cryptocurrency exchanges, including Poloniex and Bittrex.


Bapp (Dapp, Blockchain App, App)
A decentralized application, which is running in a sidechain of Lisk. If you add a bapp to Lisk, an entry will be made on the blockchain. This will "register" it and makes it visible to everyone.

* cpt.Lisk'Bapp,
* cpt.Lisk'Blockchain-App,
* cpt.Lisk'Dapp,
* cpt.LskBapp,


* {2017-05-09} Beddows: https://blog.lisk.io/what-happened-with-block-2731040-and-how-we-fixed-it-1c397f692d36,


Who created Lisk?
Lisk is a more open alternative to Crypti created by former members of the Crypti Foundation, namely Max Kordek and Olivier Beddows.


Differences from Ethereum
- Lisk and Ethereum both try to provide a platform for a similar idea: Decentralized Applications (Lisk calls them Blockchain Applications[13])
- Lisk is an all-around Blockchain (Decentralized) Application platform, that allows for endless possibilities on the developers and/or entities end to build and create, while Ethereum is a platform that only allows for Smart Contract based projects to be created, which in the end limits the overall potential of a set-goal that individuals project can reach or obtain.
- Lisk uses DPoS, while Ethereum currently uses PoW (they have stated they plan to switch to PoS eventually).[14]
- Applications language: Lisk uses Javascript, while Ethereum currently uses Solidity.[15]
- Applications location: Lisk uses sidechains, while Ethereum currently stores it on the main chain.[16]
- Error handling: In Lisk, if your application has an issue it will be contained to only your chain, but require a hard fork to fix. In Ethereum, applications are run in a virtual machine on the main chain so any error should just result in the waste of transaction fees, but be contained to the VM (as long as there is no bug in the VM).
- Applications VM: Ethereum applications are run in the Ethereum Virtual Machine (EVM). Lisks does not have a VM, but it is in development.


* https://lisk.io/
* https://github.com/LiskHQ/lisk-wiki/wiki,
* https://explorer.lisk.io/delegateMonitor,
* https://blog.lisk.io/what-is-lisk-and-what-it-isnt-e7b6b6188211, (Max Kordek)


=== mainnet live:
On May 24, 2016, the main network for Lisk went live and it became available for trading on major exchanges.

Bcn-net.time.Waves (WAVESnet {2016-04-15})

WAVES is a decentralized blockchain platform focusing on custom blockchain tokens operations.
National currencies transfer is maintained on the WAVES blockchain through compliant gateway operators.
Decentralized token exchange facilitates fundraising, crowdfunding, and trading of financial instruments on the blockchain.
Lightweight clients provide an easy installation procedure and a flat learning curve for end users.

* cpt.Bcn-net.waves,
* cpt.NetWaves,
* cpt.Waves-network,
* cpt.Wavesnet,

wavesnet'Protocol (wavprl)


* {2016-04-01} https://blog.wavesplatform.com/waves-whitepaper-164dd6ca6a23#.4b9dzixu9,

WAVES whitepaper.


WAVES is a decentralized blockchain platform focusing on custom blockchain tokens operations.
National currencies transfer is maintained on the WAVES blockchain through compliant gateway operators.
Decentralized token exchange facilitates fundraising, crowdfunding, and trading of financial instruments on the blockchain.
Lightweight clients provide an easy installation procedure and a flat learning curve for end users.


‘Hypothesis: Every conceivable application of blockchain technology will be tried, but p2p digital cash will remain most used application’.
Ryan X Charles

‘The killer application of blockchain technology is the blockchain itself.’
Common wisdom

Since its inception, blockchain technology has been fraught with controversy over its most natural application -- value transfer using the network token.
Decentralized money is a ground-breaking development, but blockchain technology cannot be reduced to this alone.
Being essentially a distributed database, the blockchain allows for various types of distributed ledger entries, the nature of which depends on their interpretation by the blockchain’s users.

Introducing the blockchain as a foundation for digital cash attracted a great deal of attention to the technology, putting regulators and governments worldwide on high alert in the process.
There is no doubt that Bitcoin will establish itself as a valid monetary system.
But it is also obvious that there should not be too many blockchain tokens in use as money at the present time, since the low liquidity and high volatility this causes prevent the use of emerging blockchains as a secure store of value.

We propose to focus on other uses of blockchain tokens -- those which are often overlooked in favor of the low-level opportunities which blockchain technology might provide, such as smart contracts.
There is very strong untapped potential in a classical colored coins approach, and the WAVES platform is designed to realize this to its fullest extent.

Smart contracts, being a natural development of Bitcoin scripting, are inevitable and will be one of the cornerstones of blockchain technology.
On the other hand, certain features are much easier to implement using other approaches.
Custom tokens operations realized as an attachment to blockchain transactions are very flexible and can be used in a variety of applications, from national currencies transfer over the blockchain to decentralized trading.
A focus on such operations might well complement the approach introduced by Ethereum.[1]

In the following sections we will describe the technical motivation for WAVES platform’s features and illustrate them with use cases.
We intend to determine the most “production-ready” aspects of current blockchain technology and apply them to the real-world problems.

Custom blockchain tokens and their usage.

Technical motivation.

Blockchain assets and colored coins approaches emerged around 2013, when several protocols utilizing Bitcoin’s blockchain were implemented. [4] [5] [6]
Besides this, there were several attempts to build custom blockchain tokens platform from scratch, of which the most notable is Nxt. [7]

We develop the approach which Nxt implemented, realizing custom tokens creation and transfer through attachments added to blockchain transactions.
This approach has clear merits, such as the ability to implement new transaction types easily, but from practical point of view it is fraught with the problem of mandatory hard forks -- when adding a new transaction type, network client software has to be updated, since old clients cannot support new transaction types.

WAVES approaches this problem by offering an extensible solution, in which new transaction types are introduced through plug-ins that are not included in the core software module, but are instead installed as an extension on top of it.
Clients that do not have the relevant plug-in installed can still relay these custom transactions.
This approach allows third-party developers to introduce new transaction types, and creates an Appstore-like ecosystem.

Only the most basic transaction types are supported at the core level, including:
- Custom token creation, deletion and transfer
- Decentralized token exchange, realized as a distributed order-matching engine, where Bid and Ask network transactions are matched against each other
- Anonymity features -- anonymous order books are a must for an industry-grade trading platform

It should be noted that WAVES makes a crucial step ahead with decentralized blockchain trading by offering trading of one custom token against another (asset-to-asset trading).
This opens up a whole new range of opportunities, including trading against tokens tied to national currencies, thus replicating traditional trading infrastructures.

Use cases
National currencies on the blockchain.

Although using the main network token for value transfer is quite natural, it nevertheless raises several issues. Use of low-liquidity and highly volatile tokens for value transfer has obvious drawbacks for merchants, and creates tension with regulatory bodies. Still, fully decentralized money is viable, which is demonstrated by the slow but steady adoption of Bitcoin as a currency.

However, in order to provide sufficient liquidity and mitigate the volatility that prevents decentralized money usage as a store of value, the overall number of tokens used as currency should be limited (at least in the initial stages of the development of the technology). We strongly advocate using only Bitcoin as a currency for this reason.

Our approach to handling external value transfer tokens and currencies stems from the ‘Multigateway’ approach.[2] In the case of Bitcoin there is a party (or multi-sig parties) that maintains an in-and-out exchange procedure for Bitcoin, swapping it for its corresponding network token. Thus we facilitate Bitcoin transfers using the WAVES blockchain.

This approach is obviously centralized, due to limitations inherent in Bitcoin itself. It is opposed to a “market peg” approach, which relies on providing a dynamic peg though certain market-making procedures. At first sight the market peg approach may seem to be an adequate way of mirroring financial assets on decentralised platform, but with further consideration hidden centralization invariably surfaces.

By explicitly introducing centralization into supporting blockchain national currencies and BTC we are able to open new horizons for existing financial institutions. Their role can be reduced to providing liquidity for their fiat assets and KYC/AML procedures. Maintaining payment infrastructure is fully outsourced to decentralized blockchains.

This approach to providing national currencies on the blockchain was pioneered with the CoinoUSD token on Nxt’s blockchain. It is also similar to Ripple’s gateways approach. We believe that such a strategy can compete with the emerging permissioned blockchains approach and attract financial institutions willing to work on open blockchains.

Crowdfunding, decentralized financial instruments and beyond.

We believe that blockchains are an effective means for managing most aspects of community-based projects, from financial to organizational elements. Blockchain technology, due to its innate latency, cannot support high-frequency trading. Most probably centralized solutions will always be preferable for high-volume transactions with milliseconds execution times. But for applications in which instant transactions are not required, blockchains provide a very natural environment -- for example, for issuing crowdfunding tokens and managing financial flows within a community. This is an area in which using decentralized solutions is beneficial and centralization brings little to the table.

If we consider a Kickstarter-like model of pledging certain amounts of money in exchange for a product to be released in the future, we can see its obvious limitations. A project backer cannot exit her “investment” in the project by selling it another user. On the other hand such a use case is very natural using a blockchain-based system, where custom tokens can be swapped and transferred by design.

Issuing securities is highly regulated in most jurisdictions. Tokens can be associated with securities, especially if some projections about future token price are made or a token issuer promises to pay certain dividend. However, the blockchain is a regulation-agnostic instrument. If a legal entity wishing to utilize the blockchain for a securities issue is compliant with local laws and regulations then issuing securities on a blockchain is as legitimate as conducting a stock exchange listing.

Start-up fundraising, private investment placements and venture-stage investments seem to be the most appropriate areas for blockchain-powered financial instruments. On the other hand it can be used by a larger businesses for specific financial operations too, such as clearing and settlement, so long as these do not entail overly taxing speed requirements.

In most jurisdictions (notably excluding the US), blockchain-based fundraising that does not exceed a given limit can be carried out perfectly legally. Equity crowdfunding laws in the US allow fundraising with a simplified SEC registration procedure.

Strict US securities laws are intended to prevent fraud, and for this a strong centralized watchdog, such as US Securities and Exchange Commission, is needed. But the advance of decentralized technology can introduce some form of community and decentralized issuer vetting, which might eventually replace centralized regulators.

Having crowdfunding as one of WAVES platform’s main use cases means that some form of decentralized KYC/AML must be integrated into the system core. To that end we are realizing a decentralized reputation system, which should eliminate unscrupulous actors on the WAVES blockchain.

Lightweight clients, two-tier architecture, Proof of Stake, and usability.

Technical motivation.

Two-tier architecture and lightweight clients.

The classic Bitcoin approach is essentially a way to synchronize a distributed system through common transaction logs.
It requires that each network node store the full copy of the transaction history.
Obviously this does not scale well, since eventually not every node will be able to store the full history.
There are different ways to mitigate this -- a simplified payment verification procedure that allows storage of only that data essential for a given node; off-chain transactions; bidirectional payment tunnels; reducing blockchain bloat; working directly with the system state [8].
With the simplest approach, where all nodes are equal at Genesis block, centralization may emerge as low-capacity nodes have to rely on full, high-capacity nodes that can afford to store the full blockchain.
Effectively, a two-tier architecture emerges.

Does this make the system inherently centralized?
No, since a new node can always enter the network and become a full node if it has sufficient resources.

Of course, emerging centralization brings trust issues, since lightweight nodes have to trust the full nodes and can become a victim of a rogue full node.
However, there are ways to mitigate this, such as polling several nodes, maintaining trusted nodes lists, and so on.

WAVES platform enforces an approach that might at first seem extreme to a classic cryptocurrency advocate.
Lightweight nodes do not download the blockchain at all, instead relying on full nodes for payment verification and network interaction.
The approach is based on the SuperNET lite client[3] that has successfully been run on the Nxt platform for over a year.

WAVES is built on the Scorex platform,[8] which develops an approach based on using current network state as an alternative to full transaction history.
A simplified payment verification procedure will be realized for the lightweight node, adding another security layer.
System state can be downloaded by a lightweight node, and simplified payment verification procedures based on this.

Proof-of-stake consensus, stake leasing.

We have chosen the Proof-of-Stake protocol as a consensus algorithm for WAVES. This choice is based on its successful use in Nxt, as well as on certain theoretical considerations. At the same time we propose an enhancement to the PoS protocol, which should provide for reduced transaction times and increased transaction throughput -- Leased PoS (LPoS).

In a PoS system each node that holds a balance in the main network token has a chance (proportional to its balance) to produce a block.
In the two-tier architecture it is logical to move payment processing onto the full nodes alone.
At the same time, all nodes with non-zero balances still have to be eligible for staking rewards.

The theoretical issue of reduced security caused by fewer nodes staking can be addressed through explicit balance leasing from lightweight nodes to full nodes.
By leasing their balance to a trusted full node a lightweight node actually increases its chance of collecting transaction fees, since it does not have to stay online, and the full node has an increased chance of producing a block due to its increased balance.

Account leasing is not equivalent to balance transfer; a lightweight node can still transfer its balance to another node and conduct other operations.
By leasing out their balance, lightweight nodes effectively select which full nodes will carry out most of the network’s payment processing.
Reducing the number of nodes that can potentially produce blocks allows for faster confirmation times, lower latency, and a higher system throughput.

Lightweight nodes realization and browser plugins.

The lightweight node is realized as a browser plugin written in JavaScript. It interacts with Scorex-based full nodes. The plugin is installed from browser app-stores. Since no blockchain download is needed a user obtains a fully-fledged blockchain-powered wallet immediately following a simple installation procedure.

The wallet interface resembles traditional online banking/brokerage interfaces. Integrated national currencies allow for native value transfer denominated in fiat. Exchange of national currencies into and out of the blockchain is carried out by a trusted provider. Once a user has completed the national currency token purchase she can transfer it to another user or trade with it on a decentralized exchange.

Asset-to-asset trading makes it possible to provide a stock market-like trading interface, by allowing trading against USD, EUR, CNY, and so on. All in all, the platform interface is closer to traditional financial interfaces than to a normal cryptocurrency client. We find it important to provide an interface to which most users are already well accustomed, at the same time as empowering it with blockchain technology. Users can do things they were unable to do with traditional financial platforms, but the learning curve remains flat, which is a key to mass-market adoption.

Additional key WAVES features.

WAVES targets in the first place community-based development and projects.
To that end decentralized voting and messaging are implemented.
It will allow for a DAO-like experience in managing community projects, whilst remaining straightforward from a technical point of view.
WAVES will allow payment of network transaction fees in custom tokens (assets).
Along with the transaction in question, an order to exchange the asset into the main network token is sent to the decentralized exchange, and the transaction can be included in the next block only after that order has been executed.


WAVES platform is being built with mass adoption in mind from the start.
In this general overview we have attempted to show the technical solutions that may be used to give the end-user previously unseen opportunities, and to pave the way for the rapid adoption of blockchain technology.


[1] https://github.com/ethereum/wiki/wiki/White-Paper

[2] http://multigateway.org/

[3] https://github.com/Tosch110/SuperNet-Lite

[4] https://github.com/CounterpartyXCP

[5] https://github.com/OpenAssets/open-assets-protocol

[6] https://github.com/OmniLayer/spec

[7] http://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt

[8] http://arxiv.org/abs/1603.07926

wavesnet'Blockchain (wavbcn)

wavbcn'Block-Explorer (wavbex)

* http://wavesexplorer.com/
* http://wavesexplorer.com/blocks/1,


Q: Why are you using PoS rather than PoW?
A: Proof of work might be more secure in theory, but I still consider it to be an inelegant solution to the problem of consensus due to the wasted computational resource. Something better will come in time. Meanwhile, PoS is the way to go.
Q: Is the PoS consensus system the same as in the Nxt system?
A: At launch we will use a ‘plain vanilla’ PoS. Classical PoS is good enough for all intents and purposes. (‘Nothing-at-stake’ arguments are of a purely theoretical nature.) There will be improvements later, possibly including an entirely new kind of PoS system.

wavesnet'Exchange-value-unit.Consensus (WAVESevuC)

Waves (WAVES)
$0.443330 (3.29%)
0.00037363 BTC (2.02%)
Market Cap
37,364 BTC
Volume (24h)
142.78 BTC
Circulating Supply
100,000,000 WAVES
[https://coinmarketcap.com/currencies/waves/] {2017-04-15}

* cpt.Wavesnet'cevt,
* cpt.WAVES-cevu,
* cpt.WAVES-token,


* Bittrex,


Q: How much funding did Waves receive?
A: 29,636 bitcoins were crowdfunded from 5,790 participants in April and May 2016, with a market value of around $16 million at the time the ICO ended.


Q: What is the difference between Waves and Ethereum?
A: Ethereum is developing bitcoin scripting for smart contracts. It’s powerful but makes certain things very complicated.
We took another road where things are simpler: it’s very easy to add all the functionality you need using plug-ins, so you don’t have to code complicated contracts.
Also, our focus is on mass adoption.
We’re specifically targeting two markets: fiat transfers on the blockchain and crowdfunding on the blockchain.
They are ripe for disruption, and we’ll be offering a product for a very general audience.


* http://wavesexplorer.com/
* https://waveswallet.io/
* http://assets.wavesplatform.com/

wavesnet'Service (wavsvc)

We’re specifically targeting two markets: fiat transfers on the blockchain and crowdfunding on the blockchain. They are ripe for disruption, and we’ll be offering a product for a very general audience.
A universe of tokens
WAVES is a decentralized platform that allows any user to issue, transfer, swap and trade custom tokens directly on the blockchain.
Decentralized trading
WAVES uses blockchain technology to offer an integrated exchange which does not depend on a central authority, server, or static infrastructure.
Your gateway to the world
The gateways partnered with WAVES make it a breeze to swap digital assets for traditional money right in your bank account, and vice versa.
Blockchain voting
WAVES also includes an innovative means of decentralized voting, with no single authority or the risk of manipulation this carries.
Decentralized crowdfunding
WAVES integrates its own crowdfunding platform, Crowdstarter, which allows entrepreneurs to launch their projects easily and in a decentralized manner.
Innovative reputation system
Absence of governance carries its own risks. WAVES' decentralized reputation system will play a key role in bringing confidence to the assets ecosystem.


The Blockchain platform Waves has announced the release of its own decentralized exchange, DEX, on its mainnet.
The exchange, which Waves hopes will improve on previous attempts at decentralized trading with new features, is available via a full node or through the API. Later, the resource will become available to all users.
[https://cointelegraph.com/news/waves-debuts-dex-decentralized-exchange-mining-power-leasing {2017-03-30}]


=== Genesis:
[https://blog.wavesplatform.com/wavesplatform-mainnet-launched-22f65b46d6af#.sxfb1vnjr, {2016-06-10}]
Q: Do you have a rough timeline for development?
A: There is a strong emphasis on fast development. Full launch will be in late summer 2016. [https://wavestalk.org/general-discussion/waves-faq/]

Bcn-net.time.Decred (DCRnet {2016-02-08})

An open, progressive, and self-funding cryptocurrency with a system of community-based governance integrated into its blockchain.
Decred is a cryptocurrency, similar to Bitcoin, with a strong focus on community input, open governance and sustainable funding and development.
It utilizes a hybrid “proof-of-work” and “proof-of-stake” mining system to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without the input of the community.
A unit of currency is called a ‘decred’ (DCR).
To ensure the integrity of the currency and prevent people from making fraudulent transactions or creating their own coins, Decred uses a method of recording transactions known as a blockchain.

* cpt.Bcn-net.Decred,
* cpt.Dcrnet,
* cpt.NetDcr,
* cpt.NetDecred,
* cpt.Decred-network,

* Blockchain-network-with-builtin-decentralized-governance,
* Exchange-value-unit-blockchain-network,
* Hybrid-pos-pow-blockchain-network,


dcrprl'Constitution (dcrcttn)

* https://docs.decred.org/getting-started/constitution/,

Decred Constitution
Decred (/ˈdi:ˈkred/, /dɪˈkred/, dee-cred) is an open, progressive, and self-funding cryptocurrency with a system of community-based governance integrated into its blockchain. The project mission is to develop technology for the public benefit, with a primary focus on cryptocurrency technology. Decred, as a currency and as a project, is bound by the following set of rules, which include guiding principles, a system of governance, and a funding mechanism. These rules have been established in an effort to create an equitable and sustainable framework within which to achieve Decred's goals.


Free and Open-Source Software - All software developed as part of Decred shall be free and open source-software.

Free Speech and Consideration - Everyone has the right to communicate opinions and ideas without fear of censorship. Consideration shall be given to all constructive speech that is based in fact and reason.

Multi-Stakeholder Inclusivity - Inclusivity represents a multi-stakeholder system and an active effort shall be maintained to include a diverse set of views and users. While it would be ideal to include everyone, Decred shall comply with all relevant bodies of law in the jurisdictions where applicable, such as embargoes and other trade sanctions.

Incremental Privacy and Security - Privacy and security are priorities and shall be balanced with the complexity of their implementations. Additional privacy and security technology shall be implemented on a continuing and incremental basis, both proactively and on-demand in response to attacks.

Fixed Finite Supply - Issuance is finite and the total maximum number of coins in Decred shall not change. The total maximum supply for Decred is 20,999,999.99800912 coins, with a per-block subsidy that adjusts every 6,144 blocks (approximately 21.33 days) by reducing by a factor of 100/101. The genesis block subsidy starts at 31.19582664 coins.

Universal Fungibility - Universal fungibility is fundamental to Decred being a store of value and attacks against it shall be actively monitored and countermeasures pursued as necessary.

Blockchain Governance

Governance of the network occurs directly through the blockchain via hybridization of a block's proof-of-work ("PoW") with its proof-of-stake ("PoS"). PoS contributors, known as stakeholders, can effectively override PoW contributors, known as miners, if 60% or more of the stakeholders vote against a particular block created by a miner.

A lottery system is used to determine which stakeholders vote on each block and collect a subsidy.

To be a stakeholder, one must purchase one or more tickets, which entails locking a specified amount of coins for approximately 1 day (256 blocks).

After waiting for the ticket to mature, the ticket is entered into a lottery that runs once per block where the winning tickets gain the ability to vote on the previous block.

Stakeholders must wait an average of 28 days (8,192 blocks) to vote their tickets, and during this time the coins used to purchase the ticket remain locked. The wait may be much longer or shorter than the average of 28 days because the ticket selection process is pseudorandom. Tickets expire after approximately 142 days (40,960 blocks).

Stakeholder votes recorded in the blockchain are rewarded with 6% of each block subsidy, and each block can have up to 5 votes for a total of 30% of each block subsidy.

PoW receives 60% of each block subsidy, subject to the constraint that their subsidy scales linearly with the number of PoS votes included, e.g. including 3 of 5 votes reduces PoW subsidy by 60%.

The votes themselves decide by majority decision whether the general transaction tree of the previous block, including the PoW subsidy, is valid. Thus, if PoS voters vote against a particular PoW block, it destroys the PoW subsidy (and development subsidy) and invalidates any regular transactions within that block.

Additional vote bits may be set when stakeholders submit votes, allowing stakeholders to vote on matters besides the previous block.

Project Governance

Off-chain decision-making shall be used to resolve disputes related to development and voted on by the Decred Assembly as they arise, as an effective proof-of-assembly ("PoA"), until such time PoA is integrated into the blockchain.

The Decred Assembly shall be composed of diverse Assembly members who are selected for membership by the Admission Council from the project ecosystem for representation.

Councils that are composed of Assembly members shall be formed to address ongoing and episodic matters. The initial Councils shall serve the separate functions of admission (Admission Council), creation (Creation Council), and attrition (Attrition Council).

The Admission Council shall vote on the inclusion of new members into the Assembly. All additional Councils shall be created by the Creation Council. The Attrition Council shall be responsible for deactivating both Councils and Assembly members as necessary.

Membership of the Decred Assembly shall consist of Assembly members who have been confirmed by a 60% or greater affirmative vote by the Admission Council. There is no restriction on the age or nationality of Assembly members, the only requirement is that of merit as judged by the Admission Council. Merit is judged on the basis of two characteristics: (1) the amount of time over which one has been involved with the project, and (2) one's body of work and its impact in the context of the project.

Attrition is embraced by temporarily deactivating or actively expelling Assembly members by a 60% or greater affirmative vote by the Attrition Council on the basis of: (1) substantial non-fulfillment of duties for one or more Councils or the Assembly, and/or (2) counterproductive behaviour that goes against the framework set forth in the Constitution without constructive action toward solutions.

All matters formally presented to a Council shall be resolved by a vote in 365 days or less.


Sustainability and longevity require that a subsidy of 10% of all block rewards be given to a development organization on an ongoing basis. The initial development organization shall be Decred Holdings Group LLC ("DHG"), a Nevis LLC that is responsible for funding work related to the development of the project, such as software development, infrastructure, and awareness.

DHG shall only fund work that adheres to the guiding principles.

DHG shall issue public financial statements every six months, starting March 8th, 2016. The frequency of financial statements may increase with activity, but it shall not occur more often than quarterly.

DHG shall put forth a budget proposal each year on March 8th, after the corresponding public financial statement has been issued.

The Funding Council shall review, propose changes, make changes, and ultimately approve the proposal by April 8th, one month from the initial budget proposal.

Final approval of the budget via PoA vote shall occur after Funding Council approval by April 18th, two months from the initial proposal.

DHG shall make public requests for proposals ("RFPs") for projects that are to be completed by parties on a contractual basis. RFPs shall include a scope and an explanation of how the work shall benefit the project. Parties that submit proposals shall be required to include: (1) a detailed description of the work to be performed, (2) a series of milestones that can be verified as work is completed, and (3) a quote for the work, itemized by milestone, in U.S. Dollars ("USD").

All proposals, both submitted and accepted, shall be made public one week after a proposal has been selected. Once the selection occurs, the associated RFP shall be removed. Contracted parties shall be paid exclusively in decred ("DCR") at the current effective DCR/USD rate at the time of payment, unless specifically noted otherwise.

In the future, the development organization may need to change from DHG to another entity that serves an identical function. If and when this occurs, DHG shall transfer all assets to the new entity and the development subsidy shall be directed to the new entity.

dcrnet'Node (dcrnod)

* cpt.Dcrnet'computer-in-the-Decred-network,
* cpt.Dcrnod,

* Blockchain-network-node,


FAQ.5. Why am I connecting to only 8 outbound peers?
There is an intentional unconfigurable limit of 8 outbound peers. More outbound peers than that does not help you in any way and is actually worse for both you and the network. This has been tested extremely thoroughly in Bitcoin, including btcsuite (the upstream project for Decred). All you would do by upping your outbound connections is waste valuable slots of the relatively few public peers there are (there are always a much higher number of “leechers” than there are “seeders”).

On the other hand, increasing your maximum connections, which really just increases the number of allowed inbound connections, helps the network by ensuring there are more slots available for new nodes and SPV clients which Decred does not have yet, but it will.




* https://docs.decred.org/mining/proof-of-work/solo-mining/cgminer/windows/


Sign up for a mining pool
These mining pools are known to support Decred:
Mining pools all work more or less the same but you may wish to sign up at multiple pools and see which one suits you the best.



* https://docs.decred.org/mining/proof-of-work/solo-mining/cgminer/windows/


Solo mining is not recommended and is not covered by this documentation! The Decred network regularly sees a network hash rate of up to 10,000Gh/s. Solo mining is generally only done by advanced individuals or organized groups with a large cluster of GPUs so it is not addressed here.


When you mine in a pool, your hashrate is combined with all the other pool miners’ hashrates to look for the correct solution for a block. You will receive a reward based on the amount of work your miner performs in the pool. Pool mining distributes shares based on blocks found so you can earn a steady amount of Decred rather than the “all or none” of solo mining.

dcrnet'Blockchain (dcrbcn)

dcrbcn'Block (dcrblk)

* cpt.Dcrblk,


block 00000000000004ffcf24b4a7ba827766cdd7bd1f31a42b6c8b83584a068eb154


Block header format
Decred block headers occupy 180 bytes when serialized. The serialization format for a block header is displayed below:

Field    Description    Size
* dcrblk'Version        Block header version    4 bytes
* dcrblk'Previous_block    Hash of the previous block    32 bytes
* dcrblk'Merkle_root    Merkle tree hash calculated using all transactions in the block    32 bytes
* dcrblk'Stake_root    Merkle tree hash calculated using all stake transactions in the block    32 bytes
* dcrblk'Vote_bits    Bit flags. Currently only used to signify votes on the previous merkle root    2 bytes
* dcrblk'Final_state    Commitment to the final state of the PRNG (for lottery purposes)    6 bytes
* dcrblk'Voters        Number of participating voters in the block    2 bytes
* dcrblk'Fresh_stake    Number of new tickets in the block    1 byte
* dcrblk'Revocations    Number of revocations present in the block    1 byte
* dcrblk'Pool_size    Size of the ticket pool    4 bytes
* dcrblk'Bits        Difficulty target for the block    4 bytes
* dcrblk'SBits        Stake difficulty target for the block    8 bytes
* dcrblk'Height        The number of blocks that precede the block in the blockchain    4 bytes
* dcrblk'Size        Number of bytes that the serialized block occupies    4 bytes
* dcrblk'Timestamp    Time that the block was created    4 bytes
* dcrblk'Extra_data    The nonce and any other data that may be used later for consensus purposes    40 bytes
Example encoded block header
0x01, 0x00, 0x00, 0x00, // Version 1
0x6f, 0xe2, 0x8c, 0x0a, 0xb6, 0xf1, 0xb3, 0x72, // PrevBlock
0xc1, 0xa6, 0xa2, 0x46, 0xae, 0x63, 0xf7, 0x4f,
0x93, 0x1e, 0x83, 0x65, 0xe1, 0x5a, 0x08, 0x9c,
0x68, 0xd6, 0x19, 0x00, 0x00, 0x00, 0x00, 0x00,
0x3b, 0xa3, 0xed, 0xfd, 0x7a, 0x7b, 0x12, 0xb2, // MerkleRoot
0x7a, 0xc7, 0x2c, 0x3e, 0x67, 0x76, 0x8f, 0x61,
0x7f, 0xc8, 0x1b, 0xc3, 0x88, 0x8a, 0x51, 0x32,
0x3a, 0x9f, 0xb8, 0xaa, 0x4b, 0x1e, 0x5e, 0x4a,
0x3b, 0xa3, 0xed, 0xfd, 0x7a, 0x7b, 0x12, 0xb2, // StakeRoot
0x7a, 0xc7, 0x2c, 0x3e, 0x67, 0x76, 0x8f, 0x61,
0x7f, 0xc8, 0x1b, 0xc3, 0x88, 0x8a, 0x51, 0x32,
0x3a, 0x9f, 0xb8, 0xaa, 0x4b, 0x1e, 0x5e, 0x4a,
0x00, 0x00, // VoteBits
0x00, 0x00, 0x00, 0x00, 0x00, 0x00, // FinalState
0x00, 0x00, // Voters
0x00, // FreshStake
0x00, // Revocations
0x00, 0x00, 0x00, 0x00, //Poolsize
0xff, 0xff, 0x00, 0x1d, // Bits
0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, // SBits
0x00, 0x00, 0x00, 0x00, // Height
0x00, 0x00, 0x00, 0x00, // Size
0x29, 0xab, 0x5f, 0x49, // Timestamp
0xf3, 0xe0, 0x01, 0x00, // Nonce
0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, // ExtraData
0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00,
0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00,
0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00, 0x00,
0x00, 0x00, 0x00, 0x00,


Block #1
BlockHash 000000000000437482b6d47f82f374cde539440ddb108b0a76886f0d87d126b9
Number Of Transactions    1
Height    1 (Mainchain)
Block Reward    1680000.00000000 DCR
Timestamp    Mon, 08 Feb 2016 18:02:15 GMT
Merkle Root   
Stake Root   
Previous Block    0
VoteBits    1
Final State    000000000000
Voters    0
FreshStake    0
Revocations    0
PoolSize    0
Difficulty    32767.74999809
SBits    2
Bits    1b01ffff
Size (bytes)    113521
Version    1
Stake Version    0
Nonce    3671491438
Next Block    2



Block #0
BlockHash 298e5cc3d985bfe7f81dc135f360abe089edd4396b86d2de66b0cef42b21d980
Number Of Transactions    1
Height    0 (Mainchain)
Block Reward    0 DCR
Timestamp    Mon, 08 Feb 2016 18:00:00 GMT
Merkle Root   
Stake Root   
VoteBits    0
Final State    000000000000
Voters    0
FreshStake    0
Revocations    0
PoolSize    0
Difficulty    32767.74999809
SBits    2
Bits    1b01ffff
Size (bytes)    0
Version    1
Stake Version    0
Nonce    0
Next Block    1

dcrbcn'Block-Explorer (dcrbex)

* https://mainnet.decred.org/
* blockH0: https://mainnet.decred.org/block/298e5cc3d98...86d2de66b0cef42b21d980,


Each block in the blockchain is a record of transactions that have occurred since the last block (about 5 minutes).
Every computer (node) in the Decred network shares this blockchain.
Nodes in the network run an algorithm many times over a block looking for a solution with a known difficulty.
This process is known as “proof-of-work” mining.
Once the solution is found it is broadcast to the network.
The network then verifies the solution (finding the solution is very hard, but verifying it is easy).
Decred uses an extra step of verification known as “proof-of-stake” mining.
Stakeholders who have purchased tickets now have the chance to vote on the block.
5 tickets are chosen randomly from the ticket pool and if at least 3 of them vote ‘yes’ the block is permanently added to the blockchain and the transactions are cleared.
Both PoS and PoW miners are compensated with DCR for the resources used to mine the block.

* cpt.Dcrnet'consensus-algorithm,
* cpt.Dcrnet'block-verification,
* cpt.Dcrnet'transaction-verification,

Decred has two methods of transaction verification proof-of-work (PoW) and proof-of-stake (PoS).

1. Proof-of-work (PoW) Mining
Proof-of-work mining, more commonly referred to as PoW mining, is the activity of committing your computer’s hardware and resources to process network transactions and build the blocks that make up the blockchain in the Decred network. Each time a block is created (by a miner), about 30 new Decred coins are made. These coins are then split up as follows:
Subsidy    Party
60%    PoW Miners
30%    PoS Voters
10%    Decred development subsidy
You will, on average, receive a reward that is roughly proportional to the hashrate of your miner and the overall hashrate of the network when you commit your computer to PoW mining. To get started, you must have a computer with a video card. Most video cards can be used for mining (including the “mobile” types found in some laptops). In general, higher end video cards perform at higher hashrates and therefore receive higher rewards.

2. Proof-of-stake (PoS) Mining
Proof of Stake mining is the second method of block verification in Decred. It is computationally cheap but it requires you to already have some DCR in your wallet. In the Decred network, PoW miners solve blocks then turn those blocks over to PoS miners to vote on them. When a block is completed, 5 tickets are chosen at random from the ticket pool to vote on the block. If at least 3 votes are ‘Yes’ then the block is validated, included in the block chain and both PoW and PoS miners are paid.
If the vote fails, the block is discarded and the transactions return to be included in another block. The PoW miners are not paid, however the PoS miners are.

This is to incentivize PoW miners to mine according to the wishes of PoS miners.
For example, if the rules of the network change in the future any PoW miners who don’t follow them will not be paid.
It also helps stop large mining pools getting too much influence over the network.
In cryptocurrencies that don’t use PoS, the large groups of PoW miners who effectively control the network can collude to block transactions, stop network changes or even force faked transactions (although this would take a huge amount of resources).
Collusion between PoW and PoS miners is not possible as tickets are not chosen until the time of the vote.
Collusion between PoS miners is likewise remote as the ticket pool is kept at around 40,960 active tickets at any time.
The chance of three tickets belonging to the same individual or group being chosen for the same block is very small.
Even if this did happen every transaction is validated at least twice so the chance of anyone manipulating the blockchain is effectively zero.


9. What are the different types of addresses?
A Decred address is actually just a representation of a public key (which itself could be a script hash) along with a 2-byte prefix which identifies the network and type and a checksum suffix in order to detect improperly entered addresses.

Consequently, you can always tell what type of address it is based on the 2-byte prefix.

The first byte of the prefix identifies the network. This is why all mainnet addresses start with “D”, testnet addresses start with “T”, and simnet addresses start with “S”. The second byte of the prefix identifies the type of address it is.

The most common addresses used at the moment are secp256k1 pubkey hashes, which are identified by a lowercase “s”. It represents a single public key and therefore only has a single associated private key which can be used to redeem it.

The stake pool, however, uses a pay-to-script-hash address, which is identified by the second byte being a lowercase “c” (again that is shown in the linked params). The specific flavor of script it generates is a multi-signature 1-of-2, which is how it allows either the pool, or you, to vote. Both you and the stake pool have your own private keys and since the script only requires one signature of the possible two, that is how it allows delegation of voting rights to the pool without you giving up your voting rights completely.

* cpt.Decred-address,


network hash rate of up to 10,000Gh/s.

* cpt.Decreed-blockchain-hashing-power,
* cpt.Decreed-blockchain-hashing-rate,
* cpt.Dcrnet'hash-rate,
* cpt.Dcrnet'hashing-power,

dcrnet'Exchange-value-unit.Consensus (DCRcevu)

A unit of currency is called a ‘decred’ (DCR).

* cpt.Dcrcevt,
* cpt.Decret-consensus-exval-token,

* consensus-exval-token,

dcrnet'Governance-system (dcrgov)

Layered form of transparent meritocratic governance that extends beyond proof-of-work and proof-of-stake mechanisms to bring forward and represent insider and outsider voices in the community [9]
Bottom-up decision-making through the Decred Assembly - an evolving and inclusive list of community members who make non-financial contributions to the project through their work and effort [10]
Project bound by the Decred Constitution on the core principles of finite issuance, privacy, security, fungibility, inclusivity, and progressive development of the technology that keeps these principles together [11]

* cpt.Dcrgov,
* cpt.Dcrnet'governance-system,
* cpt.Decred-governance-system,

dcrgov'Decred-Assembly (dcrasl)

Off-chain decision-making shall be used to resolve disputes related to development and voted on by the Decred Assembly as they arise, as an effective proof-of-assembly ("PoA"), until such time PoA is integrated into the blockchain.

The Decred Assembly shall be composed of diverse Assembly members who are selected for membership by the Admission Council from the project ecosystem for representation.

Councils that are composed of Assembly members shall be formed to address ongoing and episodic matters. The initial Councils shall serve the separate functions of admission (Admission Council), creation (Creation Council), and attrition (Attrition Council).

The Admission Council shall vote on the inclusion of new members into the Assembly. All additional Councils shall be created by the Creation Council. The Attrition Council shall be responsible for deactivating both Councils and Assembly members as necessary.

Membership of the Decred Assembly shall consist of Assembly members who have been confirmed by a 60% or greater affirmative vote by the Admission Council. There is no restriction on the age or nationality of Assembly members, the only requirement is that of merit as judged by the Admission Council. Merit is judged on the basis of two characteristics: (1) the amount of time over which one has been involved with the project, and (2) one's body of work and its impact in the context of the project.

Attrition is embraced by temporarily deactivating or actively expelling Assembly members by a 60% or greater affirmative vote by the Attrition Council on the basis of: (1) substantial non-fulfillment of duties for one or more Councils or the Assembly, and/or (2) counterproductive behaviour that goes against the framework set forth in the Constitution without constructive action toward solutions.

All matters formally presented to a Council shall be resolved by a vote in 365 days or less.
Decred Assembly
The first of the groups in the layered governance system is the Decred Assembly, a rolling list of the most meritorious members of the Decred community who will be expected to vote episodically on Assembly-wide issues (creating an effective proof-of-assembly) and participate in committees. The Assembly is a threshold meritocracy with rolling appointments for no fixed length of time, where members are admitted on the basis of what they have actually done for Decred not what they promise to do. Assemblypersons will contribute to the advancement of Decred through discussion and voting in various committees that may be long- or short-lived. Proof-of-assembly, in the form of Assembly-wide votes, will be included in the blockchain in the future, but is not included currently.
Additional layers of governance are planned, e.g., proof-of-developers, and will be formalized in conjunction with the community as Decred development progresses.

* cpt.Dcrasl,
* cpt.Decred-Assembly,

dcrnet'Program (dcrpgm)


Self-Funded Development
Decred includes a mechanism for self-funding development to ensure the project is and remains sustainable. A major sticking point for many open-source projects is that they require funding to survive, meaning they typically need to ask for donations and are limited by the funding they receive. To ensure that Decred remains free from the problems related to lack of funding, Decred's consensus rules include a 10% development subsidy in each block that is paid to a development organization on an ongoing basis.
The current development organization is Decred Holdings Group, LLC (DHG), a Nevis-based organization. The development organization will be open to anyone who makes contributions to develop Decred, will remain transparent and issue regular financial statements biannually, and will publicly account for how funds are spent. This entity is built to be adaptable and open to community feedback and guidance, and may therefore change in the future if circumstances require adaptation for it to continue serving its goal to make and keep Decred development sustainable as the project and network scale upward.

* cpt.Dcrnet'development,
* cpt.Dcrpgm'Dcrnet-development,


* cpt.Dcrapi,
* cpt.Decred-API,

dcrapi'blocks": 105258,

dcrapi'connections": 8,

dcrapi'difficulty": 1.64511796510149e+06,

dcrapi'errors": ""

dcrapi'protocolversion": 2,

dcrapi'proxy": "",

dcrapi'relayfee": 0.01,

dcrapi'testnet": false,

dcrapi'timeoffset": 3,

dcrapi'version": 70000,


The files and file content are the same on all platforms. The only difference is the file location. Each program (dcrd, dcrwallet, and dcrctl has a directory of its own to store the configuration files.
On Windows they are located in %LOCALAPPDATA% (C:\Users\username\AppData\Local\ you can type that into the Windows explorer location bar to go straight to the folder).
On Linux and other properly behaving UNIX they are in ~/.dcrd/, ~/.dcrwallet/, and ~/.dcrctl/ respectively. These are hidden directories and will not show up with ls, but are accessible using cd .dcrd, cd .dcrwallet, and cd .dcrctl from the home directory.
OS X does not follow the proper UNIX way and puts them in ~/Libraries/Application Support/Dcrd, ~/Libraries/Application Support/Dcrwallet, and ~/Libraries/Application Support/Dcrctl.
Only the dcrd and dcrwallet folders are created by default. If you want to store the login information for dcrctl you will need to manually create the directory for it.


* dcrpgm.specific,
* cpt.Dcrpgm.specific,

* cgminer,
* dcrctl,
* dcrd,
* dcrwallet,


* cpt.Cgminer,
* cpt.Cgminer-program,

* https://github.com/ckolivas/cgminer,
* https://docs.decred.org/mining/proof-of-work/solo-mining/cgminer/windows/


dcrd: The node daemon, this command-line application handles block management and consensus.

* cpt.Dcrd,


Application options
Option    Description
-A or --appdata=    Path to dcrd home directory ($HOME/.dcrd)
-V or --version    Display version information and exit
-C or --configfile=    Path to configuration file
-b or --datadir=    Directory to store data
--logdir=    Directory to log output. ($HOME/.dcrd/logs)
-a or --addpeer=    Add a peer to connect with at startup
--connect=    Connect only to the specified peers at startup
--nolisten    Disable listening for incoming connections – NOTE: Listening is automatically disabled if the --connect or --proxy options are used without also specifying listen interfaces via --listen
--listen=    Add an interface/port to listen for connections (default all interfaces port: 9108, testnet: 19108)
--maxpeers=    Max number of inbound and outbound peers (125)
--banduration=    How long to ban misbehaving peers. Valid time units are {s, m, h}. Minimum 1 second (24h0m0s)
-u or --rpcuser=    Username for RPC connections
-P or --rpcpass=    Password for RPC connections
--rpclimituser=    Username for limited RPC connections
--rpclimitpass=    Password for limited RPC connections
--rpclisten=    Add an interface/port to listen for RPC connections (default port: 8334, testnet: 18334)
--rpccert=    File containing the certificate file
--rpckey=    File containing the certificate key
--rpcmaxclients=    Max number of RPC clients for standard connections (10)
--rpcmaxwebsockets=    Max number of RPC clients for standard connections (25)
--norpc    Disable built-in RPC server – NOTE: The RPC server is disabled by default if no rpcuser/rpcpass is specified
--notls    Disable TLS for the RPC server – NOTE: This is only allowed if the RPC server is bound to localhost
--nodnsseed    Disable DNS seeding for peers
--externalip:    Add an ip to the list of local addresses we claim to listen on to peers
--proxy=    Connect via SOCKS5 proxy (eg.
--proxyuser=    Username for proxy server
--proxypass=    Password for proxy server
--onion=    Connect to tor hidden services via SOCKS5 proxy (eg.
--onionuser=    Username for onion proxy server
--onionpass=    Password for onion proxy server
--noonion=    Disable connecting to tor hidden services
--torisolation    Enable Tor stream isolation by randomizing user credentials for each connection
--testnet    Use the test network
--simnet    Use the simulation test network
--nocheckpoints=    Disable built-in checkpoints. Don’t do this unless you know what you’re doing.
--dbtype=    Database backend to use for the Block Chain (leveldb)
--profile=    Enable HTTP profiling on given port – NOTE port must be between 1024 and 65536 (6060)
--cpuprofile=    Write CPU profile to the specified file
--memprofile=    Write mem profile to the specified file
--dumpblockchain=    Write blockchain as a gob-encoded map to the specified file
--miningtimeoffset=    Offset the mining timestamp of a block by this many seconds (positive values are in the past)
-d or --debuglevel:    Logging level for all subsystems {trace, debug, info, warn, error, critical} – You may also specify <subsystem>=<level>,<subsystem2>=<level>,… to set the log level for individual subsystems – Use show to list available subsystems (info)
--upnp    Use UPnP to map our listening port outside of NAT
--limitfreerelay=    Limit relay of transactions with no transaction fee to the given amount in thousands of bytes per minute (15)
--norelaypriority    Do not require free or low-fee transactions to have high priority for relaying
--maxorphantx=    Max number of orphan transactions to keep in memory (1000)
--generate=    Generate (mine) decreds using the CPU
--miningaddr=    Add the specified payment address to the list of addresses to use for generated blocks – At least one address is required if the generate option is set
--blockminsize=    Mininum block size in bytes to be used when creating a block
--blockmaxsize=    Maximum block size in bytes to be used when creating a block (750000)
--blockprioritysize=    Size in bytes for high-priority/low-fee transactions when creating a block (50000)
--getworkkey=    DEPRECATED – Use the –miningaddr option instead
--addrindex=    Build and maintain a full address index. Currently only supported by leveldb.
--dropaddrindex=    Deletes the address-based transaction index from the database on start up, and the exits.
--nonaggressive    Disable mining off of the parent block of the blockchain if there aren’t enough voters
--nominingstatesync    Disable synchronizing the mining state with other nodes


dcrctl Usage
dcrctl provides a way to control both the daemon dcrd and the wallet dcrwallet using the json rpc interface without actually writing json.

To simplify the examples we will assume that you have all password stored in the config files.

Stopping the programs
To cleanly shut down the programs:
dcrctl --wallet stop
dcrctl stop
Finding the current block height
dcrctl getblockcount
See your balance
dcrctl --wallet getbalance
Get a new address
dcrctl --wallet getnewaddress
Send funds to an address
dcrctl --wallet sendtoaddress TseGH6Xfq9k8Co6txJbY3kiiM7vpaYzXD4T 13

* cpt.Dcrctl,

dcrctl'Command (dcrctl [command])

You can always see all commands with dcrctl -l:

* dcrctl'getbestblock
Get the most recent block and hash in the chain.
"hash": "00000000000004c5c0bcd4f35c4d194bfe240f8003dfc97db29eeacc3aeeb4a0",
"height": 105057

* dcrctl'getbestblockhash
Get the hash of the most recent block in the chain.

* dcrctl'getblockcount
Get the current number of blocks in the chain.

* dcrctl'getdifficulty
Get the current PoW mining difficulty.

* dcrctl'gethashespersec
Get the network hash rate.

* dcrctl'getinfo
Displays some basic info about the network including current block number and network difficulty.
"version": 70000,
"protocolversion": 2,
"blocks": 105063,
"timeoffset": 2,
"connections": 8,
"proxy": "",
"difficulty": 1.83210056947851e+06,
"testnet": false,
"relayfee": 0.01,
"errors": ""

* dcrctl'getmininginfo
Probably the most useful PoW command. Shows the current block, size and difficulty, as well as the total network hash rate per second.
"blocks": 105063,
"currentblocksize": 9482,
"currentblocktx": 6,
"difficulty": 1.83210056947851e+06,
"stakedifficulty": 11938483761,
"errors": "",
"generate": false,
"genproclimit": 1,
"hashespersec": 0,
"networkhashps": 22452086771892,
"pooledtx": 270,
"testnet": false

* dcrctl'getnettotals
Gets the amount of data sent and received by the daemon.
"totalbytesrecv": 670119,
"totalbytessent": 341359,
"timemillis": 1486387877568

* dcrctl'getpeerinfo
Similar to getnettoals, includes network data transfer, time connected, block height when daemon was started and current block height.
"id": 10,
"addr": "92.222-84-111:9108",
"services": "00000003",
"lastsend": 1486387854,
"lastrecv": 1486387854,
"bytessent": 25517,
"bytesrecv": 63555,
"conntime": 1486382573,
"timeoffset": 2,
"pingtime": 84412,
"version": 2,
"subver": "/dcrwire:0.2.0/dcrd:0.3.0/",
"inbound": false,
"startingheight": 105047,
"currentheight": 105054,
"banscore": 0,
"syncnode": false
"id": 12,
"addr": "[2001:41d0:2:b57f::9]:9108",
"services": "00000003",
"lastsend": 1486387929,
"lastrecv": 1486387929,
"bytessent": 19671,
"bytesrecv": 69002,
"conntime": 1486383848,
"timeoffset": 2,
"pingtime": 113461,
"version": 3,
"subver": "/dcrwire:0.2.0/dcrd:0.7.0/",
"inbound": false,
"startingheight": 105053,
"currentheight": 105063,
"banscore": 0,
"syncnode": true

* dcrctl'getstakedifficulty
Returns current PoS difficulty.
"current": 119.38483761,
"next": 119.38483761

* dcrctl'getticketpoolvalue Gets the DCR value of all tickets in the pool.

* dcrctl'help ("command")
Show the help for a command.

* dcrctl'missedtickets
Show all of your tickets that missed voting.
"tickets": [

* dcrctl'rebroadcastmissed
Rebroadcast missed tickets to the network. This is done automatically on starting the wallet.

* dcrctl'rebroadcastwinners
As above, but for voted tickets.

* dcrctl'stop
Stop the daemon.

dcrctl'Command.wallet (dcrctl --wallet [command])

* cpt.DcrctlCmdWlt,

Wallet server commands (--wallet)
* dcrctl'addmultisigaddress nrequired ["key",...] ("account")
Adds an address that requires multiple signatures to use.

* dcrctl'consolidate inputs ("account") Cleans up funds in multiple addresses in an account and puts it in a single address. Note there is a transaction fee to use this command.

* dcrctl'createmultisig nrequired ["key",...]
Used for multi signature wallets.

* dcrctl'createnewaccount "account"
Create a new account. Note, this makes a new account within the current wallet, NOT a new wallet.

* dcrctl'dumpprivkey "address"
Disabled on mainnet for security reasons.

* dcrctl'encryptwallet "passphrase"
Encrypt the wallet with the given phrase

* dcrctl'getaccount "address"
This command will tell you what account the given address belongs to.

* dcrctl'getaccountaddress "account"
Return the first address in the given account (default is ‘default’).

* dcrctl'getaddressesbyaccount "account"
Get all the addresses in the given account.

* dcrctl'getbalance ("account" minconf=1 "balancetype")
Get the spendable balance in the given account. To get the entire balance in the wallet, use ‘getbalance * 0 all’.

* dcrctl'getbalancetomaintain This is the minimum balance to maintain in the wallet when using auto stake buying.

* dcrctl'getmasterpubkey
Get the public key for your wallet. This will allow people to view, but not spend funds in your wallet. It is safe to provide to others.

* dcrctl'getnewaddress ("account" verbose=false)
Get a new address in the given account.

* dcrctl'getreceivedbyaccount "account" (minconf=1)
Gets the total amount of DCR ever received by this wallet. This includes stake returns so it could be quite large if you’re PoS mining.

* dcrctl'getreceivedbyaddress "address" (minconf=1)
Get funds received by the given address.

* dcrctl'getseed
Disabled on mainnet for security.

* dcrctl'getstakeinfo
Retreive useful information on the current status of the PoS pool. See PoS Commands.
"blockheight": 105683,
"poolsize": 44597,
"difficulty": 137.79580711,
"allmempooltix": 0,
"ownmempooltix": 0,
"immature": 0,
"live": 0,
"proportionlive": 0,
"voted": 0,
"totalsubsidy": 0,
"missed": 0,
"proportionmissed": 0,
"revoked": 0,
"expired": 0

* dcrctl'getticketfee
Get the average fee being paid for tickets.

* dcrctl'getticketmaxprice
Get the maximum price that your wallet will auto purchase tickets for.

* dcrctl'gettickets includeimmature
Get all your current tickets. Second argument should be true if you want to see immature tickets too.

* dcrctl'gettransaction "txid" (includewatchonly=false) Get the transaction associated with the given id.

* dcrctl'listaccounts (minconf=1)
See all accounts and their spendable balance in your wallet.
"default": 0,
"imported": 0

* dcrctl'listreceivedbyaccount (minconf=1 includeempty=false includewatchonly=false)
Get a list of all your accounts and the amount of DCR that has been received by them.

* dcrctl'listreceivedbyaddress (minconf=1 includeempty=false includewatchonly=false) Get a list of all your addresses and the amount of DCR that has been received by them.

* dcrctl'listsinceblock ("blockhash" targetconfirmations=1 includewatchonly=false)
List transactions that occurred since the given block hash.

* dcrctl'listtransactions ("account" count=10 from=0 includewatchonly=false)
List the number of transactions as specified by ‘count’ in the given account.

* dcrctl'move "fromaccount" "toaccount" amount (minconf=1 "comment")
Move funds between accounts in the same wallet.

* dcrctl'purchaseticket "fromaccount" spendlimit (minconf=1 "ticketaddress" "comment")
Manually purchase PoS tickets. ‘fromaccount’ will usually be “default”. ‘spendlimit’ is the amount you want to spend on tickets in total, not per ticket.

* dcrctl'renameaccount "oldaccount" "newaccount"
Rename an account in your wallet.

* dcrctl'sendfrom "fromaccount" "toaddress" amount (minconf=1 "comment" "commentto") Send DCR from the given account to the given address. You can add an optional comment.

* dcrctl'sendtoaddress "address" amount ("comment" "commentto") Similar to above but uses the default account to send from.

* dcrctl'setbalancetomaintain balance Used for auto staking. The wallet will auto buy tickets until it reaches this threshold.

* dcrctl'setticketfee fee Set the (non-refunable) fee for purchasing stake tickets. See FAQ#Ticket fee

* dcrctl'setticketmaxprice max Set the maximum price the wallet will pay when auto buying tickets.

* dcrctl'setticketvotebits "txhash" votebits ("votebitsext") Sets the given ticket to vote ‘yes’ or ‘no’ (default yes)

* dcrctl'settxfee amount
Sets the fee per kB of transaction data you are willing to pay. Note this is NOT the same as setticketfee above.

* dcrctl'walletlock
Lock the wallet (no funds can be sent).

* dcrctl'walletpassphrase "passphrase" timeout
Unlock the wallet using the given pass phrase for the given time period in seconds. 0 will unlock the wallet until it is restarted.

* dcrctlc'walletpassphrasechange "oldpassphrase" "newpassphrase"
Change your wallet passphrase.

dcrpgm.dcrwallet (link)

dcrpgm.AMGR (address_manager)

dcrpgm.BMGR (block_manager)

dcrpgm.SRVR (server)

dcrpgm.RPCS (RPC_server)

dcrpgm.Web-client (link)

dcrnet'Wallet (dcrwlt)

Decred uses a wallet to store, transfer and receive DCR. This wallet signs every transaction in and out with a special public key that is unique to you. This is how the network knows that the address sending the transaction is the correct one. Think of your bank account and PIN. When you use your card (wallet) you also enter your PIN (public key) so the bank knows it was you that authorized the transaction. The main difference here is that the public key is known by everyone on the network whereas your PIN is not. When you start using Decred, you will generate a private key that you must not give to anyone.
Now that you are connected to the network, the next thing you need to do is create a wallet that will hold your account addresses and DCR balance.
If you participate in mining or stake mining, this is where your payments will go.

* cpt.Dcrwallet,


Decred-account is a-collection of addresses.

* cpt.Decred-account,

dcrctl --wallet createnewaccount "account"
Create a new account. Note, this makes a new account within the current wallet, NOT a new wallet.

dcrctl --wallet listaccounts (minconf=1)
See all accounts and their spendable balance in your wallet.
"default": 0,
"imported": 0

dcrctl --wallet renameaccount "oldaccount" "newaccount"
Rename an account in your wallet.

dcrctl --wallet getaddressesbyaccount "account"
Get all the addresses in the given account.

dcrwlt.dcrwallet-cli-program (dcrwltCli)

dcrwallet is a-cli-program to manage addresses.

* cpt.Dcrwallet-cli-program,




4. Can someone steal my coins if they access wallet.db?
Nobody can steal your coins if they get access to the wallet.db4 file unless they also have your private passphrase. If you chose to use public encryption, they also cannot get access to any of your extended public keys or addresses.


dcrctl --wallet getmasterpubkey

dcrwltCli'Key.PRIVATE (Seed)

This is the list of words that make up your private key

* cpt.DcrwltCli'seed,

dcrctl --wallet getseed
Disabled on mainnet for security.

5. Can someone use a brute-force attack on a random wallet to regenerate its seed words (the words are not salted)?
All the seed words are is a direct mapping of English words to hex digits. The seed is nothing more than a 256-bit (32-byte) cryptographically random number. Salt does not apply here at all. It has nothing to do with brute-forcing5 random cryptographic numbers.

In other words, since each word can be 256 possibilities and there are 32 words, that yields 256^32 (or 2^256 depending on how you want to look at it, but it is the same number) possibilities. That number is larger than the entire number of hydrogen atoms in the known universe. In fact, it is almost more than the number of atoms total in the known universe.

To put this in perspective, assuming there are 7 billion people on the planet and each person owned 10 computers and each one of those computers could test a billion possibilities a second and that you could find the solution on average after testing only 50% of the total possibilities, it would still take 26x10^48 (that’s 26 trillion trillion trillion trillion) years to brute-force a single seed.


Simple utility to convert a Decred seed hex to seed words needed for importing into wallets.



dcrctl --wallet sendfrom "fromaccount" "toaddress" amount (minconf=1 "comment" "commentto")
Send DCR from the given account to the given address. You can add an optional comment.

dcrctl --wallet sendtoaddress "address" amount ("comment" "commentto")
Similar to above but uses the default account to send from.
dcrctl --wallet sendtoaddress TseGH6Xfq9k8Co6txJbY3kiiM7vpaYzXD4T 13


dcrctl --wallet getbalance
See your balance


* dcrctl -wallet walletpassphrase "passphrase" timeout
Unlock the wallet using the given pass phrase for the given time period in seconds. 0 will unlock the wallet until it is restarted.

dcrctlc --wallet walletpassphrasechange "oldpassphrase" "newpassphrase"
Change your wallet passphrase.


> dcrwallet --create
Enter the private passphrase for your new wallet:


Now that you have created your wallet and connected to the Decred network, you need to link your wallet to the network so it can send and receive coins and participate in mining.


Deleting Your Wallet
There are a few reasons you might need to delete your wallet.
- You need to restore your wallet from seed.
- You do not have the seed any more and want to make a new wallet.
- You want to remove the wallet from a particular computer.
First you need to find the wallet directory which varies by platform. You can find information for each opperating system here.

In that directory, you need to delete the file mainnet/wallet.db. That will completely remove your wallet from that computer. To access it again you will need to restore from the original seed.

It is important to note that it is possible (but not certain) that a deleted file may be recovered using file recovery tools. If you are deleting this for security reasons you probably need to use a secure deletion tool such as GNU shred.


* cpt.Dcrnet'browser-wallet,

1. How secure is the web client?
The web client is a fork of Copay, so it is as secure as that1. The seed (and hence private keys) are kept and computed locally in your browser’s local storage and everything is run client-side. The server never has access to any of the private data needed to spend coins.

2. Can you solo stake mine with the web client?
No, recall that the browser wallet runs locally on your machine. That would not lend itself well to running 24/7. As a result, the browser wallet will never be able to solo stake2. It would however be possible to support stake pooling with it. Stake pools provide you with the ability to not have a wallet running 24/7 since it will be the pool’s responsibility to be online and cast a vote on your behalf at that point.

3. Is it safe to delete the wallet and start over?
It is safe3. The only difference is you will need to go to Import Wallet this time instead of creating a new one.


FAQ.4. What are the security implications of using the same RPC server authentication passwords with dcrd and dcrwallet?
There is a lot less you can do with access to dcrd than you can to dcrwallet. The key point is that RPC access to dcrwallet, when the wallet is unlocked, can be used to spend coins.

When they are both on the same machine, it probably does not matter all that much, but when you are running more secure setups where the wallet is on a separate machine than dcrd, you would pretty clearly not want to use the same credentials for both. Remember that dcrd has to be on an Internet-facing machine in order to stay synced to the network (download the block chain data, broadcast transactions, and so on).

On the other hand, the dcrwallet that contains your funds, for best security, should really not be on a system that has Internet access as it is significantly more difficult for someone to steal your coins if the wallet that contains them is not even on a machine that is accessible via the Internet. Obviously, if you are staking your coins, you will need at least one Internet-facing dcrwallet instance. Thus, the most secure setup involves having one “cold” dcrwallet instance that is on a machine that is not Internet-accessible, and a second “hot” dcrwallet instance (using a different seed of course) to which the cold dcrwallet instance delegates voting right via the --ticketaddress parameter, both of which use different credentials.


* https://decred.org/
* docs: https://docs.decred.org/
* https://wiki.decred.org/Main_Page,
* download: https://github.com/decred/decred-release/releases,
* source: https://github.com/decred,
* https://stats.decred.org/


* cpt.Dcrnet.mainnet,


3. Can I run mainnet and testnet daemons and wallets at the same time and on the same machine?¶
Yes3, just add --testnet to the appropriate spots (dcrd, dcrwallet, dcrctl) and everything will work. This is why they use different ports and data/log directories!

* cpt.Dcrnet.testnet,

Bcn-net.time.PIVX (PIVXnet {2016-01-29})

Cpt-created: {2017-04-16}

PIVX, Private Instant Verified Transaction, is a privacy-focused, decentralized, open source cryptocurrency run by a global community run by creators, innovators, and technology enthusiasts.

* cpt.PIVX,
* cpt.PIVXnet,
* cpt.PIVX-network,
* cpt.Private-Instant-Verified-Transaction,

* Exchange-value-unit-network,
* Proof-of-Stake-network,

People often ask why they should choose PIVX above other crypto currency, here is a short list of features that make PIVX stand out from the crowd.
- PIVX is an anonymous Peer-To-Peer currency.
- PIVX is working towards Private Instant Verified Transactions as its default transaction.
- PIVX is Community Driven
- PIVX uses Blackcoin’s improved Proof of Stake 3.0 protocol instead of Proof of Work. So it is more efficient in keeping the network secure than PoW.
- PIVX has incredibly low transaction fees that are typically a fraction of a penny due to the PoS efficiency. This means it is perfect for micro-transaction business pricing models that previously existed using Bitcoin.
- PIVX had no ICO. Pre-mined coins to start the chain were publicly burned.
- PIVX is based on Bitcoin 0.10.x core which means it is more up to date than most other PoS digital currencies that commonly use a lower Bitcoin core version.
- PIVX uses an innovative variable Seesaw Reward Balance System that dynamically adjusts its reward to masternodes and staking nodes. (See white-paper section.)
- PIVX has a very large and growing active community on multiple social networking sites such as BCT, Slack, Reddit, Twitter, Riot, Gitter, Facebook etc.
- PIVX community also uses Trello for publicly accessible task planning and management.
- PIVX has a highly active, accessible and responsive development team.
- PIVX is available to trade on multiple exchanges including Bittrex with plans to be added to larger exchanges.
- PIVX currently has a monthly decreasing block reward inflation with it reaching its final low inflationary rate of approx. 4.8% pa beginning mid-May 2017.
- PIVX has a repository of guides with more planned including video guides and materials.
- PIVX has had consistently higher profitability percentage compared to other digital currencies utilizing masternodes such as DASH since launch and even now.

pivxnet'Exchange-value-unit.Consensus (PIVXevuC)

$2.10 (16.06%)
0.00178412 BTC (17.03%)
Rank 10
Market Cap
94,560 BTC
Volume (24h)
2,294 BTC
Circulating Supply
53,000,748 PIVX
[https://coinmarketcap.com/currencies/pivx/] {2017-04-16}


Our goal for the PIVX Governance system is to involve the community. We’ve got a long way to get there, but soon we expect to be making huge initial steps. This process will take a long time, and we call it Community Designed Governance.
This page explains the 3 areas of the Governance system and how voting is managed.
All areas of DAO Governance follow the same process in terms of submitting a proposal, and Master Node Owners voting to accept/reject the proposal. Such voting can only happen at each Super Block. (Roughly once per month.)
There are 3 types of Proposals:
Manifesto Governance:
This will very rarely – almost never – happen, and will require a high amount of participation (Metric not yet defined) by Master Node Owners (MNOs) during the voting process. Key is to make sure that even MNOs that typically don’t involve themselves with voting for proposals, are made aware a Manifesto Proposal has been submitted, and that they have been well informed of the issue(s) involved in a factual and unbiased way.
Treasury Governance:
These proposals are the most common and are for allocating funds in the monthly treasury budget. These funds can be used for anything related to support PIVX. It may be overhead costs for servers, or Google Apps etc., or it may be for advertising, or to help launch a business that could not be justified otherwise.
Protocol Governance:
These proposals are zero cost and are to make decisions to change the code base – the protocol – of the PIVX system. If such a decision requires funding, then that funding portion would be a separate Treasury Governance proposal submitted after the Protocol Governance proposal has been accepted.


* https://pivx.org/
* BlockH0: http://www.presstab.pw/phpexplorer/PIVX/block.php?blockhash=000...80ef818,

Bcn-net.time.BitShares2 (BTSnet {2015-10-13})

Cpt-created: {2017-03-28}

BitShares - Your share in the Decentralized Exchange
Built using the latest in industry research, BitShares 2.0 offers a stack of financial services including exchange and banking on a blockchain.

* cpt.BitShares-network,
* cpt.Btsnet,

* Blockchain-network-with-builtin-decentralized-governance,
* Exchange-value-unit-blockchain-network,

btsnet'whole.DAO (btsdac)

BitShares is a decentralized autonomous company, and as such offers products to earn their shareholders a profit.
As we have seen in the previous section, it also offers a way to pay for expense, such as development and administration but earns a profit by burnning (i.e. reducing supply).
Of course, the company can only be profitable if the income exceeds the expenses.
Thus, we will now discuss both in detail.

* cpt.BitShares-Decentralized-autonomous-company,
* cpt.Btsdac,

* blockchain-DAO,

btsnet'Protocol (btsprl)

btsprl'White-paper.2015-12-18 (btswpr)

* http://docs.bitshares.eu/_downloads/bitshares-general.pdf,

Fabian Schuh, Daniel Larimer
Cryptonomex, Cryptonomex.com( * )
Blacksburg (VA), USA
{ fabian, dan}@cryptonomex.com

Release: financial-platform/1.0-rc2-2-gb5c3ca7 (2015-12-18)


BitShares 2.0 is an industrial-grade decentralized platform built for high-performance financial smart contracts.
The decentralized exchange that allows for trading of arbitrary pairs without counterparty risk facilitates only one out of many available features.
Market-pegged assets, such as the bitUSD, are crypto tokens that come with all the advantages of traditional cryptocurrencies like bitcoin but trade for at least the value of their underlying asset, e.g. $1.
Furthermore, BitShares represents the first decentralized autonomous company that lets its shareholders decide on its future direction and products.
This paper gives a brief overview over the whole BitShares platform, recapitulates known blockchain technologies and redefines state-of-the-art.

1 Introduction

BitShares is a technology supported by next generation entrepreneurs, investors, and developers with a common interest in finding free market solutions by leveraging the power of globally decentralized consensus and decision making.
Consensus technology has the power to do for economics what the internet did for information.
It can harness the combined power of all humanity to coordinate the discovery and aggregation of realtime knowledge, previously unobtainable.
This knowledge can be used to more effectively coordinate the allocation of resources toward their most productive and valuable use.

Bitcoin is the first fully autonomous system to utilize distributed consensus technology to create a more efficient and reliable global payment network.
The core innovation of Bitcoin is the Blockchain, a cryptographically secured public ledger of all accounts on the Bitcoin network that facilitates the transfer of value from one individual directly to another.
For the first time in history, financial transactions over the internet no longer require a middle man to act as a trustworthy, confidential fiduciary.

BitShares looks to extend the innovation of the blockchain to more industries that rely upon the internet to provide their services.
Whether its banking, stock exchanges [ 1 ], lotteries [ 2 ], voting [ 3 ], music [ 4 ], auctions or many others, a digital public ledger allows for the creation of distributed autonomous companies (or DACs) that provide better quality services at a fraction of the cost incurred by their more traditional, centralized counterparts.
The advent of DACs ushers in a new paradigm in organizational structure in which companies can run without any human management and under the control of an incorruptible set of business rules.
These rules are encoded in publicly auditable open source software distributed across the computers of the companies’ shareholders, who effortlessly secure the company from arbitrary control.

BitShares does for business what bitcoin did for money by utilizing distributed consensus technology to create companies that are inherently global, transparent, trustworthy, efficient and most importantly profitable.
Why and how BitShares achieves a decentralized but profitable business is described in more detail in a distinct paper [?].

BitShares has went through many changes and has done its best to stay on top of blockchain technology.
Towards the end of 2014 some of the DACs were merged and the X was dropped from ”BitShares X” to become simply BitShares (BTS).

The next step in the evolution of BitShares was named Bitshares 2.0, and incorporates all of the feedback and lessons learned from the BitShares stakeholders, partners, developers, marketers, and other community leaders throughout a full year of research and development.

With the former BitShares 1.0, the core development team has closely controlled the development and direction of BitShares.
With BitShares reaching maturity at version 2.0, the team is ready to remove the training wheels, and let the direction of all future development be decided completely by stakeholder vote.

By utilizing a new worker voting system that will be included in BitShares 2.0, the development will continue in whatever direction is approved by its stakeholders.
With this new structure, BitShares will be more robust, and sustainable while being agile, flexible and adaptive to overcome unforeseen hurdles of the future.

This paper is intended as an introduction to BitShares 2.0 and presents the basic concepts of the peer-to-peer nature, the distributed public ledger in form of a blockchain, and give a brief overview of the decentral consensus mechanism applied to reach blockchain state consensus.
We further discuss the basic blockchain tokens (BTS), its distribution and usage in BitShares.
We also describe the wallet and operations with the network as well as outline the functionalities of BitShares accounts.

2 Base Token

In the BitShares network the base token is called a BitShare and carries the abbreviation BTS.
It is dividable into 105 = 100,000 sub-units.

In general, all properties of Bitcoin also apply to BTS, namely, they have value, can be transfered on the blockchain and are secured by an Elliptic Curve Digital Signature Algorithm (ECDSA) on the curve secp256k1.

In contrast to most crypto-currencies, BitShares does not claim to be a currency but rather an equity in a decentral autonomous company (DAC).
As a result, the market valuation of BitShares is free floating and may be as volatile as any other equity (e.g. of traditional companies).

Nonetheless, BTS tokens can be used as collateral in financial smart contracts [ 5 ] such as market pegged assets and thus back every existing smartcoin such as the bitUSD.

The following subsection recapitulate the initial distribution and supply of BTS.

2.1 Distribution of BTS

BitShares has set an example of a social agreement by establishing its own sharedropping standards.
The idea behind sharedropping is that any future chain will always benefit by choosing to align itself with the ones who worked hard at making the technology possible.

The base tokens of BitShares 2.0 will be distributed on a 1:1 basis fully honoring the BTS tokens in the BitShares 1.0 network.
For the sake of completeness, the following paragraphs will describe the initial distribution of BTS tokens in the aforementioned BitShares 1.0 network from PTS and AGS.

2.1.1 Bitshares PTS

The original grandfather prototype, formerly called proto-shares (PTS), BitShares PTS was a simple minable cryptocurrency (similar to Bitcoin) that was created to allow people to advertise their interest in receiving free token samples in future DACs.
PTS functions as a high-tech mailing list for distributing free sample bitshares from many developers of decentral autonomous companies (DACs).
The only people who tended to own PTS tokens were those who understand DACs, so DAC developers prefer to target them with free samples rather than air dropping their samples onto a much less interested general population.

The industry recommendation was that when a DAC is launched, at least 10% of the DAC’s total tokens are given proportionally to holders of PTS.
This was not a contract or a guarantee; it was a social consensus of those in the DAC community about what percentage of a new DAC’s tokens should be distributed to those who have supported the BitShares industry by owning its PTS tokens.

The BitShares DAC honored this social consensus and even sharedropped 47% of its ever existing supply onto BitShares PTS holders.

2.1.2 Bitshares AGS

The original grandmother prototype formerly called angel-shares (AGS) in reference to the patron angels who once funded the performing arts.
That’s why AGS are not liquid. (No one can trade the proof that you were the once willing to donate to this cause.)

The donations have been recorded in the public blockchain of bitcoin which now acts as a book of honorable donors.
The bitcoin address used as donation address was
Note, that the donation period for AGS lasting 200 days has ended already and that donations to this address never resulted nor will result in any obligations whatsoever.

Since the social consensus includes AGS, the industry recommendation again is to give at least 10% to holders of AGS.
Similar to BitShares PTS, the 47% of the total BTS supply have been sharedropped onto members of the AGS mailing-list proportionally.

2.2 Bitshares Genesis Distribution

We see that the seed allocation (initial distribution) of BitShares, which took place over a 1 year period, from November 2013 to November 2014, was achieved by sharedropping 47% to BitShares PTS and another 47% to BitShares AGS.
This way, the full, fairness was defined by equal opportunity and in the case of BTS we have distributed fairly by CPU mining of PTS while, alternatively, everyone had an additional equal opportunity by contribute to AGS.

Having attracted two different groups of investors with a mined crypto token via PTS and a donation based book of donors via AGS, everyone had a chance to participate and be rewarded with stake in the genesis block of BitShares 1.0.
This genesis block solely consisted of AGS and PTS holders on a 50%/50% ratio such that the BTS tokens initially issued by this genesis can be considered well distributed.

The other 6% are set aside to secure the future of BitShares and funds its development and operational costs.
In practice, they are put into the so called reserves pool that no one has control over except the BitShares protocol.
In contrast to many other cryptocurrencies, every shareholder has a say as to how these funds are spend (see section 4.2).

3 Business Units

Let us discuss the organization structure of the BitShares network when interpreted as a company.
Some of these entities are associated with a cost for the business and need to be accounted for in profit calculations.

3.1 BitShares Witnesses

In BitShares, the witnesses’ job is to collect transactions, bundle them into a block, sign the block and broadcast it to the network.
They essentially are the block producers for the underlying consensus mechanism (see section 5.4).

For each successfully constructed block, a witness is payed in shares that are taken from the limited reserves pool at a rate that is defined by the shareholders by means of approval voting.

3.2 BitShares Committee

Since Bitcoin struggled to reach a consensus about the size of their blocks, the people in the cryptocurrency space realized that the governance of a DAC should not be ignored.
Hence, BitShares offers a tools to reach on-chain consensus about business management decisions.

The BitShares blockchain has a set of parameters available that are subject of shareholder approval.
Shareholders can define their preferred set of parameters and thereby create a so called committee member or alternatively vote for an existing committee member.
The BitShares committee consists of C active committee members.

For each business parameter the protocol will calculate the difference between up- and down-votes (vpro - vcon) for each active committee member and then take the median of the top C active members:


Since, C is a parameter as any other, the shareholders decide for the size of the committee.

The BitShares ecosystem has a set of parameters available that are subject of shareholder approval.
Initially, BitShares has the following blockchain parameters:

fee structure:
fees that have to be paid by customers for individual transactions

block interval:
i.e. block interval, max size of block/transaction

expiration parameters:
i.e. maximum expiration interval

witness parameters:
i.e. maximum amount of witnesses (block producers)

committee parameters:
i.e. maximum amount of committee members

witness pay:
payment for each witnesses per signed block

worker budget:
available budget available for budget items (e.g. development)

Please note that the given set of parameters serves as an example and that the network’s parameters are subject to change over time.

Additionally to defining the parameters any active witness can propose a protocol or business upgrade (i.e. hard fork) which can be voted on (or against) by shareholders.
When the total votes for the hard fork are greater than the median witness weight w then the hard fork takes effect.

3.3 BitShares Budget Items/Workers

Thanks to the funds stored in the reserve pool, BitShares can offer to not only pay for its own development and protocol improvement but also support and encourage growth of an ecosystem.

In order to be get paid by BitShares, a proposal containing
(a) the date of work begin,
(b) the date of work end,
(c) a daily pay (denoted in BTS),
(d) the worker’s name, and
(e) an internet address
has to be publish on the blockchain and approved by shareholders.
A worker can also choose on of the following properties:
• vesting: pay to the worker’s account
• refund: return the pay back to the reserve pool to be used for future projects
• burn: destroys the pay thus reducing share supply, equivalent to share buy-back of a company stock.

A blockchain parameter (defined by shareholders through the committee) defines the daily available budget.
No more than that can be paid at any time to all so called workers combined.
The daily budget is distributed as illustrated in fig.1:
(1) The available budget is taken out of reserves pool.
(2) The budget items are sorted according to their approval rate (vpro - vcon) in a descending order.
(3) Starting at the worker with the highest approval rate, the requested daily pay is payed until the daily budget is depleted.
(4) The worker with the least approval rate that was paid may receive less than the requested pay

Hence, in order to be successfully funded by the BitShares ecosystem, the shareholder approval for your budget item needs to be highly ranked.

Since the payments for workers from the non-liquid reserve pool result in an increased supply of BTS, these payments are vesting over a period of time defined by shareholders.

3.4 Proxy Voting

Proxy Voting denotes the process of handing out ones voting power to someone else.
This process can be reverted to reclaim ones voting power.

The motivation behind proxy voting is to reduce voting apathy and allow active shareholders to react more quickly to business and security concerns.
That way, misbehaving witnesses can be fired more rapidly.

That is centralizing in some respects, but it’s controlled centralization in the sense that nothing can happen too quickly and if shareholders don’t like which way it is going, still have the ability to switch courses.
Compared to classical crypto currencies (e.g. Bitcoin), this process is somewhat similar to pooled mining with the exception that every shareholder can participate and only voting power is handed over.
Furthermore, this allows for independent non-profit oriented decisions because there is no profit variance but purely political influence.

Figure 1: Illustration of budget item payments.

4 BitShares: A profitable DAC

BitShares is a decentralized autonomous company, and as such offers products to earn their shareholders a profit.
As we have seen in the previous section, it also offers a way to pay for expense, such as development and administration but earns a profit by burnning (i.e. reducing supply).
Of course, the company can only be profitable if the income exceeds the expenses.
Thus, we will now discuss both in detail.

4.1 The Products

The BitShares DAC offers their private customers several products and in this paper we would like to briefly highlight some of them.
Of course, all of these come with the properties of cryptocurrencies, namely
(a) global accessibility,
(b) customizable anonymity,
(c) industry-grade security,
(d) freedom from counterparty-risk,
(e) flexible account Control,
(f) low transaction delays, and
(g) world-wide decentralized network.

Keep in mind that, as BitShares has the technical possibilities to upgrade itself with shareholder approval, new products and properties can be added in a timely manner.

4.1.1 Price-stable SmartCoins

The core product of BitShares is a class of assets referred to as Market-Pegged Assets (MPA), BitAssets, or SmartCoins and represent a crypto-token that has at least the value of the underlying asset.
For instance, a bitUSD can always be sold for $1, either to a merchant at face-value, or to the network (by means of settlement of a contract) in return for BitShares’ core currency (BTS) worth $1.

In practice, a SmartCoin always has 100% or more of its value backed by means of a contract for difference (CFD) between two parties with BTS as collateral.
What makes these CFDs unique is that they are free from counterparty risk.
This is achievable by letting the network itself (implemented as a software protocol) be responsible for securing the collateral and performing (forced) settlements if required as is described in more detail in [ 5 ].

Applications for SmartCoins are obvious:
With the aforementioned properties, a bitUSD qualifies for regular and instant payments, for example with a smartphone or a modern browser application.
In contrast, a bitGOLD (with one ounce of gold as underlying asset) would fit those people’s needs that see gold as long-term store of value.
As long as an asset has a unique global price, a SmartCoin could track its value.
This allows for even more sophisticated applications, such as tracking a stock market index, or the price of a liter of gasoline.

4.1.2 Customizable Assets

In addition to market-pegged assets, the BitShares network also offers to register customizable assets on the public ledger.
For instance, a BitShares customer may create the asset FREE and distribute them to friends for free.
Another customer may want his company shares to be traded in the BitShares network.
Yet another use-case would be event tickets that can be sold at a fixed price and allow the holder to enter a concert.

Since the use-cases of these User-Issued Assets (UIA) are manifold and space is limited in this paper, we discuss them in depth in [ 5 ].

4.1.3 Decentralized Exchange

As we have seen in the previous section, the BitShares network offers to register different types of assets.
It also allows for trading between almost( 1 ) any two pairs in an instant, trust-less and secure manner by means of the BitShares Decentralized Exchange (DEX).

In traditional trading, a clearing house is necessary because trades are made much faster than the cycle time for completing the underlying transaction.
Since in BitShares trades between two parties are performed on a global scale in a decentralized network and no middlemen are required, there is no need for settlement or clearing delays.
If a trade in the DEX executes, the bought asset instantly (T+0 [ 6 ]) appears in the customers wallet.

In combinations with SmartCoins, a startup could easily perform a dollar-denominated crowd-funding without legal or tax implications due to the velocity of cryptocurrency tokens.
Furthermore, as all order-books are shared on a global scale, the markets will become more efficient because no different prices existing on different locations on earth.
Of course, the DEX is open 24/7 and does not apply any limits to customers.
A more detailed discussion about the DEX can be found in a distinct paper [ 5 ].

4.1.4 Flexible Identity Management

In BitShares, each account is separated into
• Active Permission which has control over its funds and
• Owner Permission which controls the account itself.

Furthermore, BitShares uses authorities consisting of one or many entities that authorize an action, such as transfers, trades or account modifications.
An authority consists of one or several pairs of an account name with a weight.
In order to obtain a valid transaction, the sum of the weights from signing the parties has to exceed the threshold as defined in the permissions.

Let’s discuss some examples to shed some light on the used terminology and the use-cases.
We assume that a new account is created with it’s active permissions set as described below.
Note that the same scheme also works for the owner permissions!

A flat multi-signature scheme is composed of M entities of which N entities must sign in order for the transaction to be valid.
Now, in BitShares, we have weights and a threshold instead of M and N.
Still we can achieve the very same thing with even more flexibility as we will see now.

Let’s assume, Alice, Bob, Charlie and Dennis have common funds.
We want to be able to construct a valid transaction if only two of those agree.
Hence a 2-of-4 (N-of-M) scheme can look as follows:
Account Weight
Alice 33%
Bob 33%
Charlie 33%
Dennis 33%
Threshold: 51%

All four participants have a weight of 33% but the threshold is set to 51%.
Hence only two out of the four need to agree to validate the transaction.
Alternatively, to construct a 3-of-4 scheme, we can either decrease the weights to 17 or increase the threshold to 99%.

With the threshold and weights, we now have more flexibility over our funds, or more precisely, we have more control.
For instance, we can have separate weights for different people.
Let’s assume Alice wants to secure here funds against theft by a multisignature scheme but she does not want to hand over too much control to her friends.
Hence, we create an authority similar to:
Account Weight
Alice 49%
Bob 25%
Charlie 25%
Dennis 10%
Threshold: 51%

Now the funds can either be accessed by Alice and a single friend or by all three friends together.

Let’s take a look at a simple multi-hierarchical corporate account setup.
We are looking at a company that has a Chief of Financial Officer (CFO) and a some departments working for him, such as the Treasurer, Controller, Tax Manager, Accounting, etc.
The company also has a CEO that wants to have spending privileges.
Hence we construct an authority for the funds according to:
Account Weight
Threshold: 51%
whereas CEO.COMPANY and CFO.COMPANY have their own authorities.
For instance, the CFO.COMPANY account could look like:
Chief.COMPANY 51%
Treasurer.COMPANY 33%
Controller.COMPANY 33%
Tax Manager.COMPANY 10%
Accounting.COMPANY 10%
Threshold: 51%

This scheme allows:
• the CEO to spend funds
• the Chief of Finance Officer to spend funds
• Treasurer together with Controller to spend funds
• Controller or Treasurer together with wither the Tax Manager or Accounting to spend funds.

Hence, a try of arbitrary depth can be spanned in order to construct a flexible authority to reflect mostly any business usecase.

4.1.5 Variable and Flexible Fees

In the BitShares ecosystem every operation is assigned an individual fee that has to be payed in the core asset (BTS) the end user.
These fees are subject to change and are defined by the elected committee members.
Thus each and every shareholder of the BitShares core asset (BTS) has a say as to what the fees should be.
If shareholders can be convinced to reduce a certain fee and consensus is reached, the fee will be reduced automatically by the blockchain.
This allows the ecosystem, to stay flexible and adept the price for the usage of its products over time.

Since the network expects the fees to be payed on the the core asset (BTS) but many users may not want to hold any, the protocol allows to trade an arbitrary asset into BTS from the asset-specific *fee pool* at the *core exchange rate* which is defined by the issuer (or the witnesses in the case of a market pegged asset).

4.2 Revenue and Expenses

Revenue streams are essentially caused by fees that have to be payed when using the DACs products, such as market pegged assets, user-issued assets, or the decentralized exchange [ 5 ].
These fees are variable, can be changed by shareholder approval and include
(a) transfers,
(b) order operations,
(c) account operations,
(d) asset operations,
(e) witness creations
(f) proposal operations
(g) withdraw permission operations
(h) committee member operations,
(i) worker creation, and more.

In contrast to bitcoin, where newly created coins in each block are distributed solely among countless miners that immensely overpay for the network security [ 7 ], the BitShares ecosystem achieves a better security at lower costs by means of an adjustable number of approved and trusted witnesses in DPOS.
Additionally, the BitShares ecosystem has the capability to pay for its own development through budget items.
Both, the payment for witnesses, as well as the budget items are required to be approved by the shareholders.

Figure 2: Cash flow of BitShares 2.0

As an example, an entrepreneur may approach the shareholders and offer to launch a business in the BitShares space that would greatly benefit the ecosystem.
If he succeeds and convinces the shareholders to vote for and not against his plan, he could get an initial funding by the DAC.

Another use-case would be the improvement of the blockchain’s protocol.
A developer could propose a change or extension of the existing software implementation and be payed by the DAC to do so (after shareholder approval).
Hence, as long as the average shareholders acts rational, the BitShares blockchain can be seen as a self-funded but profitable business

4.3 Memberships

Accounts in BitShares are separated into three groups.
We decided to give users the option to upgrade their accounts into a VIP-like status if they desire and profit from reduced fees and additional features.

A regular account is a non-member.

Lifetime Members get a percentage cashback on every transaction fee they pay and qualify to earn referral income (see below) from users they register with or refer to the network.
A Lifetime membership is associated with a certain one-time fee that is defined by the committee and qualifies for reduced transaction fees.

If a lifetime membership is too much you can still get the same cashback for the next year by becoming an annual subscriber for a smaller one-time fee which lasts for only one year and qualifies for reduced transactions fee during that time.

4.4 Referral Program

Every time an account you referred pays a transaction fee, that fee is divided among several different accounts.
The network takes a cut, and the Lifetime Member who referred the account gets a cut.

The registrar is the account that paid the transaction fee to register the account with the network.
The registrar gets to decide how to divide the remaining fee between themselves and their own affiliate.

Fees paid are only divided among the network, referrers, and registrars once every maintenance interval.
The paid fees are divided among two or three parties, depending on the parameter d that can be set by the registrar:

total fee = network fee(20%)
+ registrar(80% · (100% - d%)) (1)
+ referrer(80% · (d%))

Most fees are made available immediately, but fees over the vesting threshold (such as those paid to upgrade your membership or register a premium account name) must vest for some days as defined by the committee.

5 Architecture of BitShares

Before describing how BitShares can be used to secure financial freedom, we first discuss the technical specifications briefly.
Among these is the public ledger (also referred to as the blockchain), the peer-to-peer network, the distributed consensus finding mechanism and the system parameters available to BitShares.

5.1 Public Ledger

As in other crypto-currencies, the public ledger of BitShares is built and stored in a linked series of blocks, known as a blockchain.

The ledger provides a permanent record of transactions that have taken place, and also establishes an order in which transactions have occurred.
Hence, every content of the blockchain can be assigned an permanent and unique identifier in form of a scalar number.

Every full node in the BitShares network stores a full copy of this blockchain and can verify its validity and the evaluate new blocks.

Every block contains
• a reference to the previous block,
• a timestamp,
• a hash of a secret,
• the secret of the previous hash,
• a set of transactions, and
• a signature by the block producing authority

As will be discussed in section 5.4, the consensus mechanism allows for synchronous block production with constant block confirmation times, e.g., one block every 5 s.

Since the blocks mainly embrace customer transactions but has to perform time intensive tasks, or execute rare events from time to time, some actions such as reenumeration of blockchainbased votes and rare events such as newly registered block producers (witnesses) are carried out more rarely but still on a frequent so called maintenance interval.

5.2 Irreversibility of Transactions

Historically we have stated that a blockchain becomes irreversible after one round of block production with greater than 51% participation.
It turns out that this metric is too fuzzy because of noise in how witnesses are ordered.
In an effort to provide stronger/absolute guarantees a new metric has been derived that determines the exact point at which a particular block becomes irreversible.
The algorithm to define the metric goes as follows:

Sort N witnesses by the last block number they signed, then take the highest block number that is lower than 66% of all other witnesses.
This will indicate that said block has been confirmed by 66% of all witnesses and is clearly irreversible.

This particular metric is dynamic and can respond to changes in the order of witnesses and is immune to situations where the network fragments into more than two pieces.
In the event of a major disruption users are guaranteed that no block older than that number can ever be undone.

If we had only 17 witnesses and 3 second block confirmation interval, then this will take an average of 34 seconds.
If we had 101 witnesses and 3 second blocks then this will take an average of 3.3 minutes for block to be irreversible,

Having this metric is important to give everyone in the network peace of mind in the unlikely event that a software bug or network issue causes all witnesses to fall out of sync and gives a clear measure of when they are considered back in sync.

Anyone accepting transactions as final prior to the most recent irreversible block is choosing to take some extra risk on their transaction.

5.3 Low Latency Peer-to-Peer Network

The peer-to-peer network distributes the full blockchain database across the world.
It consists of public and private nodes as well as seed nodes that are used for initial connection to the peer-to-peer network.
Anybody may connect to any known node and download the current global and unique state (i.e. the blockchain).

Once a node is in sync with the peer-to-peer network it received and applies newly created blocks, and assists new network nodes by further distribution of the blockchain.
Additionally, new blocks are broadcast to all connected nodes.

Furthermore, network nodes receive transaction from participants and forward them to the rest of the network until they reach the witness that is in charge of constructing the next block.
Hence, new transaction broadcasts do not necessarily need to reach all nodes.

Building a low-latency network requires P2P nodes that have low-latency connections and a protocol designed to minimize latency.
For the purpose of this document we will assume that two nodes are located on opposite sides of the globe with a ping round-trip time of 250 ms.

In the Bitcoin network architecture, transactions and blocks were broadcast in a following manner: inventory messages notify peers of transactions and blocks, then peers fetch the transaction or block from one peer.
After validating the item a node will broadcast an inventory message to its peers.

Under this model it will take approximately 0.75 s for a peer to communicate a transaction or block to another peer even if their size was 0 and there was no processing overhead.
This level of performance is unacceptable for a network attempting to produce one block every second.

This prior protocol also sent every transaction twice: initial broadcast, and again as part of a block.

To minimize latency each node needs to immediately broadcast the data it receives to its peers after validating it.
Given the average transaction size is less than 100 bytes, it is almost as efficient to send the transaction as it is to send the notice (assuming a 20 byte transaction id).

5.4 Distributed Consensus Mechanism

Consensus is the mechanism by which a subset of people decide upon unitary rational action.
The process of consensus decisionmaking allows for all participants to consent upon a resolution of action even if not the favored course of action for each individual participant.
Bitcoin was the first system to integrate a fully decentralized consensus method with the modern technology of the internet and peer-to-peer networks in order to more efficiently facilitate the transfer of value through electronic communication.
The proof-of-work structure that secures and maintains the Bitcoin network is one manner of organizing individuals who do not necessarily trust one another to act in the best interest of all participants of the network.

It is of importance to distinguish a democratic voting process in which every citizen of a community has one and only one vote from a distributed consensus mechanism in crypto-currencies hand over voting power either in relation to hashing power (e.g. proof-of-work) or on a per stake basis (e.g. proof-of-stake).
In both cases, those that invest in the required infrastructure to increase their voting percentage (i.e. by buying mining hardware or stake) act as shareholder in a distributed community.

The BitShares community employs Delegated Proof-of-Stake (DPOS) in order to find efficient solutions to distributed consensus decision making.
DPOS attempts to solve the problems of both Bitcoin’s traditional proof-of-work system, and the proofof-stake system of Peercoin and NXT by implementing a layer of technological democracy to offset the negative effects of centralization.
For historical reasons, the technology is still called delegated proof-of-stake even though what have been delegates in BitShares 1.0 are now so called witnesses.

In DPOS set of N witnesses (formerly known as delegates) sign the blocks and are voted on by those using the network with every transaction that gets made.
By using a decentralized voting process, DPOS is by design more democratic than comparable systems.
Rather than eliminating the need for trust all together, DPOS has safeguards in place the ensure that those trusted with signing blocks on behalf of the network are doing so correctly and without bias.
A more detailed description about the distributed consensus mechanism as well as a discussion how blockchain forking is prevented during attacks is given in a separate paper [ 8 ].

Additionally, each block signed must have a verification that the block before it was signed by a trusted node.
DPOS eliminates the need to wait until a certain number of untrusted nodes have verified a transaction before it can be confirmed.

This reduced need for confirmation produces an increase in speed of transaction times.
By intentionally placing trust with the most trustworthy of potential block signers, as decided by the network, no artificial encumbrance need be imposed to slow down the block signing process.
DPOS allows for many more transactions to be included in a block than either proof of work or proof of stake systems.

In a delegated proof-of-stake system, centralization still occurs, but it is controlled.
Unlike other methods of securing cryptocurrency networks, every client in a DPOS system has the ability to decide who is trusted rather than trust concentrating in the hands of those with the most resources.
DPOS allows the network to reap some of the major advantages of centralization, while still maintaining some calculated measure of decentralization.
Furthermore, once a witness has reached approval by shareholders, surpasses the threshold of the most N active witnesses, and, hence, is elected to actively participate in the block production procedure, its power is equivalent to all other active witnesses.
This system is enforced by a fair election process where anyone could potentially become a delegated representative (witness) of the majority of users.

Please note that DPOS has a recommended 1 - 2 block confirmation versus bitcoin’s 6 block recommendation.
DPOS is much more resistant against forks for the following reasons:
• When a fork is produced it is very likely that all witnesses have seen and processed your transaction and thus no alternative transactions can be broadcast and the next witness is almost certain to include your transaction.
All witnesses are much more trusted than miners.
• The probability of a fork after a block has been produced is very low (΅ 0.01%) where as Bitcoin has 25 orphans in the last 22 days (about 1 per day in Dec 3, 2014) which translates into 0.7% of blocks are orphaned.
• On normal operations, DPOS achieves a 100% witness participation rate and when we are less than that it is more often because a witness went offline and didn’t produce a block than because they produced a fork.
• In BitShares 1.0 forks have almost always been resolved within 30 seconds.

Assuming a 10 second block interval, Bitshares is mathematically over 70x less likely to orphan after 1 block than Bitcoin after 1 block (10 minutes).
After 3 blocks (30 seconds) any random orphan will have been resolved and the probability of alternative chains is much lower than the 0.000001% of Bitcoin.
By the time Bitcoin gets to .7% orphan probability, BitShares has 60 blocks which would have a probability of being orphaned of less than 10-120.

5.5 Operations

Similar to most crypto-currencies, there is a set of predefined operations that can be performed on the blockchain.
In contrast to Bitcoin, which uses a technique called script to describe operations that shall be performed in a programmatic way using OP codes, the BitShares network has a predefined (but extensible) set of operations that a user may perform.

All operations end up on the blockchain eventually.
Once they are validated and confirmed by a witness by being included into a block, they are executed and update the state of the blockchain accordingly.

The release version of BitShares 2.0 comes with
(a) transfer ops,
(b) trading order ops,
(c) account ops,
(d) asset ops,
(e) witness ops,
(f) committee ops,
(g) worker ops, and
(h) vesting ops,
However, since BitShares allows for shareholder approved, live protocol upgrades, the set of operations can be extended and modified.

On the blockchain level, each operation is assigned an individual id with a custom set of parameters for performance and latency reasons.

5.6 Transactions

Having defined operations, we can now put these into a list of operations and construct a transaction.
In addition to its operations, a transaction also consists of
(a) an expiration date,
(b) a reference block number,
(c) a reference block prefix,
(d) a set of extensions, and
(e) a set of signatures to authorize each operation.

Each node (including witnesses) verifies that all requires signatures to perform the given operations are present and valid prior to propagating the transactions to the rest of the network and hence to the witness node constructing the next block.
If the transaction is included into a block it is considered finally valid or executed.

5.7 Proposed Transactions

Additionally, the Graphene technology allows users to propose a transaction which requires approval of multiple accounts in order to execute.
These transactions are only partially valid and do not execute until they are completely valid.

The user proposes a transaction, then signatory accounts add or remove their approvals from this operation.
When a sufficient number of approvals have been granted, the operations in the proposal are used to create a virtual transaction which is subsequently evaluated.
Even if the transaction fails, the proposal will be kept until the expiration time, at which point, if sufficient approval is granted, the transaction will be evaluated a final time.
This allows transactions which will not execute successfully until a given time to still be executed through the proposal mechanism.
The first time the proposed transaction succeeds, the proposal will be regarded as resolved, and all future updates will be invalid.

The common use-case would be similar to so called multisignature transactions which must be signed by two parties.
Classical crypto currencies had the issue that such proposed transaction had to be communicated on separated channels until all required signatures have been collected.
With BitShares, it is no possible to propose a transaction on the blockchain and have the required signatures be added by the respective parties.

The proposal system in combination with corporate accounts allows for arbitrarily complex or recursively nested authorities.
If a recursive authority (i.e. an authority which requires approval of nested authorities on other accounts) is required for a proposal, then a second proposal can be used to grant the nested authority’s approval.
That is, a second proposal can be created which, when sufficiently approved, adds the approval of a nested authority to the first proposal.
This multiple-proposal scheme can be used to acquire approval for an arbitrarily deep authority tree.

6 Discussion

In general, BitShares has similarities and differences to most known crypto-currencies.
As many others, BitShares is based on a blockchain that stores and propagates transactions, i.e. user operations.
Since, with DPOS, computational resources are used solely for the purpose of transaction propagation and confirmation, rather than wasteful computational work, the block production interval has been reduced to a few seconds.
Eventually, this improves the over-all profitability of the DAC.

Additionally, we make use of named accounts that can be registered on the blockchain.
Users no longer need to send money to an alphanumeric string that can be copied incorrectly.
Rather, funds can be sent as easily as sending an email, and in the same fashion.
Name registration allows for the identification of who transactions are originating with no need to manually create a contact account for a given address.
Transactions may contain a memo field that allow users to describe the nature of the transaction or broadcast secure messages about the price of the current transaction fee.
Since BitShares 2.0 implements confidential transaction, there is no longer a need for mixing or master nodes.
Transactions can be more private in BitShares than in Bitcoin, for example, with no additional work needed from the user.

BitShares is a 100% proof-of-stake system.
This means it is a lot more efficient (cost per security) than proof-of-work and therefore does not have to dilute stakeholders/coinholders (there is a 10% yearly dilution of Bitcoin-holders as per 2015 with Bitcoin and lowering this dilution would mean to lower the security).
Hence, the cost of securing the BitShares network is merely a fraction of all transaction fees accumulated by the network.

The job of the block producers is simple: include as many valid transactions in your given block as possible and sign a single block.
These Block producers compete for the most approval in order to be allowed to produce blocks.
Shareholder votes are proportionate to the relative number of shares they own.
The BitShares DAC is completely shareholder run.
Now people can be hired by the blockchain.
Where coins like Bitcoin dilute to pay for network security, BitShares takes these fees and directs them towards continual improvement of the network and community.
This helps insure BitShares will stay competitive in its feature set.
More details about the consensus scheme of BitShares will be made available in a separated whitepaper.

Recalling the initial distribution of BTS, it seem convincing to assume that most alternative distributions are way more unfair and some disproportionately favor their respective core developers.
Since BitShares is a self-funded DAC, it can pay for its future development autonomously by dilution, if shareholders reach an on-blockchain consensus by approval voting.

Furthermore, it becomes clear from the descriptions that BitShares is governed by its shareholders and the committee whose members have shareholder approval.
This allows for flexible adjustment of blockchain parameters, such as transaction fees, block interval, and more, as well as protocol upgrades to include new features.

Since the BitShares is a self-funded blockchain, that can pay its workers by protocol, a healthy competition for new improvements, upgrades and additional features can be expected.

7 Conclusion

The properties and features mentioned in this paper make clear that the BitShares DAC is well-prepared for its own features.
It was shown that, due to on-blockchain voting, a decentralized development and funding can be achieved.
The consensus mechanism DPOS reaches a trade-off between efficiency and required trust while keeping a better decentralization that mostly every other blockchain consensus scheme.

Release: financial-platform/1.0-rc2-2-gb5c3ca7 (2015-12-18)


[1] Daniel Larimer, “Creating a Fiat/Bitcoin Exchange without Fiat Deposits.” https://bitcointalk.org/index.php?topic=223747.0.

[2] “DACPlay,” http://dacPLAY.org.

[3] Adam Ernest, “Follow My Vote,” http://followmyvote.com.

[4] Cedric Cobban, “Follow My Vote,” http://peertracks.com.

[5] “BitShares 2.0: Financial Smart Contract Platform,” BitShares Whitepapers, 2015.

[6] “The trade is the settlement,” http://t0.com/.

[7] Daniel Larimer, “Overpaying for Security,” http://letstalkbitcoin.com/is-bitcoin-overpaying-for-falsesecurity/#.Ui-p9WTFT7s.

[8] “BitShares 2.0: Distributed Consensus,” BitShares Whitepapers, 2015.

(*) This work was supported by Cryptonomex and honorable members of the bitsharestalk.org community.

(1) The issuer of an asset may white-/or black-list trading partners.

btsnet'Blockchain (btsbcn)

btsbcn'Block (btsblk)


Block 1
0 transactions in this block, produced at 2015-10-13 14:12 (UTC)

btsbcn'Block-Explorer (btsbex)

* http://cryptofresh.com/

btsnet'Exchange-value-unit.Consensus (BTScevu)

Cpt-created: {2017-03-28}

BitShares (BTS)
Rate: $0.363477 (110.37%), 0.00012783 BTC (107.64%)
Rank 8
Market Cap: $945,916,180, 332,671 BTC
Volume (24h): $473,408,000, 166,493 BTC
Circulating Supply: 2,602,410,000 BTS
[https://coinmarketcap.com/currencies/bitshares/] {2017-06-10}

* cpt.Bitshares-token,
* cpt.BTS-token,
* cpt.BTS-cevu,

btsnet'Governance-system (btsgov)

* cpt.Btsgov,
* cpt.Btsnet'builin-governance-system,
* cpt.Btsnet'Decentralized-Governance-By-Blockchain,


Decentralized Committee:
Decisions that can effect the BitShares ecosystem are made using a on-chain committee voted upon by shareholders.
Hence, no single entity can change the deal retroactively.

btsnet'Human (btshmn)

btshmn.SHAREHOLDER (btshsh)

Become Shareholder: If you buy BTS either from a partner exchange or from the DEX, you become a shareholder of the BitShares decentralized business and as such can take a cut of its profits and participate in votes for future directions.

btshmn.DEVELOPER (btshdr)

btsnet'Organization (btsogn)

* cpt.Bitshares'organization,
* cpt.Btsogn,


Cryptonomex Inc. is an independent blockchain development company founded by the core developers of the BitShares blockchain. Our mission is to faciliate the growth and adoption of industrial blockchain technology.

* cpt.Cryptonomex-Inc,

btsnet'Resource (btsrsc)

* cpt.Bitshares'resource,
* cpt.Btsresource,
* cpt.Btsrsc,

* https://bitshares.org/

=== DOCS:
* http://docs.bitshares.eu/
* FIRST STEPS FOR END-USERS http://docs.bitshares.eu/bitshares/user/first-steps-users.html,
* https://www.bitsharestalk.org/


Towards the end of 2014 some of the DACs were merged and the X was dropped from ”BitShares X” to become simply BitShares (BTS).

Bcn-net.time.NEM (XEMnet {2015-03-29})

NEM is a peer to peer platform providing solutions for blockchain multisigns, payments, messaging, naming system, asset making and other services.
One of the key features of NEM is that it doesn't require much computing power as other cryptos and has a low entry barrier for developers.
The main point of NEM is to provide cheap and super secure services worldwide.
NEM is fueled by its own cryptocurrency, named XEM.
NEM (New Economy Movement) was originally conceived as a clone of the well-known Nxt blockchain, but rapidly developed into a completely new project with its own codebase. It has since grown into a thriving community and ecosystem with a market cap of around $45 million, placing it in the top 10 of all cryptocurrencies.
- NEM is built 100% from scratch (not a fork of any existing project)
- NEM is built with test-driven development
- NEM uses innovative Proof-of-Importance algorithm: first reputation based blockchain algorithm
- NEM has customizable assets called Mosaics. Editable supply, levies, description, transferability and more.
- NEM has Namespaces to help maintain reputation of Mosaics
- NEM improves different features of POW and POS coins, being more efficient and environmentally friendly
- NEM one minute average block times
- NEM is the first crypto with delegated harvesting
- NEM is the first with localized spam protection
- NEM is the first with Eigentrust peer reputation management
- NEM is the first editable m-of-n multisig with blockchain based alerts
- NEM is the first every P2P network with nodes time syncing in a decentralized manner
- NEM offers encrypted, unencrypted and hex messaging
- NEM is easy to install with a one click installer
- NEM zero monetary inflation (fixed supply, all 9 billion coins released at launch).
- NEM relatively large egalitarian distribution
- NEM will offer a mobile wallet for both iOS and Android (coming soon)
NEM is an advanced, bitcoin 2.0+ system that has been in development since January of 2014. The development team is comprised of professional software engineers and scientists who went to great lengths to study ways to improve existing blockchain platforms and created NEM from scratch to be more secure and easier to develop for than any other platform. Instead of using Proof-of-Work mining, which is wasteful and not eco-friendly, a new concensus algorithm, Proof-of-Importance was developed, which uses low energy and also rewards participation in the economy. NEM was developed using modern software engineering practices such as test-driven development, has over 3,000 unit tests, and was tested on an open network for over 9 months before its release on 2015/3//31.
The currency of NEM is called XEM, but the transfer of XEM is far from the only utility of the NEM blockchain platform. NEM mosaics provide the most advance implementation of digital assets to date and can be associated with blockchain-level domain names. A reputation system and smart contracts/decentralized computing systems are also in development, which will make NEM the most comprehensive block chain platform to date when completed.

* cpt.Bcn-netNEM,
* cpt.Nemnet,
* cpt.NetNEM,
* cpt.New-Economy-Movement-bcnnet,
* cpt.XemNet,



NEM is a global open source project.
It is a peer-to-peer blockchain platform and is written in Java and JavaScript with 100% original source code.


* NEM Technical Reference, Version 1.0, May 15, 2015: https://www.nem.io/NEM_techRef.pdf,
* Apostille White Paper: https://www.nem.io/ApostilleWhitePaper.pdf,
* Catapult White Paper: https://www.nem.io/catapultwhitepaper.pdf,


xemnod'Node-server (NIS)

NEM 2-Tier Architecture
NEM's design architecture consists of two components. One is the Node server or NEM Infrastructure Server (NIS). The other is the NEM Client. The NIS is connected to the p2p network and acts as a gateway for the Client. NEM’s platform is therefore, a two-tier solution, following the convention of the web architecture.The first version of the NEM Client is called the NEM Community Client (NCC).The NCC is basically a client software that includes a wallet. Both the NCC and NIS can be configured to run off the same machine. As it is run from the same machine, both the NCC and the NIS will be exposed to the Internet. A second use case is to separate the NIS from the NCC.
The NIS can thus be configured to act as an additional layer of protection to the NCC thereby making the NCC reasonably protected within its own confines as it can be made not to connect to the Internet. In addition, one can have the option of putting a firewall between the NCC and the NIS, the NCC is therefore two steps away from the Internet. This means that the NCC can be made to work in stealth mode. This type of modular design makes the NCC insulated from external attacks. It is almost impossible to break into the NCC if the NCC is only connected to the NIS through another firewall. If there is any attack on the wallet, it is almost certain that the attack is from within the network rather than from outside the network. Another feature of this architecture is that the NCC acts as a wallet and can be used on any computer, whereas the NIS represents a node on the NEM network and can be hosted from remote locations. Additionally, the client can be loaded onto any computer and a person's wallet can be reloaded as long as this person has her private keys.
The NIS can be placed on a Demilitarized Zone (DMZ) behind a firewall and therefore itself is protected from the Internet. Hence, there exists many options and configurations. This makes NEM's architecture secure.
Subsequent to the NCC, more wallets have been created. These are the mobile wallets (to be released soon), the light-wallet that was created using Javascript, and the nanowallet, which is an augmented and amended version of the light wallet.
The NIS has a full set of APIs. The initial NCC has a webserver with useful APIs. These two layers create a firewall of security in between the wallet where all important information is stored and signed, while the NIS announces transactions.

* cpt.XemNet'NEM-Infrastructure-Server,
* cpt.XemNet'NIS,


A ‘Blockchain’ is sort of like that piece of paper in a checkbook that allows you to keep track of everything. The NEM ‘Blockchain’ keeps track of how much was spent, with whom, on what day, and even keeps track of the exact time. Now imagine if everyone in the world shared a piece of paper like this. It has everyone's spending on it. If you make changes everyone can see it, but you can only make changes if everyone agrees that this change actually happened. Everyone, at any time, can look at it and check to make sure it's right. Now, we all agree that this piece of paper is right. Usually, 'Blockchains' keep track of who owns what money and when it is moved around. In NEM, this is still true - but NEM also keeps track of other kinds of things, which will be talked about at the end of this blog.

xembcn'Block (xemblk)


- NEM one minute average block times

xembcn'Block-Explorer (xembex)

* http://explorer.ournem.com/#/
* http://chain.nem.ninja/#/blocks/0,
* BlockH1 http://explorer.ournem.com/#/s_block?height=1,
- http://chain.nem.ninja/#/block/1,


'Proof of Importance' is a way in NEM to make sure that all the computers on a network agree with each other and helps decide who can ‘harvest’. This helps to keep everything safe from hackers and keeps NEM working well. It’s a big part of how we make sure people are telling the truth about the things that our ‘Blockchain’ keeps track of, like how much money a person owns. ‘Proof of Importance’ helps to make sure that every person using NEM can agree on everything and stops people from spending more than they have. It uses mathematical formulas made from information about an account to decide how important a person is to the group.
The more important you are, the better chance you have of getting that free money when you’re ‘Harvesting’! That means people want to be important, so they won’t lie! Once you are important, there are a couple more things that decide just how important you actually are. Your ‘Vested Balance’, who you send money with, how often you send money, and how much you send are all considered when figuring out how important you are. To fake all of these things would take more money than a liar would stand to make. The best part? This means we can always trust an important person.

* cpt.Proof-of-importance-xemnet,
* cpt.XemNet'proof-of-importance,


A NEM address is a base-323 encoded triplet consisting of
- a network byte
- a 160-bit hash of the account’s public key
- a 4 byte checksum
The checksum allows for quick recognition of mistyped addresses. It is possible to send XEM to any valid address even if the address has not previously participated in any transaction. If nobody owns the private key of the account to which the XEM is sent, the XEM is most likely lost forever.
However, you are unlikely to send XEM to an unowned address, because it would have to be generated with the right checksum. This means that the more likely scenario is that the owner lost the key, which caused all the XEM to be lost.

* cpt.XemNet'address,

xemnet'Exchange-value-unit.Consensus (XEMevuC)

$0.034570 (30.59%)
0.00002862 BTC (31.14%)
Rank 6
Market Cap
257,544 BTC
Volume (24h)
8,129 BTC
Circulating Supply
8,999,999,999 XEM
[https://coinmarketcap.com/currencies/nem/] {2017-04-19}
NEM is a peer to peer platform providing solutions for blockchain multisigns, payments, messaging, naming system, asset making and other services.
One of the key features of NEM is that it doesn't require much computing power as other cryptos and has a low entry barrier for developers.
The main point of NEM is to provide cheap and super secure services worldwide. NEM is fueled by its own cryptocurrency, named XEM.
What is XEM?
"XEM" is NEM's currency code. It is similar to USD, EUR, CNY, JPY etc.

* cpt.Bcn-evuC.XEM,
* cpt.NEM-XEM,
* cpt.XEM-token-of-NEM,


Buy XEM at one of these exchanges
Buy XEM directly with cash


* https://coinmarketcap.com/currencies/nem/

$0.031823 (9.31%)
0.00002602 BTC (9.88%)

1 BTC = 179,856.11510791 XEM,


- NEM relatively large egalitarian distribution


- NEM zero monetary inflation (fixed supply, all 9 billion coins released at launch).


How many XEM are in circulation?
The total amount is 8,999,999,999 XEM.



NEM 2-Tier Architecture
NEM's design architecture consists of two components. One is the Node server or NEM Infrastructure Server (NIS). The other is the NEM Client. The NIS is connected to the p2p network and acts as a gateway for the Client. NEM’s platform is therefore, a two-tier solution, following the convention of the web architecture.The first version of the NEM Client is called the NEM Community Client (NCC).The NCC is basically a client software that includes a wallet. Both the NCC and NIS can be configured to run off the same machine. As it is run from the same machine, both the NCC and the NIS will be exposed to the Internet. A second use case is to separate the NIS from the NCC.
Subsequent to the NCC, more wallets have been created. These are the mobile wallets (to be released soon), the light-wallet that was created using Javascript, and the nanowallet, which is an augmented and amended version of the light wallet.








In July 2016 the NEM community agreed (consensus of the community with blockchain-based voting) to set up a Company Limited by Guarantee (CLG) in Singapore, NEM.io Foundation Ltd. (“NEM Foundation”) to represent the roof international organisation. This CLG is set up in December 2016 and will lead country/regional chapters which are being registered as local non-profit societies.

* cpt.NEM-Foundation,


1- If you are syncing but an your machine says something like "NIS is synchronizing. At block 221896, est. 126 days behind. (at block 221896)" and doesn't move and sync but seems stuck, please try to delete your database and start a new chain. You can speed up this process by just downloading a new chain and inserting it manually. Here are some tutorials with step by step instructions. http://blog.nem.io/how-to-delete-your-local-copy-of-the-blockchain/7 http://blog.nem.io/how-to-import-the-database-file-provided-by-developers/4
2- If there is a major problem, you might have to delete all NEM software on the computer and start over from scratch installing. Here is a tutorial for that. http://blog.nem.io/how-to-remove-old-nem-software-versions/12
Generally speaking the installer is the most buggy. Most people that have a problem with the installer find that using the stand alone works. Instructions for the stand alone are here. http://blog.nem.io/nem-tutorial-list/8
If you have your private key backed up, or want to make a new wallet with a pass phrase, the Lightwallet is also very safe and easy to use. http://nem.io/install.html8
At some point NEM will fully transition away from NCC to Lightwallet and mobile apps for iOS and Android and there will no longer be any of these problems.
3- If you are having trouble logging in.
Go to C:\Users\yourname\nem\ncc and delete the ncc.cfg file and the accounts_cache_mainnet.json file.
4. If NIS wont start. Go to C:\Users\yourname\nem and delete the nis.lock file.
5- If you are having a problem with Java, please try to update your Java.


* https://www.nem.io/
* https://www.nem.io/faq.html,
* https://blog.nem.io/
* {2017-05-18} NEM Surpasses Litecoin, Posts 55 Percent Growth on Thursday, 2000 Percent In Two Months: https://cointelegraph.com/,
* {2017-03-14} Xhai Studios Integrates NEM Blockchain To Ditch Middlemen, Payment Processor: https://cointelegraph.com/news/xhai-studios-integrates-nem-blockchain-to-ditch...processor,



NEM is a peer to peer platform providing solutions for blockchain multisigns, payments, messaging, naming system, asset making and other services.


The basic things you need to know about NEM’s recent fork are Namespaces and Mosaics features. The easiest way to appreciate it is the domain and file analogy on the internet. Imagine that a domain address has to be unique in a root (lowest level). Namespace addresses this unique feature. If one creates a namespace, that namespace will appear unique in the NEM ecosystem. For example, if one were to create a namespace called “foo” that namespace cannot be created by a second person. Just like on the internet, a domain can have a sub-domain, namespaces can have sub-namespaces. And it is possible to create multiple sub-namespaces with the same name (example: “foo.bar” and “foo2.bar”, “bar” is the sub-namespace/sub-domain). A namespace and a domain name is the same in this document and shall be used interchangeably. Namespaces can have up to 3 levels, a namespace and its two levels of sub-namespace domains.
NEM has a built in system for people to register names called Namespaces. These names can be used to run a business on the blockchain.


The basic things you need to know about NEM’s recent fork are Namespaces and Mosaics features. The easiest way to appreciate it is the domain and file analogy on the internet.
A mosaic is like a file hosted on a domain and represents an asset, and like a website and directory, a mosaic can have the same name as other files on other domains. But a total address of a namespace + mosaic will always be unique as the root namespace is unique even if the rest of it isn't.

Significance of Namespaces and Mosaics
Namespaces gives rise to a unique naming convention. Mosaics gives rise to the creation of assets. Some call it a colored coin while others may call it a token. We call it a mosaic it will take on many types of properties when it is full blown (hence we call it a mosaic as it evolves to form the “big picture”) .
Our initial release is a mosaic that has the following properties:
Free-text description of the mosaic up to 128 characters, changeable by the owner.
Adding this makes a quantity divisible, up to 6 decimal places. A divisibility of 2 means 2 decimal places.
Arbitrary byte array that can be in the property, with a size limit; this is the same as “messages” in NEM.
domain name or namespace (required)
Globally unique fully qualified domain name that is registered and owned by the mosaic creator. A top level namespace has a size limit of 16 characters, sub-namespaces have a limit of 64 characters.
name (required)
Name of the mosaic, up to a size limit of 32 characters; must be unique under the domain name.
mutable quantity
The amount of mosaic in circulation. If immutable, it is fixed, otherwise it is dynamic, i.e., more can be created or destroyed later.
If no, it means it can only be transferred between user and creator. Otherwise, it is freely transferable between third parties.
A levy allows the creator of a mosaic to set a tax on any subsequent transactions of that mosaic. This levy is sent to an account of the creators choosing. Any mosaic or XEM may be used as a levy.
In the future Mosaics might have their feature set expanded to among other things include dividends, reputation, recallability, composability (ability to put assets in assets), issuer covered fees on trades, expansion of the non-transferable white list, levies to be redefinable, variable expirations, smart contracts, storage, and processing power. In addition to discussing these up grades to Mosaics, we have also discussed making Namespaces have transferable names.


NEM finally launched on March 31, 2015.

NEM has gone through extensive open alpha testing starting June 25, 2014, followed by lengthy and comprehensive beta testing starting on October 20, 2014.

Bcn-net.time.Dash (DASHnet {2014-01-19})

What is Dash?
Dash (DASH) is a privacy-centric digital currency with instant transactions. It is based on the Bitcoin software, but it has a two tier network that improves it. Dash allows you to remain anonymous while you make transactions, similar to cash.
With Bitcoin, transactions are published to the blockchain and you can prove who made them or to whom, but with Dash the anonymization technology makes it impossible to trace them. This is important because the blockchain is accessible to anyone with an internet connection – a significant drawback for those don’t wish their transaction history and balances to be publicly available. Dash does this through a mixing protocol utilizing an innovative decentralized network of servers called Masternodes, avoiding the need for a trusted third party that could compromise the integrity of the system.
Dash transactions are almost instantly confirmed by the Masternodes network. This is a great improvement on Bitcoin’s system, where confirmations take much longer because all the work is done by the miners.
For full details please read the Dash whitepaper.

* cpt.NetCbc.dash,
* cpt.Dash-cryptocurrency-net,
* cpt.Dashnet,
* cpt.NetDash,
Dash , which stands for ‘Digital Cash’

* Blockchain-network-with-builtin-decentralized-governance,
* Exchange-value-unit-blockchain-network,

dashnet'whole.DAO (dashdao)

dashnet'Protocol (dashprl)

dashnet'White-paper (dashwpr)

* https://www.dash.org/wp-content/uploads/2015/04/Dash-WhitepaperV1.pdf,
* https://github.com/dashpay/dash/wiki/Whitepaper,

Dash: A Privacy­Centric Crypto­Currency
Evan Duffield ­ evan@dashpay.io
Daniel Diaz ­ daniel@dashpay.io


A crypto­currency based on Bitcoin, the work of Satoshi Nakamoto, with various improvements such as a two­tier incentivized network, known as the Masternode network.
Included are other improvements such as Darksend, for increasing fungibility and InstantX which allows instant transaction confirmation without a centralized authority.

1 Introduction

Bitcoin[ 1 ] is a cryptocurrency that has emerged as a popular medium of exchange and is the first digital currency that has attracted a substantial number of users[ 2 ].
Since it’s inception in 2009, Bitcoin has been rapidly growing in mainstream adoption and merchant usage[ 3 ].
A main issue with the acceptance of Bitcoin in point­of­sale situations is the time required to wait for the network to confirm the transaction made is valid, alternatively payment companies have created methods to allow vendors to take zero­confirmation transactions, but these solutions utilize a trusted counterparty to mediate the transaction outside of the protocol.

Bitcoin provides pseudonymous transactions in a public ledger, with a one­to­one relationship between sender and receiver.
This provides a permanent record of all transactions that have ever taken place on the network[ 5 ].
Bitcoin is widely known in academic circles to provide a low level of privacy, although with this limitation many people still entrust their financial history to it’s blockchain.

Dash is the first privacy­centric cryptographic currency based on the work of Satoshi Nakamoto.
In this paper we propose a series of improvements to Bitcoin resulting in a decentralized, strongly anonymous crypto­currency, with tamper­proof instant transactions and a secondary peer­to­peer network incentivized to provide services to the Dash Network.

2 Masternode Network

Full nodes are servers running on a p2p network, that allow peers to use them to receive updates about the events on the network.
These nodes require significant amounts of traffic and other resources that carry substantial cost.
As a result, on the Bitcoin network a steady decrease in the amount of these nodes has been observed for some time[ 7 ] and as a result block propagation have been upwards of 40 seconds[ 14].
Many solutions have beenproposed such as a new reward scheme by Microsoft Research[ 4 ] and the Bitnodes incentive program[ 6 ].

Figure 1: Full nodes in the spring of 2014

These nodes are very important to the health of the network.
They provide clients with the ability to synchronize and quick propagation of messages throughout the network.
We propose adding a secondary network, known as the Dash Masternode network.
These nodes will have high availability and provide a required level of service to the network in order to take part in the Masternode Reward Program.

2.1 Masternode Reward Program - Cost and Payments

Much of the reason for the decrease of full nodes on the Bitcoin network, is the lack of incentive to run one.
Over time the cost of running a full node increases as the network gets used more, creating more bandwidth and costing the operator more money.
As the cost rises, operators consolidate their services to be cheaper to run or run a light client, which doesn’t help the network at all.

Masternodes are full nodes, just like in the Bitcoin network, except they must provide a level of service to the network and have a bond of collateral to participate.
Collateral is never forfeit and is safe while the Masternode is operating.
This allows investors to provide a service to the network, earn interest on their investment and reduce the volatility of the currency.

To run a Masternode, the node must store 1000 DASH.
When active, nodes provide services to clients on the network and in return are paid in the form of a dividend.
This allows the users to pay for the services and earn a return on investment. Masternodes are all paid from the same pool of money, approximately 45% [footnote] of the total block reward is dedicated to this program.

Due to the fact that the Masternode rewards program is a fixed percentage and the Masternode network nodes are fluctuating, expected Masternode rewards will vary according to the current total count of active Masternodes.
Payments for a standard day for running a Masternode can be calculated by using the following formula:

(n/t) * r * b * a

n is the number of Masternodes an operator controls
t is the total number of Masternodes
r is the current block reward (presently averaging about 5 DASH)
b is blocks in an average day. For the Dash network this usually is 576.
a is the average Masternode payment (45% of the average block amount)

Return on investment for running a Masternode can be calculated as

((n/t) * r * b * a * 365) / 1000

Where variables are the same as above.

The cost associated with running a Masternode creates a hard and soft limit of active nodes on the network.
Currently with 5.3 million DASH in circulation, only 5300 nodes could possibly be running on the network.
The soft limit is imposed by the price it costs to acquire a node and the limited liquidity on exchanges due to usage of Dash as a currency and not merely an investment.

2.2 Deterministic Ordering

A special deterministic algorithm is used to create a pseudo­random ordering of the Masternodes.
By using the hash from the proof­of­work for each block, security of this functionality will be provided by the mining network.

Pseudo Code, for selecting a Masternode:
For(mastenode in masternodes){
n = masternode.CalculateScore();
if(n > best_score){
best_score = n;
winning_node = masternode;
n1 = GetProofOfWorkHash(nBlockHeight); // get the hash of this block
n2 = Hash(n1); //hash the POW hash to increase the entropy
n3 = abs(n2 ­ masternode_vin);
return n3;

The example code can be extended further to provide rankings of Masternodes also, a “second”, “third”, “fourth” Masternode in the list to be selected.

2.3 Trustless Quorums

Currently the Dash network has ~2400 active Masternodes[ 8 ].
By requiring 1000 DASH collateral to become an active Masternode, we create a system in which no one can control the entire network of Masternodes.
For example, if someone wants to control 50% of the Masternode network, they would have to buy 2,300,000 DASH from the open market.
This would raise the price substantially and it would become impossible to acquire the needed DASH.

With the addition of the Masternode network and the collateral requirements, we can use this secondary network to do highly sensitive tasks in a trustless way, where no single entity can control the outcome.
By selecting N pseudo random Masternodes from the total pool to perform the same task, these nodes can act as an oracle, without having the whole network do the task.

For an example implementation of a trustless quorum see InstantX[ 9 ], which uses quorums to approve transactions and lock the inputs or the proof­of­service implementation[ 10].

Another example use for trustless quorums can include utilizing the masternode network as a decentralized oracle for financial markets, making secure decentralized contracts a possibility.
As an example contract, if AAPL is over $300 on Dec 31, 2016 pay public key A, otherwise pay public key B.

2.4 Roles and Proof-Of-Service

Masternodes can provide any number of extra services to the network.
As a proof­of­concept, our first implementation included Darksend and InstantX.
By utilizing what we call proof­of­service, we can require that these nodes are online, responding and even at the correct block height.

Bad actors could also run Masternodes, but not provide any of the quality service that is required of the rest of the network.
To reduce the possibility of people using the system to their advantage nodes must ping the rest of the network to ensure they remain active.
This work is done by the Masternode network by selecting 2 quorums per block.
Quorum A checks the service of Quorum B each block.
Quorum A are the closest nodes to the current block hash, while Quorum B are the furthest nodes from said hash.

Masternode A (1) checks Masternode B (rank 2300)
Masternode A (2) checks Masternode B (rank 2299)
Masternode A (3) checks Masternode B (rank 2298)

All work done to check the network to prove that nodes are active is done by the Masternode network itself.
Approximately 1% of the network will be checked each block.
This results in the entire network being checked about six times per day.
In order to keep this system trustless, we select nodes randomly via the Quorum system, then we also require a minimum of six violations in order to deactivate a node.

In order to trick this system, an attacker will need to be selected six times in a row.
Otherwise, violations will be cancelled out by the system as other nodes are selected by the quorum system.

Attacker Controlled
Masternodes /
Total Masternodes
Required Picked
Times In A Row
Probability of
success (n/t)^r
DASH Required
1/2300 6 6.75e­21 1000DASH
10/2300 6 6.75e­15 10,000DASH
100/2300 6 6.75e­09 100,000DASH
500/2300 6 0.01055% 500,000DASH
1000/2300 6 0.6755% 1,000,000DASH

Table 1. The probability of tricking the system representing one individual Masternode as failing proof­of­service

n is the total number of nodes controlled by the attacker
t is the total number of Masternodes in the network
r is the depth of the chain
The selection of Masternodes is pseudo random based on the Quorum system

2.5 Masternode Protocol

The Masternodes are propagated around the network using a series of protocol extensions including a Masternode announce message and Masternode ping message.
These two messages are all that’s needed to make a node active on the network, beyond these there are other messages for executing a proof­of­service request, Darksend and InstantX.

Masternodes are originally formed by sending 1000 DASH to a specific address in a wallet that will “activate” the node making it capable of being propagated across the network.
A secondary private key is created that is used for signing all further messages.
The latter key allows the wallet to be completely locked when running in a standalone mode.

A cold mode is made possible by utilizing the secondary private key on two separate machines.
The primary “hot” client signs the 1000 DASH input including the secondary signing private key in the message.
Soon after the “cold” client sees a message including its secondary key and activates as a Masternode.
This allows the “hot” client to be deactivated (client turned off) and leaves no possibility of an attacker gaining access to the 1000 DASH by gaining access to the Masternode after activation.

Upon starting a Masternode sends a “Masternode Announce” message to the network, containing:

Message: (1K DASH Input, Reachable IP Address, Signature, Signature Time, 1K Dash Public Key, Secondary Public Key, Donation Public Key, Donation Percentage)

Every 15 minutes thereafter, a ping message is sent proving the node is still alive.

Message: (1K DASH Input, Signature (using secondary key), Signature Time, Stop?)

After a time­to­live has expired the network will remove an inactive node from the network, causing the node to not be used by clients or paid.
Nodes can also ping the network constantly, but if they do not have their ports open, they will eventually be flagged as inactive and not be paid.

2.6 Propagation of the Masternode List

New clients entering the Dash network must be made aware of the currently active Masternodes on the network to be able to utilize their services.
As soon as they join the meshnetwork, a command is sent to their peers asking for the known list of Masternodes.
A cache object is used for clients to record Masternodes and their current status, so when clients restart they will simply load this file rather than asking for the full list of Masternodes.

2.7 Payments via Mining and Enforcement

To ensure that each Masternode is paid it’s fair share of the block reward, the network must enforce that blocks pay the correct Masternode.
If a miner is non­compliant their blocks must be rejected by the network, otherwise cheating will be incentivized.

We propose a strategy where Masternodes form quorums, select a winning Masternode and broadcast their message.
After N messages have been broadcast to select the same target payee, a consensus will be formed and that block in question will be required to pay that Masternode.

When mining on the network, pool software (websites that merge the efforts of individual miners) use the RPC API interface to get information about how to make a block.
To pay the Masternodes this interface must be extended by adding a secondary payee to GetBlockTemplate.
Pools then propagate their successfully mined blocks, with a split payment between themselves and a Masternode.

3 Darksend

We believe it’s important to have a standard trust­less implementation for improving the privacy of it’s users in the reference client that provides a high degree of privacy.
Other clients such as electrum, Android and iPhone will also have the same anonymity layer implemented directly and utilize the protocol extensions.
This allows users a common experience anonymizing funds using a well understood system.

Darksend is an improved and extended version of the CoinJoin.
In addition to the core concept of CoinJoin, we employ a series of improvements such as decentralization, strong anonymity by using a chaining approach , denominations and passive ahead­of­time mixing.

The greatest challenge when improving privacy and fungibility of a crypto­currency is doing it in a way that does not obscure the entire blockchain.
In Bitcoin based crypto currencies, one can tell which outputs are unspent and which are not, commonly called UTXO, which stands for unspent transaction output.
This results in a public ledger that allows any user to act as guarantor of the integrity of transactions.
The Bitcoin protocol is designed to function without the participation of trusted counterparties, in their absence, it is critical that auditing capabilities remain readily accessible to the users through the public blockchain.
Our goal is to improve privacy and fungibility without losing these key elements that we believe make a successful currency.

By having a decentralized mixing service within the currency we gain the ability to keep the currency itself perfectly fungible.
Fungibility is an attribute of money, that dictates that all units of a currency should remain equal.
When you receive money within a currency, it shouldn’t come with any history from the previous users of the currency or the users should have an easy way to disassociate themselves from that history, thus keeping all coins equal.
At the same time, any user should be able to act as an auditor to guarantee the financial integrity of the public ledger without compromising others privacy.

To improve the fungibility and keep the integrity of the public blockchain, we propose using an ahead­of­time decentralized trustless mixing strategy.
To be effective at keeping the currency fungible, this service is directly built into the currency, easy to use and safe for the average user.

3.1 Tracing Coinjoin By Amounts

A common strategy in existing Bitcoin implementations of Coinjoin is simply merging transactions together.
This exposes the users to various methods of following the the users coins through these joined transaction.

Figure 2: An example Coinjoin transaction with 2 users [11][12]

In this transaction, 0.05BTC was sent through the mixer.
To identify the source of the money, one simply has to add up the values on the right until they match one of the values on the left.

Breaking apart the transaction:

0.05+0.0499+0.0001(fee) = 0.10BTC.
0.0499+0.05940182+0.0001(fee) = 0.10940182BTC.

This gets exponentially more difficult as more users are added to the mixer. However, these
sessions can be retroactively de­anonymized at any point in the future.

3.2 Through linking and Forward Linking

In other proposed implementations of Coinjoin, it’s possible that a user anonymizes money then eventually sends change from that transaction to an exchange or other entity that knows the users identity.
This breaks the anonymity and allows the entity to walk backwards through that users transactions.
We call this type of attack “Forward Linking”

Figure 3: Forward Change Linking

In this example, Alice anonymizes 1.2BTC, which goes to 2 outputs, 1BTC and 0.2BTC.
She then spends .7BTC from the 1BTC output, receiving change of 0.3BTC.
That 0.3BTC then goes to an identifiable source, confirming Alice also spent the .7BTC in the prior transaction.

To identify the sender of the anonymous transaction, start at the “exchange” transaction and go backwards in the blockchain till you get to the “Alice sends 0.7BTC anonymously”.
As the exchange, you know it was your user who just recently bought something anonymously, thus breaking the anonymity completely. We call this type of attack “Through Change Linking”.

Figure 4: Through Change Linking

In the second example, Alice buys 1.2 BTC from coinbase, then anonymizes this amount into a 1BTC output. She then spends the 1BTC, receives change in the amount of 0.3BTC and then combines that with her 0.2BTC earlier change.

By combining the change from the anonymous transaction (0.3BTC) and the change she received from the CoinJoin transaction, you can link the entire history before and after, completely breaking the anonymity.

3.3 Improved Privacy and DOS resistance

Darksend uses the fact that a transaction can be formed by multiple parties and made out to multiple parties to merge funds together in a way where they can’t be uncoupled thereafter.
Given that all Darksend transactions are setup for users to pay themselves, the system is highly secure against theft and users coins always remain safe.
Currently to mix using DarkSend requires at least 3 participants.

Figure 5: Three users submit denominated funds into a common transaction. Users pay themselves back in the form of new outputs, which are randomly ordered.

To improve the privacy of the system as a whole we propose using common denominations of 0.1DASH, 1DASH, 10DASH AND 100DASH.
In each mixing session, all users should submit the same denominations as inputs and outputs.
In addition to denominations, fees should be removed from the transactions and charged in bulk in separate, sporadic unlinkable transactions.

To address the possible DOS attacks, we propose all users submit a transaction as collateral to the pool when joining.
This transaction will be made out to themselves and will pay a high fee to miners.
In the case when a user submits a request to the mixing pool, they must provide collateral at the beginning of this exchange. If at any point any user fails to cooperate, by refusing to sign for example, the collateral transaction will automatically be broadcasted.
This will make it expensive to do a sustained attack on the privacy network.

3.4 Passive Anonymization of funds and chaining

Darksend is limited to 1000 DASH per session and requires multiple sessions to thoroughly anonymize significant amounts of money.
To make the user experience easy and make timing attacks very difficult, Darksend runs in a passive mode.
At set intervals, a user’s client will request to join with other clients via a Masternode.
Upon entry into the Masternode, a queueobject is propagated throughout the network detailing the denominations the user is looking to anonymize, but no information that can be used to identify the user.

Each Darksend session can be thought of as an independent event increasing the anonymity of user’s funds.
However each session is limited to three clients, so an observer has a one in three chance of being able to follow a transaction.
To increase the quality of anonymity provided, a chaining approach is employed, which funds are sent through multiple Masternodes, one after another.

Depth Of The Chain Possible Users (n)^r
2 9
4 81
8 6561

Table 2. How many users could possibly be involved in N mixing sessions.

3.5 Security Considerations

As transactions are merged, Masternodes can possibly “snoop” on users funds as they pass through.
This is not considered a serious limitation due to the requirement for Masternode’s to hold 1000 DASH and the fact that users utilize random Masternodes that they select to host their joins.
The probability of following a transaction throughout a chaining event can be calculated as follows

Attacker Controlled
Masternodes /
Total Masternodes
Depth Of The Chain Probability of
success (n/t)^r
DASH Required
10/1010 2 9.80e­05 10,000DASH
10/1010 4 9.60e­09 10,000DASH
10/1010 8 9.51e­11 10,000DASH
100/1100 2 8.26e­03 100,000DASH
100/1100 4 6.83e­05 100,000DASH
100/1100 8 4.66e­09 100,000DASH
1000/2000 2 25% 1,000,000DASH
1000/2000 4 6.25% 1,000,000DASH
1000/2000 8 0.39% 1,000,000DASH
2000/3000 2 44.4% 2,000,000DASH
2000/3000 4 19.75% 2,000,000DASH
2000/3000 8 3.90% 2,000,000DASH

Table 3. The probability of follow a Darksend transaction on the network given the attacker controls N Nodes.

n is the total number of nodes controlled by the attacker
t is the total number of Masternodes in the network
r is the depth of the chain
The selection of Masternodes is random

Considering the limited supply of DASH (5.3 million at the time of writing) and the low liquidity available on the market, it becomes an impossibility to attain a large enough number of Masternodes to succeed at such an attack.

Extending the system by blinding Masternodes to the transactions taking place on their node will also greatly enhance the security of the system.

3.6 Masternode Blinding via Relay System

In section 3.4 we describe the probabilities of following a single transaction through multiple sessions of Darksend mixing.
This can further be addressed by blinding Masternodes, so they can’t see which inputs/outputs belong to which users.
To do this we propose a simple relay system that users can use to protect their identity.

Instead of a user submitting the inputs and outputs directly into the pool, they will pick a random Masternode from the network and request that it relays the inputs/outputs/signatures to the target Masternode. This means that the Masternode will receive N sets of inputs/outputs and N sets of signatures. Each set belongs to one of the users, but the Masternode can’t know which belongs to which.

4 Instant Transactions via InstantX

By utilizing Masternode quorums, users are able to send and receive instant irreversible transactions. Once a quorum has been formed, the inputs of the transaction are locked to only be spendable in a specific transaction, a transaction lock takes about 4 seconds to be set currently on the network.
If consensus is reached on a lock by the Masternode network, all conflicting transactions or conflicting blocks would be rejected thereafter, unless they matched the exact transaction ID of the lock in place.

This will allow vendors to use mobile devices in place of traditional POS systems for real world commerce and users to quickly settle face­to­face non commercial transactions as with traditional cash.
This is done without a central authority.
An extensive overview of this feature can be found in the InstantX white paper[ 10].

5 Additional Improvements

5.1 x11

x11 is a widely used hashing algorithm, which takes a different approach, known as algorithm chaining.
x11 consists of all 11 SHA3 contestants[ 13], each hash is calculated then submitted to the next algorithm in the chain.
By utilizing multiple algorithms, the likelihood that an ASIC is created for the currency is minimal until a later part of it’s life cycle.

In the life cycle of Bitcoin, mining began with hobbyists which used CPUs to mine the currency, then shortly after GPU software was created, which quickly replaced the CPUs.
Years after the GPUs cycle, ASICs or Application Specific Integrated Circuits were created, which quickly replaced the GPUs.

Due to the complexity and die size required to create an ASIC for mining x11, we expect that it will take considerably longer than it did in Bitcoin, allowing for hobbyists to take part in the mining for a longer period of time.
We believe this is highly important for good distribution and growth of a cryptocurrency.

Another benefit of the chaining hashing approach is high end CPUs give an average return similar to that of GPUs.
Also GPUs have been reported to run 30­50% cooler, with less wattage than the Scrypt algorithm used by most current crypto­currencies.

5.2 Mining Supply

A different approach to restricting the inflation of mining is taken in Dash, using a 7% reduction of the supply per year.
This is done as opposed to halving implemented by other currencies.
In addition supply each block is directly tied to the amount of miners on the network; more miners result in lower mining rewards.

Production of Dash is scheduled to carry on throughout this century and onto the next, slowly grinding down until finally near the year 2150, production will cease.

Figure 6: Mining Reward Schedule

5 Conclusion

This paper introduces various concepts to improve the design of bitcoin resulting in improved privacy and fungibility for the average user, less price volatility and quicker message propagation throughout the network.
This is all accomplished by utilizing an incentivized two­tier model, rather than the existing single­tier model in other crypto­currencies such as Bitcoin.
By utilizing this alternative network design it becomes possible to add many types of services such as decentralized mixing of coins, instant transactions and decentralized oracles using masternode quorums.


1. A peer­to­peer electronic cash system (2008)

2. http://eprints.qut.edu.au/69169/1/Boyen_accepted_draft.pdf

3. https://www.cryptocoinsnews.com/3­solutions­instant­bitcoin­confirmations/

4. http://research.microsoft.com/pubs/156072/bitcoin.pdf

5. http://www0.cs.ucl.ac.uk/staff/s.meiklejohn/files/imc13.pdf

6. https://getaddr.bitnodes.io/nodes/incentive/

7. https://medium.com/zapchain­magazine/why­don­t­people­run­bitcoin­nodes­anymored4da0b45aae5

8. https://dashninja.pl/

9. https://www.dashpay.io/wp­content/uploads/2014/09/InstantTX.pdf

10. https://github.com/dashpay/dash/blob/master/src/Masternode­pos.cpp,

11. https://blockchain.info/tx/4eb3b2f9fe597d0aef6e43b58bbaa7b8fb727e645fa89f922952f3e57ee6d603

12. https://blockchain.info/tx/1694122b34c8543d01ad422ce600d59f8d8fde495ac9ddd894edc7139aed7617

13. http://en.wikipedia.org/wiki/NIST_hash_function_competition#Finalists

14. http://www.tik.ee.ethz.ch/file/49318d3f56c1d525aabf7fda78b23fc0/P2P2013_041.pdf


* https://www.youtube.com/watch?v=hm7IYkgIOXc,

dashnet'Blockchain (dashbcn)

dashbcn'Block-Explorer (dashbex)

* https://chainz.cryptoid.info/dash/
* Block#1 https://chainz.cryptoid.info/dash/block.dws?1.htm,

dashnet'Exchange-value-unit.Consensus (DASHcevu)

Dash is a cryptocurrency previously known as Darkcoin or XCoin.
It uses a coin-mixing service called Darksend that prevents transactions from being traced and adds privacy to the network.
Quick confirmation makes Dash payments an effective way to send money worldwide.
Two-Tier network opens new possibilities to integrate various services unavailable for other currencies.
Dash (formerly known as Darkcoin) is an open source peer-to-peer cryptocurrency that uses a system called Darksend to add privacy to transactions.[1] It was rebranded from "Darkcoin" to "Dash" on March 25, 2015, a portmanteau of "Digital Cash".[2]

Dash uses a chained hashing algorithm approach called X11 for the proof-of-work. Instead of using the SHA-256 (from well-known Secure Hash Algorithm family) or scrypt it uses 11 rounds of different hashing functions.[3]

With chained hashing, high end CPUs give an average return similar to that of GPUs. Another side effect of the algorithm is that GPUs run at about 30% less electrical power than scrypt and 30% to 50% cooler, putting less stress on the computing setup and ensuring lower energy bills for miners.[4]

* cpt.Crypto-token.DASH,
* cpt.Darkcoin,
* cpt.DASH-evuc,
* cpt.DASH-(Dash-token),
* cpt.Dash-token-(DASH),

* consensus-token,


* https://poloniex.com/
* https://www.xbtce.com/
* https://btc-e.com/
* https://www.livecoin.net/
* https://exmo.com/
* https://bittrex.com/
* http://www.btc38.com/

dashnet'Governance-system (dashdgbb)

Governance in a decentralized project is difficult, because by definition there are no central authorities to make decisions for the project.
In Dash, such decisions are made by the network, that is, by the owners of masternodes.
The DGBB system allows masternodes to vote for or against proposals, which can then be implemented (or not) by Dash’s developers. A key example is early in 2016, when Dash’s Core Team submitted a proposal to the network asking whether the blocksize should be increased to 2 MB. Within 24 hours, consensus had been reached to approve this change. Compare this to Bitcoin, where debate on the blocksize has been raging for nearly three years.
DDGB consists of three components: Proposals, Votes, and Budgets.
Anyone can submit a Proposal for a small fee.
Shareholders (owners of network Masternodes) cast votes for or against proposals.
Approved Proposals become Budgets.
Budgets are paid directly from the blockchain.

* cpt.Decentralized-Governance-By-Blockchain-(DGBB),
* cpt.DGBB-(Decentralized-Governance-By-Blockchain),

Dash names the system Decentralized Governance by Blockchain (DGBB ) and since DGBB’s release in August 2015 all Dash operations have been under the control of the Dash network via the DGBB system, with new proposals made and funded each month autonomously by the network.
In fact since the inception of this system, the Dash network has funded the promotion of Dash conferences around the world, acquired high­value property directly from the blockchain (dash.org) and many other projects that were important to the long term success of the ecosystem.

Recently, new blockchains equipped with built in governance system tried to cope with this problem. Dash is the forerunner to implement governance system in their blockchain. Dash, who call themselves as the “First Self Governing, Self Funding Protocol”,proposed a decentralized management system based on the masternode voting mechanism in 2015. Dash has been steadily developed using this governance system. Recently the price of Dash surpassed over $100 (March 16th, 2017). A stable governance structure may be the reason for the increased value.

Governance and Funding[edit]
Dash is the first decentralized autonomous organization powered by a Sybil proof decentralized governance and funding system.[3]
DGBB or Decentralized Governance By Blockchain as it's called is a decentralized process by which the network determines where money is spent.
Each Masternode operator is given the ability to use 1 vote on each governance proposal, which is a completely open and decentralized process.[15]
Community interaction with proposal submitters is done usually through community driven websites, like DashWhale.[16]
These websites allow proposal submitters to provide multiple drafts, then lobby for community support before finally submitting their project to the network for a vote.
After the submitter has enough support, the network will automatically pay out the required funds in the next super block, which happen monthly.
Although, only in use a few months, the funding system has seen growth of it's month revenue, from originally ~$14 thousands in September 2015, to nearly $30 thousands in March 2016.[17]
Eventually the budget system can theoretically scale to $9M per month at a market cap of $500M.[18]
Since it's inception, the project has used the system for important assets like acquiring dash.org,[19] adoption into the Lamassu ATM[20][21] and the Dash N' Drink instant soda machine,[22] along with funding many public events.[23][24][25]


The DGBB also provides a means for Dash to fund its own development. While other projects have to depend on donations or premined endowments, Dash uses 10% of the block reward to fund its own development. Every time a block is mined, 45% of the reward goes to the miner, 45% goes to a masternode, and the remaining 10% is not created until the end of the month. During the month, anybody can make a budget proposal to the network. If that proposal is approved by at least 10% of the masternode network, then at the end of the month a series of "superblocks" will be created. At that time, the block rewards that were not paid out (10% of each block) will be used to fund approved proposals. The network thus funds itself by reserving 10% of the block reward for budget projects.

* cpt.Dash-funding,
* cpt.Dashnet'funding,


Governance in a decentralized project is difficult, because by definition there are no central authorities to make decisions for the project.
In Dash, such decisions are made by the network, that is, by the owners of masternodes.

dashdgbb'Proposal (dashppl)

During the month, anybody can make a budget proposal to the network. If that proposal is approved by at least 10%* of the masternode network, then at the end of the month a series of "superblocks" will be created. At that time, the block rewards that were not paid out (10% of each block) will be used to fund approved proposals. The network thus funds itself by reserving 10% of the block reward for budget projects.
*The actual calculation is (YES VOTES - NO VOTES) > (Total Number of Masternodes / 10)

* cpt.Dashppl,


The following information is required to create a proposal:
proposal-name -- a unique label, 20 characters or less
url -- a proposer-created webpage or forum post containing detailed proposal information
payment-count -- how many cycles the proposal is requesting payment
block-start -- the requested start of proposal payments
dash-address -- the address to receive proposal payments
monthly-payment-dash -- the requested payment amount


* https://proposal.dash.org/


Budgets are proposals which receive 10% of the possible votes (currently about 410 out of 4100) more yes votes than no votes.
Budgets can be nullified at any time if vote totals (cast or re-cast) fall below the approval threshold.
Budgets are processed (paid) in order of yes minus no votes. More popular budgets get payment priority.
Approximately 7500 dash (in 2016) are available for each budget cycle, declining by %7.1 per year.

* cpt.Dash-budget-proposal,


Votes are cast by Masternode owners.
Votes can be changed at any time.
Votes are counted approximately every 28.8 days. (16616 blocks)


* https://www.dash.org/governance/
* https://dashpay.atlassian.net/wiki/pages/viewpage.action?pageId=84672534,

dashnet'Statistics (dashstat)

* cpt.Dashnet'statistics,
* cpt.Dash-network-statistics,

* https://dash-stats.firebaseapp.com/

dashnet'Wallet (dashwlt)

* cpt.Dashwlt,
* cpt.Dashwallet,

* blockchain-wallet,

* DashCore-wallet,
* Electrum-wallet,
* Mobile-wallet,
* Hardware-wallet,
* Paper-wallet,
* Online-wallet,

* https://dashpay.atlassian.net/wiki/pages/viewpage.action?pageId=1146941,

dashnet'Human (dashhmn)

* cpt.Dashhmn,
* cpt.Dashnet'human,

* https://www.dash.org/team/


* https://www.dash.org/
* https://github.com/dashpay/dash,
* https://www.dashcentral.org/gettingstarted,
* {2016-05-03} http://cointelegraph.com/news/dash-aims-to-surpass-bitcoin-and-become-the-future-of-money,
* {2014-03-29} https://www.dash.org/forum/threads/the-birth-of-darkcoin.162/


dashnet.EVOLUTION (v13)

In the third major iteration of Dash named Dash Evolution (v13), additional architectural and functional improvements are being developed such as
the addition of a 3rd network tier (T3) comprised of a decentralized API (DAPI) that provides users with trustless remote­access via direct HTTP and RPC connections into the Dash network that are serviced by randomly comprised Masternode Quorums,
a decentralized wallet protocol that enables users to buy merchandise from the web in a trustless way (DashPay) without the need to host their own full­node or use a centralized payment gateway,
a 2nd­tier high­performance shard­based file­storage system that provides improved methods for transaction confirmation and double­spend prevention (DashDrive),
Primitives for representing users and accounts as objects to enable users to connect and transact with friends using aliases and rate each other to build trust networks (Social Wallet),
decentralized network administration by Masternode operators (DNA),
a new dynamic query language for use across Dash Evolution components providing an extensible object­based cross­tier communications standard (DSQL),
addition of a historical chain of all signatures used on the Masternode network for use in secure quorum selection (Quorum Chains),
improved Privacy architecture,
automatic instant transactions (AutoIX) and
rated­services provided by network operators such as fiat converters.

* cpt.Dash-Evolution,

Bcn-net.time.FairCoop (FAIRnet {2014-01-07})

Cpt-created: 2015.08, 25,

Faircoin, the Faircoop ecosystem cryptocurrency
FairCoin is the monetary base system for FairCoop.
The key purposes of FairCoin is to be used as a tool for economic redistribution, increasing justice, the empowerment of grassroots groups, the transformation of social and economic relations and the creation of commons.

* cpt.Bcn-net.FairCoop,
* cpt.FairCoop-network,
* cpt.Fairnet,
* cpt.Faircoin-network,


FairCoin V2 white paper {2015.05}

* https://chain.fair-coin.org/download/FairCoin2-Draft.pdf,

FairCoin V2 white paper
Document version 1.0
Thomas Kφnig, May 2015

FairCoin is the monetary base system for FairCoop The Earth Cooperative for a Fair Economy (see https://fair.coop).
In FairCoop we develop tools and transfer knowledge that enable everybody to participate in a fair global economy.
The existing version of the FairCoin wallet relies on mining and minting technology to secure the block chain.
The problem is that neither mining nor minting can truly be considered fair, because both confer an advantage on the already rich.
Therefore we decided to create a new version of FairCoin which corrects these issues.

With FairCoin2 (in short FC2) we can create block chain-based software that is fair, secure and power-saving.
It is based on cooperation and not on competition.

It is built on the code-base of a recent version of the Bitcoin core client.
This enables us to benefit from the latest developments made by the dedicated Bitcoin developers.
Also the comprehensive infrastructure that already exists around Bitcoin can be adopted for FairCoin with minimal effort.

This document describes the design concepts we have implemented in FairCoin2.
Some knowledge about how Bitcoin works is required to fully understand the contents of this document.
The first paragraphs provide a rather high-level view of the FC2 concept and the further you read the more technical and detailed it becomes.

1 Overview

In contrast to other cryptocurrencies FC2 does not implement any mining or minting (aka. staking) functionality, which are both competitive systems.
Block generation is instead performed by so-called certified validation nodes (in short CVN).
These nodes cooperate to secure the network.
To run a CVN one needs to complete a certification procedure which is called node certification procedure (in short NCP) that is operated by FairCoop (https://fair.coop/node-certificationprocedure/).
The requirements to operate such a node are described in chapter 3.1.
Please note that definition of the NCP is out of the scope of this document and will be defined in a separate document.
In the long run the NCP should be powered by a reputation system.

There is no reward for block creation (no coinbase/stake transaction).
Therefore the money supply does not change over time and is fixed at the time we migrate to FC2.
Nevertheless, the transaction fees go to the respective block creators to compensate their efforts for running a CVN.

Certain chain parameters, e.g. the transaction fee will be dynamically adjustable (without the need of releasing a new wallet version) by democratic community consensus.
The FairCoin team needs the approval (digital signatures) of a high percentage of all the active CVN.

2 Block generation

Block generation takes place in a collaborative way.
All CVN work together to bundle pending transactions into transaction blocks.
These blocks can only be created by CVN every 3 minutes.
Which CVN will generate the next block is determined by its time-weight.
The time-weight describes how much time has passed since a CVN created its last block.
If for example CVN A created a block 50 blocks ago and CVN B created it 55 blocks ago CVN B will be chosen to create the next block in the network.
There can always only be exactly one CVN with the highest timeweight.
If a new CVN joins the network for the first time it will be elected to create the next block.
Between two blocks only one new CVN can join in.

Block generation is performed in 3 phases.
New transactions are accepted during all these phases.

2.1 Transaction accumulation phase

In this phase all nodes relay transactions they receive from other nodes to any node they are currently connected to.
This phase lasts at least 170 sec.
If there are no pending transactions in the network it takes as long as the next transaction hits the network.
In other words, this phase only ends when there is at least 1 pending transaction in the network.

2.2 Time-weight announcement phase

In this phase each CVN determines its own time-weight based on the local block chain information and announces it to all other connected nodes.
Announcement messages are relayed by all nodes just like transactions.
The higher the nodes time-weight the sooner the announce message is sent to the network according to the following simple formula:


delay is the time in seconds to wait before a CVN sends its own time-weight
otw is the CVN calculated own time-weight
tn is the total number of active nodes
10 is the constant of ten seconds, which is the duration of this phase

This will greatly reduce the amount of announcement packets sent over the network because if a CVN receives and correctly validates a time-weight announcement message from an other node with a higher time-weight it will not send its weight to the network.

Every CVN verifies that each time-weight announcement it receive is correct using the local block chain data (bogus announcements are discarded and a DoS ban score of 50 is proposed).

Time-weight announcements are used to determine the node with the highest time weight that is currently connected to the network.

This phase starts 10 sec. before the actual block target time.

2.3 Block creator election phase

This phase starts right after the Time-weight announcement phase.
Every CVN determines the CVN with the greatest time-weight according to the announcements it received.
It then signs and sends their candidate vote message to the network, which is relayed by every node just like transactions.

This phase has no defined length.
It stops once the elected CVN has received enough vote messages for its own id from over 90% of all active nodes.
This is the point in time when the collaboratively-elected CVN finally creates the next block in the chain containing all pending transactions from the so called “rawmempool”.
Also parts of the signed vote messages are incorporated into the block to prove that optimally 100% but at least 90% of all active connected nodes agreed on the elected CVN.

3 Certified validation nodes (CVN)

The aim of the CVNs is to secure the network by validating all the transactions that had been sent to the network and put them into a transaction block chain.
Blocks are created each 3 minutes (180 sec.).
Transactions are confirmed after they have been added to a block.
If there are no pending transactions no further blocks are created, which will not happen anymore after FairCoin has been widely adopted.

A CVN is a standard FairCoin core client configured with additional information namely certification data issued by FairCoop which “upgrades” it to a CVN.
Every node will be assigned a unique id.

3.1 Requirements for running a CVN:

Every entity running a CVN must agree upon the following technical requirements and must carry the responsibility to full fill these rules.

1. The system must be connected to the Internet all the time (24/7) and the TCP port 46392 must be reachable by all remote nodes from the Internet
2. The system must use a public NTP server to synchronize its system time to, preferably pool.ntp.org to ensure that the system time is always correct
3. The entity must have an account at the FairCoop web site
4. The wallet software must be configured with certification data issued by FairCoop

Further requirements might be defined after public discussion.
But this will be subject to the NCP document.

4 Node certification

But why would we need certification at all?
A decent certification procedure ensures that a high percentage of all CVNs are honest creator nodes.
At the moment the author sees no easy way of ensuring that each node has only one identity without a well established reputation system.
If every node was a creator node a skilled attacker could modify the client software in such a way to create thousands of different identities and could then perform numerous different attacks against the network.

5 Transaction fees

The transaction fees go to the node which created the block.
Transaction fees exist to avoid block chain spam and give block creators a small reward for taking the effort to leave their node running and pass through the certification procedure.
Fees should be dynamically adjustable to satisfy any change in the value of FairCoin.



* https://chain.fair-coin.org/chain/FairCoin,
* BlockH0: https://chain.fair-coin.org/block/f1ae188b0c08e...4ff02d5293538275bacdbcb05ef275,

fairnet'Exchange-value-unit.Consensus (FAIRevuC)

FairCoin is the monetary base system for FairCoop. We constantly drive development of the FairCoop/FairCoin ecosystem further and shape the individual components to fit our vision: building tools to enable everyone to participate in a fair economy on a global scale.

We decided to create a new version of FairCoin which corrects issues we encountered. The current version of FairCoin relies on PoS (proof-of-stake) which cannot be considered fair, because it confer an advantage on the already rich. Therefore we needed to come up with a new way to secure the network. We call it PoC (proof-of-cooperation). This innovation will finally make FairCoin fair, secure, and sustainable.

The draft we present here is meant to start a discussion on what the new version would look like. Many hours of voluntary work have already been put into building the basic concept and the white paper. The focus of the draft paper is mainly on the technical and implementation side of the FairCoin2 project. Many more aspects besides the technical have to be taken into account and elaborated on.

So, here it is the first draft of the FairCoin V2.0 white paper. Enter the fair dimension of cryptocurrency and download the PDF file now.
FairCoin (FAIR)
$0.037195 (1.64%)
0.00003150 BTC (0.58%)
Rank 116
Market Cap
1,671 BTC
Volume (24h)
1.93 BTC
Circulating Supply
53,040,622 FAIR
[https://coinmarketcap.com/currencies/faircoin/] {2017-04-16}

* cpt.Crypto-token.FAIR,
* cpt.FAIR-(Faircoin-token),
* cpt.Faircoin-token-(FAIR),





* https://fair-coin.org/
* https://fair.coop,

Bcn-net.time.Emercoin (EMCnet {2013-12-11})

A World of Blockchain Services
Emercoin's decentralized blockchain is used by a growing number of innovative services. Official services include EMCSSH (PKI management for system admins), EMCLNX (text advertising network), EMCSSL (passwordless website logins), InfoCard (business card / profile management), Magnet (torrent links), EMCTTS (digital timestamps) and EMCDPO (proof of ownership). For more information, see the "Technology" and "Guides" sections of this website.
Emercoin (EMC) - Cryptocurrency with hybrid POS + POW mining.
- Total Supply: Algorithmically increasing at approx. 6% per year (see latest stats).
- POS reward: approx. 6% annual with 30 day coin maturity.
- POW Algorithm: SHA-256.
- Block speed: 10 minute average.
- Initial POW block reward: 5020 EMC, decreasing depending on difficulty.
- POW difficulty is recalculated each block.
- Confirmations for new block: 32
Focused mostly on production of coins by POS as POW difficulty will gradually increase.
Energy-conservative POS mining algorithm is at the core of EMC.

* cpt.EmcNet,
* cpt.Emercoin-network,
* cpt.NetEmc,

* Hybrid-pos-pow-blockchain-network,



* https://emcblock.info/
* https://emercoin.mintr.org/
* BlockH1 https://emcblock.info/block/00000000cd...2f09d564da3ee05fa69f8db9ee3d119c23c6,

emcnet'Exchange-value-unit.Consensus (EMCevuC)

* cpt.Crypto-token.EMC,
* cpt.EMC-evuC,
* cpt.EMC-(Emercoin-token),
* cpt.Emercoin-token-(EMC),

emcevuC'Exchange-rate (emcexr)

* https://coinmarketcap.com/currencies/emercoin/


EMC is the currency which is used to transact on the Emercoin network and pay network fees for blockchain services. The easiest way to obtain EMC is to buy it on an exchange, however EMC can also be earned through mining or by selling goods and services.


* http://emercoin.com/,
* https://wiki.emercoin.com/en/EMW,



In addition to being used for the payment of goods and services, Emercoin provides a platform for a wealth of novel applications such as decentralized domain names and an advertising network. How you decide to use Emercoin is really up to your imagination.

Bcn-net.time.Nxt (NXTnet {2013-11-24})

Cpt-created: {2015-08-13}

Nxt is more than just a digital currency. It’s the infrastructure for a digital economy.
Nxt makes sending money as easy as sending an email. But it’s far more than a digital currency. It’s a platform for transactions of all kinds and the foundation of something much bigger than P2P cash.

* cpt.NetNext,
* cpt.NetNxt,
* cpt.Nxt-platform,
* cpt.Nxtnet,
* cpt.SihNxt,


* Exchange-value-unit-blockchain-network,

nxtnet'Blockchain (nxtbcn)

nxtbcn'Block-Explorer (nxtbex)

* https://www.mynxt.info/blockexplorer/
* Block#1 https://mynxt.info/block/1,
* https://nxtportal.org/monitor/
* http://www.peerexplorer.com/

nxtnet'Exchange-value-unit (nxtevu)

The Nxt Monetary System allows you to create and trade user-defined Tokens called Currencies.

Currencies are a specific class of Asset which have several extra parameters, such as the ability to back them with the NXT crypto-currency to stabilise their value.

Monetary System currencies can be freely traded both within the Nxt system using the decentralized Exchange Booth feature and outside the Nxt core on external exchanges or projects that support the MS Currency system

The Monetary System allows an individual or project that needs a digital currency to quickly create one ‘off the shelf’ and then immediately begin using it, taking advantage of the established Nxt blockchain, software and network.

nxtevu.Ardor (ARDRevu)

Ardor ARDR
Ardor is a scalable blockchain platform based on Child Chains, allowing to build cost-savvy and stable decentralized applications for any purposes.
Ardor is powered by the cryptocurrency of the same name, based on the NXT blockchain technology.

* cpt.Ardor-evu,
* cpt.ARDRevu,

* https://www.ardorplatform.org/

nxtnet'Exchange-value-unit.Consensus (NXTevuC)

Next NXT
The developers of Nxt deem it a second-generation cryptocurrency dramatically different from Bitcoin and all the altcoins.
It is written from scratch, based on PoS mechanism and can be considered an eco-friendly coin as it does not require great amounts of hashing power.
Its efficient feature "Transparent Forging" minimizes the transaction time as it determines which server node will generate the next block, so the transaction is sent straight to this node.

* cpt.Crypto-token.NXT,
* cpt.Nxt-token-(NXT),
* cpt.NXT-(Nxt-token),

Nxt (NXT)
$0.020194 (3.77%)
0.00001656 BTC (4.36%)
Rank 36
Market Cap
16,539 BTC
Volume (24h)
250.79 BTC
Circulating Supply
998,999,983 NXT
Max Supply
1,000,000,000 NXT
[https://coinmarketcap.com/currencies/nxt/] {2017-04-22}
Nxt is an open source[5] cryptocurrency and payment network launched in November 2013 by anonymous software developer BCNext.[6] It uses proof-of-stake to reach consensus for transactions - as such there is a static money supply and no mining as with Bitcoin. Nxt is specifically conceived as flexible platform to build applications and financial services around.[7] It has an integrated asset-exchange[8] (comparable to shares), messaging system and marketplace. Users can also create new currencies within the system. The last major release enabled Multisignature capabilities and a plugin-system for the client.[9]


Nxt is a scam because all Nxt coins are pre-mined:
First, it's important to note that Nxt is a 100% Proof-of-Stake (PoS) coin.
The only way to implement this form of currency is to issue all available coins in the genesis block.
To do otherwise would force the implementation of some form of Proof-of-Work scheme in order to prevent attacks on the network that "fake" stake.
Since the creator of Nxt wanted a 100% PoS platform, this was not a desirable course of action.
Second, the term "pre-mined" is a misnomer because Nxt coins are not being mined at all.
The original stakeholders in Nxt contributed Bitcoin in order to seed the creation of the 1 billion coins represented in the genesis block, and these coins were distributed among the original stakeholders.
The stakeholders are expected to distribute coins by donating them, using them as "bounties" to pay for work on the coin (software, documentation, translations, support, etc.) that is done by the community.
Even the creator of Nxt (BCNxt ) made an investment.
The coins were not generated from nothing!
Third, the creation of the genesis block was fully public, and all of the original account numbers and their assigned amounts of Nxt are visible: see https://bitcointalk.org/index.php?topic=303898.msg3652710#msg3652710

Why is it called forging instead of mining?
With Bitcoin and many other cryptocurrencies, the act of securing and verifying the blockchain results in new coins being created. With Nxt, however, all possible coins already exist, and accounts earn coins from transaction fees alone. As a result, it was felt that a new word - "forge" - was needed to describe the manner in which coins are earned.



What is the difference between the Nxt Server and Nxt Client?
The Nxt Server is the software that implements the core features of Nxt. When we talk about "version 1.1.2 of Nxt" being released, we are talking about the server. It is written in Java, and runs on a command-line interface. The Nxt Client is the web-based interface you use when interacting with Nxt at (or http://localhost:7876/). Developers keep working on new clients for all platforms (even mobile devices!). It's likely that most client softwares will also include the core server software so that you can easily set up and operate Nxt.

* http://nxtwiki.org/wiki/For_Programmers,
* https://bitbucket.org/JeanLucPicard/nxt/src,


Where is my wallet?
Unlike Bitcoin or other altcoins, there is no local wallet with Nxt. More specifically, the coin uses a "brain wallet", which is to say that wallets are decentralized and kept on the network. When you create an account in Nxt, your secret passphrase is used to create your account number. Once your account number is generated, you can unlock it and access it by using your passphrase on any running Nxt node.


Improved security. This property also protects the network from the problems of mining power being concentrated in a few big pools or organisations, which renders it vulnerable to a ‘51 percent’ attack. Nxt’s proof-of-stake means that even if one person owns 90 percent of all the coins available, the network remains secure.



BCNext is the founder of Nxt and wrote the initial version of Nxt's code. BCNext saw Bitcoin as a failed attempt to create a digital economy and so created Nxt as a platform to build a digital economy upon. He first appeared on Bitcointalk with a post announcing Nxt on 28th September 2013 and was a self-declared Sockpuppet of a long-standing Bitcointalk member. BCNext was involved in the early development of Nxt but their last post was on the 8th November 2013. BCNext then began to communicate through Come-from-Beyond. BCNext left the project once he was satisfied the community had established itself in April/May 2014. Come-from-Beyond now has his notes and planned implementation of the announced and unannounced features of Nxt.

* cpt.BCNext,


Come-from-Beyond is an important developer for the initial implementation of Nxt and is a continuing forum member and Nxt development contributer. He was originally employed on contract directly by BCNext from the start of Nxt in late 2013. After BCNext stopped posting from the BCNext account, he was the conduit through which BCNext communicated. Come-from-Beyond’s contract came to an end on the 3rd April 2014, the day before the beginning of George Orwell’s book ‘1984’. He now works as freelance developer to complete the ideas BCNext passed on, and to build his own projects on top of the Nxt Platform.


Nxt's founders are the 73 people who sent bitcoin to secure an initial stake in Nxt.
All of Nxt's coins were generated on November 25, 2013 and distributed in the genesis block to the founders, based on the amount of bitcoin sent.



Nxt Multigateway
Litebit (buy with IDEAL)


NXT Foundation
Mauvestraat 44-4
Amsterdam, MA 1073RM


* http://nxt.org/
* https://cointelegraph.com/news/nxtardor-platform-to-make-blockchain-cheaper-and-safer, {2016-07-27}
* http://nxt.org/about/what-is-nxt/
* https://en.wikipedia.org/wiki/Nxt,


Nxt takes a different approach.
Instead of building on the Bitcoin protocol, Nxt started with a vision of a radical new digital economy and was designed from the ground up to create a platform to realise it.
Not only does it open up new possibilities – everything from digital cash and property ownership records to smart contracts and online transfer of stocks and shares – but it addresses all of the most serious deficiencies in existing cryptocurrencies.
Most altcoins aim to fix one or two of these.
Nxt was developed to allow a sustainable, fair and versatile platform that would benefit everyone.
Nxt is an open source[5] cryptocurrency and payment network launched in November 2013 by anonymous software developer BCNext.[6] It uses proof-of-stake to reach consensus for transactions - as such there is a static money supply and no mining as with Bitcoin. Nxt is specifically conceived as flexible platform to build applications and financial services around.[7] It has an integrated asset-exchange[8] (comparable to shares), messaging system and marketplace. Users can also create new currencies within the system. The last major release enabled Multisignature capabilities and a plugin-system for the client.[9]


The Nxt Asset Exchange is a peer-to-peer exchange built directly into the Nxt software, allowing secure and fast decentralized trading in Nxt Assets. This eliminates the need to transfer assets or to put trust in an outside agency or business, and as Nxt Assets can be used to represent literally anything (from Bitcoin to coffee beans) there are a wide range of potential investments or trades to be made on the Asset Exchange.


The Nxt Marketplace feature allows you to list items for sale and make sales on the blockchain.

You do not need to rely on external market sites to conduct your business. Instead, transactions are done between seller and buyer directly.


The Nxt Data Cloud is a decentralised data storage system.

In addition to keeping a record of Nxt transactions, the blockchain can also be used to store user-defined data. All forms of data can be uploaded to the Nxt blockchain, providing a secure (and, if desired, permanent) method of storing, retrieving and publishing information. Nxt Messaging makes use of this ability to embed data in the blockchain, and the Data Cloud can be seen as an extension of the Messaging system.

One of the most important features of data storage on the blockchain is that the Nxt blockchain is a permanent and immutable record that provides a tamper-proof time stamp. This allows for legal records (such as contracts) to be embedded in the blockchain, with absolute certainty about the time at which they were created.


The Alias System feature of Nxt essentially allows one piece of text to be substituted for another, so that keywords or keyphrases can be used to represent other things – names, telephone numbers, physical addresses, web sites, account numbers, email addresses, product SKU codes... almost anything you can think of.
For example, you could ask Nxt to associate "search" with "www.google.com". Once this is done, all you have to do to get to Google is type "nxt:search" into a Nxt-capable browser, and it will translate your request in one for "www.google.com".
Immediate applications are simple: you can create an easy-to-remember alias for your Nxt account number, for example. But since the Alias System is open-ended, it can be used to implement a decentralized DNS system, shopping cart applications, and more.
Creating aliases is
A user sends a transaction that states "ThisText = ThatText"
If the alias is to be changed, just send another transaction with a new definition. Only the account that created an alias can change it.

Bcn-net.time.Peercoin (PPCnet {2012-08-19})

Cpt-created: {2013-08-24}

Peercoin seeks to be the most secure cryptocoin at the lowest cost, rewarding all users for strengthening the network by giving them a 1% annual PPC return when minting.
?Built to Last
?The world's first Proof-of-Stake coin.
?Fair Distribution
?No insider pre-sale or instant mining.
?Energy Efficient
?Mint Peercoins on any device.
?Stable and Secure
?Protecting your investment since 2012.

* cpt.Bccnet.peercoin,
* cpt.Peercoin-network,
* cpt.Ppcnet,

* Hybrid-pos-pow-blockchain-network,


ppcprl'White-paper {2012}

* https://peercoin.net/assets/paper/peercoin-paper.pdf,

PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake
Sunny King, Scott Nadal
(sunnyking9999@gmail.com, scott.nadal@gmail.com)
August 19th, 2012


A peer-to-peer crypto-currency design derived from Satoshi Nakamoto’s Bitcoin.
Proof-of-stake replaces proof-of-work to provide most of the network security.
Under this hybrid design proof-of-work mainly provides initial minting and is largely non-essential in the long run.
Security level of the network is not dependent on energy consumption in the long term thus providing an energy efficient and more cost-competitive peer-to-peer crypto-currency.
Proof-of-stake is based on coin age and generated by each node via a hashing scheme bearing similarity to Bitcoin’s but over limited search space.
Block chain history and transaction settlement are further protected by a centrally broadcasted checkpoint mechanism.


Since the creation of Bitcoin (Nakamoto 2008), proof-of-work has been the predominant design of peer-to-peer crypto currency.
The concept of proof-of-work has been the backbone of minting and security model of Nakamoto’s design.

In October 2011, we have realized that, the concept of coin age can facilitate an alternative design known as proof-of-stake, to Bitcoin’s proof-of-work system.
We have since formalized a design where proof-of-stake is used to build the security model of a peer-to-peer crypto currency and part of its minting process, whereas proof-of-work mainly facilitates the initial part of the minting process and gradually reduces its significance.
This design attempts to demonstrate the viability of future peer-to-peer crypto-currencies with no dependency on energy consumption.
We have named the project ppcoin.

Coin Age

The concept of coin age was known to Nakamoto at least as early as 2010 and used in Bitcoin to help prioritize transactions, for example, although it didn’t play much of an critical role in Bitcoin’s security model.
Coin age is simply defined as currency amount times holding period.
In a simple to understand example, if Bob received 10 coins from Alice and held it for 90 days, we say that Bob has accumulated 900 coin-days of coin age.

Additionally, when Bob spent the 10 coins he received from Alice, we say the coin age Bob accumulated with these 10 coins had been consumed (or destroyed).
In order to facilitate the computation of coin age, we introduced a timestamp field into each transaction.
Block timestamp and transaction timestamp related protocols are strengthened to secure the computation of coin age.


Proof-of-work helped to give birth to Nakamoto’s major breakthrough, however the nature of proof-of-work means that the crypto-currency is dependent on energy consumption, thus introducing significant cost overhead in the operation of such networks, which is borne by the users via a combination of inflation and transaction fees.
As the mint rate slows in Bitcoin network, eventually it could put pressure on raising transaction fees to sustain a preferred level of security.
One naturally asks whether we must maintain energy consumption in order to have a decentralized crypto-currency?
Thus it is an important milestone both theoretically and technologically, to demonstrate that the security of peer-to-peer crypto-currencies does not have to depend on energy consumption.

A concept termed proof-of-stake was discussed among Bitcoin circles as early as 2011.
Roughly speaking, proof-of-stake means a form of proof of ownership of the currency.
Coin age consumed by a transaction can be considered a form of proof-of-stake.
We independently discovered the concept of proof-of-stake and the concept of coin age in October 2011, whereby we realized that proof-of-stake can indeed replace most proof-ofwork’s functions with careful redesign of Bitcoin’s minting and security model.
This is mainly because, similar to proof-of-work, proof-of-stake cannot be easily forged.
Of course, this is one of the critical requirements of monetary systems - difficulty to counterfeit.
Philosophically speaking, money is a form of ‘proof-of-work’ in the past thus should be able to substitute proof-of-work all by itself.

Block Generation under Proof-of-Stake

In our hybrid design, blocks are separated into two different types, proof-of-work blocks and proof-of-stake blocks.
Kernel input
Stake input        Stake output (pay to stake owner himself)
Stake input
Figure: Structure of Proof-of-Stake (Coinstake) Transaction

The proof-of-stake in the new type of blocks is a special transaction called coinstake (named after Bitcoin’s special transaction coinbase).
In the coinstake transaction block owner pays himself thereby consuming his coin age, while gaining the privilege of generating a block for the network and minting for proof-of-stake.
The first input of coinstake is called kernel and is required to meet certain hash target protocol, thus making the generation of proof-of-stake blocks a stochastic process similar to proof-ofwork blocks.
However an important difference is that the hashing operation is done over a limited search space (more specifically one hash per unspent wallet-output per second) instead of an unlimited search space as in proof-of-work, thus no significant consumption of energy is involved.

The hash target that stake kernel must meet is a target per unit coin age (coin-day) consumed in the kernel (in contrast to Bitcoin’s proof-of-work target which is a fixed target value applying to every node).
Thus the more coin age consumed in the kernel, the easier meeting the hash target protocol.
For example, if Bob has a wallet-output which accumulated 100 coin-years and expects it to generate a kernel in 2 days, then Alice can roughly expect her 200 coin-year wallet-output to generate a kernel in 1 day.

In our design both proof-of-work hash target and proof-of-stake hash target are adjusted continuously rather than Bitcoin’s two-week adjustment interval, to avoid sudden jump in network generation rate.

Minting based on Proof-of-Stake

A new minting process is introduced for proof-of stake blocks in addition to Bitcoin’s proof-of-work minting.
Proof-of-stake block mints coins based on the consumed coin age in the coinstake transaction.
A mint rate of 1 cent per coin-year consumed is chosen to give rise to a low future inflation rate.

Even though we kept proof-of-work as part of the minting process to facilitate initial minting, it is conceivable that in a pure proof-of-stake system initial minting can be seeded completely in genesis block via a process similar to stock market initial public offer (IPO).

Main Chain Protocol

The protocol for determining which competing block chain wins as main chain has been switched over to use consumed coin age.
Here every transaction in a block contributes its consumed coin age to the score of the block.
The block chain with highest total consumed coin age is chosen as main chain.

This is in contrast to the use of proof-of-work in Bitcoin’s main chain protocol, whereas the total work of the block chain is used to determine main chain.

This design alleviates some of the concerns of Bitcoin’s 51% assumption, where the system is only considered secure when good nodes control at least 51% of network mining power.
First the cost of controlling significant stake might be higher than the cost of acquiring significant mining power, thus raising the cost of attack for such powerful entities.
Also attacker’s coin age is consumed during the attack, which may render it more difficult for the attacker to continue preventing transactions from entering main chain.

Checkpoint: Protection of History

One of the disadvantages of using total consumed coin age to determine main chain is that it lowers the cost of attack on the entire block chain of history.
Even though Bitcoin has relatively strong protection over the history Nakamoto still introduced checkpoints in 2010 as a mechanism to solidify the block chain history, preventing any possible changes to the part of block chain earlier than the checkpoint.

Another concern is that the cost of double-spending attack may have been lowered as well, as attacker may just need to accumulate certain amount of coin age and force reorganization of the block chain.
To make commerce practical under such a system, we decided to introduce an additional form of checkpoints that are broadcasted centrally, at much shorter intervals such as a few times daily, to serve to freeze block chain and finalize transactions.
This new type of checkpoint is broadcasted similar to Bitcoin’s alert system.

Laurie (2011) has argued that Bitcoin has not completely solved the distributed concensus problem as the mechanism for checkpointing is not distributed.
We attempted to design a practical distributed checkpointing protocol but found it difficult to secure against network split attack.
Although the broadcasted checkpointing mechanism is a form of centralization, we consider it acceptable before a distributed solution is available.

Another technical reason entails the use of centrally broadcasted checkpointing.
In order to defend against a type of denial-of-service attack coinstake kernel must be verified before a proof-of-stake block can be accepted into the local database (block tree) of each node.
Due to Bitcoin node’s data model (transaction index specifically) a deadline of checkpointing is needed to ensure all nodes’ capability of verifying connection of each coinstake kernel before accepting a block into the block tree.
Because of the above practical considerations we decided not to modify node’s data model but use central checkpointing instead.
Our solution is to modify the coin age computation to require a minimum age, such as one month, below which the coin age is computed as zero.
Then the central checkpointing is used to ensure all nodes can agree upon past transactions older than one month thus allowing the verification of coinstake kernel connection as a kernel requires non-zero coin age thus must use an output from more than one month ago.

Block Signatures and Duplicate Stake Protocol

Each block must be signed by its owner to prevent the same proof-of-stake from being copied and used by attackers.

A duplicate-stake protocol is designed to defend against an attacker using a single proofof-stake to generate a multitude of blocks as a denial-of-service attack.
Each node collects the (kernel, timestamp) pair of all coinstake transactions it has seen.
If a received block contains a duplicate pair as another previously received block, we ignore such duplicate-stake block until a successor block is received as an orphan block.

Energy Efficiency

When the proof-of-work mint rate approaches zero, there is less and less incentive to mint proof-of-work blocks. Under this long term scenario energy consumption in the network may drop to very low levels as disinterested miners stop mining proof-of-work blocks.
The Bitcoin network faces such risk unless transaction volume/fee rises to high enough levels to sustain the energy consumption.
Under our design even if energy consumption approaches zero the network is still protected by proof-of-stake.
We call a crypto-currency long-term energy-efficient if energy consumption on proof-of-work is allowed to approach zero.

Other Considerations

We modified the proof-of-work mint rate to be not determined by block height (time) but instead determined by difficulty.
When mining difficulty goes up, proof-of-work mint rate is lowered.
A relatively smooth curve is chosen as opposed to Bitcoin’s step functions, to avoid artificially shocking the market.
More specifically, a continuous curve is chosen such that each 16x raise of mining difficulty halves the block mint amount.

Over longer term the proof-of-work mint curve would not be too dissimilar to that of Bitcoin in terms of the inflationary behavior, given the continuation of Moore’s Law.
We consider it wise to follow the traditional observation that the Market favors a low inflation currency over a high-inflation one, despite of significant criticism of Bitcoin from some mainstream economists due to ideological reasons in our opinion.

Babaioff et al. (2011) studied the effect of transaction fee and argued that transaction fee is an incentive to not cooperate between miners.
Under our system this attack is exacerbated so we no longer give transaction fees to block owner.
We decided to destroy transaction fees instead.
This removes the incentive to not acknowledge other minter’s blocks.
It also serves as a deflationary force to counter the inflationary force from the proof-of-stake minting.

We also choose to enforce transaction fees at protocol level to defend against block bloating attack.

During our research we have also discovered a third possibility besides proof-of-work and proof-of-stake, which we termed proof-of-excellence.
Under this system typically a tournament is held periodically to mint coins based on the performance of the tournament participants, mimicking the prizes of real-life tournaments.
Although this system tends to consume energy as well when artificial intelligence excels at the game involved, we still found the concept interesting even under such situation as it provides a somewhat intelligent form of energy consumption.


Upon validation of our design in the Market, we expect proof-of-stake designs to become a potentially more competitive form of peer-to-peer crypto-currency to proof-of-work designs due to the elimination of dependency on energy consumption, thereby achieving lower inflation/lower transaction fees at comparable network security levels.


Many thanks to Richard Smith for helping out with testing and various network/fork
related work.
We would like to thank Satoshi Nakamoto and Bitcoin developers whose brilliant
pioneering work opened our minds and made a project like this possible.


Babaioff M. et al. (2011): On Bitcoin and red balloons.

Laurie B. (2011): Decentralised currencies are probably impossible (but let’s at least make them efficient). (http://www.links.org/files/decentralised-currencies.pdf)

Nakamoto S. (2008): Bitcoin: A peer-to-peer electronic cash system. (http://www.bitcoin.org/bitcoin.pdf)

ppcnet'Concensous-exval-tokent (PPCevuC)

PPCoin (code: PPC), also known as Peercoin and Peer-to-Peer Coin is the first known cryptocurrency based on an implementation of a combined proof-of-stake/proof-of-work system.[1]

As of 2 July 2013, one PPCoin had a value of approximately 0.14 USD, giving PPCoin a money supply with a value of $2.9 million USD, making it roughly level with Namecoin as the third largest cryptocurrency.[3][4][5]
Central bank    None. The PPCoin peer-to-peer network regulates and distributes through consensus in protocol.[1]
Date of introduction    12 August 2012, 17:57:38 UTC
User(s)    International
Inflation    Limited release (Geometric series, rate halves every 4 years), there is also 1% inflation due to the proof-of-stake system.[1][2]
0.001    mPPC (millicoin)
0.000001    µPPC (microcoin)
0.00000001    Smallest unit
Symbol    ?, PPC
Nickname    Peercoin, P2PCoin
Plural    PPCoin, PPCoins
AKA Peercoin or P2P coin.
An altcoin using the proof of stake mechanism in conjunction with proof of work.
Based on a paper produced by Sunny King and Scott Nadal.
Peercoin (PPC)
$0.836138 (-0.66%)
0.00070832 BTC (-1.28%)
Rank 35
Mineable Currency
Market Cap
17,009 BTC
Volume (24h)
217.72 BTC
Circulating Supply
24,013,285 PPC
[https://coinmarketcap.com/currencies/peercoin/] {2017-04-16}

* cpt.Crypto-token.PPC,
* cpt.Peercoin-token-(PPC),
* cpt.PPC-(Peercoin-token),


* https://chainz.cryptoid.info/ppc/
* Block#1: https://chainz.cryptoid.info/ppc/block.dws?1.htm,
* http://peercoin.net/assets/paper/peercoin-paper.pdf,

Bcn-net.time.Ripple (XRPnet {2012})

Cpt-created: 2015-08-12,

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple Labs. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol,[3] it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples). Released in 2012, Ripple purports to enable "secure, instant and nearly free global financial transactions of any size with no chargebacks." It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.[4][5] At its core, Ripple is based around a shared, public database or ledger,[6] which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.[7] The security of the Ripple consensus algorithm was challenged by rivals in 2014,[8] with Ripple Labs defending the safety of the system.[9] As of 2014, Ripple is the second-largest cryptocurrency by market capitalization,[10][11] after Bitcoin.[12][13][14][15] Currently implemented by companies such as Fidor Bank, the Ripple protocol has been increasingly adopted by banks and payment networks as settlement infrastructure technology,[16] with American Banker explaining that "from banks' perspective, distributed ledgers like the Ripple system have a number of advantages over cryptocurrencies like Bitcoin," including price and security.[17]
A payment network that can be used to transfer any currency (including ad hoc currencies that have been created by users).
The network consists of payment nodes and gateways operated by authorities.
Payments are made using a series of IOUs, and the network is based on trust relationships.

* cpt.NetXrp,
* cpt.Digital-currency-system.ripple, cptIt51.11,
* cpt.Ripple-distributed-network, cptIt51.11,
* cpt.Ripple-network, cptIt51.11,
* cpt.Ripple-system,
* cpt.StmRpl,
* cpt.Xrpnet,

* blockchain-network,


* cpt.Ripple-Transaction-Protocol,
* cpt.Xrpprl,

* https://ripple.com/files/ripple_consensus_whitepaper.pdf,

xrpnet'Node (xrpnod)


Unique Node List (UNL): Each server, s, maintains a unique node list, which is a set of other servers that s queries when determining consensus.
Only the votes of the other members of the UNL of s are considered when determining consensus (as opposed to every node on the network).
Thus the UNL represents a subset of the network which when taken collectively, is “trusted” by s to not collude in an attempt to defraud the network.
Note that this definition of “trust” does not require that each individual member of the UNL be trusted (see section 3.2).

* cpt.Ripple-UNL,


We use the term nonfaulty to refer to nodes in the network that behave honestly and without error.
Conversely, a faulty node is one which experiences errors which may be honest (due to data corruption, implementation errors, etc.), or malicious (Byzantine errors).

* cpt.Xrpnet'malicious-node,


We use the term nonfaulty to refer to nodes in the network that behave honestly and without error.
Conversely, a faulty node is one which experiences errors which may be honest (due to data corruption, implementation errors, etc.), or malicious (Byzantine errors).


Server: A server is any entity running the Ripple Server software (as opposed to the Ripple Client software which only lets a user send and receive funds), which participates in the consensus process.


Proposer: Any server can broadcast transactions to be included in the consensus process, and every server attempts to include every valid transaction when a new consensus round starts.
During the consensus process, however, only proposals from servers on the UNL of a server s are considered by s.

xrpnet'Blockchain (xrpbcn)

The ledger is a record of the amount of currency in each user’s account and represents the “ground truth” of the network.
The ledger is repeatedly updated with transactions that successfully pass through the consensus process.
At its core, Ripple is based around a shared, public database or ledger that has its contents decided on by consensus.[6] In addition to balances, the ledger holds information about offers to buy or sell currencies and assets, creating the first distributed exchange.[53]

* cpt.Xrpnet'database,
* cpt.Xrpnet'distributed-ledger,
* cpt.Xrpnet'public-database,
* cpt.Xrpnet'shared-database,


The Ripple Protocol consensus algorithm (RPCA), is applied every few seconds by all nodes, in order to maintain the correctness and agreement of the network.
Once consensus is reached, the current ledger is considered “closed” and becomes the last-closed ledger.
Assuming that the consensus algorithm is successful, and that there is no fork in the network, the last-closed ledger maintained by all nodes in the network will be identical.

We begin by defining the components of the Ripple Protocol.
In order to prove correctness, agreement, and utility properties, we first formalize those properties into axioms.
These properties, when grouped together, form the notion of consensus: the state in which nodes in the network reach correct agreement.

The strength of a consensus algorithm is usually measured in terms of the fraction of faulty processes it can tolerate.




The last-closed ledger is the most recent ledger that has been ratified by the consensus process and thus represents the current state of the network.


The open ledger is the current operating status of a node (each node maintains its own open ledger).
Transactions initiated by end users of a given server are applied to the open ledger of that server, but transactions are not considered final until they have passed through the consensus process, at which point the open ledger becomes the last-closed ledger.

xrpnet'Exchange-value-unit.Consensus (XRPevuC)

Ripple XRP
Ripple is a digital currency of Ripple payment network created to support fast and secure financial transactions worldwide. This currency is present uniquely within the system and cannot be mined. It helps avoid counterparty risk and serves as the network’s native asset.
XRP is the native currency of the Ripple network that only exists within the Ripple system.[82] XRP are currently divisible to 6 decimal places, and the smallest unit is called a drop with 1 million drops equaling 1 XRP.[82] There were 100 billion XRP created at Ripple's inception, with no more allowed to be created according to the protocol's rules.[83] As such, the system was designed so XRP is a scarce asset with decreasing available supply.[83] Not dependent on any third party for redemption, XRP is the only currency in the Ripple network that does not entail counterparty risk, and it is the only native digital asset. The other currencies in the Ripple network are debt instruments (i.e. liabilities), and exist in the form of balances.[2] Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange. Each Ripple account is required, however, to have a small reserve of 20 XRP[84] (US$0.38 as of January 28, 2014[85]). The purpose for this requirement is discussed in the anti-spam section.
XRP distribution

Of the 100 billion created, 20 billion XRP were retained by the creators, who were also the founders of Ripple Labs. The creators gave the remaining 80% of the total to Ripple Labs, with the XRP intended to fund operations.[83] Ripple Labs also had a short-lived 2013 giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid.[86] As of November 30, 2012, 7.2 billion XRP of Ripple Lab's amounts had been distributed,[87] with some of the amount given to charities such as the Computing for Good initiative, which began offering XRP in exchange for time volunteered on research projects.[88] As of March 2015, 67% of Ripple Labs's original 80% was still retained by the company,[83] with Ripple Labs stating that "we will engage in distribution strategies that we expect will result in a stable or strengthening XRP exchange rate against other currencies."[89] The amount of XRP distributed and their movement can be tracked through the Ripple Charts website.[90]
XRP as a bridge currency

One of the specific functions of XRP is as a bridge currency,[73] which can be necessary if no direct exchange is available between two currencies at a specific time,[91] for example when transacting between two rarely traded currency pairs.[81] Within the network’s currency exchange, XRP are traded freely against other currencies, and its market price fluctuates against dollars, euros, yen, bitcoin, etc. Ripple's design focus is as a currency exchange and a distributed-RTGS, as opposed to emphasizing XRP as an alternative currency.[81] In April 2015, Ripple Labs announced that a new feature called autobridging had been added to Ripple, with the intent of making it easier for market makers to transact between rarely traded currency pairs. The feature is also intended to expose more of the network to liquidity and better FX rates.[92]
XRP as an anti-spam measure

When a user conducts a financial transaction in a non-native currency, Ripple charges a transaction fee. The purpose of the fees is to protect against network flooding by making the attacks too expensive for hackers. If Ripple were completely free to access, adversaries could broadcast large amounts of "ledger spam" (i.e. fake accounts) and "transaction spam" (i.e. fake transactions) in an attempt to overload the network. This could cause the size of the ledger to become unmanageable and interfere with the network’s ability to quickly settle legitimate transactions. Thus, to engage in trade, each Ripple account is required to have a small reserve of 20 XRP,[84] (US$0.38 as of January 28, 2014[85]), and a transaction fee starting at .00001 XRP (US$.0000002 as of January 28, 2014[85]) must be spent for each trade. This transaction fee is not collected by anyone; the XRP is destroyed and ceases to exist.[93] The transaction fee rises if the user posts trades at an enormous rate (many thousands per minute), and resettles after a period of inactivity.[58]

* cpt.Crypto-token.XRP,
* cpt.Ripple-token-(XRP),
* cpt.XRP-(Ripple-token),


Ripple (XRP)
$0.032565 (7.90%)
0.00002665 BTC (8.45%)


XRP is listed on Bitstamp, GateHub and Kraken.


* https://bithomp.com/explorer/


If market conditions permit, we expect our company to hold approximately 50 billion XRP by the end of 2021. This schedule is indicative and discretionary.
[https://ripple.com/xrp-portal/ {2017-01-28}]

TOTAL XRP HELD BY OTHERS 36,856,524,148*
As of January 22nd, 2017
*Total includes business development agreements that are still pending.



Ripple Charts provides visualizations of the information on the Ripple Network, including a live trade feed, trends, and historical metrics. Ripple Charts is available for anyone to use, alter, or embed.


As of 2015, the current release of Ripple Trade is version 0.2.48-3 and the server (known as rippled) is version 0.24.0.[1]




With Ripple Trade, users can trade currency with minimal configuration.
Ripple Trade is available for anyone to use, alter, or embed.


In May 2011 they began developing a digital currency system in which transactions were verified by consensus among members of the network, rather than by the mining process used by Bitcoin, which relies on blockchain ledgers.[21] This new version of the Ripple system[20] was therefore designed to eliminate Bitcoin's reliance on centralized exchanges, use less electricity than Bitcoin, and perform transactions much more quickly than Bitcoin.
To maintain security OpenCoin programmed Ripple to rely on a common ledger that is "managed by a network of independent validating servers that constantly compare their transaction records." Servers could belong to anyone, including banks or market makers.[26]


Original author(s)     Arthur Britto, David Schwartz, Ryan Fugger

* cpt.Ripple'human,
* cpt.Xrpnet'human,

Arthur Britto, for his work on transaction sets,

Jed McCaleb, for the original Ripple Protocol consensus concept,

David Schwartz, for his work on the “failure to agree is agreement to defer” aspect of consensus.



For its creation and development of the Ripple protocol (RTXP) and the Ripple payment/exchange network, the Massachusetts Institute of Technology (MIT) recognized Ripple Labs as one of 2014's 50 Smartest Companies in the February 2014 edition of MIT Technology Review.[99]

* cpt.Ripple-Labs,


Gateways are the businesses that link the Ripple network to the rest of the world.
By becoming a Ripple gateway, existing online financial services, such as payment systems and digital currency exchange, can gain several advantages:
By enabling its users to send and receive value in Ripple, the business increases its value proposition to users.
By accepting payments from the Ripple network, the business increases the number of ways that users can fund accounts at its business, even internationally.
The business can use Ripple-related services as a new source of revenue.

* cpt.Ripple-gateway,


* https://ripple.com/ Join the Global Settlement Network
Instant, certain, low-cost international payments
* https://ripple.com/files/ripple_consensus_whitepaper.pdf,


=== Earthport:
By December Ripple Labs began working with global payments service Earthport, combining Ripple's software with Earthport's payment services system. Earthport's clients include banks such as Bank of America and HSBC, and it operates in 65 countries. The partnership marked the first network usage of the Ripple protocol.[45] In December 2014 alone, the XRP price value rose over 200%, helping Ripple surpass litecoin to become the second biggest crypto-currency, and setting Ripple's market cap at close to half a billion.[46]

In July 2014, Ripple Labs proposed Codius, a project to develop a new smart contract system that is "programming language agnostic."[42]

=== Fidor-Bank:
The first bank to use Ripple was Fidor Bank in Munich, which announced the partnership in early 2014. Fidor is an online-only bank based in Germany.[44]

=== ZipZap partnership:
In October 2013, Ripple partnered further with ZipZap, with the relationship called a threat to Western Union in the press.[37]

=== Ripple Labs Inc:
On September 26, 2013, OpenCoin Inc. changed its name to Ripple Labs Inc.,[25] with Chris Larsen remaining CEO.[35] On the same day the Ripple reference server and client became free software, released as open source under the terms of the ISC License.[2] Ripple Labs continued as the primary contributors of code to the consensus verification system behind Ripple, which can "integrate with banks’ existing networks."[36]

=== XRP-II:
On July 1, 2013, XRP Fund II, LLC (now called simply XRP II)[31] was incorporated as a wholly owned subsidiary of OpenCoin, and headquartered in South Carolina.[31]
The following day, Ripple Labs announced its linking of the Bitcoin and Ripple protocols via the Bitcoin Bridge. The Bitcoin Bridge allows Ripple users to send a payment in any currency to a Bitcoin address

=== OpenCoin:
This led to the conception of a new system by Jed McCaleb of eDonkey network,[23] which was designed and built by Arthur Britto and David Schwartz.[24] In May 2011 they began developing a digital currency system in which transactions were verified by consensus among members of the network, rather than by the mining process used by Bitcoin, which relies on blockchain ledgers.[21] This new version of the Ripple system[20] was therefore designed to eliminate Bitcoin's reliance on centralized exchanges, use less electricity than Bitcoin, and perform transactions much more quickly than Bitcoin.[20] Chris Larsen,[21] who had previously founded the lending services companies E-Loan and Prosper, joined the team in August 2012,[23] and together McCaleb and Larsen approached Ryan Fugger with their digital currency idea. After discussions with long-standing members of the Ripple community, Fugger handed over the reins.[21] In September 2012 the team co-founded the corporation OpenCoin,[21] or OpenCoin Inc.[23][25]

=== RipplePay:
The predecessor to the Ripple payment protocol, Ripplepay, was first developed in 2004 by Ryan Fugger,[18][19] a web developer in Vancouver, British Columbia.[20] Fugger conceived of the idea after working on a local exchange trading system in Vancouver, and his intent was to create a monetary system that was decentralized and could effectively allow individuals and communities to create their own money. Fugger's first iteration of this system, RipplePay.com,[21] debuted in 2005 as a financial service to provide secure payment options to members of an online community via a global network.[20][22]

Bcn-net.time.Litecoin (LTCnet {2011-10-07})

Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Litecoin is an open source, global payment network that is fully decentralized without any central authorities.
Mathematics secures the network and empowers individuals to control their own finances.
Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency.
With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.

* cpt.Litecoin-network,
* cpt.Ltcnet,

ltcnet'Exchange-value-unit.Consensus (LTCevuC)

Cpt-created: 2013-08-24,

Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers with GPUs most people already have. The Litecoin network is scheduled to produce 84 million currency units. One of the aims of Litecoin was to provide a mining algorithm that could run at the same time, on the same hardware used to mine Bitcoins. With the rise of specialized ASICs for Bitcoin, Litecoin continues to satisfy these goals. It is unlikely for ASIC mining to be developed for Litecoin until the currency becomes more widely used.
Litecoin (sign: L; code: LTC) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license.[1] Inspired by and technically nearly identical to Bitcoin (BTC),[2] Litecoin creation and transfer is based on an open source encryption protocol and is not managed by any central authority.[1][3] Litecoin is intended by its developers to improve upon Bitcoin[4] and offers three key differences.[5][6]
Each Litecoin is subdivided into 100,000,000 smaller units, defined by eight decimal places.
Central bank    None. The Litecoin peer-to-peer network regulates and distributes through consensus in protocol.
Date of introduction    7 October 2011
User(s)    International
Inflation    Limited release (geometric series, rate halves every 4 years reaching a final total of 84 million LTC)
0.001    mLTC (millicoin)
0.000001    µLTC (microcoin)
0.00000001    Smallest unit
Symbol    L
Nickname    LTC
Plural    Litecoin, litecoins
Το Litecoin γεννήθηκε το 2011 (2009 το Bitcoin), από έναν απόφοιτο του ΜΙΤ και πρώην εργαζόμενο της Google – θεωρείται δε ως το «ασήμι» της αγοράς, εάν θεωρηθεί ως ο «χρυσός» το Bitcoin. Συνολικά υπολογίζεται να τοποθετηθούν στην αγορά 21 εκ. Bitcoins έως το 2040, καθώς επίσης 84 εκ. Litecoins – ενώ οι συναλλαγές με το δεύτερο είναι κατά πολύ γρηγορότερες (2,5 λεπτά της ώρας), από ότι με το πρώτο (10 λεπτά).

* cpt.Crypto-token.LTC,
* cpt.Litecoin-consensus-exval-token, {2017-03-31}
* cpt.LTC-(Litecoin-token),
* cpt.Litecoin-token-(LTC),
* cpt.Bcn-evu.litecoin,
* cpt.MnyLitecoin,
* Ltccevt, {2017-03-31}


* https://litecoin.com/,
* {2017-05-10} Litecoin Has Now Deployed Segregated Witness: https://bitcoinmagazine.com/,

Bcn-net.time.Namecoin (NMCnet {2011-04-17})

Namecoin is an experimental open-source technology which improves decentralization, security, censorship resistance, privacy, and speed of certain components of the Internet infrastructure such as DNS and identities.
(For the technically minded, Namecoin is a key/value pair registration and transfer system based on the Bitcoin technology.)
Bitcoin frees money – Namecoin frees DNS, identities, and other technologies.

* cpt.Namecoin-network,
* cpt.Nmcnet,

nmcnet'Blockchain (nmcbcn)


* http://explorer.namecoin.info/
* BlockH0: http://explorer.namecoin.info/b/0,

nmcnet'Concensus-evt (NMCevuC)

Cpt-created: 2013-08-24,

Namecoin (NMC)
$0.827300 (-0.32%)
0.00069793 BTC (-1.30%)
Rank 48
Mineable Currency
Market Cap
10,285 BTC
Volume (24h)
105.14 BTC
Circulating Supply
14,736,400 NMC
[https://coinmarketcap.com/currencies/namecoin/ {2017-04-15}]
Namecoin (sign: N; code: NMC) is a cryptocurrency which also acts as an alternative, decentralized DNS, which would avoid domain name censorship by making a new top level domain outside of ICANN control, and in turn, make internet censorship much more difficult, as well as reduce downages.[3][4][5][1][2][6][7][8][9]

Namecoin currently uses the .bit domain, and as of July 2013, 78549 .bit domains have been registered.[1][2][7][10][11] bit domains are not currently awarded, hence to resolve domain names, one must have either a copy of the Namecoin "blockchain" (a decentralized ledger storing all transactions and domains), or access to a public DNS server that participates in the Namecoin system.[1][12]

There is a limit of 21 million Namecoins, and each Namecoin is divisible down to 8 decimal places.[1] As of July 2013, one Namecoin costs around 0.45 USD, making Namecoin roughly level with PPCoin as the third largest cryptocurrency, with a money supply valued at around 2.9 million USD.[13][14][15]
Namecoin - created in 2010, Namecoin is best described as a decentralized name registration database. In decentralized protocols like Tor, Bitcoin and BitMessage, there needs to be some way of identifying accounts so that other people can interact with them, but in all existing solutions the only kind of identifier available is a pseudorandom hash like 1LW79wp5ZBqaHW1jL5TCiBCrhQYtHagUWy. Ideally, one would like to be able to have an account with a name like "george". However, the problem is that if one person can create an account named "george" then someone else can use the same process to register "george" for themselves as well and impersonate them. The only solution is a first-to-file paradigm, where the first registerer succeeds and the second fails - a problem perfectly suited for the Bitcoin consensus protocol. Namecoin is the oldest, and most successful, implementation of a name registration system using such an idea.
An altcoin designed to provide an alternative to the traditional domain name system (DNS).
Users can register .bit domains, accessible via proxy servers, by paying with namecoins.

* cpt.Namecoin,
* cpt.Namecoin-token,
* cpt.NMC-evuC,
* cpt.NMC-token,
* cpt.Nmccevt,

Bcn-net.æternity (AEnet)

æternity is a new type of open-source, public, Blockchain-based distributed computing platform that innovates and expands upon existing platforms such as Bitcoin, Ethereum, and Augur. Real-world data can interface with smart contracts through decentralized oracles[1].True scalability and trust-less Turing-complete state channels sets æternity apart from all other Blockchain 2.0 projects.
It provides a decentralised virtual machine which can execute scripts using an international network of public nodes all connected to the Blockchain and through state channels. æternity also provides a value token called "aeon", which can be transferred between participants and is used to compensate participant nodes for computations performed. aeon, is used to pay for space and computation time on the Virtual-Machine and prevents spam on the network while allocating resources (Storage & Computaion time) proportionally to the incentive offered by the request.
[https://en.wikipedia.org/wiki/AEternity] {2017-05-19}

* cpt.Aenet,
* cpt.Aeternity-network,
* cpt.æternity-network,

* Hybrid-pos-pow-blockchain-network,



* https://blockchain.aeternity.com/%C3%A6ternity-blockchain-whitepaper.pdf,

Æternity blockchain
The trustless, decentralized and purely functional oracle machine
February 6, 2017
Zackary Hess       Yanislav Malahov   Jack Pettersson     
zack@aeternity.com yani@aeternity.com jack@aeternity.com


Since the introduction of Ethereum in 2014 there has been great interest in decentralized trustless applications (smart contracts).
Consequently, many have tried to implement applications with real world data on top of a blockchain.
We believe that storing the application’s state and code on-chain is wrong for several reasons.

We present a highly scalable blockchain architecture with a consensus mechanism which is also used to check the oracle.
This makes the oracle very efficient, because it avoids layering one consensus mechanism on top of another.
State channels are integrated to increase privacy and scalability.
Tokens in channels can be transferred using purely functional smart contracts that can access oracle answers.
By not storing contract code or state on-chain, we are able to make smart contracts easier to analyze and faster to process, with no substantial loss in de facto functionality.

Applications like markets for synthetic assets and prediction markets can be efficiently implemented at global scale.
Several parts have proof-of-concept implementations in Erlang.
Development tools and application essentials such as a wallet, naming and identity system will also be provided.


The intention of this paper is to give a overview of the Æternity blockchain architecture and possible applications.
More detailed papers will be released in the future, specifically for the consensus and governance mechanisms.
However, it should be noted that our architecture is holistic; all components tie together and synergize, in a modular way.

The rest of this paper is broken into four parts.
First, we will introduce and discuss the fundamental theoretical ideas that inform our architecture.
Second, we will discuss the included essential applications, other possible use cases and give intuitions for how to use the platform as a developer.
Third, we will present the current proof-of-concept implementation, written in Erlang.
We conclude with a discussion, including possible future directions and comparisons to other technologies.

I-A. Previous Work

Blockchains, first of all Bitcoin, have shown a new way to architect value exchange on the Internet [ 1].
This has been followed by a number of promising advances: Ethereum demonstrated a way to write Turing-complete smart contracts secured by a blockchain architecture [ 2]; Truthcoin created tools for making oracles on blockchains [ 3], while GroupGnosis and Augur showed how to make them more efficient [ 4]; Casey Detrio showed how to make markets on blockchains [ 5]; Namecoin showed how to make the distributed equivalent of a domain name server [ 6]; Factom showed how a blockchain that stores hashes can be used as a proof of existence for any digital data [ 7].

These technologies show great promise when it comes to providing first-class financial and legal services to anyone.
So far however, they have failed to come together to a unified whole that actually fulfills the promise.
Specifically, all solutions so far have been lacking in at least one of the following respects: governance, scalability, scripting safety and cheap access to real-world data [need cit.].
Æternity aims to improve the state of the art in all of these respects.


We believe that the lack of scalability, scripting safety and cheap access to real-world data of current “smart contract platforms” come down to three core issues.
First, the currently prevailing stateful design makes smart contracts written for the platform hard to analyze( 1 ), and statefulness combined with sequential transaction ordering complicates scalability [need cit.]
Second, the high cost of bringing realworld data into the system in a decentralized, trustless and reliable way complicates or outright prevents the realization of many promising applications [need cit.]
Third, the platforms are limited in their abilities to update themselves, in order to adapt to new technological or economical knowledge.
We believe that each of these three problems have clear solution paths that should be explored.

First, recent research into state channel technology suggests that for many use cases, keeping state on-chain is not necessary [need cit.]
It is very often entirely possible to store all information in state channels, and only use the blockchain to settle any economic results of the information exchange, and as a fallback in the case of dispute.
This suggests an alternative approach to blockchain architecture in which Turing-complete smart contracts exist in state channels but not on-chain.
This increases scalability since all transactions become independent and can thus be processed in parallel.
Additionally, this means that contracts never write to shared state, greatly simplifying their testing and verification.
We believe that this design emphasizes that blockchains are about financial logic rather than data storage; there exist decentralized storage solutions that complement blockchains perfectly.

Second, applications such as Augur have attempted to bring real-world data onto the blockchain in a decentralized way—in the process essentially building a consensus mechanism inside smart contracts [ 8], instead of utilizing the consensus mechanism of the underlying blockchain.
This leads to inefficiencies but doesn’t increase security.
The natural conclusion from this is to generalize the blockchain’s consensus mechanism so that it can provide information not only on the next internal state, but also on the state of the external world.
It could thus be argued that the blockchain’s consensus mechanism determines the result of running what complexity theory dubs an oracle machine: a theoretical machine that is more powerful than a Turing machine because it has answers to some questions that can’t necessarily be computed, such as “Who won football game X?” [need cit.].

Third, it seems natural that the consensus mechanism could also be used to determine the parameters of the system.
This allows it to adapt to changing external conditions, as well as adopting new research and recent developments in the field.

The rest of this section introduces the Æternity blockchain in greater detail, starting with a brief overview of accounts, tokens, names and the structure of blocks.
This is followed by an explanation of our approach to state channels and smart contracts, and then a discussion on how the blockchain’s consensus mechanism can be used both to create an efficient oracle mechanism and to govern the system.
Finally, we discuss scalability from several different angles.

II-A. Tokens, accounts and blocks

Despite being “stateless” from the contract developer’s point of view, the Æternity blockchain keeps track of several predefined state components.
We will now explain these, as well as the content of each block.
For simplicity, this section assumes that every node keeps track of the whole blockchain.
Possible optimizations are described in section II-E.

II-A.1) Access token, Aeon:

To use the blockchain is not free, but requires that the user spends a token called aeon.
Aeon are used as payment for any resources one consumes on the platform, as well as the basis for financial applications implemented on the platform.

The distribution of aeon in the genesis block will be determined by a smart contract hosted on Ethereum.
Further aeon will be created via mining.

All system fees get paid with aeon, all smart contracts settle in aeon.

II-A.2) Accounts:

Each account has an address and a balance of aeon and also a nonce which increases with every transaction and the height of its last update.
Each account also has to pay a small fee for the amount of time it is open.
The costs of creating and keeping accounts prevents spam and disincentivizes state-bloat.
The reward for deleting accounts incentivizes the reclaiming of space.

II-A.3) Name system:

Many blockchain systems suffer from unreadable addresses for their users.
In the vein of Aaron Swartz’ work and Namecoin, Æternity features a name system that is both decentralized and secure, while still supporting human-friendly names [ 9].
The blockchain’s state includes a mapping from unique human-friendly strings to fixed-size byte arrays.
These names can be used to point to things such as account addresses on Æternity, or hashes e.g. of Merkle trees.

II-A.4) Block contents:

Each block contains the following components:
• The hash of the previous block.
• A Merkle tree of transactions.
• A Merkle tree of accounts.
• A Merkle tree of names.
• A Merkle tree of open channels.
• A Merkle tree of oracles which haven’t answered their respective questions.
• A Merkle tree of oracle answers.
• A Merkle tree of Merkle proofs.
• The current entropy in the random number generator.

The hash of the previous block is required to maintain an ordering of the blockchain.
The transaction tree contains all transactions that are included in the current block.
With the exception of the consensus vote tree, all the trees are fully under consensus: if a tree is changed from one block to the next, this change has to be due to a transaction in the new block’s transaction tree, and a Merkle proof of the update has to be included in the block’s proof tree.
The purpose of the three remaining trees will hopefully become clear in the following sections.

II-B. State channels

One of the most interesting developments in the blockchain space lately is that of state channels.
They operate on the basic principle that in most cases, only the people affected by a transaction need to know about it.
In essence, the transacting parties instantiate some state on a blockchain, e.g. an Ethereum contract or a Bitcoin multisig.
They then simply send signed updates to this state between each other.
The key point is that either one of them could use these to update the state on the blockchain, but in most cases, they don’t.
This allows for transactions to be conducted as fast as information can be transmitted and processed by the parties, instead of them having to wait until the transaction has been validated—and potentially finalized— by the blockchain’s consensus mechanism.

On Æternity, the only state update that can be settled on the blockchain is a transfer of aeon, and the only aeon that can be transferred are the ones that the transacting parties already deposited into the channel.
This makes all channels independent from each other, which has the immediate bene-

1 macro Gold f870e8f615b386aad5b953fe089 ;
3 Gold oracle
4 if 0 1000 else 0 0 end
5 0

Fig. 1. A simple contract encoding a bet on the price of gold. The language used is the Forth-like Chalang, which will be presented in section IV-A

fit that any transactions related to channels can be processed in parallel, greatly improving transaction throughput.

The blockchain is only used to settle the final outcome or to resolve conflicts that arise, roughly analogous to the judicial system.
However, because the blockchain’s behavior will be predictable, there is no gain in disputing the intended result of a state channel; malicious actors are incentivized to behave correctly and only settle the final state on the blockchain.
All taken together, this increases transaction speed and volume by several orders of magnitude, as well as privacy.

II-B.1) Smart contracts:

Despite that the only state that can be settled on-chain is a transfer of aeon, Æternity still features a Turing-complete virtual machine that can run “smart contracts”.
Contracts on Æternity are strictly agreements that distribute funds according to some rules, which stands in stark contrast to the entity-like contracts of e.g. Ethereum.
Two of the more notable practical differences is that by default, only the involved parties know about a given contract, and only parties that have an open state channel can create a valid contract.
If the parties agree to a contract, they sign it and keep copies for future reference.
It is only submitted to the blockchain if its outcome is disputed, in which case the code is only ever stored as part of the submitted transaction, never in any other state.
If this happens, the blockchain distributes the tokens according to the contract and closes the channel.

As an example, fig. 1 shows a very simple contract that encodes a bet on the price of gold at a certain time.
On line 1, the macro Gold saves the identifier of the oracle in question, which will return true if the price of gold is below $38/g on December 1st, 2016.
The body of the contract is displayed on lines 2-4: we first push the gold oracle’s identifier to the stack and call it using oracle, which will leave the oracle’s answer on the top of the stack.
We use this to do a conditional branching: if the oracle returns true, we push 0 and 1000 to the stack, indicating that 0 aeon should be burned and 1000 aeon should go to the first participant in the channel.
Otherwise, we push 0 and 0, with the second 0 indicating that the other participant receives all aeon in the channel.
Finally we push 0, which is taken to be the nonce of this channel state.
In actual usage, the nonce would be generated at deployment.

One important thing to note is that contracts on Æternity don’t maintain any state of their own.
Any state is maintained by the transacting parties and submitted as input at execution.
Every contract is essentially a pure function that takes some

1 : hashlock
2 swap
3 hash
4 == ;

Fig. 2. A simple hashlock.

1 macro Commitment a9d7e8023f80ac8928334 ;
3 Commitment hashlock call
4 if 0 100 else 0 50 end
5 1

Fig. 3. Using the hashlock to trustlessly send tokens through a middleman.

input and gives a new channel state as output( 2 ).
The benefits of using pure functions in software development in general, and in the development of financial applications in particular, has been extensively documented in academia and industry for decades [10][need cit.].

a) Contract interaction and multi-step contracts:
Even though all contracts are stateless and execute independently of each other, contract interaction and statefulness can still be achieved through hashlocking [need cit.]
A simple hashlock is shown in fig. 2.
On line 1, we define a function called hashlock that expects the stack to contain a hash h and a secret s.
It swaps them on line 2, in order to hash the secret on line 3, before calling the equality operator on hash(v) and h on line 4.
This returns true if the secret is a preimage of the hash.
This function can be used to predicate the execution of code branches in different contracts on the existence of the same secret value.

As a simple example usage, hashlocks make it possible for users that don’t share a state channel to trustlessly send each other aeon, as long as there is a path of channels between them.
For example, if Alice and Bob have a channel and Bob and Carol have a channel, then Alice and Carol can transact through Bob.
They do this by creating two copies of the contract shown in fig. 3, one for each channel.
The Commitment on line 1 is the hash of a secret that Alice chooses.
On line 3 we push it to the stack and call the hashlock function.
Which branch of the if that gets executed depends on the return value of hashlock.
Once these contracts have been signed by all parties, Alice reveals the secret, allowing Bob and Carol to use it to claim their aeon.

Hashlocking can also be used to e.g. play multi-player games in the channels, as shown in fig. 4.
Everyone makes a channel with the game manager, which publishes the same contract to every channel.
Say we are in game state 32,

1 macro Commitment a9d7e8023f80ac8928334 ;
3 Commitment hashlock call
4 if State33 else State32 end
5 call

Fig. 4. A simplified example of using the hashlock to play a multi-player game in channels.

defined by the function State32, and we want to trustlessly simultaneously update all the channels to state 33.
When the game manager reveals the secret, it causes all the channels to update at the same time.

b) Metered execution:
Contract execution is metered in a way similar to Ethereum’s “gas”, but Æternity uses two different resources for its metering, one for time and one for space.
Both of these are paid for using aeon by the party that requests the execution.

This could be seen as undesirable, because it is probably another party that is causing the need for the blockchain to resolve the dispute in the first place.
However, as long as all money in the channel is not used for betting, this can be effectively nullified in the contract code, since it has the ability to redistribute funds from one party to the other.
It is in fact generally good practice to avoid using all funds in a channel to transact, because it disincentivizes the losing party to cooperate when closing the channel.

II-B.2) Example:

Let’s bring all of these ideas down to earth.
In practice, if Alice and Bob want to transact using a state channel on Æternity, they go through the following procedure:

1) Alice and Bob sign a transaction that specifies how much money each of them is depositing into the channel, and publish it to the blockchain.

2) Once the blockchain has opened the channel, they can both create new channel states, send them between each other and sign them.
Channel states can be either a new distribution of the funds in the channel or a contract that determines a new distribution.
Each of these channel states has an increasing nonce and are signed by both parties, so if a dispute arises, the latest valid state can be submitted to the blockchain, which enforces it.

3) The channel can be closed in two different ways:

a) If Alice and Bob decide that they have finished transacting and agree on their final balances, they both sign a transaction indicating this and submit it to the blockchain, which will close the channel and redistribute the money in the channel accordingly.

b) If Alice refuses to sign a closing transaction for any reason, Bob can submit the last state that both of them signed and request to have the channel closed using this state.
This starts a countdown.
If Alice believes that Bob is being dishonest, she has the opportunity to publish a state with a higher nonce that both of them have signed before the countdown finishes.
If she does so, the channel closes immediately.
Otherwise it closes when the countdown has finished.

II-C. Consensus mechanism

Æternity uses a hybrid Proof-of-Work and Proof-of-Stake consensus mechanism.
The block-order will be determined via Proof-of-Work.
Certain system variables will be determined via on-chain prediction market system, which allows the users to participate and bring in their knowledge.
For the PoW algorithm we currently favor a variant of Tromp’s Cuckoo Cycle, one which is memory bound, and also is an ”indirectly useful Proof-of-Work”, as it requires less electricity to run, but instead has another limiting factor, the one of memory latency availability.
This also makes it feasible to mine with a smart phone.

Tromp writes about his work:
”[Cuckoo Cycle is] an instantly verifiable memory bound PoW that is unique in being dominated by latency rather than computation.
In that sense, mining Cuckoo Cycle is a form of ASIC mining where DRAM chips serve the application of randomly reading and writing billions of bits.
When even phones charging overnight can mine without orders of magnitude loss in efficiency, not with a mindset of profitability but of playing the lottery, the mining hardware landscape will see vast expansion, benefiting adoption as well as decentralization.”

Preview: The consensus mechanism has a somewhat nonstandard role in Æternity.
In addition to agreeing on new blocks for the blockchain, it also agrees on both answers to oracle questions and the values of the system’s parameters.
In particular, the consensus mechanism can change itself.
However, it should be noted that this is not entirely unproblematic.
For example, if a simple proof-of-work mechanism was used, it would be rather cheap to bribe the miners to corrupt the oracle.
Therefore Æternity is going to use a novel hybrid Proof-of-Stake Proof-of-Work algorithm, leveraging the benefits of both.
Independently from this, PoW is going to be used to issue new aeon tokens.

Sidenote: Originally Aeternity intended to be a 100 percent proof-of-stake blockchain.
We don’t think anymore that a decentralized 100 percent PoS system is possible.

II-C.1) Oracles:

A crucial feature for most contracts, whether encoded as text or as code, is the ability to refer to values from the environment, such as the prices of different goods or whether a certain event occurred or not.
A smart contract system without this ability is essentially a closed system and arguably not very useful.
This is a generally accepted fact and there are already several projects that attempt to bring external data into the blockchain in decentralized way [ 8].
However, to decide whether a supplied fact is true or not, these essentially require the implementation of a new consensus mechanism on top of the consensus mechanism.

Running two consensus mechanisms on top of each other is as expensive as running both separately.
Additionally, it doesn’t increase security, because the least secure one can still be attacked and made to produce “false” values.
Thus, we propose to conflate the two consensus mechanisms into one, essentially reusing the mechanism that we use to agree on the state of the system, to also agree on the state of the outside world.

The way that this works is as follows.
Any aeon-holder can launch an oracle by committing to answering a yes/no question.
When doing so, they also need to specify the timeframe during which the question can be answered, which can start now or some time in the future.
The user that launches the oracle is required to deposit aeon in proportion to the length of the timeframe, which will be returned if the user supplies an answer that gets accepted as truth, otherwise it is burned.
The blockchain generates a unique identifier for the oracle that can be used to retrieve the answer once it is available.

Once the time comes for the question to be answered, the user who launched the oracle can supply an answer for free.
Once the oracle launcher has supplied an answer or until a certain amount of time has passed, any other users can submit counter-claims by depositing the same amount of aeon.
If no counter-claims have been submitted by the end of the timeframe, the answer supplied by the user that launched the oracle is accepted as truth, and the deposit is returned.
If any counter-claims are submitted, then the consensus mechanism for blocks will be used to answer the oracle.
This is more expensive, but since we know we can take at least one of the two safety deposits, we can use it.

II-D. Governance

Governance of blockchain-based systems has been a big problem in the past.
Whenever a system upgrade needs to be done, this requires a hard fork, which usually leads to big discussions among all value holders.
Even simple things, like correcting an arbitrarily set variable in the source code, as we have seen with the block size debate in Bitcoin, seem to be very hard in a system where the users’ incentives are not aligned with the decision makers, and where there is no clear upgrade path.
We have also seen more complicated governance decisions, like fixing a single smart contract bug in “The DAO”, which required quick intervention by system developers.

The primary problem of these systems is easily identifiable—the decision-making process for a protocol upgrade or change is not well defined and lacks transparency.
Æternity’s governance system is part of the consensus.
It uses prediction markets to function as efficiently and transparently as possible.

Moreover, the consensus mechanism is defined by a number of variables that determine how the system functions and that are being slightly updated by each new block.
From how much it costs to make transactions or ask an oracle, to modifications of fundamental parameter values like the block time.

By having prediction markets about the variables that define the protocol, the users can learn how to efficiently improve the protocol.
By having predictions markets about potential hard forks, we can help the community come to consensus about which version of the code to use.
Each user chooses for itself which metric it seeks to optimize, but a simple default strategy would be to maximize the value of its holdings.

II-E. Scalability
II-E.1) Sharding trees:

The architecture that has been presented thus far is highly scalable.
It is possible to run the blockchain even when each user only keeps track of the part of the blockchain state that they care about and ignores everyone else’s data.
At least one copy of the state is needed for new users to be certain about the substate that they care about, but we can shard this data across arbitrarily many nodes so that each node’s load is arbitrarily small.
Merkle trees are used to prove that a substate is part of the state [11].
It is easy to imagine a scenario where certain nodes specialize on keeping track of the trees and get paid for inserts and look-ups.

II-E.2) Light clients:

Light clients don’t download the entire blocks.
First the user gives their client a hash in the history of the fork they prefer, a technique also known as weak subjectivity [12].
Then the client knows only to download forks that include a block with that hash.
The client only downloads the headers of the blocks.
The headers are much smaller than full blocks; very few transactions are processed.
For simplicity, we made no mention of the block headers when discussing the block structure in section II-A.4, but they contain the following:
• The hash of the previous block.
• The root hash of all of the state trees.

II-E.3) State channels and parallelism:

State channels have immense throughput and most transactions inside them are never executed or even recorded on the blockchain.
Additionally, the channels don’t write to any shared state on-chain, so all transactions that actually do get recorded on the blockchain can be processed in parallel.
Given that most consumer hardware sold today has at least four processing cores, this has the immediate effect that transaction throughput is multiplied by roughly a factor of 4.

Furthermore, the fact that there will never be any complex concurrent interaction suggests that sharding this blockchain architecture should be relatively easy.
Since blockchain sharding is still fairly experimental, we have deliberately chosen not to pursue any sharding techniques in the initial design of Æternity.
However, if this changes in the future, Æternity should be one of the easiest blockchains to shard.

II-E.4) Transactions per second at a given memory requirement:

The variables that define the protocol are all constantly being updated by the consensus.
From their initial default values, we can calculate the initial default rate of transactions per second.

1 Note that this is a draft and will likely
2 change.
4 We define the following variables for the
 following calculations:
6 B = block\_size in bytes
7 F = blocks\_till\_finality
8 R = time\_till\_finality in seconds
9 T = transaction size in bytes
11 transactions per second = B * F / (T * R)
13 B = 1000000 bytes = 1 megabyte per block
14 F = 24*60*2 blocks per day
15 R / F = 30 seconds per block
16 R = 24*3600 seconds per day
17 T = 1000 bytes per transaction
19 1000000 * 24*60*2 / 1000 / 24*3600
20 = 1000000 / 1000 / 30
21 = ca. 32 transactions per second (fast
 enough to sign up every human within 8

To operate a node, we need to keep a copy of all the blocks since finality, and we need to be able to record 100 times more information, in case there is an attack.
Estimating that finality is 2 days, then there would be 5760 blocks till finality.
So the memory requirement is 5760 * one megabyte * 100 = 576000 megabytes = 576 gigabytes.
When there isn’t an attack happening, one would only need about 5.76 gigabytes to store the blocks.


The stateless nature of the Æternity smart contracts makes it easy to build the following applications on Æternity’s blockchain.
It is especially suitable for high-volume usecases.

III-A. Blockchain essentials

Blockchain essentials are necessary primitives like aeon, wallets, names and related concepts.
They modularize reusable components which can be used as application foundations and can be improved on.

III-A.1) Identities:

Each account will have an associated unique ID number.
Users can register unique names, and link names to the Merkle-root of a data structure.
The data structure can contain one’s unique ID as well as other information about one’s account.
We aim to use Schema.org’s JSON format to represent things like persons or companies [13].

III-A.2) Wallet:

A wallet is a piece of software that is used to interact with Aeternity.
A wallet manages private keys for the aeon and creates and signs transactions.
One can use the wallet to send channel transactions, and use apps in the channel network.

III-A.3) Proof of existence:

One transaction type allows for the publishing of the hash of any data.
System participants can use the headers to prove that the data existed at that point in time.

III-B. State channel applications

Smart contracts in state channels are perfect for microservices on the web that require a high transaction throughput.

III-B.1) Toll API:

Most APIs existing today are publicly available for anyone to call, or else they are secured by a username-password–scheme or unique access tokens.
Payment channels allow for a new kind of API, where one pays for every call to the API, possibly every HTTP-request.
Paying to access an API solves DDoS problems, and it makes it easier to build high-quality APIs that are always available.
API responses that require a payment are fundamental for the creation of as of yet impossible types of businesses and can play an important role in the emergence of the decentralized economy.
They create incentives for information owners to make otherwise private data publicly available.

III-B.2) Insured crowdfunding:

We can implement insured crowdfunding using dominant assurance contracts [need cit.]
These are smart contracts that are used to raise money for a public good, like a new bridge, a school or a market.

Dominant assurance contracts differ from traditional assurance contracts like Kickstarter, in that they make it a dominant strategy to participate.
If the good is not funded, all participants get their aeon back plus interest, so they are insured against reducing their liquidity without receiving the good.
Using an oracle, we can ensure that the provider of the good or service only gets paid if the good or service is actually provided.

III-B.3) Cross-chain atomic swaps:

Cross chain atomic swaps allow for trustless exchange of aeon for bitcoins [14], [15].
These can be implemented using a hashlock, that locks the transactions on both blockchains under the same value.

III-B.4) Stable value assets and portfolio replication:

We can use smart contracts to program synthetic assets that stay nearly the same price as a real world asset.
For example, we could make an asset that stays the same price as gold.
Synthetic derivatives are created in equal and opposite pairs.
For one user to have an asset that moves with gold, a different user will have to have an asset that move inversely to gold.
For example, Alice could make a contract with Bob so that Alice owns 1 gram of gold.
Out of the money in the contract, one gram of gold worth of aeon will go to Alice, and the leftover money goes to Bob.
The contract has an expiration date when the price of gold will be measured, and the funds distributed to Alice and Bob accordingly.

III-B.5) Event contracts:

Event contracts pay when an event happens and don’t pay when an event does not happen, as per the oracle’s telling.
Apart from being interesting in themselves, these can be used by several different applications:

a) Insurances: We can use event contracts to implement insurances.
For example, expensive music event tickets can become worthless if the weather goes bad. However, if the concert-goer receives money if the oracle decides that it rained on the day of the event, the investment can be protected so that one can afford to find an emotionallyadequate alternative.
Slightly more seriously, farmers are often interested in the total number of inches of rain in a season.
We can insure them against their crops wilting from dryness.

b) Whistleblowing: Event contracts can also be used to incentivize revealing sensitive information.
For example, we could bet on the event “Information indicating that Company A has used illegal pesticides was released on or before January 24th, 2017”.
Any person with access to such information would be incentivized to first bet that the event will happen and then release it.

III-B.6) Prediction markets:

A prediction market works by letting users bet on whether a future event will happen.
From the price of the bets we can predict the future likelihood [ 3], [ 8], [16].
They are the most accurate way to measure the future at a given price [need cit.]
Once the event has happened, the market is settled using the oracle.

As noted in section II-D, we can for example use prediction markets to predict which updates to the software will be beneficial, and which will be harmful.
We can also use them to estimate how much candidates in an election will actually be able to accomplish, so lies and baseless promises can be detected more easily.

Fig. 5. Multidimensional prediction market.

a) Multidimensional prediction markets: Multidimentional prediction markets allow us to predict the correlation between possible future events.
So for example, one could predict that if Alice is elected leader, the price of potatoes will go down, and that if Bob wins, the price will go up.
One could learn that if Google uses plan A for the next 3 months, that it will probably earn more money, and that if it uses plan B, it will probably earn less.
Or, as in fig. 5, we can see that if Alice would be elected president, there is a high likelihood of the price of potatoes being rather low.

III-B.7) Market with batch trading at a single price:

There are two approaches available to attackers that want to rob aeon from a market.
They can take advantage of the market being split in time, or they can take advantage of it being split in space.
• If the market is split in space, then the attacker does arbitrage. He simultaneously makes trades in both markets at once so that his risk cancels out and he earns a profit.
• If the market is split in time, then the attacker frontruns the market. He reads the transactions coming into the market and creates buy and sell orders immediately before and after.

Fig. 6. The black line is the demand curve, the red line is the supply curve.
The sells in red are the same size as the buys in red.
The vertical line is the price the market maker selected.
Everyone willing to buy at a higher price traded at that price, everyone willing to sell at a lower price traded at that price.

To combine markets in space, everyone should use the same market maker.
To combine markets in time, we need to have trading done in batches, at single price.
The market maker needs to commit to each person what price he decided, and if anyone can find contradictory commitments from the market maker, then all of his customers should be able to drain all of his channels.
If the market maker commits to a fair price, then he will match the same volume of buyers and sellers together, as fig. 6 shows.
Otherwise, he will end up in a situation similar to fig. 7, thus taking a large risk.

Fig. 7. The black is much bigger than the red. The market maker is selling many more shares than it is buying, thus taking on a lot of risk.


Most key concepts already have proof-of-concept implementations in Erlang.
This includes the blockchain itself, the contract language and VM, the oracle and governance mechanisms, as well as an old version of the consensus mechanism.
We have used Erlang/OTP because it makes it easy to write code that can respond to many requests in parallel and does not crash.
The servers with the highest uptime in the world are based on Erlang.
It has been used for industrial applications for 30 years, proving itself to be a reliable and stable product.

IV-A. Virtual machine and contract language

The virtual machine is stack-based and similar to Forth and Bitcoin’ scripting language, although in comparison to the latter, it is rather rich.
The VM supports functions instead of gotos, making its semantics relatively simple to analyze.
A list of the VM’s opcodes can be found on our Github( 3 ).

Additionally, there exists a higher-level Forth-like language called Chalang, which compiles to bytecode for the VM.
It supports macros and variable names, but keeps the stack-based execution model [17].
Examples of Chalang code can also be found on our Github( 4 ).

IV-B. Adoption via web-integration

The web is the most popular application platform.
We will provide easy-to-use web-development tools, such as JSlibraries and JSON-APIs for the core features of the Æternity blockchain.

IV-C. Open source modules

In order to be easily re-used for private blockchain consortium and other use-cases, the software will be written in MIT-licensed modules, such as a consensus module, that can be adapted to specific needs.

IV-D. Usability and UX design

Frictionless human interaction will be a big focus of our development efforts.
More specifically, we will make sure that who controls the identity, keys and transactions is clearly established.
Also, offering easy access via web-gateways will be a central focus of future development.
Users participating in prediction markets via a Tinder-like (swipe left/right) mobile interface, and simple web-wallets that can be easily integrated in a website through an iframe will be the new norm.


We have provided an explanation of how to architect a fundamentally more efficient value transfer system.
The described system is in fact a global oracle machine that can be used to provide decision making services at global scale.
In particular, all the applications proposed in section III can be built easily and efficiently on top of Æternity.

However, our approach has both fundamental limitations and avenues for improvement.
These are discussed here.

V-A. Limitations and tradeoffs

While we do believe that the tradeoffs made in our architecture are reasonable given the resulting performance increase in other areas, Æternity is not a catch-all solution for decentralized applications.
It should rather be viewed as a synergistic complement to existing technologies.
There are several caveats that one need to be aware of.

V-A.1) On-chain state:

Despite having many advantages, Æternity’s lack of programmable state makes it unfit for applications that require a custom state to be under consensus.
For example, this includes DAOs as they are usually conceived, custom name systems and subcurrencies which are not tied to the value of an underlying asset.

V-A.2) Free option problem:

If Alice and Bob have a channel and Alice signs a contract, she essentially gives Bob a free option when she sends it to him: Bob can choose to sign and return (i.e. activate) the contract at any time in the future.
Often this is not what is intended.
To avoid this problem, channel contracts aren’t immediately activated with the full amount.
They are divided up in time or space.
Both participants would sign up for the contract in small intervals so that neither user ever offers a large free option to the other.

For example, if the parties want to bet 100 aeon, then they might sign up to it in 1000 steps that each increase the bet by 0.1 aeon.
This would require about 1000 messages to pass, 500 in each direction, which is cheap enough since the contract is never submitted to the blockchain.
As another example, if one wanted to make a financial asset that would last for 100 days, one might sign up in 2400 steps of one hour each.
This would require about 2400 messages to pass, 1200 in each direction.

V-A.3) Liquidity loss and state channel topologies:

When composing channels using hashlocks as demonstrated in section II-B.1, any middlemen have to lock up at least twice as many aeon as will be transmitted through them.
For example, if Alice and Carol want to transact through Bob, Bob will act as Carol when interacting with Alice, and viceversa.

Since this is expensive for Bob, he would most likely earn a fee as compensation.
If Alice and Carol expect to conduct many trades between each other, they can avoid this by creating a new channel and trustlessly moving the active contracts to the new channel using a hashlock.

Still, since keeping an extra channel open impacts one’s liquidity negatively, going through middlemen is expected to be desirable in many cases, especially in cases where the parties don’t expect to trade a lot in the future.
Thus, a channel topology where certain rich users make money from trustlessly transmitting transactions between other users is expected to emerge.

It should be noted that this does not constitute a single point of failure, since we do not trust these transaction transmitters with anything.
If a transmitter goes offline before the secret to a hashlock has been revealed, the transaction doesn’t go through.
If it goes offline afterwards, the only possible “negative” effect is that the transmitter is not able to claim its aeon.

V-B. Future work

There are several possible ways to improve on the current architecture.

V-B.1) Functional contract language:

A reasonable future direction would be to experiment with high-level languages that adhere more closely to the functional paradigm.
Keeping track of an implicit stack is generally error-prone and arguably not suitable for a high-level, developer-facing language.
This should be rather easy given that programs are already pure functions (modulo some environment variables), and would greatly simplify both development and formal verification of contracts.
If this is done, it could also make sense to revise the VM to be tightly coupled with the new language, to make the compilation less error-prone and less dependent on trust in the developers.
Ideally, the translation from surface language to VM code would simply be a direct transcription of peer-reviewed research, though pragmatic concessions will likely have to be made.

V-B.2) Multi-party channels:

Currently, all channels on Æternity are limited to two parties.
While multi-party channels can de facto be achieved through hashlocking, this can be expensive.
Hence, we plan to investigate the possibility of adding support for n-party channels, with a m-of-n settlement mechanism.


A distributed, tamper-proof database with metered access. The database is defined by a growing list of hash-linked blocks and can have any rules for appending them.

An aeon represents a unit of account and an access right to the Æternity blockchain. It is transferable.

A message from a user to the blockchain. This is how users can use their currency to access the blockchain.

State Channel
A relationship between two users recorded on the blockchain. It enables users to send aeon back and forth, and to create trustless smart contracts between them that are enforced and settled by the blockchain.

A hash takes as input a binary of any size. It gives a fixed sized output. The same input always hashes to the same output. Given an output, one cannot calculate the input.

This is how we connect pairs of channels to make smart contracts that involve more than 2 people. A secret is referenced by it’s hash. When the secret is revealed, it can update multiple channels at the same time.

A well-defined process of making decisions for the future protocol(s) of the blockchain.

A mechanism that tells the blockchain facts about the world we live in. Using oracles users can predict the outcome of events, external to the blockchain system.

A user who owns aeon, or a financial derivative in the system.

A validator is a user who participates in the consensus mechanism. In the case of Æternity, every value-holder can participate.


Thanks to Vlad, Matt, Paul, Dirk, Martin, Alistair, Devon and Ben for proof-reading.
Thanks to these and lots of other people for insightful discussions.


[1] S. Nakamoto, “Bitcoin: A peer-to-peer electronic cash system,” 2008.
[Online]. Available: https://bitcoin.org/bitcoin.pdf.

[2] V. Buterin, “Ethereum: A next-generation smart contract and decentralized application platform,” 2014.
[Online]. Available: https://github.com/ethereum/wiki/wiki/White-Paper.

[3] P. Sztorc, “Market empiricism,”
[Online]. Available: http://bitcoinhivemind.com/papers/1_Purpose.pdf.

[4] M. Liston and M. Koppelmann, “A visit to the oracle,” 2016.
[Online]. Available: https://blog.gnosis.pm.

[5] C. Detrio, “Smart markets for smart contracts,” 2015.
[Online]. Available: http://cdetr.io/smartmarkets/.

[6] Namecoin wiki, 2016.
[Online]. Available: https://wiki.namecoin.org/index.php?title=Welcome.

[7] P. Snow, B. Deery, J. Lu, et al., “Factom: Business processes secured by immutable audit trails on the blockchain,” 2014.
[Online]. Available: http://bravenewcoin.com/assets/Whitepapers/Factom-Whitepaper.pdf.

[8] J. Peterson and J. Krug, “Augur: A decentralized, open-source platform for prediction markets,” 2014.
[Online]. Available: http://bravenewcoin.com/assets/Whitepapers/Augur-A-Decentralized-Open-Source-Platformfor-Prediction-Markets.pdf.

[9] A. Swartz, “Squaring the triangle: Secure, decentralized, human-readable names,” 2011.
[Online]. Available: http://www.aaronsw.com/weblog/squarezooko.

[10] T. Hvitved, “A Survey of Formal Languages for Contracts,” in Formal Languages and Analysis of Contract-Oriented Software, 2010, pp. 29–32.
[Online]. Available: http://www.diku.dk/hjemmesider/ansatte/hvitved/publications/hvitved10flacosb.pdf.

[11] R. C. Merkle, “Protocols for public key cryptosystems,” in IEEE Symposium on Security and Privacy, 1980.

[12] V. Buterin, “Proof of stake: How I learned to love weak subjectivity,” 2014.
[Online]. Available: https://blog.ethereum.org/2014/11/25/proof-stake-learned-love-weak-subjectivity/.

[13] “Schema.org schemas,” 2016.
[Online]. Available: http://schema.org/docs/schemas.html.

[14] “Atomic-cross-chain-trading,” 2016.
[Online]. Available: https://en.bitcoin.it/wiki/Atomic%5C_cross-chain%5C_trading.

[15] “Interledger,” 2016.
[Online]. Available: https://interledger.org/.

[16] K. J. Arrow, R. Forsythe, M. Gorham, et al., “The promise of prediction markets,” Science, 320 2008.
[Online]. Available: http://mason.gmu.edu/˜rhanson/PromisePredMkt.pdf.

[17] Z. Hess, “Chalang,” 2016.
[Online]. Available: https://github.com/aeternity/chalang.


(1) The difficulty of analyzing stateful contracts was very clearly demonstrated by the re-entrance bug that brought down “The DAO”. This happened despite the code having been audited by several of Ethereum’s creators as well as the general community [need cit.].

(2) It should be noted that since contracts can read answers from oracles and some environment parameters, they aren’t completely pure functions. However, oracle answers never change once they’ve been provided and can be argued to be due to the computational richness of the oracle machine, rather than being an impurity. Environment parameters are deemed a “necessary evil” and will ideally be compartmentalized appropriately by high-level languages.

(3) https://github.com/aeternity/chalang/blob/master/opcodes.md

(4) https://github.com/aeternity/chalang/tree/master/examples



Despite how on-chain state settlement is limited to the transfer of Aeon, æternity still features a Turing-complete virtual machine that can run “smart contracts”. Contracts on æternity are strictly agreements that distribute funds according to some rules. This stands in stark contrast to the entity-like contracts of e.g. Ethereum. Two of the more notable practical differences are that, by default, only the involved parties know about a given contract and only parties that have an open state channel can create a valid contract. If the parties agree to a contract, they sign it and keep copies for future reference. It is only submitted to the blockchain if its outcome is disputed, in which case the code is only ever stored as part of the submitted transaction, never in any other state. If this happens, the blockchain distributes the tokens according to the contract and closes the channel.
What makes æternity smart contracts special?
Manifold factors contribute to æternity’s uniqueness! One major advantage of æternity smart contracts is the fact that they are created off-chain. This allows to — once created — to interact with other participating parties blazingly fast and has important privacy implications. The users’ interactions stay off-chain and are kept secure. Only in cases of disagreement, a transaction will be submitted on-chain. The æternity blockchain will function as a crypto-court.
Furthermore, there is no limit to the volume of smart contracts that can be processed per second, since æternity smart contracts don’t share state, they can be processed in parallel.
In comparison to ‘legacy’ Ethereum, we switched from being goto-based to being function-based. Thus, it is a lot simpler to reason about and write more secure smart contract code.

* cpt.Aenet'smart-contract,
* cpt.Smart-contract-of-aenet,


What are some of the features of æternity virtual machine?
æternity is building a state-of-the-art virtual machine for secure and efficient blockchain computations. For example, they’ve have added a tool for ‘merklizing’ the code, so that the users only publish the portion of code that actually gets executed.
æternity’s smart contracts can be massive, gigabytes to terabytes in volume, not a problem — as long as the part that gets executed is relatively small.

* cpt.Aenet'virtual-machine,
* cpt.Aepgm.virtual-machine,
* cpt.AepgmVirtual-machine,
* cpt.Aevirtual-machine,


* https://www.aeternity.com/,
* https://blockchain.aeternity.com/%C3%A6ternity-blockchain-whitepaper.pdf,
* https://github.com/aeternity/wiki/wiki,
* https://en.wikipedia.org/wiki/AEternity,



{2017 Q1-Q3} STARTED, Development
{2017 Q1} Testnet, LAUNCHED
{2017 Q1-Q2} INCOMING ANNOUNCEMENT, Backing Campaign
{2017 Q4} Security Audit
{2018 Q1} Mainnet Launch


A Next-Generation Social Media Network
Powered by the Ethereum world computer
Embedded into the Inter-Planetary File System
What can I do with AKASHA?
You can publish, share and vote for entries, similar to Medium and other modern publishing platforms, with the difference that your content is actually published over a decentralized network rather than on our servers.
Moreover, the votes are bundled with ETH micro transactions so if your content is good you’ll make ETH from it – in a way, mining with your mind.

* cpt.Akasha-network,

Bcn-net.BOScoin (BOSnet)

Cpt-created: {2017-03-22}

BOScoin is a congressional decentralized cryptocurrency platform for “Trust Contracts”.
BOScoin is a cryptocurrency that utilizes the blockchain and numerous new technologies to solve persistent issues in decentralized systems.
1. Trust Contracts are securely executable contracts based on a decidable programming framework called Owlchain, which consists of the Web Ontology Language and the Timed Automata Language. Trust Contracts aim to overcome the issues regarding non-decidable smart contracts by using a more contained and comprehensible programming framework which provides secure and decidable transactions of contracts.
2. The Congress Network is the decision making body in the BOScoin network which improves governance issues arising in decentralized organizations and helps the system continuously evolve into a more robust ecosystem.

* cpt.BOScoin-network,
* cpt.Bosnet,

* Blockchain-network-with-builtin-decentralized-governance,
* program-blockchain-network,

bosnet'Protocol (bosprl)


* bosnet'white_paper,
* bosprl'white_paper,
* cpt.Boswpr,

* https://boscoin.io/wp-content/themes/boscoin/src/pdf/BOScoin.pdf,
* https://www.boscoin.io/wordpress/wp-content/themes/boscoin/src/pdf/boscoinwhitepaperv20170202.pdf,

The BOScoin White Paper
Initial Version: 20161101 / Current Version: 20170202
Han-Kyul Park, Changki Park, Yezune Choi, Jake Hyunduk Choi
BOScoin is a congressional decentralized cryptocurrency platform for Trust Contracts


BOScoin is a cryptocurrency that utilizes the blockchain and numerous new technologies to solve persistent issues in decentralized systems.

(1) Trust Contracts are securely executable contracts based on a decidable programming framework called Owlchain, which consists of the Web Ontology Language and the Timed Automata Language.
Trust Contracts aim to overcome the issues regarding non-decidable smart contracts by using a more contained and comprehensible programming framework which provides secure and decidable transactions of contracts.

(2) The Congress Network is the decision making body in the BOScoin network which improves governance issues arising in decentralized organizations and helps the system continuously evolve into a more robust ecosystem.

1. Introduction

a. Background

The blockchain was first conceptualized in Satoshi Nakamoto’s white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” in 2008( 1 ).
The technology was implemented the following year as the central technology behind Bitcoin.
Bitcoin uses blockchain technology as a financial transaction ledger where individuals publicly record transfers of currency.
Bitcoin was the first of its kind to use the blockchain to successfully solve the double spending problem.
Despite the absence of a centralized administrator, Bitcoin has successfully supported over 180 million peer-to-peer transactions and now has a market capitalization of more than 10 billion dollars.

Following the success of Bitcoin, there have been numerous systems leveraging blockchain technology.
There are hundreds of competing cryptocurrencies and according to a recent IBM report, more than 90% of banks are investing in blockchain technology( 2 ).
Although currency transactions are the most common applications of the blockchain technology, some groups are also attempting to transfer other digital assets, such as financial products and services, logistics information, property ownership, identity etc.

The cryptocurrency Ethereum gained a lot of traction in 2016 and aims to provide smart contracts on the blockchain: “a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create ‘contracts’ that can be used to encode arbitrary state transition functions." ( 3 )

The goal is to allow users to write any kind of program (or contract) onto the blockchain.
Similar to Bitcoin, Ethereum uses the blockchain and a consensus mechanism to ensure that if a malicious node attempts to forge the content of the contract, the forged contract will eventually be removed from the blockchain.
Bitcoin ensures the integrity of the amount of Bitcoin being transferred between accounts, Ethereum must similarly ensure the integrity of the contract being executed.

Smart contracts have the potential to be a paradigm shift in the development of decentralized applications.
Programs that are not held on a centralized server, yet can run the same logic anywhere.
Smart contracts can be used to develop: decentralized marketplaces, currency exchange platforms, and projects like Golem( 4 ) which aim to create a decentralized worldwide super-computer.

However the freedom and flexibility provided by the turing-complete language which Ethereum is based on is the cause for several serious problems.
We believe that using a turing-complete language may be inappropriate for writing smart contracts as they are inherently undecidable( 5 ).
Due to this undecidability issue, a smart contract based on a Turing-complete language will make it difficult to know what a smart contract will do before running it.
Ethereum attempts to overcome this issue by applying a price for computational work (gas), however the inherent issue of the language used to program and execute smart contracts has inevitably led to a series of security vulnerabilities( 6 ) and outright failed projects such as The DAO( 7 ).

b. Proposal

Trust Contracts.
BOScoin’s approach to the problem is to apply a domain-specific language which can be read easily by the average user and can demonstrate mathematically that the smart contract’s implementation is computationally decidable.
Thus, with BOScoin we aim to develop a platform for Trust Contracts: securely executable contracts based on Owlchain technology.

Additionally, through BOScoin we attempt to solve a number of commonly recurring issues related to cryptocurrencies.

Governance Issues.
Decentralized systems lack a systematic decision making process.
There have been several cases in the cryptocurrency space, where the decision making process has been persistently inefficient.
BOScoin constitutes a governance system whereby node operators referred to as the Congress Network can participate in creating and voting on proposals in order to continuously improve the software and ecosystem.
BOScoin sets aside a large public budget called the Commons Budget which is distributed to proposals that pass a vote in Congress improving the autonomy as well as fairness of the overall system.

Anti-centralizing Consensus Algorithm.
Cryptocurrencies like Bitcoin, that only use a proof-of-work(PoW) type consensus protocol, are affected by issues arising from the non-separation of economic and political incentives.
By buying up more mining hardware, a user can attain more control of the blockchain(political) and also increase their mining income(economic).
BOScoin overcomes this issue by using a consensus
mechanism(explained in more detail below) that separates economic incentives from political ones.
Attaining either political power or economical wealth requires an investment into the system.
A user can either acquire more votes by increasing the number of nodes(one operational node equals one congressional vote) or a user can invest in freezing and confirmation rewards(rewards relative to the amount of coins locked away in a node) to maximize mining income.
Additionally, the consensus protocol used is also more energy efficient and faster.

Application Ecosystem.
Decentralized currencies in many cases tend to become speculative islands with limited real applications.
As we believe the value of a currency is intrinsically tied to how useful it is, the BOScoin team will release the coin with two ready-made apps that use BOScoin.
The applications Stardaq and Delicracy have already been built and will not only increase the transactional value of the coin, but will also help acquire new users.

Fig 1. Comparison of Cryptocurrencies

2. Trust Contracts

a. Overview

BOScoin aims to use the Owlchain technology which consists of the Web Ontology Language(OWL)( 8 ) and Timed Automata Language(TAL). This architecture is designed to expand expressive power while retaining decidability to support secure and precise execution of contracts. These Owlchain based contracts on the BOScoin blockchain are called Trust Contracts.

Fig 2. Comparison of Blockchain-based Contracts

b. Background

There are two primary approaches to developing contracts on the blockchain.
One is through using a flexible programming language on a virtual machine, the other is to use a slightly less flexible but decidable domain-specific language.
Unlike cryptocurrencies based on virtual machines, as the inference engine is based on the semantic web technology, it is possible to infer information from the code before the contract is run.
The contract is decidable and the outcome of the contract clearly known.
This is a key concept in building a secure and sustainable currency with contract features.
Although Ethereum attempted to solve this issue by using market mechanisms and applying a price to complexity, we believe that the more restrictive OWL and TAL approach will provide a more secure environment for contracts on the blockchain.

c. Development

Building upon standard Web technologies such HTML, HTTP, RDF and OWL which were used to serve web pages, these technologies can be extended to share information in a way that can be predictably read by computers.
Both OWL and RDF can be used to create unambiguous structured data taxonomies.
Using these characteristics Ian Grigg proposed the concept of the Ricardian Contracts; contracts which are linked to every aspect of a payment system.( 9 )
Despite, both OWL and RDF displaying similar characteristics, no RDF standards currently supports P-time completeness.
Using reasoners, tools that infer logical consequences from a set of previously asserted facts or axioms, certain versions of the OWL standard promise P-time complexity.
This means the amount of time it takes to run a contract can be pre-determined.
This feature is a key reason why OWL was selected as the language to build Trust Contracts.

OWL DL(description logic) is a sublanguage of OWL, “designed to provide the maximum expressiveness possible while retaining computational completeness.”( 10 )
OWL DL operates on a large dictionary of predefined vocabularies and taxonomies like the ISO20022 specification.
As transactions take place on the blockchain and other BOScoin specific features will not be provided by the OWL dictionaries.
These vocabularies and taxonomies need to be called from outside the contract.
To solve this technical issue, we propose to create a designated namespace domain on the blockchain which can call non-standard primitive types(taxonomies) from the contract.
Non-standard primitive types will be added conservatively in order to sustain the OWL’s decidability and taxonomic complexity features.

Fig 3. BOScoin Transfer Example

Another issue with regards to Turing-complete contracts on blockchains is that Turing-complete languages are difficult to read by non-technical people.
If ‘code were law’, the code should be comprehensible to all the parties involved.
Currently, currencies using Turing-complete languages for contracts can only be audited by those that can read code.
By using the OWL standard and mapping the syntax to languages like SDLang(11), we aim to allow anyone to read and precisely comprehend what a contract is meant to do.

Fig 4. Trust Contract Example

The Timed Automata Language concept is based on Andrychowicz’s paper, ‘Modeling Bitcoin Contracts by Timed Automata’(12).
TAL will be used to model the programming logic used in a Trust Contract.
The HTML and Javascript pairing is similar to OWL and TAL.
OWL provides the structure of the data and TAL acts as an operator.
Operators in programming languages are constructs that do a certain function, such as adding, subtracting and comparisons.
OWL provides the information, and TAL tells the computer what to do with the data.
TAL is slightly different to other programming languages as there is a global time factor.
This means contracts can be tested for how long they take beforehand.
By running automated tests on all the different possible outcomes beforehand, we can promise a platform with bug-free contracts on the blockchain.

The details of the above concepts are further explored in the technical paper.

3. Consensus Algorithm

a. Overview

The consensus algorithm is core to any blockchain based currency or system.
The algorithm attempts to answer the question, ‘how can we prove with confidence that all distributed databases hold the same set of information?’

In response to this question, BOScoin uses a Modified Federated Byzantine Agreement(mFBA) consensus algorithm based on Stellar’s Consensus Protocol(FBA).( 13 )

Fig 5. Comparison of Consensus Algorithms

Mazieres defines key features of the federated Byzantine Agreement Protocol: (14)

* Decentralized control.
Anyone is able to participate and no central authority dictates whose approval is required for consensus.

* Low latency.
In practice, nodes can reach consensus at timescales humans expect for web or payment transactions—i.e., a few seconds at most.

* Flexible trust.
Users have the freedom to trust any combination of parties they see fit.
For example, a small non-profit may play a key role in keeping much larger institutions honest.

* Asymptotic security.
Safety rests on digital signatures and hash families whose parameters can realistically be tuned to protect against adversaries with unimaginably vast computing power.

* Governance Features.
Voting and features that are related to operating the congress are additional features embedded into the protocol.

b. Federate Byzantine Agreement Consensus Algorithm( 15 )

Bitcoin’s consensus mechanism and the traditional Byzantine agreement based protocols require a unanimous agreement by all participants of the network.
However, the federated Byzantine agreement(FBA) does not require an unanimous agreement by all participants and additionally each node can chooe which nodes to trust.
This results in faster transactions without losing integrity of the financial network and allowing for organic growth of the network.

FBA implemented this type of non-unanimous consensus mechanism by grouping nodes into teams (also known as a Quorums).
When a transaction is made, the information is sent to all those in the group.
Rather than waiting for the whole network to agree on the state of the data, if a node hears the same message from a sufficient number of trusted nodes, the node assumes the information is correct.
The overlapping of nodes, or loose federation of nodes, results in different nodes that have different sets of teams to agree on the same transactions.
This leads to a system-wide consensus, without requiring unanimous agreement for each transaction block.

In situations where nodes are in disagreement over a fraudulent transaction, there is a ballot system embedded into the system to overcome such issues.
Further technical details regarding FBA can be found in Stellar’s consensus protocol paper.

c. How is the modified federated Byzantine agreement(mFBA) algorithm different?

In addition to FBA, the BOScoin consensus protocol also applies a Proof of Stake feature for the maintenance of the governance system.
Users can freeze coins in units of 10,000 BOS within a node and forgo liquidity in return for newly issued BOScoin(similar to interest on savings) based on the total number of frozen coin in the node.
The frozen coins in the node then act as both an economic incentive to operate a node as well as collateral for the security and integrity of the information held in the node’s blockchain.
According to the pre-set rules, if the node is discovered to have forged the blockchain on the node, the frozen coins are forfeited to the Commons Budget.

4. Congress Network

a. Overview

The Congress Network is the decision-making body for BOScoin consisting of individual fully-synchronized node operators.
Although people refer to cryptocurrencies as decentralized and autonomous, in many cases, this is not true.
Both the code and the information on the blockchain are vulnerable to influence.
In order to overcome these issues, BOScoin proposes a decision-making body called the Congress Network to fully decentralize and automate the system.
Development of the source-code, forks, and even marketing resources can be allocated from within the system.

b. Congress Network Roles
i. Congress members

You will be regarded as a Congress member if you meet the following criteria:
* Run a fully-synchronized node at stable network speeds
* Freeze at least one unit (one frozen unit is 10,000 BOS)
* Participate in voting

Anyone can become a Congress member.
A node could be a server or a personal computer that a Congress member runs.
The node can be located at home or a remote location, as long as network speeds are stable.

Congress Members have the choice to either invest in increasing their political influence through running more nodes or increasing their economic return through increasing the BOScoin frozen.

ii. Users

Users are the beneficiaries of the BOScoin system.
They will interact with the BOScoin Network in three ways: by initiating transactions, submitting proposals and earning interest on BOScoins (coin freezing).
These interactions are displayed in the figure below.

Fig 6. Interactions Between the Congress Network and User Network

c. Network Interactions
i. Transactions

When a transaction of digital assets is requested by a user, the request is sent to the Congress Network.
For a simple transfer of BOScoin, when a node confirms the block –roughly every 5 seconds– the user’s transactions will be confirmed, and the BOScoin will be transferred to another wallet.
For more complex Trust Contracts, the pre-defined logic/procedures will also be carried out.
In the initial stage of BOScoin, transaction fees will be fixed at 0.01 BOS.
The fixed transaction rate can later be adjusted by the Congress Network through the voting process.
Transaction fees act as an economic incentive for node operators and also as a defence mechanism against DoS attacks.

ii. Proposals

Proposals are Commons Budget spending plans that are submitted to the Congress Network.
When a proposal is made, the ‘net percentage point difference’ between the positive and negative votes must exceed 10% for the proposal to be passed.
When the proposal is passed, the requested coins will be sent to the proposer.
Under some conditions, such as when the size of the proposal is large, the system can define a contract that requires a report on how the coins were spent.

iii. Coin Freezing

Coin Freezing is a Proof of Stake concept where if a user locks-in their coins and in return they will receive interest based on the number of coins frozen and the length of time the coins are stored.
This interest is called the Freezing Reward.
Users can freeze coins in units, which are sets of 10,000 BOS.
Frozen coins are used as collateral in case of attempted forgery of the blockchain.
If a node attempts to forge the blockchain, a portion of the frozen coins are confiscated and sent to the Commons Budget.
Additionally the system requires two weeks prior notice to unfreeze coins, as a mechanism to promote price stability.

d. Reward System

Within the Congress Network, there is a unique incentive mechanism. Congress members can either choose to maximize financial rewards, by freezing BOScoin in one node or increase their voting power by running multiple nodes (one node equals one vote).

This deliberate division incentivises the separation of economic motives from decision-making motives similar to the separation of economic and political power concept.

Bitcoin suffers from the hash power centralization issue, due to its reliance on a Proof of Work consensus protocol.
A small number of major miners can easily buy up large amounts of mining hardware, which allows them to influence changes in code and even threaten the integrity of the blockchain.
By separating the incentives of those that wish to optimize financial gain, the barriers to entry to participate in the governance process is comparatively lower than a system that equates decision making power with financial rewards.

There are three ways for Congress Members to receive BOScoin rewards: the freezing reward, confirmation rewards, and transaction fees.

* Freezing Reward:
Congress Members receive the same amount of interest as normal wallet users when coins are frozen.
Starting from the first year, a total of 27,400 BOS is distributed equally to each unit of frozen BOScoins.
This freezing reward is issued every 720 blocks(roughly one hour).
The total amount that is distributed decreases by 10% year on year over 69 years.

* Confirmation Reward:
Confirmation rewards are given to a node when a block is confirmed.
This reward is crucial in providing a financial incentive to operate a node and the reward is directly linked to the number of Frozen Units in a node.
Similar to the block reward in Bitcoin, as the number of participating nodes increases, the probability of winning the confirmation reward decreases.
The reward is issued relative to the proportion of frozen units held while initially sustaining a system average of 24.5 BOScoins.

confirmation reward = 24.5 x (Number of Frozen Units / Average of Total System Frozen Units)

Initially the block confirmation reward starts at 24.5 BOScoins per block, and it will decreased by 5% year on year over roughly 141 years.

* Transaction Fee:
The transaction fee is a fixed 0.01 BOScoins.
Congress Nodes receive 70% of the collected transactions fee in a block, and 30% is sent to the Commons Budget.
Transaction fees can be adjusted through the Congress.

e. Decision Making Process

The idea of an integrated decision-making process within the currency was inspired by Dash( 16 ) coin where the masternodes( 17 ) vote to make decisions.
In BOScoin decisions are made by submitting proposals and voting on proposals, and then financing the proposals through the transfer of funds from the Commons Budget.
Anyone can make a proposal, which is then reviewed every third Monday of the month by 24:00 GMT.
These proposals are then voted on by the Congress members by the fourth Monday of the month by 24:00 GMT.
If the ‘net percentage point difference’ between the positive and negative votes exceed 10%, the proposal is passed.
There is the option for a neutral vote to signal that the Congress member participated in the decision-making process and votes can also be changed any time before the final due date.

In order to increase the chances of a proposal being passed, it is possible to provide collateral with the proposal.
Proposals that provide more than 1,000,000 BOS become Elevated Proposals.
If a Congress member does not vote on an Elevated Proposal, they are penalized by having the freezing feature disabled for their node for two weeks.
Disabling the coin freezing feature means the node will forgo all the benefits from freezing coins and will not be able to freeze any coins for two weeks.

f. Commons Budget

The Commons Budget is an account where BOScoins are held and can only be transferred by proposals that are passed through the Congress.
The main role of Commons Budget is to expedite the growth of the coin users during the early stages.
Coins in the Commons Budget are mainly accumulated through two channels; the first is the direct issuance of 100 BOS coins per block for 35 million(roughly 5.5 years) blocks and secondly from 30% of the transaction fee.
Out of all issued coins, Commons Budget make up the largest proportion of coins.
This will ensure funds are available to growth hack the adoption of BOScoin.
Any proposal which passes through the congress can access coins from the Commons Budget.
An example of a proposal is an Airdrop proposal; geo-socially distribute free coins to users in order to increase the number of BOScoin users.
Other examples can include funding the development of the BOScoin eco-system, marketing campaigns and organizing BOScoin related meetings.

5. Ready-made Application Ecosystem

Many cryptocurrencies offer examples of how to use and build applications on their platform.
However, few have delivered working applications utilizing currency.
Although it is difficult to fully understand how much of a cryptocurrency’s value is made up of transactional value and how much is made up by speculative value, BOScoin’s goal is to increase the transactional value of the currency relative to its competitors.
In the long-run the core-value of a currency is it’s usefulness.

Through ready-built applications such as Stardaq and Delicracy released with the currency, users will have sophisticated services available immediately within the BOScoin ecosystem.

a. Stardaq

Stardaq is an international celebrity popularity prediction market.
A celebrity's popularity is represented as an index and users can place bets on whether the popularity of the celebrity will rise or fall.
The bets can only be placed with BOScoins.

b. Delicracy

Delicracy is a collective decision making tool that can be implemented in any organization.
All users can participate in the decision-making process by placing bets on a set of proposals, similar to the Augur prediction market( 18 ).
The proposal with the most bets is passed.
This type of system can help promote transparency and participation for decision-making processes in organizations large and small.

These applications serve as outlets to spend BOScoins and also serve as channels for Airdropping free coins.
Appropriately using these tools can help grow the ecosystem by introducing new users.

6. Technical Roadmap

The following is a technical roadmap defining the key milestones. imgBoswprFig7.png
Fig 7. Implementation roadmap

7. Coin Issuance

New coins are issued in four ways; initial development budget (1.0bil, 10%), confirmation rewards(3.0bil, 30%), freezing rewards(2.4bil, 24%) and the Commons Budget(3.5bil, 36%).
We aim to issue a total of 9.99 billion coins over the next 141 years.
These values are subject to change.

Fig 8. Issuance Summary

* Initial Development Budget:
Initial development coins are coins distributed prior to the Genesis block are intended to support the final development of the software.
These coins are made up of ICO sales and bounties.
1.0 billion BOScoins are issued with the Genesis block.

* Confirmation Rewards:
Confirmation rewards are financial rewards issued randomly to a node for every confirmed block(every 5 seconds).
As the reward is distributed randomly, if the number of nodes increase the probability that a node will receive a reward decreases.
This reward is relative to the number of units frozen in a node(refer to section 4d).
3.0 billion BOScoin are issued through Confirmation rewards.
Initially 24.5 BOScoins are issued per block.
The reward decreases every 6.31 million blocks–roughly one year– by 5% over 141 years.

* Freezing Rewards:
Freezing rewards are distributed relative to the number of BOScoin units frozen in a node and are issued every 720 blocks(roughly one hour).
Initially the total amount is 27,400.
The reward decreases by 10% over every 6.31 million blocks–roughly 1 year – over 69 years.
The freezing reward acts as an important incentive for congress members to increase the number of coins frozen in one node and disincentivize the centralization of decision making.

* Commons Budget:
The Commons Budget holds BOScoins that can only be used by proposals that have passed the Congress Network.
In order to create a sufficient budget for proposals, 100 Commons Coins are issued per block for the first 35 million blocks–roughly five and a half years.
After the first five and a half years the Commons Budget is maintained through the 30% commons fee on transactions fees.

Fig 9. Coin Issuance Plan

8. Conclusion

The BOScoin team aims to overcome the technical and operational issues inherent in many cryptocurrencies.
The incentive scheme and issuance plan is aimed towards creating value for the coin while deterring the centralization of power.
The Modified Federated Byzantine Agreement algorithm will allow for low latency transactions while being more energy efficient.
The Congressional System is aimed towards creating a more democratic and productive decision making process.
Trust contracts will provide a decidable and approachable framework for creating and executing contracts on the blockchain.
The BOScoin team will aim to achieve these goals while leveraging the security and integrity that can be gained through blockchain technology.

Works Cited

Andrychowicz, Dziembowski, Malinowski and Mazurek, Modeling Bitcoin Contracts by Timed Automata, Lecture Notes in Computer Science Formal Modeling and Analysis of Timed Systems, 7-22, 2014, https://arxiv.org/pdf/1405.1861v2.pdf

David Mazieres, Stellar Consensus Protocol, https://www.stellar.org/papers/stellar-consensus-protocol.pdf

Decentralized Prediction Market, https://www.augur.net/

Evan Duffield, Daniel Diaz, Dash: A PrivacyCentric CryptoCurrency, https://www.dash.org/wp-content/uploads/2015/04/Dash-WhitepaperV1.pdf

Golem, https://golem.network

Hodges, Andrew, Alan Turing: the enigma, London: Burnett Books

Ian Grigg, The Ricardian Contract, First IEEE International Workshop on Electronic Contracting (WEC) 6th July 2004, http://iang.org/papers/ricardian_contract.html

Leading the Pack in Blockchain Banking: Trailblazers Set the Pace, https://www-01.ibm.com/common/ssi/cgi-bin/ssialias?htmlfid=GBP03467USEN&

N. Atzei, M. Bartoletti, T. Cimoli, A survey of attacks on Ethereum smart contracts, https://eprint.iacr.org/2016/1007.pdf

Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, https://bitcoin.org/bitcoin.pdf

Simple Declarative Language, https://sdlang.org/

The DAO, https://slock.it/dao.html

Using Decentralized Governance: Proposals, Voting, and Budgets, https://dashpay.atlassian.net/wiki/display/DOC/Using+Decentralized+Governance%3A+Proposals% 2C+Voting%2C+and+Budgets

OWL Web Ontology Language, https://www.w3.org/TR/owl-features/

OWL Web Ontology Language Reference, https://www.w3.org/TR/owl-ref

Vitalik Buterin, Ethereum Whitepaper, https://github.com/ethereum/wiki/wiki/White-Paper


(1) Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, https://bitcoin.org/bitcoin.pdf

(2) Leading the Pack in Blockchain Banking: Trailblazers Set the Pace, https://www-01.ibm.com/common/ssi/cgi-bin/ssialias?htmlfid=GBP03467USEN&

(3) Vitalik Buterin, Ethereum Whitepaper, https://github.com/ethereum/wiki/wiki/White-Paper

(4) Golem, https://golem.network

(5) Hodges, Andrew, Alan Turing: the enigma, London: Burnett Books, p. 111

(6) N. Atzei, M. Bartoletti, T. Cimoli, A survey of attacks on Ethereum smart contracts, https://eprint.iacr.org/2016/1007.pdf

(7) The DAO, https://slock.it/dao.html

(8) Web Ontology Language Reference, https://www.w3.org/TR/owl-ref

(9) Ian Grigg, The Ricardian Contract, First IEEE International Workshop on Electronic Contracting (WEC) 6th July 2004

(10) OWL Web Ontology Language, https://www.w3.org/TR/owl-features/

(11) Simple Declarative Language, https://sdlang.org/

(12) Andrychowicz, Dziembowski, Malinowski and Mazurek, Modeling Bitcoin Contracts by Timed Automata, Lecture Notes in Computer Science Formal Modeling and Analysis of Timed Systems, 7-22, 2014, https://arxiv.org/pdf/1405.1861v2.pdf

(13) David Mazieres, Stellar Consensus Protocol, https://www.stellar.org/papers/stellar-consensus-protocol.pdf

(14) Ibid.

(15) Ibid.

(16) Evan Duffield, Daniel Diaz, Dash: A PrivacyCentric CryptoCurrency, https://www.dash.org/wp-content/uploads/2015/04/Dash-WhitepaperV1.pdf

(17) Using Decentralized Governance: Proposals, Voting, and Budgets, https://dashpay.atlassian.net/wiki/display/DOC/Using+Decentralized+Governance%3A+Proposals%2C+Voting%2C+and+Budgets

(18) Decentralized Prediction Market, https://www.augur.net/

bosprl'Techical-paper.2017-01-31 (bostpr)

* https://docs.google.com/document/d/16Wm1...DtaI/edit,

Owlchain(BOScoin) Technical Specification
(This is a draft version. More details to be added)
Draft version: 20170131
Yezune Choi, Jake Hyunduk Choi

0. Adventure of Ideas

Alfred North Whitehead, known as the last metaphysician, asserted that "without adventure civilization is in full decay."
Imaginations and practices of the blockchain is enriching our world.
We put our thoughts into the world to join in this adventure of thought.
Every thought has its roots in thought.
The blockchain is not a random floatage on the Internet, but an outcome that is rooted in existing ideas.
In order for owlchain to have a solid roots in the Internet world, it is necessary to know its roots correctly.
The thoughts on which the Internet and the Web could grow can be summarized by several principles.

0.1 Layered Structure

TCP/IP represents the Internet protocol, but TCP is only one of the typical application protocols of IP. For applications such as games or streaming that do not require a session connection, UDP is being used as an attractive alternative to TCP. In the Internet world, protocols define a clear function(specification) in their domain and perform only that function. The advantage of layer structure is that it does not hinder the emergence of new protocols by maximizing the possibility of substitution. IPv4 can be replaced with IPv6 because of the layer structure. When we consider this idea in the blockchain technology, the current blockchain technology is still in its infancy and is not approaching the layer structure design. In order for the blockchain to obtain the status of the protocol, it is essential to have a layer structure approach in which various technologies can be combined and compete.

0.2 Openness of the protocol

Although TCP/IP has the advantage of speed and performance, the core quality to become a standard for the Internet is the openness of the protocol.
The TCP/IP protocol is open to the public without restrictions on use such as patents, and has served as a soil where many researches and developments can be achieved.
In standardizing protocols, patents are a sensitive issue for companies or individuals seeking to contribute.
But, ownership of ideas(patents) limits the emergence of new ideas.
From the perspective of innovation, ownership of ideas is more damaging than profit in the cyber world where thoughts can be copied without marginal cost.
You can also see how narrow the view is in claiming ownership of ideas in the Internet world, when the programming codes that actually implement the protocol are the most innovative in any licensing policy.

0.3 End-to-end principle

In order for Internet protocol features to be completed, there is a need for end-to-end principles that do not interfere with high-level applications.
A principle of a protocol is that a protocol does not discriminate against content that passes through it.
It is similar to collecting the same fare regardless of the type of vehicle on the highway.
It is known to the public as "the principle of net neutrality".

Based on these three principles, we intend to develop owlchain to acquire protocol status.

1. Introduction

Owlchain is the underlying technology powering BOScoin and Trust Contracts.
Owlchain is developed in D language and Trust Contracts are written in the Web Ontology Language(OWL) and Timed Automata Language(TAL).
The purpose of OWL is to provide “trust” on the internet through the abstract combination of standard web technologies.
OWL 2.0 version solved the data handling time delay problem, which was the existing problem in 1.0 version, by creating profiles.

BOScoin provides OWL 2 Profiles that use "Linked Data" to create Trust Contract.
Linked data is a declaration of the data required to issue a particular contract, and the semantic of contracts can be automatically validated by these defined data in the OWL 2 Profile.

In addition, like using javascript, static elements as HTML and CSS to show the screen on the web browser, Timed Automata Language(TAL) can provide dynamic processing on Trust Contracts.
TAL is a programming environment with two constraints, which are the timed automata modeling and pure functions.
Timed automata modeling can detect undefined area(reachability problem) in program code that developer can not find and can eliminate side effects that can occur during development by using pure function.
Due to these limitations, operating environment of Trust Contract satisfies the memory safety and the decidability.

- Timed Automata - assure decidability
- Pure Function - remove side effect

[Figure 1] Trust Contract Blockchain

For programmers, OWL language can be viewed as a user-defined linked data because defined data, constraints and links of data in the OWL language can be used to program.
TAL is the data processing language of the blockchain(owlchain).
TAL can be abstracted as an operator to register a new transaction on a blockchain.
In order to explain a simple formula in the language of c++, when "c = a + b" formula is given for "+" operators, two variables ‘a’ and ‘b’ are added and then ‘c’ is returned.
The operator itself is implemented as pure function that does not produce any changes to the two variables used in computing.
A pure function prevents a program from being transmitted by providing the memory safety.
Thereafter, the operator written in TAL returns new transactions by referring to the Linked Data and the data in the Blockchain.
TAL shall satisfy both the conditions of the pure function and the characteristics of the Timed Automata.
These restrictions are set because the TAL environment is open to all users, and it is a permissionless blockchain for all users.
In the case of Trust Contract(Linked Data + TAL Operator) written in an open environment by an anonymous user, not having a rigid security model can create an unpredictable network state.

1.1 Comparison of Blockchains

The table below compares the characteristics of OWL to the Bitcoin and Ethereum

Feature Bitcoin Ethereum Owlchain(BOScoin)
Consensus Proof of work Current: Proof of work.
Future: Casper(?)
Modified FBA(Federated Byzantine Agreement)
- History revision mechanism Soft and hard forks Current: Soft and hard forks.
Future: Block revisions in case of temporary network isolation.
Block revisions in case of temporary network isolation.
- Membership Open Open Open with constraint
(min 10,000 BOS)
Block Confirmation Time 10 minutes Current: 15 seconds 5 seconds (target)
Block Size 1 MB Dynamic Dynamic
Maximum Transaction 100 KB Dynamic based on gas limit Dynamic
Transaction Throughput 7 tx/sec 25 tx/sec 1,000 tx/sec (target)
Coins Bitcoin, plus tokens such as provided by Omni Layer Ether, plus tokens that can be issued by contracts. BOScoin
Governance system None None Commons budget, Proposal, Voting
Smart Contracts:
- Computational Power
Stack-based language with few instructions Turing complete Timed Automata Model
- Decidability Decidable Not Decidable, using instruction fee(gas) Decidable
- Runtime Architecture Script runs on Bitcoin Core, Libbitcoin, and other native implementations Ethereum Virtual Machine implemented on multiple platforms OWL inference Engine on multiple platforms
- Programming Language Bitcoin Script Solidity, Serpent, LLL and any other languages that get implemented on the EVM. OWL + TAL

[Table 1] Comparison of Blockchains

2. Architecture Overview

Owlchain’s hierarchy is designed as a generic blockchain model to accommodate multiple ontology models.
Owlchain combines the feature of the Inference Engine and Consensus protocols to handle the Trust Contract.
The class types related to features such as the transaction and voting method are implemented in the blockchain as the primitives data type of the inference engine.
The blockchain based TAL is used to expand the limits of the expressions and calculations of the Ontology based programming language.

[Figure 2] BOScoin Architecture Diagram

... CONTINUE on BOScoin site


* https://www.boscoin.io/
* https://github.com/owlchain/owlchain-core,
* {2017-05-10} BOScoin Fundraiser Success!: https://medium.com/boscoin/boscoin-fundraiser-success-1e09065f838e,
* contact@boscoin.io

bosnet.EVOLUTING (bosevn)

* cpt.Bosevn,

=== ICO:
DURATION: The ICO will be carried out from “May 10, 2017” to “June 20, 2017”.
ICO will start on April 17th 2017 and will last 45 days until May 31st 2017.
In total 276,093,688.786 coins will be distributed.


Key Milestones:
* M0 Demo [2017 May 2nd] : Trust Contract Concept
* Fundraiser [2017 May 10th]
* M1 Alpha [2017 July] : Testnet (FBA, Trust Contract(remittances), Inference Engine (No incentive system)
* M2 Genesis [2017 October] : Livenet (Simple Trust Contracts with Inference Engine & Blockchain Explorer)
* M3 Nebula : Proposals and Voting Ontology development and application
* M4 Sirius : Self-evolving chain and SPV Mobile Wallets

Bcn-net.Cosmos-network (cmsnet)

Cpt-created: {2017-05-08}

The Cosmos network consists of many independent, parallel blockchains, called zones, each powered by classical Byzantine fault-tolerant (BFT) consensus protocols like Tendermint (already used by platforms like ErisDB). Some zones act as hubs with respect to other zones, allowing many zones to interoperate through a shared hub. The architecture is a more general application of the Bitcoin sidechains concept, using classic BFT and Proof-of-Stake algorithms, instead of Proof-of-Work.

* cpt.Bcn-net.Cosmos-network,
* cpt.Cmsnet,

What’s the difference between Tendermint, the Cosmos Network, the Cosmos Hub, and Atoms?
Tendermint: a general purpose blockchain engine that uses a Byzantine-fault tolerant consensus protocol and allows applications to be written in any programming language.
The Cosmos Network: a heterogenous network of Proof-of-Stake blockchains that can interoperate with one-another.
The Cosmos Hub: The first Proof-of-Stake blockchain to be launched by the Cosmos Network; it uses Tendermint consensus, contains a built in governance protocol, and serves as co-ordinater for interoperability between other blockchains.
Atoms: The native cryptocurrency on the Cosmos Hub. Atoms are necessary for participating in the consensus protocol and transacting on the network.


* https://cosmos.network/,
* https://fundraiser.cosmos.network/,
* https://cosmos.network/whitepaper,
* https://tendermint.com/,
* https://github.com/tendermint/tendermint,

Bcn-net.Dfinity (DFNnet)

Cpt-created: {2017-03-23}

DFINITY is conceived as a compatible sister network for Ethereum that extends the ecosystem by intoducing governance by an omnipotent distributed intelligence called the "Blockchain Nervous System".
The traditional "Code is Law" paradigms of Bitcoin and Ethereum are made subject to the distributed intelligence, which can also upgrade the protocol, update economic parameters and run special smart contract code that uses privileged instructions to reverse hacks such as The DAO.
The DFINITY project also represents the culmination of several years research into new cryptography and network protocols referred to collectively as "crypto:3" that vastly improve the performance of the virtual computer produced and lay a roadmap to infinite scalability and a true "decentralized cloud" where smart contracts can implement open versions of mainstream services such as Uber and high load business systems - exciting benefits Ethereum may be able to gain too by backporting selected techniques.
Special properties granted by crypto:3 also make it possible for DFINITY private clouds to host smart contracts that can call into smart contracts on the public DFINITY network.

* cpt.Bcn-net.dfinity,
* cpt.Dfnnet,

* Blockchain-network-with-builtin-decentralized-governance,
* program-blockchain-network,



Threshold Relay chains increase security while pushing speed 50X faster than Ethereum today, greatly improving the user experience Dapps provide.



dfnprl'USCID (Unique State Copy IDs)


Governance by a distributed intelligence

Decentralized Intelligence
DFINITY is a different kind of decentralized world compute platform. It is platform managed by a decentralized intelligence integrated into its systems that can make arbitrary changes. This acts to mitigate misuse, protect users, fix problems, optimize network configuration and seamlessly upgrade its protocols.

A recent blog post explains how the Blockchain Nervous System works. The system depends upon human-controlled "neurons" operated by special client software. These follow each other and cascade to decisions. Neurons are created by depositing dfinities and earn rewards for performance of voting services. While the expertise within the crowd is leveraged, follow relationships exist at the edges of the network making the decision process unknowable, protecting participants.

Protecting Users
In DFINITY the "Code is Law" is contingent upon the decisions of the nervous system. As we have seen, with the recent Bitfinex theft and hack of The DAO, hackers steal keys and can sometimes break smart contract systems with design flaws. A key purpose of the BNS is to return funds where possible, and reverse the damage of hacks. The BNS can also fix systems that have simply failed due to engineering errors, such as a complex autonomous system that has deadlocked.

This increases comfort for consumers and businesses alike, many of whom will be unable to adopt decentralized systems without such protection and recourse.

Accelerating Technical Evolution
In systems such as Bitcoin and Ethereum, upgrades to the protocol occur as a result of contentious and disruptive "hard forks". In DFINITY there is no equivalent notion and the BNS upgrades the protocol transparently on a regular basis, quickly introducing fixes and optimizations and driving network evolution forward as quickly as possible.

The process is simple: the network client is wrapped by a reverse proxy wrapper that systems and Dapps interact with. The wrapper is aware of the BNS, and when instructed upgrades the client while buffering requests, making upgrades transparent.

Adaptive Network Policy
In DFINITY economic parameters such as "mining rewards" or the cost of a "mining identity" are set dynamically by the Blockchain Nervous System, rather than according to a fixed schedule as in a traditional network. The BNS ultimately seeks to increase the value of "dfinities" and indirectly to drive adoption of the network. This invisible market hand will drive the BNS to strike more sophisticated and beneficial economic balances.
To compliment Ethereum and truly broaden the options the ecosystem offers, DFINITY introduces the fundamental difference of governance by a novel decentralized decision-making system called the “Blockchain Nervous System” (or “BNS”).

* cpt.Blockchain-nervous-System-of-Dfinity,
* cpt.Dfnbns,



* cpt.Dfinity'neuron-controller,




* https://dfinity.network/
* {2017-01-21} https://medium.com/dfinity-network-blog/the-dfinity-blockchain-nervous-system-a5dd1783288e,


the tech giant recently announced the development of its independent Blockchain network that is capable of operating on smart contracts for the world’s leading financial institutions and businesses, and the release of its report that suggests the technology will be implemented by 15 percent of big banks by 2017.

* cpt.Bcn-net.ibm,
* cpt.IBM-blockchain,

* http://www.ibm.com/blockchain/


Blockchain meets Security
Keyless Signature Infrastructure (KSI) is designed to provide scalable digital signature based authentication for electronic data, machines and humans.

Unlike traditional approaches that depend on asymmetric key cryptography, KSI uses only hash-function cryptography, allowing verification to rely only on the security of hash-functions and the availability of a public ledger commonly referred to as a blockchain.

A blockchain is a distributed public ledger; a database of transactions such that there is a set of pre-defined rules as to how the ledger gets appended, achieved by distributed consensus of participants in the system.

The KSI blockchain overcomes three major weaknesses of mainstream blockchain technologies - which were designed to facilitate asset transactions - making KSI suitable also for cybersecurity and data governance applications:

Scalability: One of the most significant challenges with traditional blockchain approaches is scalability – they scale at O(n) scale complexity, meaning they grow linearly with the number of transactions. In contrast the KSI blockchain scales at O(t) space complexity – it grows linearly with time and independently from the number of transactions. KSI can sustain billions of asset registration events every second without growing out of control.

Settlement time: In contrast to the widely distributed crypto-currency approach, the number of participants in KSI blockchain distributed consensus protocol is limited. By limiting the number of participants it becomes possible to achieve consensus synchronously, eliminating the need for Proof of Work and ensuring settlement can occur within one second.

Formal security proof: Unlike other blockchains, KSI blockchain has been subjected to end-to-end formal mathematical proof that provides assurance that the protocol does precisely what it says it does.

* cpt.Bcn-net.KSI,

Bcnnet.Humaniq (HMQnet)

Launched in 2016, Humaniq is designed for those who don’t possess identification, with the mobile app utilizing a new reputation concept based on facial recognition for identity management. The fourth-generation mobile bank is based on the Ethereum blockchain and is attempting to tackle the global problem of financial exclusion for those who don’t have bank accounts. It is set to launch the first version of its mobile app on iOS and Android.

Initially, the alpha version of the application is by invitation only to 1,000 people; however, they expect to conduct a global rollout by October.

Speaking to Bitcoin Magazine, Alex Fork, founder of Humaniq, said that when he was talking with Ethereum co-founder Vitalik Buterin at a conference last year, he was struck by how blockchain technology can be a solution to improve the lives of disadvantaged people. After seeing that the current system doesn’t work, Fork decided to create his own tool.

“Unbanked people find it difficult to use banks for three main reasons: lack of ID, lack of minimum funds and geographical distance to the nearest branch,” he said. “We’re using facial and voice recognition technology for new user sign-up.”

* cpt.Humaniq,

* dependent-bcnnet, (Ethereum)



* https://humaniq.co/assets/downloads/humaniq_wp_english.pdf,

Humaniq Whitepaper
Alex Fork[]


The Humaniq team is building a next generation model for financial services (Banking 4.0) which is based on Blockchain technology, mobile devices and biometric identification systems.
We will use cryptofinancing (Initial Coin Offering) for growth capital rather than traditional venture capital and shareholders.

Our aim is to empower a market of 2 billion people who currently don’t have access to banking across the world.
Almost half the world — over three billion people — live on less than $2.50 a day.
At least 80% of humanity lives on less than $10 a day.
More than 80 percent of the world’s population lives in countries where income differentials are widening.

We believe Humaniq can help reverse these trends and help bring people out of poverty by giving them banking tools that can provide liquidity for entrepreneurial ventures via loans, investment, online work and cryptofinancing as well as create new opportunities in the digital economy, locally, nationally and internationally.
Humaniq can also help mitigate the refugee crises occurring in many countries in the West due to economic disparity and lack of opportunities in emerging economies.

Our unique selling proposition (USP) in the digital banking market is our use of Blockchain technology combined with biometrics and a focus on mobile technology.
We plan to not only provide a software solution but also bring mobile hardware (phones) into the markets we are aiming for in Africa, Asia and South America.

1 Mission

“A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history.”
Mahatma Gandhi

Look at this map:
Figure 1: indeed, where they are?..

You may notice: there are unbanked regions on Earth.
As a matter of fact, nearly 2.5 billion people live in regions where no banking infrastructure exist.
The only form of payment available in those regions is manually giving banknotes (and/or coins) to a counterparty.

What makes it worse, even in banked regions, there are millions of people without passports or any other forms of identity or documentation, thus they are cut off from modern banking facilities.
According to a recent World Bank estimate, the total number of people who did not have identification documents amounted to 1.5 billion by 2016.

We at Humaniq, will provide a new financial infrastructure for everyone who has a smartphone with a camera.
The smartphone is necessary to make and receive payments, and the camera is needed to earn the first coins.
The price of smartphones is falling every year and they are currently priced at between $10-$20 on the low end.

Figure 2: 2.5 billion adults are unbanked

To put it in simple words, Humaniq is banking for the unbanked.
Our ultimate goals are:
? to integrate 2.5 billion people disconnected from the international business community, and empower them to free themselves from the chains of poverty,
? to shift emerging economies into the cryptoeconomy.

2 What makes Humaniq special?

“The biggest room in the world is the room for improvement.”
Helmut Schmidt

It is natural to ask why the problem of banking for the unbanked cannot be solved by Bitcoin or any other cryptocurrency.
And the questions can also be asked: «What makes Humaniq special?», «Are you just another startup offering yet another mobile wallet app?»

At first glance, it looks like any Bitcoin mobile wallet could be used in unbanked regions.
But if you think deeper about this, you will discover the following issues:

? The problem: the number of satoshis in circulation (or any other small units of crypto) is insufficient for some regions.
E.g., in Indonesia (250 million people), there’s just not enough digital currency to have substantial daily turnover (volume).
Bitcoin is scarce, and if you don’t have bitcoins, you are inclined not so to be interested in the network.
For regions poorly integrated into the international financial system, it would take a lot of time for sufficient liquidity to appear in the local market.
But there’s no doubt that such regions have their own domestic economy today.
It’s just they are almost exclusively cashbased.
? Our solution: unlike other cryptocurrencies, Humaniq provides an egalitarian emission mechanism.
The amount of coins that one person can mint is limited, and this is what makes Humaniq so special.
This mechanism has nothing to do with competing in specialized hardware, having access to specialized hardware, wasting electricity, or owning the coins preliminarily.
It may be called proof-of-face, and nothing is more fair than that.

? The problem: the lack of local exchanges.
Even now in 2017, there are lots of countries where no infrastructure to buy or sell cryptocurrency exists.
This is the issue even for some European countries, which have no problems with Internet adoption and where virtually the entire population is using smartphones.
We’d like to stress that it has been more than 8 years since the first cryptocurrency launched, and more than 7 years since the first cryptocurrency exchange ever appeared.
? Our solution: since our platform provides infrastructure for people to earn Humaniq coins from home, we understand that people would eventually like to exchange cryptocurrency for local currency.
Of course, we provide such infrastructure in our app.
(And still, we are in talks with some national and international shopping franchises in various countries we are targeting — and engaging them to add Humaniq as a payment option.)

? The problem: some states are concerned with pseudo-anonymity of cryptocurrencies, which causes recurring legal issues associated with them.
? Our solution: since app users have to pass bio-identification, there is no anonymity in Humaniq.
That is good news for transparency advocates, and that makes Humaniq unviable for financing terrorism, trading drugs and all the other deadly sins Bitcoin is accused of.
Another point is, Humaniq provides the ability to earn while working from countries abroad.
This enables an export-driven economy in depressed regions, improves living standards of depressed regions, and reduces the impetus for migration, which is great for all governments both in developed and in developing countries.

? The problem: the network effect of Bitcoin (and other cryptocurrencies) is relatively small because of relative usage complexity.
According to the report from Juniper Research, the number of active Bitcoin users around the world could reach 4.7 million people by the end of 2019.
Even now the network has reached the capacity limit of 250 thousand transactions.
Eight years of the Bitcoin era have passed; compared to PayPal, after 8 years it had 100 million active accounts, despite the fact that it appeared with less developed online infrastructure and can require passport details for use.
? Our solution: we discarded the private and public key approach, which confuses newcomers; we also had to reject using fractional amounts of coins, since decimal fractions may be uneasy for people with little or no education.
It’s very simple.
Coins are whole numbers (integers), faces are used as passwords — if you think it gets any easier than that, please tell us what could be simpler.

? The problem: complexity of reputation accounting in anonymous communities, needed for various p2p-solutions (p2p-insurance, p2pbanking).
? Our solution: we handle this problem with our bio-identification procedure.
By the beginning of 2017, elegant solutions for biometric authentication already exist.
If we take a combination of authentication methods it increases the likelihood of a near hundred-percent authentication.[ 1 ]
Our approach is to use one random authentication method each time.
Every authentication takes no more than two seconds and is as easy as unlocking a smartphone.

? The problem: the lack of crypto evangelists in undeveloped regions, which contributes to people’s unawareness of innovative payment systems.
? Our solution: the reasons why people don’t promote cryptocurrencies in undeveloped regions are understandable: technical complexity of the subject, language difficulties, no financial incentive etc.
But we’ve targeted our project directly at such regions.
Working on the problem, we have studied nearly everything about the current state of developing countries.
We talked to ~100 prominent bitcoiners who live in developing countries such as Sierra Leone, Afghanistan, Botswana, Pakistan and Indonesia.
Dozens of them decided to enter our Humaniq Ambassador Program: they will teach people about how to use Humaniq and earn cryptocurrency for that.

This is why Bitcoin or any other crypto isn’t used in unbanked regions.
And won’t be used.
The currency of unbanked regions (the dark ones on Figure 1) is called Humaniq.

3 Vision

“Visions are worth fighting for. Why spend your life making someone else’s dreams?”
Tim Burton

In Humaniq, the amount of coins that one person can mint is limited, and that is what makes Humaniq truly special.

This may sound really strange for an experienced crypto-community member.
How did we achieve this?

We did it with the help of bio-identification.
Our bio-identification has to be passed only once, taking less than 20 seconds and does not require to have any e-mail or passport.
And modern face recognition algorithms for neural networks can check one’s identity with incredible accuracy.

Briefly, bio-identification is obligatory to create a wallet; every user is given coins for passing bio-identification; the process consists of taking series of photos, recording videos of the user making facial gestures, and recording the user’s speech.
For details, move to subsection 9.3.

To prevent theft of coins, every time a user signs in into the app, he or she must pass the authentication procedure.
The authentication is similar to bio-identification, but much shorter: the user has to repeat just one of the recorded gestures in the front of the camera.
It is as easy as unlocking a smartphone.

The software we have developed works with the cheapest hardware solutions on Android 5.0: with smartphones that cost $10-$15.
Such affordable devices are usually fitted with a front-facing camera and microphone, and thus are sufficient to install a mobile wallet and to authenticate the user.

After passing the bio-identification, everyone is invited to earn additional coins by inviting friends and making transactions.
Moreover, we enable the possibility for everyone to earn a living with their mobile phones, and that’s what is truly impressive.

You may ask — how?
Well, we work with local companies and brands to achieve this.
Our cherished will is to make Humaniq the de facto currency of the world where over three billion people live on less than $2.50 a day.

Humaniq can give these people the opportunity to break free from poverty, improving the lives of their families and themselves by entering and helping create a new mobile digital economy.
Imagine now... over two billion users improving capitalization of popular services by getting used to them — isn’t that what brands dream of?
Isn’t that why Facebook is making a play with internet.org?

Our user may purchase a smartphone perhaps even with a loan — and after the purchase, cover his or her expenses within several weeks, by executing simple actions.

4 Emission Model

“Cryptoeconomic system may contain its own currency and token system which would be useful in any sense in some system aspect. Units of currency can be generated by the system and then sold or distributed directly as award for participation in system operation.”
Vitalik Buterin

We feel honored to repeat it once more: Humaniq provides an egalitarian emission mechanism.
The amount of coins that one person can mint is limited, and that is what makes Humaniq so special.

This mechanism has nothing to do with competing in specialized hardware, having access to specialized hardware, wasting electricity, or owning the coins preliminarily.
It may be called proof-of-face, as we’ve mentioned, and there’s nothing more fair than that.

In this section, we are about to present the details of the emission model we chose.
Developing it, we pursued the following objectives:

1) The early adopters should receive more money than the later ones.

2) The total amount of coins that will ever be issued must be five times bigger than the amount of coins issued via Pre-ICO + ICO.

3) Emission proceeds until kmax people are registered. kmax should be relatively big.

4) In average, one user is granted with 500 coins.

5) Tokens are issued by the smart contract upon request.

6) Emission per one person is carried out not by one-time payment[ 2 ], but in accordance with a scoring function which depends on the person’s activity: passing through bio-identification, inviting friends, making transactions.

Let E(k) be the amount of HMQ coins that may be granted to the person who was k-th to pass the bioidentification in the Humaniq app (the user number k).
The objective number 1 tells that the function E(k) should be decreasing one.
We chose the simplest decreasing function — the linear one:
E(k) = Emax - (Emax - Emin / kmax) · k
Thus, at k = 0 E(k) = Emax, and at k = kmax the correspondence E(k) = Emin holds.
We chose Emax equal to 860, and Emin equal to 140.
Finally for the maximum possible amount for the k-th video registrant
E(k) = round (860 - 720/kmax · k) (4.1)
Let us draw a graph showing the controlled supply of coins:

Figure 3: The distribution of Humaniq coins. Red line represents the maximum possible amount of coins a user can be granted with respect to the scoring function. Blue line represents the number of coins that the user is granted if his or her only action is passing bio-identification.

Denote the total amount of coins sold via Pre-ICO + ICO by Vico.
According to the objective number 2, only 4Vico coins will be earned by users of the Humaniq app.
Thus, the maximum possible amount of Humaniq coins is limited by 5Vico.
The objective number 4 states that the total average number of coins that a user can mint in-app must be close to 500, thus giving immediately follows.
This provides the restriction upon the total amount of people who can mint the tokens in-app.[ 3 ]
We use the conventional rounding
function to guarantee that kmax is integer.

The scoring function mentioned in objective number 5 describes how people can earn their E(k) coins in the Humaniq app.
It is structured as follows:
(denoting the HMQ/USD exchange rate by r, so that 15r becomes the Humaniq equivalent of $15)
• mobile app installation — min(round(0.01 · c1 · E(k)); 15r) HMQ
• receiving first coins from a friend — min(round(0.04 · c2 · E(k)); 15r) HMQ (one-time payment)
• passing the bio-identification — min(round(0.15 · c3 · E(k)); 15r) HMQ (one-time payment)
• a referred friend passed bio-identification4 — min(round(0.1 · c4 · E(k)); 15r) HMQ (for every 5 first friends invited)
• execution of a transaction within first month after installation — min(round(0.05 · c5 · E(k)); 15r) HMQ (one-time payment)
• execution of a transaction within second month after installation — min(round(0.1 · c6 · E(k)); 15r) HMQ (one-time payment)
• execution of a transaction within the third month — min(round(0.15 · c7 · E(k)); 15r) HMQ (one-time payment)
• additional earning opportunities are provided by local and global startups and senior companies.

For moments when exchange rate HMQ/USD diminishes, the emission can be delayed.
The exchange rate is treated diminished, if
current rate < average rate for the last week.

By the start, every coefficient in the tuple (c1, c2, c3, c4, c5, c6, c7) is set to 1, but after some time these coefficients are going to become mutable.
For the first period of their mutability, the control over these coefficients will be community-driven, but eventually this control will be forwarded to a neural network, whose goal will be to maximize several reasonable metrics (the installations’ rate of growth, transactions’ number rate of growth).

Thus, the amount of HMQ that can be granted to a user is E(k), where k is the number of users who passed the identification before him or her.
The formula (4.1) can be used to calculate the potential benefit.

The earning opportunities aren’t limited by this.
Start-ups and senior companies pay additional amounts of HMQ to people executing their tasks.
The list of tasks available at you region can be found in the tab «Offers».
Our ultimate dream is that everyone could purchase the smartphone, install the Humaniq app and then cover his or her expenses on the same day, executing simple actions.[ 5 ]
That is why we tether our emission to the Humaniq equivalent of $15.

5 The ICO

“Just as treasures are uncovered from the earth, so virtue appears from good deeds, and wisdom appears from a pure and peaceful mind.
To walk safely through the maze of human life, one needs the light of wisdom and the guidance of virtue.”

Despite we have enough money to develop the project on our own, we think it is fair to allow everyone to invest in the project.
To make the procedure egalitarian, we have chosen to utilise cryptofinancing via an initial coin offering (ICO) rather than take on venture capital.
Moreover, a crowdsale is a brilliant way to attract media attention.

Our crowdsale has two stages — the Pre-ICO and the ICO. T
he Pre-ICO took place since 15 Dec 2016 till 28 Dec 2016.

The ICO starts by 6 Apr 2017, CET 00:00 and
ends by 26 Apr 2017, CET 23:59.

To buy Humaniq, the only payment options during the ICO are Bitcoin (BTC) and Ethereum (ETH).
During the ICO, the rates are as follows:

1 ETH buys 1000 HMQ (+ bonuses)
for BTC-buyers: your BTC counts as the equivalent amount of ETH[ 6 ]

We also offer the following bonuses for those who invest earlier:
6-7th of Apr + 49.9%
8-14th of Apr + 25%
15-21th of Apr + 12.5%
22-26th of Apr + 0%

Since all Humaniq balances are whole numbers (integers) and fractional amounts of coins are not possible (see subsection «Coins are integer» for the reasoning), we had to come with the solution for the arising subtlety.
We chose different ways to handle the problem of fractional HMQ for Bitcoin-using and Ethereum-using participants.

For Bitcoin participants, if the amount of HMQ to be bought is less than 112358 HMQ, rounding down is performed; otherwise, if a buyer wishes to buy more than 112358 HMQ, the amount of HMQ to be bought is rounded up.

For Ethereum participants, we decided to conduct bounce-back transactions (and hardcode them in the smart contract).
E.g. if you transfer 3.1415926 ETH and no bonuses are applied, you are about to receive 3141.5926 HMQ, but since HMQ balances are integer, the amount of ether equal to 0.5926 HMQ is sent back to you.
Participating in the ICO doesn’t require passing bio-identification.

5.1 The key holders

Our fundkeepers are:
Alex Fork
George Basiladze
Bitcointalk user btcsec

6 The Pre-ICO (survey)

The purpose of the Pre-ICO was to create a discussion on issues raised by the project, to attract the attention of leading experts in the industry, and to raise funds to prepare the promotion and public relations of the project, as well as prepare a quality ICO.

We chose the following rates for the Pre-ICO stage:
1 ETH buys 1500 HMQ (+ bonuses)
for BTC-buyers: for the whole Pre-ICO campaign,
we treated every your bitcoin as 93.5 ETH

We announced that if the amount collected is less than 10000 ETH, all funds will be returned. Fortunately, we collected[ 7 ] 99.002855 BTC and 3122.362977 ETH, which amounted to more than the announced threshold.

The following bonuses were available during the Pre-ICO stage:
First 12 hours + 70%
16th of Dec + 50%
17-19th of Dec + 33%
20-22nd of Dec + 20%
23-25th of Dec + 7%
26-28th of Dec + 0%

We are delighted to inform you that 31824818 HMQ tokens have already been distributed during the Pre-ICO (in complete accordance with these bonuses), and we look forward to our upcoming ICO, which will provide the answer on the final quantity of tokens that can ever be generated Vico and thus determine the constant kmax from (4.2).

All rewards and bounties were distributed within one week after the end of Pre-ICO, just as it was claimed.

7 Our development process

“Success or failure of a team is determined by how its members communicate and interact.”
Ichak Adizes

Future Fintech keeps in contact with more than 200 fintech start-ups.
One of the challenges of most projects is access to the customer base.
This is why the implementation of our solution will help young projects (P2P lending, insurance, mobile wallets, scoring, freelance, etc.) offer their ideas to people who have no experience in the financial sector.
Therefore, the project will be developed as follows.

The main development team develops the core.
Others join later and develop their start-ups or solutions on a ready-made platform.
We use Github to bring the core team and third parties together.

We are open to get suggestions and ideas from ordinary users — from the Community.
We always keep in touch with them via the Humaniq app, as well as on Bitcointalk and on our brand blog on Medium.
Users also join us via our Slack channel, read the latest news on Facebook and Twitter, and participate in discussions on our subreddit.

Figure 4: join us to see how we work

Close interaction with users and testing an idea or a prototype on potential consumers allows us to make the right decisions and save resources.
This is why customer development greatly reduces the investor risk.
After all, theory often differs from practice, and developers’ opinions on ergonomics and ease of use may differ from the perceptions of the product’s end users.
Users often have their own understanding of a set of must have functions, and ignorance of their real needs can lead to the failure of the entire start-up.

As such, our analysts and trend watchers, together with the developers, will consider every feature request communicated by users in the community.
Some ideas greatly improve the product; but, at the same time, the development of one option can take an hour or two, while the implementation of another can take a few days.

Analysts and trend watchers will also evaluate the feasibility of each request and explore it within the context of market trends.
The developers, in their turn, will integrate them properly if new ideas are given thumbs up.

At the same time, budget and deadlines must be met.
Therefore, some ideas are rejected for one reason or another, while others form the list of tasks for the team of developers.

Thanks to this, analysts, trend watchers, investors, users, project managers and programmers themselves are always aware of the current development stage of a project.
Any interested user and even a developer can connect to it from various sides and get a respective reward:
• participate in beta testing;
• voice their ideas for improving the product in the Community;
• develop their start-up;
• become an analyst or a trend watcher.

As you can see, our project development scheme allows and supports the active participation of users.
Customer development allows us to create a product that meets their needs and wishes, which eventually ensures its success.

8 The timeline of Humaniq

“The best way to predict the future is to create it.”
Peter Drucker

The milestones on this road are:
• 2016, October-November — Humaniq Whitebook is written
• 2016, December — Launch of Humaniq.co website.
• 2016, December — the pre-ICO.
• 2017, January-February — smart contract development, due diligence, marketing campaign
• 2017, February — a meeting with Humaniq project partners in India.
• 2017, February — announcing Humaniq online-hackathon in partnership with (yet undisclosed) well-known blockchain media
• 2017, February — the start of the ICO (crowdsale).
• 2017, April — headlining the BlockShow Europe 2017, giving talks on panel discussions, concluding results of the hackathon and giving awards to winners
• 2017, April — crowdsale concludes.
• 2017, May — prototype of Android mobile app.
• 2017, July — Product launch: the mobile app (wallet with bioID) + exchange app.
• 2017, September — global expansion in two directions: to underdeveloped regions (expansion of the network of users in Africa, Asia, South America) and to the cities that are crucial to modern business (London, Singapore, Hong Kong and San Francisco).
• 2018 — integration of virtual cards, of fintech start-ups, and further decentralization of Humaniq architecture.

9 Technical

“Architecture is inhabited sculpture.”
Constantin Brancusi

From the technical point of view, to implement the idea, the following ingredients are required:

1) mobile app, which is what users see.
We’re talking about Android app, since in underdeveloped regions market share of Android OS is close to 95%.
Making an iOS App is less important in our case, but for the sake of perfection we actively develop it.

2) appropriate bio-identification/authentication software

3) such software essentially produces a «chunk» of every person’s identity; these chunks are used for identification/authentication and must be stored somewhere in decentralized manner

4) these chunks must be encrypted

5) identification procedure must cost zero for end users (at least for the first time)

6) authentication procedure must cost zero for end users (at least for the first time)

7) secure consensus algorithm (e.g. robust blockchain)

8) transactions should cost zero for senders if possible.

To satisfy the first and second conditions, it is enough to build the apps, and to buy licensing rights for the best available bioID solution.
Chapter 9.2 is devoted entirely to how we made our choice of the solution.

To satisfy the third condition, we should allow every PC to become a Humaniq node.
On encryption (fourth condition), our approach is similar to Storj and (announced by Ethereum) Swarm’s one.

To meet the fifth condition, it is enough to specify in the protocol that nodes have to add «chunks» of a new person to their database, keep their databases synchronized, and are not paid for that.
It’s exactly like in Bitcoin: full nodes kept on their hard drives containing the ledger of all transactions that have ever happened without any financial incentive.

The sixth condition resolves like the previous one: people verify and broadcast identities of authenticating users for free.
Again, exactly like in Bitcoin: peers verify and broadcast new blocks and transactions, and nobody gets paid for that.

Speaking on condition eight, for the first few months of the network’s existence transaction fees will be zero for end users.
However, this is to be changed in future, since the founders cannot pay Ethereum fees forever.
We are about to decentralize the project architecture and to make it nondependent on founders, giving everyone the possibility to run a Humaniq node.

We are using Ethereum for the project and the ICO campaign because this platform allows us to create a secure solution quickly, with few resources, and without loss of quality thanks to:
• smart contracts (we plan to conduct the audit of our smart contracts);
• reliability of a ready and operating blockchain, in contrast to the risks associated with deploying own blockchain;
• future development of the Ethereum project and stated opportunities.

Figure 5: The inner structure of the Humaniq platform

The only tough issue is the centralization.
Humaniq has several components: software part, neural network and database.
In the future, all these components are to be decentralized.

9.1 Issues and responses to them

Humaniq is based on blockchain technology.
Major component — transaction settlement will be done on Ethereum blockchain using Standard Token (ERC20) contract.
New tokens are emitted for every authenticated user and the rules of emission are controlled by «Emission smart contract».
Humaniq servers are responsible for authorization of users on the blockchain via Biometric ID services as well as approving additional token emission.
Users will only interact with Mobile Wallet for their smartphones.

Scrupulous readers may say that this system has a number of centralized places carrying risks.
But there are answers to this:
1. Each user can use the Ethereum client wallet without using additional services.
2. It should be admitted that Bitcoin protocol add-on services are used by an overwhelming majority of Bitcoin users; and this is the normal operation of a payment system, and our operation will be based on the same principles.
And since security issues are undertaken by Ethereum, this allows us to focus on the client-oriented decentralized business model.
3. With reference to bio-identification and mobile wallet, we will move towards open source and hereafter decentralization.
4. Besides the above-mentioned, the service development strategy is a decentralized business model, i.e. stimulating creation of several mobile wallets by third-party teams, chatbots, exchange services, service rendering.
5. Today there is no technological opportunity to put bio-identification into blockchain, however if there is a possibility to help people now, and to develop ecosystem of cryptoeconomics — it should be done.

There are three key components of Humaniq:
• the app (which is essentially also the mobile wallet)
• Humaniq servers
• contracts on Ethereum blockchain.

9.2 BioID: technology

We understand that biometry is not finance, and we’re not specialists in this technology.
As a consequence, we’re actively working with various well-established companies, who specialize in computer vision and/or image recognition.

Hence, to execute bio-identification, we are going to invite a solution provider when we are ready to make the choice.
We have not yet signed any formal agreements, and, due to the high responsibility of this step, we are not rushing.
We plan to announce which service provider we have chosen and to provide corresponding formal agreements during the crowdsale.

9.3 BioID: user experience

During the first launch of the Humaniq app, one must pass through the
bio-identification procedure[ 8 ].
Otherwise, the Humaniq interface just won’t show up.

This bio-identification is arranged as follows.
A registrant is required to make a photo of themselves with the smartphone, to record a video of smiling and grinning, and to pronounce the text shown on the screen.
To avoid counterfeits, the device ID is added and the text is chosen at random out of very large pool; it eliminates the ability to use pre-prepared audio tracks.
All the instructions are shown on the mobile phone screen, so of course no prerequisite knowledge is needed to use the app; you don’t need to know anything about the app in advance.
You may download the app from Google Play and try it yourself.

This authentication method takes less than five seconds and requires no e-mail, SMS, passport, and you don’t have to worry about losing or forgetting your password.
This is the real proof of identity.

9.4 Mobile Wallet

The Mobile Wallet is an interface for mobile (iOS, Android) users that provides them with quick access to their balances and lets them transact with other users/merchants.

The Mobile Wallet manages private and public keys for the user, which are used to sign transactions locally.

It also has a built-in module for collecting biometric user data, such as voice and video, which can be used to bind a user with their identity and provide them with additional features of the platform, such as action-based emission.

The Mobile Wallet also includes an API for third-party developers so they can interact with the Wallet: access balances, send transactions.

9.5 Contracts on Ethereum blockchain

There are two contracts that are already deployed on the blockchain.
First one is Standard Token Contract (ERC20) that