"Do you need a Blockchain?" - this paper is fantastic, everyone should read this before evaluating a coin and if requires a block chain to solve a solution the coin is promising to solve. (136 points, 41 comments)
Do any of you foresee a crypto being widely adopted as a general purpose payment coin? nano, btc, btccash etc (take your pick). I think it won't happen for reasons in this post. What do you think? (59 points, 54 comments)
Noticed the huge rise of EOS lately what does it have over NEO and ethereum and to a lesser extent Cardano? I tried researching it, but wasn't sold. (54 points, 55 comments)
Hard Problems in Cryptocurrency: Five Years Later ~Vitalik (46 points, 1 comment)
I had a Q&A with Bruno head architect / CEO of oyster, thought you guys might like it. (45 points, 2 comments)
A good article that explains in simple terms how Eth2 works, how it will be rolled out and migrated from eth1 (42 points, 4 comments)
DAI the stablecoin can now be transferred GAS free (article explaining how it works via new MCD DAI contract). This holds alot of promise for the so called "Web3" (40 points, 8 comments)
Veriblock is consuming 27% of bitcoins block space - what does this mean for bitcoins future? (39 points, 16 comments)
Vitalik: Alternative proposal for early eth1 <-> eth2 merge (38 points, 3 comments)
Is launching a PoW permissionless blockchain still possible today? or would it be too susceptible to a 51% attack? (37 points, 37 comments)
Technical comparison of LIGHTNING vs TANGLE vs HASHGRAPH vs NANO (133 points, 37 comments)
Addressing Nano's weaknesses (bandwidth usage and disk IO). Nano voting traffic to be reduced by 99.9% by implementing vote by hash, lazy bootstrapping, and reduced vote rebroadcasting (x-post CryptoCurrency) (78 points, 8 comments)
Emergent centralization due to economies of scale (PoW vs DPoS) – Colin LeMahieu (52 points, 37 comments)
Nano community member developing a distributed "mining" service to pay people to do PoW for third-parties (e.g. exchanges, light wallet services, etc) (32 points, 20 comments)
What do you think about OpenCAP, the cryptocurrency alias protocol that mirrors traditional email addresses? (15 points, 12 comments)
Bitcoin would be a calamity, not an economy (11 points, 52 comments)
Part 5. I'm writing a series about blockchain tech and possible future security risks. This is the fifth part of the series talking about an advanced vulnerability of BTC. (43 points, 43 comments)
I'm writing a series about blockchain tech and possible future security risks. This is the third part of the series introducing Quantum resistant blockchains. (36 points, 4 comments)
Part 4B. I’m writing a series about blockchain tech and possible future security risks. This is the fourth part of the series explaining the special quality of going quantum resistant from genesis block. (25 points, 21 comments)
Part 6. (Last part) I'm writing a series about blockchain tech and possible future security risks. Failing shortcuts in an attempt to accomplish Quantum Resistance (24 points, 38 comments)
I'm writing a series about blockchain tech and possible future security risks. This is the first part of the series introducing the basic concept of blockchain and what makes it reliable. (23 points, 10 comments)
I'm writing a series about blockchain tech and possible future security risks. This is the fourth part of the series explaining the special quality of going quantum resistant from genesis block. (7 points, 1 comment)
Part 2. I'm writing a series about blockchain tech and possible future security risks. This is the second part of the series: An accessible description of hashing and signature schemes. (5 points, 0 comments)
Everytime I try to investigate the technology behind Cardano(Ada), I come across the words "scientific" and "peer-reviewed" over and over but almost no actual details. Can someone fill how this coin actually works and where they are in development? (126 points, 49 comments)
"Do you need a Blockchain?" - this paper is fantastic, everyone should read this before evaluating a coin and if requires a block chain to solve a solution the coin is promising to solve. by Neophyte- (136 points, 41 comments)
Technical comparison of LIGHTNING vs TANGLE vs HASHGRAPH vs NANO by Qwahzi (133 points, 37 comments)
Everytime I try to investigate the technology behind Cardano(Ada), I come across the words "scientific" and "peer-reviewed" over and over but almost no actual details. Can someone fill how this coin actually works and where they are in development? by RufusTheFirefly (126 points, 49 comments)
160 points: holomntn's comment in ELI5: Why did it take so long for blockchain technology to be created?
121 points: KnifeOfPi2's comment in How do we change the culture around cryptocurrency?
105 points: theglitteringone's comment in Outside of currency and voting, blockchain is awful and shouldnt be used. Can anyone explain where blockchain is worth the cost?
102 points: benthecarman's comment in If crypto now is like 'the Internet' of the past, where are we?
96 points: pegasuspect93's comment in If crypto now is like 'the Internet' of the past, where are we?
95 points: bannercoin's comment in Realistically, why would anybody expect the startup crypto platforms to beat out the corporate giants who are developing their own Blockchain as a Service (BaaS) solutions? Ex. IBM, SAP, JP Morgan...
83 points: AlexCoventry's comment in Ethereum private key with all zeroes leads to an account with 5000$ on it
82 points: deleted's comment in Is blockchain really useful ?
Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?
Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?
There is no denying that the Quantum revolution is coming. Security protocols for the internet, banking, telecommunications, etc... are all at risk, and your Bitcoins (and alt-cryptos) are next! This article is not really about quantum computers[i], but, rather, how they will affect the future of cryptocurrency, and what steps a smart investor will take. Since this is a complicated subject, my intention is to provide just enough relevant information without being too “techy.”
The Quantum Evolution
In 1982, Nobel winning physicist, Richard Feynman, hypothesized how quantum computers[ii] would be used in modern life. Just one year later, Apple released the “Apple Lisa”[iii] – a home computer with a 7.89MHz processor and a whopping 5MB hard drive, and, if you enjoy nostalgia, it used 5.25in floppy disks. Today, we walk around with portable devices that are thousands of times more powerful, and, yet, our modern day computers still work in a simple manner, with simple math, and simple operators[iv]. They now just do it so fast and efficient that we forget what’s happening behind the scenes. No doubt, the human race is accelerating at a remarkable speed, and we’ve become obsessed with quantifying everything - from the everyday details of life to the entire universe[v]. Not only do we know how to precisely measure elementary particles, we also know how to control their actions! Yet, even with all this advancement, modern computers cannot “crack” cryptocurrencies without the use of a great deal more computing power, and since it’s more than the planet can currently supply, it could take millions, if not billions, of years. However, what current computers can’t do, quantum computers can! So, how can something that was conceptualized in the 1980’s, and, as of yet, has no practical application, compromise cryptocurrencies and take over Bitcoin? To best answer this question, let’s begin by looking at a bitcoin address.
What exactly is a Bitcoin address?
Well, in layman terms, a Bitcoin address is used to send and receive Bitcoins, and looking a bit closer (excuse the pun), it has two parts:[vi] A public key that is openly shared with the world to accept payments. A public key that is derived from the private key. The private key is made up of 256 bits of information in a (hopefully) random order. This 256 bit code is 64 characters long (in the range of 0-9/a-f) and further compressed into a 52 character code (using RIPEMD-160). NOTE: Although many people talk about Bitcoin encryption, Bitcoin does not use Encryption. Instead, Bitcoin uses a hashing algorithm (for more info, please see endnote below[vii]). Now, back to understanding the private key: The Bitcoin address “1EHNa6Q4Jz2uvNExL497mE43ikXhwF6kZm” translates to a private key of “5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAnchuDf” which further translates to a 256 bit private key of “0000000000000000000000000000000000000000000000000000000000000001” (this should go without saying, but do not use this address/private key because it was compromised long ago.) Although there are a few more calculations that go behind the scenes, these are the most relevant details. Now, to access a Bitcoin address, you first need the private key, and from this private key, the public key is derived. With current computers, it’s classically impractical to attempt to find a private key based on a public key. Simply put, you need the private key to know the public key. However, it has already been theorized (and technically proven) that due to private key compression, multiple private keys can be used to access the same public key (aka address). This means that your Bitcoin address has multiple private keys associated with it, and, if someone accidentally discovers or “cracks” any one of those private keys, they have access to all the funds in that specific address. There is even a pool of a few dedicated people hunting for these potential overlaps[viii], and they are, in fact, getting very efficient at it. The creator of the pool also has a website listing every possible Bitcoin private key/address in existence[ix], and, as of this writing, the pool averages 204 trillion keys per day! But wait! Before you get scared and start panic selling, the probability of finding a Bitcoin address containing funds (or even being used) is highly unlikely – nevertheless, still possible! However, the more Bitcoin users, the more likely a “collision” (finding overlapping private/public key pairs)! You see, the security of a Bitcoin address is simply based on large numbers! How large? Well, according to my math, 1.157920892373x1077 potential private keys exist (that number represents over 9,500 digits in length! For some perspective, this entire article contains just over 14,000 characters. Therefore, the total number of Bitcoin addresses is so great that the probability of finding an active address with funds is infinitesimal.
So, how do Quantum Computers present a threat?
At this point, you might be thinking, “How can a quantum computer defeat this overwhelming number of possibilities?” Well, to put it simple; Superposition and Entanglement[x]. Superposition allows a quantum bit (qbit) to be in multiple states at the same time. Entanglement allows an observer to know the measurement of a particle in any location in the universe. If you have ever heard Einstein’s quote, “Spooky Action at a Distance,” he was talking about Entanglement! To give you an idea of how this works, imagine how efficient you would be if you could make your coffee, drive your car, and walk your dog all at the same time, while also knowing the temperature of your coffee before drinking, the current maintenance requirements for your car, and even what your dog is thinking! In a nutshell, quantum computers have the ability to process and analyze countless bits of information simultaneously – and so fast, and in such a different way, that no human mind can comprehend! At this stage, it is estimated that the Bitcoin address hash algorithm will be defeated by quantum computers before 2028 (and quite possibly much sooner)! The NSA has even stated that the SHA256 hash algorithm (the same hash algorithm that Bitcoin uses) is no longer considered secure, and, as a result, the NSA has now moved to new hashing techniques, and that was in 2016! Prior to that, in 2014, the NSA also invested a large amount of money in a research program called “Penetrating Hard Targets project”[xi] which was used for further Quantum Computer study and how to break “strong encryption and hashing algorithms.” Does NSA know something they’re not saying or are they just preemptively preparing? Nonetheless, before long, we will be in a post-quantum cryptography world where quantum computers can crack crypto addresses and take all the funds in any wallet.
What are Bitcoin core developers doing about this threat?
Well, as of now, absolutely nothing. Quantum computers are not considered a threat by Bitcoin developers nor by most of the crypto-community. I’m sure when the time comes, Bitcoin core developers will implement a new cryptographic algorithm that all future addresses/transactions will utilize. However, will this happen before post-quantum cryptography[xii]? Moreover, even after new cryptographic implementation, what about all the old addresses? Well, if your address has been actively used on the network (sending funds), it will be in imminent danger of a quantum attack. Therefore, everyone who is holding funds in an old address will need to send their funds to a new address (using a quantum safe crypto-format). If you think network congestion is a problem now, just wait… Additionally, there is the potential that the transition to a new hashing algorithm will require a hard fork (a soft fork may also suffice), and this could result in a serious problem because there should not be multiple copies of the same blockchain/ledger. If one fork gets attacked, the address on the other fork is also compromised. As a side-note, the blockchain Nebulas[xiii] will have the ability to modify the base blockchain software without any forks. This includes adding new and more secure hashing algorithms over time! Nebulas is due to be released in 2018.
Who would want to attack Bitcoin?
Bitcoin and cryptocurrency represent a threat to the controlling financial system of our modern economy. Entire countries have outright banned cryptocurrency[xiv] and even arrested people[xv], and while discrediting it, some countries are copying cryptocurrency to use (and control) in their economy[xvi]! Furthermore, Visa[xvii], Mastercard[xviii], Discover[xix], and most banks act like they want nothing to do with cryptocurrency, all the while seeing the potential of blockchain technology and developing their own[xx]. Just like any disruptive technology, Bitcoin and cryptocurrencies have their fair share of enemies! As of now, quantum computers are being developed by some of the largest companies in the world, as well as private government agencies. No doubt, we will see a post-quantum cryptography world sooner than most realize. By that point, who knows how long “3 letter agencies” will have been using quantum technology - and what they’ll be capable of!
What can we do to protect ourselves today?
Of course, the best option is to start looking at how Bitcoin can implement new cryptographic features immediately, but it will take time, and we have seen how slow the process can be just for scaling[xxi]. The other thing we can do is use a Bitcoin address only once for outgoing transactions. When quantum computers attack Bitcoin (and other crypto currencies), their first target will be addresses that have outgoing transactions on the blockchain that contain funds. This is due to the fact that when computers first attempt to crack a Bitcoin address, the starting point is when a transaction becomes public. In other words, when the transaction is first signed – a signed transaction is a digital signature derived from the private key, and it validates the transaction on the network. Compared to classical computers, quantum computers can exponentially extrapolate this information. Initially, Bitcoin Core Software might provide some level of protection because it only uses an address once, and then sends the remaining balance (if any) to another address in your keypool. However, third party Bitcoin wallets can and do use an address multiple times for outgoing transactions. For instance, this could be a big problem for users that accept donations (if they don’t update their donation address every time they remove funds). The biggest downside to Bitcoin Core Software is the amount of hard-drive space required, as well as diligently retaining an up-to-date copy of the entire blockchain ledger. Nonetheless, as quantum computers evolve, they will inevitably render SHA256 vulnerable, and although this will be one of the first hash algorithms cracked by quantum computers, it won’t be the last!
Are any cryptocurrencies planning for the post-quantum cryptography world?
Yes, indeed, there are! Here is a short list of ones you may want to know more about:
IOTA[xxii] IOTA uses Winternitz one-time signatures[xxiii]. As the name suggests, an address is considered compromised once it signs a transaction on the network, and, therefore, you can only send from an address one time before it’s compromised.
ADA (Cardano)[xxiv] The Cardano roadmap lists quantum resistant signatures using “BLISS.” While BLISS is a strong hashing method, it has an estimated lifespan with classical computers of 6000 signatures (usages)[xxv] but this number could be significantly reduced with quantum tech.
Ethereum[xxvi] The Ethereum network, as well as many more blockchain networks, use the SHA3[xxvii] hash algorithm which is superior to SHA256. Although this is considered by some to be resistant, it is not technically quantum resistant. There is talk of using Lamport Signatures[xxviii] in the future of Ethereum. Although it is not definite at this point, it’s great to see the developers proactive.
QRL (Quantum Resistant Ledger)[xxix] This blockchain concept was conceived in 2016 and is currently in beta testing. Using XMSS (Extended Merkle Signature Scheme) trees combined with Winternitz one-time signatures (but not one time!), it’s fast, salable and truly quantum resistant. If you have not yet checked out this project, I highly suggest you do. To understand why this project is truly post-quantum cryptography ready, do your own due diligence and read the QRL whitepaper.
Although I am in no way associated with any project listed above, I do hold coins in all as well as Bitcoin, Litecoin and many others. The thoughts above are based on my personal research, but I make no claims to being a quantum scientist or cryptographer. So, don’t take my word for anything. Instead, do your own research and draw your own conclusions. I’ve included many references below, but there are many more to explore. In conclusion, the intention of this article is not to create fear or panic, nor any other negative effects. It is simply to educate. If you see an error in any of my statements, please, politely, let me know, and I will do my best to update the error. Thanks for reading!
“We only have public keys in hashed form published. Even quantum computers can't reverse the Hash, so no one can use those public keys to derive the private key. That's why we are quantum resistant.” This is incorrect.
This example has been explained in the previous article. To summarize: Hashed public keys can be used as an address for deposits. Deposits do not need signature authentication. Alternatively, withdrawals do need signature authentication. To authenticate a signature, the public key will always need to be made public in full, original form. As a necessary requirement, the full public key would be needed to spend coins. Therefore the public key will be included in the transaction. The most famous blockchain to use hashed public keys is Bitcoin. Transactions can be hijacked during the period a user sends a transaction from his or her device to the blockchain and the moment a transaction is confirmed. For example: during Bitcoins 10 minute blockchain, the full public keys can be obtained to find private keys and forge transactions. Page 8, point 3 Hashing public keys does have advantages: they are smaller than the original public keys. So it does save space on the blockchain. It doesn't give you Quantum Resistance however. That is a misconception.
“Besides having only hashed public keys on the blockchain, we also have instant transactions. So there is no time to hijack a transaction and to obtain the public key fast enough to forge a transaction. That's why we are quantum resistant.” This is incorrect and impossible.
There is no such thing as instant transactions. A zero second blocktime for example is a claim that can’t be made. Period. Furthermore, transactions are collected in pools before they are added to a block that is going to be processed. The time it takes for miners to add them to a new block before processing that block depends on the amount of transactions a blockchain needs to process at a certain moment. When a blockchain operates within its maximum capacity (the maximum amount of transactions that a blockchain can process per second), the adding of transactions from the pool will go quite swiftly, but still not instantaneously. However, when there is high transaction density, transactions can be stuck in the pool for a while. During this period the transactions are published and the full public keys can be obtained. Just as with the previous hijacking example, a transaction can be forged in that period of time. It can be done when the blockchain functions normally, and whenever the maximum capacity is exceeded, the window of opportunity grows for hackers. Besides the risk that rush hours would bring by extending the time to work with the public key and forge transactions, there are network based attacks that could serve the same purpose: slow the confirmation time and create a bigger window to forge transactions. These types are attacks where the attacker targets the network instead of the sender of the transaction: Performing a DDoS attack or BGP routing attack or NSA Quantum Insert attack on a peer-to-peer network would be hard. But when provided with an opportunity to earn billions, hackers would find a way. For example: https://bitcoinmagazine.com/articles/researchers-explore-eclipse-attacks-ethereum-blockchain/ For BTC: https://eprint.iacr.org/2015/263.pdf An eclipse attack is a network-level attack on a blockchain, where an attacker essentially takes control of the peer-to-peer network, obscuring a node’s view of the blockchain. That is exactly the recipe for what you would need to create extra time to find public keys and derive private keys from them. Then you could sign transactions of your own and confirm them before the originals do. This specific example seems to be fixed now, but it most definitely shows there is a risk of other variations to be created. Keep in mind, before this variation of attack was known, the common opinion was that it was impossible. With little incentive to create such an attack, it might take a while until another one is developed. But when the possession of full public keys equals the possibility to forge transactions, all of a sudden billions are at stake.
“Besides only using hashed public keys as addresses, we use the First In First Out (FIFO) mechanism. This solves the forged transaction issue, as they will not be confirmed before the original transactions. That's why we are quantum resistant.” This is incorrect.
There is another period where the public key is openly available: the moment where a transaction is sent from the users device to the nodes on the blockchain network. The sent transaction can be delayed or totally blocked from arriving to the blockchain network. While this happens the attacker can obtain the public key. This is a man-in-the-middle (MITM) attack. A MITM is an attack where the attacker secretly relays and possibly alters the communication between two parties who believe they are directly communicating with each other. No transaction is 100% safe from a MITM attack. This type of attack isn’t commonly known amongst average usergroups due to the fact communication is done either encrypted or by the use of private- public key cryptography. Therefore, at this point of time MITM attacks are not an issue, because the information in transactions is useless for hackers. To emphasize the point made: a MITM attack can be done at this point of time to your transactions. But the information obtained by a hacker is useless because he can not break the cryptography. The encryption and private- public key cryptography is safe at this point of time. ECDSA and RSA can not be broken yet. But in the era of quantum computers the problem is clear: an attacker can obtain the public key and create enough time to forge a transaction which will be sent to the blockchain and arrive there first without the network having any way of knowing the transaction is forged. By doing this before the transaction reaches the blockchain, FIFO will be useless. The original transaction will be delayed or blocked from reaching the blockchain. The forged transaction will be admitted to the network first. And First In First Out will actually help the forged transaction to be confirmed before the original.
“Besides having only hashed public keys, we use small standardized fees. Forged transactions will not be able to use higher fees to get prioritized and confirmed before the original transactions, thus when the forged transaction will try to confirm the address is already empty. This is why we are quantum resistant.” This is incorrect.
The same arguments apply as with the FIFO system. The attack can be done before the original transaction reaches the network. Thus the forged transaction will still be handled first no matter the fee hight.
“Besides the above, we use multicast so all nodes receive the transaction at the same time. That's why we are quantum resistant.” This is incorrect.
Multicast is useless against a MITM attack when the attacker is close enough to the source.
“Besides the above, we number all our transactions and authenticate nodes so the user always knows who he's talking to. That's why we are quantum resistant.” This is incorrect.
Besides the fact that you’re working towards a centralized system if only verified people can become nodes. And besides the fact that also verified nodes can go bad and work with hackers. (Which would be useless if quantum resistant signature schemes would be implemented because a node or a hacker would have no use for quantum resistant public keys and signatures.) There are various ways of impersonating either side of a communication channel. IP-spoofing, ARP-spoofing, DSN-spoofing etc. All a hacker needs is time and position. Time can be created in several ways as explained above. All the information in the transaction an original user sends is valid. When a transaction is hijacked and the communication between the user and the rest of the network is blocked, a hacker can copy that information to his own transaction while using a forged signature. The only real effective defense against MITM attacks can be done on router or server-side by a strong encryption between the client and the server (Which in this case would be quantum resistant encryption, but then again you could just as well use a quantum resistant signature scheme.), or you use server authentication but then you would need that to be quantum resistant too. There is no serious protection against MITM attacks when the encryption of the data and the authentication of a server can be broken by quantum computers. Only quantum resistant signature schemes will secure blockchain to quantum hacks. Every blockchain will need their users to communicate their public key to the blockchain to authenticate signatures and make transactions. There will always be ways to obtain those keys while being communicated and to stretch the period where these keys can be used to forge transactions. Once you have, you can move funds to your own address, a bitcoin mixer, Monero, or some other privacy coin. Conclusion There is only one way to currently achieve Quantum Resistance: by making sure the public key can be made public without any risks, as is done now in the pre-quantum period and as Satoshi has designed blockchain. Thus by the use of quantum resistant signature schemes. The rest is all a patchwork of risk mitigation and delaying strategies; they make it slightly harder to obtain a public key and forge a transaction but not impossible. Addition And then there is quite often this strategy of postponing quantum resistant signature schemes
“Instead of ECDSA with 256 bit keys we will just use 384 bit keys. And after that 521 bit keys, and then RSA 4096 keys, so we will ride it out for a while. No worries we don’t need to think about quantum resistant signature schemes for a long time.” This is highly inefficient, and creates more problems than it solves.
Besides the fact that this doesn’t make a project quantum resistant, it is nothing but postponing the switch to quantum resistant signatures, it is not a solution. Going from 256 bit keys to 384 bit keys would mean a quantum computer with ~ 3484 qubits instead of ~ 2330 qubits could break the signature scheme. That is not even double and postpones the problem either half a year or one year, depending which estimate you take. (Doubling of qubits every year, or every two years). It does however have the same problems as a real solution and is just as much work. (Changing the code, upgrading the blockchain, finding consensus amongst the nodes, upgrading all supporting systems, hoping the exchanges all go along with the new upgrade and migrate their coins, heaving all users migrate their coins.) And then quite soon after that, they'll have to go at it again. What they will do next? Go for 512 bit curves? Same issues. It's just patchworks and just as much hassle, but then over and over again for every “upgrade” from 384 to 521 etc. And every upgrade the signatures get bigger, and closer to the quantum resistant signature sizes and thus the advantage you have over blockchains with quantum resistant signature schemes gets smaller. While the quantum resistant blockchains are just steady going and their users aren’t bothered with all the hassle. At the same time the users of the blockchain that is constantly upgrading to a bigger key size, keep on needing to migrate their coins to the new and upgraded addresses to stay safe.
IOTA is an open-source distributed ledger protocol launched in 2015 that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-resistant Directed Acyclic Graph (DAG), whose digital currency 'iota' has a fixed money supply with zero inflationary cost. IOTA uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity; the more activity, the more transactions can be processed & the faster the network. Further, unlike blockchain architecture, IOTA has no separation between users and validators (miners / stakers); rather, validation is an intrinsic property of using the ledger, thus avoiding centralization. IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted.
A seed is a unique identifier that can be described as a combined username and password that grants you access to your IOTA. Your seed is used to generate the addresses and private keys you will use to store and send IOTA, so this should be kept private and not shared with anyone. If anyone obtains your seed, they can generate the private keys associated with your addresses and access your IOTA.
Non reusable addresses
Contrary to traditional blockchain based systems such as Bitcoin, where your wallet addresses can be reused, IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore. Why? When an address is used to make an outgoing transaction, a random 50% of the private key of that particular address is revealed in the transaction signature, which effectively reduces the security of the key. A typical IOTA private key of 81-trits has 2781 possible combinations ( 8.7 x 10115 ) but after a single use, this number drops to around 2754 ( 2 x 1077 ), which coincidentally is close to the number of combinations of a 256-bit Bitcoin private key. Hence, after a single use an IOTA private key has about the same level of security as that of Bitcoin and is basically impractical to brute-force using modern technology. However, after a second use, another random 50% of the private key is revealed and the number of combinations that an attacker has to guess decreases very sharply to approximately 1.554 (~3 billion) which makes brute-forcing trivial even with an average computer. Note: your seed is never revealed at at time; only private keys specific to each address. The current light wallet prevents address reuse automatically for you by doing 2 things:
Whenever you make an outgoing transaction from an address that does not consume its entire balance (e.g. address holds 10 Mi but you send only 5 Mi), the wallet automatically creates a new address and sends the change (5 Mi) to the new address.
The wallet prevents you from performing a second outgoing transaction using the same address (it will display a “Private key reuse detected!” error).
This piggy bank diagram can help visualize non reusable addresses. imgur link [Insert new Safe analogy].
When a new address is generated it is calculated from the combination of a seed + Address Index, where the Address Index can be any positive Integer (including "0"). The wallet usually starts from Address Index 0, but it will skip any Address Index where it sees that the corresponding address has already been attached to the tangle.
Private keys are derived from a seeds key index. From that private key you then generate an address. The key index starting at 0, can be incremented to get a new private key, and thus address. It is important to keep in mind that all security-sensitive functions are implemented client side. What this means is that you can generate private keys and addresses securely in the browser, or on an offline computer. All libraries provide this functionality. IOTA uses winternitz one-time signatures, as such you should ensure that you know which private key (and which address) has already been used in order to not reuse it. Subsequently reusing private keys can lead to the loss of funds (an attacker is able to forge the signature after continuous reuse). Exchanges are advised to store seeds, not private keys.
You can track the current cheapest way to buy IOTA at IOTA Prices. It tells you where & how to get the most IOTA for your money right now. There's an overview of the exchanges available to you and a buying guide to help you along. IOTAPrices.com monitors all major fiat exchanges for their BTC & ETH rates and combines them with current IOTA rates from IOTA exchanges for easy comparison. Rates are taken directly from each exchange's official websocket. For fiat exchanges or exchanges that don't offer websockets, rates are refreshed every 60 seconds.
What is MIOTA?
MIOTA is a unit of IOTA, 1 Mega IOTA or 1 Mi. It is equivalent to 1,000,000 IOTA and is the unit which is currently exchanged. We can use the metric prefixes when describing IOTA e.g 2,500,000,000 i is equivalent to 2.5 Gi. Note: some exchanges will display IOTA when they mean MIOTA.
Can I mine IOTA?
No you can not mine IOTA, all the supply of IOTA exist now and no more can be made. If you want to send IOTA, your 'fee' is you have to verify 2 other transactions, thereby acting like a minenode.
Where should I store IOTA?
It is not recommended to store large amounts of IOTA on the exchange as you will not have access to the private keys of the addresses generated.
A seed is a unique identifier that can be described as a combined username and password that grants you access to your wallet. Your seed is used to generate the addresses linked to your account and so this should be kept private and not shared with anyone. If anyone obtains your seed, they can login and access your IOTA.
How do I generate a seed?
You must generate a random 81 character seed using only A-Z and the number 9. It is recommended to use offline methods to generate a seed, and not recommended to use any non community verified techniques. To generate a seed you could:
IOTA seed = 81 characters long, and you can use A-Z, 9
Giving 2781 = 8.7x10115 possible combinations for IOTA seeds
Now let's say you have a "super computer" letting you generate and read every address associated with 1 trillion different seeds per second.
8.7x10115 seeds / 1x1012 generated per second = 8.7x10103 seconds = 2.8x1096 years to process all IOTA seeds.
Why does balance appear to be 0 after a snapshot?
When a snapshot happens, all transactions are being deleted from the Tangle, leaving only the record of how many IOTA are owned by each address. However, the next time the wallet scans the Tangle to look for used addresses, the transactions will be gone because of the snapshot and the wallet will not know anymore that an address belongs to it. This is the reason for the need to regenerate addresses, so that the wallet can check the balance of each address. The more transactions were made before a snapshot, the further away the balance moves from address index 0 and the more addresses have to be (re-) generated after the snapshot.
What happens if you reuse an address?
It is important to understand that only outgoing transactions reveal the private key and incoming transactions do not. If you somehow manage to receive iotas using an address after having used it previously to send iotas—let's say your friend sends iotas to an old address of yours—these iotas may be at risk. Recall that after a single use an iota address still has the equivalent of 256-bit security (like Bitcoin) so technically, the iotas will still be safe if you do not try to send them out. However, you would want to move these iotas out eventually and the moment you try to send them out, your private key will be revealed a second time and it now becomes feasible for an attacker to brute-force the private key. If someone is monitoring your address and spots a second use, they can easily crack the key and then use it to make a second transaction that will compete with yours. It then becomes a race to see whose transaction gets confirmed first. Note: The current wallet prevents you from reusing an address to make a second transaction so any iotas you receive with a 'used' address will be stuck. This is a feature of wallet and has nothing to do with the fundamental workings of IOTA.
What does attach to the tangle mean?
The process of making an transaction can be divided into two main steps:
The local signing of a transaction, for which your seed is required.
Taking the prepared transaction data, choosing two transactions from the tangle and doing the POW. This step is also called “attaching”.
The following analogy makes it easier to understand:
Step one is like writing a letter. You take a piece of paper, write some information on it, sign it at the bottom with your signature to authenticate that it was indeed you who wrote it, put it in an envelope and then write the recipient's address on it. Step two: In order to attach our “letter” (transaction), we go to the tangle, pick randomly two of the newest “letters” and tie a connection between our “letter” and each of the “letters” we choose to reference.
The “Attach address” function in the wallet is actually doing nothing else than making an 0 value transaction to the address that is being attached.
Why is my transaction pending?
IOTA's current Tangle implementation (IOTA is in constant development, so this may change in the future) has a confirmation rate that is ~66% at first attempt. So, if a transaction does not confirm within 1 hour, it is necessary to "reattach" (also known as "replay") the transaction one time. Doing so one time increases probability of confirmation from ~66% to ~89%. Repeating the process a second time increases the probability from ~89% to ~99.9%.
How do I reattach a transaction.
Reattaching a transaction is different depending on where you send your transaction from. To reattach using the GUI Desktop wallet follow these steps:
Click 'Show Bundle' on the 'pending' transaction.
Click 'Rebroadcast'. (optional, usually not required)
Wait 1 Hour.
If still 'pending', repeat steps 1-5 once more.
Does the private key get revealed each time you reattach a transaction?
When you use the reattach function in the desktop wallet, a new transaction will be created but it will have the same signature as the original transaction and hence, your private key will not revealed a second time.
What happens to pending transactions after a snapshot?
IOTA Network and Nodes
What incentives are there for running a full node?
IOTA is made for m2m economy, once wide spread adoption by businesses and the IOT, there will be a lot of investment by these businesses to support the IOTA network. In the meantime if you would like to help the network and speed up p2p transactions at your own cost, you can support the IOTA network by setting up a Full Node. Running a full node also means you don't have to trust a 3rd party light node provider. By running a full node you get to take advantage of new features that might not be installed on 3rd party nodes.
How to set up a full node?
To set up a full node you will need to follow these steps:
Download the full node software: either GUI, or headless CLI for lower system requirements and better performance.
Get a static IP for your node.
Join the network by adding 7-9 neighbours.
Keep your full node up and running as much as possible.
A detailed user guide on how to set up a VTS IOTA Full Node from scratch can be found here.
How do I get a static IP?
To learn how to setup a hostname (~static IP) so you can use the newest IOTA versions that have no automated peer discovery please follow this guide.
How do I find a neighbour?
Are you a single IOTA full node looking for a partner? You can look for partners in these place:
Before I begin explaining why I think this, I want to make a confession. I really wanted Craig Wright or Dave Kleiman to not be SN. I wanted the legend to be greater than the men. I theorized about multiple people being involved, from famous physicists, logicians, mathematicians, computer scientists, etc. John Nash, Wei Dai, Nick Szabo, Hal Finney, etc. None of them are Satoshi. The truth is much simpler, much less exciting. Yet it's the truth, so it must be shared. First of all, I've long believed Satoshi Nakamoto to be a team. When Craig Wright mentioned that, rather than taking all the credit himself, it increased the veracity of his sayings in my mind. To understand why Satoshi is a team we must go back to the initial release of the Bitcoin codebase. One must unpack one of the earliest releases of Bitcoin to be found is bitcoin-0.1.0.tgz (downloadable here http://satoshi.nakamotoinstitute.org/code/). There are two fascinating clues hiding in plain sight in that source code that will bring us closer to SN. First: the scope, or "How ambitious is the first release going to be?". When an individual undertakes a project of this caliber, especially an individual with limited time and resources (like the majority of professionals or academics who could partake in building something like Bitcoin), he or she will attempt to limit scope. Unless, of course, that person is a team. Second: the featureset, or "what is the minimum viable product that my audience will be interested in?". What features should be included, and which ones should be left out? To answer this, one must unpack the source code and search for the strings "marketplace" and "poker" in them. I produced the results of the searches here:
That's right: the original Bitcoin client release contained a Marketplace client (in the same vein as OB1 or Silk Road) and a Poker client. Let's now step back for a second. What experienced individual developer would in their right mind set out to build so much all at once? This kind of remarkable over-commitment to "biting more than once can chew" is more typically seen in teams, not individuals. That conjecture aside, let's now focus on what's being built. Namely, what Satoshi Nakamoto deemed would be worth of including in the first release to the world. A Poker client. Academically, Poker clients could be interesting, one could argue. Removing the "casino trusted-third-party", fair randomness, etc are all interesting computer science problems. In my opinion, there are only very few people in the world who would make the "product management" decision to build a decentralized internet currency and include an online casino in its release. I believe Craig Wright, in the role of advisor or manager, together with Dave Kleiman, would make such a decision. According to Wikipedia, "He designed the architecture for possibly the world's first online casino, Lasseter's Online". NChain, Craig's new company, is founded by Calvin Ayre, an online casino billionaire A lot of people, including Computer Science professor jstolfi, have wrongly assessed his level of competence, as well. Craig might have not been the full brains behind Bitcoin, but I believe he played the role of an "ideas guy", recruiting for the actual "heavy lifting" the smartest person he knew: Dave Kleiman. This is also very commonly seen in the early stage tech scene. There are people who are not brilliant engineers or scientists, but know in what direction to go by means of great intuition, and know who to recruit to get the job done (example: Travis Kalanick of Uber). The final piece in the puzzle for me was understanding what the intelectual capabilities of Dave Kleiman really were. For this, I encourage readers to examine the only paper I could find co-authored by Kleiman and Wright: "Overwriting Hard Drive Data: The Great Wiping Controversy". That paper will show you the breath of Dave Kleiman's scope and inteligence. What's deceptive about all of this is that one wouldn't expect Satoshi to write books like how to pick the "Perfect Passwords". One would expect Satoshi to be a mighty God only concered with "P vs NP", Quantum Field Theory and the likes. But if one stops and reads that paper, you'll see what I mean. There's a tremendous ability to go very deeply into advanced subjects. There's a good grasp of probability math. Something remarkable as well is that I haven't been able to find other "advanced works" by Kleiman. One certainly doesn't go from writing about password selection all the way magnetic field density functions in one fell swoop. That "gap" can only be explained by (a) Dave Kleiman holding back a lot of his knowledge and not publishing it, or more likely, (b) Dave Kleiman probably published under a lot of different identities. One of them, most famously, Satoshi Nakamoto.  https://en.wikipedia.org/wiki/Craig_Steven_Wright  http://www.reuters.com/investigates/special-report/bitcoin-wright-patents/  https://www.vidarholen.net/~vidaoverwriting_hard_drive_data.pdf  https://www.amazon.de/Perfect-Passwords-Selection-Protection-Authentification/dp/1597490415
Blockchain Rising — Adoption, Legislation, and Regulation
Blockchain Rising — Adoption, Legislation, and Regulation
Can you believe it? Last month, we celebrated the 10th anniversary of the Bitcoin whitepaper. Who could have imagined one decade ago that Satoshi Nakamoto’s peer-to-peer digital cash system would have such a tremendous impact? It took a true visionary to see the future potential of Bitcoin way back in 2008. Fed up with corrupt, centralized banks that caused the 2007 market crash, Satoshi created Bitcoin as an alternative economic system. Bitcoin’s road to mainstream adoption has been long albeit steady. Let’s take a look at the adoption and regulation of Bitcoin to get a better idea of where it will go in the future. Technology Adoption Phases Adoption of new innovative technology will go through different phases. According to Everett Rodgers, the author and inventor of the Diffusion of Innovation theory, there are five types of adopters — innovators, early adopters, early majority, late majority, and laggards. Diffusion of Innovation model by Everett Rodgers Theories regarding which stage of adoption blockchain technology has now reached vary, as industry professionals have different ideas on whether we are in the early adoption or early majority phase. The fact is that after its initiation in 2008, startups, established companies, and governmental entities have slowly begun researching and testing blockchain technology. According to an article in Forbes, over 50 big corporations are currently exploring the innovative technology as a solution for their business model. The blockchain market grew from having a total market capitalization of $16 billion US dollars at the end of 2016 to a total market capitalization of $212 billion US dollar at the time of writing. So in essence, the industry’s value has increased exponentially while the global adoption has not yet hit the mainstream. However, it is growing at a slow but steady pace. This past year we keep hearing more and more stories about blockchain adoption by governments, startups and established corporations. The category suited for this phase fits the early adopter phase in my opinion. https://preview.redd.it/m9w2e36bfq021.png?width=960&format=png&auto=webp&s=af15cfcfe021dd94919c2379906a7ca55992c35a Blockchain Regulation While worldwide blockchain regulations are becoming more and more common, there is no global standard for how blockchain is being regulated. While some governments are becoming more receptive to blockchain implementations, others are in favor of slowing down or bluntly restricting the implementation of blockchain technology. One of the countries that is highly conscious of blockchain regulation is the United States. Operation crypto sweep was launched by the NASAA (North American Securities Administrators Association) to find and prosecute fraudulent ICO projects. The result was no less than 35 pending or completed enforcement action. In addition, the Securities and Exchange Commission (SEC) has filed various legal actions against companies that do not comply with their regulations. The SEC has even gone as far as to fabricate a scam ICO called Howey Coins full of red flags in order to warn people about malicious practices and businesses extorting money from individual investors. It was their way of showing people that if something seems too good to be true it usually is. Cryptocurrency and blockchain projects doing business in the US need to be very careful about being classified as a security — even if their project claims to issue “utility” tokens. The distinction between a security token and a utility token is unclear leading some companies to operate as if they are issuing securities but then meeting all of the qualifications of an exemption such as Regulation S, a safe harbor from registration requirements. When it comes to the SEC, it is definitely better to be safe than sorry! Moreover, various lawsuits have taken place already in which blockchain companies faced legal action for non-compliance with local regulations. The cryptocurrency Ripple has been in an ongoing securities lawsuit against the state of California. Tezos also followed a year-long legal battle with the state of California before they could officially launch their project after raising $230 million dollars in an ICO. Just last year, China announced a total ban on cryptocurrency, resulting in Chinese-based blockchain companies needing to shift or shut down their operations and find other more blockchain friendly jurisdictions. After China, the Republic of Korea banned initial coin offerings (ICOs). As a frontrunner in adopting innovative technologies, Korea is focused on drafting official rulesand industry standards for professionals in the blockchain industry. Singapore has always been supportive of blockchain technology and is open to companies adopting it. In November 2017, the Monetary Authority of Singapore (MAS) issued a Guide to Digital Token Offerings. The guide offers information for financial institutions on the obligation to obtain a license when offering digital assets to the public. The European Union is also pretty blockchain-friendly. Switzerland has always been pro-blockchain and its city Zug has been deemed crypto-valley as many blockchain companies are based there (e.g. the Ethereum Foundation, Cardano). Last month, Kambria COO, Tra Vu, joined Tom Trowbridge, President of Hedera Hashgraph, and Nick Chong, Head of North America at Quoine Exchange, at IF Conference in New York City to discuss blockchain regulation. Quoine is the first global exchange to be regulated by the Japanese government. After the Mt. Gox collapse, the Japanese government decided to regulate Bitcoin and to establish it as an official method of payment. Exchanges have to be regulated to operate in Japan similar to banks and are required to take certain measures to ensure security and storage of cryptocurrency. As a result of regulation, Japan is a leader with respect to crypto regulation and the awareness of Bitcoin in Japan is very high. But the country that currently ranks number 1 as the most blockchain and cryptocurrency friendly jurisdiction is…Malta! Some refer to it as “the blockchain island.” On July 4, 2018, the Maltese government approved 3 different laws that act as a framework for blockchain, cryptocurrency and distributed ledger technology (DLT). Besides blockchain technology, Malta is also a fan of innovations in the robotics and AI industry. They recently initiated an AI task force that will build a roadmap that leads towards granting citizenships for AI. Last year, Saudi Arabia was the first country to officially recognize a robot as a legal citizen within their jurisdiction. The honor goes to Hanson Robotics Humanoid robot, Sophia! Blockchain Roadblocks In spite of global progress, blockchain has some roadblocks ahead in pursuing mainstream adoption. The primary issues that slowed adoption last year are referred to as the blockchain trilemma — scalability, security, and efficiency. This came to light last year when interest in cryptocurrency and Cryptokittes piqued. Fortunately, solutions that speed up the network, like Lighting Network for Bitcoin and Plasma and Sharding for Ethereum are now being developed. Another issue is the fact that blockchain needs to have easy access for every member of our society. New users might get overwhelmed with the extent of cryptographic knowledge that is required to safely make a transaction on a blockchain network. Rookie mistakes include sending someone your private key instead of your public key, depositing a coin into a different coin’s account (BTC vs. BSH), and not doing your own research (DYOR). There is also the threat of quantum computing. This threat will probably take a while before it will become serious, but it is something to consider in order to move forward with blockchain technology. Various developers are working on creating a quantum resistant ledger. When the time comes, and the quantum computing threat needs to be addressed, a hard fork can be initiated to change to a different quantum resistant ledger. Blockchain regulation and laws that apply to startups in the blockchain industry and established companies utilizing the technology are essential to mature the market. Regulation will also discourage malicious entities from entering the market. A market with fully-compliant organizations is very healthy to keep the industry moving forward. Future Blockchain Evolution When it comes to achieving mainstream adoption, the biggest roadblocks the blockchain industry is facing are solving the scalability, security and efficiency issues and creating blockchain-based payment solutions that are easily accessible to all members of our society. Blockchain technology, with the addition of smart contracts, can have a revolutionary impact on industries like fintech, health, robotics, and AI. Financial products like mortgages and insurance policies are just two of the highly suitable products that can be initiated with blockchain and smart contracts. Open innovation protocols, like Kambria Network, where community members come together, share resources and work on developing, manufacturing, selling and buying innovative tech products and services are the future and I don’t think anything can stop it. It is just a matter of time before the world practically runs itself through the implementation of blockchain technology. The Kambria Team Website: https://kambria.io/ Whitepaper: http://bit.ly/2JbuET7 Telegram (ENG): https://t.me/kambriaofficial Telegram (KOR): https://t.me/KambriaKorea Telegram (VIE): https://t.me/KambriaVietnam Telegram (CHN): https://t.me/KambriaChina Twitter: https://twitter.com/KambriaNetwork Facebook Page: https://facebook.com/KambriaNetwork Facebook Group: https://www.facebook.com/groups/kambria/ Reddit: https://www.reddit.com/KambriaOfficial/ Medium (ENG): https://medium.com/kambria-network Medium (CHN): https://Medium.com/kambriachina Steemit: https://steemit.com/@kambrianetwork Weibo (CHN): https://www.weibo.com/kambriachina Email: [email protected] Kat is sold to be used on the Kambria platform.
Top 50 Cryptocurrencies I thought this might be of real help for the ones that are just joining crypto and still want to read. Let’s face it: there are a lot of cryptocurrencies out there, with new ones coming out almost daily and old ones disappearing seemingly just as fast as they appeared. It’s easy to get overwhelmed. If you are new to cryptocurrencies, this is an excellent starting point to learn about each of the top 50 cryptocurrencies (by market cap). Even if you’re a crypto veteran, this is a great resource to reference if you ever get any of the top 50 confused, or if you want to read more about a new coin which has joined the ranks. Our hope is to point you in the right direction, spur your interest to do more research, and steer you away from the potential scams out there (And yes, there are potential scam coins in the top 50!) Here at Invest In Blockchain, we are obsessed with researching the internet for all things crypto. The information found in this post is the result of hundreds of hours of painstaking research by me and other writers on our team. Note that this list is constantly changing and I will do my best to keep it up-to-date, but the top 50 moves almost daily! Please refer to coinmarketcap.com for the latest information on the top 50 cryptocurrencies and their prices. Let’s get started! (Information accurate as of May 23, 2018)
#1 – Bitcoin (BTC)
📷 The king of the crypto world, Bitcoin is now a household name; to many, it is synonymous with “cryptocurrency”. Its purpose is to provide a peer-to-peer electronic version of cash to allow payments to be sent online without the need for a third party (such as Mastercard). The rapid rise in Bitcoin’s price has brought about an explosion of new Bitcoin investors. With the huge increase in interest has come a rise in merchants accepting Bitcoin as a legitimate form of payment. Bitcoin is fast moving towards its goal of becoming a currency accepted worldwide. Bitcoin’s development is led by Bitcoin Core developer Wladimir J. van der Laan, who took over the role on April 8, 2014. Bitcoin’s changes are decided democratically by the community. For an in-depth look at Bitcoin, including an explanation of Bitcoin mining, Bitcoin’s history, an analysis of Bitcoins’ value and a description on how bitcoin actually works, see our comprehensive guide “What is Bitcoin? Everything You Need to Know About Bitcoin, Explained“. For a more detailed description of Bitcoin’s economics, what makes money and how Bitcoin works in the economy as a whole see: “Bitcoin Explained” and “Bitcoin is a Deflationary Currency”.
#2 – Ethereum (ETH)
📷 Ethereum is the revolutionary platform which brought the concept of “smart contracts” to the blockchain. First released to the world in July 2015 by then 21-year-old Vitalik Buterin, Ethereum has quickly risen from obscurity to cryptocurrency celebrity status. Buterin has a full team of developers working behind him to further develop the Ethereum platform. For more background information on Buterin, read our article, “Vitalik Buterin: The Face of Blockchain”. Ethereum has the ability to process transactions quickly and cheaply over the blockchain similar to Bitcoin, but also has the ability to run smart contracts. For future reading on smart contracts, see “What’s the Difference Between Bitcoin and Ethereum”; but for now, think automated processes which can do just about anything. For further reading on Ethereum, including an analysis of the platform’s strengths and future prospects, read “What is Ethereum, Everything You Need to Know Explained“.
#3 – Ripple (XRP)
📷 Ripple aims to improve the speed of financial transactions, specifically international banking transactions. Anyone who has ever sent money internationally knows that today it currently takes anywhere from 3-5 business days for a transaction to clear. It is faster to withdraw money, get on a plane, and fly it to your destination than it is to send it electronically! Not to mention you will be paying exorbitant transaction fees — usually somewhere around 6% but it can vary depending on the financial institution. Ripple’s goal is to make these transactions fast (it only takes around 4 seconds for a transaction to clear) and cheap. The Ripple team currently comprises over 150 people, making it one of the biggest in the cryptocurrency world. They are led by CEO Brad Garlinghouse, who has an impressive resume which includes high positions in other organizations such as Yahoo and Hightail. Check out “What is Ripple” for more information, including a closer look at what they do, controversies and future prospects.
#4 – Bitcoin Cash (BCH)
📷 Bitcoin Cash was created on August 1, 2017 after a “hard fork” of the Bitcoin blockchain. For years, a debate has been raging in the Bitcoin community on whether to increase the block size in the hope of alleviating some of the network bottleneck which has plagued Bitcoin due to its increased popularity. Because no agreement could be reached, the original Bitcoin blockchain was forked, leaving the Bitcoin chain untouched and in effect creating a new blockchain which would allow developers to modify some of Bitcoin’s original programmed features. Generally speaking, the argument for Bitcoin Cash is that by allowing the block size to increase, more transactions can be processed in the same amount of time. Those opposed to Bitcoin Cash argue that increasing the block size will increase the storage and bandwidth requirement, and in effect will price out normal users. This could lead to increased centralization, the exact thing Bitcoin set out to avoid. Bitcoin Cash does not have one single development team like Bitcoin. There are now multiple independent teams of developers. Read “What is Bitcoin Cash” for more information. You can also check out their reddit and official webpage.
#5 – EOS (EOS)
📷 Billed as a potential “Ethereum Killer”, EOS proposes improvements that can challenge Ethereum as the dominant smart contract platform. One main issue EOS looks to improve is the scalability problems which has plagued the Ethereum network during times of high transaction volume, specifically during popular ICOs. A perhaps more profound difference EOS has, compared to Ethereum, is the way in which you use the EOS network. With Ethereum, every time you make modifications or interact with the network, you need to pay a fee. With EOS, the creator of the DAPP (decentralized app) can foot the bill, while the user pays nothing. And if you think about it, this makes sense. Would you want to have to pay every time you post something on social media? No, of course not! In addition to this, EOS has a few other technical advantages over Ethereum such as delegated proof of stake and other protocol changes. Just know that EOS has some serious power under the hood to back up the claim of “Ethereum Killer”. EOS was created by Dan Larrimer who is no stranger to blockchain or start ups. He has been the driving force behind multiple successful projects in the past such as BitShares, Graphene and Steem. For more information on EOS such as how and where to buy EOS tokens, EOS’s vision and potential challenges, see “What is EOS”.
#6 – Litecoin (LTC)
📷 Similar to Bitcoin, Litecoin is a peer-to-peer transaction platform designed to be used as a digital currency. Due to some notable technical improvements, Litecoin is able to handle more transactions at lower costs. Litecoin has been designed to process the small transactions we make daily. Litecoin is sometimes referred to “digital silver” while Bitcoin is known as “digital gold”. This is because traditionally silver was used for small daily transactions while gold was used as a store of wealth and was not used in everyday life. The Litecoin blockchain is a fork from the Bitcoin chain. It was initially launched in 2011 when its founder, Charlie Lee, was still working for Google. Well-known as a cryptocurrency expert, Charlie Lee is backed by a strong development team who appear to be achieving what they set out to do. They have recently achieved a very notable accomplishment with the first successful atomic swap. For an in-depth discussion on what Litecoin does, how it is different than Bitcoin and the team backing up the development, see “What is Litecoin”.
#7 – Cardano (ADA)
📷 Cardano is a smart contract-focused blockchain. It was originally released under the name Input Output Hong Kong by Charles Hoskinson and Jeremy Wood, a few of the early team members of Ethereum, and later rebranded into Cardano. Cardano is trying to fix some of the largest problems the cryptocurrency world which have been causing ongoing issues for years such as scalability issues and democratized voting. They have the potential to challenge Ethereum’s dominance in the smart contract world. Cardano is developing their own programing language similar to Ethereum; however, they are focusing more heavily on being interoperable between other cryptocurrencies. While some cryptocurrencies are all bite but no bark, Cardano is quite the opposite. They are quietly focusing on a strong software which will be completely open-source. Cardano’s team comprises some of the best minds in the industry, and they seek to create a strong foundation which others can build upon for years to come. For up-to-date information on Cardano’s status see their Reddit page or official website. You can also read our article “What is Cardano” to learn more about them.
#8 – Stellar Lumens (XLM)
📷 In a nutshell, Stellar Lumens seeks to use blockchain to make very fast international payments with small fees. The network can handle thousands of transactions a second with only a 3-5 second confirmation time. As you may know, Bitcoin can sometimes take 10-15 minutes for a transaction to confirm, can only handle a few transactions a second and, in turn, has very high transaction fees. If this sounds a lot like Ripple, you’re right! Stellar Lumens was based off of the Ripple protocol) and is attempting to do similar things. Some of Stellar Lumens’ main uses will be for making small daily payments (micropayments), sending money internationally, and mobile payments. Stellar Lumens is focusing on the developing world and, more specifically, the multi-billion dollar industry of migrant workers who send money back to their family in impoverished countries. The Stellar Lumens team is led by Jed McCaleb, who has worked in numerous successful startups in the past such as eDonkey, Overnet, Ripple, and the infamous Mt. Gox. For more information on Stellar Lumens, including the history and what sets Stellar Lumens apart, see “What are Stellar Lumens”. You can also learn about the differences between Stellar Lumens and Ripple.
#9 – TRON (TRX)
📷 As stated in TRON’s whitepaper, “TRON is an attempt to heal the internet”. The TRON founders believe that the internet has deviated from its original intention of allowing people to freely create content and post as they please; instead, the internet has been taken over by huge corporations like Amazon, Google, Alibaba and others. TRON is attempting to take the internet back from these companies by constructing a free content entertainment system. This will enable users to freely store, publish and own data, giving them the power to decide where and how to share. The project is led by founder Justin Sun, who has been listed on the Forbes 30 under 30 list twice (in 2015 and 2017). In addition, Sun is a protégé of Jack Ma, founder of Alibaba Group, China’s former Ripple representative and the founder of Peiwo APP. Sun has assembled a strong team with heavy hitters including Binshen Tang (founder of Clash of King), Wei Dai (founder of ofo, the biggest shared bicycles provider in China), and Chaoyong Wang (founder of ChinaEquity Group). Sun has also secured the support of a few notable angel investors such as Xue Manzi. For up-to-date information on Tron and further discussion of the technology and team, see “What is Tron” and their website.
#10 – IOTA (MIOTA)
📷 IOTA has seen many of the issues Bitcoin and Ethereum have with the POW (proof-of-work) and POI (proof-of-importance) models and looks to improve them with their revolutionary transaction validation network simply called “tangle”. When issuing a transaction in IOTA, you validate 2 previous transactions. This means you no longer outsource validation to miners which requires wasteful amounts of computing power and usually a large stake of coins. These required resources are, in effect, centralizing the currencies which many believe were created to be decentralized in the first place. With IOTA, the more active a ledger is, the more validation there is. In other words, the more people who use it, the faster it gets. You don’t have to subsidize miners, so there are no fees on transactions. That’s right: zero. The IOTA team has been actively developing blockchain technology since 2011, and created the IOTA foundation and company in 2016. Since its emergence, the team has been continuously growing, attracting exceptional talent from around the world. For more information on IOTA’s team and their revolutionary“tangle” technology, check out “What is IOTA”.
#11 – NEO (NEO)
📷 A leading platform for smart contracts and sometimes referred to as “China’s Ethereum”. NEO (formally Antshares) hopes to digitize many types of assets which were formerly kept in more traditional means, and therefore make it possible to use them in smart contracts. To imagine a potential use case of NEO, think digitizing the title to a house into a smart asset, and then setting up that asset to automatically transfer to another person after payment for the house has been received. This would be, in effect, a simple smart contract. NEO founder Da Hongfei is a leading figure in the cryptocurrency world and has worked on numerous blockchain projects in the past. The development team consists of 6 in-house investors and a large community of third-party developers. For a complete overview of NEO, including the team, history and competitive analysis, check out “What is NEO”.
#12 – Dash (DASH)
📷 Dash (which comes from ‘digital cash’) aims to be the most user-friendly and scalable cryptocurrency in the world. It has the ability to send funds instantly confirmed by “double-send-proof” security with the added functionality of erasable transaction history and the ability to send transactions anonymously. Like Bitcoin, Dash is meant to be used as a digital currency but has some added values such as much faster transaction times and lower fees. For a slightly higher fee, Dash has the added function of “instant send” which allows transactions to be confirmed almost instantly. This is one of the main selling points of Dash because many believe that this feature would allow it to be used in brick and mortar establishments. The Dash development team consists of over 50 members and is led by former financial services professional Evan Duffield. For the latest on Dash, see their official website and reddit page. You can also read “What is Dash” to learn more about the project.
#13 – Monero (XMR)
📷 Monero is a digital currency designed to be used as a completely anonymous payment system. A common misconception with Bitcoin is that it is completely anonymous. In reality, all payments processed on the Bitcoin network are recorded on a public ledger (blockchain), so Bitcoin is actually only partially anonymous or “pseudonymous”. This means that you can, in theory, trace back every transaction a coin has been involved with from its creation. Though users aren’t able to inherently link the public key on the blockchain with the private keys used to store the coins themselves, there will always exist a correlation between the two. Monero has solved this problem by implementing cryptonic hashing of receiving addresses, therefore separating the coin from the address it is going to. This can be hugely valuable for anyone wishing to conceal their purchases. The Monero development team consists of 7 core developers, only two of which are publicly known. There have been over 200 additional contributors to the project and software updates are implemented every six months or so. To learn more about Monero including its competitors and challenges, read “What is Monero”. If you’re thinking about investing in Monero, check out our opinion piece “Should You Invest In Monero?“.
#14 – Tether (UDST)
📷 Tether is a cryptocurrency token issued on the Bitcoin blockchain. Each Tether coin is allegedly backed by one US Dollar. The goal is to facilitate transactions with a rate fixed to the USD. Amongst other things, Tether looks to fix some of the legal issues which can arise when trading cryptocurrencies and it aims to protect people from market volatility. Tether has faced controversy regarding their business model, and some consider it a scam. More info can be seen on reddit posts such as this.
#15 – NEM (XEM)
📷 NEM (New Economy Movement) is the world’s first proof-of-importance (POI) enterprise based on blockchain technology. With a focus on business use cases, the software was built from the ground up with adaptability in mind. NEM’s goal is for companies to use their “smart asset system” to implement customizable blockchains. A smart asset can be almost anything: a cryptocurrency token, a business’s stock or a company’s invoicing and records. Some potential use cases for NEM’s technology include: voting, crowdfunding, stock ownership, keeping secure records, loyalty rewards point programs, mobile payments and escrow services. A list of NEM’s use cases can be found here. The development of NEM is monitored by the Singapore-based NEM Foundation. For more information on what NEM does and what sets NEM apart from its competitors, see “What is NEM”.
#16 – VeChain (VEN)
📷 As described in VeChain’s development plan, the organization’s purpose is to build “a trustfree and distributed business ecosystem based on the Blockchain technology self-circulated and expanding”. They plan to do this by creating an efficient trustless business ecosystem to significantly reduce the wasteful information transfer systems of today. Some of the areas and industries the VeChain platform is focusing on include eliminating counterfeiting in the fashion and luxury industry, food safety tracking systems, digitizing maintenance in the car industry and many other global supply chain processes. For more information on VeChain, see their reddit and website. Read “What is Vechain” to learn about the project, and our investment opinion piece “5 Reasons to Invest in Vechain“.
#17 – Ethereum Classic (ETC)
📷 Ethereum Classic came about after a hard fork of Ethereum in 2016. The fork was a result of the infamous DOA hack where around 50 million dollars worth of Ethereum was stolen due to what was considered an oversight in the code. The blockchain was forked in order to recoup the losses from this attack, but a small portion of the community did not wish to go back and change the original blockchain. Vitalik Buterin, founder of Ethereum, and subsequently the development team chose to go with the hard fork and work on what is now “Ethereum” today. There is a lot of ongoing controversy with Ethereum Classic which can be better described on this reddit thread. For an in-depth discussion of Ethereum Classic, see”What is Ethereum Classic“.
#18 – Binance Coin (BNB)
📷 Binance Coin is the coin used to facilitate operations on the Binance platform, a cryptocurrency exchange that is capable of processing 1.4 million orders per second. The name “Binance” is derived from the combination of the terms “binary” and “finance”, referring to the integration of digital technology and finance. The BNB coin is used to pay exchange fees, withdrawal fees, listing fees, and all other possible transaction expenses on the Binance platform. In order to incentivize new users to do their cryptocurrency trading on Binance, the team is offering discounts when BNB is used to pay fees. The discount will be 50% in the first year, 25% in the second, 12.5% in the third, and 6.25% in the fourth year before the discount ends. Binance was primarily marketed to Chinese cryptocurrency investors at first, but they also have English, Korean, Japanese, French, Spanish, and Russian versions of the platform. For a deeper look into Binance, you can read the whitepaper or check out the trading platform here.
#19 – Bytecoin (BCN)
📷 Bytecoindescribes itself as “a private, decentralized cryptocurrency with with open source code that allows everyone to take part in the Bytecoin network development”. It is the first coin to offer untraceable payments, unlinkable transactions and resistance to blockchain analysis. With Bytecoin, it is possible to send instant transactions anywhere around the world, which are totally untraceable and don’t require additional fees. Bytecoin’s development is community-driven and a list of all of the different community websites can be found here. For more information on Bytecoin, see: “What is Bytecoin“.
#20 – QTUM (QTUM)
📷 QTUM (pronounced Quantum) is an open-source value transfer platform which focuses on mobile decentralized apps or Dapps. QTUM is the world’s first proof-of-stake smart contracts platform. QTUM is meant to be used as both a value transfer protocol, like Bitcoin, and a smart contract platform, like Ethereum. They have a number of technical innovations which some consider to make it superior to Ethereum, and they are focusing on mobile applications. The platform itself is very new. It came about in March 2017, after a highly successful crowdfunding campaign raised them nearly 16 million dollars in only 5 days. QTUM has a small but strong development team and an impressive list of investors backing their ideas. QTUM’s development is lead by the Singapore based QTUM Foundation. For further reading on the background of QTUM and what sets them apart, see “What is QTUM”.
#21 – Zcash (ZEC)
📷 ZCash is a value transfer protocol forked off of the Bitcoin blockchain. ZCash can be used like Bitcoin, with a few added improvements. With “zero cash technology”, ZCash shields both the amount transferred and the senders, making transactions truly anonymous. ZCash is one of the new kids on the block in the world of “private transactions”. An interesting note is that Ethereum is in the process of implementing some of ZCash’s technologies to enable transactions on the Ethereum network to be anonymous as well. ZCash is being developed by the Zerocoin Electric Coin Company. They’ve had some great successes, most notably JP Morgan’s announcement that they would implement Zcash’s privacy technology to Quarum, a technology JP built on Ethereum. Interested in investing in ZCash? Here’s the opinion of one of our writers: Should You Invest In ZCash? ZCash was recently featured on the Radiolab episode The Ceremony.
#22 – OmiseGO (OMG)
📷 “Unbank the Banked” is the slogan of Omise’s online platform OmiseGo and that’s exactly what Omise has set out to do. Founded in 2013 off of the Ethereum blockchain, Omise aims to revolutionize the financial dynamics in Southeast Asia. Omise is targeting individuals and businesses of all sizes by improving the current financial system which is slow, outdated, and inaccessible to most “everyday” people in these countries. With their planned online exchange OmiseGO, Omise seeks to speed up the way money is spent and sent, both domestically and internationally in Southeast Asia and beyond. They have a lot to celebrate too. OmiseGo has been building partnerships in the region and recently partnered with McDonald’s and Credit Saison. Omise has established a strong team of over 130 staff members located in different countries. CEO and founder of Omise, Jun Hasegawa, has been involved in multiple startups and worked for Google for over 16 years. The OmiseGO platform has been endorsed by some of the heavy hitters in the cryptocurrency world such as Vitalik Buterin and Gavin Wood, the co-founders of Ethereum. For more information on what OmiseGO aims to do, see “What is OmiseGo”.
#23 – ICON (ICX)
📷 Fresh off a successful ICO, the Korea-based startup ICON is looking to provide a medium to connect all the different blockchains together. This puts ICON in the same field as Ark, which is attempting to accomplish similar goals. The main concept of ICON is their idea of a “loopchain”. As stated in their whitepaper, a loopchain can be described as a “high-performance blockchain that can provide real-time transaction, which is based on enhanced Smart Contract.” Through ICON, participants will be able to connect to any blockchain without relying on the current centralized exchanges. ICON has a relatively large team from various backgrounds. They have also secured the help of a few notable advisors such as Jason Best and Don Tapscott. For more information on ICON and the work they’re doing, see “What is ICON“.
#24 – Lisk (LSK)
📷 Lisk is a decentralized network, like Bitcoin and Litecoin, which enables developers to deploy their own side chains off the main Lisk blockchain. These side chains are fully customizable blockchains which enable you to change the parameters you want to fit your own blockchain application. This is similar to Ethereum and QTUM in some ways. With Lisk, the main difference is that the customizable blockchains split into their own separate side chains. This saves developers the grueling legwork of designing something from scratch. At the end of the day, side chains are only decentralized databases of blockchain applications. Lisk is being developed by a small but quickly growing Berlin-based team. They are led by co-founders Max Kordek and Olivier Beddows who are veterans in the cryptocurrency and development world. For a thorough look into Lisk including more on what Lisk does, its competitors, challenges and teams, see “What is Lisk”. You can also check out our case study of an accountant who invested all his life savings in Lisk: “Accountant Invests All in Lisk”.
#25 – Zilliqa – (ZIL)
📷 Zilliqa is a blockchain platform which focuses on solving the problem of scaling on public blockchains. With Zilliqa’s network, the number of transactions increases at a linear rate to the number of nodes. This means that as nodes increase, so will its ability to handle high transaction volume. Zilliqa has already run a successfultest on their network, where they were able to achieve 1,200 transactions per second with only 2,400 nodes. Zilliqa also is the first blockchain to successfully integrate “sharding” into a public blockchain. This concept is extremely useful in improving the rate of scalability, bandwidth and performance in blockchains. Sharding, in effect, splits nodes into “shards” which can then conduct micro-transactions in each blockchain block. In addition to this, Zilliqa claims to be more energy-efficient to mine. They also plan to implement dapps into their platform in the future. For more information on Zilliqa, see their website and reddit. Our article “What is Zilliqa” can provide you with an overview of the project.
When will we see the first VR blockbuster movie? by izumi3682 in Futurology [–]izumi3682[S] 2 points 3 months ago VR is not so easy to make movies for. Plus, VR by its very nature requires one human per hmd. So the method of distribution is not as clear cut as a motion picture cinema. I mean the distribution is fine, in fact it is probably easier than ever. What is difficult is that you have to be in a VR hmd to watch the movie. Mass consumption of a motion picture will not come quickly. But give things a couple of years. Really, that's it--maybe about 5 years, when VR hmds are more like glasses (and they're gonna be) The FOV will be to your peripheral vision, the resolution will look like, well, real life depending on things like "meta-lenses" and "light-field" technology. I'm an early adopter of VR. On my Oculus Rift is a VR experience that is not a movie per se, but a demonstration of the commitment of Hollywood to develop for VR. The app is called "Within" and the short is called "Take Flight". It is star studded. It is also one of the truly fully 3D VR features out there. A lot of VR real life imagery is 360 degree immersive, but 2D flat like an Omni theater around you sort of. This short though? Wow! I highly recommend it. But this short is analogous to a motion picture made in say, 1895 by the 'Lumière brothers'. Film makers don't really understand the method of the medium just yet. We have not even arrived at a Georges Méliès moment yet. But as the decades go by, it's going to get pretty crazy with new forms of genre that simply don't exist today. Many movies will probably center directly on the observer in some kind of way. The trick is to get you look where the director wants you to look. "Take Flight" does that by putting the action in a full orbit around you. The effect is pretty keen, but probably primitive by standards of say 20 years from now. Of course since this is futurology, things may be way different in 20 years too. All that "accelerating change" you know. I just got me delivered an 'Oculus Go' yesterday from Amazon. I watched a very good resolution "Take Flight" 100% tether free. It's like... magick. I have some very distinct thoughts about VR if you like. https://www.reddit.com/Futurology/comments/7r42h0/vr_is_going_to_be_like_nothing_the_world_has_eve Further... https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (4)editdelete How Important is it for Self-Driving Cars to be Electric? by izumi3682 in Futurology [–]izumi3682[S] 2 points 3 months ago Interestingly automobiles were developed to be electric as early as 1884. Thomas Edison tried his darndest to popularize the electric car. Even early models of electric cars were nearly silent with a gentle hum, they did not have to be cranked and they did not vibrate and stink of fumes. But it was simply too early in rechargable battery history for the electric car to take. Also they just could not drive as fast as an ICE. By 1913 with the advent of the electric starter (no more hand cranking) and an absolute plentitude of petroleum--cheap gas and collaborating automotive manufacturers put an end to the electric car almost in it's entirety as a dedicated consumer product until pretty much the 1980s. Now of course our electric cars have prodigious battery storage capacity (range), can drive just as fast if not faster than any ICE and one can be charged in roughly the time it takes to pump gas in a regular ICE. I don't see a downside to this. Certainly it would help to abate human caused global warming. And to argue that they are too quiet and can't be heard approaching is one of the stupider arguments in human history. To me that is like saying; " Where are we going to get all our transplantable organs from without healthy people tragically (but usefully) dying in human caused MVAs once these SDVs take over?" Plus I want that futuristic "hum" in my level 5 autonomy subscription SDV. permalinksavecontextfull comments (2)editdelete Delivering VR in Perfect Focus With Nanostructure Meta-lenses by izumi3682 in Futurology [–]izumi3682[S] 2 points 3 months ago This is my quote from the other day. I knew this was coming. Then we have VAR. It is ultimate primitive today. But already powerful new technologies are developing that will take VAR, but particularly VR and will make it a technological phenomenon such as the world has never seen. The most recent was that weird "metalens" that I just learned about the other day. And everyone else did too. It was big news in this sub-reddit. But my point is that technology is ideally suited to advance our VR in ways that we cannot today even comprehend. https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (5)editdelete Tesla making model 3 battery packs in 17 minutes down from 7 hours by izumi3682 in Futurology [–]izumi3682[S] 1,329 points 3 months ago Interesting takeaway about "over-automating" things. “One example would be, we have these fiberglass mats on top of the battery pack. They’re basically fluff. We tried to automate the placement and bonding of fluff to the top of the battery pack, which was ridiculous. ‘Flufferbot,’ which was really an incredibly difficult machine to make work. Machines are not good at picking up pieces of fluff. Hands are way better at doing that. Me: "Not for much longer I bet." permalinksavecontextfull comments (638)editdelete Future sailors: what will ships look like in 30 years? by izumi3682 in Futurology [–]izumi3682[S] -3 points 3 months ago Watch out for the return of the sailing ship. I don't care if ships start getting sails again, as long as I have awesome VR and can live forever. permalinksavecontextfull comments (3)editdelete The Army Is Working on Brain Hacks to Help Soldiers Deal With Information Overload by izumi3682 in Futurology [–]izumi3682[S] 4 points 3 months ago Important takeaway: Separately from the Army's Cognition and Neuroergonomics Collaborative Technology Alliance and DARPA's Squad X, the military has been working on an “implantable neural interface” that could allow soldiers and AIs to directly communicate. That's right, a brain modem, one that translates data into electronic impulses that are compatible with a human being's own thoughts. https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (2)editdelete Biology will be the next great computing platform, DNA will be the code that runs it, and CRISPR will be the programming language. by mvea in Futurology [–]izumi3682 5 points 3 months ago I always think something like that too. But then I think about what exactly our goals are. Consider the bird and the horse. Humans have always wanted to fly like the bird. Through science and technology we managed to fly like the bird. But our manmade "birds" today can move at nearly seven times the speed of sound. I am not even including spacecraft. For most of recorded human history we used the horse to travel about and carry things. Now our manmade emulations of the horse are the multitude of methods of artificial automotive transportation to include the train and the plane, the car and the truck. These clever emulations courtesy of the industrial revolution took the example of the bird and the horse and changed them beyond anything we could recognize and improved them, by our standards, absolutely astronomically. And darned if the narrow AI is not going to soon be running all of these devices in another exponential technological improvement. Watch as in the next few years you see the advent of the level 5 autonomy human passenger carrying flying drone! Just imagine what our emulations of the human mind are going to be like. permalinksavecontextfull comments (8)editdelete The Oculus Go is a VR headset for grannies, and that’s a good thing by izumi3682 in Futurology [–]izumi3682[S] 2 points 3 months ago Wow! Some people downvoted the dickens out of me I don't know why. But I agree with you that games are but the tip of the iceberg when it come to VR. Read what I have to say and see what you think. https://www.reddit.com/Futurology/comments/6h7xtt/gamers_arent_buying_the_vr_hype_and_game_makers/diw60gy/ permalinksavecontextfull comments (8)editdelete The Oculus Go is a VR headset for grannies, and that’s a good thing by izumi3682 in Futurology [–]izumi3682[S] -3 points 3 months ago I talk about VR a lot. Here is some of my commentary if you like. https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (8)editdelete Pilot study validates artificial intelligence to help predict school violence by izumi3682 in Futurology [–]izumi3682[S] 2 points 3 months ago Important takeaway: The researchers found that machine learning - the science of getting computers to learn over time without human intervention - is as accurate as a team of child and adolescent psychiatrists, including a forensic psychiatrist, in determining risk for school violence. permalinksavecontextfull comments (1)editdelete Artificial intelligence vs intelligence augmentation by izumi3682 in Futurology [–]izumi3682[S] 1 point 3 months ago Well now, this is kinda what we should be angling towards. A manner of easily accessing the narrow AI with our minds. This is not so much a tomorrow or next year technology though. I would say it is going to take between 20-30 years to realize. That seems kind of long from today, but in the scheme of human recorded history of the last 6,000 years, it is as brief a time as the life of a mayfly. And the reason I say 6,000 years is because on the other side of that is a mostly (hopefully) 'human friendly' technological singularity. A human of today, 2018, would no more be able to comprehend a derived human after that TS, than an australopithecus could comprehend a homo sapiens sapien's abstract thought, language based speech and tool-making abilities. I see evidence of efforts today that we are striving to work towards that kind of TS. The development of the BMI and even that neat little trick of a device that can attach to your head externally and can "understand" your sub-vocalizations and have a assistant bot chat back to you through an earphone, demonstrates that not too long from now, we will have the sum total of all human knowledge within each human mind as naturally accessible as breathing. But a lot more understanding of how thoughts and neurons and neural networks and interfaces work needs to be done. Like I said 20-30 years. But of course so many other factors are going to come into play in that intervening time, that this technology will seem very logical to everyone. And it is absolutely going to be necessary. I read not too long ago that in the last 2 years we have produced more information than the last 6,000 years up to 2 years ago, combined. See? That is why we call it "big data". (Yes, I understand a significant percentage of that is screamingly funny cat videos--but that doesn't detract from the point I'm trying to make.) To be able to proceed as a sentient outer space or inner space (I have a "theory" about that) civilization we are going to have to be able to gainfully access and use that data. And we are also going to have be able to continuously absorb further data as well. As of today I have no idea how we are going to do this. I always fall back on my argument that if the laws of physics as we understood them in the year 1400, today 2018 or will in 3018, allow such a thing, we will at some point accomplish it. And there is one more point that I must emphasize here in relation to all of this discussion. The term is "accelerating change". https://en.wikipedia.org/wiki/Accelerating_change It is definitely a very real, demonstrable phenomenon. Our computer processing speed and capacity, "Moore's Law" be damned, is exponentially improving. All of the full sum of data we have today, plus our processing power is going to double in less than 5 years at a maximum. Sit for a second and take that in. And I am being wycked conservative here. I am not even taking the potentially transcending impact of fully functional quantum computers into account. The so-called impending "quantum supremacy". That in itself may change the rules of the game in ways we already can't imagine. This processing speed, data capacity and our feverish development of AI, put humanity into a sort of race now. Will the AI stay external from the human mind? Or will we meld with it? Staying external worries me. External AGI and a potential EI could mean the end of our run. To my way of thinking the AI must merge with the human mind. I really don't think there is a choice. But like I said before, the resulting humans would be... well, not business as usual. A first step towards abandoning biology I suspect. Further... https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (1)editdelete Watch physicist Roger Melko talk about the rapid advance of machine learning and the possibility of human-level artificial intelligence in this Perimeter Institute lecture. by izumi3682 in Futurology [–]izumi3682[S] 1 point 3 months ago One of the things that equally tickles me and worries me is how we think the AI will "stop" exponentially improving upon reaching "human" level intelligence. Have you ever been to an airshow where an F-15 whooshes by you about 100 feet above the ground? Like that. https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (1)editdelete The force by which a small magnet pulls a needle from the ground is more than the force by which the entire earth pulls the needle toward itself. by sigma_alpha in Showerthoughts [–]izumi3682 4 points 3 months ago Oh I can take that one further. The Earth with everything on it is gravitationally attracted to you. permalinksavecontextfull comments (7)editdelete Technology is finally going to kill car dealers, and consumers win by izumi3682 in Futurology [–]izumi3682[S] 21 points 3 months ago So many institutions and norms in the last say, fifty years have been absolutely essential or at worst essential necessary evils. I am telling you that in as little as ten years, the world is going to change almost incomprehensibly. The industrial revolution took roughly 200 years to fully unfold. This next revolution which I place as beginning in the year 2012 when GPU narrow AI began to really take hold, will take about 20 years to unfold. We are approaching a knife edge of danger before we even have to worry about "AI overlords". The narrow AI, robotics and automation are going to, if not eliminate most employ, are certainly going to eliminate enough employ that we will hit a critical mass of societal unease. The potential of revolt and upheaval is high. I can only speak for the USA here, but the USA government is well aware of what is coming and is frankly concerned. Here is an official report from about 18 months ago. I read this and I can see why there is concern. First, here is the report dated Dec 2016. https://obamawhitehouse.archives.gov/sites/whitehouse.gov/files/documents/Artificial-Intelligence-Automation-Economy.PDF To make a long story short, the USA government recognizes what is coming in terms of AI, robotics and automation. The hope is that workers can be "retrained" or can accommodate to the AI, robotics and automation within a given profession. Ideas such as UBI and "post-scarcity are dismissed out of hand. Here is the link to a comment I made a while back explaining the difference between an industrial revolution that took 200 years to unfold versus an AI revolution that is going to take about 20 years to unfold. https://www.reddit.com/Futurology/comments/740gb6/5_myths_about_artificial_intelligence_ai_you_must/ Further... https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (85)editdelete As AI advances rapidly, More Human Than Human says, “Stop, let’s think about this” by izumi3682 in Futurology [–]izumi3682[S] 1 point 3 months ago No, it is just a self post. You don't see my text? permalinksavecontextfull comments (5)editdelete Apple Leaks Reveal VR Headset That Makes HTC Vive Look Ancient by izumi3682 in Futurology [–]izumi3682[S] 1 point 3 months ago Oh! Sorry miss knickers--I was addressing mr faded there. He challenged me on my predictions and the timing of them. permalinksavecontextfull comments (8)editdelete Bitcoin is the greatest scam in history by izumi3682 in Futurology [–]izumi3682[S] 1 point 3 months ago Nah, I don't even pay attention to things like that. My knowledge of such things is far too limited. But I am still pretty excited about the future of course! https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ (Oh! I just realized you are all about Bitcoin. Well, you are one of the fewer smarter people. It's all good.) permalinksavecontextfull comments (92)editdelete Bitcoin is the greatest scam in history by izumi3682 in Futurology [–]izumi3682[S] -2 points 3 months ago I have always thought so. It took us 6,000 years to develop "fiat" in regular money. "Bitcoin" and it's ilk are just a few smarter humans taking advantage of the far larger cohort of less smart humans. In a sort of backhanded compliment, I see this as a good comment on the eternal brilliant cleverness of the human intellect. We will figure out AGI in no time I bet. I'll just wait for "post-scarcity" my ownself. I been working 39 years. I can hang for 8 more til I retire. Or the AGI takes over. Or something. (AGI doesn't exist as of 1 May 2018 BTW) permalinksavecontextfull comments (92)editdelete VR Needs More Social: 77% of Virtual Reality Users Want More Social Engagement by izumi3682 in Futurology [–]izumi3682[S] 2 points 3 months ago Whoa--whoa! Give them a bit of time to get things right. VR as a consumer product has been available for 2 years. In the last one year, two highly advanced social VR sites came into being. Both are directly derived from "Second Life" btw. I just wanted to throw that in because I have been happily hanging out in SL for over ten years now. Anyway, the two sites are "High Fidelity" and "Sansar". I have been to HF numerous times. For as limited as VR is yet, this is a pretty darn well realized VR social arena. Here is more detail if you are interested. I also talk quite a bit about Google EarthVR which is something else you might find truly amazing when it comes to VR. https://www.reddit.com/Futurology/comments/6h7xtt/gamers_arent_buying_the_vr_hype_and_game_makers/diw60gy/ permalinksavecontextfull comments (2)editdelete Apple Leaks Reveal VR Headset That Makes HTC Vive Look Ancient by izumi3682 in Futurology [–]izumi3682[S] -2 points 3 months ago Yes but decades ago is not today. Things is different now. The last 8 years is the difference. Also what is "magical"? Are you implying I am employing "magical thinking"? https://www.reddit.com/Futurology/comments/8g8dk3/as_ai_advances_rapidly_more_human_than_human_says/dy9kvg0/?context=0 https://www.reddit.com/Futurology/comments/4k8q2b/is_the_singularity_a_religious_doctrine_23_apr_16/d3d0g44/ permalinksavecontextfull comments (8)editdelete Artificial intelligence is silly by izumi3682 in Futurology [–]izumi3682[S] 4 points 3 months ago The author of this article is thinking too limitedly. He is thinking like a human in the year 2018. He is trying to juxtapose what our world up to now is and has been, with what the future is going to bring. That is like trying to envision the year 1970 from the year 1920. Lots of airplanes, zeppelins and skyscrapers and searchlights, because searchlights were considered to be absolutely amazing technology in the year 1920. What is coming in the next 5-30 years is going to be beyond anything that humans in the year 2018 can properly envision. That is partly because our minds in their current biological configuration, absent AI enhancement, simply cannot conceive of what the changes are going to be like. https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (4)editdelete Apple Leaks Reveal VR Headset That Makes HTC Vive Look Ancient by izumi3682 in Futurology [–]izumi3682[S] -1 points 3 months ago See? I told you. https://www.reddit.com/Futurology/comments/7r42h0/vr_is_going_to_be_like_nothing_the_world_has_eve Further... https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (8)editdelete As AI advances rapidly, More Human Than Human says, “Stop, let’s think about this” by izumi3682 in Futurology [–]izumi3682[S] 4 points 3 months ago Too late. The cat's out of the bag. Not only can we not stop or even slow the advance of our AI development, but it is clearly now in a point of acceleration wherein the rate of acceleration itself is accelerating. Our science, technology, even economies are inextricably dependent on the ever increasing speed of (narrow, for now) AI development. This may seem alarming to you, but draw back to a universal overview, one far removed from the planet Earth and you will see this is a likely natural and normal "evolution" of the universe itself. https://www.reddit.com/Futurology/comments/6zu9yo/in_the_age_of_ai_we_shouldnt_measure_success/dmy1qed/ Further... https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (5)editdelete Progress on designing multi-generation interstellar asteroid ship (Me: BIG logical thinking error here) by izumi3682 in Futurology [–]izumi3682[S] 1 point 3 months ago In this case, the thriving community of space explorers who — unlike computers, AIs and robotics — need to LIVE. To eat, exercise, work, have fun, sleep, get sick, get well, get old, die and make new people in turn. Many of the ‘’people maintenance’’ functions we can imagine are really pretty easy to turn over to AI powered robotics. Me: People on interstellar "asteroid ships"--"They're just like US!" I don't think we are going to go on asteroid ships to the stars. In fact ultimately I don't think we are going to the stars at all. To me this concept smacks of the ancient Romans envisioning an olive tree one thousand feet high that can provide olive oil to the entire empire. I think the future will go more like this... https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/ permalinksavecontextfull comments (1)editdelete This Presidential Hopeful Wants to Save America From an A.I. Takeover by izumi3682 in Futurology [–]izumi3682[S] 2 points 3 months ago Thank you! To me the important thing is getting this information out there. A perfect analogy for homo sapiens sapiens and our humanity today is the massive intricately tunneled ant mound, with all of its wars and problems and achievements and minutiae of their everyday lives lived in utter chemical pheromone tunnel vision. They have no idea or even concept of the massive earth mover about to fully end all they know. This link here is a bit of a rabbit hole, but I have learned the very hard way that my old commentary eventually vanishes into distance and I can no longer access it. Years and years of commentary now gone to me. So I have begun to consolidate and save in large link chunks what I can, when I think something is relevant. Here is a link that leads to one of those rabbit holes if you like. You will find many links to videos and sources. https://www.reddit.com/useizumi3682/comments/8cy6o5/izumi3682_and_the_world_of_tomorrow/
Now even though Honeywell’s quantum computer is quite powerful, in order to break Bitcoin’s 256-bit cryptography, it would take anywhere between 2,000 to 3,000 qubits of computing power. As you might expect, a quantum computer capable of solving the bitcoin mining algorithm was very expensive (this particular brand, the QIntellize Quantum Computer, costs at least $ 1million). Since the reward for mining a bitcoin block is now at 12.5 bitcoins, at $4000 per bitcoin I should be able to pay it off after mining a few blocks quickly! Quantum computers would break Bitcoin's security. While ECDSA is indeed not secure under quantum computing, quantum computers don't yet exist and probably won't for a while. The DWAVE system often written about in the press is, even if all their claims are true, not a quantum computer of a kind that could be used for cryptography. Buzzwords vs Buzzwords, who will win. tl;dr AI isn't gonna do much to Bitcoin or Blockchain, and Quantum Computing will only do something if we can build a computer with more Qubits than physically possible A quantum computer would need to be able to break your key in the short time between when your transaction is first sent and when it gets into a block. It will likely be decades after a quantum computer first breaks a Bitcoin key before quantum computers become this fast. All of the commonly-used public-key algorithms are broken by QC.
Subscribe for daily crypto videos : https://goo.gl/zm1G9x Bitcoin will be the new store of value and crypto will be the new technology evolution and I want to be a part of that trough this channel. No. Sources: We’re Close to a Universal Quantum Computer, Here’s Where We're At https://www.youtube.com/watch?v=6yaY4Fw-ovM&t=403s McAfee Interview - ICO Shi... Keywords/phrases: Quantum cryptography, quantum cryptoanalysis, quantum computing. Bitcoin uses SHA-256. In cryptography there is a 20-30 year lifecycle for an algorithm before it gets exceeded by ... Quantum Computing is hailed as a technical breakthrough and a lot of people are scared by it. What's the engineering reality? What can it do to Bitcoin? Part 1 of this question. https://twitter ... Is quantum computing a threat to bitcoin? We head to IBM Think 2019 to discuss whether quantum computers pose a threat to cryptocurrencies and blockchain cryptography. The answer was a resounding ...