The following post by Squid2g is being replicated because some comments within the post(but not the post itself) have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7nivdb The original post's content was as follows:
MIND-BLOWING CASE: GUYS FROM WAVES COMMUNITY HAVE JUST TOKENIZED WORLD CUP 2018.
Hi Waves Community! We want to introduce to you our idea of tokenizing any big sport event with Waves Platform: http://worldcuptokens.com/ This is how we can integrate token economy in real life and get everybody to take advantage of it. Basically, the idea is to combine suspense we get while watching the world cup with crypto trading logic - like when we are trying to choose which altcoin to buy. Also, we want to make it simple and clear for everyone in order to minimize our engagement in the whole process. So, we have 32 teams and there are 32 tokens, each has its own unique ID token and fixed emission. 20% of the tokens will be distributed up until and including June 13. The price for this amount of tokens will be fixed and will be determined by the betting odds found in open sources. Each team will be selling at its own price: Germany and Brazil tokens will be the most expensive, Saudi Arabia and Panama - the cheapest ones. But who knows how much will Saudi Arabia token cost after the team scores its first goal in the first match with Russia on June 14? Russian national team is not the strongest one and is likely to miss a couple of goals. Will Saudi Arabia token go to the moon, then? That’s why we’ve decided not to control the prices of team tokens after June 13 and to sell the rest 80% of the issued tokens at market prices. Your goal is to choose the world cup champion and to hodl till the end. Or if you will change your mind eventually and decide to pick another one – just buy/sell it on Waves Dex whenever you want. Just like that. Or you can always buy the winning team token during the final match, but the price will probably be sky high. Below you can find mini-FAQ with a few questions. Also join our telegram chat to ask more: https://t.me/worldcuptoken. What currencies are going to be used to sell issued tokens? Sell orders will be placed on Waves DEX in Waves, WCT (Waves Community Token) and Liqui. How are we going to distribute the rest of the issued tokens after June 13? Starting from June 14 and till the end of the World Cup 2018 all the issued tokens will be selling at market prices in Waves, WCT (Waves Community Token) and Liqui to accumulate a bigger prize pool. Depending on the demand, all issued tokens are going to be sold evenly and gradually during the World Cup 2018 ( to avoid pumping/dumping). What will the owner of the winning team token get in the end? That’s the main part. Obviously, we collect Waves, WCT and Lique tokens when selling team tokens on DEX - these funds will form the prize pool where 96% of will be distributed between the winning team token holders, 4% fee. How exactly is the prize pool going to be distributed? 96% of the prize pool will be evenly distributed among the winner token holders. For example: we will sell 100 000 Brazil tokens and the prize pool will be 300 000 Waves, therefore, the price of the Brazil token equals 3 Waves. This means that every Brazil token holder will receive 3 Waves for 1 token. On the site you can check the amount of tokens sold, their current price on the Dex in real time and their potential price in case of winning. So please check the potential price on the site before buying tokens on the market. Is it scam? No, but with all due respect, if you think so, just don’t participate. I also remind you that you can look up every TX on the blockchain. Why fees? Because there are four of us, it takes a week and some costs to make the tokenization happen this way. And also check the next question. And do we really plan to create full-functionality platform? We don’t plan but we want. And we definitely will do it anyway. But if this story succeeds big time (meaning moony jackpot and fees) we will do it faster. So do not hurry to burn losing team tokens. Most likely they will be useful in the next tournaments. Guys, please join the game and leave your feedback in the comments.
Margin trading and lending is a perfectly logical use case for CoVEX for two primary reasons: • Rapidly expanding market; and • Need for an independent trusted platform is immediate https://www.covex.io #ico #crowdsale #cryptocurrencies #blockchain #crypto #bitcoin #ethereum #btc #eth #coin
Margin trading and lending is a perfectly logical use case for CoVEX for two primary reasons: • Rapidly expanding market; and • Need for an independent trusted platform is immediate https://www.covexlabs.com/ #ico #crowdsale #cryptocurrencies #blockchain #crypto #bitcoin #ethereum #btc #eth #coin
TRADE OF THE DAY: Microsoft ($MSFT) Post-Earnings Looking For Next Movement Using Vertical Spreads Using 28AUG Series [07/23/20]
Ahoy! The NASDAQ high-fliers are extremely overbought and getting sloppy, but markets frequently rise much further than logic would dictate. Microsoft (MSFT) has just reported earnings and is still consolidating within a 15 point range, building up energy for the next movement. A break above $214/share would be a long signal, with the stop being below $201/share. This gap of $13 between the entry price and the stop represents your "risk," which needs to be sized to no more than 1-2% of your account value. For example, if you traded a ten share position, then your aggregate risk would be $130. This represents a 2% risk position for an $6500 account. Alternatively, a more efficient way to trade this breakout in a limited-risk fashion is with MSFT vertical spreads using the 28AUG series, where you can limit the risk/contract to no more than $125/contract. Be aware of the 8/19 ex-dividend if playing call spreads. If you are wary of the large drop off following yesterday's earnings report, it's likely due to Azure expected growth under-performing (+47% vs +55% Est), but there's also a good chance that when cash markets open MSFT goes up anyway. Even Microsoft subscriptions growth has dropped in half. LinkedIn also, which resulted in layoffs recently. That said, they are in the right sector at the right time, so these fundamentals are less noteworthy than you might expect. If you haven't done so already, be sure subscribe to the Trade Of The Day subreddit to talk more about stocks / options / crypto / spacs / everything else trading! Cheers and beers, ReadySetTrade
The 4th way of algorithmic trading (Signal Processing)
Algorithmic trading types classified based on development perspectives: 1) Technical Analysis 2) Statistics and Probability 3) Machine Learning I took a different path which is not discussed widely in this subreddit. 4) Signal Processing I'm not a good storyteller, but this is my journey and advices for the beginners First, my background: - Electrical and Electronic engineer, - Software developer (20+ years) - Trader (5+ years) - Algorithmic trader (3+ years)
How I Found The Alpha:
Before algorithmic trading, I was somehow profitable tradeinvestor. Like most of you, when I began to algorithmic trading, I tried to find magic combination of technical indicators and parameters. Also I threw OHLCV and indicators data into the RNN for prediction. I saw that, even very simple strategies like famous moving average crossover is profitable under right market conditions with correct parameters. But you must watch it carefully and if you fell it is not working anymore, you must shut it down. It means you must be experienced trader to take care of your algorithm. I am a fulltime software developer, algorithmic trading was my side project also it became my hobby. I tried to learn everything about this industry. I watched and listened hundreds of hours of podcasts and videos in all my free time like commuting from home to work. These are the most useful to me: - Chat with traders: https://www.youtube.com/channel/UCdnzT5Tl6pAkATOiDsPhqcg - Top traders unplugged: https://www.youtube.com/usetoptraderslive - Ukspreadbetting: https://www.youtube.com/channel/UCnKPQUoCRb1Vu-qWwWituGQ Also I read plenty of academic papers, blog posts and this subreddit for inspiration. Inspiration came from my field, electronics. I will not give you much detail about it but I have developed a novel signal processing technique. It is a fast and natural technique which I couldn’t find any article or paper which mention this method. It can transform any interval price data into meaningful, tradable form. The best part is, it doesn't require any parameter and it adapts to changing market conditions intrinsically. These are the concepts that inspire me: - Information Theory: https://en.wikipedia.org/wiki/Information_theory - Signal Processing: https://en.wikipedia.org/wiki/Signal_processing - ADC: https://en.wikipedia.org/wiki/Analog-to-digital_converter
Output of the process can be used to develop endless type of profitable strategies. I made some money with different momentum based strategies while thinking about how I can use this technique more efficiently. I like to combine different fields. I think trading and life itself have many things in common. So beside general trading concepts, I think that I can try to implement concepts of the life. Also because of the parameterless design, it's more like a decision making process than an optimization problem. I searched proverbs and advices for better decision making. I handled them one by one and thought how I could implement them in a unified strategy while preserving the parameterless design. In time, this process was significantly improved stability and reliability while it was evolving from momentum to mean reversion. These are some proverbs which I use them at various aspects of the algorithm:
- “The bamboo that bends is stronger than the oak that resists.” (Japanese proverb) - "When the rainwater rises and descends down to where you want to cross, wait until it settles." (Sun-Tzu) - "If you do not expect the unexpected you will not find it, for it is not to be reached by search or trail" (Heraclitus)
If you wonder how I implement them in the code, think about the last one; how do you define the unexpected, how to wait for it and how to prepare your algorithm to generate profit. By the way, I strongly recommend: The Art of War (Sun-Tzu)
I have plenty of ideas waiting to be tested and problems that need to be solved. Nevertheless these are the some of the backtest results, for the time being: Crypto: - Market fee and spread are considered, slippage is not. - For multiple assets testing; Survivorship bias was attempted to be eliminated using historical market rank of the assets. Data is acquired from coinmarketcap.com weekly report. ETH / BTC BNB / BTC Binance Historical Top 100 / BTC Other Markets: My main focus is crypto trading. But all the improvements are cross checked in different markets and intervals and validated empirically and logically. It can’t beat every asset and every interval but it tends to work profitably across them. https://preview.redd.it/l865fw6mjfd51.png?width=900&format=png&auto=webp&s=ff217d35637b41e26db8d7cfc3df14c3fb7ec14e Live: The algorithm is running live for over 1.5 years with evolving strategies I mention before. The last one is running for months.
Warnings and Advices:
- Bugs: A few months ago, before bedtime, I released new version for fixing small cosmetic bug and gone to sleep. When I woke up, I saw that nearly 40% of my account wiped out in a few hours. Instead of live settings, I published test settings. It was very painful. I have been coding since childhood, so everyone must be careful. I recommend, implement hard limit for stopping the algorithm. - Fully Automatic Strategy: Finding an edge is not enough. If you need fully automated trading system, you need a portfolio manager (a lot of research is going on at this field) and especially an asset selector mechanism which is maybe more important than the edge itself. If your algorithm is not be able to select which assets to trade, you must select manually. It's not an easy task and it's prone to error. I was very lucky with that: A mechanism already contained in the algorithm was used to rank and select the assets based on their momentums. - Fee-Spread: Because of the market fee and spread, trading is a negative sum game. Do not ignore it when backtesting your algorithm. - Slippage: It's really a problem for low volume assets like penny stocks and lower market cap crypto currencies. Stay away from them or play with small capital or find a way to determine how much money you can use. - Latency: Don’t think it's a HFT only problem. If your algorithm synchronize multiple assets data from the market and run calculations before sending order back to the market, you lose significant amount of time. This usually causes losses that you have not considered before, especially in a volatile environment. Also if you want to develop realtime strategy, you must seriously consider what you will do in downtime. - Datasource: This is the most important part for preparation before developing you strategy. If you don’t have good, reliable data; you cannot develop a good strategy. For free data for various market; I suggest investing.com, but you should consider that volume data is not provided. For crypto, all of the exchanges provide their real data for any asset and any interval, you can use them freely. Also you can buy data , especially if you want intraday data, but I can't suggest any because I never tested them. - Biases: Before developing algorithm, please take a look at and understand the common biases like: Survivorship bias, Look-ahead bias, Time period bias. Or you can be sure that you will face them when you go live. - Live trading: When you think your algorithm can make money, don’t wait till perfection. Go live as soon as possible with small capital to wake up from your dreams and face with the facts early. - Psychology: If your education is based on STEM and you don’t have trading experience, it’s not easy in the real world to swallow all those ups and downs that you see in minutes during backtest. It can affect your mood and your life much more than you think. I suggest, work with a professional trader or only invest what you can really afford to lose.
After over 3 years of journey, I have a profitable algorithm that I trust. I was supposed to lie on the beach and drink beer while my algorithm printing money. But I am consistently checking it’s health and I have always things to do like all software development projects. I posted some of the backtest results, but I don’t know are they considered P/L Porn or not. If so, I can remove it. Sorry about mysterious parts of this post. I removed some parts unwillingly before posting, but there is really a thin line between giving away your edge freely (also it means loosing it) and inspiring people to find their own way.
“Non est ad astra mollis e terris via" - Seneca
For those engineers and EE students who are bombing my inbox for guessing what I did; I can not write all of you in private, also I want to explain it publicly. I must say, you are on the wrong way. If I open sourced the signal processing part, probably it doesnt mean anything to you and you can not turn it into a profitable algorithm. I have to clarify that; before I developed the technique, I knew what I am looking for exactly. Signal processing is not magically trading the market, I am trading the market. it's just a tool to do what is in my mind near perfectly. Also proverbs are the way of thinking. I read them and think if it means anything for trading. Lastly watch the Kung Fu Panda :) https://www.youtube.com/watch?v=rHvCQEr_ETk
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
Technology and some more:
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here. Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017. Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand. Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”.Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
“Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
The Turkey City Lexicon - annotated for 40K by Matt Farrer circa 2004 - and Farrer's analysis of Abnett's eye-ball kicks
I wrote a suggestion on how to create a Space Marine OC (the whole thread is a good reading for aspiring fan authors so I'll link it), and it got me thinking about writing within the 40K setting. Back in the day when Black Library still had their own forum, I saved Matt Farrer's annotation of the Turkey City Lexicon (the original, pre-internet version of TV Tropes). I searched the subreddit for it earlier with no results, so I'll share it again here. — Please note: The Turkey City Lexicon isspecifically, explicitlynon-copyright and isencouragedto be shared/reposted/expanded. Posting it here in its entirety violates no copyright legislation in any country - in fact, Matt Farrer himself asked us to share it with our fellow writers. Hat off to you, Mr Farrer, for your contributions to the 40K lore from a longtime fan. — [Originally posted to Black Library Online, November 2004, by user Matt Farrer] The Turkey City Lexicon (Annotated with some Games Workshop observations) The Turkey City Lexicon is a terminology guide that’s been floating around in one form or another since the late eighties (Google will turn up plenty of hits if you want to see one of the original copies; I got this one from the SFWA website). The Lexicon is deliberately not copyrighted and is intended to be copied at will and passed on to other writers (note that you shouldn’t try this with anything else on the SFWA site, if you go there – there are some great articles but most of them are copyrighted). There’s a tendency for people to look at the Lexicon as a list of “common mistakes” or “things not to do”, which is not entirely correct as I understand its purpose. Certainly seeing a common problem set down pithily can help crystallise that particular example of bad technique, but a couple of the terms in here are complimentary and many others aren’t necessarily fatal problems. As in “you might want to watch out for funny-hat characterisation on page four, although with the narrative voice you use it works well”. What it is meant to be is a useful resource for critiquers, giving you a quick and easy shorthand for a known quantity you’ve observed in writing. In the above example, you don’t need to spend half a paragraph describing a shaky spot in the characterisation, you have a quick term to cover it and save space and time for both of you. The early, simple version of the lexicon by Lewis Shiner was expanded and added to by Bruce Sterling, not, in my opinion, always for the better. There are no real differences in actual content between the two, so for this version I’ve picked whichever version of an entry I thought was better phrased. The GW-specific notes are my own – I’ll add more as I think of them, if I have the time. Discussion of any or all of the entries is of course welcome - it's what I'm posting this for. Anyway, let’s get on with it. The meta-rule: Cherryh's Law No rule should be followed over a cliff. (C.J. Cherryh) MF - There are times when the literary or dramatic effect of breaking any supposed "rule" about writing is going to be worth it, and that includes any and all of the points about writing offered in the Lexicon. Such principles are based on experience that shows that certain approaches work better than others, but getting carried away with imposing a set of rules as though they were holy writ simply turns into an attempt to stamp out creativity and have every writer write exactly alike. Know the principles, understand why they work as they do, but don't wear them like shackles. Part One: Words and Sentences Brenda Starr dialogue Long sections of talk with no physical background or description of the characters. Such dialogue, detached from the story's setting, tends to echo hollowly, as if suspended in mid-air. Named for the American comic-strip in which dialogue balloons were often seen emerging from the Manhattan skyline. "Burly Detective" Syndrome This useful term is taken from SF's cousin-genre, the detective-pulp. The hack writers of the Mike Shayne series showed an odd reluctance to use Shayne's proper name, preferring euphemisms like "the burly detective" or "the red-headed sleuth." This comes from a wrong-headed conviction that the same word should not be used twice in close succession. This is only true of particularly strong and visible words, such as "vertiginous." Better to re-use a simple tag or phrase than to contrive cumbersome methods of avoiding it. Brand Name Fever Use of brand name alone, without accompanying visual detail, to create false verisimilitude. You can stock a future with Hondas and Sonys and IBM's and still have no idea with it looks like. "Call a Rabbit a Smeerp" A cheap technique for false exoticism, in which common elements of the real world are re-named for a fantastic milieu without any real alteration in their basic nature or behavior. "Smeerps" are especially common in fantasy worlds, where people often ride exotic steeds that look and act just like horses. (Attributed to James Blish.) Gingerbread Useless ornament in prose, such as fancy sesquipedalian Latinate words where short clear English ones will do. Novice authors sometimes use "gingerbread" in the hope of disguising faults and conveying an air of refinement. (Attr. Damon Knight) Not Simultaneous The mis-use of the present participle is a common structural sentence-fault for beginning writers. "Putting his key in the door, he leapt up the stairs and got his revolver out of the bureau." Alas, our hero couldn't do this even if his arms were forty feet long. This fault shades into "Ing Disease," the tendency to pepper sentences with words ending in "-ing," a grammatical construction which tends to confuse the proper sequence of events. (Attr. Damon Knight) Pushbutton Words Bogus lyricism like "star," "dance," "dream," "song," "tears" and "poet". Used to evoke a cheap emotional response without engaging the intellect or critical faculties, getting us misty-eyed and tender-hearted without us quite knowing why. Most often found in titles. Roget's Disease The ludicrous overuse of far-fetched adjectives, piled into a festering, fungal, tenebrous, troglodytic, ichorous, leprous, synonymic heap. (Attr. John W. Campbell) "Said" Bookism An artificial verb used to avoid the word "said." "Said" is one of the few invisible words in the English language and is almost impossible to overuse. It is much less distracting than "he retorted," "she inquired," "he ejaculated," and other oddities. The term "said-book" comes from certain pamphlets, containing hundreds of purple-prose synonyms for the word "said," which were sold to aspiring authors from tiny ads in American magazines of the pre-WWII era. Tom Swifty An unseemly compulsion to follow the word "said" with a colourful adverb: "'We'd better hurry,' Tom said swiftly." This was a standard mannerism of the old Tom Swift adventure dime-novels. Good dialogue can stand on its own without a clutter of adverbial props. Part Two: Paragraphs and Prose Structure Bathos A sudden, alarming change in the level of diction. "There will be bloody riots and savage insurrections leading to a violent popular uprising unless the regime starts being lots nicer about stuff." Countersinking Expositional redundancy. "'Let's get out of here,' he said, urging her to leave." Dischism The unwitting intrusion of the author's physical surroundings or mental state into the text of the story. Authors who smoke or drink while writing often drown or choke their characters with an endless supply of booze and cigs. In subtler forms of the Dischism, the characters complain of their confusion and indecision -- when this is actually the author's condition at the moment of writing, not theirs within the story. "Dischism" is named after the critic who diagnosed this syndrome. (Attr. Thomas M. Disch) False Humanity An ailment endemic to genre writing, in which soap-opera elements of purported human interest are stuffed into the story willy-nilly, whether or not they advance the plot or contribute to the point of the story. The actions of such characters convey an itchy sense of irrelevance, for the author has invented their problems out of whole cloth, so as to have something to emote about. False Interiorisation A cheap labour-saving technique in which the author, too lazy to describe the surroundings, afflicts the viewpoint-character with a blindfold, an attack of space-sickness, the urge to play marathon whist-games in the smoking-room, etc. Fuzz An element of motivation the author was too lazy to supply. The word "somehow" is a useful tip-off to fuzzy areas of a story. "Somehow she had forgotten to bring her gun." Hand Waving An attempt to distract the reader with dazzling prose or other verbal fireworks, so as to divert attention from a severe logical flaw. (Attr. Stewart Brand) Laughtrack Characters grandstand and tug the reader's sleeve in an effort to force a specific emotional reaction. They laugh wildly at their own jokes, cry loudly at their own pain, and rob the reader of any real chance of attaining genuine emotion. Show, Don’t Tell A cardinal principle of effective writing. The reader should be allowed to react naturally to the evidence presented in the story, not instructed in how to react by the author. Specific incidents and carefully observed details will render auctorial lectures unnecessary. For instance, instead of telling the reader "She had a bad childhood, an unhappy childhood," a specific incident -- involving, say, a locked closet and two jars of honey -- should be shown. Rigid adherence to show-don't-tell can become absurd. Minor matters are sometimes best gotten out of the way in a swift, straightforward fashion. Signal from Fred A comic form of the "Dischism" in which the author's subconscious, alarmed by the poor quality of the work, makes unwitting critical comments: "This doesn't make sense." "This is really boring." "This sounds like a bad movie." (Attr. Damon Knight) Squid in the Mouth The failure of an author to realize that his/her own weird assumptions and personal in-jokes are simply not shared by the world-at-large. Instead of applauding the wit or insight of the author's remarks, the world-at-large will stare in vague shock and alarm at such a writer, as if he or she had a live squid in the mouth. Since SF writers as a breed are generally quite loony, and in fact make this a stock in trade, "squid in the mouth" doubles as a term of grudging praise, describing the essential, irreducible, divinely unpredictable lunacy of the true SF writer. (Attr. James P Blaylock) Squid on the Mantelpiece Chekhov said that if there are dueling pistols over the mantelpiece in the first act, they should be fired in the third. In other words, a plot element should be deployed in a timely fashion and with proper dramatic emphasis. However, in SF plotting the MacGuffins are often so overwhelming that they cause conventional plot structures to collapse. It's hard to properly dramatize, say, the domestic effects of Dad's bank overdraft when a giant writhing kraken is levelling the city. This mismatch between the conventional dramatic proprieties and SF's extreme, grotesque, or visionary thematics is known as the "squid on the mantelpiece." MF – I’ve heard several versions of the supposed “Chekhov’s Gun” principle, no two of them meaning exactly the same thing. For example, the version I first heard is “If a character produces a gun, then it should be used to shoot someone, or threaten someone, or go off by accident, or fail to fire when it’s needed, and so on. If it does none of these things, then it is superfluous and should be taken out altogether.” That’s a point about narrative tidiness rather than timely deployment of plot elements. White Room Syndrome A clear and common sign of the failure of the author's imagination, most often seen at the beginning of a story, before the setting, background, or characters have gelled. "She awoke in a white room." The 'white room' is a featureless set for which details have yet to be invented -- a failure of invention by the author. The character 'wakes' in order to begin a fresh train of thought -- again, just like the author. This 'white room' opening is generally followed by much earnest pondering of circumstances and useless exposition; all of which can be cut, painlessly. It remains to be seen whether the "white room" cliche' will fade from use now that most authors confront glowing screens rather than blank white paper. Wiring Diagram Fiction A genre ailment related to "False Humanity," "Wiring Diagram Fiction" involves "characters" who show no convincing emotional reactions at all, since they are overwhelmed by the author's fascination with gadgetry or didactic lectures. MF – A trap hard SF often falls into, in my experience. I suppose the related ailment in GW fiction would be “fluff-diagram fiction” (sorry Gav), in which the story is sidelined by the author’s desire to lay out in detail some aspect of his take on the game-universe. You Can't Fire Me, I Quit An attempt to diffuse the reader's incredulity with a pre-emptive strike -- as if by anticipating the reader's objections, the author had somehow answered them. "I would never have believed it, if I hadn't seen it myself!" "It was one of those amazing coincidences that can only take place in real life!" "It's a one-in-a-million chance, but it's so crazy it just might work!" Surprisingly common, especially in SF. (Attr. John Kessel) Part Three: Common Workshop Story Types Adam and Eve Story Nauseatingly common subset of the "Shaggy God Story" in which a terrible apocalypse, spaceship crash, etc., leaves two survivors, man and woman, who turn out to be Adam and Eve, parents of the human race! MF – Not an issue for GW writing for obvious reasons. See Alfred Bester’s “Adam With No Eve” in the brilliant anthology Starburst for a rather good twist on the idea. The Cosy Catastrophe Story in which horrific events are overwhelming the entirety of human civilization, but the action concentrates on a small group of tidy, middle-class, white Anglo-Saxon protagonists. The essence of the cosy catastrophe is despite the supposed devastation the hero actually has a pretty good time (a girl, free suites at the Savoy, fancy cars for the taking) while everyone is dying off. (Attr. Brian Aldiss) Dennis Hopper Syndrome A story based on some arcane bit of science or folklore, which noodles around producing random weirdness. Then a loony character-actor (usually best played by Dennis Hopper) barges into the story and baldly tells the protagonist what's going on by explaining the underlying mystery in a long bug-eyed rant. (Attr. Howard Waldrop) MF - Not unrelated to Roger Ebert's remarks about the Talking Killer device, aka "Before I kill you, Mister Bond..." The killer gets the protagonist at his mercy and then decides to put off killing him so that he can fill the hero in on exactly what's been going on, and bring the reader up to speed at the same time. You know, like I did at the end of Crossfire. Although this is a plot device rather than an actual story type. Deus ex Machina or "God in the Box" Story featuring a miraculous solution to the story's conflict, which comes out of nowhere and renders the struggles of the characters irrelevant. Oh look, the Martians all caught cold and died. The Grubby Apartment Story Writing a little too much about what you know. The penniless writer living in a grubby apartment writes a story about a penniless writer living in a grubby apartment. Stars all his friends. The Jar of Tang "For you see, we are all living in a jar of Tang!" "For you see, I am a dog!" Mainstay of the old Twilight Zone TV show. An entire pointless story contrived so the author can jump out at the end and cry "Fooled you!" For instance, the story takes place in a desert of coarse orange sand surrounded by an impenetrable vitrine barrier; surprise! our heroes are microbes in a jar of Tang powdered orange drink. This is a classic case of the difference between a conceit and an idea. "What if we all lived in a jar of Tang?" is an example of the former; "What if the revolutionaries from the sixties had been allowed to set up their own society?" is an example of the latter. Good SF requires ideas, not conceits. (Attr. Stephen P. Brown) When done with serious intent rather than as a passing conceit, this type of story can be dignified by the term "Concealed Environment." (Attr. Christopher Priest) Just-Like Fallacy SF story which thinly adapts the trappings of a standard pulp adventure setting. The spaceship is "just like" an Atlantic steamer, down to the Scottish engineer in the hold. A colony planet is "just like" Arizona except for two moons in the sky. "Space Westerns" and futuristic hard-boiled detective stories have been especially common versions. MF – Then again, one of the fun things about the GW settings – the 40Kverse more than the Warhammer world, it seems to me – is the way you can rip all kinds of stuff off and stuff it in there to do a 41st-millennium tribute to it. Not necessarily a bad thing, providing you don’t end up in Bat Durston territory (more about him another time). [From another post:] In case you are not familiar with the term, a Bat Durston refers derogatorily to a science fiction story which is little more than a traditional western using sf settings and icons. Taking the comparison to alternate history, the better stories in this genre should create the story’s world for some reason other than merely creating a nice setting for an adventure. The Kitchen-Sink Story A story overwhelmed by the inclusion of any and every new idea that occurs to the author in the process of writing it. (Attr. Damon Knight) The Motherhood Statement SF story which posits some profoundly unsettling threat to the human condition, explores the implications briefly, then hastily retreats to affirm the conventional social and humanistic pieties, ie apple pie and motherhood. Greg Egan once stated that the secret of truly effective SF was to deliberately "burn the motherhood statement." (Attr. Greg Egan) MF - He wasn’t kidding, either. Greg Egan writes some of the most powerful and disturbing hard SF I’ve read, precisely because he’s not afraid to back away from the full implications of the science and technology he writes about. I think that 40K writing is vulnerable to this to a certain degree: I’ve seen quite a few stories that dip a toe into the grim, violent, insane world of the 41st Millennium, stay there for a moment but quickly falls back into “but the Imperium is actually an OK place and lots of people there are nice and happy just like us”. Discussion on this welcome. The "Poor Me" Story Autobiographical piece in which the male viewpoint character complains that he is ugly and can't get laid. (Attr. Kate Wilhelm) Re-Inventing the Wheel A novice author goes to enormous lengths to create a situation already tiresomely familiar to the experienced reader. Reinventing the Wheel was traditionally typical of mainstream writers venturing into SF without actually reading any of the existing stuff first (because it's all obviously crap anyway). Thus you get endless explanations of, say, how an atomic war might get started by accident, and so on. It is now often seen in writers who lack experience in genre history because they were attracted to written SF via movies, television, role-playing games, comics or computer gaming. MF – Not that coming into the genre that way is a bad thing per se, but when a writer hasn’t had much exposure to written specfic in this way it usually shows, and not in a good way. To quote Terry Pratchett, you should be importing, not recycling. The Rembrandt Comic Book A story in which incredible craftsmanship has been lavished on a theme or idea which is basically trivial or subliterary, and which simply cannot bear the weight. The Shaggy God Story A piece which mechanically adopts a Biblical or other mythological tale and provides flat science-fictional "explanations" for the theological events. (Attr. Michael Moorcock) MF – Although he wrote them himself: arguably his finest and most powerful story, called “Behold The Man”, does this for the life of Jesus. I remember it disturbed me when I read it, and I’m not even religious. The Slipstream Story Non-SF story which is so ontologically distorted or related in such a bizarrely non-realist fashion that it cannot pass muster as commercial mainstream fiction and therefore seeks shelter in the SF or fantasy genre. Postmodern critique and technique are particularly fruitful in creating slipstream stories. The Steam-Grommet Factory Didactic SF story which consists entirely of a guided tour of a large and elaborate gimmick. A common technique of SF utopias and dystopias. (Attr. Gardner Dozois) MF – See the opening of Huxley’s Brave New World for an example of this done effectively. The Tabloid Weird Story produced by a confusion of SF and Fantasy tropes -- or rather, by a confusion of basic world-views. Tabloid Weird is usually produced by the author's own inability to distinguish between a rational, Newtonian-Einsteinian, cause-and- effect universe and an irrational, supernatural, fantastic universe. Either the FBI is hunting the escaped mutant from the genetics lab, or the drill-bit has bored straight into Hell -- but not both at once in the very same piece of fiction. Even fantasy worlds need an internal consistency of sorts, so that a Sasquatch Deal-with-the-Devil story is also "Tabloid Weird." Sasquatch crypto-zoology and Christian folk superstition simply don't mix well, even for comic effect. (Attr. Howard Waldrop) MF – I’m not as convinced as the Lexicon that these two genres are utterly incompatible. Well, obviously not, since I work in a setting which combines them without hesitation. Which isn’t to say that the combination doesn’t need to be handled delicately, since those aforementioned different mindsets lead to different storytelling conventions as well as different world views. The Whistling Dog A story related in such an elaborate, arcane, or convoluted manner that it impresses by its sheer narrative ingenuity, but which, as a story, is basically not worth the candle. Like the whistling dog, it's astonishing that the thing can whistle -- but it doesn't actually whistle very well. (Attr. Harlan Ellison) Part Four: Plots Abbess Phone Home Takes its name from a mainstream story about a medieval cloister which was sold as SF because of the serendipitous arrival of a UFO at the end. By extension, any mainstream story with a gratuitous SF or fantasy element tacked on so it could be sold. And plot Picaresque plot in which this happens, and then that happens, and then something else happens, and it all adds up to nothing in particular. Bogus Alternatives List of actions a character could have taken, but didn't. Frequently includes all the reasons why, as the author stops the action dead to work out complicated plot problems at the reader's expense. "If I'd gone along with the cops they would have found the gun in my purse. And anyway, I didn't want to spend the night in jail. I suppose I could have just run instead of stealing their car, but then..." etc. Best dispensed with entirely. Card Tricks in the Dark Elaborately contrived plot which arrives at (a) the punchline of a private joke nobody else will get, or (b) the display of some bit of learned trivia only the author is interested in. This stunt may be intensely ingenious, and very gratifying to the author, but it serves no visible fictional purpose. (Attr. Tim Powers) Idiot Plot A plot which functions only because all the characters involved are idiots. They behave in a way that suits the author's convenience, rather than through any rational motivation of their own. (Attr. James Blish) Kudzu plot Plot which weaves and curls and writhes in weedy organic profusion, smothering everything in its path. Plot Coupons The basic building blocks of the quest-type fantasy plot. The "hero" collects sufficient plot coupons (magic sword, magic book, magic cat) to send off to the author for the ending. Note that "the author" can be substituted for "the Gods" in such a work: "The Gods decreed he would pursue this quest." Right, mate. The author decreed he would pursue this quest until sufficient pages were filled to procure an advance. (Dave Langford) MF - Nick Lowe expands on the idea in an excellent article atwww.ansible.co.uk/Ansible/plotdev.html. Cheers to Bill King for the link. Second-order Idiot Plot A plot involving an entire invented SF society which functions only because every single person in it is necessarily an idiot. (Attr. Damon Knight) MF – The assertion that this applies to the 40K Imperium is not a new one. Floor’s open… Part Five: Background "As You Know Bob" A pernicious form of info-dump through dialogue, in which characters tell each other things they already know, for the sake of getting the reader up-to-speed. This very common technique is also known as "Rod and Don dialogue" (attr. Damon Knight) or "maid and butler dialogue" (attr Algis Budrys). The Edges of Ideas The solution to the "Info-Dump" problem (how to fill in the background). The theory is that, for example, the mechanics of an interstellar drive (the centre of the idea) are not important. What matters is the impact on your characters: they can get to other planets in a few months, and, oh yeah, it gives them hallucinations about past lives. Or, more radically: the physics of TV transmission is the center of an idea; on the edges of it we find people turning into couch potatoes because they no longer have to leave home for entertainment. Or, more bluntly: we don't need info dump at all. We just need a clear picture of how people's lives have been affected by their background. Eyeball Kick That perfect, telling detail that creates an instant visual image. The ideal of certain postmodern schools of SF is to achieve a "crammed prose" full of "eyeball kicks." (Rudy Rucker) MF - See the other thread. Frontloading Piling too much exposition into the beginning of the story, so that it becomes so dense and dry that it is almost impossible to read. (Attr. Connie Willis) Infodump Large chunk of indigestible expository matter intended to explain the background situation. Info-dumps can be covert, as in fake newspaper or "Encyclopedia Galactica" articles, or overt, in which all action stops as the author assumes center stage and lectures. Info-dumps are also known as "expository lumps." The use of brief, deft, inoffensive info-dumps is known as "kuttnering," after Henry Kuttner. When information is worked unobtrusively into the story's basic structure, this is known as "heinleining." "I've suffered for my Art" (and now it's your turn) A form of info-dump in which the author inflicts upon the reader hard-won, but irrelevant bits of data acquired while researching the story. As Algis Budrys once pointed out, homework exists to make the difficult look easy. Nowhere Nowhen Story Putting too little exposition into the story's beginning, so that the story, while physically readable, seems to take place in a vacuum and fails to engage any readerly interest. (Attr. L. Sprague de Camp) Ontological riff Passage in an SF story which suggests that our deepest and most basic convictions about the nature of reality, space-time, or consciousness have been violated, technologically transformed, or at least rendered thoroughly dubious. The works of H. P. Lovecraft, Barrington Bayley, and Philip K Dick abound in "ontological riffs." Space Western The most pernicious suite of "Used Furniture". The grizzled space captain swaggering into the spacer bar and slugging down a Jovian brandy. Stapledon Name assigned to the voice which takes centre stage to lecture. Actually a common noun, as: "You have a Stapledon come on to answer this problem instead of showing the characters resolve it." Used Furniture Use of a background out of Central Casting. Rather than invent a background and have to explain it, or risk re-inventing the wheel, let's just steal one. We'll set it in the Star Trek Universe, only we'll call it the Empire instead of the Federation. Part Six: Character and Viewpoint Funny-hat characterization A character distinguished by a single identifying tag, such as odd headgear, a limp, a lisp, a parrot on his shoulder, etc. MF – This can work if done deftly and with minor characters. Stephen King excels at it, and Ed McBain is pretty good too. Mary Sue A ridiculously perfect and idealised character, moving through a story which serves no other purpose than demonstrating how ridiculously perfect and idealised Mary Sue is. None of the other characters have anything to do other than rave about Mary Sue's wonderfulness; challenges and obstacles exist only for Mary Sue to solve effortlessly to admiring gasps from everyone else. Also known as "avatars" or "self-insertion", since the most common Mary Sues are thinly-disguised versions of the author and are more about wish-fulfiment fantasies than conventional storytelling. Endemic to fanfic; the term apparently originates from an early and infamous example in an old Star Trek fanzine. MF - There are lots of definitions and examples of Mary Sue, although the term as it's used here isn't really attributable to one author any more. The definition supplied here owes much to Teresa Nielsen Hayden's rather good one athttp://nielsenhayden.com/makinglight/archives/004188.html. GW fanfics and homebrew backgrounds aren't immune either - you can find them pretty easily once you know the signs. The twist is that the Mary Sue is often a Guard regiment, Space Marine Chapter, Eldar Craftworld or an entire galactic state. Common warning signs: "The Mary Sue Regiment fought so ferociously in the Battle of Sueville that even the [famous Space Marine Chapter] were awe-struck that unaugmented humans could fight so hard, and their Chapter Master officially declared the Mary Sue regiment the equals of Space Marines". "Inquisitor Mary Sue has demonstrated such amazing ability that the High Lords have personally ordered that nobody is allowed to stand in her way or question her actions". "Now that it has declared independence from the Imperium the Mary Sue Republic has become a haven of enlightenment and progress, where technology is being developed at an exponential rate with no aura of superstitious mysticism, painless and fully-effective techniques to protect psykers from daemonic attack have been developed, alien races of all kinds are putting aside their differences and living contentedly side by side, and where every Imperial who sees what's going on immediately defects once they see how wonderful and free life among the Mary Sues is". I've since found out that even the original "Ensign Mary Sue" in that old seventies fanfic was a satire on the trope, so clearly it was already a fiction cliche by then. Mrs. Brown The small, downtrodden, eminently common, everyday little person who nevertheless encapsulates something vital and important about the human condition. "Mrs. Brown" is a rare personage in the SF genre, being generally overshadowed by swaggering submyth types made of the finest gold-plated cardboard. In a famous essay, "Science Fiction and Mrs. Brown," Ursula K. Le Guin decried Mrs. Brown's absence from the SF field. (Attr: Virginia Woolf) ...stamped on their forehead The story lets a character get away with something illogical or impossible because they have "hero" (or "villain", "sidekick", disposable underling", or whatever) stamped on their foreheads. There's nothing wrong with heroes triumphing against the odds or villains being brought low through their own flaws, but those consequences need to come about because of the characters and their actions rather than despite them. Adapted from Aaron Allston's roleplayers' glossary from a few years ago, which included "He's got 'PC' [player character] stamped on his forehead" as an all-purpose excuse for why characters unquestioningly accepted or trusted one anothers' actions while treating non-player characters differently. (Aaron Allston.) MF - This was partly prompted by the "script immunity" and "Hollywood Shield" ideas in the discussion thread, although the scene I had in mind for it was actually in Walking Tall, where the main character is manifestly guilty of all manner of assaults and property destruction but is acquitted in court when he makes a sentimental speech about down-home values. It doesn't even resemble making a legal case for his innocence, but he gets let off because he's got "hero" stamped on his forehead. Submyth Classic character-types in SF which aspire to the condition of archetype but don't quite make it, such as the mad scientist, the crazed supercomputer, the emotionless super-rational alien, the vindictive mutant child, etc. (Attr. Ursula K. Le Guin) MF – You can pick the GWverse submyths for yourselves, I’m sure. Viewpoint glitch The author loses track of point-of-view, switches point-of-view for no good reason, or relates something that the viewpoint character could not possibly know. Part Seven: Miscellaneous AM/FM Engineer's term distinguishing the inevitable clunky real-world faultiness of "Actual Machines" from the power-fantasy techno-dreams of "Fething Magic." MF – Except the original Lexicon didn’t say “fething”. :grinning_emoticon: Well worth remembering for 40K and Necromunda fiction, which deliberately shies away from the sleek, clean, super-reliable dream-tech of settings like Star Trek. Consensus Reality Useful term for the purported world in which the majority of modern sane people generally agree that they live -- as opposed to the worlds of, say, Forteans, semioticians or quantum physicists. Intellectual sexiness The intoxicating glamor of a novel scientific idea, as distinguished from any actual intellectual merit that it may someday prove to possess. The Ol' Baloney Factory "Science Fiction" as a publishing and promotional entity in the world of commerce. — Additional suggestions from other forum members: User Chiron: Script Immunity The tendency of lynchpin characters to be blatantly immune to harm, despite the fact that they consistently place themselves in situations that they cannot reasonably be expected to survive. User Vortemir: Hollywood Shield / Imperial Stormtrooper Syndrome Bad Guys will never be able to hit essential characters no matter what they're armed with or how hard they try. — [Originally posted to Black Library Online, October 2004, by user Matt Farrer] A term from the Turkey City Lexicon that might be useful here is the "eyeball kick", Rudy Rucker's term for that perfectly-turned descriptive phrase that creates an instant, telling visual image for the reader. An example that springs to mind from the opening of Necropolis:
After a minute or so, raid-sirens in the central district also began keening. The pattern was picked up by manufactory hooters and mill whistles all through the lower hive, and in the mill whistles and outer habs across the river too. Even the great ceremonial horns on the top of the Ecclesiarchy Basilica started to sound.Vervunhive was screaming with every one of its voices.
That last line provides the eyeball kick. Some other examples that spring to mind: "[he] screamed out two mouthfuls of silent spun glass" (Stephen King); "the sky above Chiba City was the colour of a television tuned to a blank band" (William Gibson); "a great moist loaf of a body... features as bunched as kissed fingertips" (E. Annie Proulx); "[after walking through snow] my feet, in wet socks, slowly turned to marble and fell off" (Donald Westlake). I don't know if there's a way you can break down an eyeball kick to pick apart the technique, since its whole impact comes from lateral thinking and the effect of an incongruous image that nevertheless fits exactly with what you're describing. It's an imagination thing rather than a technique thing. However, the paragraph from Necropolis that I used above is also a very good example of how to maximise the effect of a good piece of description, and worth having a closer look at. Firstly, the rest of the paragraph has been describing the machinery that makes the sound, and doing so in fairly neutral, inorganic terms: "keening", at the start of the para, is about as close as we get to an emotive word. The rest is a pretty calm description about how a series of klaxons and horns are going off. That increases the wrench when we suddenly switch gears into words that you'd use to describe a living being in agony: "screaming with every one of its voices", which gives weight to the sense of foreboding that dominates the early pages. This is reinforced further by the way that the previous sentences tend to be longer, with more connecting commas and lots of adjectives to slow their rhythm and give a more discursive feel, while the last sentence is a simple, flat declarative. Using the rhythm of words and sentences for a setup and payoff like that is a very good way of driving home a piece of exposition or description, and it's something that Dan uses quite a bit. Secondly, look at the way that the passage, which at first blush is about the sounds of the sirens, actually helps build a visual image as well. We've been going through all the various parts and districts of Vervunhive, watching as different kinds of buildings in different areas go off. Look at how the mental "camera" moves down the lower hive, then down the river, then up to the top of the Basilica. Then in the last sentence we get an eyeball kick that describes the whole of Vervunhive as a single entity: the effect is like pulling back sharply from an individual scene or building and seeing the whole Hive at once. And that concludes the main piece of visual scene-setting at the opening: notice that in the next line Dan can start in on conversations between individual characters around the Hive because the major scene has been laid out. The broad point to take away from this is that each piece of text should work on as many levels as possible, and even a short passage like that one can be far more than the sum of its parts. I suspect that the reason a lot of bad fiction (including, I am sorry to say, a lot of fanfic I've seen) seems so flat and plodding is that each sentence is put down to do one thing: make a statement, provide a description or what have you. But there's no depth to the prose, no interaction between them to create any rhythm, or momentum, or startling switch in imagery. It's like a song from your favourite band, with each element (vocals, percussion, each instrument) separated and played end to end. It sounds so much better when they're all working together. — That's it. Got any suggestions for new 40K-specific tropes to add?
Geeq - A serious contender for the most game changing project of 2020.
Recently Posted in the Geeq Trading Channel by a community ambassador. I'd like to officially welcome all the new people to the Geeq community, this is going to be long but I'd just like to say a few words and get it out of the way. I've talked with (username removed) about the discussions of other projects in this channel, we agreed to let it happen until the official launch of the Geeq token as this is a community trading channel, and it isn’t trading as of yet. In a way it’s important to acknowledge the good and bad about the macro outlook of crypto so people can learn from the mistakes together, and we don’t want to discourage thoughtful and informative dialogue. (username removed) and I are community members, whatever we do or say may not be used against the Geeq core as of such so please take our views as just personal opinions, we will have many of them lol. The Why’s? Why did I invest in Geeq? Why did my initial evaluation increase week on week on the marketcap of Geeq?, before I really looked into Geeq I had a sell price point at $1, this was 9 months ago. Why am I now seeing the bigger picture of the potential behemoth Geeq is? Why is the team willing to work for free for all these years? Why is the marketing team doing this for free? They have a very lucrative business before they joined the wing’s of the Geeq protocol (and they still do). Why is it for free? Why is the team decked with the most experience individuals in their fields? Why is Ric Asselstine, the gentlemen that helped build Canada’s biggest software company doing $5 billion revenue a year dedicating so many years on Geeq’s protocol? Why is John P. Conley with all his insane credentials in game theory, mechanism design, mathematical economics, and public theory join the team and do it for free for all these years? Why is Stephanie So, CDO & Founder of Geeq dedicate all these years working for free for Geeq? She was the first to use machine learning on social science data at the National Center for Supercomputing Applications, and recently Dell named her top 4 Influential Women in tech, why is she doing this? Why is Lun-Shin Yuen working on Geeq for free? He was the THIRD engineer working there, they are now worth $77.23 Billion in market share and doing over $6.7 Billion of revenue a year. Why is he here? Why is Eric Ball the former treasurer of Oracle between 2005-2015 involved in Geeq? I looked up how well he managed the $60 billion Larry Ellison had, while he was in charge, Larry peaked to the 4th richest person in the world, Mr Ball was managing his money during then, so what does that say? Why is Ian Smith, a savant and expert in network and OS security and system theory working here for free? He is fluent in 20 coding languages, He helped teach Linux at Nasa, why is this gentlemen here? Why did Dr Yeap reach out to the Geeq team to join as an Advisor? He has dozens of patents under him that run for decade’s long. Why Did Kurt Hoppe, the current Director at Google of Product Management in the Android Automotive sector of Google join as an advisor recently? He is a Board member in the Internet of things consortium, Former Global Head of Innovation at General Motors and former Director at LG Electronics Smart Home & Smart TV, why is he wanting to get involved with Geeq? These are few of my personal opinions. Because they are thinking 100 years ahead, not 1 year ahead. Currently crypto is full of people that are looking to make a quick buck, this isn’t one of them, sure you may make some money but why sell yourself short when you look at the product they have designed, created, protected and about to implement to the world of technology. It’s the best security in software, BFT tolerance is 99%, Sybil, Wealth and Nation-State proof, money cannot determine the control of the protocol, hash power cannot determine the control of the protocol. This is huge, this isn’t the buzz word, no one gets excited over security, but to me it’s the biggest deal in the technology world, from this point on, anyone who builds on this is inherently protected from future law suits (e.g. hacks losing peoples funds) due to potential corruption in chains, what the ledger says, says as John puts it. It cannot be changed for any sort of benefit to an individual or nation-state, This means it’s appealing to IoT applications such as Smart cars (corrupt the data and you could drive a car off the cliff), Telemetry, streaming payments, peer to peer content, literally anything you can think of, this would be the best platform to do it with. Micropayments- 1/100th of a cent, streaming and paying per second can now be done due to this. Anonymous- No point showing everyone’s detail’s such as buying personal goods at a store, no one needs to know this type of data, it’s logical in the way it displays important information and weeds out unnecessary public data. Trustless- Edge Security, you can see as an individual who is playing by the rules or not. AMP- Algorithmic Monetary Policy embedded and coded to reduce the risk of sharp drops/sharp pumps, healthy flow. As stated in the White Paper as an example: “A 25 node network running at 20 TPS allows 630M transactions per year and creates 630GB of chain data. Transactions cost users $.0001 each and this generates a total of $62k revenue per year. Approximately $1.7k in $GEEQ is paid to each node per year for their validation services. Geeq receives $21k in annual revenue from one such geeqchain instance.” (Ref: Section 7.1). This is ONE example, ONE chain, it does not represent ONE company, it could be ONE function of ONE Company, my point is, this is scalable to the billions of IoT devices, this has no limit of data input, If you are using Geeq in a smart city, it will be doing Billions of transactions a day. Just one example. In 2017 there was 7 Billion IoT devices, 2019 the devices reached 26.66 Billion, During 2020 it’s expected to be 31 Billion IoT Devices, this is a growing market as you can tell, this is the future, Geeq will capitalize on this. The list goes on and on and on and on and on and on and on. So since this is a trading channel, this is my opinion as to why this may exceed a lot of peoples price points in the long-term. We have no chart to determine the value of this coin, but what you can value it is on the target market, potential marketshare, the teams credentials, the protocol’s potential, the protection of the protocol (patent). A lot of people coming in here throwing numbers out without any actual real evidence to back it up, everyone has there own personal opinion on prices, which is fine but please make the most educated guess you can with the information you have as of now, now rethink to yourself what Geeq is doing, and why I’m so bullish. This is the beginning, since Geeq is built on decentralization, it’s important we act as a community and treat each other with respect, this is a long journey and it’s just starting, this channel should be used to lean on each other and build a very healthy community because this is a very long road, the Geeq team lead by example by showing how much patience they have, they answer the same questions every 30 minutes, I have not seen a TG group that has done this with such respect to random people ( This was a big reason why I went all in). This has the right mixture to be really something big, and I really hope everyone here does their research on Geeq, I’m not technical but I can see what the vision is, what is my price point? How can you value the most powerful team, protocol and vision in crypto? You can’t put a price on a protocol that will be setting the standard. Website: https://geeq.io One Pager: https://geeq.io/one-page White Paper: https://geeq.io/geeq-white-paper-2/ Tokenomics: https://geeq.io/tokenomics/ Team: https://geeq.io/people/ Token Release Date/Time: https://geeq.io/geeq-token-generation-event/ I hope you enjoyed the read and take a look into the project. I genuinely think this is the biggest project of the year with enormous potential. Look at all the shitcoins that take off and then look at this team and the ambitions and development behind it and it will quickly become clear that this is the one hell of a project.
It fits the ask with the right tradeoffs: Apps built using Celer have almost the exact same usage pattern like the Community Point. In addition, we believe for Reddit’s specific use cases, State Channel Network provides the right tradeoffs in a complex layer-2 space.
UX is priority #1: newly onboarded users are using Celer layer-2 on Ethereum with the milli-second level UI interaction response and they are happy to rate UX 4.5+ stars in App Store without feeling any “blockchain slowness”.
In the following sections, we talk about how we already have in-production uses cases that are almost identical to Reddit’s requirements, why we believe state channel offers the right tradeoffs for the use cases and how we exceed the performance benchmarks by running at 4000 transactions per second and 9ms per transaction latency with just a single state channel node. Finally, we also discuss the concept of Layer-2 LEGO to have multiple different layer-2 techniques working together to address all current and future use cases in a coherent way. The code used in the benchmark is here https://github.com/celer-network/goCeler-oss and benchmark video can be accessed here https://www.youtube.com/watch?v=IpFNQ3HpZKg For questions and discussions, we have set up a dedicated email address to receive questions related to the challenge: [[email protected]](mailto:[email protected]) We also invite the community to ask questions in the following channels to get the fastest technical responses:
In this section, we walk through four use cases specified in the challenge: mint & distribute Community Points (CP), CP transfer, auto subscription and CP burn. For each, we discuss the user flow of how apps are doing it today and underlying technical solutions when using state channels. For more general explanations of how state channels work, check out generalized state channel walkthrough article, and more technically, the specification, detailed walkthrough and our Devcon V talk .
💰Mint and Distribute Community Points
Celer supports this exact use case in CelerX gaming platform today. CelerX is a moible eSport platform where users can pay ETH or supported ERC-20s to enter skill-based real money game tournaments and win prizes. The onboarding process and token claim process are recorded in real-time When a user onboards a game, he will be automatically created an Ethereum wallet. At the same time, 100 Game Token (ERC-20 used for free practice tournaments) will be minted and distributed to this user through Celer’s State Channel Network. When users use up all Game Tokens, new Game Tokens can be redeemed. Different game developers can use CelerX SDK to have different GT in their ecosystems. How much is it actually used today in production? Our active users perform about 30K Game Token mint&distribute per day and we are comfortably handling 150K such operations in the 5 day period mentioned by Reddit team. However, this is far from the actual limit of the software. Performance benchmarks are in the next section. It is straightforward to swap the “Game Token” to “Community Point” and different “game developers” to “subreddits” in the above description. It’s frictionless for users and indeed, 90% of our users do not even realize that they are using blockchain and only think we use an interesting way to back up their accounts (use iCloud or write down 12 words somewhere). Next, we dig deeper into some specific aspects of the solution in an FAQ style. Isn’t the case that a user has to have on-chain ETH to open a channel for Community Points? Not really. Celer’s state channel network has a built-in functionality called promised channel open. This gives the possibility to have a mutually signed commitment between Off-chain Service Providers and users (Reddit or subreddit owners) to act as a promise to mint and distribute a certain amount of tokens to a user’s channel on layer-1. Therefore, it acts as a token mint in layer-2. Does this mean that users have to store additional states or may lose their Community Points? Luckily no. Users and service providers (e.g. Reddit or subreddit owners) can store their states in State Guardian Network (SGN) by paying a fee. State Guardian Network is a decentralized watchtower solution that solves many of the state availability issues in traditional simple payment networks such as Lightning and Raiden. If a user is offline, will his CPs be exposed to attacks? Nope again. This is what SGN is built for so that even when the user is offline, a decentralized SGN looks out for the user’s state. Other layer-2 solutions like Plasma or Rollups also have to have similar “watchtower” to monitor layer-2 state commits and transactions on users’ behalf and the involved cost in the worst-case malicious scenario is very similar. In the state channel networks, users need to connect to some channel nodes in the network. So who acts as a user’s counterparty node? This will be the subreddit owner or Reddit itself in the beginning. This offers great horizontal scalability: each subreddit can host a cluster of state channel nodes in an independently scalable fashion with strong user proximity and connect to other subreddits in the channel network if common community points can be used cross certain subreddits.
💸Community Points Transfer
Game Token transfer experience P2P token transfer is really the bread and butter of the state channel network. To show a use case that is in production: when two users in CelerX platform enter a 1v1 match between each other, what happens underlying is that they send a layer-2 booleanconditional payment to each other conditionally depending on the result of the game. This condition will resolve to true or false and the corresponding layer-2 payment will be established or canceled automatically off-chain after the result of the game is determined off-chain. The conditional payment is a particularly powerful construct of generalized state channel network and we will discuss more in the subscription use case. Simple CP transfer completes across the network with 1.5 Round Trip Time (RTT) end-to-end network latency in the order of milliseconds. Envisioned State Channel Network for Reddit Community Points Does the recipient need to be online to receive the payment? Not necessary. Celer’s state channel network has the unique capability to set Delegated Recipients to receive payment when a user is offline. The delegated recipients, in this case, can trivially be the subreddit hosts or Reddit itself in the very beginning. It is also important to note that Delegated Recipients can only sign state proof on users’ behalf and cannot actually withdraw the fund from the channel on-chain. In addition, to ensure that there is no possibility to have any state availability attack, the sender’s protocol ensures that the delegate put these mutually signed states to SGN so that when a user comes back online, he can retrieve the most recent state. How much is it used today in production? We are processing about 80K game payments in Game Token per day. Same as before, this is far from the system limit. Benchmarks will be discussed later.
🔥Community Points Burn
Recording of Loyalty Point burn in CelerX platform Community Points Burn is also a use case that we already implemented in production. In games built using Celer, there is a concept of Loyalty Point (ERC-20, like Game Token). Users receive Loyalty Points by competing in tournaments. Users can also use loyalty points to redeem items of real value (like Celer T-shirt). This redeeming process is precisely the token burn use case required by Reddit. This is implemented by simply sending the token back to the layer-2 minter. In our case, it is sent back to the game developers’ Celer nodes and in the case of Reddit, it will be sent back to the subreddit owners’ nodes. But wait, how is the token burnt if it issent backto the minter on layer-2? In other words, would it be possible for a minter to just withdraw these tokens on-chain and send it to whoever he likes? Rest Assured. For the case of minted Community Points, the minter can act as counterparty to send out and relay points transfers, however, he is just a delegate recipient (see above discussion) of a token minting pool address. The best he can try on-chain is to withdraw the token back to the pool but cannot actually get a hold of token on-chain.
📅 Subscription Auto Payment
This is not yet live in production, but we actually have a feature coming up that uses the exact same usage pattern. To implement this use case, we use a powerful primitive of generalized state channel called Conditional Payment. To explain what a conditional payment is, let’s look at an example. When Alice sends a conditional payment with X CP to a subreddit CP minter the X CP won’t be immediately burnt but is in a “committed” state with a conditional dependency that will be resolved later. The condition can be literally anything that you can verify and get result on-chain, for example, subscription states of this subreddit and the timestamp. The final amount that Alice burnt can fall in the range between 0 to X and is determined by evaluating the outcome of the conditional dependency using any arbitrary function. In this very concrete use case, Alice can send a relatively large amount of CP as conditional payment and the resolution of the conditional payment will automatically update as the time passes by. Note that this process does not need to have any other layer-1 or layer-2 interaction so that is purely automatic. Sending a payment that conditionally depends on the outcome of an on-chain verifiable state (off-chain or on-chain) is equivalent to sending funds to a smart contract application in layer-1 and this is one of the key differences between Celer generalized state channel solution and other simple payment channel network solutions.
Why State Channel Network Provides the Right Tradeoffs for Reddit’s Use Cases?
With so many different great layer-2 solutions, identifying a fitting solution is about identifying the right tradeoff for the specific use cases. Celer as a platform contains different techniques like State Channel Network and Hybrid Rollup to cover the entire layer-2 tradeoff space. We previously discussed different solutions’ tradeoffs. After applying these general principles to this specific case, we choose to not go to the Celer rollup solution and believe that Celer’s State Channel offer is the best fit. Reddit’s use cases primarily concern token movement-related operations with certain flexibility requirements and it seems from the current requirements, things like “Defi + complicated yield mining based on Community Token” are not in the scope yet. Even when more complex use cases do come into the picture, it is still helpful to have a highly performant, low-cost, and flexible enough token operation core. In this section, we take a first-principle approach to analyze theasymptoticfundamentals instead of fixated on a galaxy of possible system-level optimizations. We believe State Channel Network offers the following fundamental advantages comparing to other layer-2 scaling techniques for Reddit’s specific use cases.
⚡️Web 2.0-like interactiveness via 100X lower latency
Generalized Conditional Payment protocol sequence with 2RTT latency Real-time and interactive UX is not optional in today’s consumer application world. Today’s Internet applications optimize latency to the level of milliseconds with well-studied results such as every additional 100ms latency on page load can drop Amazon sales by 1%. When Community Token is widely used, we would imagine it is on a lot of users’ critical interaction paths. However, layer-2 techniques such as Plasma, zk Rollup, and Optimistic Rollup (collectively commit chains), though good for throughput (high TPS), fail when tested against this latency requirement. Let’s have a break down for commit chains’ thick latency profile:
Internet latency to send out transactions to gateway/block producer. This is in the milliseconds.
The latency for block producer to pack up a block with a batch of transactions. This is often in the seconds if not tens of seconds to control the layer-1 cost. However, for zk-Rollup this seems to be significantly longer due to proof computing.
The latency for the layer-1 blockchain to confirm the rollup block. This is in the tens of seconds if not minutes.
For non-zk rollups and Plasma, the actual finality latency (one can be sure that a transaction actually happened) is on the scale of hours to days.
Even not accounting for the finality latency, that is if a client is “heavy” enough to store, compute and verify the additional state transitions themselves (which breaks the challenge’s requirements), the latency for a transaction to reach layer-1-level security is in the tens of seconds and easily minutes under layer-1 congestion. State Channel Network, however, offers two orders of magnitudes lower latency and gives users smoothest experience. The underlying reason for that is the so-called “instant finality”. When a user sends out a transaction in State Channel Network, all latency involved is a 1.5–3 Round Trip Time (worst-case in hundreds of milliseconds) to the counterparty to receive the mutually signed and updated state proof. Once this proof is obtained, this transaction is “final” as in there is no possibility to revert or reorg this transaction. We want to highlight that this is not a system engineering difference, but an asymptotic advantage for State Channel solutions.
💪Simple horizontal throughput scalability with maximal decentralization
Horizontal scaling by simply adding more subreddit nodes In terms of throughput requirements, Celer’s State Channel also offers fundamental advantages. The key difference here is that State Channel Network offers a simple scale-out solution for the Reddit Community Point use cases. To add more subreddits supporting community tokens and therefore more users, it is as simple as spinning-up new Celer State Channel nodes. Each node will serve users in the “proximity” and cross different subreddits if tokens can be shared, they can be connected simply via some “backbone” links as a single and interoperable network. This offers close to linear scaling-out capacity as the number of users grows. There will be no layer-2 or layer-1 congestion. On the contrary, all layer-2 commit chain approaches (e.g. Plasma, zk Rollup, and Optimistic Rollup) rely on a logical singleton to order transaction, compute state transition and finally batch succinct transaction summaries (proof or state root+calldata) to the layer-1 blockchain. This means that as more and more users onboard the logical singleton, there will be even congestion on layer-2 let alone the inherent congestion on layer-1. To alleviate such congestion, a simple approach is to split one commit chain into multiple commit chains in the fashion similar to layer-1 sharding. However, cross-chain communication will then pose a significant challenge with much more complicated interaction beyond the acceptable requirement of the use case.
💵 Lower transaction cost
State Channel also offers fundamentally lower transaction cost comparing to other layer-2 scaling solutions. First, on the storage side, the amount of storage required in State Channel system is linear to the number of users in the system and has nothing to do with the number of transactions or interactions. In addition, there is no layer-1 storage required during the transaction process (send CP and burn CP). This is because state channel nodes and SGN only need to store the latest state for each node instead of the full transaction history. On the contrary, the commit-chain approaches require storage capacity to scale up with the number of transactions. What’s worse, even when transactions are happening purely in layer-2, layer-1 storage resources are also consumed to store the validity proof or state root. Second, on the compute side, state channel requires less compute resources for off-chain transactions due to the fact that no state update needs to be computed or checked by a duplicated set of parties or waiting for any blocks. State updates are only computed and agreed upon between counterparties.
📝Flexible conditional payment primitive
State Channel like any other layer-2 technique, does not cover the full spectrum of tradeoff plane. The biggest tradeoff is that it is trading off performance and cost with the supported application patterns. If it is a use case such as minting and transferring NFT tokens (e.g. CryptoKitty)where the involved users concurrently interacting in a session is arbitrary and changing at any given time with arbitrarily unique assets, State Channel is not the best solution. However, we do believe with Reddit’s specific use cases concentrating on token management and transfer, State Channel Network is a great fit with enough flexibility to go beyond just simple token transfers. Celer’s generalized state channel differs from simple payment channel networks (such as Raiden and Lightning) in the sense that it supports conditional payment to implement much more flexible functionalities and logics such as auto subscription with an underlying generalized payment network.
Celer Network’s node software is highly optimized and production-grade: it requires less than 10MB minimal memory and can support 1,000 clients on one t2.micro instance with 1CPU, 1G memory**.** The node software is also hyper scalable with support of multi-node clustering via solutions like k8s and parallel database backend via solutions like Cockroach DB. All of the use cases mentioned in Reddit Bakeoff essentially can reduce to token transfer operations. So we focus our test on this specific benchmark. As we discussed previously Celer’s state channel can scale horizontally, we use a single-node setup with a single database backend instance for the ease of reproducing the benchmarking results through our end-to-end test. The video of the benchmark demo can be found here. As shown in the performance benchmark demo, with this setup, Celer Node can achieve 4177 transactions per second and an average transaction latency of 9ms with a peak memory usage of less than 200MB. We want to note that our node software has the capability to extend a single node to a decentralized cluster of nodes plus a parallel database access backend. Celer Node software can achieve more than 30,000 transactions per second with 11ms latency per transaction on a single logical node built by a 9-server cluster. In terms of transaction cost, the only protocol cost is on storing user’s state to State Guardian Network. Each user’s state proof is around 200Bytes no matter how many transactions a user sends as the state constantly gets updated to the newest state instead of appending new states. Therefore, it is just a subscription model for a storage slot on the State Guardian Network. The pricing of state storage is dynamic and as of the initial launch of the SGN, the cost for processing the entire batch of challenge transactions and storing states during these time would be around $1.9.
Notes on the “Layer-2 LEGO”
Layer-2 tradeoffs Layer-2 is a complex space but it is also a composable one. We believe the best solution is not to choose any single layer-2 scaling technique but compose multiple techniques together as a wholistic solution. Analyzing the Reddit team’s requirements, we believe a combination of solutions working together might offer the best tradeoff for all current and future envisioned use cases. We provide an interesting thought experiment on how to compose different techniques together. State Channel has the capability to not only run on layer-1 blockchains but also run on layer-2 commit chains like optimistic rollups. Therefore, we can imagine a system where the entire “on-chain” operations (e.g. exit of state channel and actual instantiation of channels) are all based on layer-2 smart contracts on optimistic rollup chains. This gives the flexibility to build very complex use cases like Community Token liquidity pool on rollups. At the same time, when it comes to real-time interaction, token distribution and token transfer, state channel network operating on top of a layer-2 rollup chain will take the load and give end-users the smoothest user experience possible. We believe this should be an exciting future for Layer-2 scaling on Ethereum.
https://preview.redd.it/9evc1yd1kyi51.png?width=1000&format=png&auto=webp&s=60bbf844bcf676e26305e96e8b3f507a04e76673 Social trading is a growing new trend in the cryptocurrency space that has seen it become one of the fastest-growing sub-sectors over the last few years. While forms of social trading such as the commonly known, “copy trading”, have been used predominantly with traditional assets such as stocks and currencies, a new kind of social trading known as “covesting” has been widely adopted by cryptocurrency traders over the past few years and is continuing to grow. We’re breaking down what social trading actually is, how covesting is superior to other forms of social trading that have been around for a number of years, and the integration of covesting into the core of the world's leading multi-asset margin trading platform, PrimeXBT. What is Social Trading? Social trading is the process of multiple traders working together in order to collectively improve their individual profits, with this typically taking a form of resource sharing such as pooling capital, sharing market knowledge, or the trades of experienced traders being copied by less experienced traders. While social trading has been a major part of the traditional asset market for more than a decade, cryptocurrency market has been slow to catch up and for much of the last 10 years of the life of cryptocurrency there were no options available for traders to engage in social trading with cryptocurrencies. In 2020 however, social trading in the crypto market has taken off, and especially over the past few years has grown dramatically in its popularity amongst cryptocurrency traders and investors. How is Covesting Better than Other Forms of Social Trading? Covesting is the newest form of social trading which has been designed to supersede pre-existing methods of social trading that are sub-optimal in comparison. Other forms of social trading, such as copy trading, typically connect traders in a simplified way with inefficiencies being present in the way that resources are shared between copy traders. In comparison, covesting is the most efficient way for traders to be able to work together, by providing a flexible-yet-powerful structure for traders to use in order to interact with each other. Covesting is based around the creation of peer-to-peer investment funds by strategy managers that have a proven track record for being able to generate profits in global markets, while allowing all traders to transparently see the success rates of each fund, their risk profile, and details about the nature of these strategies being used. What is PrimeXBT’s Covesting Module? https://preview.redd.it/166rion3kyi51.png?width=2544&format=png&auto=webp&s=e9cf1adb2e22017fa2d1d5e37ee749c16bb28fd6 Covesting has been used for a number of years in the cryptocurrency market, with it originally being designed by crypto social trading giant, Covesting.io, and through a partnership with advanced multi-asset margin trading platform, PrimeXBT, traders at the latter platform are now also able to use covesting to maximize their profitability. Since April, PrimeXBT’s Covesting module has been running a beta phase with more than $1 million in equity provided by followers during the phase, and ROI’s of up to 360% being generated by the most profitable strategy managers during this period as well. Traders are able to covest on PrimeXBT seamlessly using the module, which has now been fully launched with the successful conclusion of the beta phase, and this allows traders to create strategy-based investment funds, and for followers to access a diverse range of investment opportunities. What is the Roadmap for the Covesting Module? There are a range of proposed features and upgrades that make up the Covesting modules roadmap, with development and release of these features predicted throughout 2020. In order to allow followers to have more granular control over the funds and to be able to better manage their maximum drawdown, individual stop losses for each follower will be available, and are included as one of the main features of the roadmap. Two additional features in the covesting roadmap which will both improve the transparency of the platform and the provision of more detailed data for followers are the creation and integration of additional risk metrics, as well as upgrading the ratings logic of the platform in order to optimize the way the followers are able to assess each fund. How to Get Started with Covesting https://preview.redd.it/umkootz4kyi51.png?width=2218&format=png&auto=webp&s=401c3c815ddf4fe7bc05ac14bc9fd668a1bf8ed2 Any user of PrimeXBT is automatically able to access the full suite of features in the Covesting module, and may do so by clicking on the “Covesting” link in the top tab of the user interface. There are no restrictions or requirements for traders to be able to create their own strategy and begin interacting with potential followers, and to begin building their reputation and ratings as a result of successfully trading in the market. All users PrimeXBT are likewise able to click on the Covesting module’s link in the top bar of the user interface, and then to compare the ratings and performance of a wide range of different strategy managers, being able to seamlessly select a fund to follow with a varying range of investment being possible. In Summary Covesting is a newer and more powerful form of social trading which has grown rapidly in popularity throughout the cryptocurrency market, and is providing traders and investors with unique forms of value and opportunities for generating profit. After a successful beta phase since April, covesting on PrimeXBT is now fully launched and available for all users to create their own strategies and begin seeking investment, or to be able to leverage the knowledge and experience of professional traders in order to reduce risk and increase profit. For more information about PrimeXBT’s Covesting module and how to get started, check out this link.
In the first part of this article we offered a thorough introduction on blockchain oracles and why they are vital to the decentralised space, along with several examples in the Decentralized Finance DeFi domain. However, DeFi is not the only fish in the sea, and there are other noteworthy use cases of blockchain oracles in the crypto space not associated with DeFi. This second and final part is dedicated to the application of blockchain oracles in other areas, and concludes with the challenges the technology faces and the techniques used to overcome them. by StealthEX
Oracles for prediction markets
Prediction markets are another area where the idea of blockchain oracles fits like a glove. Sometimes, they are also referred to as betting markets, but regardless of the naming convention, their concept revolves around wagering on the outcome of a real-life event. In these markets anyone can create and trade event outcomes, and since the outcomes require independent verification, there’s a job for a blockchain oracle as well to do the task in the most efficient and reliable manner. As with DeFI, a few prominent players inhabit this space, and number one on the list is Augur (REP). It made a name for itself during the 2016 US presidential elections when it had reportedly attracted over $2 million of bets on the election outcome. The oracle of Augur is based on a trustless consensus of users who hold the platform’s native Reputation token. If they fail to deliver honest and accurate reports of outcomes, a split in the token may follow rendering their forked version of Reputation worthless as no one will sign up to their prediction markets in the future for false reporting. In this way, reporters are financially encouraged to provide accurate information on the outcomes of real-world occurrences. A different approach to an oracle solution is employed by Gnosis (GNO), a decentralized prediction market platform, which came into the spotlight in 2017. With Gnosis, anyone can offer oracle services. Users creating a prediction market can select any oracle or a group of oracles for the event resolution. But that’s not all. If the market participants disagree with the resolution, they can challenge it by applying to the so-called Ultimate Oracle. Then, a new market is created to resolve the dispute by allowing anyone to decide on the outcome within 24 hours. The winners are rewarded, the losers are punished, and the outcome is used for the resolution of the primary market. Augur and Gnosis were the first prediction markets platforms allowing users to forecast future events and bet on them. With Omen, an information market platform, users can specify the data source of their own choice to be used as an oracle, supplemented by an online dispute resolution platform Kleros as the final arbitrator. With Delphy, a social mobile prediction market platform, the winning outcome is determined by the so-called Oracle of the Event, for example, the NBA official website for the prediction of an NBA game, combined with a dispute arbitration mechanism in case such a dispute should arise.
Oracles for other domains
DeFi and prediction markets are the most notable use cases of blockchain oracles, and for due reasons. However, oracles also made inroads into other fields as diverse as supply chain tracking for querying geolocation data, lottery smart contracts for random number generation, insurance contracts for damage verification, flight statistics for ticket pooling, weather forecasts for calculating insurance premiums, and even retrieval of information about events on other blockchains. Below we describe a couple of such platforms that may be worth looking into from the oracle point of view. So our next entry on the list of platforms that feature blockchain oracles is FOAM platform, which provides an alternative to GPS geolocation for an array of industries such as Internet of Things (IoT), supply chains, airlines, electrical grids, autonomous cars, mobile operators, or any other industry that relies on GPS. As before, we are interested in the platform’s approach toward implementing a data verification layer. FOAM is intriguing because it offers a hardware-based oracle solution. Basically, its Proof of Location protocol works similarly to GPS, but in a decentralized and fault-tolerant way through a user-run network of hardware radio beacons connecting to each other and synchronizing their clocks. This enables them to compute the distance between nodes and report fraud-proof location data. We conclude our exemplary list of platforms that cannot live without an oracle with a decentralized insurance platform, Nexus Mutual, which aims at “bringing the mutual ethos of a community-based model back to insurance” by “creating aligned incentives through smart contract code on the Ethereum blockchain”. What interests us here, though, is not the art of high rhetoric and catchy slogans but the approach to damage verification. Given that there is a strong incentive to defraud the insurance pool, Nexus comes up with a consensus model of claim verification and requires claims assessors to have a stake in the form of membership tokens that would discourage them to act dishonestly. Otherwise, they are to suffer financially and have their member tokens burned without redemption.
The Oracle Problem
Smart contracts are poised to transform the ways that we humans interact in our business endeavors. To make our lives easier, blockchain oracles strive to close the gap between the isolated, pristine execution environment of a smart contract and the real world out there, full of chaos and madness. The large number of implementations making use of distinctively different concepts proves that there is no one-size-fits-all oracle solution. And this leads us to the infamous oracle problem. The Oracle Problem refers to the innate adversarial and random nature of the external world and the formal logic of smart contract execution. Oracles necessarily lie outside the security mechanisms that a smart contract-enabled blockchain provides, and the conflict that arises is the essence of the Oracle Problem, that of the difficulty of fetching credible data from intrinsically unreliable sources, with malicious actors always on the lookout to modify and falsify the data for their financial gain. Different approaches have been tried to solve this issue, for example, by using cryptographic attestations or putting one’s reputation on the line. However, as both theory and practice confirm, economic incentivization works best here. As more and more platforms shift to decentralized oracles, there is solid evidence that creating an incentive to report honestly along with a disincentive to prevent fraudulent broadcasting seems to be an effective way to encourage serious and thorough fact-checking in a consensus-based environment. And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 250 coins and constantly updating the list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example REP to GNO. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected]). The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/08/25/blockchain-oracles-connecting-the-worlds-part-2/
How Not To Pressurize Your Mind While Trading Crypto?
As a crypto trader, you must realize that crypto trading is time consuming. It’s hard not to be checking prices and price charts every second when you know your money is on the line. People get so obsessed with social media and crypto trends, and it seeps into their dreams. The worst part is it never ends, and it never takes a break. The market is always open, and trades occur at all times; people stare at the screen all day trying to cash in on an opportunity. The volatility of the crypto market is why it is easy to get stress out; your mind is continually thinking of new ways to enhance trades, and a time might come when the pressure becomes overwhelming. This will affect your ability to make the right decisions, and your health will be at risk. Some signs that your mind is pressured and experiencing trading stress include being hyper-alert, short, and shallow breaths every time a trade goes awry, experiencing sick feelings and other negative feelings.
It’s pretty clear that detaching from crypto isn’t easy in no way; it’s a skill that takes time to cultivate. However, it would be best if you detached to shield your mental health during crypto trading or investments. Below are tips that help keep the pressure at bay:
Fix Trading Hours
Even though exchanges are available at all hours of the day, you don’t have to be also. Your body is not a machine and needs some time off. You can’t always cash in on all trade opportunities even if you’re up at all times, so take a break. Fix hours that you will trade and stick to those hours, no matter the temptation.
Losses should be treated as a Learning Opportunity
When a trade goes awry, there’s usually a lesson to learn from it. Don’t let it be an avenue for despair or feeling anger, instead learn from the situation to make better decisions next time. Sometimes, it is not your fault, and you were just unlucky; focus on the longterm plan and don’t get overwhelmed. Analysis always helps to minimize emotional outbursts.
Put the Emotions Aside
When you trade with your emotions, you’re bound to have lots of issues. The pressure on your mind could be overwhelming. That’s why it is essential to tame the feelings; cold logic works best in crypto trading. If you don’t control your emotions, crypto trading will drive you insane. Don’t feel too good and don’t feel too bad about wins and losses; endeavor to strike a balance.
Make a plan and don’t deviate
What’s your plan going into trading? Once you have an idea about how you intend to trade instead of simply willing the charts to go in a particular direction, trading becomes more natural. To minimize the pressure of trading, plan out your trade in advance and set your point of entry and exits. Don’t change your plans in the middle of a trade because you feel a particular way; don’t deviate from your plan.
Have a second source of income
It’s hard to keep the pressure off if it is your source of livelihood; rational thinking goes out the winder when your income source is on the line. That’s why you need to have another source of income; it’s easy to keep calm when you don’t depend on crypto trading to survive.
At the beginning of trading, keeping a positive mindset is easy. But then the first trade goes wrong, and the pressure kicks in, the need to always make the right choice and never miss any opportunity. However, if you practice these tips and stick to them, you will find a way to stop your mind from being pressured in crypto trading. Getting to this point is crucial; it will make you a better trader. If you like it, never hesitate to give us thumbs-up
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