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Function X: A Concept Paper introducing the f(x) ecosystem, a universal decentralized internet powered by blockchain technology and smart devices

Function X: A Concept Paper introducing the f(x) ecosystem, a universal decentralized internet powered by blockchain technology and smart devices

https://preview.redd.it/yylq6k0yqrv21.png?width=633&format=png&auto=webp&s=089ffe83e18baeceb87d465ca6fad184939490e4

Prologue

This is a Concept Paper written to introduce the Function X Ecosystem, which includes the XPhone. It also addresses the relationship between the XPOS and Function X.
Pundi X has always been a community-driven project. We have lived by the mission of making sure the community comes first and we are constantly learning from discussions and interactions on social media and in real-life meetings.
As with all discussions, there is always background noise but we have found gems in these community discussions. One such example is a question which we found constantly lingering at the back of our mind, “Has blockchain changed the world as the Internet did in the ’90s, and the automobile in the ‘20s?”. Many might argue that it has, given the rise of so many blockchain projects with vast potential in different dimensions (like ours, if we may add). But the question remains, “can blockchain ever become what the Internet, as we know it today, has to the world?”
Function X, a universal decentralized internet which is powered by blockchain technology and smart devices.
Over the past few months, in the process of implementing and deploying the XPOS solution, we believe we found the answer to the question. A nimble development team was set up to bring the answer to life. We discovered that it is indeed possible to bring blockchain to the world of telephony, data transmission, storage and other industries; a world far beyond financial transactions and transfers.
This is supported by end-user smart devices functioning as blockchain nodes. These devices include the XPOS and XPhone developed by Pundi X and will also include many other hardware devices manufactured by other original equipment manufacturers.
The vision we want to achieve for f(x) is to create a fully autonomous and decentralized network that does not rely on any individual, organization or structure.
Due to the nature of the many new concepts introduced within this Concept Paper, we have included a Q&A after each segment to facilitate your understanding. We will continuously update this paper to reflect the progress we’re making.

Function X: The Internet was just the beginning

The advent of the Internet has revolutionized the world. It created a communications layer so robust that it has resulted in TCP/IP becoming the network standard.
The Internet also created a wealth of information so disruptive that a company like Amazon threatened to wipe out all the traditional brick-and-mortar bookstores. These bookstores were forced to either adapt or perish. The same applies to the news publishing sector: the offerings of Google and Facebook have caused the near extinction of traditional newspapers.
The digitalization of the world with the Internet has enabled tech behemoths like Apple, Amazon, Google and Facebook to dominate and rule over traditional companies. The grip of these tech giants is so extensive that it makes you wonder if the choices you make are truly your own or influenced by the data they have on you as a user.
We see the blockchain revolution happening in three phases. The first was how Bitcoin showed the world what digital currency is. The second refers to how Ethereum has provided a platform to build decentralized assets easily. The clearest use case of that has come in the form of the thousands of altcoins seen today that we all are familiar with. The third phase is what many blockchain companies are trying to do now: 1) to bring the performance of blockchain to a whole new level (transaction speed, throughput, sharding, etc.) and 2) to change the course of traditional industries and platforms—including the Internet and user dynamics.
Public blockchains allow trustless transactions. If everything can be transacted on the blockchain in a decentralized manner, the information will flow more efficiently than traditional offerings, without the interception of intermediators. It will level the playing field and prevent data monopolization thus allowing small innovators to develop and flourish by leveraging the resources and data shared on the blockchain.

The Blockchain revolution will be the biggest digital revolution

In order to displace an incumbent technology with something new, we believe the change and improvement which the new technology has to bring will have to be at least a tenfold improvement on all aspects including speed, transparency, scalability and governance (consensus). We are excited to say that the time for this 10-times change is here. It’s time to take it up 10x with Function X.
Function X or f(x) is an ecosystem built entirely on and for the blockchain. Everything in f(x) (including the application source code, transmission protocol and hardware) is completely decentralized and secure. Every bit and byte in f(x) is part of the blockchain.
What we have developed is not just a public chain. It is a total decentralized solution. It consists of five core components: Function X Operating System (OS); Function X distributed ledger (Blockchain); Function X IPFS; FXTP Protocol and Function X Decentralized Docker. All five components serve a single purpose which is to decentralize all services, apps, websites, communications and, most importantly, data.
The purpose of Function X OS is to allow smart hardware and IoTs to harness the upside and potential utility of the decentralization approach. We have built an in-house solution for how mobile phones can leverage Function X OS in the form of the XPhone. Other companies can also employ the Function X OS and further customize it for their own smart devices. Every smart device in the Function X ecosystem can be a node and each will have its own address and private key, uniquely linked to their node names. The OS is based on the Android OS 9.0, therefore benefiting from backward compatibility with Android apps. The Function X OS supports Android apps and Google services (referred to as the traditional mode), as well as the newly developed decentralized services (referred to as the blockchain mode). Other XPhone features powered by the Function X OS will be elaborated on in the following sections.
Using the Function X Ecosystem (namely Function X FXTP), the transmission of data runs on a complex exchange of public and private key data and encryption but never through a centralized intermediary. Hence it guarantees communication without interception and gives users direct access to the data shared by others. Any information that is sent or transacted over the Function X Blockchain will also be recorded on the chain and fully protected by encryption so the ownesender has control over data sharing. And that is how a decentralized system for communications works.
For developers and users transitioning to the Function X platform, it will be a relatively seamless process. We have intentionally designed the process of creating and publishing new decentralized applications (DApps) on Function X to be easy, such that the knowledge and experience from developing and using Android will be transferable. With that in mind, a single line of code in most traditional apps can be modified, and developers can have their transmission protocol moved from the traditional HTTP mode (centralized) to a decentralized mode, thus making the transmission “ownerless” because data can transmit through the network of nodes without being blocked by third parties. How services can be ported easily or built from scratch as DApps will also be explained in the following sections, employing technologies in the Function X ecosystem (namely Function X IPFS, FXTP Protocol and Decentralized Docker).

f(x) Chain

f(x) chain is a set of consensus algorithms in the form of a distributed ledger, as part of the Function X ecosystem. The blockchain is the building block of our distributed ledger that stores and verifies transactions including financials, payments, communications (phone calls, file transfers, storage), services (DApps) and more.
Will Function X launch a mainnet?
Yes. The f(x) chain is a blockchain hence there will be a mainnet.
When will the testnet be launched?
Q2 2019 (projected).
When will the mainnet be launched?
Q3 2019 (projected).
How is the Function X blockchain designed?
The f(x) chain is designed based on the philosophy that any blockchain should be able to address real-life market demand of a constantly growing peer-to-peer network. It is a blockchain with high throughput achieved with a combination of decentralized hardware support (XPOS, XPhone, etc.) and open-source software toolkit enhancements.
What are the physical devices that will be connected to the Function X blockchain?
In due course, the XPOS OS will be replaced by the f(x) OS. On the other hand, the XPhone was designed with full f(x) OS integration in mind, from the ground up. After the f(x) OS onboarding, and with adequate stability testings and improvements, XPOS and XPhone will then be connected to the f(x) Chain.
What are the different elements of a block?
Anything that is transmittable over the distributed network can be stored in the block, including but not limited to phone call records, websites, data packets, source code, etc. It is worth noting that throughout these processes, all data is encrypted and only the owner of the private key has the right to decide how the data should be shared, stored, decrypted or even destroyed.
Which consensus mechanism is used?
Practical Byzantine Fault Tolerance (PBFT).
What are the other implementations of Practical Byzantine Fault Tolerance (PBFT)?
Flight systems that require very low latency. For example, SpaceX’s flight system, Dragon, uses PBFT design philosophy. [Appendix]
How do you create a much faster public chain?
We believe in achieving higher speed, thus hardware and software configurations matter. If your hardware is limited in numbers or processing power, this will limit the transaction speed which may pose security risks. The Ethereum network consists of about 25,000 nodes spread across the globe now, just two years after it was launched. Meanwhile, the Bitcoin network currently has around 7,000 nodes verifying the network. As for Pundi X, with the deployment plan (by us and our partners) for XPOS, XPhone and potentially other smart devices, we anticipate that we will be able to surpass the number of Bitcoin and Ethereum nodes within 1 to 2 years. There are also plans for a very competitive software implementation of our public blockchain, the details for which we will be sharing in the near future.

f(x) OS

The f(x) OS is an Android-modified operating system that is also blockchain-compatible. You can switch seamlessly between the blockchain and the traditional mode. In the blockchain mode, every bit and byte is fully decentralized including your calls, messages, browsers and apps. When in traditional mode, the f(x) OS supports all Android features.
Android is the most open and advanced operating system for smart hardware with over 2 billion monthly active users. Using Android also fits into our philosophy of being an OS/software designer and letting third-party hardware makers produce the hardware for the Function X Ecosystem.
What kind of open source will it be?
This has not been finalized, but the options we are currently considering are Apache or GNU GPLv3.
What kind of hardware will it work on?
The f(x) OS works on ARM architecture, hence it works on most smartphones, tablet computers, smart TVs, Android Auto and smartwatches in the market.
Will you build a new browser?
We are currently using a modified version of the Google Chrome browser. The browser supports both HTTP and FXTP, which means that apart from distributed FXTP contents, users can view traditional contents, such ashttps://www.google.com.
What is the Node Name System (NNS)?
A NNS is a distributed version of the traditional Domain Name System. A NNS allows every piece of Function X hardware, including the XPhone, to have a unique identity. This identity will be the unique identifier and can be called anything with digits and numbers, such as ‘JohnDoe2018’ or ‘AliceBob’. More on NNS in the following sections.
Will a third-party device running the f(x) OS be automatically connected to the f(x) blockchain?
Yes, third-party devices will be connected to the f(x) blockchain automatically.

f(x) FXTP

A transmission protocol defines the rules to allow information to be sent via a network. On the Internet, HTTP is a transmission protocol that governs how information such as website contents can be sent, received and displayed. FXTP is a transmission protocol for the decentralized network.
FXTP is different from HTTP because it is an end-to-end transmission whereby your data can be sent, received and displayed based on a consensus mechanism rather than a client-server based decision-making mechanism. In HTTP, the server (which is controlled by an entity) decides how and if the data is sent (or even monitored), whereas in FXTP, the data is sent out and propagates to the destination based on consensus.
HTTP functions as a request–response protocol in the client-server computing model. A web browser, for example, may be the client and an application running on a computer hosting a website may be the server. FXTP functions as a propagation protocol via a consensus model. A node that propagates the protocol and its packet content is both a “client” and a “server”, hence whether a packet reaches a destination is not determined by any intermediate party and this makes it more secure.

f(x) IPFS

IPFS is a protocol and network designed to store data in a distributed system. A person who wants to retrieve a file will call an identifier (hash) of the file, IPFS then combs through the other nodes and supplies the person with the file.
The file is stored on the IPFS network. If you run your own node, your file would be stored only on your node and available for the world to download. If someone else downloads it and seeds it, then the file will be stored on both your node the node of the individual who downloaded it (similar to BitTorrent).
IPFS is decentralized and more secure, which allows faster file and data transfer.

f(x) DDocker

Docker is computer program designed to make it easier to create, deploy, and run applications. Containers allow a developer to package up an application including libraries, and ship it all out as a package.
As the name suggests, Decentralized Docker is an open platform for developers to build, ship and run distributed applications. Developers will be able to store, deploy and run their codes remote in different locations and the codes are secure in a decentralized way.

XPhone

Beyond crypto: First true blockchain phone that is secured and decentralized to the core
XPhone is the world’s first blockchain phone which is designed with innovative features that are not found on other smartphones.
Powered by Function X, an ecosystem built entirely on and for the blockchain, XPhone runs on a new transmission protocol for the blockchain age. The innovation significantly expands the use of blockchain technology beyond financial transfers.
Unlike traditional phones which require a centralized service provider, XPhone runs independently without the need for that. Users can route phone calls and messages via blockchain nodes without the need for phone numbers.
Once the XPhone is registered on the network, for e.g., by a user named Pitt, if someone wants to access Pitt’s publicly shared data or content, that user can just enter FXTP://xxx.Pitt. This is similar to what we do for the traditional https:// protocol.
Whether Pitt is sharing photos, data, files or a website, they can be accessed through this path. And if Pitt’s friends would like to contact him, they can call, text or email his XPhone simply by entering “call.pitt”, “message.pitt”, or “mail.pitt”.
The transmission of data runs on a complex exchange of public and private key data with encryption. It can guarantee communication without interception and gives users direct access to the data shared by others. Any information that is sent or transacted over the Function X Blockchain will also be recorded on the chain.
Toggle between now and the future
Blockchain-based calling and messaging can be toggled on and off on the phone operating system which is built on Android 9.0. XPhone users can enjoy all the blockchain has to offer, as well as the traditional functionalities of an Android smartphone.
We’ll be sharing more about the availability of the XPhone and further applications of Function X in the near future.

DApps

DApps for mass adoption
So far the use of decentralized applications has been disappointing. But what if there was a straightforward way to bring popular, existing apps into a decentralized environment, without rebuilding everything? Until now, much of what we call peer-to-peer or ‘decentralized’ services continue to be built on centralized networks. We set out to change that with Function X; to disperse content now stored in the hands of the few, and to evolve services currently controlled by central parties.
Use Cases: Sharing economy
As seen from our ride-hailing DApp example that was demonstrated in New York back in November 2018, moving towards true decentralization empowers the providers of services and not the intermediaries. In the same way, the XPhone returns power to users over how their data is being shared and with whom. Function X will empower content creators to determine how their work is being displayed and used.
Use Cases: Free naming
One of the earliest alternative cryptocurrencies, Namecoin, wanted to use a blockchain to provide a name registration system, where users can register their names to create a unique identity. It is similar to the DNS system mapping to IP addresses. With the Node Name System (NNS) it is now possible to do this on the blockchain.
NNS is a distributed version of the traditional Domain Name System. A NNS allows every piece of Function X hardware, including the XPhone, to have a unique identifier that can be named anything with digits and numbers, such as ‘JohnDoe2018’ or ‘AliceBob’.
Use Cases: Mobile data currency
According to a study, mobile operator data revenues are estimated at over $600 billion USD by 2020, equivalent to $50 billion USD per month [appendix]. Assuming users are able to use services such as blockchain calls provided by XPhone (or other phones using Function X) the savings will be immense and the gain from profit can be passed on to providers such as DApp developers in Function X. In other words, instead of paying hefty bills to a mobile carrier for voice calls, users can pay less by making blockchain calls, and the fees paid are in f(x) coins. More importantly users will have complete privacy over their calls.
Use Cases: Decentralized file storage
Ethereum contracts claim to allow for the development of a decentralized file storage ecosystem, “where individual users can earn small quantities of money by renting out their own hard drives and unused space can be used to further drive down the costs of file storage.” However, they do not necessarily have the hardware to back this up. With the deployment of XPOS, smart hardware nodes and more, Function X is a natural fit for Decentralized File Storage. In fact, it is basically what f(x) IPFS is built for.
These are just four examples of the many use cases purported, and there can, will and should be more practical applications beyond these; we are right in the middle of uncharted territories.

Tokenomics

Decentralized and autonomous
The f(x) ecosystem is fully decentralized. It’s designed and built to run autonomously in perpetuity without the reliance or supervision of any individual or organization. To support this autonomous structure, f(x) Coin which is the underlying ‘currency’ within the f(x) ecosystem has to be decentralized in terms of its distribution, allocation, control, circulation and the way it’s being generated.
To get the structure of f(x) properly set up, the founding team will initially act as ‘initiators’ and ‘guardians’ of the ecosystem. The role of the team will be similar to being a gatekeeper to prevent any bad actors or stakeholders playing foul. At the same time, the team will facilitate good players to grow within the ecosystem. Once the f(x) ecosystem is up and running, the role of the founding team will be irrelevant and phased out. The long term intention of the team is to step away, allowing the ecosystem to run and flourish by itself.

Utility

In this section, we will explore the utility of the f(x) Coin. f(x) Coin is the native ‘currency’ of the Function X blockchain and ecosystem. All services rendered in the ecosystem will be processed, transacted with, or “fueled” by the f(x) Coin. Some of the proposed use cases include:
  • For service providers: Getting paid by developers, companies and consumers for providing storage nodes, DDocker and improvement of network connections. The role of service providers will be described in greater detail in the rest of the paper.
  • For consumers: Paying for service fees for the DApps, nodes, network resources, storage solutions and other services consumed within the f(x) ecosystem.
  • For developers: Paying for services and resources rendered in the ecosystem such as smart contract creation, file storage (paid to IPFS service provider), code hosting (paid to DDocker service provider), advertisements (paid to other developers) and design works. Developers can also get paid by enterprises or organizations that engaged in the developer’s services.
  • For enterprises or organizations: Paying for services provided by developers and advertisers. Services provided to consumers will be charged and denominated in f(x) Coin.
  • For phone and hardware manufacturers: Paying for further Function X OS customizations. It is worth noting that Pundi X Labs plan to only build a few thousand devices of the XPhone flagship handsets, and leave the subsequent market supply to be filled by third-party manufacturers using our operating system.
  • For financial institutions: receiving payments for financial services rendered in the ecosystem.
  • Applications requiring high throughput.
Hence f(x) Coin can be used as ‘currency’ for the below services,
  • In-app purchases
  • Blockchain calls
  • Smart contract creations
  • Transaction fees
  • Advertisements
  • Hosting fees
  • Borderless/cross-border transactions
We believe f(x) Coin utilization will be invariably higher than other coins in traditional chains due to the breadth of the f(x) ecosystem. This includes storage services and network resources on f(x) that will utilize the f(x) Coin as “fuel” for execution and validation of transactions.
Example 1: A developer creates a ride-hailing DApp called DUber.
DUber developer first uploads the image and data to IPFS (storage) and code to DDocker, respectively. The developer then pays for a decentralized code hosting service provided by the DDocker, and a decentralized file hosting service provided by the IPFS. Please note the storage hosting and code hosting services can be provided by a company, or by a savvy home user with smart nodes connected to the Function X ecosystem. Subsequently, a DUber user pays the developer.
Example 2: User Alice sends an imaginary token called ABCToken to Bob.
ABCToken is created using Function X smart contract. Smart nodes hosted at the home of Charlie help confirms the transaction, Charlie is paid by Alice (or both Alice and Bob).

The flow of f(x) Coin

Four main participants in f(x): Consumer (blue), Developer (blue), Infrastructure (blue), and Financial Service Provider (green)
Broadly speaking, there can be four main participants in the f(x) ecosystem, exhibited by the diagram above:
  • Consumer: Users enjoy the decentralized services available in the f(x) ecosystem
  • Infrastructure Service Provider: Providing infrastructures that make up the f(x) ecosystem such as those provided by mobile carriers, decentralized clouds services.
  • Developer: Building DApp on the f(x) network such as decentralized IT, hospitality and financial services apps.
  • Financial Service Provider: Providing liquidity for the f(x) Coin acting as an exchange.
The f(x) ecosystem’s value proposition:
  • Infrastructure service providers can offer similar services that they already are providing in other markets such as FXTP, DDocker and IPFS, to earn f(x) Coin.
  • Developers can modify their existing Android apps to be compatible with the f(x) OS environment effortlessly, and potentially earn f(x) Coin.
  • Developers, at the same time, also pay for the infrastructure services used for app creation.
  • Consumers immerse in the decentralized app environments and pay for services used in f(x) Coin.
  • Developer and infrastructure service providers can earn rewards in f(x) Coin by providing their services. They can also monetize it through a wide network of financial service providers to earn some profit, should they decide to do so.
Together, the four participants in this ecosystem will create a positive value flow. As the number of service providers grow, the quality of service will be enhanced, subsequently leading to more adoption. Similarly, more consumers means more value is added to the ecosystem by attracting more service providers,and creating f(x) Coin liquidity. Deep liquidity of f(x) Coin will attract more financial service providers to enhance the stability and quality of liquidity. This will attract more service providers to the ecosystem.
Figure: four main participants of the ecosystem The rationale behind f(x) Coin generation is the Proof of Service concept (PoS)
Service providers are crucial in the whole f(x) Ecosystem, the problem of motivation/facilitation has become our priority. We have to align our interests with theirs. Hence, we have set up a Tipping Jar (similar to mining) to motivate and facilitate the existing miners shift to the f(x) Ecosystem and become part of the infrastructure service provider or attract new players into our ecosystem. Income for service provider = Service fee (from payer) + Tipping (from f(x) network generation)
The idea is that the f(x) blockchain will generate a certain amount of f(x) Coin (diminishing annually) per second to different segments of service provider, such as in the 1st year, the f(x) blockchain will generate 3.5 f(x) Coin per second and it will be distributed among the infrastructure service provider through the Proof of Service concept. Every service provider such as infrastructure service providers, developers and financial service providers will receive a ‘certificate’ of Proof of Service in the blockchain after providing the service and redeeming the f(x) Coin.
Example: There are 3 IPFS providers in the market, and the total Tipping Jar for that specific period is 1 million f(x) Coin. Party A contributes 1 TB; Party B contributes 3 TB and Party C contributes 6 TB. So, Party A will earn 1/10 * 1 million = 100k f(x) Coin; Party B will earn 3/10 * 1 million = 300k f(x) Coin. Party C will earn 6/10 * 1 million = 600k f(x) Coin.
Note: The computation method of the distribution of the Tipping Jar might vary due to the differences in the nature of the service, period and party.
Figure: Circulation flow of f(x) Coin
The theory behind the computation.
Blockchain has integrated almost everything, such as storage, scripts, nodes and communication. This requires a large amount of bandwidth and computation resources which affects the transaction speed and concurrency metric.
In order to do achieve the goal of being scalable with high transaction speed, the f(x) blockchain has shifted out all the ‘bulky’ and ‘heavy duty’ functions onto other service providers, such as IPFS, FXTP, etc. We leave alone what blockchain technology does best: Calibration. Thus, the role of the Tipping Jar is to distribute the appropriate tokens to all participants.
Projected f(x) Coin distribution per second in the first year
According to Moore’s Law, the number of transistors in a densely integrated circuit doubles about every 18 -24 months. Thus, the performance of hardware doubles every 18-24 months. Taking into consideration Moore’s Law, Eric Schmidt said if you maintain the same hardware specs, the earnings will be cut in half after 18-24 months. Therefore, the normal Tipping Jar (reward) for an infrastructure service provider will decrease 50% every 18 months. In order to encourage infrastructure service providers to upgrade their hardware, we have set up another iteration and innovation contribution pool (which is worth of 50% of the normal Tipping Jar on the corresponding phase) to encourage the infrastructure service provider to embrace new technology.
According to the Andy-Bill’s law, “What Andy gives, Bill takes away”; software will always nibble away the extra performance of the hardware. The more performance a piece of hardware delivers, the more the software consumes. Thus, the developer will always follow the trend to maintain and provide high-quality service. The Tipping Jar will increase by 50% (based upon the previous quota) every 18 months.
Financial service providers will have to support the liquidation of the whole ecosystem along the journey, the Tipping Jar (FaaS) will increase by 50% by recognizing the contribution and encouraging innovation.
From the 13th year (9th phase), the Tipping Jar will reduce by 50% every 18 months. We are well aware that the “cliff drop” after the 12th year is significant. Hence, we have created a 3year (two-phase) diminishing transition period. The duration of each phase is 18 months. There are 10 phases in total which will last for a total of 15 years.
According to Gartner’s report, the blockchain industry is forecast to reach a market cap of
3.1 trillion USD in 2030. Hence, we believe a Tipping Jar of 15 years will allow the growth of Function X into the “mature life cycle” of the blockchain industry.

f(x) Coin / Token Allocation

Token allocation We believe great blockchain projects attempt to equitably balance the interests of different segments of the community. We hope to motivate and incentivize token holders by allocating a total of 65% of tokens from the Token Generation Event (TGE). Another 20% is allocated to the Ecosystem Genesis Fund for developer partnerships, exchanges and other such related purposes. The remaining 15% will go to engineering, product development and marketing. There will be no public or private sales for f(x) tokens.
NPXS / NPXSXEM is used to make crypto payments as easy as buying bottled water, while f(x) is used for the operation of a decentralized ecosystem and blockchain, consisting of DApps and other services. NPXS / NPXSXEM will continue to have the same functionality and purpose after the migration to the Function X blockchain in the future. Therefore, each token will be expected to assume different fundamental roles and grant different rights to the holders.
https://preview.redd.it/xohy6c6pprv21.png?width=509&format=png&auto=webp&s=a2c0bd0034805c5f055c3fea4bd3ba48eb59ff07
65% of allocation for NPXS / NPXSXEM holders is broken down into the following: 15% is used for staking (see below) 45% is used for conversion to f(x) tokens. (see below) 5% is used for extra bonus tasks over 12 months (allocation TBD).

https://preview.redd.it/6jmpfhmxprv21.png?width=481&format=png&auto=webp&s=c9eb2c124e0181c0851b7495028a317b5c9cd6b7
https://preview.redd.it/1pjcycv0qrv21.png?width=478&format=png&auto=webp&s=c529d5d99d760281efd0c3229edac494d5ed7750
Remarks All NPXS / NPXSXEM tokens that are converted will be removed from the total supply of NPXS / NPXSXEM; Pundi X will not convert company's NPXS for f(x) Tokens. This allocation is designed for NPXS/NPXSXEM long term holders. NPXS / NPXSXEM tokens that are converted will also be entitled to the 15% f(x) Token distribution right after the conversion.

Usage

Management of the Ecosystem Genesis Fund (EGF)
The purpose of setting up the Ecosystem Initialization Fund, is to motivate, encourage and facilitate service providers to join and root into the f(x) Ecosystem and, at the same time, to attract seed consumers to enrich and enlarge the f(x) Ecosystem. EIF comes from funds raised and will be used as a bootstrap mechanism to encourage adoption before the Tipping Jar incentives fully kicks in.
The EGF is divided into 5 parts:
  1. Consumer (10%): To attract consumers and enlarge the customer base;
  2. Developer (20%): To encourage developers to create DApps on the f(x) blockchain;
  3. Infrastructure Service Provider (20%): To set up or shift to the f(x) infrastructure;
  4. Financial Service Provider (20%): To create a trading platform for f(x) Coin and increase liquidity; and
  5. Emergency bridge reserve (30%): To facilitate or help the stakeholders in f(x) during extreme market condition
To implement the spirit of decentralization and fairness, the EGF will be managed by a consensus-based committee, called the f(x) Open Market Committee (FOMC).

Summary

Time moves fast in the technology world and even faster in the blockchain space. Pundi X’s journey started in October 2017, slightly over a year ago, and we have been operating at a lightning pace ever since, making progress that can only be measured in leaps and bounds. We started as a blockchain payment solution provider and have evolved into a blockchain service provider to make blockchain technology more accessible to the general public, thereby improving your everyday life.
The creation of Function X was driven by the need to create a better suited platform for our blockchain point-of sale network and through that process, the capabilities of Function X have allowed us to extend blockchain usage beyond finance applications like payment solutions and cryptocurrency.
The complete decentralized ecosystem of Function X will change and benefit organizations, developers, governments and most importantly, society as a whole.
The XPhone prototype which we have created is just the start to give everyone a taste of the power of Function X on how you can benefit from a truly decentralized environment. We envision a future where the XPOS, XPhone and other Function X-enabled devices work hand-in-hand to make the decentralized autonomous ecosystem a reality.
You may wonder how are we able to create such an extensive ecosystem within a short span of time? We are fortunate that in today’s open source and sharing economy, we are able to tap onto the already established protocols (such as Consensus algorithm, FXTP, etc), software (like Android, IPFS, PBFT, Dockers, etc.) and hardware (design knowledge from existing experts) which were developed by selfless generous creators. Function X puts together, aggregates and streamlines all the benefits and good of these different elements and make them work better and seamlessly on the blockchain. And we will pay it forward by making Function X as open and as decentralized as possible so that others may also use Function X to create bigger and better projects.
To bring Function X to full fruition, we will continue to operate in a transparent and collaborative way. Our community will continue to be a key pillar for us and be even more vital as we get Function X up and running. As a community member, you will have an early access to the Function X ecosystem through the f(x) token conversion.
We hope you continue to show your support as we are working hard to disrupt the space and re-engineer this decentralized world.

Reference

Practical Byzantine Fault Tolerance
http://pmg.csail.mit.edu/papers/osdi99.pdf
Byzantine General Problem technical paper
https://web.archive.org/web/20170205142845/http://lamport.azurewebsites.net/pubs/byz.pdf
Global mobile data revenues to reach $630 billion by 2020
https://www.parksassociates.com/blog/article/pr-07112016
NPXSXEM token supply
https://medium.com/pundix/a-closer-look-at-npxsxem-token-supply-843598d0e7b6
NPXS circulating token supply and strategic purchaser
https://medium.com/pundix/total-token-supply-and-strategic-investors-b41717021583
[total supply might differ from time to time due to token taken out of total supply aka “burn”]
ELC: SpaceX lessons learned (PBFT mentioned) https://lwn.net/Articles/540368/

Full: https://functionx.io/assets/file/Function_X_Concept_Paper_v2.0.pdf
submitted by crypt0hodl1 to PundiX [link] [comments]

Meet /u/InstaMod, the bot in charge of your flairs and more!

InstaMod: An Automoderator-like bot which allows moderators to create custom actions based on a user's account activity

FAQ

Bitcoin, Litecoin,Ethereum, Ripple, Dash, NEM, NEO, Iota, Monero, ETC, OMG, ZCASH, BitShares, Dogecoin, Factom, SIA, ARK, Peercoin, Namecoin, Nxt, Waves, Moon, Fan, Analyst, Gentleman, Trader, Observer, Developer, Altcoiner, Investor, Miner, Student, Entrepreneur, Pacifier

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If you have any additional questions about the bot, please direct them to shimmyjimmy97. If you are interested in having this bot run on your subreddit, feel free to contact me and I'll be more than happy to discuss it with you.
submitted by shimmyjimmy97 to CryptoCurrency [link] [comments]

If you think you missed out on the internet craze then give Cryptocurrency a shot!

If You Idea You Missed Out On The Web Earnings Transformation Attempt CryptoCurrency
When the majority of people consider cryptocurrency they may too be considering puzzling currency. Really couple of individuals appear to understand what it is and for some factor everybody appears to be speaking about it as if they do. This report will ideally debunk all the elements of cryptocurrency so that by the time you're ended up reading you will have a respectable concept of what it is and what it's everything about.
You might discover that cryptocurrency is for you or you might not however a minimum of you'll have the ability to talk with a degree of certainty and understanding that others will not have.
There are lots of people who have actually currently reached millionaire status by handling cryptocurrency. Plainly there's a great deal of cash in this brand name brand-new market.
Cryptocurrency is electronic currency, brief and easy. Nevertheless, what's not so brief and basic is precisely how it comes to have worth. Check out our guide on how to sell btc to figure out how you can turn that beloved coin into cold hard cash.
Cryptocurrency is a digitized, virtual, decentralized currency produced by the application of cryptography, which, according to Merriam Webster dictionary, is the "digital encoding and decoding of info". Cryptography is the structure that makes debit cards, computer system banking and eCommerce systems possible.
Cryptocurrency isn't backed by banks; it's not backed by a federal government, however by an exceptionally complex plan of algorithms. Cryptocurrency is electrical power which is encoded into complicated strings of algorithms. What provides financial worth is their complexity and their security from hackers. The manner in which crypto currency is made is merely too hard to replicate.
Cryptocurrency remains in direct opposition to what is called fiat cash. Fiat cash is currency that gets its worth from federal government judgment or law. The dollar, the yen, and the Euro are all examples. Any currency that is specified as legal tender is fiat cash.
Unlike fiat cash, another part of what makes crypto currency important is that, like a product such as silver and gold, there's just a limited quantity of it. Just 21,000,000 of these very complicated algorithms were produced. No more, no less. It can't be changed by printing more of it, like a federal government printing more cash to pump up the system without support. Or by a bank changing a digital journal, something the Federal Reserve will advise banks to do to change for inflation.
Cryptocurrency is a method to acquire, offer, and invest that totally prevents both federal government oversight and banking systems tracking the motion of your cash. In a world economy that is destabilized, this system can end up being a steady force.
Cryptocurrency likewise offers you a good deal of privacy. Regrettably this can result in abuse by a criminal aspect utilizing crypto currency to their own ends simply as routine cash can be misused. Nevertheless, it can likewise keep the federal government from tracking your every purchase and attacking your individual privacy.
Cryptocurrency can be found in many kinds. Bitcoin was the very first and is the requirement from which all other cryptocurrencies pattern themselves. All are produced by careful alpha-numerical calculations from a complex coding tool. Some other cryptocurrencies are Litecoin, Namecoin, Peercoin, Dogecoin, and Worldcoin, among others. These are called altcoins as a generalized name. The costs of each are controlled by the supply of the particular cryptocurrency and the need that the marketplace has for that currency.
The method cryptocurrency is brought into presence is rather interesting. Unlike gold, which needs to be mined from the ground, cryptocurrency is simply an entry in a virtual journal which is saved in different computer systems all over the world. These entries need to be 'mined' utilizing mathematical algorithms. Private users or, most likely, a group of users run computational analysis to discover specific series of information, called blocks. The 'miners' discover information that produces a specific pattern to the cryptographic algorithm. At that point, it's used to the series, and they have actually discovered a block. After a comparable information series on the block compares with the algorithm, the block of information has actually been unencrypted. The miner gets a benefit of a particular quantity of cryptocurrency. As time goes on, the quantity of the benefit reduces as the cryptocurrency ends up being scarcer. Contributing to that, the intricacy of the algorithms in the look for brand-new blocks is likewise increased. Computationally, it ends up being more difficult to discover a coordinating series. Both of these circumstances come together to reduce the speed in which cryptocurrency is produced. This mimics the trouble and deficiency of mining a product like gold.
Now, anybody can be a miner. The pioneers of Bitcoin made the mining tool open source, so it's totally free to anybody. Nevertheless, the computer systems they utilize run 24 hr a day, 7 days a week. The algorithms are exceptionally intricate and the CPU is running complete tilt. Numerous users have actually specialized computer systems made particularly for mining cryptocurrency. Both the user and the specialized computer system are called miners.
Miners (the human ones) likewise keep journals of deals and serve as auditors, so that a coin isn't replicated in any method. This keeps the system from being hacked and from running amok. They're spent for this work by getting brand-new cryptocurrency weekly that they preserve their operation. They keep their cryptocurrency in specialized files on their computer systems or other individual gadgets. These files are called wallets.
submitted by AccomplishedWelder4 to cryptochat [link] [comments]

around $60 in about a week and a half, $49 of that from one site.

Opinion Outpost fillout surveys for points, redeem points for paypal, amazon gift cards, frequent flyer miles, a couple of others that i don't recall cause i only cash out to paypal. 100 pts = $1 on paypal, and most surveys are around 15-25 pts, plus every so often you'll get bonus pts. i've earned and successfully cashed out $49 in a little over a week. no referral system to worry about, about an hour a day should be fine, i keep doin surveys til i run out for the day. heads up, a couple of them will say stuff like "select 3 out of 10 for this" just to make sure you aren't clicking wildly but thats rare. $10 minimum FIRST payout to paypal, $3 minimum after that, transfers to paypal within minutes. [Opinion Outpost](www.opinionoutpost.com)
the rest of this is ways to earn bitcoin, but since the value tends to fluctuate its hard to say how much you could make, but my bitcoin wallet is at about $15 (combined from these sources) since i started.
Land of Bitcoin this one will take you to tons of faucets and (loosely) keep track of when they are ready to dispense again. i would recommend hiding faucets that don't payout to a microwallet.org or coinbox.me account, which is just a handful, mostly so that you can more easily keep track of all your loose satoshi floating around out there. i suggest creating an account and leaving the main page open, you'll get more free satoshi and if the faucet ever stops just enter the captcha and more free comin your way. also earned a decent amount playing the Kate poker free-rolls, but just a heads up it didn't adjust for daylight savings so you'll have to check Kate Poker for when the freerolls actually start Referral Non Referral
Earn Crypto this one is a bit of a mixed bag, you have to be careful about the offers it has or you'll wind up with a bit of spyware and such. do the surveys and account creation stuff (on a throw away email) for easy "crypto points" which can then be exchanged for Bitcoin, Dogecoin, Litecoin, Peercoin, Namecoin, you pretty much name it, even Linden for second life, seriously. Avoid the "supersonicad" section and do the Peanut surveys or the Crowdflower tasks and watch the occasional video for the most "crypto points" ever 1000 crypto can be exchanged for you preferred coin. i got 1400 points for creating a fake turbotax account in about 15 seconds. AVOID any offers that want you to download something or check your credit scores, for pretty much anything else a throwaway email is all youll need but i STRONGLY recommend just stickin to the peanut lab surveys. Referral Non Referral
Bit Chest a simple temp wallet and a list of consistently paying faucets that you can use ever 30 minutes will earn you the minimum payout of 5000 satoshi in a bout a day with very little effort. no muss, no fuss, NO SIGNUP, just enter a bitcoin wallet address
Qoinpro this is the only true faucet i've found in my opinion, but if you are a bitcoin person its also the lowest paying, relying more on referral system to actually earn you something. this site pays you Bitcoin(0.00000001), Litecoin (0.00000030), Feathercoin (0.00002419), Fedoracoin (0.39141087), and infinitecoin (0.02272727), in small amounts every 24 hours. people are pushing for them to add dogecoin to the faucet but its not there yet if you're a dogeperson Referral Non Referral
Freebitcoinz 2000 free satoshi ever 24 hours for just entering 2 captcha's. quick and simple. for every 1000 a referral earns you earn an additonal 250 Referral Non Referral
update: just wanna say thanks to everyone who clicked on my various referrals :)
submitted by graavity81 to beermoney [link] [comments]

Scalability and network fee question

Hi everyone,
Long time Blockchain researcher & investor, first time poster!
I have a question about the 1 NEM transaction fee, 10 thousand NEM delegated harvesting requirement, and 3 million NEM supernode requirement. I think those percentages make perfect sense at the current scale of the network as the fees are a tiny percentage of the overall value of the network in fiat terms.
However if NEM was at the scale of bitcoin (which it really should be) then each NEM would be worth 2 US dollars which would make transaction fees impractical especially for micro transactions like buying coffee, etc.
Is there a plan to dynamically scale back the fees in fiat terms as the value of the network increases? Say something like a decimal place reduction in fees every 10X bigger the network gets? A similar concept might be helpful for supernode and delegated harvesting as currently there can only ever be 3,000 supernodes or 900,000 delegated harvesting nodes on the network.
Marketcap USD Price per NEM/Transaction fee Supernode Requirement (stays ~$30,000 USD) Harvesting Requirement (stays ~$100 USD)
$100,000,000 .01 3,000,000 10,000
$1,000,000,000 .11 300,000 1,000
$10,000,000,000 starts to be excessive-1.11 30,000 100
If millions of users adopt NEM it would seem the more accounts that could become delegated harvesters or supernodes, the more robust the network would become as users have an incentive to keep their money in the system earning interest.
It's a little cart before the horse but I don't see how NEM can stay under a multi billion dollar marketcap long term given how much more efficient it is than any other competing system. Not just as a pure currency, but also for the application layer that competition like Ethereum, Factom, Namecoin, etc. struggle to push over 25 transactions per second.
The only real competition to NEM would be other coins that can also do thousands of transactions per second securely for a lower fee.
In my research these seem to be potentially:
-Directed acyclic graph coins (Byteball/IOTA). The technology sounds amazing in theory but the ephemeral nature of the transactions where there is no permanent blockchain might relegate DAG to the dark markets
-Federated byzantine agreement coins (StellaBOScoin) which seem to be capable of over 1k+ transaction per second in theory though I have not seen any real world tests of this at scale.
-Nexus which is the optimal re engineering of traditional POW/POS methods as it does not have a transaction fee. However Nexus seems to be going for a pure currency coin and not an application layer coin.
As the fees stay within the NEM network and are not sucked up by some third party, if you buy as much as you sell then in theory NEM should also be free to use provided you give back to the network.
Just curious on how the fee incentive structure will work as the network grows!
submitted by gminx to nem [link] [comments]

12 Reasons to Invest in Primecoin

‎1- Primecoin‬ is the First non Hash-Cash PoW Crypto-Currency.
2- Naturally Scarce
3- Very fast confirmations - 1min/block
4- Elastic supply
5- Primecoin is sustainable
6- Primecoin is currently the “fairest” coin to mine
7- Primecoin can introduce new participants to the new digital economy
8- Proof-of-work cryptos will gradually transition toward energy-multiuse, ie providing both security & technological computing values. And Primecoin is the pioneer in this realm.
9- Primecoin has anti-centralization features
10- Primecoin captures the Wasted Energy of Bitcoin's Algorithm - The mining is actually useful
11- Primecoin has direct by-products
12- Primecoin has been developed by Sunny King, one of the most talented crypto-technologists of the rank of Satoshi Nakamoto
submitted by crypto_coiner to primecoin [link] [comments]

Official press release: Telegraf.Money has issued a crypto currency for the DEBIT Coin community

Telegraf.Money, a financial instant messenger with integrated VISA/MasterCard cards, specializing in p2p-credits, money transfers from card to card, announced the release of its own cryptocurrency.
In near future, users wishing to buy a messenger cryptocurrency will be able to take part in the test sale of DEBIT Coin coins — cryptocurrency. Own cryptocurrency will help tighten Messenger users in the process of transactions between them, both financial and commercial.
To earn DEBIT Coin will be in the form of interest on decentralized loans and deposits from embedded cards, cryptocurrency mining, as well as on various services provided by community members.
The released DEBIT Coin tokens are tied to the VISA/MC cards embedded in the messenger, i.e. The holder of crypto-currency will be able to pay it off from his virtual or plastic card. Currently, the conversion rate is set by Telegraf.Money itself, then the coin value will be tied to the weighted average rate on the exchanges trading with the token. Thus, the owners of the tokens will be able to use them for purchases without cashing through the exchange.
Telegraf.Money Messenger is available on Android/iOS/Windows/MAC devices, also in the Web version.
In 3 months it is planning to integrate multi-wallet into the messenger, where participants can store any cryptocurrency (Bitcoin, any altcoins, and all ERC-20 tokens), an exchanger on the Shape Shift platform. Telegraf.Money plans to launch a messenger exchange where participants can exchange crypto-currencies among themselves, and also change them to fiat and electronic money. There are also encrypted text and audio messages, audio and video calls, group conferences, task-organizer — today people often spend their entire day in instant messengers and it is very convenient to plan there all their business with reminders. Using Telegraf.Money it will be possible to communicate, transfer money and make financial transactions with subscribers of other instant messengers: Skype, Facebook Messenger, Telegram.
A total of 1.000.000.000 (one billion) tokens are released, on the Ethereum blockchain compatible with the ERC-20 standard, ie DEBIT Coin will be able to transfer through any E-wallet a wallet that supports this standard. Https://etherscan.io/token/0x577f56a16080787323a8e4a9227c040b1c2017cd
The offer of cryptocurrency will be available to users of the messenger and their partners. The minimum purchase amount of tokens will be $10, the maximum $100.000. The payment will be accepted both through the payment cards integrated into the messenger and by popular electronic payment systems using the exchange partners and the cryptocurrencies BTC, DASH, LTC, ETH and EMC. Participants who took part in the test deposit receive a plastic card free of charge*, also for the first half year the bonus is the withdrawal of cash from the card and purchases without commission.
Each token buyer worth $500 will receive a Free DEBIT Coin Gold — a multi-currency wallet for storing up to 5 keys from the cryptocurrency Bitcoin, Ethereum, Litecoin, Namecoin, Dash. Your wallets will be reliably protected from viruses, malware, and blocking. Multi-proof DEBIT Coin Gold wallet is the safest wallet for your cryptocurrency. It provides you with the best protection, so anyone who is not even familiar with the market can encrypt a person, can reliably protect their crypto assets.
What is DEBIT Coin
Token DEBIT Coin (DBC) is a decentralized cryptocurrency for performing any operations between community members, replenishing VISA/MC cards tied to the Telegraf.Money Messenger, for issuing and receiving short-term loans on the block, creating smart deposits, accepting and sending payments Between users of the messenger. The DEBIT Coin tokens are issued on the Ethereum blockchain contract. Tokens can be used for any purchases from VISA/MC cards, withdrawal of cash, international transfers to anywhere in the world, sell on the exchange, exchange offices.
Distribution of DEBIT Coin tokens
As part of the test sale, the distribution of tokens will take place for a maximum of 29 days, starting July 10, 2017, from 12:00 GMT. 10.000.000 (ten million) tokens, representing 1% of the total emissions, will be distributed according to the schedule below:
1.000.000 (one million) tokens are sold within 3 days, starting July 10 from 12:00 to GMT to July 13 11:59 GMT. The minimum value of the token is set at $0.10
1,000,000 (one million) tokens are sold for 4 days, starting July 13 from 12:00 to GMT on July 16 11:59 GMT. The minimum value of the token is set at $0.15
3.000.000 (three million) tokens are sold within 10 days, starting from July 16 from 12:00 to GMT to 26 July 11:59 GMT. The minimum cost of the token is $0.20
5.000.000 (five million) tokens are sold within 15 days, starting July 26 from 12:00 to GMT to August 10 11:59 GMT. The minimum value of the token is $0.25
At the end of each period mentioned above, a certain number of DEBIT Coin tokens will be distributed proportionally among all buyers, depending on the total amount of funds contributed (in USD on the day of allocation) made during these periods, as follows:
EXAMPLE: 1. 100 DEBIT Coin tokens are available for sale during the period. 2.Alex contributes 20 dollars, and Maria during the period makes 5 dollars. 3. A total of 25 dollars were paid for 100 DEBIT Coin tokens for this period, 1 DEBIT Coin token will be distributed for every $0.25. So Alex gets 80 DEBIT Coin tokens, and Maria gets 20 DEBIT Coin tokens.
In the event that a consignment of coins is sold before the minimum set period, this lot is added the number of coins from the next batch to the lower value, until the deadline ends, and so on.
submitted by socialcloudbank to u/socialcloudbank [link] [comments]

Atlas ATS Asia announces the launch of Hong Kong based digital currency exchange

Atlas ATS announces the launch of its flagship digital currency exchange: Atlas ATS Hong Kong. The launch marks the opening of the first of several Asia based exchanges; additional markets being prepared for launch during 2014 include Singapore, South Korea and Indonesia.
Within the Atlas digital currency exchange ecosystem deployments are supported by local operators with local compliance and banking relationships, but can benefit from interconnected order books to create deep liquidity and price discovery across geographies.
Immediately following the Hong Kong launch Atlas plans to add trading in bitcoin derivatives and major alternative crypto-currencies such as Litecoin, Namecoin, and Peercoin. Atlas is also working to expedite the addition of new payment and banking services to create more options for funding trading accounts.
The exchange’s technology foundation is built upon proven high performance and low latency technology deployed by some of Wall Street's largest proprietary trading firms and institutions. Up-time statistics exceed 99.99%, processing hundreds of millions of orders daily for trading traditional asset classes.
Atlas offers the most competitive fees across all existing digital currency exchanges, account funding deposits/withdrawals are free.
Atlas offers Wall Street’s traditional add/remove pricing model: users earn 0.1% when adding, and pay 0.2% when removing. Security is a major priority and we offer two-factor authentication, cold storage of crypto-currency and a multi-tiered multi-firewall architecture.
After months of beta testing we have promoted the exchange to live status.
International users sign up at www.atlasats.hk. US based clients sign up at www.atlasats.com. New Account Opening Process
Users signing up will be welcomed by a Verification Center which helps to ensure Atlas' compliance with banking and regulatory rules.
Level-1 Account Verification:: Digital currency deposits and withdrawals (for your protection, digital currency withdrawals are subject to a 24-hour security review) Cash deposits and withdrawals Daily Withdrawal Limit $1,000 Level-2 Verification: Daily Withdrawal Limit $10,000 Application Programmer Interface (API)
Electronic trading firms who want to connect directly to the exchange Atlas offers several programmatic methods www.atlasats.hk/apis to connect and trade: Web API: easier to use, recommended for general users FIX API: for professional traders and institutions JAVA, C++, C#.net APIs are also available for professionals with specific needs. About Atlas ATS
Atlas is dedicated to providing a secure, state-of-the-art technology exchange platform for transacting digital currency. Atlas is driven to be an industry leader in operating a trading venue and providing innovative products and services for the benefit of the global trading community. The company believes that competition from technology-driven markets increases overall market volumes and improves performance, providing benefits to all participants.
Atlas ATS Asia Ltd. (Asia Operations) 4210, Office Tower Convention Plaza 1 Harbour Rd Wanchai, Hong Kong P: 813 4540 6778 F: 813 4540 6778 E: [email protected]
Atlas ATS Inc. (Headquarters) 95 Morton Street New York, NY 10014 United States P: (212) 905-3381 E: [email protected]
submitted by AtlasATS to Bitcoin [link] [comments]

Options for storing Namecoins?

Hi guys,
First of all let me apologise in case I'm being a noob, just point me in the right direction and then feel free to down vote :-)
I'm looking for a way to store my name coins that I've earned from several Bitcoin pools. I've got the majority if my bitcoins stored in an offline cold paper wallet (http://redd.it/1p6y5c).
I'd like to store my Namecoins in a similar fashion but after trawling through the Internet I can't seem to find a way. Is there a way? If so could someone point me in the right direction? If not then what is the alternative?
Thanks in advance.
EDIT: I don't particularly want to be storing them with a third party (such as transferring them to BTC-e). Hacking is all too common these days.
submitted by FruitWinder to Namecoin [link] [comments]

The case for Ethereum: general-purpose vs special-purpose blockchains

Bitcoin and Alt-coins are Special-Purpose Chains

What's the difference between a general-purpose blockchain and a special-purpose blockchain? Let's start with bitcoin, the original special-purpose chain for computing and comparing sha256 hashes. Bitcoin users started the chain by mining on generic x86 (general-purpose) CPUs. But because sha256 hashing is a specific computation, btc mining is now dominated by Application Specific Integrated Circuit (ASIC) hardware. Litecoin is another special-purpose chain, except it computes scrypt hashes (some manufacturers are already started shipping scrypt ASIC miners). There's also a Primecoin for computing prime numbers, and a bunch of other special-purpose chains commonly known as alt-coins.

Special-Purpose Chains: Backend and User Perspective

How does it work when we want to use the services provided by separate special-purpose chains? Let's look at the granddaddy of alt-coins, namecoin, which like bitcoin uses sha256 hashes. Additionally, it also provides some standard namecoin script opcodes for associating plaintext pseudonyms with unique addresses (public/private keypairs), so namecoin addresses can register and "own" domain names or identities/handles. Let's say you want to use bitcoins to purchase a namecoin .bit domain that its owner is selling. What does it take to get these two special-purpose blockchains (bitcoin and namecoin) to interact with each other? The immediate option (and the only one available today) is a centralized service running a web server in front of both p2p daemons (as nodes of their respective networks, bitcoind and namecoind). That centralized service is a BTC/NMC exchange, and maybe it has an interface allowing you to register "dot-bit" names (otherwise you'd have to open up two separate wallets - one for each coin). The centralized exchange is a trusted third-party that holds in escrow the BTC and NMC of each user (whose coins could be stolen by a dishonest exchange operator).

A General-Purpose Chain: Backend and User Perspective

So how is using a unified general-purpose chain different from a special-purpose one? On the Ethereum general-purpose chain, each service is provided by some "DApp" (distributed app "hosted" by all ethereum miners). A DApp is an interface to a specific "contract", running at some address on the blockchain. For instance, to register a name, you would open the EtherNames DApp in the ethereum client's built-in browser, type in the name you want to register, and "send" the registration as a transaction with data. There's no need to copy and paste addresses since the Ethereum client provides hooks for seamless wallet access inside every DApp. The registration transaction is sent to the EtherName DApp's contract address, which is running some variant of the namecoin contract code. A specific contract gets initialized at a particular address by some untrusted third-party individual/entity (the DApp author). The contract author is not trusted, all the author does is upload the contract code and pay the initial "gas" fee. The contract code is independently executed and verified by each ethereum miner as part of a single atomic transaction. Atomicity means that the ledger database updates are all-or-nothing, so no user has to worry about the risk of having to pay first because any and all transactions needed to fulfill a contract are guaranteed to occur within the same block, or the contract is broken and won't run at all. Think of Ethereum contracts as interconnected threads in a big web of complex multi-sig transactions of Ethers and contract-specific sub-currencies, all of which run atop the same unified blockchain.

Special-Purpose Chains: Developer Perspective

From the developer's perspective, operating a service that uses two separate special-purpose chains requires maintaining both blockchains (upgrading separate software, providing enough processing power, disk space, and bandwidth for each chain). It also requires maintaining user accounts, as well as wallets on two separate chains (multiplied by the number of users). Hosting a server is needed to run both the namecoin daemon and bitcoin daemon (unless outsourced to a centralized API). The web developer will need to maintain a web server and app stack such as LAMP (Linux Apache Mysql Php) or MEAN (Mongodb Express Angular Node). Finally, the service must hold the users' deposits of bitcoins and namecoins in secure hot wallets and offline cold storage, keeping them safe from hacker thieves. Altogether, every service operator needs to independently maintain a separate full-stack system, which can be a herculean effort.

A General-Purpose Chain: Developer Perspective

A service operating on Ethereum has a DApp backend hosted right on the blockchain, maintained by miners (who earn gas fees). A developer simply authors the contract code and pays the gas fee to initialize it on the blockchain, which is much easier than forking an alt-coin to start yet another genesis block. DApp's do not need a separate API for access and integration by other developers; authors just name functions inside a contract, directly exposing an API (with optional fee-per-use) that enables message calls from any other Ethereum DApp. Also, DApp authors do not need to maintain user accounts, since the users interact with the DApp directly on the blockchain through their ethereum addresses. Nor do DApp authors need to maintain user wallets since private keys stay private in a decentralized system. Unlike the current convention where coins are deposited to a wallet address controlled by some third-party, in a truly decentralized system private keys are only used for signing transactions as inputs to contracts.

Meta-Coins as Feature Specs

Meta-coin protocol extensions like Colored Coins, MasterCoin, and CounterParty work by organizing a group of users who agree to interpret bitcoin transaction data according to some metadata specification, supplementing the base rules of the bitcoin protocol. For example, MasterCoin specifies creating multisig 1-of-n bitcoin transactions and encoding data in the n-minus-1 unused public keys. In the meta-coin approach, each feature or "contract" is specified in the meta-protocol. Two MasterCoin features are registration of a data stream and the creation of a sub-currency, these are baked into the specification and reference client alongside the other features. While you can register new data streams and sub-currencies, if you want to create a new contract that is some kind of a hybrid between a data stream and a sub-currency, such as a call/put option or a Contract For Difference (CFD), it would need to be implemented directly in the reference client, and unlocked as a feature at some future block number. Implementing new features in a meta-coin protocol that doesn't have a scripting language requires specifying them directly in the protocol and must be effected at the organizational level.

Scripts and DApps vs Forks and Features

Embedding a scripting language into a crypto-currency gives it the same kind of extensibility that gamers crave in video games. Scripts empower players to create "mods" and customize their game-world with new levels, characters, and maps. In the crypto-currency world, scripting allows for the extension of a plethora of decentralized features such as trading, lotteries, and ecommerce, all atop a shared, compatible platform. Bitcoin has a scripting language, but with severe limitations including: lack of loops, binary state variables limited to spent or unspent transaction outputs, and blockchain blindness. The difficulty of using bitcoin script has in effect given rise to a landscape of competing alt-coins and meta-coins with incompatible protocols. The preferable route, and vision of Ethereum, is to foster a fully-featured ecosystem of compatible, interacting DApps. Providing a Turing-complete scripting language on a general-purpose blockchain with message calls between contracts stimulates adoption of Ethereum as a shared decentralized Operating System and kernel.

Decentralized House, Decentralized Dealer

Consider the concept of a decentralized lottery. In a semi-decentralized lottery that is merely provably fair, although the operator is not capable of altering any particular dice outcome, he can simply shut down the service immediately after a big winning bet comes in, scamming the user of his money and winnings. But in a fully decentralized lottery, the mechanism for distributing the winnings is written into the contract itself (open-source and audited by users), so no central operator is needed. While writing such a contract in bitcoin script is theoretically possible (see pages 12-15), to my knowledge none has been implemented. In practice, it is easier to create a LottoCoin as a special-purpose alt-chain. In contrast, writing a script on the Ethereum platform for a fully decentralized lottery is not only feasible but relatively easy.

Conclusion

The limitations and difficulties of using bitcoin script to implement decentralized features natively on the bitcoin blockchain has resulted in a fragmented ecosystem of incompatible, competing alt-chains and meta-coins. While it is theoretically possible to use bitcoin script for complex contracts like cross-chain atomic trading, practical implementations of such features have yet to be achieved (to my knowledge). On the other hand, Ethereum focuses on providing an easy-to-use scripting language for implementing advanced contracts on a general-purpose blockchain. Ethereum's extensible platform enables the realization of advanced decentralized features that previously were inaccessible.
submitted by martinBrown1984 to ethereum [link] [comments]

Someone please create network of url-shorteners where entries are stored in blockchain (or is there actually something like this exists already?)

I regularly use tinyurl, and tinyurl itself is not a distributed database, of course its a centralized service.
I saw many ideas of coinurl or whatever Bitcoin-accepting / Bitcoin-earning on shortening-links.
There is no practical usage from seeing ads while visiting your own shortened links, this is just dumb, okay? Because I can go to tinyurl and do it for free without any ads, and I don't care earning anything from shortenings when it consumes someone's time.
Basically what I want is simple: URL shortener with ability for people to make as many entries as possible, for free, with no registration. And I don't care if my shortened url will look like Bitcoin-address. I think its time to create uncensorable united blockchain-solution which you can install on any computer connected to the Internet - and this computer will turn into URL-shortening web-server.
What is the purpose? This is backup ability for you to have a permanent, censorship-resistant address on the Internet, without going through complex stuff like paying / mining your own domain (like its done in namecoin).
Just navigate your browser to any node, make an entry or visit shortened link, since all entries stored on distributed database synchronized between nodes - you don't care if your closest node goes down, because you can navigate to thousands of others where records stored and visit any global links.
And if you have the whole blockchain on your computer, you don't even need an Internet-connection to see where someone's shortened link points to.
Is there anyone interested in collaborating on GitHub for creating such project? I can code php, but would need someone with C++ / bitcoin nodes design experience to bootstrap this opensource project.
submitted by blksz to Bitcoin [link] [comments]

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