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Hulk.Finance: A Combination of DeFi and High Frequency Trading

DeFi continues to push the limits of blockchain technology. Whether its staking a native token for a second token from the same ecosystem, locking liquidity for an eternity to promote liquidity providing and the benefits of locking tokens, or simply creating new tokenomics that can be tested and studied, DeFi is exploring all avenues to produce the next breakout token such as YFI. Hulk.finance has stepped in to do just that.

Hulk.finance (Contract Address: 0xE1f8CD01aB04b51d02C6fb2BCA61B03fB5e33B99**)** is an ERC20 token which plans to utilize a DAO (Decentralized Autonomous Organization) format that will be community governed in order to promote high frequency trading in a manner only DeFi can bring to the table. As stated on their website, “Our project connects a high-yield partner HFT (High Frequency Trading) fund that has successfully worked from the beginning of 2020 and has year-to-date yields of more than 40%. The fund size is more than 70 millions USD and they operate on several cryptocurrency exchanges like Binance and Bithumb with their API robots. What is good — automated trading does not require continuous uptrend of the Bitcoin price. We have seen good results during Bitcoin breakouts and breakdowns. We want to have the same yields from our investments. But there is a problem — they work with an entrance barrier of 1,000,000 USDT, like many private banking services or high-yield ETFs. Our basic idea is to make a kind of DeFi staking pool and put it under the management of the HFT fund. We will develop all infrastructure for connecting finance flows, deposits, and withdrawals.

The HULK total supply is 100,000 Tokens. Distribution breakdown is as follows:

The project is new but already has a road-map to help guide their lofty ambitions. The first step begins with the formation of the pre-sale and Liquidity pool on Uniswap which is currently ongoing. Secondly, they will distribute Hulk tokens via staking farms. As described in their website they “will run staking farms for farming 80,000 HULKs*. You will need to stake appropriate tokens on the selected farms to get your share of rewards in HULKs. Farm 1 will farm rewards of 60,000* HULKs within 15 days, staking token — ETH-HULK LP Uniswap V2. Farm 2 will farm rewards of 10,000 HULKs within 15 days, staking token — USDN. Farm 3 will farm rewards of 10,000 HULKs within 15 days, staking token — Token Y. Token Y will be announced prior to the farms’ launch. Genesis farming time will be 15 days, after that farming rate will be settled on the level of 15th day. We implement halving every three days, so early farmers will get more HULKs. View on Etherscan. In order to support the price of the token from dumping, we will take a 5% commission for the sale of tokens, when holders sell it on Uniswap, burn 4% and add 1% to the community grants account. The burnt amount will be added to farming pools after 15 days of initial farming. So, for example, if someone sold 20,000 HULKs, we will take 1,000 tokens, burn 800 of them and they will be re-minted on day 16. 200 tokens will be sent to the community grants address. The total supply is 100,000 tokens.”

The third step includes the staking pool. The staking pool will be open for everyone on the following terms and conditions.


Funds from the staking pool will be transferred to the HFT fund for trading operations.

Lastly, the Vault concept is descriptive. “We want to share revenue from HFT fund among HULK holders that stake their tokens in HULK Vault. HFT fund will send revenue from its operation once a month, on the first day of the following month. Current concept: Monthly revenue from HFT operations will be shared between HULK tokens staked in the vault according to the time of staking divided on 720 hours. Example: You stake your 500 HULK tokens in Vault for 20 days (480 hours). Your HULK/hours equal to 500*480=240,000. Total HULK/hours in Vault in this month — 60,000,000. Your share in this month = 0,4%. HFT fund has earned 4% on staking pool funds this month. After payout of their 1,25% (15%/12) per month to USDT stakers, the remaining part is 10,000,000 USDT x 2,75% = 275,000 USD. Your profit share 0.4% of 275,000 = 1100 USDT will be sent as USDT to your address, connected with a Vault.”

All of the above described by the tokens creators seems very complicated, but many tokens are already trying to accomplish this without access to an already built fund which can execute trades on a daily basis. Also due in part is the projects commitment to becoming a DAO by allowing holders to vote on key project decisions and development to make the ecosystem more effective and manageable. Decentralization is the most trustworthy base of contract/cryptocurrency ownership. It creates a unique and secure environment free from direct outside influence due to the filter of the entire community being involved. The developers have said that the voting system for the project will be done within the first 30 days of project launch.

With lofty ambition and high expectations, the project looks to capitalize on the DeFi boom by hedging their fund against the market and giving holders a share of the pie. It will be interesting to see how successful and sustainable the project can be, but we will find out soon enough.

Pertinent Hulk.Finance Links:



(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)

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Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.
submitted by Chrisc9234 to CryptoMoonShots [link] [comments]

11-05 20:58 - 'Is Bitcoin Safe and Legal?' (self.Bitcoin) by /u/koinalio removed from /r/Bitcoin within 2-12min

'''
Buying, selling, or trading bitcoin is a private transaction in every part of the world. It is a lawful activity in most western and advanced countries, including the US, Canada, and the U.K. Some large economies have restrictions on Bitcoin, including China (ownership discouraged although not a criminal violation) and India ( banks banned from engaging in Bitcoin). Governments everywhere have concerns with the anonymous movement of funds; they wish to prevent the use of money for illegal purposes.
Koinal understands the importance of anti-corruption laws and maintains legal standards for all sales and purchases. The best advice is to consult the laws of the country where one lives and intends to do business with Bitcoin. Koinal operates within the bounds of all applicable laws and meets legal requirements for transactions in every state in which it does business.

Is Bitcoin Safe?

The safety of Bitcoin also has some variables. Like all cryptocurrencies, there is no physical note or document. Owners must safely keep their digital currency and access codes because if lost or misused, there may be no recourse. An elaborate security system surrounds Bitcoin. The digital currency exists in a blockchain that cannot be altered by any government or central authority. Every Bitcoin transaction is transparent and watched by a global network. Unlike some other types of transactions, once the Bitcoin moves, there is no reversal mechanism. When you sell or buy, the transfer cannot be undone or canceled.
Bitcoin is the oldest of the major currencies that include Ethereum, Lite, and Ripple. Bitcoin, by far, has the highest value, and many investors prefer Bitcoin for investment potential. Bitcoin is among the small group of cryptocurrencies that bring high levels of interest from mainstream financial companies and banks. Relative to other cryptocurrencies, Bitcoin enjoys a high level of interest. It is the most well-known cryptocurrency.

Blockchain Technology

People can buy cryptocurrencies in many ways. The blockchain ledgers keep track of Bitcoin’s existence and ownership, and owners can transfer it on a peer-to-peer basis. Peer to peer transactions does not require any action by a government, bank, or any central authority.
A safer and more widely used method is to perform transactions on Bitcoin exchanges.
[Koinal works with Binance]1 and other leading currency exchanges. Koinal provides a simple and effective way to purchase Bitcoin using regular bank credit cards and debit cards.

Taxes and Virtual Currency

Bitcoin transactions can result in taxation when used to pay for goods, services, and wages. While it is not a recognized form of currency under U.S. tax law, it does have value. In some instances, the tax code assesses Bitcoin by its fair market value at the time of purchase.
The U.S. government’s Internal Revenue Service has noticed Bitcoin and digital currency. It issued an advisory in 2014 and a new item on the tax return for 2020. The IRS named Bitcoin as one of many virtual currencies. The IRS advises that Bitcoin may represent income under tax laws and maybe a taxable asset when held as property.
When treated as property under a national tax code, Bitcoin may get treated like other assets that grow in value, such as the U.S. capital gains tax. Investors, buyers, and sellers should consult legal and tax advisors for advice on their situations. At Koinal, we do not offer tax advice. We simply point out that each investor must examine the tax implications of Bitcoin or other virtual currency transactions.

Keeping Within the Law and Regulations

Koinal takes all required steps to keep its transactions within the bounds of national laws and regulations. Koinal requires identification and personal information needed to comply with anti-corruption and know-your-customer rules(KYC). Bitcoin transactions are not anonymous under current rules and regulations.
Koinal offers a seamless purchasing experiencing for Bitcoin that can use a bank credit card or debit card. Our system provides quick and reliable delivery to the coordinates of your choice. Bitcoin offers exciting potential for usage as a currency, medium of exchange, and as an investment. When you are ready to purchase, visit our Koinal.io website to buy bitcoin instantly with your credit card.
'''
Is Bitcoin Safe and Legal?
Go1dfish undelete link
unreddit undelete link
Author: koinalio
1: **w**o*nal.io/blog*bin*nce-to-j*in-e*fo*ts*with-koin***
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Hulk.Finance: A Combination of DeFi and High Frequency Trading

Hulk.Finance: A Combination of DeFi and High Frequency Trading
DeFi continues to push the limits of blockchain technology. Whether its staking a native token for a second token from the same ecosystem, locking liquidity for an eternity to promote liquidity providing and the benefits of locking tokens, or simply creating new tokenomics that can be tested and studied, DeFi is exploring all avenues to produce the next breakout token such as YFI. Hulk.finance has stepped in to do just that.

https://preview.redd.it/f4mrjlxu5ct51.png?width=675&format=png&auto=webp&s=2c2d11429ae554d541bed3a19955fed71e6f9b6d
Hulk.finance (Contract Address: 0xE1f8CD01aB04b51d02C6fb2BCA61B03fB5e33B99) is an ERC20 token which plans to utilize a DAO (Decentralized Autonomous Organization) format that will be community governed in order to promote high frequency trading in a manner only DeFi can bring to the table. As stated on their website, “Our project connects a high-yield partner HFT (High Frequency Trading) fund that has successfully worked from the beginning of 2020 and has year-to-date yields of more than 40%. The fund size is more than 70 millions USD and they operate on several cryptocurrency exchanges like Binance and Bithumb with their API robots. What is good — automated trading does not require continuous uptrend of the Bitcoin price. We have seen good results during Bitcoin breakouts and breakdowns. We want to have the same yields from our investments. But there is a problem — they work with an entrance barrier of 1,000,000 USDT, like many private banking services or high-yield ETFs. Our basic idea is to make a kind of DeFi staking pool and put it under the management of the HFT fund. We will develop all infrastructure for connecting finance flows, deposits, and withdrawals.

https://preview.redd.it/fugnjuoz5ct51.png?width=717&format=png&auto=webp&s=2aa5bd3828b4803191de330f024edab277f47906

The HULK total supply is 100,000 Tokens. Distribution breakdown is as follows:
  • Farms Distribution: 80,000 (6% or 4,800 — Team Part)
  • Pre-sale: 10,000
  • Initial Liquidity Pool: 8,000
  • Development: 1,000
  • Marketing: 1,000

https://preview.redd.it/js0zqx136ct51.png?width=717&format=png&auto=webp&s=0469468caa8d47be95baf392b2a26a9303d7f773
The project is new but already has a road-map to help guide their lofty ambitions. The first step begins with the formation of the pre-sale and Liquidity pool on Uniswap which is currently ongoing. Secondly, they will distribute Hulk tokens via staking farms. As described in their website they “will run staking farms for farming 80,000 HULKs. You will need to stake appropriate tokens on the selected farms to get your share of rewards in HULKs. Farm 1 will farm rewards of 60,000 HULKs within 15 days, staking token — ETH-HULK LP Uniswap V2. Farm 2 will farm rewards of 10,000 HULKs within 15 days, staking token — USDN. Farm 3 will farm rewards of 10,000 HULKs within 15 days, staking token — Token Y. Token Y will be announced prior to the farms’ launch. Genesis farming time will be 15 days, after that farming rate will be settled on the level of 15th day. We implement halving every three days, so early farmers will get more HULKs. View on Etherscan. In order to support the price of the token from dumping, we will take a 5% commission for the sale of tokens, when holders sell it on Uniswap, burn 4% and add 1% to the community grants account. The burnt amount will be added to farming pools after 15 days of initial farming. So, for example, if someone sold 20,000 HULKs, we will take 1,000 tokens, burn 800 of them and they will be re-minted on day 16. 200 tokens will be sent to the community grants address. The total supply is 100,000 tokens.

The third step includes the staking pool. The staking pool will be open for everyone on the following terms and conditions.

  • Staking Pool 1 Target: 10 million USDT.
  • Guaranteed APY: 15%.
  • Minimum Staking Amount: 100 USDT.
  • Type Of Staking: Locked
  • Minimum Staking Term: 24 hours
  • Withdraw Period: 24 hours after withdrawal order.
  • Reward Calculation: daily.
Funds from the staking pool will be transferred to the HFT fund for trading operations.

Lastly, the Vault concept is descriptive. “We want to share revenue from HFT fund among HULK holders that stake their tokens in HULK Vault. HFT fund will send revenue from its operation once a month, on the first day of the following month. Current concept: Monthly revenue from HFT operations will be shared between HULK tokens staked in the vault according to the time of staking divided on 720 hours. Example: You stake your 500 HULK tokens in Vault for 20 days (480 hours). Your HULK/hours equal to 500\480=240,000. Total* HULK/hours in Vault in this month — 60,000,000. Your share in this month = 0,4%. HFT fund has earned 4% on staking pool funds this month. After payout of their 1,25% (15%/12) per month to USDT stakers, the remaining part is 10,000,000 USDT x 2,75% = 275,000 USD. Your profit share 0.4% of 275,000 = 1100 USDT will be sent as USDT to your address, connected with a Vault.”

All of the above described by the tokens creators seems very complicated, but many tokens are already trying to accomplish this without access to an already built fund which can execute trades on a daily basis. Also due in part is the projects commitment to becoming a DAO by allowing holders to vote on key project decisions and development to make the ecosystem more effective and manageable. Decentralization is the most trustworthy base of contract/cryptocurrency ownership. It creates a unique and secure environment free from direct outside influence due to the filter of the entire community being involved. The developers have said that the voting system for the project will be done within the first 30 days of project launch.

With lofty ambition and high expectations, the project looks to capitalize on the DeFi boom by hedging their fund against the market and giving holders a share of the pie. It will be interesting to see how successful and sustainable the project can be, but we will find out soon enough.

Pertinent Hulk.Finance Links:



(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.
submitted by Chrisc9234 to CryptoCurrencies [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to CryptoCurrencies [link] [comments]

Decentr ($DEC) - foundational cross-chain and cross-platform DeFi protocol

  1. SUMMARY
Decentr is a protocol designed to make blockchain/DLT mainstream by allowing DeFi applications built on various blockchains to “talk to each other”. Decentr is a 100% secure and decentralised Web 3.0 protocol where users can apply PDV (personal data value) to increase APR on $DEC that users loan out as part of of our DeFi dLoan features, as well as it being applied at PoS when paying for stuff online. Decentr is also building a BAT competitor browser and Chrome/Firefox extension that acts as a gateway to 100% decentralised Web 3.0
Allows DeFi Dapps to access all Decentr’s dFintech features, including dLoan, dPay. Key innovation is that the protocols is based on a user’s ability to leverage the value of their data as exchangeable “currency”.
  1. KEY CONCEPTS

  1. REVENUE MODEL
A fee is charged for every transaction using dPay whereby an exchange takes place between money (fiat and digital) and data, and vice versa, either as part of DeFi features or via a dApp built on Decentr. They are launching pilot programmes in the following industries:
  1. Banking/PSP Industry: On Product launch, due to Decentr’s powerful PSP connections (including the worlds #2 PSP by volume), a medium-scale pilot program will be launched, which will seed the network with 150,000 PSP customers in primarily the Spanish/LAC markets, generating revenue from day one.
  2. “Bricks and Mortar” Supermarket/Grocery Industry: Decentr aims to ensure the long-term competitiveness of “bricks and mortar” supermarkets against online-only grocery retailers, such as Amazon, by a) building secure tech that allows supermarkets to digitise every aspect of their supply chains and operational functions, while b) allowing supermarkets to leverage this incredibly valuable data as a liquid asset class. Expected revenue by Year 5: $114Mn per year.
  3. Online Advertising Industry: Decentr’s 100% decentralised platform credits users secure data with payable value, in the form of PDV, for engaging with ads. The Brave browser was launched in 2012 and in 8 years has reached over 12 million monthly active users, accented by as many as 4.3 million daily active users.
  4. TOKEN $DEC AND SALE
Decentr recently complete their token sale on a purchase portal powered by Dolomite where they raised $974,000 in 10 minutes for a total sale hardcap of 1.25M. The $DEC token is actively trading on multiple exchanges including Uniswap and IDEX. Listed for free on IDEX, Hotbit, Hoo, Coinw, Tidex, BKex. Listed on CoinGecko and Coinmarketcap. Listed on Delta and Blockfolio apps.
➡️ Circulating supply: 61m $DEC.
➡️ Release schedule and token distribution LINK -> NO RELEASE UNTIL 2021.
➡️Contract Address - 0x30f271C9E86D2B7d00a6376Cd96A1cFBD5F0b9b3
➡️Decimals - 18, Ticker - DEC
➡️Uniswap link: https://uniswap.info/pai0x3AEEE5bA053eF8406420DbC5801fC95eC57b0E0A
⭐️ HOW TO BUY VIDEO: https://www.youtube.com/watch?v=iloAiv2oCRc&feature=youtu.be
$DEC Token utility:
A tradeable unit of value that is both internal and external to the Decentr platform.A unit of conversion between fiat entering and exiting the Decentr ecosystem.A way to capture the value of user data and combines the activity of every participant of the platform performing payment (dPay), or lending and borrowing (dLend), i.e a way to peg PDV to tangible/actionable value.Method of payment in the Decentr ecosystem.A method to internally underwrite the “Deconomy.
  1. NOTABLE SUPPORTERS
Simon Dedic - chief of Blockfyre: https://twitter.com/scoinaldo/status/1283787644221218817?s=20https://twitter.com/scoinaldo/status/1283719917657894912?s=21
Spectre Group Pick : https://twitter.com/SPECTREGRP/status/1284761576873041920https://twitter.com/llluckyl/status/1283765481716015111?s=21
Patrons of the Moon/Lil Uzi: https://t.me/patronsofthemoon/6764
CryptoGems: https://twitter.com/cryptogems_com/status/1283719318379925506?s=09t
tehMoonwalker pick who is a TOP 5 influencer per Binance:https://twitter.com/tehMoonwalkestatus/1284123961996050432?s=20https://twitter.com/binance/status/1279049822113198080
Holochain was one of their earliest supporters and they share a deep connection (recently an AMA was conducted in their TG group): https://medium.com/@DecentrNet/decentr-holochain-ama-29d662caed03
  1. UPCOMING NEWS
--------------------------------------------
  1. RESOURCES:
Website: https://decentr.net
Telegram: https://t.me/DecentrNet
Medium: https://medium.com/@DecentrNet
Twitter: https://twitter.com/DecentrNet
Whitepaper: https://decentr.net/files/Decentr_Whitepaper_V1.4.pdf
Technical Whitepaper: https://decentr.net/files/Decentr_Technical_Whitepaper_Data_As_Economic_Currency.pdf
Recent Articles:
⚡️- https://medium.com/@DecentrNet/decentr-token-sale-metrics-and-distribution-483bb3c58d05
⚡️- https://medium.com/@DecentrNet/how-decentrs-defi-dloan-function-benefits-dec-holders-97ff64a0c105
⚡️- https://medium.com/@DecentrNet/3-vertical-revenue-streams-decentr-is-targeting-4fa1f3dd62de
⚡️- https://medium.com/@DecentrNet/brave-browser-the-good-the-bad-and-the-fundamentally-misguided-8a8593b0ff5b
⚡️- https://medium.com/@DecentrNet/how-decentrs-dfintech-replaces-swift-sct-inst-clearing-house-and-other-payment-solutions-78acacbb4c3f
Chad Gang STRONG Community: https://t.me/decentrtrading
Community News Channel: https://t.me/chadnews
Recent Uniswap trades: https://t.me/dectrades
Wallet holder tracker: https://t.me/DEC_WALLETS_COUNT
submitted by ldd999 to CryptoMoonShots [link] [comments]

RESEARCH REPORT ABOUT ARYACOIN

RESEARCH REPORT ABOUT ARYACOIN
Author: Gamals Ahmed, CoinEx Business Ambassador

https://preview.redd.it/a7jv4azk86u51.jpg?width=1600&format=pjpg&auto=webp&s=e4a4dbb5afacd5747076beaa59e6343b805c3392

ABSTRACT

Aryacoin is a new cryptocurrency, which allows for decentralized, peer to peer transactions of electronic cash. It is like Bitcoin and Litecoin, but the trading of the coin occurs on sales platforms that have no restriction to use. Further, it was created with the goal of addressing the double spend issues of Bitcoin and does so using a timestamp server to verify transactions. It works by taking the hash of a block of items to be timestamped and widely publishing the hash. The timestamp proves that the data must have existed at the time in order to get the hash. Each timestamp then includes the previous timestamp in its hash, forming a chain.
The Aryacoin team is continuously developing new use cases for the coin, including exchanges where users can exchange the coins without any fees or restrictions, and offline options where the coins can be bought and sold for cash. The coins can also be used on the company’s other platform, mrdigicoin.io. Along with the coin, there is a digital wallet that can be created and controlled by the user entirely, with no control being retained by the Aryacoin team.

1.INTRODUCTION

The concept of Blockchain first came to fame in October 2008, as part of a proposal for Bitcoin, with the aim to create P2P money without banks. Bitcoin introduced a novel solution to the age-old human problem of trust. The underlying blockchain technology allows us to trust the outputs of the system without trusting any actor within it. People and institutions who do not know or trust each other, reside in different countries, are subject to different jurisdictions, and who have no legally binding agreements with each other, can now interact over the Internet without the need for trusted third parties like banks, Internet platforms, or other types of clearing institutions.
When bitcoin was launched it was revolutionary allowing people to transfer money to anytime and anywhere with very low transaction fees . It was decentralized and their is no third party involved in the transaction , only the sender and receiver were involved.
This paper provide a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. Bitcoin was made so that it would not be controlled or regulated but now exchanges and governments are regulating bitcoin and other cryptocurrencies at every step. Aryacoin was developed to overcome these restrictions on a free currency.
Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.

1.1 OVERVIEW ABOUT ARYACOIN

Aryacoin is a new age cryptocurrency, which withholds the original principle on which the concept of cryptocurrency was established. Combining the best in blockchain technology since the time of its creation, Aryacoin strives to deliver the highest trading and mining standards for its community.
Aryacoin is a blockchain based project that allows users to access their wallet on the web and mobile browsers, using their login details.
Aryacoin can be mined; it also can be exchanged by other digital currencies in several world-famous exchanges such as Hitbtc, CoinEx, P2pb2b, WhiteBit, Changelly and is also listed in reputable wallets such as Coinomi and Guarda.
Aryacoin is a coin, which can be used by anyone looking to use cryptocurrency which allows them to keep their privacy even when buying/selling the coin along with while using the coin during transactions. Proof of work and cryptographic hashes allows transactions to verified.
Stable Fee Per AYA is a unique feature of Aryacoin, so by increasing the amount or volume of the transaction, there is no change in the fee within the network, which means that the fee for sending an amount less than 1 AYA is equal to several hundred million AYA. Another unique feature of Aryacoin is the undetectability of transactions in Explorer, such as the DASH and Monero, of course, this operation is unique to Aryacoin.
Using Aryacoin digital currency, like other currencies, international transactions can be done very quickly and there are no limitations in this area as the creators claim.
Aryacoin aims to allow users to access the Aryacoin wallet via the web and mobile browsers using their login details.
Aryacoin is a peer-to-peer electronic cash system that enables users to send and receive payments directly from one party to another, and allow them to transfer funds across borders with no restriction or third party involvement. The blockchain-based system embraces the digital signature, which prevents double spending and low transfer fees, which enables users to transfer huge amounts with very low fees. The proof-of-work consensus mechanism allows each transaction to be verified and confirmed, while anonymity enables users to use the coin anywhere at any time.
According to the website of the operation, each wallet is divided into 2 or more AYA wallet addresses for each transaction, and depending on the volume of the transaction block, the origin, and destination of transactions in the network can not be traced and displayed to the public.
In fact, each wallet in Aryacoin consists of a total of several wallets. The number of these wallets increases per transaction to increase both security and privacy. Aryacoin also uses the dPoW protocol. In the dPoW protocol, a second layer is added to the network to verify transactions, which makes “51% attack” impossible even with more than half of the network hash, and blocks whose Blockchain uses this second layer of security never run the risk of 51% attacks.
AYA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by
first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin.

1.1.1 ARYACOIN HISTORY

Aryacoin (AYA) is a new cryptocurrency, which has been created by a group of Iranian developers, is an altcoin which allows for decentralised, peer to peer transactions of electronic cash without any fees whatsoever. Along with the coin, there is a digital wallet that can be created and managed by the user entirely, with no control being retained by the Aryacoin team.
Aryacoin’s founder, Kiumars Parsa, has been a fan of alternative currencies and particularly Bitcoin.
We see people from all around the world using Blockchain technology and the great benefits that came with it and it then that I decided to solve this puzzle for find a way of bringing the last missing piece to the jigsaw. The idea for Aryacoin was born.” Parsa said.
Parsa and his team of Iranian ex-pats not only persevered but expedited the project and just a year later, in the summer of 2019, the first version of Aryacoin was released. In 2020, Aryacoin is the first and only Iranian coin listed on CMC.
Parsa goes on to state that it is now the strength of the community that has invested in the coin that will ultimately drive its success, alongside its robust technology and appealing 0% network fees.
We have thousands of voices behind Aryacoin. People for the people make this coin. It is a massive shout out for democracy. This had made us base the whole team strategy on the benefits for both our users and our traders.
One key example is that the network fee on AYA Blockchain is 0%. Yes, absolutely nothing, which which differentiates us from other networks. What also differentiates us from other coins is that we have AYAPAY which is the first cryptocurrency Gateway in the world which does not save funds on third party storage with all funds being forwarded directly to any wallet address that the Gateway owner requests”.
So for the first time ever, and unlike other gateways, incoming funds will be saved on the users account with submitted withdrawal requests then made on the Gateway host website. In AYAPAY which has also been developed by the Aryacoin team, all funds without extra fees or extra costs will directly forwarded to users wallets. We have named this technology as CloudWithdrawal.
We are continuously challenging ourselves as it is a crowded marketplace. We are striving to have a safer Blockchain against 51% attacks, faster confirmations speeds of transactions, cheaper network fee, growing the market by cooperation with Top tier Exchangers.

1.1.2 ARYACOIN’S MAIN GOAL

Aryacoin’s main goal is to educate people and give them the freedom to use cryptocurrency in any way they want. Aryacoin empowers the users to transfer, pay, trade cryptocurrency from any country around the globe.
Platforms that have been created by Aryacoin Team, as well as those that will go live in future, operate on the same principle and exclude absolutely no one.

1.1.3 PROBLEM ARYACOIN SEEKS TO SOLVE

Aryacoin aims to provide a long-term solution to the problem of double spending, which is still common in the crypto market. The developers of the system have created a peer-to-peer distributed timestamp server that generates computational proof of the transactions as they occur.
Besides, the system remains secure provided honest nodes control more CPU power than any cooperating group of attacker nodes. While Bitcoin was designed not to be regulated or controlled, many exchanges and governments have put regulatory measures on the pioneer cryptocurrency at every step. Aryacoin aims to overcome these restrictions as a free digital currency.

1.1.4 BENEFITS OF USING ARYACOIN

Aryacoin solution offers the following benefits:
  • Real-time update: whether you’re going on a holiday or a business trip, no problem. You can access your coins all over the world.
  • Instant operations: Aryacoin makes it quite easy for you to use your digital wallet and perform various operations with it.
  • Safe and secure: all your data is stored encrypted and can only be decrypted with your private key, seed, or password.
  • Strong security: The system has no control over your wallet. You are 100% in charge of your wallet and funds.

1.1.5 ARYACOIN FEATURES

1. Anonymity
The coin provides decent level of anonymity for all its users. The users can send their transactions to any of the public nodes to be broadcasted , the transaction sent to the nodes should be signed by the private key of the sender address . This allows the users to use the coin anywhere any time , sending transactions directly to the node allows users from any place and country .
2. Real Life Usage
aryacoin’s team is continuously developing new and innovative ways to use the coins , they are currently developing exchanges where the users can exchange the coins without any fees and any restrictions . They also are currently developing other innovative technologies, which would allow users to spend our coins everywhere and anywhere.
3. Offline Exchanges
They are also working with different offline vendors which would enable them to buy and sell the coins directly to our users on a fixed/variable price this would allow easy buy/sell directly using cash . This would allow the coins to be accessible to users without any restrictions which most of the online exchanges have, also increase the value and number of users along with new ways to spend the coin. This would increase anonymity level of the
coin. In addition, introduce new users into the cryptomarket and technology. Creating a revolution, which educates people about crypto and introduce them to the crypto world, which introduces a completely new group of people into crypto and a move towards a Decentralized future!
4. Transactions
When it comes to transactions, Aryacoin embraces a chain of digital signatures, where each owner simply transfers the coin to the next person by digitally signing a hash of the previous transaction and the public key of the next owner. The recipient can then verify the signatures to confirm the chain of ownership. Importantly, Aryacoin comes with a trusted central authority that checks every transaction for double spending.
5. Business Partner with Simplex
Aryacoin is the first and only Iranian digital currency that managed to obtain a trading license in other countries.
In collaboration with the foundation and financial giant Simplex, a major cryptocurrency company that has large companies such as Binance, P2P, Changelly, etc. Aryacoin has been licensed to enter the world’s major exchanges, as well as the possibility of purchasing AYA through Credit Cards, which will begin in the second half of 2020.
Also, the possibility of purchasing Aryacoin through Visa and MasterCard credit cards will be activated simultaneously inside the Aryacoin site. plus, in less than a year, AYA will be placed next to big names such as CoinCapMarket, Coinomi, P2P, Coinpayments and many other world-class brands today.

1.1.6 WHY CHOOSE ARYACOIN?

If you want to use a cryptocurrency that allows you to keep your privacy online even when buying and selling the coins, the Aryacoin team claims that AYA is the way to go. Aryacoin is putting in the work: with more ways to buy and sell, and fixing the issues that were present in the original Bitcoin, plus pushing the boundaries with innovative solutions in cryptocurrencies. You can get started using Aryacoin (AYA) payments simply by having a CoinPayments account!

1.1.7 ARYANA CENTRALIZED EXCHANGE

Aryana, the first Iranian exchange is a unique platform with the following features:
  • The first real international Persian exchange that obtains international licenses and is listed in CoinMarketCap.
  • The first Iranian exchange that has been cooperating with a legal and European exchange for 3 years.
  • The possibility of trading in Tomans (available currency in Iran) at the user’s desired price and getting rid of the transaction prices imposed by domestic sites inside Iran.
  • There is an internal fee payment plan by Iranian domestic banks for depositing and withdrawing Tomans for Aryacoin holders in Aryana Exchange.
  • The number that you see on the monitor and in your account will be equal to the number that is transferred to your bank account without a difference of one Rial.
  • The last but not least, noting the fact that there is a trading in Tomans possibility in Aryana exchange.
Aryana Exchange is using the most powerful, fastest, and most expensive server in the world, Google Cloud Platform (GCP), which is currently the highest quality server for an Iranian site, so that professional traders do not lag behind the market even for a second.
The feature of Smart Trading Robots is one of the most powerful features for digital currency traders. Digital cryptocurrency traders are well aware of how much they will benefit from smart trading robots. In the Aryana exchange, it is possible to connect exchange user accounts to intelligent trading bots and trade even when they are offline.
The injection of $ 1 million a day in liquidity by the WhiteBite exchange to maintain and support the price of Tether and eliminate the Tether fluctuations with Bitcoin instabilities used by profiteers to become a matter of course.

1.1.8 HOW DOES ARYACOIN WORK?

Aryacoin (AYA) tries to ensure a high level of security and privacy. The team has made sure to eliminate any trading restrictions for the network users: no verification is required to carry out transactions on AYA, making the project truly anonymous, decentralized, and giving it a real use in day-to-day life. The Delayed-Proof-of-Work (dPoW) algorithm makes the Aryacoin blockchain immune to any attempts of a 51% attack. AYA defines a coin as a chain of digital signatures — each owner transfers the coin to the next owner by digitally signing the hash of the previous transaction and the public key of the next owner, and the receiver verifies the signatures and the chain of ownership.

2. ARYACOIN TECHNOLOGY

2.1 PROOF-OF-WORK

They use a proof-of-work system similar to Adam Back’s Hashcash to implement a distributed timestamp server on a peer-to-peer basis, rather than newspaper or Usenet publications. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.
For their timestamp network, they implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block’s hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.
The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If honest nodes control a majority of CPU power, the honest chain will grow the fastest and outpace any competing chains. To modify a past
block, an attacker would have to redo the proof-of-work of the block and all blocks after it, then catch up with, and surpass the work of the honest nodes.

2.2 NETWORK

The steps to run the network are as follows:
  • New transactions are broadcast to all nodes.
  • Each node collects new transactions into a block.
  • Each node works on finding a difficult proof-of-work for its block.
  • When a node finds a proof-of-work, it broadcasts the block to all nodes.
  • Nodes accept the block only if all transactions in it are valid and not already spent.
This is a very simple system that makes the network fast and scalable, while also providing a decent level of anonymity for all users. Users can send their transactions to any of the public nodes to be broadcast, and the private key of the sender’s address should sign any transaction sent to the nodes. This way, all transaction info remains strictly confidential. It also allows users to send transactions directly to the node from any place at any time and allows the transferring of huge amounts with very low fees.

2.3 AYAPAY PAYMENT SERVICES GATEWAY:

According to creators Aryacoin, the development team has succeeded in inventing a new blockchain technology for the first time in the world, which is undoubtedly a big step and great news for all digital currency enthusiasts around the world.
This new technology has been implemented on the Aryacoin AYAPAY platform and was unveiled on October 2. AYAPAY payment platform is the only payment gateway in the world that does not save money in users’ accounts and transfers incoming coins directly to any wallet address requested by the gateway owner without any additional transaction or fee.
In other similar systems or even systems such as PayPal, money is stored in the user account.

2.4 CONSENSUS ALGORITHM IN ARYACOIN

The devs introduced the Delayed-Proof-of-Work (dPoW) algorithm, which represents a hybrid consensus method that allows one blockchain to take advantage of the security provided by the hashing power of another blockchain. The AYA blockchain works on dPoW and can use such consensus methods as Proof-of-Work (PoW) or Proof-of-Stake (PoS) and join to any desired PoW blockchain. The main purpose of this is to allow the blockchain to continue operating without notary nodes on the basis of its original consensus method. In this situation, additional security will no longer be provided through the attached blockchain, but this is not a particularly significant problem. dPoW can improve the security level and reduce energy consumption for any blockchain.

2.5 DOUBLE-SPEND PROBLEM AND SOLUTION

One of the main problems in the blockchain world is that a receiver is unable to verify whether or not one of the senders did not double-spend. Aryacoin provides the solution, and has established a trusted central authority, or mint, that checks every transaction for double-spending. Only the mint can issue a new coin and all the coins issued directly from the mint are trusted and cannot be double-spent. However, such a system cannot therefore
be fully decentralized because it depends on the company running the mint, similar to a bank. Aryacoin implements a scheme where the receiver knows that the previous owners did not sign any earlier transactions. The mint is aware of all transactions including which of them arrived first. The developers used an interesting solution called the Timestamp Server, which works by taking a hash of a block of items to be ‘timestamped’ and publishing the hash. Each timestamp includes the previous timestamp in its hash, forming a chain. To modify a block, an attacker would have to redo the proof-of-work of all previous blocks, then catch up with, and surpass the work of the honest nodes. This is almost impossible, and makes the network processes more secure. The proof-of-work difficulty varies according to circumstances. Such an approach ensures reliability and high throughput.

3. ARYACOIN ROADMAP

April 2019: The launch of Aryacoin; AYA ICO, resulting in over 30BTC collected
December 2019: The launch of AYA Pay
April 2020: The successful Hamedan Hardfork, supported by all AYA exchanges, aimed at integrating the dPoW algorithm, improving the security of the AYA blockchain.
June 2020: Aryana Exchange goes live, opening more trading opportunities globally
July 2020: The enabling of our Coin Exchanger
November 2020: The implementation of Smart Contracts into the Aryacoin Ecosystem
Q1 2021: Alef B goes live (more details coming soon)

4. THE NUCYBER NETWORK COMMUNITY & SOCIAL

Website: https://aryacoin.io/
Explorer: https://explorer.aryacoin.io/
Github: https://github.com/Aryacoin/Aryacoin
Twitter: 1.1k followers https://twitter.com/AryacoinAYA
Reddit: 442 members https://github.com/nucypher
Instagram: 3.8k followers https://www.instagram.com/mrdigicoin/ Telegram: 5.9k subscribers https://t.me/AYA_Global

5. SUMMARY

Aryacoin (AYA) is a new age cryptocurrency that combines the best of the blockchain technology and strives to deliver high trading and mining standards, enabling users to make peer-to-peer decentralized transactions of electronic cash. Aryacoin is part of an ecosystem that includes payment gateway Ayapay and the Ayabank. AYA has a partnership with the Microsoft Azure cloud platform, which provides the ability to develop applications and store data on servers located in distributed data centers. The network fee for the AYA Blockchain is 0%. In Ayapay service, which has been developed by the Aryacoin team, all funds without extra fees or costs are directly forwarded to users’ wallets with technology called CloudWithdrawal. The devs team is introducing new use cases including exchanges where users will exchange AYA without any restrictions. You can buy AYA on an exchange of your choice, create an Aryacoin wallet, and store it in Guarda.

6. REFERENCES

1) https://coincodex.com/crypto/aryacoin/
2) https://www.icosandstos.com/coin/Aryacoin%20AYA/YuXO60UPF3
3) https://www.publish0x.com/iran-and-cryptocurrency/a-brief-introduction-of-aryacoin-first-ever-iranian-cryptocu-xoldlom
4) https://techround.co.uk/cryptocurrency/aryacoin-the-digital-currency-created-by-iranians/
5) https://bitcoinexchangeguide.com/aryacoin/
6) https://blog.coinpayments.net/coin-spotlight/aryacoin
7) https://guarda.com/aryacoin-wallet
submitted by CoinEx_Institution to Coinex [link] [comments]

Hulk.Finance: A Combination of DeFi and High Frequency Trading

Hulk.Finance: A Combination of DeFi and High Frequency Trading
DeFi continues to push the limits of blockchain technology. Whether its staking a native token for a second token from the same ecosystem, locking liquidity for an eternity to promote liquidity providing and the benefits of locking tokens, or simply creating new tokenomics that can be tested and studied, DeFi is exploring all avenues to produce the next breakout token such as YFI. Hulk.finance has stepped in to do just that.

https://preview.redd.it/j5qhdouxect51.png?width=675&format=png&auto=webp&s=f054e18e44a59d2328850373cbce91c648875670

Hulk.finance (Contract Address: 0xE1f8CD01aB04b51d02C6fb2BCA61B03fB5e33B99) is an ERC20 token which plans to utilize a DAO (Decentralized Autonomous Organization) format that will be community governed in order to promote high frequency trading in a manner only DeFi can bring to the table. As stated on their website, “Our project connects a high-yield partner HFT (High Frequency Trading) fund that has successfully worked from the beginning of 2020 and has year-to-date yields of more than 40%. The fund size is more than 70 millions USD and they operate on several cryptocurrency exchanges like Binance and Bithumb with their API robots. What is good — automated trading does not require continuous uptrend of the Bitcoin price. We have seen good results during Bitcoin breakouts and breakdowns. We want to have the same yields from our investments. But there is a problem — they work with an entrance barrier of 1,000,000 USDT, like many private banking services or high-yield ETFs. Our basic idea is to make a kind of DeFi staking pool and put it under the management of the HFT fund. We will develop all infrastructure for connecting finance flows, deposits, and withdrawals.

https://preview.redd.it/0e3j6i0zect51.png?width=717&format=png&auto=webp&s=0578f1dfd88142f6da788b39a2e90833fb627c51

The HULK total supply is 100,000 Tokens. Distribution breakdown is as follows:

  • Farms Distribution: 80,000 (6% or 4,800 — Team Part)
  • Pre-sale: 10,000
  • Initial Liquidity Pool: 8,000
  • Development: 1,000
  • Marketing: 1,000

https://preview.redd.it/xiz7f0i2fct51.png?width=717&format=png&auto=webp&s=85a8e7ccc13661cb6318ed845793ab4f70c729e3
The project is new but already has a road-map to help guide their lofty ambitions. The first step begins with the formation of the pre-sale and Liquidity pool on Uniswap which is currently ongoing. Secondly, they will distribute Hulk tokens via staking farms. As described in their website they “will run staking farms for farming 80,000 HULKs*. You will need to stake appropriate tokens on the selected farms to get your share of rewards in HULKs. Farm 1 will farm rewards of 60,000* HULKs within 15 days, staking token — ETH-HULK LP Uniswap V2. Farm 2 will farm rewards of 10,000 HULKs within 15 days, staking token — USDN. Farm 3 will farm rewards of 10,000 HULKs within 15 days, staking token — Token Y. Token Y will be announced prior to the farms’ launch. Genesis farming time will be 15 days, after that farming rate will be settled on the level of 15th day. We implement halving every three days, so early farmers will get more HULKs. View on Etherscan. In order to support the price of the token from dumping, we will take a 5% commission for the sale of tokens, when holders sell it on Uniswap, burn 4% and add 1% to the community grants account. The burnt amount will be added to farming pools after 15 days of initial farming. So, for example, if someone sold 20,000 HULKs, we will take 1,000 tokens, burn 800 of them and they will be re-minted on day 16. 200 tokens will be sent to the community grants address. The total supply is 100,000 tokens.”

The third step includes the staking pool. The staking pool will be open for everyone on the following terms and conditions.

  • Staking Pool 1 Target: 10 million USDT.
  • Guaranteed APY: 15%.
  • Minimum Staking Amount: 100 USDT.
  • Type Of Staking: Locked
  • Minimum Staking Term: 24 hours
  • Withdraw Period: 24 hours after withdrawal order.
  • Reward Calculation: daily.

Funds from the staking pool will be transferred to the HFT fund for trading operations.

Lastly, the Vault concept is descriptive. “We want to share revenue from HFT fund among HULK holders that stake their tokens in HULK Vault. HFT fund will send revenue from its operation once a month, on the first day of the following month. Current concept: Monthly revenue from HFT operations will be shared between HULK tokens staked in the vault according to the time of staking divided on 720 hours. Example: You stake your 500 HULK tokens in Vault for 20 days (480 hours). Your HULK/hours equal to 500*480=240,000. Total HULK/hours in Vault in this month — 60,000,000. Your share in this month = 0,4%. HFT fund has earned 4% on staking pool funds this month. After payout of their 1,25% (15%/12) per month to USDT stakers, the remaining part is 10,000,000 USDT x 2,75% = 275,000 USD. Your profit share 0.4% of 275,000 = 1100 USDT will be sent as USDT to your address, connected with a Vault.”

All of the above described by the tokens creators seems very complicated, but many tokens are already trying to accomplish this without access to an already built fund which can execute trades on a daily basis. Also due in part is the projects commitment to becoming a DAO by allowing holders to vote on key project decisions and development to make the ecosystem more effective and manageable. Decentralization is the most trustworthy base of contract/cryptocurrency ownership. It creates a unique and secure environment free from direct outside influence due to the filter of the entire community being involved. The developers have said that the voting system for the project will be done within the first 30 days of project launch.

With lofty ambition and high expectations, the project looks to capitalize on the DeFi boom by hedging their fund against the market and giving holders a share of the pie. It will be interesting to see how successful and sustainable the project can be, but we will find out soon enough.

Pertinent Hulk.Finance Links:



(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
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Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.
submitted by Chrisc9234 to ethtrader [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
submitted by haveyouheardaboutit to CryptoCurrency [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to usdt [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
That’s all for now! For more details follow us on Twitter, subscribe to our YouTube channel, join our Telegram.
submitted by CoinjoyAssistant to CryptoNews [link] [comments]

Crypto Weekly News — October, 16

What important crypto events happened last week?

Cryptocurrencies

Tether To Replace Ethereum As The Second Largest Market Capitalization. According to Bloomberg analysts, the Tether (USDT) stablecoin may take the second place in the rating of the largest digital currencies in 2021. Thus, Tether will displace Ether (ETH) at this position. At the moment, the capitalization of ETH and Tether is about $42.066 billion and $15.737 billion, respectively. Recently, stablecoin knocked the XRP token from the third place in the ranking of the most popular cryptocurrencies.
DeFi Token Maker Sets New TVL All-Time High As Crypto Market Takes Pause.
Maker, one of the first tokens, continues to grow, setting new all-highs in total locked away value, which indicates the core stability of the DeFi markets.
Bitcoin SV Will Sponsor The Cambridge University Metanet Society.
Bitcoin Association, a Swiss-based organization, working to advance business with the Bitcoin SV blockchain, has announced its intention to sponsor the Cambridge University Metanet Society for the second year in a row. The company hopes that this will help nurture a new generation of Digital Finance professionals and bring together the brightest minds in developing new projects.

Projects And Updates

Ethereum Foundation Introduces New Smart Contract Language ‘Fe’ For The Ecosystem.
The Ethereum ecosystem has introduced a new language for writing smart contracts named Fe, which was announced by the software engineer of the Ethereum Foundation Christoph Burgdorf. Today, most applications on Ethereum are written in the Solidity language. The company believes that having additional programming options will have a positive impact on the development of the ecosystem.
Gate.io Unveils Hardware Crypto Wallet With Fingerprint Authorization.
Gate.io Exchange announces a new hardware Wallet S1 with fingerprint recognition technology. Using biometrics will both better protect the user's keys and make it easier to work with them. Initially, for the China market, it will be available in other countries in the following months.
Ethereum 2.0 Gets Closer: Zinken Testnet Successfully Launched.
The developers of Ethereum started up the final test network Zinken before moving to the actual launching main ETH 2.0 network. According to Danny Ryan, lead coordinator for Etherium 2.0, the test genesis process went successfully. The previous "dress rehearsal" in the Spadina testnet failed primarily due to incorrect support for the latest version of the Prysm client.
Nervos Integrates With HedgeTrade To Enable Community Trading Predictions.
HedgeTrade’s community-driven predictions platform now supports CKB, the native token of an open-source public blockchain project Nervos. The collaboration will provide Nervos with unique analytical tools and will allow HedgeTrade to attract a new audience.
Binance Announces Adding Support For MetaMask Wallet On Its Panama Bridge Service.
Binance's Panama Bridge Service, designed to organize compatibility with other blockchains, added support for MetaMask, Ethereum browser wallet.
Solana Announces Ethereum Cross-Chain Bridge ‘Wormhole’.
The Solana smart contract platform has announced the upcoming launch of a bridge for Ethereum ERC-20 tokens called Wormhole. The bridge will allow users to transfer funds between blockchains, directly converting ERC-20 tokens to the corresponding SPL Solana standard.

Hacking

New Zealand Man Charged With Money Laundering Via Crypto And Luxury Cars.
A 40-year-old man from Auckland, New Zealand, is accused of money laundering through the purchase of cryptocurrencies and expensive cars, reports NZHerald. The man, whose identity is not disclosed, faces 30 charges. It is alleged that he received New Zealand dollars (NZD) to buy cryptocurrencies "as part of transactions that involve money laundering".

Mass Adoption

Swipe Now Supports Samsung Pay For Its Visa Cardholders In The US.
Swipe makes life easier for their Samsung and Visa users, by adding the feature of pay with Samsung Pay App. This integration is available to all residents of the United States, excepting those living in New York.

People

Coinbase CCO, Jeff Horowitz Is About To Exit The Crypto Exchange.
CCO of Coinbase exchange, Jeff Horowitz, is leaving his post. The exact reasons weren't revealed, but Horowitz's colleagues pointed out that his retirement from Coinbase is not related to the recent statement of the exchange's CEO, Brian Armstrong. According to the new mission of Coinbase, the workers can't make political and social discussions if they are not related to the cryptocurrency industry. About 5% of employees who disagree with the new company policy chose to leave their workplace and receive compensation.
Jack Dorsey’s Square Inc Invests $50 Million In Bitcoin.
Jack Dorsey's Square payment company announced the purchase of $50 million worth of Bitcoins. Having made such a massive investment, Dorcey continues to place big bets on the digital currency, which he says will become commonly used over the next decade.
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submitted by CoinjoyAssistant to defi [link] [comments]

ETHE & GBTC (Grayscale) Frequently Asked Questions

It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions.
The goal is simply to have a thread we can link to anyone with questions on Grayscale and its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread. My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers.
Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect
Everything below will be in reference to ETHE but will apply to GBTC as well. If those two segregate in any way, I will note that accordingly.
What is Grayscale? 
Grayscale is the company that created the ETHE product. Their website is https://grayscale.co/
What is ETHE? 
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF? 
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed? 
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created? 
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor.
Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”)
Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product? 
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow? 
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there.
As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however.
Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH? 
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares? 
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure? 
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset.
Source: ETHE’s informational page on Grayscale’s website - Located Here
Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE? 
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC.
ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here
For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing? 
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC.
As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on.
Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain? 
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good.
Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon.
Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel? 
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.)
That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely.
IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]… 
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0? 
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015.
Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?” 
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance.
As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium? 
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:

Are there any other differences between ETHE and GBTC? 
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc? 
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing.
For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH? 
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund.
In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale? 
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know.
Per user Over-analyser (in comments below):
Coinshares (Formerly XBT provider) are the only similar product I know of. BTC, ETH, XRP and LTC as Exchange Traded Notes (ETN).
It looks like they are fully backed with the underlying crypto (no premium).
https://coinshares.com/etps/xbt-provideinvestor-resources/daily-hedging-position
Denominated in SEK and EUR. Certainly available in some UK pensions (SIPP).
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE? 
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.

submitted by Bob-Rossi to ethfinance [link] [comments]

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