Mining Calculator Bitcoin, Ethereum, Litecoin, Dash and Monero

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

Quick list of the most useful data resources in crypto

Compiled by the Messari Research team:
Dune Analytics - provides a number of pre-set sector and project specific dashboards on key metrics needed to assess the health of the industry. Create custom dashboards with SQL by directly querying the Ethereum blockchain.
Nansen - On-chain analysis providing various sector and project specific dashboards. Specifically useful for tracking behavior of specific ERC-20 movements from exchanges, unique addresses and large holders.
Token Terminal - Great for comparing traditional financial metrics like revenue generated by various protocols. Useful for generating relative valuation comparisons.
DeFi Pulse - DeFi Pulse’s Total Value Locked (TVL) metric has become the de facto approximation of the size of DeFi, calculated by summing all collateral locked in a given protocol.
Etherscan - Ethereum’s tried and true block explorer. Use cases include checking the status of current on-chain transactions, looking through historical transactions, viewing top holders of a certain token, and monitoring gas fees.
CoinMetrics - Broad range of on-chain, price, volume, mining, and supply data points for almost all major blockchains.
Glassnode - Multi-purpose data provider offering an array of charts and dashboards like “whale watching” chart that shows the number of addresses holding more than 1,000 BTC.
IntotheBlock - Another on-chain/market analytics tool great for conducting due diligence. Offers unique charts that show, for example, order book market depth.
Skew - The place for derivative data across bitcoin and ethereum futures and options, useful for analyzing crypto market structure during stress tests like Black Thursday.
Messari - The core screener tools allow me to keep up with short and long term price movements. The reports we’ve compiled are also great for tracking leading crypto funds.
The charting tool is great for tracking year-to-date performance:
More on using each resource here
submitted by CryptigoVespucci to ethereum [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to ethereum [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to privacycoins [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to CryptoCurrencies [link] [comments]

The Privacy Coin Guide Part 1

As interest picks up in crypto again, I want to share this post I made on privacy coins again to just give the basics of their evolution. This is only part 1, and parts 2 and 3 are not available in this format, but this part is informative and basic.
If you’re looking for a quick and easy way to assess what the best privacy coin in the current space is, which has the best features, or which is most likely to give high returns, then this is not that guide. My goal is to give you the power to make your own decisions, to clearly state my biases, and educate. I really wanted to understand this niche of the crypto-space due to my background and current loyalties[1], and grasp the nuances of the features, origins and timelines of technologies used in privacy coins, while not being anything close to a developer myself. This is going to be a 3-part series, starting with an overview and basic review of the technology, then looking at its implications, and ending with why I like a specific project. It might be mildly interesting or delightfully educational. Cryptocurrencies are young and existing privacy coins are deploying technology that is a work in progress. This series assumes a basic understanding of how blockchains work, specifically as used in cryptocurrencies. If you don’t have that understanding, might I suggest that you get it? [2],[3],[4] Because cryptocurrencies have a long way to go before reaching their end-game: when the world relies on the technology without understanding it. So, shall we do a deep dive into the privacy coin space?

FIRST THERE WAS BITCOIN

Cryptocurrencies allow you to tokenize value and track its exchange between hands over time, with transaction information verified by a distributed network of users. The most famous version of a cryptocurrency in use is Bitcoin, defined as peer-to-peer electronic cash. [5] Posted anonymously in 2008, the whitepaper seemed to be in direct response to the global financial meltdown and public distrust of the conventional banking and financing systems. Although cryptographic techniques are used in Bitcoin to ensure that (i) only the owner of a specific wallet has the authority to spend funds from that wallet, (ii) the public address is linked but cannot be traced by a third party to the private address (iii) the information is stored via cryptographic hashing in a merkle tree structure to ensure data integrity, the actual transaction information is publicly visible on the blockchain and can be traced back to the individual through chain analysis.[6] This has raised fears of possible financial censorship or the metaphorical tainting of money due to its origination point, as demonstrated in the Silk Road marketplace disaster.[7] This can happen because fiat money is usually exchanged for cryptocurrency at some point, as crypto-enthusiasts are born in the real world and inevitably cash out. There are already chain analysis firms and software that are increasingly efficient at tracking transactions on the Bitcoin blockchain.[8] This lack of privacy is one of the limitations of Bitcoin that has resulted in the creation of altcoins that experiment with the different features a cryptocurrency can have. Privacy coins are figuring out how to introduce privacy in addition to the payment network. The goal is to make the cryptocurrency fungible, each unit able to be exchanged for equal value without knowledge of its transaction history – like cash, while being publicly verifiable on a decentralized network. In other words, anyone can add the math up without being able to see the full details. Some privacy solutions and protocols have popped up as a result:

CRYPTONOTE – RING SIGNATURES AND STEALTH ADDRESSES

Used in: Monero and Particl as its successor RING-CT, Bytecoin
In December 2012, CryptoNote introduced the use of ring signatures and stealth addresses (along with other notable features such as its own codebase) to improve cryptocurrency privacy.[9] An updated CryptoNote version 2 came in October 2013 [10](though there is some dispute over this timeline [11]), also authored under the name Nicolas van Saberhagen. Ring signatures hide sender information by having the sender sign a transaction using a signature that could belong to multiple users. This makes a transaction untraceable. Stealth addresses allow a receiver to give a single address which generates a different public address for funds to be received at each time funds are sent to it. That makes a transaction unlinkable. In terms of privacy, CryptoNote gave us a protocol for untraceable and unlinkable transactions. The first implementation of CryptoNote technology was Bytecoin in March 2014 (timeline disputed [12]), which spawned many children (forks) in subsequent years, a notable example being Monero, based on CryptoNote v2 in April 2014.
RING SIGNATURES and STEALTH ADDRESSES

PROS

– Provides sender and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume
-Does not hide transaction information if not combined with another protocol.

COINJOIN

Used in: Dash
Bitcoin developer Gregory Maxwell proposed a set of solutions to bring privacy to Bitcoin and cryptocurrencies, the first being CoinJoin (January 28 – Aug 22, 2013).[13],[14] CoinJoin (sometimes called CoinSwap) allows multiple users to combine their transactions into a single transaction, by receiving inputs from multiple users, and then sending their outputs to the multiple users, irrespective of who in the group the inputs came from. So, the receiver will get whatever output amount they were supposed to, but it cannot be directly traced to its origination input. Similar proposals include Coinshuffle in 2014 and Tumblebit in 2016, building on CoinJoin but not terribly popular [15],[16]. They fixed the need for a trusted third party to ‘mix’ the transactions. There are CoinJoin implementations that are being actively worked on but are not the most popular privacy solutions of today. A notable coin that uses CoinJoin technology is Dash, launched in January 2014, with masternodes in place of a trusted party.
COINJOIN

PROS

– Provides sender and receiver privacy
– Easy to implement on any cryptocurrency
– Lightweight
– Greater scalability with bulletproofs
– Mature technology

CONS

– Least anonymous privacy solution. Transaction amounts can be calculated
– Even without third-party mixer, depends on wealth centralization of masternodes

ZEROCOIN

Used in: Zcoin, PIVX
In May 2013, the Zerocoin protocol was introduced by John Hopkins University professor Matthew D. Green and his graduate students Ian Miers and Christina Garman.[17] In response to the need for use of a third party to do CoinJoin, the Zerocoin proposal allowed for a coin to be destroyed and remade in order to erase its history whenever it is spent. Zero-knowledge cryptography and zero-knowledge proofs are used to prove that the new coins for spending are being appropriately made. A zero-knowledge proof allows one party to prove to another that they know specific information, without revealing any information about it, other than the fact that they know it. Zerocoin was not accepted by the Bitcoin community as an implementation to be added to Bitcoin, so a new cryptocurrency had to be formed. Zcoin was the first cryptocurrency to implement the Zerocoin protocol in 2016. [18]
ZEROCOIN

PROS

– Provides sender and receiver privacy
– Supply can be audited
– Relatively mature technology
– Does not require a third-party

CONS

– Requires trusted setup (May not be required with Sigma protocol)
– Large proof sizes (not lightweight)
– Does not provide full privacy for transaction amounts

ZEROCASH

Used in: Zcash, Horizen, Komodo, Zclassic, Bitcoin Private
In May 2014, the current successor to the Zerocoin protocol, Zerocash, was created, also by Matthew Green and others (Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer, Madars Virza).[19] It improved upon the Zerocoin concept by taking advantage of zero-knowledge proofs called zk-snarks (zero knowledge succinct non-interactive arguments of knowledge). Unlike Zerocoin, which hid coin origins and payment history, Zerocash was faster, with smaller transaction sizes, and hides transaction information on the sender, receiver and amount. Zcash is the first cryptocurrency to implement the Zerocash protocol in 2016. [20]
ZEROCASH

PROS

– Provides full anonymity. Sender, receiver and amount hidden.
– Privacy can be default?
– Fast due to small proof sizes.
– Payment amount can be optionally disclosed for auditing
– Does not require any third-party

CONS

– Requires trusted setup. (May be improved with zt-starks technology)
– Supply cannot be audited. And coins can potentially be forged without proper implementation.
– Private transactions computationally intensive (improved with Sapling upgrade)

CONFIDENTIAL TRANSACTIONS

Used in: Monero and Particl with Ring Signatures as RING-CT
The next proposal from Maxwell was that of confidential transactions, proposed in June 2015 as part of the Sidechain Elements project from Blockstream, where Maxwell was Chief Technical Officer.[21],[22] It proposed to hide the transaction amount and asset type (e.g. deposits, currencies, shares), so that only the sender and receiver are aware of the amount, unless they choose to make the amount public. It uses homomorphic encryption[23] to encrypt the inputs and outputs by using blinding factors and a kind of ring signature in a commitment scheme, so the amount can be ‘committed’ to, without the amount actually being known. I’m terribly sorry if you now have the urge to go and research exactly what that means. The takeaway is that the transaction amount can be hidden from outsiders while being verifiable.
CONFIDENTIAL TRANSACTIONS

PROS

– Hides transaction amounts
– Privacy can be default
– Mature technology
– Does not require any third-party

CONS

– Only provides transaction amount privacy when used alone

RING-CT

Used in: Monero, Particl
Then came Ring Confidential transactions, proposed by Shen-Noether of Monero Research Labs in October 2015.[24] RingCT combines the use of ring signatures for hiding sender information, with the use of confidential transactions (which also uses ring signatures) for hiding amounts. The proposal described a new type of ring signature, A Multi-layered Linkable Spontaneous Anonymous Group signature which “allows for hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation”.[25] RingCT was implemented in Monero in January 2017 and made mandatory after September 2017.
RING -CONFIDENTIAL TRANSACTIONS

PROS

– Provides full anonymity. Hides transaction amounts and receiver privacy
– Privacy can be default
– Mature technology
– Greater scalability with bulletproofs
– Does not require any third-party

CONS

– Privacy not very effective without high volume

MIMBLEWIMBLE

Used in: Grin
Mimblewimble was proposed in July 2016 by pseudonymous contributor Tom Elvis Jedusorand further developed in October 2016 by Andrew Poelstra.[26],[27] Mimblewimble is a “privacy and fungibility focused cryptocoin transaction structure proposal”.[28] The key words are transaction structure proposal, so the way the blockchain is built is different, in order to accommodate privacy and fungibility features. Mimblewimble uses the concept of Confidential transactions to keep amounts hidden, looks at private keys and transaction information to prove ownership of funds rather than using addresses, and bundles transactions together instead of listing them separately on the blockchain. It also introduces a novel method of pruning the blockchain. Grin is a cryptocurrency in development that is applying Mimblewimble. Mimblewimble is early in development and you can understand it more here [29].
MIMBLEWIMBLE

PROS

– Hides transaction amounts and receiver privacy
– Privacy is on by default
– Lightweight
– No public addresses?

CONS

– Privacy not very effective without high volume
– Sender and receiver must both be online
– Relatively new technology

ZEXE

Fresh off the minds of brilliant cryptographers (Sean Bowe, Alessandro Chiesa, Matthew Green, Ian Miers, Pratyush Mishra, Howard Wu), in October 2018 Zexe proposed a new cryptographic primitive called ‘decentralized private computation.[30] It allows users of a decentralized ledger to “execute offline computations that result in transactions”[31], but also keeps transaction amounts hidden and allows transaction validation to happen at any time regardless of computations being done online. This can have far reaching implications for privacy coins in the future. Consider cases where transactions need to be automatic and private, without both parties being present.

NETWORK PRIVACY

Privacy technologies that look at network privacy as nodes communicate with each other on the network are important considerations, rather than just looking at privacy on the blockchain itself. Anonymous layers encrypt and/or reroute data as it moves among peers, so it is not obvious who they originate from on the network. They are used to protect against surveillance or censorship from ISPs and governments. The Invisible Internet Project (I2P) is an anonymous network layer that uses end to end encryption for peers on a network to communicate with each other.[32] Its history dates back to 2003. Kovri is a Monero created implementation of I2P.[33] The Onion Router (Tor) is another anonymity layer [34]) that Verge is a privacy cryptocurrency that uses. But its historical link to the US government may be is concerning to some[35]. Dandelion transaction relay is also an upcoming Bitcoin improvement proposal (BIP) that scrambles IP data that will provide network privacy for Bitcoin as transaction and other information is transmitted.[36],[37],[38]

UPCOMING

Monero completed bulletproofs protocol updates that reduce RINGCT transaction sizes and thus transaction fee costs. (Bulletproofs are a replacement for range proofs used in confidential transactions that aid in encrypting inputs and outputs by making sure they add to zero).
Sigma Protocol – being actively researched by Zcoin team as of 2018 to replace Zerocoin protocol so that a trusted setup is not required.[39] There is a possible replacement for zk-snarks, called zk-starks, another form of zero-knowledge proof technology, that may make a trusted set-up unnecessary for zero-knowledege proof coins.[40]

PART 1 CONCLUSION OF THE PRIVACY COIN GUIDE ON THE TECHNOLOGY BEHIND PRIVACY COINS

Although Bitcoin is still a groundbreaking technology that gives us a trust-less transaction system, it has failed to live up to its expectations of privacy. Over time, new privacy technologies have arrived and are arriving with innovative and exciting solutions for Bitcoin’s lack of fungibility. It is important to note that these technologies are built on prior research and application, but we are considering their use in cryptocurrencies. Protocols are proposed based on cryptographic concepts that show how they would work, and then developers actually implement them. Please note that I did not include the possibility of improper implementation as a disadvantage, and the advantages assume that the technical development is well done. A very important point is that coins can also adapt new privacy technologies as their merits become obvious, even as they start with a specific privacy protocol. Furthermore, I am, unfortunately, positive that this is not an exhaustive overview and I am only covering publicized solutions. Next, we’ll talk more about the pros and cons and give an idea of how the coins can be compared.

There's a video version that can be watched, and you can find out how to get the second two parts if you want on my website (video link on the page): https://cryptoramble.com/guide-on-privacy-coins/
submitted by CryptoRamble to ethtrader [link] [comments]

I TRIED LINO BLOCKCHAIN (dlive). IT'S A SCAM!

I TRIED LINO BLOCKCHAIN (dlive). IT'S A SCAM!
Two days ago, PewDiePie (Felix Kjellberg) famous internet personality, announced on his video that he is partnering up with Dlive. Dlive is a relatively new streaming platform which is built on the Lino Blockchain and it claims to be decentralised.

https://www.youtube.com/watch?v=bRG6sy3VaWU&ab_channel=PewDiePie

Users buy via paypal "lino" tokens. 1 lino = 0.012 $. Lino is the platform's currency and it's used to donate to the streamers of dlive. On every donation, 90% of those tokens go to the streamer's wallet and 10% goes to the "pool". From this "pool", viewers get rewarded by simply engaging with a streamer (watch his stream, write in the chat etc). For example, if you watch for about 20 mins you get 1 lino.

On the lino wallet app you have the option to "lock" your lino tokens (minimum 1000 linos) and get daily returns. This means that you cannot withdraw your locked linos from your account. I didn't find any information about the percentage of the returns but here is a screenshot of my wallet's transactions.

https://preview.redd.it/ciwa2iq67wr21.jpg?width=1920&format=pjpg&auto=webp&s=e8788b7e87a7ed16db663384ea71ec3fe57e51b7
UPDATE

Today i got 11,3 bonus linos and this means that this comment from wadaafaaak is true.

Dlive is obviously a scam, but his argument isn't the reason. The locking is for the staking. The rewards in POS (proof of stake) based currencies are calculated by the amount of coins you stake vs the total coins staking on the network. Adding 1000 coins to your staking amount also increases the total network weight, which means, if nobody else would add more coins to stake, you'd be getting more while they are getting less. But other users will also lock their additional earnings, which means the network weight will increase even more the amount you will earn won't really increase.

My initial thought about a stable return percentage was wrong and I sincerely apologise for that. I was in a hurry to expose this because tomorrow (14/4) PewDiePie is sceduled to stream for the first time on this platform. However, I think the following comment also from the same user (wadaafaaak) describes the situation in the best way and that's why i want to highlight it

Yes, like I said, the POS system is fine. The problem is the fixed price. The total supply is around 10billion. The fixed price of one token is 1,2 cents. For every token in circulation they need to have 1,2 cents, if they want their system to work (by working I mean, not scamming users and letting them sell for 0.012USD/Lino). For the tokens that are bought by users this is obviously the case ( if they dont spend that money somewhere else). But for their inflation of (max 6.5% stated in the WP) 650millions Lino per year, where does the USD/BTC equivalent come from? And that inflation is released directly on to the "market". Thats 6.5m USD yearly that they'd need to pay with their own funds, just to back their Lino coins with USD. Besides that they need to pay staff, servers etc. Where is all that money coming from? So new users will be paying out the old users, because thats the only income Dlive has. What happens when "USD Cashing out + 6.5m USD/year > USD Buying" ? They solve that temporarily by locking out the funds and not letting users sell for 0.012usd. To me that sounds like a ponzi. Because you depend on the new users coming in and buying Lino, for old users to actually getting their payment. Once the system starts collapsing they will "unfix" the price and allow people to trade whereever they want. That will cause the price to crash to its real value. Same shit bitconnect did once it started collapsing.

You can also watch ShortFatOtaku's video on this topic.

https://www.youtube.com/watch?v=uAx5JMKiRoM&t=3s&ab_channel=ShortFatOtaku

As you can see, I bought 2888 lino tokens (about 34 $) and I locked 2800 at 2:37 pm. After about 56 hours I got return ~42 lino. Because these returns doesn't seem stable, let's satisfy the fact that i get (42 / 56) * 24 = 18 linos every day, this means that the return percentage is x = 18 * 100 / 2800 = 0,64 %. After 56 days I will have gathered 1000 lino tokens in return and I will be able to lock them too. Then the return I will be getting is 3.800 * 0,64 % = 24,3 lino which means that I will have 1000 new linos to lock in 1000/24,3 = 41 days. Do you see where I'm getting to?

Lets say that you want to invest a larger amount (1000$). You will get 1000 / 0,012 = 83333 linos. If you lock 83333 linos you will get 83333 * 0.64% = 533 linos per day and after 2 days you will be able to lock 533 + 533 = 1066 more and so on and so on. This grows at an exponential rate meaning that in a few months your returns can grow into a decent salary and if this goes on for 2 or 3 years you will become a millionaire. If you think that this is not a red flag, let me tell you about the unlocking system.

If you want to unlock your funds and cash in, you will have to wait 12 weeks until the unlocking proccess is complete. Every week, only 1/12 of your funds get released. And this sets up the scam perfectly. At some point, the owners will say bye bye leaving everyone's useless tokens locked into their platform.

This has so many similarities with BitConnect; another scam that blew up in the bitcoin bull market in summer 2017 and ended up in tears in the early 2018. BitConnect used the same business model. You buy their token which is traded only on their platform (not a real crypto), you lock your funds and you get return. So many people actually believed that investing an insignificant amount (in comparsion to VCs) would set them financially independant in months but we all know that this couldn't be possible.

Please spread awarness.
submitted by m4nos to Scams [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For some more great introductory videos check out Andreas Antonopoulos's YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D'Angelo's Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

Want to start fresh after the crypto crash? Here is a comprehensive guide on how to invest and prosper over the long term.

Well its happened, the crypto market just experienced the worst crash since 2014, the bubble has burst. The idiocy of newbies FOMO-ing into anything with low nominal value lead to endless twitter timelines like this, and now nobody has any idea where the market settles. What do you do now?
In the following weeks it will be a good time to rethink your investment approach and how you arrive at your decisions. Just buying whatever is shilled on Twitter or Reddit and jumping from one crypto to another isn't going to work like it did these last two months.
The good news is that we're finally back closer and closer to our long term moving average which is much more healthy for entrants, the bad news is that the fear might continue compounding if outstanding issues are not dealt with. Tether is the big concern for me personally for reasons I've stated many times, but some relief in the short term may come if the SEC and CFTC meeting on February 6th goes well. Nobody really knows where the bottom is but I think we're now past the "irrational exhuberance" stage and we're entering a period of more serious inspection where cryptos will actually have to prove themselves as useful. I suspect hype artists like CryptoNick and John McAfee will fall out of favor.
But perhaps most importantly use this as a learning experience, don't try to point fingers now. The type of dumb behavior that people were engaging in that was rewarded in a bull market (chasing pumps, going all in on a shillcoin, following hype..etc) could only ever lead to what we are experiencing now. Just like so many people jumped on the crypto bandwagon during the bull run, they will just as quickly jump on whatever bandwagon is to be used to blame for the deflation of the bubble. Nobody who pumped money into garbage without any use case will accept that they themselves with their own investing behavior were the real reason for the gross overvaluation of most cryptocurrencies, and the inevitable crash.
So if you're looking for a fresh start after the massacre (or just want to get in now), here is a guide:

Part A: Making a Investment Strategy

This is your money, put some effort into investing it with an actual strategy. Some simple yet essential advice that should apply to everyone, regardless of individual strategy:
  1. Slow down and research each crypto that you're buying for at least a week.
  2. Don't buy something just because it has risen.
  3. Don't exit a position just because it has declined.
  4. Invest only as much as you can afford to lose.
  5. Prepare enter and exit strategies in advance.
First take some time to think about your ROI target, set your hold periods for each position and how much you are actually ready to risk losing.
ROI targets
A lot of young investors who are in crypto have unrealistic expectations about returns and risk. A lot of them have never invested in any other type of financial asset, and hence many seem to consider a 5-10% ROI in a month to be unexciting.
But its important to temper your hype and realize why we had this exponential growth in the last year and how unlikely it is that we see 10x returns in the next year. What we saw recently was Greater Fool Theory in action. Those unexciting returns of 5-10% a month are much more of the norm, and much more healthy for an alternative investment class.
You can think about setting a target in terms of the market ROI over a relevant holding period and then add or decrease based on your own risk profile.
Example: Calculating a 2 year ROI target
Lets say you want to hold for 2 years now, how could you set a realistic target to strive for? You could look at a historical 2 year return as a base, preferably during a period similar to what we're facing now. Now that we had a major correction, I think we can look at the two year period starting in 2015 after we had the 2014 crash. To calculate a 2 year CAGR starting in 2015:
Year Total Crypto Market Cap
Jan 1, 2015: $5.5 billion
Jan 1, 2017: $18 billion
Compounded annual growth return (CAGR): [(18/5.5)1/2]-1 = 81%
This annual return rate of 81% comes out to about 4.9% compounded monthly. This may not sound exciting to the lambo moon crowd, but it will keep you grounded in reality. You can aim for a higher return (say 2x of that 81% rate) if you choose to take on more risky propositions. I can't tell you what return target you should set for yourself, but just make sure its not depended on you needing to achieve continual near vertical parabolic price action in small cap shillcoins because that isn't sustainable.
Once you have a target you can construct your risk profile (low risk vs. high risk category coins) in your portfolio based on your target.
Risk Management
Everything you buy in crypto is risky, but it still helps to think of these 3 risk categories:
How much risk should you take on? That depends on your own life situation for one, but also it should be proportional to how much expertise you have in both financial analysis and technology.
The general starting point I would recommend is:
Some more core principles on risk management to consider:
You can think of each crypto having a risk factor that is the summation of the general crypto market risk (Rm), but also its own inherent risk specific to its own goals (Ri).
Rt = Rm +Ri
The market risk is something you cannot avoid, it is essentially the risk that is carried by the entire market over things like regulations. What you can minimize though the Ri, the specific risks with your crypto. That will depend on the team composition, geographic risks (for example Chinese coins like NEO carry regulatory risks specific to China), competition within the space and likelihood of adoption and other factors, which I'll describe in Part 2: Crypto Picking Methodology.
Portfolio Allocation
Along with thinking about your portfolio in terms of risk categories described above, I really find it helpful to think about the segments you are in. OnChainFX has some segment categorization but I generally like to bring it down to:
Think about your "Circle of Competence", your body of knowledge that allows you to evaluate an investment. Your ability to properly judge risk and potential is going to largely correlated to your understanding of the subject matter. If you don't know anything about how supply chains functions, how can you competently judge whether VeChain or WaltonChain will achieve adoption? If you don't understand anything about the tech when you read the Cardano paper, are you really able to determine how likely it is to be adopted?
Consider the historic correlations between your holdings. Generally when Bitcoin pumps, altcoins dump but at what rate depends on the coin. When Bitcoin goes sideways we tend to see pumping in altcoins, while when Bitcoin goes down, everything goes down.
You should diversify but really shouldn't be in much more than around 12 cryptos, because you simply don't have enough competency to accurately access the risk across every segment and for every type of crypto you come across. If you have over 20 different cryptos in your portfolio you should probably think about consolidating to a few sectors you understand well.

Part B: Crypto Picking Methodology (Due Dilligence)

Do you struggle on how to fundamentally analyze cryptocurrencies? Here is a 3-step methodology to follow to perform your due dilligence:

Step 1: Filtering and Research

There is so much out there that you can get overwhelmed. The best way to start is to think back to your own portfolio allocation strategy and what you would like to get more off. For example in my view enterprise-focused blockchain solutions will be important in the next few years, and so I look to create a list of various cryptos that are in that segment.
Upfolio has brief descriptions of the top 100 cryptos and is filterable by categories, for example you can click the "Enterprise" category and you have a neat list of VEN, FCT, WTC...etc.
Once you have a list of potential candidates, its time to read about them:
  • Critically evaluate the website. If it's a cocktail of nonsensical buzzwords, if its unprofessional and poorly made, stay away. Always look for a roadmap, compare to what was actually delivered so far. Always check the team, try to find them on LinkedIn and what they did in the past.
  • Read the whitepaper or business development plan. You should fully understand how this crypto functions and how its trying to create value. If there is no use case or if the use case does not require or benefit from a blockchain, move on.
  • Check the blockchain explorer. How is the token distribution across accounts? Are the big accounts selling? Try to figure out who the whales are (not always easy!) and what the foundation/founder account is based on the initial allocation.
  • Look at the Github repos, does it look empty or is there plenty of activity?
  • Search out the subreddit and look at a few Medium or Steem blogs about the coin. How "shilly" is the community, and how much engagement is there between developer and the community?
  • I would also go through the BitcoinTalk thread and Twitter mentions, judge both the length and quality of the discussion.
You can actually filter out a lot of scams and bad investments by simply keeping your eye out on the following red flags:
  • allocations that give way too much to the founder
  • guaranteed promises of returns (Bitcooonnneeeect!)
  • vague whitepapers filled with buzzwords
  • vague timelines and no clear use case
  • Github with no useful code and sparse activity
  • a team that is difficult to find information on

Step 2: Passing a potential pick through a checklist

Once you feel fairly confident that a pick is worth analyzing further, run them through a standardized checklist of questions. This is one I use, you can add other questions yourself:
Crypto Analysis Checklist
What is the problem or transactional inefficiency the coin is trying to solve?
What is the Dev Team like? What is their track record? How are they funded, organized?
How big is the market they're targeting?
Who is their competition and what does it do better?
What is the roadmap they created and how well have they kept to it?
What current product exists?
How does the token/coin actually derive value for the holder? Is there a staking mechanism or is it transactional?
Is there any new tech, and is it informational or governance based?
Can it be easily copied?
What are the weaknesses or problems with this crypto?
The last question is the most important.
This is where the riskiness of your crypto is evaluated, the Ri I talked about above. Here you should be able to accurate place the crypto into one of the three risk categories. I also like to run through this checklist of blockchain benefits and consider which specific properties of the blockchain are being used by the specific crypto to provide some increased utility over the current transactional method:
Benefits of Cryptocurrency
Decentralization - no need for a third party to agree or validate transactions.
Transparency and trust - As blockchain are shared, everyone can see what transactions occur. Useful for something like an online casino.
Immutability - It is extremely difficult to change a transaction once its been put onto a blockchain
Distributed availability - The system is spread on thousands of nodes on a P2P network, so its difficult to take the system down.
Security - cryptographically secured transactions provide integrity
Simplification and consolidation - a blockchain can serve as a shared ledger in industries where multiple entities previously kept their own data sources
Quicker Settlement - In the financial industry when we're dealing with post-trade settlement, a blockchain can drastically increase the speed of verification
Cost - in some cases avoiding a third party verification would drastically reduce costs.

Step 3: Create a valuation model

You don't need to get into full modeling or have a financial background. Even a simple model that just tries to derive a valuation through relative terms will put you above most crypto investors. Some simple valuation methods that anyone can do:
Probablistic Scenario Valuation
This is all about thinking of scenarios and probability, a helpful exercise in itself. For example: Bill Miller, a prominent value investor, wrote a probabilistic valuation case for Bitcoin in 2015. He looked at two possible scenarios for probabalistic valuation:
  1. becoming a store-of-value equal to gold (a $6.4 trillion value), with a .25% probability of occurring
  2. replacing payment processors like VISA, MasterCard, etc. (a $350 million dollar value) with a 2.5% probability
Combining those scenarios would give you the total expected market cap: (0.25% x 6.4 trillion) + (2.5% x 350 million). Divide this by the outstanding supply and you have your valuation.
Metcalfe's Law
Metcalfe's Law which states that the value of a network is proportional to the square of the number of connected users of the system (n2). So you can compare various currencies based on their market cap and square of active users or traffic. We can alter this to crypto by thinking about it in terms of both users and transactions:
For example, compare the Coinbase pairs:
Metric Bitoin Ethereum Litecoin
Market Cap $152 Billion $93 Billion $7.3 Billion
Daily Transactions (last 24hrs) 249,851 1,051,427 70,397
Active Addresses (Peak 1Yr) 1,132,000 1,035,000 514,000
Metcalfe Ratio (Transactions Based) 2.43 0.08 1.47
Metcalfe Ratio (Address Based) 0.12 0.09 0.03
Generally the higher the ratio, the higher the valuation given for each address/transaction.
Market Cap to Industry comparisons
Another easy one is simply looking at the total market for the industry that the coin is supposedly targeting and comparing it to the market cap of the coin. Think of the market cap not only with circulating supply like its shown on CMC but including total supply. For example the total supply for Dentacoin is 1,841,395,638,392, and when multiplied by its price in early January we get a market cap that is actually higher than the entire industry it aims to disrupt: Dentistry.
More complex valuation models
If you would like to get into more fleshed out models with Excel, I highly recommend Chris Burniske's blog about using Quantity Theory of Money to build an equivalent of a DCF analysis for crypto.
Here is an Excel file example of OMG done by Nodar Janashia using Chris' model .
You should create multiple scenarios with multiple assumptions, both positive and negative. Have a base scenario and then moderately optimistic/pessimistic and highly optimistic/pessimistic scenario.
Personally I like to see at least a 50% upward potential before investing from my moderately pessimistic scenario, but you can set your own safety margin.
The real beneficial thing about modelling isn't even the price or valuation comparisons it spits out, but that it forces you to think about why the coin has value and what your own assumption about the future are. For example the discount rate you apply to the net present utility formula drastically affects the valuation, and it reflects your own assumptions of how risky the crypto is. What exactly would be a reasonable discount rate? What about the digital economy you are assuming for the coin, what levers affects its size and adoption and how likely are your assumptions to come true? You'll be a drastically more intelligent investor if you think about the fundamental variables that give your coin the market cap you think it should hold.

Summing it up

The time for lambo psychosis is over. But that's no reason to feel down, this is a new day and what many were waiting for. I've put together in one place here how to construct a portfolio allocation (taking into consideration risk and return targets), and how to go through a systematic crypto picking method. I'm won't tell you what to buy, you should always decide that for yourself and DYOR. But as long as you follow a rational and thorough methodology (feel free to modify anything I said above to suit your own needs) you will feel pretty good about your investments, even in times like these.
Edit: Also get a crypto prediction ferret. You won't regret it.
submitted by arsonbunny to CryptoCurrency [link] [comments]

Which are your Top 5 favourite coins out of the Top 100? An analysis.

I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year?
Here is a complete overview of all coins in an excel sheet including name, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0
The 12 markets are
  1. Currency 13 coins
  2. Platform 25 coins
  3. Ecosystem 9 coins
  4. Privacy 10 coins
  5. Currency Exchange Tool 8 coins
  6. Gaming & Gambling 5 coins
  7. Misc 15 coins
  8. Social Network 4 coins
  9. Fee Token 3 coins
  10. Decentralized Data Storage 4 coins
  11. Cloud Computing 3 coins
  12. Stable Coin 2 coins
Before we look at the individual markets, we need to take a look of the overall market and its biggest issue scalability first:
Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Its goal is to replace dollar, Euro, Yen, all FIAT currencies worldwide. The coin that will achieve that will be worth several trillion dollars.
Bitcoin can only process 7 transactions per second (TPS). In order to replace all FIAT, it would need to perform at at least VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate.
For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet.
With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 with Sharding.
However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove itself resilient and performant.
Without further ado, here are the coins of the first market

Market 1 - Currency:

  1. Bitcoin: 1st generation blockchain with currently bad scalability currently, though the implementation of the Lightning Network looks promising and could alleviate most scalability concerns, scalability and high energy use.
  2. Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
  3. Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
  4. Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
  5. Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
  6. IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
  7. Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
  8. Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
  9. Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. They don’t need to pay the network for every time they compute and can also operate with greater privacy. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Of course, the data source could still be hacked, so Aeternity implements a prediction market where users can bet on the accuracy and honesty of incoming data from various oracles.It also uses prediction markets for various voting and verification purposes within the platform. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
  10. Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
  11. Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
  12. Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
  13. Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte rebalances the load between the five mining algorithms by adjusting the difficulty of each so one algorithm doesn’t become dominant. The algorithm's asymmetric difficulty has gained notoriety and been deployed in many other blockchains.DigiByte’s adoption over the past four years has been slow. It’s still a relatively obscure currency compared its competitors. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
  14. Bitcoin Diamond Asic resistant Bitcoin and Copycat

Market 2 - Platform

Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.
  1. Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka Plasma and its Sharding concept.
  2. EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. Highly overvalued right now. However, there are lots of red flags, have dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product.
  3. Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
  4. VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
  5. Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
  6. Stellar: PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
  7. Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
  8. Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
  9. QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
  10. Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments. No big differentiators to the other 20 Ethereums, except that is has a product. That is a plus. Maybe cheap alternative to Ethereum.
  11. LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. However, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
  12. Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
  13. ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
  14. Ontology: Similar to Neo. Interesting coin
  15. Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
  16. Nxt: Similar to Lisk
  17. Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
  18. Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.16. Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
  19. Neblio: Similar to Neo, but 30x smaller market cap.
  20. NEM: Is similar to Neo No marketing team, very high market cap for little clarilty what they do.
  21. Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
  22. Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
  23. Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.

Market 3 - Ecosystem

The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more
  1. Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
  2. Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
  3. Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
  4. CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
  5. WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
  6. Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
  7. Aion: Aion is the token that pays for services on the Aeternity platform.
  8. USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.

Market 4 - Privacy

The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.
  1. Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
  2. Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
  3. Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
  4. Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
  5. Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
  6. Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
  7. PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
  8. Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
  9. Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
  10. Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.
  11. Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier. However, the question is if full privacy coins will be hindered in growth through government regulations and optional privacy coins will become more successful through ease of use and no regulatory hindrance.

Market 5 - Currency Exchange Tool

Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.
  1. Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
  2. QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. If the forex conversions and crypto conversions match then the trade will go through and the Worldbook will match it, it'll make the sale and the purchase on either exchange and each user will get what they wanted, which means exchanges with lower liquidity if they join the Worldbook will be able to fill orders and take trade fees they otherwise would miss out on.They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners. More info here https://www.reddit.com/CryptoCurrency/comments/8a8lnwhich_are_your_top_5_favourite_coins_out_of_the/dwyjcbb/?context=3
  3. Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
  4. Achain: Building a boundless blockchain world like Req .
  5. Req: Exchange between cryptocurrencies.
  6. Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, bitshares had several Scam accusations in the past.
  7. Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets.
  8. ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.

Market 6 - Gaming

With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.
  1. Storm: Mobile game currency on a platform with 9 million players.
  2. Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
  3. Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
  4. Wax: Marketplace to trade in-game items

Market 7 - Misc

There are various markets being tapped right now. They are all summed up under misc.
  1. OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
  2. Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
  3. Populous: A platform that connects business owners and invoice buyers without middlemen. Invoice sellers get cash flow to fund their business and invoice buyers earn interest. Similar to OMG, small market.
  4. Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
  5. Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
  6. Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
  7. Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
  8. Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
  9. TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
  10. Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
  11. Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
  12. BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
  13. Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
  14. Ncash: End to end encrypted Identification system for retailers to better serve their customers .
  15. Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .

Market 8 - Social network

Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.
  1. Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
  2. Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
  3. Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
  4. Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.

Market 9 - Fee token

Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.
  1. BNB: Fee token for Binance
  2. Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
  3. Kucoin: Fee token for Kucoin

Market 10 - Decentralized Data Storage

Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester., he requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.
  1. Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
  2. Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
  3. Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, SAFE’s network uses advanced P2P technology to bring together the spare computing capacity of all SAFE users and create a global network. You can think of SAFE as a crowd-sourced internet. All data and applications reside in this network. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. The data is then randomly distributed across the network. Redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
  4. Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.

Market 11 - Cloud computing

Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.
  1. Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
  2. Elf: Allows easy use of Cloud computing in exchange for tokens.

Market 12 - Stablecoin

Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.
  1. DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
  2. Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.
EDIT: Added a risk factor from 0 to 10. The baseline is 2 for any crypto. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor.
EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x, PIVX gets a 10 for being as good as Monero while carrying a 10x smaller market cap, which would make PIVX go 100x if Monero goes 10x.
submitted by galan77 to CryptoCurrency [link] [comments]

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