Let's set aside the tickename issue for a second and think as scientists about the upcoming experiment. Assuming there will be a split, I think it's going to be interesting. (If the split is somehow avoided, then all of the following makes no sense, of course)
I frankly think the experiment of "hashrate-funded centrally-developed Bitcoin Cash" vs "hodler-funded multi-team-developed Bitcoin Cash" is very interesting. I don't mean "centrally-developed" as an offence here, it's just a fact - ABC will be developing it. Before you start throwing in tomatos
, let's think about it.
We all have front-row seats - each gets equal amount of both coins, so either coin wins - you have your cut.
It might even be that BOTH coins will be winners, since unlike the BSV situation, this is going to be probably developed under MIT license, so either side can copy code from other side. (Unless, of course, ABC goes BSV-way and protects their code with a restrictive license, while the other side will be using MIT/BSD licenses for sure) Let's consider both sides' pros and cons.
I don't really like IFP, but I think what Amaury did was pretty clever and worth considering. With this plan he gets to control his coin fully and impose any rules he sees as best for his coin, be it drift correction, 6-month releases or whatever else. He believes in his power to make this coin the best, so let's see if he can.
[+] Corporations are often pretty efficient at what they do. Usually, with capitalism and democracy they will perfect their game like no one, because of competition.
[-] But this won't be exactly like capitalism, more like socialism, because ABC/Amaury will get paid no matter their performance. They will always get 8%. That makes people lazy. Why bother if you get your salary anyway?
[+] ABC has a track record of 3 years and BCH didn't die, which gives them some credit that they could do it.
[+] Amaury and ABC will get paid in their own coin, so the more valuable it is, the richer they get. (Unless they sell for USD immediately) Also, they will get close to $8 million in funding in first year alone (at the current price), which would allow him to hire, well, best of the best in their class (cryptographers, developers, etc...). Amaury knows that and he's right - developers are freaking expensive ($100,000+/year). (Well, again, assuming Amaury will be hiring...)
[-] They don't have to listen to the community, so they have no force feedback if what they do is of any value or is it a useless distraction.
BCHN + others
[+] Hodler-funded means that you don't get paid unless you promise to deliver useful value and have proven to provide value in the past. So you have to perfect your game always - that's much closer to capitalism.
[-] Very hard to raise funds. Amaury will get $8m/year while BCHN and other nodes barely managed to collect $100-200K, probably for the next year or so. Hodlers don't want to give away their money too much, because it might 10x or 20x in very short amount of time.
[+] If BCHN/other nodes do their job well and the coin value raise - their money becomes more valuable, so $100K might become $1M in a year. Assuming they haven't sold for USD. Something tells me they didn't.
[-] Grass-roots things can be short-lived. People are free to join and leave any time, so eventually you get tired of everything.
Potential problems with the experiment
- Tickename, obviously pretty bad issue;
- Reputation/community loss (BCH splitting again);
- Confusion for next few years about what Bitcoin Cash is (just like it was with BCH/BTC split);
- No replay protection (this one is nasty), so it's hard to split your money at fork time, you need to wait to get some miner dust to mix in with your coins to split them properly;
- Potential that one side might be without wallets at first (i.e. if all wallets and services like Fountainhead/rest.bitcoin.com, which are used by wallets, leave ABC - how would you transfer your money?) - that surely will be a blow, but it's fixable. BCH started this way too.
- EDIT: Merchant dis-adoption. Many will be tired of non-stop drama and leave. Maybe, stability of BCHN site will lure some back later. (comment about this)
I don't see miners as an issue (I explained why here
I'm actually curious. Whether corporate efficiency (but with a bit of socialism) or grass-roots (barely with any funding in comparison) will get ahead.
Even though there is already a similar experiment going (BSV), but it's still interesting - each corporation is different and where Apple succeeded, many other phone/computer companies failed. Is listening to market critical? Remember Henry Ford: "If I had asked people what they wanted, they would have said faster horses." On the other hand we have plenty of coins with a lot of funding not even in Top 10.
Get your tickets (coins) ready, we're in for a ride!
Note: you can read this on GitHub (link), Medium (link) or old Reddit (link). submitted by
Final version 1.3.0 of the core software was released bringing all the enhancements reported last month
to the rest of the community. The groundwork for SPV (simplified payment verification) is complete, another reduction of fees is being deployed, and performance stepped up once again with a 50% reduction in startup time, 20% increased sync speed and more than 3x faster peer delivery of block headers (a key update for SPV). Decrediton's integrations of SPV and Politeia are open for testing by experienced users. Read the full release notes and get the downloads on GitHub
. As always, don't forget to verify signatures. dcrd
: completed several steps towards multipeer downloads
introduction to the software in the main README
, continued porting cleanups and refactoring from upstream btcd
Currently in review are initial release
of smart fee estimator
and a change to UTXO set semantics
. The latter is a large and important change that provides simpler handling, and resolves various issues with the previous approach. A lot of testing and careful review is needed so help is welcome.
Educational series for new Decred developers by @matheusd added two episodes: 02 Simnet Setup
shows how to automate simnet management with tmux and 03 Miner Reward Invalidation
explains block validity rules.
Finally, a pull request template
with a list of checks was added to help guide the contributors to dcrd. dcrwallet
: bugfixes and RPC improvements to support desktop and mobile wallets.
Developers are welcome to comment on this idea
to derive stakepool keys from the HD wallet seed. This would eliminate the need to backup and restore redeem scripts, thus greatly improving wallet UX. (missed in July issue
: bugfixes, refactoring to make the sync process more robust, new loading animations
, design polishing. Politeia
: multiple improvements
to the CLI client (security conscious users with more funds at risk might prefer CLI) and security hardening. A feature
to deprecate or timeout proposals was identified as necessary for initial release and the work started. A privacy enhancement
to not leak metadata of ticket holders was merged
: update from @collins: "Second test release for dcrandroid is out. Major bugs have been fixed since last test. Latest code from SPV sync has been integrated. Once again, bug reports are welcome and issues can be opened on GitHub
". Ask in #dev room for the APK to join testing.
A new security page was added that allows one to validate addresses and to sign/verify messages, similar to Decrediton's Security Center. Work on translations is beginning.
Overall the app is quite stable and accepting more testers. Next milestone is getting the test app on the app store. iOS
: the app started accepting testers last week. @macsleven: "the test version of Decred Wallet for iOS is available, we have a link for installing the app but the builds currently require your UDID. Contact either @macsleven or @raedah with your UDID if you would like to help test.".
Nearest goal is to make the app crash free.
Both mobile apps received new design themes. dcrdata
: v3.0 was released for mainnet! Highlights: charts
, "merged debits" view, agendas
page, Insight API support, side chain tracking, Go 1.11 support with module builds, numerous backend improvements. Full release notes here
. This release featured 9 contributors
and development lead @chappjc noted
: "This collaboration with @raedahgroup on our own block explorer and web API for @decredproject has been super productive.".
Up next is supporting dynamic page widths site wide and deploying new visual blocks home page
Trezor: proof of concept implementation for Trezor Model T firmware is in the works
(previous work was for Model One). Ticket splitting
: updated to use Go modules and added simnet support, several fixes. docs
: beginner's guide overhaul
, multiple fixes and cleanups. decred.org
: added 3rd party wallets, removed inactive PoW pools and removed web wallet.
@Richard-Red is building a curated list
of Decred-related GitHub repositories.
Welcome to new people contributing for the first time: @klebe, @s_ben, @victorguedes, and PrimeDominus!
Dev activity stats for September: 219 active PRs, 197 commits, 28.7k added and 18.8k deleted lines spread across 6 repositories. Contributions came from 4-10 developers per repository. (chart
Hashrate: started and ended the month around 75 PH/s, hitting a low of 60.5 and a new high of 110 PH/s. BeePool is again the leader with their share varying between 23-54%, followed by F2Pool 13-30%, Coinmine 4-6% and Luxor 3-5%. As in previous months, there were multiple spikes of unidentified hashrate.
Staking: 30-day average ticket price is 98 DCR (+2.4). The price varied between 95.7 and 101.9 DCR. Locked DCR amount was 3.86-3.96 million DCR, or 45.7-46.5% of the supply.
Nodes: there are 201 public listening nodes and 325 normal nodes per dcred.eu
. Version distribution: 5% are v1.4.0(pre) dev builds (+3%), 30% on v1.3.0 (+25%), 42% on v1.2.0 (-20%), 15% on v1.1.2 (-7%), 6% on v1.1.0. More than 76% of nodes run v1.2.0 and higher and therefore support client filters. Data as of Oct 1.
Obelisk posted two updates on their mailing list
. 70% of Batch 1 units are shipped, an extensive user guide
is available, Obelisk Scanner application was released that allows one to automatically update firmware
. First firmware update was released and bumped SC1 hashrate by 10-20%, added new pools and fixed multiple bugs. Next update will focus on DCR1. It is worth a special mention that the firmware source code is now open
! Let us hope more manufacturers will follow this example.
A few details about Whatsminer surfaced
this month. The manufacturer is MicroBT, also known as Bitwei and commonly misspelled as Bitewei. Pangolinminer
is a reseller, and the model name is Whatsminer D1
Bitmain has finally entered
Decred ASIC space with their Antminer DR3
. Hash rate is 7.8 TH/s while pulling 1410 W, at the price of $673. These specs mean it has the best GH/W and GH/USD of currently sold miners until the Whatsminer or others come out, although its GH/USD of 11.6 already competes with Whatsminer's 10.5. Discussed on Reddit
, unboxing video here
Meet our 17th voting service provider: decredvoting.com
. It is operated by @david
, has 2% fee and supports ticket splitting
. Reddit thread is here
For a historical note, the first VSP to support ticket splitting was decredbrasil.com
@matheusd started tests on testnet several months ago. I contacted him so we could integrate with the pool in June this year. We set up the machine in July and bought the first split ticket on mainnet, using the decredbrasil pool, on July 19. It was voted on July 30. After this first vote on mainnet, we opened the tests to selected users (with more technical background) on the pool. In August we opened the tests to everyone, and would call people who want to join to the #ticket_splitting channel, or to our own Slack (in Portuguese, so mostly Brazilian users). We have 28 split tickets already voted, and 16 are live. So little more than 40 split tickets total were bought on decredbrasil pool. (@girino in #pos-voting) KuCoin
DCBTC and DCETH pairs. To celebrate their anniversary they had a 99% trading fees discount
on DCR pairs for 2 weeks.
Three more wallets integrated Decred in September:
- Atomic desktop wallet added Decred in version 0.1.31. The team answered many questions on Reddit.
- AnyBit wallet added Decred. It features built-in price and news tracking. Notably, the source code is open for their Android and iOS wallets.
- Cobo added Decred support into their Android and iOS wallets.
Decred addition to their Android app that allows accountless swaps between 150+ assets.
informational asset pages
for top 50 coins by market cap, including Decred. First the pages started showing
in the Coinbase app for a small group of testers, and later the web price dashboard
The birth of a Brazilian girl was registered on the Decred blockchain using OriginalMy, a blockchain proof of authenticity services provider. Read the full story in Portuguese
and in English
Advertising report for September is ready
. Next month the graphics for all the ads will be changing.
Marketing might seem quiet right now, but a ton is actually going on behind the scenes to put the right foundation in place for the future. Discovery data are being analyzed to generate a positioning strategy, as well as a messaging hierarchy that can guide how to talk about Decred. This will all be agreed upon via consensus of the community in the work channels, and materials will be distributed.
Next, work is being done to identify the right PR partner to help with media relations, media training, and coordination at events. While all of this is coming up to speed, we believe the website needs a refresher reflecting the soon to be agreed upon messaging, plus a more intuitive architecture to make it easier to navigate. (@Dustorf)
- Raedah Group went on the streets of Portland, USA with a pretty blue tent. (photos)
- Manual Blockchain in Sao Palo, Brazil.
- CryptoFacil Summit in Rio de Janeiro, Brazil. (photos)
- Meetup at Binzantin Cafe in Taipei, Taiwan. @morphymore: "There were 20-ish attendees, and about half of them have joined the Chinese FB group. Most of them don't hear about Decred before, but have expressed the interest in learning more about it after the event. Overall, it's a good exposure for Decred in the Taiwan community.". A report with photos was posted on Facebook, more photos are here and here.
- @joshuam made a Decred Jacket appearance at Singapore Grand Prix. (photos)
- NewTech PDX meetup in Portland, USA. Raedah Group presented Decred and reported "lots of new converts". (photos)
- North Shore Bitcoin & Blockchain in Glenview, USA. @dustorf gave a five minute overview of Decred and noted: "There were only about 25 people, but about 1/3 of them were aware of Decred prior. (...) Our simple presence and explanation of the project moved opinion from 'another shitcoin they sold after mining' to 'an interesting and viable project worthy of further investigation'.". (photos: 1 2)
- Ethfinex Governance Summit in Lugano, Switzerland. @Haon attended the event and posted a report on decred, in addition this and this Twitter threads. (video)
- Bitcoin Meetup CDMX in Mexico City on Oct 6. @elian will be talking about Decred at the oldest Bitcoin meetup in Mexico.
- SF Blockchain Week in San Francisco, USA on Oct 9. @lukebp will discuss DPoS vs PoS on a panel 9:30a-10:15a at the Titans of Tech Stage, Hilton Union Square.
- Decred Meetup in Casablanca, Morocco on Oct 27. @butterfly will host the event and talk about Decred in French.
- Texas Bitcoin Conference Austin, USA on Oct 27-28. @BAB: "The great thing about this is that it will also be a Decred Summit. We will have half of the conference dedicated to Decred topics, updates, etc."
- Websummit in Lisbon, Portugal on Nov 5-8. @moo31337 will be on a panel discussing "2018: A Rollercoaster Year for Cryptocurrencies"
We'll begin shortly reviewing conferences and events planned for the first half of 2019. Highlights are sure to include The North American Bitcoin Conference in Miami (Jan 16-18) and Consensus in NYC (May 14-16). If you have suggestions of events or conferences Decred should attend, please share them in #event_planning. In 2019, we would like to expand our presence in Europe, Asia, and South America, and we're looking for community members to help identify and staff those events. (@Dustorf)
August issue of Decred Journal was translated to Russian
. Many thanks to @DZ!
Rency cryptocurrency ratings published a report
on Decred and incorporated a lot of feedback from the community on Reddit
September issue of Chinese CCID ratings was published
), Decred is still at the bottom.
- The underbelly of blockchain Governance - fiat licensing and our code with Marco Peerboom and Chris DeRose (youtube, tweet, decred, missed in August issue)
Insightful dialogue about men's underwear, licenses, subtleties of GPL, BSD wars, tiling window managers and much more.
- Introduction to Decred (Korean, youtube)
@Killawhale collected a lot of feedback from the community and produced this video to spread the word in Korea.
- Perspectives on Governance from Nathan Wilcox, Jonathan Zeppettini, Vitalik Buterin (z.cash)
- Decred - an example of governance (Portuguese, youtube)
- Decred, the crypto that wants to compete with Bitcoin (French, youtube)
- Exodus.io Live with Marco from Decred! (youtube)
Marco joins Exodus.io to discuss what makes DCR an asset that will stand the test of time.
- Building Decred With Systems Development Lead Marco Peereboom - Governance, Politeia, Lightning (youtube)
Topics: early days, Politeia, the structure of Decred, dcrtime, Lightning Network, attracting users and developers, future plans (DEX, Schnorr signatures, privacy, DAEs).
- Decentralized autonomous funding of blockchain projects by @Richard-Red (medium, discussion on decred and dashpay)
- How to obtain Decred? by @mm (stakey.club, also in Portuguese)
- Digital certificates for RPC connections by @mm (stakey.club, also in Portuguese)
- An overview of the Politeia system architecture by @fernandoabolafio (medium)
- One of Investors' Favorite Governance Blockchains Is Handing Over $20 Million by Brady Dale (coindesk.com, discussion on decred)
- What is Decred? (qoinbook.com)
- Decred Cryptocurrency Gives Analysis of Dash (dashforcenews.com, ed: Good job, Decred Cryptocurrency!)
- Decred Price Analysis: Alterations to blockchain governance (bravenewcoin.com, snapshot for non-js readers)
- Decred: A Different Kind of Hybrid (cryptodetail.com)
- Decred Gets Listed on KuCoin as Asset Nears 4-Month Lows (cryptovest.com)
- From PoS to dBFT: A Brief Review of Consensus Protocols (cointelegraph.com, tweet, ed: Decred is mistakenly categorized as pure PoS)
- What is Decred? (Spanish, hardwareate.com)
- Decred Technical Analysis: Breakout Possible, but Which Way Will it Go? (cryptovest.com)
- What is Decred and is it a Credible Blockchain Project? (blockchainreporter.net)
- Governing Decentralization: How On-Chain Voting Protocols Operate and Vary (cointelegraph.com, Spanish version here)
- Decred: A virtual currency with a hybrid approval system combining PoW and PoS (Japanese, cryptocurrency.theater, ed: excellent domain name)
- What is Blockchain Governance? Complete Beginner's Guide (blockonomi.com, discussion on decred)
- Antminer DR3 - Bitmain's Next Target Is Decred (cryptodisrupt.com)
- Q4 2018 Bitcoin Mining Projections (theminersunion.com, snapshot for non-js readers)
- What is Decred? (cryptofinance24.com)
- Twitter followers 39,784 (+192)
- Reddit subscribers 8,784 (+153)
- Matrix users 187 (+24)
- Slack users 6,149 (+82)
- YouTube subscribers 3,718 (+51)
- Facebook 3,060 (+12) followers and 2,826 (+12) likes
- GitHub 419 (+2) stars and 1,073 (+52) forks of dcrd repository
Comm systems news: Several work channels were migrated to Matrix, #writers_room is finally bridged.
- Blockchains are not companies by Dean Eigenmann discussed in #governance
- How the DEX could benefit Decred:
The trouble with infrastructure, "thin" protocols in particular, is that someone has to build them at a cost. e.g. LN takes a ton of work, doesn't necessarily generate value itself, but it magnifies the value of BTC or whatever coin that uses it. I see the DEX in a similar light - whoever creates it is not going to make a bunch of money from it, but it will magnify the value of the underlying asset(s) that end up having a deep order book on the DEX. (@jy-p in #dex)
decentralized governance and funding are necessary for network survival and the power of controlling the narrative; learning
about governance more broadly by watching its evolution in cryptocurrency space, importance of community consensus and communications infrastructure.
Reddit: yet another strong pitch
by @solar; question
about buyer protections; dcrtime
internals; a proposal
to sponsor hoodies in the University of Cape Town; Lightning Network support
to operate a stakepool; voting details
: 2 of 3 votes can approve a block, what votes really approve are regular tx, etc; scriptless script atomic swaps
using Schnorr adaptor signatures; dev dashboard
, choosing work, people do best when working on what interests them most; opportunities
for governments and enterprise for anchoring legal data to blockchain; terminology
: DAO vs DAE; human-friendly payments
, sharing xpub vs payment protocols; funding
btcsuite development; Politeia vote types
: approval vote, sentiment vote and a defund vote, also linking proposals and financial statements; algo trading
and programming languages (yes, on #trading!); alternative implementation
, C/C++/Go/Rust; HFTs
, algo trading, fake volume and slippage; offline wallets
, usb/write-only media/optical scanners vs auditing traffic between dcrd and dcrwallet; Proof of Activity
did not inspire Decred but spurred Decred to get moving, Wikipedia page hurdles; how
stakeholders could veto blocks; how many
votes are needed to approve a proposal; why
Decrediton uses Electron; CVE-2018-17144
and over-dependence on single Bitcoin implementation, btcsuite, fuzz testing; tracking proposal progress
after voting and funding; why
the wallet does not store the seed at all; power connectors, electricity, wiring and fire safety
; reasonable spendings
from project fund; ways
to measure sync progress better than block height; using Politeia
without email address; concurrency in Go
, locks vs channels. #support
is not often mentioned, but it must be noted that every day
on this channel people get high quality support. (@bee: To my surprise, even those poor souls running Windows 10. My greatest respect to the support team!)
In September DCR was trading in the range of USD 34-45 / BTC 0.0054-0.0063. On Sep 6, DCR revisited the bottom of USD 34 / BTC 0.0054 when BTC quickly dropped from USD 7,300 to 6,400. On Sep 14, a small price rise coincided with both the start of KuCoin trading and hashrate spike to 104 PH/s. Looking at coinmarketcap
charts, the trading volume is a bit lower than in July and August.
As of Oct 4, Decred is #18 by the number of daily transactions with 3,200 tx, and #9 by the USD value of daily issuance with $230k. (source: onchainfx
: while we sit at 2018 price lows the amount locked in tickets is testing 2018 high.
ASIC for Lyra2REv2 was spotted
on the web. Vertcoin team is preparing a new PoW algorithm. This would be the 3rd fork after two previous forks
to change the algorithm in 2014 and 2015.
A report titled The Positive Externalities of Bitcoin Mining
discusses the benefits of PoW mining that are often overlooked by the critics of its energy use. A Brief Study of Cryptonetwork Forks
by Alex Evans of Placeholder studies the behavior of users, developers and miners after the fork, and makes the cases that it is hard for child chains to attract users and developers from their parent chains.
New research on private atomic swaps: the paper "Anonymous Atomic Swaps Using Homomorphic Hashing" attempts to break the public link between two transactions. (bitcointalk
On Sep 18 Poloniex announced
delisting of 8 more assets. That day they took a 12-80% dive showing their dependence on this one exchange.
USDC markets on Poloniex: "USDC is a fully collateralized US dollar stablecoin using the ERC-20 standard that provides detailed financial and operational transparency, operates within the regulated framework of US money transmission laws, and is reinforced by established banking partners and auditors.".
new asset listing process and is accepting submissions on their listing portal
The New York State Office of the Attorney General posted a study
of 13 exchanges that contains many insights.
A critical vulnerability
was discovered and fixed
in Bitcoin Core. Few days later a full disclosure
was posted revealing the severity of the bug. In a bitcointalk thread
btcd was called 'amateur' despite not being vulnerable, and some Core developers voiced their concerns about multiple implementations. The Bitcoin Unlimited developer who found the bug shared his perspective in a blog post
. Decred's vision so far is that more full node implementations is a strength, just like for any Internet protocol.
About This Issue
This is the 6th issue of Decred Journal. It is mirrored on GitHub
. Past issues are available here
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
Feedback is appreciated: please comment on Reddit
or #writers_room on Matrix
Contributions are also welcome: some areas are adding content, pre-release review or translations to other languages.
Credits (Slack names, alphabetical order): bee, Dustorf, jz, Haon, oregonisaac, raedah and Richard-Red.
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