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Can Blockchain Gaming Drive Cryptocurrency Adoption?

Can Blockchain Gaming Drive Cryptocurrency Adoption?
The gaming industry, with its approximately 2.5 billion gamers worldwide, is a lucrative target and an immense field of application for blockchain itself, Bitcoin and other cryptocurrencies that could no doubt give a mighty push toward taking and making the technology mainstream. Honestly, this is not quite a news as the efforts to establish cryptocurrencies in the entertainment sector have gone a long way, with varying degrees of success.
by StealthEX
What they were, how it fared, and where things are going now – these questions deserve their own inquiry. So let’s take a look at how gaming facilitates cryptocurrency adoption, in what ways, and whether exposing the blockchain tech to a user base of a third of the world’s population would help oil the wheels of this sportster in a major way and ultimately cause a tectonic shift in the gaming industry itself.

A Little Bit of History

As Bitcoin kicked off in late 2008, with its first transaction hitting, or effectively starting, the blockchain in early January of 2009, it had taken well over two years till the cryptocurrency got involved in online gambling. It was the now-defunct mobile poker platform, Switchpoker, a developer of an online poker room that started to accept Bitcoin as a deposit and payment option. You can still find a topic on Bitcointalk.org about this news dated back to November 23, 2011.
In April 2012, Erik Voorhees, an American entrepreneur and early Bitcoin adopter, founded Satoshi Dice, arguably the oldest online cryptocasino on the block, which is still pretty much alive today, although Voorhees sold it in a year. What makes it truly intriguing is the fact that during its early years the casino was generating half of all the transactions on the Bitcoin network. In short, online gambling was critically important in Bitcoin’s infancy years as it helped promote cryptocurrency awareness that led to future growth and expansion into other areas.
Some folks are certainly going to argue that gambling is not the same thing as gaming. The commonly accepted view is that gaming is based on skill while gambling on chance. We won’t debate over this point. However, as every poker player knows, the outcome of a poker game depends not only on luck, but also on skill and expertise. Put simply, there are large gray areas and overlaps. All things considered, our exposition would be missing a big chunk of significant history without giving due credit to gambling and how it helped Bitcoin adoption.
Now that online gambling is off our chest, we can safely turn to gaming as it is understood in the industry, and look at how it helped the blockchain space. One of the first uses of Bitcoin in a major game that we are aware of started in 2014 with the launch of BitQuest, a Minecraft server that used Bitcoin for in-game transactions. Within the gaming environment you could buy valuable in-game stuff from other users with the so-called bits, small fractions of a Bitcoin, and earn them by completing in-game tasks or challenges like killing local monsters.
BitQuest closed the server in summer of 2019, and its brand name now belongs to a different entity not involved with gaming, but it still produced an impact. In essence, this effort successfully demonstrated how a cryptocurrency, in this case Bitcoin, can be used in lieu of a native in-game currency that players can earn, buy and spend as well as withdraw. This has serious implications for two main reasons. First, Bitcoin, unlike any other purely in-game currency, has uses outside the game and its ecosystem, and, second, its supply cannot be manipulated by the game developers, which makes the game by far more fair and square.
Needless to say, the example that BitQuest had set encouraged other market participants to look into Bitcoin as an alternative option for in-game currencies. Another popular Minecraft server, PlayMC, also introduced Bitcoin into its world in 2015, but ceased the operation just two years later. There were a few other servers experimenting with altcoins, more specifically, Dogecoin, but most of them disappeared from the scene shortly thereafter, failing to attract enough die-hard Minecraft fans.

What Has Changed?

With the arrival of smart contract-enabled blockchains such as Ethereum, EOS and TRON, the phrase “blockchain gaming” has taken on a more literal meaning as these blockchains allow games to be designed and played entirely on-chain in much the same manner trades are made on a decentralized exchange. While TRON stands for “The Real-time Operating system Nucleus”, there is an obvious reference to a once popular arcade game based on a titular 1982 science fiction film that ultimately garnered a cult following.
CryptoKitties is likely the most popular game ever released in the Ethereum ecosystem and probably in the whole crypto space so far. Its test version was made available on October 19, 2017, and it was an instant success. By the end of 2017 over 200,000 people signed up for the game, spending over $20 million in Ether. We won’t delve into its “gameplay” as it is beyond the scope of this article, and most certainly you are well familiar with it anyway. But what we absolutely should write about is the effect it made and the repercussions it produced.
It could be said that CryptoKitties was to the Ethereum blockchain what Satoshi Dice had been to Bitcoin in the early days of crypto. At the peak of its popularity the game reportedly accounted for 20-25% of all Ethereum’s traffic that clogged the entire Ethereum network, with transaction fees skyrocketing. No wonder lots of people got pissed off with this turn of events. However, despite all the rage and fury, CryptoKitties amply demonstrated what a success means in the blockchain gaming field, how it looks and feels in practice.
It is hard to estimate how much CryptoKitties contributed to cryptocurrency adoption. But given that a few hundred thousand people got involved in this game alone and many more with dozens of blockchain games that it has spawned, like Etherbots, Gods Unchained, The Six Dragons, etc, this indisputable triumph surely counts as a massive contribution by any definition or metric. Moreover, it also revealed the weaknesses of the contemporary blockchain solutions and what exactly should be done to overcome them.
Evolution never goes linearly. In fact, it generally doesn’t go in curves, circles, or zig zags, either. It always moves along very diverse routes, directions and entire dimensions like plants and animals, viruses and bacteria, and, well, dinosaurs and mammals. The evolution of gaming in crypto space is no different. СryptoKitties and other games share essentially the same tech under the hood – building games on some advanced general-purpose blockchain such as Ethereum. But it is not the only front that crypto gaming has been advancing on, nor is it the only way to introduce gaming to cryptocurrencies, and vice versa.
A more recent approach is based on designing either a standalone cryptocurrency or a token on a smart contract-enabled blockchain to be used across many games that support it as an in-game currency. As a result, gamers can enjoy true ownership of their in-game assets (the so-called non-fungible tokens, or NFTs), safe item trading outside the game, and cross-game compatibility. This path has been taken by such projects as Enjin (ENJ), GAME Credits (GAME), Decentraland (MANA), WAX (WAXP) and others, with their respective cryptocurrencies fueling a range of games.
A somewhat different avenue is taken by Funfair (FUN), Chromia (CHR) and Lucid Sight, which are offering platforms that blockchain games can be built on. Thus, Lucid Sight’s Scarcity Engine is focused more on game creators than end users, that is to say, gamers, allowing developers to integrate blockchain into their games. It aims to obliterate the difference between blockchain-based games and traditional gaming platforms. Funfair, on the other hand, leans more toward creating custom-built blockchain casinos, with its FUN token as a casino “chip”. So much for no more gambling, huh.
Our account of events would be incomplete if we didn’t mention yet another attempt to make use of Minecraft for the purpose of introducing cryptocurrencies to the gaming public. This time, a new Minecraft mod called SatoshiQuest has emerged. To participate in it, the gamers pay $1 in Bitcoin and get one in-game life. The pooled coins make up the loot, and the challenge is to find a minimum of 400 key fragments into which the keys to the Bitcoin wallet containing the prize are divided. And who said that evolution doesn’t loop?

Challenges and Future Prospects

The knockout popularity of СryptoKitties has clearly shown the scale of cryptocurrency mass adoption that blockchain gaming can trigger. As the game developers themselves put it, their “goal is to drive mainstream adoption of blockchain technology”. They believe that “the technology has immense benefits for consumers, but for those benefits to be realized, it needs to be experienced to be understood”. Speaking more broadly, as more people start using cryptocurrencies for gaming, they may eventually become interested in using their coins for purposes other than playing one game or another.
With that said, it is now as clear that there are two main barriers on the way there. The first is the limitations of the blockchain tech itself that essentially limits blockchain gaming to NFTs, in-game currencies, streamlined payments, and similar stuff. This is mostly a technical challenge anyway, and we could realistically expect it to be solved sooner or later. The other issue is applicable to the gaming industry as a whole. People en masse would only play games that are truly engaging and immersive, technical issues aside.
So the bottom line is that we need the convergence of these two vectors to make blockchain a dominating force in the gaming industry. First, the blockchain tech should have the capacity for running multiplayer games that major video game developers like Blizzard, Valve and Ubisoft produce, no trade-offs here. Then, we actually need the games like Warcraft, Counter-Strike or Far Cry that can be played on blockchain, to make it matter. Only after we get there, the gaming industry will likely become a primary driver behind cryptocurrency adoption.
What are your thoughts on how gaming facilitates cryptocurrency adoption? Tell us your ideas in the comments below.
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Original article was posted on https://stealthex.io/blog/2020/09/22/can-blockchain-gaming-drive-cryptocurrency-adoption/
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Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake
https://preview.redd.it/b80c05tnb9e51.jpg?width=2550&format=pjpg&auto=webp&s=850282c1a3962466ed44f73886dae1c8872d0f31
Submitted for consideration to The Great Reddit Scaling Bake-Off
Baked by the pastry chefs at Offchain Labs
Please send questions or comments to [[email protected] ](mailto:[email protected])
1. Overview
We're excited to submit Arbitrum Rollup for consideration to The Great Reddit Scaling Bake-Off. Arbitrum Rollup is the only Ethereum scaling solution that supports arbitrary smart contracts without compromising on Ethereum's security or adding points of centralization. For Reddit, this means that Arbitrum can not only scale the minting and transfer of Community Points, but it can foster a creative ecosystem built around Reddit Community Points enabling points to be used in a wide variety of third party applications. That's right -- you can have your cake and eat it too!
Arbitrum Rollup isn't just Ethereum-style. Its Layer 2 transactions are byte-for-byte identical to Ethereum, which means Ethereum users can continue to use their existing addresses and wallets, and Ethereum developers can continue to use their favorite toolchains and development environments out-of-the-box with Arbitrum. Coupling Arbitrum’s tooling-compatibility with its trustless asset interoperability, Reddit not only can scale but can onboard the entire Ethereum community at no cost by giving them the same experience they already know and love (well, certainly know).
To benchmark how Arbitrum can scale Reddit Community Points, we launched the Reddit contracts on an Arbitrum Rollup chain. Since Arbitrum provides full Solidity support, we didn't have to rewrite the Reddit contracts or try to mimic their functionality using an unfamiliar paradigm. Nope, none of that. We launched the Reddit contracts unmodified on Arbitrum Rollup complete with support for minting and distributing points. Like every Arbitrum Rollup chain, the chain included a bridge interface in which users can transfer Community Points or any other asset between the L1 and L2 chains. Arbitrum Rollup chains also support dynamic contract loading, which would allow third-party developers to launch custom ecosystem apps that integrate with Community Points on the very same chain that runs the Reddit contracts.
1.1 Why Ethereum
Perhaps the most exciting benefit of distributing Community Points using a blockchain is the ability to seamlessly port points to other applications and use them in a wide variety of contexts. Applications may include simple transfers such as a restaurant that allows Redditors to spend points on drinks. Or it may include complex smart contracts -- such as placing Community Points as a wager for a multiparty game or as collateral in a financial contract.
The common denominator between all of the fun uses of Reddit points is that it needs a thriving ecosystem of both users and developers, and the Ethereum blockchain is perhaps the only smart contract platform with significant adoption today. While many Layer 1 blockchains boast lower cost or higher throughput than the Ethereum blockchain, more often than not, these attributes mask the reality of little usage, weaker security, or both.
Perhaps another platform with significant usage will rise in the future. But today, Ethereum captures the mindshare of the blockchain community, and for Community Points to provide the most utility, the Ethereum blockchain is the natural choice.
1.2 Why Arbitrum
While Ethereum's ecosystem is unmatched, the reality is that fees are high and capacity is too low to support the scale of Reddit Community Points. Enter Arbitrum. Arbitrum Rollup provides all of the ecosystem benefits of Ethereum, but with orders of magnitude more capacity and at a fraction of the cost of native Ethereum smart contracts. And most of all, we don't change the experience from users. They continue to use the same wallets, addresses, languages, and tools.
Arbitrum Rollup is not the only solution that can scale payments, but it is the only developed solution that can scale both payments and arbitrary smart contracts trustlessly, which means that third party users can build highly scalable add-on apps that can be used without withdrawing money from the Rollup chain. If you believe that Reddit users will want to use their Community Points in smart contracts--and we believe they will--then it makes the most sense to choose a single scaling solution that can support the entire ecosystem, eliminating friction for users.
We view being able to run smart contracts in the same scaling solution as fundamentally critical since if there's significant demand in running smart contracts from Reddit's ecosystem, this would be a load on Ethereum and would itself require a scaling solution. Moreover, having different scaling solutions for the minting/distribution/spending of points and for third party apps would be burdensome for users as they'd have to constantly shuffle their Points back and forth.
2. Arbitrum at a glance
Arbitrum Rollup has a unique value proposition as it offers a combination of features that no other scaling solution achieves. Here we highlight its core attributes.
Decentralized. Arbitrum Rollup is as decentralized as Ethereum. Unlike some other Layer 2 scaling projects, Arbitrum Rollup doesn't have any centralized components or centralized operators who can censor users or delay transactions. Even in non-custodial systems, centralized components provide a risk as the operators are generally incentivized to increase their profit by extracting rent from users often in ways that severely degrade user experience. Even if centralized operators are altruistic, centralized components are subject to hacking, coercion, and potential liability.
Massive Scaling. Arbitrum achieves order of magnitude scaling over Ethereum's L1 smart contracts. Our software currently supports 453 transactions-per-second for basic transactions (at 1616 Ethereum gas per tx). We have a lot of room left to optimize (e.g. aggregating signatures), and over the next several months capacity will increase significantly. As described in detail below, Arbitrum can easily support and surpass Reddit's anticipated initial load, and its capacity will continue to improve as Reddit's capacity needs grow.
Low cost. The cost of running Arbitrum Rollup is quite low compared to L1 Ethereum and other scaling solutions such as those based on zero-knowledge proofs. Layer 2 fees are low, fixed, and predictable and should not be overly burdensome for Reddit to cover. Nobody needs to use special equipment or high-end machines. Arbitrum requires validators, which is a permissionless role that can be run on any reasonable on-line machine. Although anybody can act as a validator, in order to protect against a “tragedy of the commons” and make sure reputable validators are participating, we support a notion of “invited validators” that are compensated for their costs. In general, users pay (low) fees to cover the invited validators’ costs, but we imagine that Reddit may cover this cost for its users. See more on the costs and validator options below.
Ethereum Developer Experience. Not only does Arbitrum support EVM smart contracts, but the developer experience is identical to that of L1 Ethereum contracts and fully compatible with Ethereum tooling. Developers can port existing Solidity apps or write new ones using their favorite and familiar toolchains (e.g. Truffle, Buidler). There are no new languages or coding paradigms to learn.
Ethereum wallet compatibility. Just as in Ethereum, Arbitrum users need only hold keys, but do not have to store any coin history or additional data to protect or access their funds. Since Arbitrum transactions are semantically identical to Ethereum L1 transactions, existing Ethereum users can use their existing Ethereum keys with their existing wallet software such as Metamask.
Token interoperability. Users can easily transfer their ETH, ERC-20 and ERC-721 tokens between Ethereum and the Arbitrum Rollup chain. As we explain in detail below, it is possible to mint tokens in L2 that can subsequently be withdrawn and recognized by the L1 token contract.
Fast finality. Transactions complete with the same finality time as Ethereum L1 (and it's possible to get faster finality guarantees by trading away trust assumptions; see the Arbitrum Rollup whitepaper for details).
Non-custodial. Arbitrum Rollup is a non-custodial scaling solution, so users control their funds/points and neither Reddit nor anyone else can ever access or revoke points held by users.
Censorship Resistant. Since it's completely decentralized, and the Arbitrum protocol guarantees progress trustlessly, Arbitrum Rollup is just as censorship-proof as Ethereum.
Block explorer. The Arbitrum Rollup block explorer allows users to view and analyze transactions on the Rollup chain.
Limitations
Although this is a bake-off, we're not going to sugar coat anything. Arbitrum Rollup, like any Optimistic Rollup protocol, does have one limitation, and that's the delay on withdrawals.
As for the concrete length of the delay, we've done a good deal of internal modeling and have blogged about this as well. Our current modeling suggests a 3-hour delay is sufficient (but as discussed in the linked post there is a tradeoff space between the length of the challenge period and the size of the validators’ deposit).
Note that this doesn't mean that the chain is delayed for three hours. Arbitrum Rollup supports pipelining of execution, which means that validators can keep building new states even while previous ones are “in the pipeline” for confirmation. As the challenge delays expire for each update, a new state will be confirmed (read more about this here).
So activity and progress on the chain are not delayed by the challenge period. The only thing that's delayed is the consummation of withdrawals. Recall though that any single honest validator knows immediately (at the speed of L1 finality) which state updates are correct and can guarantee that they will eventually be confirmed, so once a valid withdrawal has been requested on-chain, every honest party knows that the withdrawal will definitely happen. There's a natural place here for a liquidity market in which a validator (or someone who trusts a validator) can provide withdrawal loans for a small interest fee. This is a no-risk business for them as they know which withdrawals will be confirmed (and can force their confirmation trustlessly no matter what anyone else does) but are just waiting for on-chain finality.
3. The recipe: How Arbitrum Rollup works
For a description of the technical components of Arbitrum Rollup and how they interact to create a highly scalable protocol with a developer experience that is identical to Ethereum, please refer to the following documents:
Arbitrum Rollup Whitepaper
Arbitrum academic paper (describes a previous version of Arbitrum)
4. Developer docs and APIs
For full details about how to set up and interact with an Arbitrum Rollup chain or validator, please refer to our developer docs, which can be found at https://developer.offchainlabs.com/.
Note that the Arbitrum version described on that site is older and will soon be replaced by the version we are entering in Reddit Bake-Off, which is still undergoing internal testing before public release.
5. Who are the validators?
As with any Layer 2 protocol, advancing the protocol correctly requires at least one validator (sometimes called block producers) that is honest and available. A natural question is: who are the validators?
Recall that the validator set for an Arbitrum chain is open and permissionless; anyone can start or stop validating at will. (A useful analogy is to full nodes on an L1 chain.) But we understand that even though anyone can participate, Reddit may want to guarantee that highly reputable nodes are validating their chain. Reddit may choose to validate the chain themselves and/or hire third-party validators.To this end, we have begun building a marketplace for validator-for-hire services so that dapp developers can outsource validation services to reputable nodes with high up-time. We've announced a partnership in which Chainlink nodes will provide Arbitrum validation services, and we expect to announce more partnerships shortly with other blockchain infrastructure providers.
Although there is no requirement that validators are paid, Arbitrum’s economic model tracks validators’ costs (e.g. amount of computation and storage) and can charge small fees on user transactions, using a gas-type system, to cover those costs. Alternatively, a single party such as Reddit can agree to cover the costs of invited validators.
6. Reddit Contract Support
Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain.
Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain.
For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2.
Batch minting. What's better than a mint cookie? A whole batch! In addition to supporting Reddit’s current minting/claiming scheme, we built a second minting design, which we believe outperforms the signature/claim system in many scenarios.
In the current system, Reddit periodically issues signed statements to users, who then take those statements to the blockchain to claim their tokens. An alternative approach would have Reddit directly submit the list of users/amounts to the blockchain and distribute the tokens to the users without the signature/claim process.
To optimize the cost efficiency of this approach, we designed an application-specific compression scheme to minimize the size of the batch distribution list. We analyzed the data from Reddit's previous distributions and found that the data is highly compressible since token amounts are small and repeated, and addresses appear multiple times. Our function groups transactions by size, and replaces previously-seen addresses with a shorter index value. We wrote client code to compress the data, wrote a Solidity decompressing function, and integrated that function into Reddit’s contract running on Arbitrum.
When we ran the compression function on the previous Reddit distribution data, we found that we could compress batched minting data down to to 11.8 bytes per minting event (averaged over a 6-month trace of Reddit’s historical token grants)compared with roughly 174 bytes of on-chain data needed for the signature claim approach to minting (roughly 43 for an RLP-encoded null transaction + 65 for Reddit's signature + 65 for the user's signature + roughly 8 for the number of Points) .
The relative benefit of the two approaches with respect to on-chain call data cost depends on the percentage of users that will actually claim their tokens on chain. With the above figures, batch minting will be cheaper if roughly 5% of users redeem their claims. We stress that our compression scheme is not Arbitrum-specific and would be beneficial in any general-purpose smart contract platform.
8. Benchmarks and costs
In this section, we give the full costs of operating the Reddit contracts on an Arbitrum Rollup chain including the L1 gas costs for the Rollup chain, the costs of computation and storage for the L2 validators as well as the capital lockup requirements for staking.
Arbitrum Rollup is still on testnet, so we did not run mainnet benchmarks. Instead, we measured the L1 gas cost and L2 workload for Reddit operations on Arbitrum and calculated the total cost assuming current Ethereum gas prices. As noted below in detail, our measurements do not assume that Arbitrum is consuming the entire capacity of Ethereum. We will present the details of our model now, but for full transparency you can also play around with it yourself and adjust the parameters, by copying the spreadsheet found here.
Our cost model is based on measurements of Reddit’s contracts, running unmodified (except for the addition of a batch minting function) on Arbitrum Rollup on top of Ethereum.
On the distribution of transactions and frequency of assertions. Reddit's instructions specify the following minimum parameters that submissions should support:
Over a 5 day period, your scaling PoC should be able to handle:
  • 100,000 point claims (minting & distributing points)
  • 25,000 subscriptions
  • 75,000 one-off points burning
  • 100,000 transfers
We provide the full costs of operating an Arbitrum Rollup chain with this usage under the assumption that tokens are minted or granted to users in batches, but other transactions are uniformly distributed over the 5 day period. Unlike some other submissions, we do not make unrealistic assumptions that all operations can be submitted in enormous batches. We assume that batch minting is done in batches that use only a few percent on an L1 block’s gas, and that other operations come in evenly over time and are submitted in batches, with one batch every five minutes to keep latency reasonable. (Users are probably already waiting for L1 finality, which takes at least that long to achieve.)
We note that assuming that there are only 300,000 transactions that arrive uniformly over the 5 day period will make our benchmark numbers lower, but we believe that this will reflect the true cost of running the system. To see why, say that batches are submitted every five minutes (20 L1 blocks) and there's a fixed overhead of c bytes of calldata per batch, the cost of which will get amortized over all transactions executed in that batch. Assume that each individual transaction adds a marginal cost of t. Lastly assume the capacity of the scaling system is high enough that it can support all of Reddit's 300,000 transactions within a single 20-block batch (i.e. that there is more than c + 300,000*t byes of calldata available in 20 blocks).
Consider what happens if c, the per-batch overhead, is large (which it is in some systems, but not in Arbitrum). In the scenario that transactions actually arrive at the system's capacity and each batch is full, then c gets amortized over 300,000 transactions. But if we assume that the system is not running at capacity--and only receives 300,000 transactions arriving uniformly over 5 days-- then each 20-block assertion will contain about 200 transactions, and thus each transaction will pay a nontrivial cost due to c.
We are aware that other proposals presented scaling numbers assuming that 300,000 transactions arrived at maximum capacity and was executed in a single mega-transaction, but according to our estimates, for at least one such report, this led to a reported gas price that was 2-3 orders of magnitude lower than it would have been assuming uniform arrival. We make more realistic batching assumptions, and we believe Arbitrum compares well when batch sizes are realistic.
Our model. Our cost model includes several sources of cost:
  • L1 gas costs: This is the cost of posting transactions as calldata on the L1 chain, as well as the overhead associated with each batch of transactions, and the L1 cost of settling transactions in the Arbitrum protocol.
  • Validator’s staking costs: In normal operation, one validator will need to be staked. The stake is assumed to be 0.2% of the total value of the chain (which is assumed to be $1 per user who is eligible to claim points). The cost of staking is the interest that could be earned on the money if it were not staked.
  • Validator computation and storage: Every validator must do computation to track the chain’s processing of transactions, and must maintain storage to keep track of the contracts’ EVM storage. The cost of computation and storage are estimated based on measurements, with the dollar cost of resources based on Amazon Web Services pricing.
It’s clear from our modeling that the predominant cost is for L1 calldata. This will probably be true for any plausible rollup-based system.
Our model also shows that Arbitrum can scale to workloads much larger than Reddit’s nominal workload, without exhausting L1 or L2 resources. The scaling bottleneck will ultimately be calldata on the L1 chain. We believe that cost could be reduced substantially if necessary by clever encoding of data. (In our design any compression / decompression of L2 transaction calldata would be done by client software and L2 programs, never by an L1 contract.)
9. Status of Arbitrum Rollup
Arbitrum Rollup is live on Ethereum testnet. All of the code written to date including everything included in the Reddit demo is open source and permissively licensed under the Apache V2 license. The first testnet version of Arbitrum Rollup was released on testnet in February. Our current internal version, which we used to benchmark the Reddit contracts, will be released soon and will be a major upgrade.
Both the Arbitrum design as well as the implementation are heavily audited by independent third parties. The Arbitrum academic paper was published at USENIX Security, a top-tier peer-reviewed academic venue. For the Arbitrum software, we have engaged Trail of Bits for a security audit, which is currently ongoing, and we are committed to have a clean report before launching on Ethereum mainnet.
10. Reddit Universe Arbitrum Rollup Chain
The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo.
If the folks at Reddit would like to evaluate our software prior to our public demo, please email us at [email protected] and we'd be more than happy to provide early access.
11. Even more scaling: Arbitrum Sidechains
Rollups are an excellent approach to scaling, and we are excited about Arbitrum Rollup which far surpasses Reddit's scaling needs. But looking forward to Reddit's eventual goal of supporting hundreds of millions of users, there will likely come a time when Reddit needs more scaling than any Rollup protocol can provide.
While Rollups greatly reduce costs, they don't break the linear barrier. That is, all transactions have an on-chain footprint (because all calldata must be posted on-chain), albeit a far smaller one than on native Ethereum, and the L1 limitations end up being the bottleneck for capacity and cost. Since Ethereum has limited capacity, this linear use of on-chain resources means that costs will eventually increase superlinearly with traffic.
The good news is that we at Offchain Labs have a solution in our roadmap that can satisfy this extreme-scaling setting as well: Arbitrum AnyTrust Sidechains. Arbitrum Sidechains are similar to Arbitrum Rollup, but deviate in that they name a permissioned set of validators. When a chain’s validators agree off-chain, they can greatly reduce the on-chain footprint of the protocol and require almost no data to be put on-chain. When validators can't reach unanimous agreement off-chain, the protocol reverts to Arbitrum Rollup. Technically, Arbitrum Sidechains can be viewed as a hybrid between state channels and Rollup, switching back and forth as necessary, and combining the performance and cost that state channels can achieve in the optimistic case, with the robustness of Rollup in other cases. The core technical challenge is how to switch seamlessly between modes and how to guarantee that security is maintained throughout.
Arbitrum Sidechains break through this linear barrier, while still maintaining a high level of security and decentralization. Arbitrum Sidechains provide the AnyTrust guarantee, which says that as long as any one validator is honest and available (even if you don't know which one will be), the L2 chain is guaranteed to execute correctly according to its code and guaranteed to make progress. Unlike in a state channel, offchain progress does not require unanimous consent, and liveness is preserved as long as there is a single honest validator.
Note that the trust model for Arbitrum Sidechains is much stronger than for typical BFT-style chains which introduce a consensus "voting" protocols among a small permissioned group of validators. BFT-based protocols require a supermajority (more than 2/3) of validators to agree. In Arbitrum Sidechains, by contrast, all you need is a single honest validator to achieve guaranteed correctness and progress. Notice that in Arbitrum adding validators strictly increases security since the AnyTrust guarantee provides correctness as long as any one validator is honest and available. By contrast, in BFT-style protocols, adding nodes can be dangerous as a coalition of dishonest nodes can break the protocol.
Like Arbitrum Rollup, the developer and user experiences for Arbitrum Sidechains will be identical to that of Ethereum. Reddit would be able to choose a large and diverse set of validators, and all that they would need to guarantee to break through the scaling barrier is that a single one of them will remain honest.
We hope to have Arbitrum Sidechains in production in early 2021, and thus when Reddit reaches the scale that surpasses the capacity of Rollups, Arbitrum Sidechains will be waiting and ready to help.
While the idea to switch between channels and Rollup to get the best of both worlds is conceptually simple, getting the details right and making sure that the switch does not introduce any attack vectors is highly non-trivial and has been the subject of years of our research (indeed, we were working on this design for years before the term Rollup was even coined).
12. How Arbitrum compares
We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects.
Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
  • As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
  • All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
  • Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
  • Plasma-style protocols have a centralized operator and do not support general smart contracts.
13. Concluding Remarks
While it's ultimately up to the judges’ palate, we believe that Arbitrum Rollup is the bakeoff choice that Reddit kneads. We far surpass Reddit's specified workload requirement at present, have much room to optimize Arbitrum Rollup in the near term, and have a clear path to get Reddit to hundreds of millions of users. Furthermore, we are the only project that gives developers and users the identical interface as the Ethereum blockchain and is fully interoperable and tooling-compatible, and we do this all without any new trust assumptions or centralized components.
But no matter how the cookie crumbles, we're glad to have participated in this bake-off and we thank you for your consideration.
About Offchain Labs
Offchain Labs, Inc. is a venture-funded New York company that spun out of Princeton University research, and is building the Arbitrum platform to usher in the next generation of scalable, interoperable, and compatible smart contracts. Offchain Labs is backed by Pantera Capital, Compound VC, Coinbase Ventures, and others.
Leadership Team
Ed Felten
Ed Felten is Co-founder and Chief Scientist at Offchain Labs. He is on leave from Princeton University, where he is the Robert E. Kahn Professor of Computer Science and Public Affairs. From 2015 to 2017 he served at the White House as Deputy United States Chief Technology Officer and senior advisor to the President. He is an ACM Fellow and member of the National Academy of Engineering. Outside of work, he is an avid runner, cook, and L.A. Dodgers fan.
Steven Goldfeder
Steven Goldfeder is Co-founder and Chief Executive Officer at Offchain Labs. He holds a PhD from Princeton University, where he worked at the intersection of cryptography and cryptocurrencies including threshold cryptography, zero-knowledge proof systems, and post-quantum signatures. He is a co-author of Bitcoin and Cryptocurrency Technologies, the leading textbook on cryptocurrencies, and he has previously worked at Google and Microsoft Research, where he co-invented the Picnic signature algorithm. When not working, you can find Steven spending time with his family, taking a nature walk, or twisting balloons.
Harry Kalodner
Harry Kalodner is Co-founder and Chief Technology Officer at Offchain Labs where he leads the engineering team. Before the company he attended Princeton as a Ph.D candidate where his research explored economics, anonymity, and incentive compatibility of cryptocurrencies, and he also has worked at Apple. When not up at 3:00am writing code, Harry occasionally sleeps.
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10-04 05:44 - 'Why DeFi will give birth to killer applications in the banking industry?' (self.Bitcoin) by /u/SMOEY removed from /r/Bitcoin within 14-24min

'''
The financial system is on the verge of collapse, and there are no superheroes who can turn the tide in the real world. Therefore, we must learn how to rely on our own hands to protect the money we have earned. Currently, the best way is to store funds outside the traditional financial system. Decentralized finance, or DeFi for short, may become a killer application in the banking industry.
What exactly is DeFi?
This is an ecosystem of financial applications built on the blockchain (especially Ethereum), which can operate independently without the intervention of third parties or intermediaries. In 2020, the DeFi economy has grown by US$4 billion and is currently one of the fastest growing sectors in the financial sector.
The main problem with DeFi
Currently the only truly decentralized financial application is Bitcoin. Anyone with access to the Internet can store and transfer funds in a decentralized manner. But DeFi has made a further commitment: to introduce decentralization into the mainstream public view. This will provide a global and open alternative to all financial services including savings, loans, investment and insurance. Next, we will introduce three DeFi use cases that are sufficient to disrupt the traditional banking industry:
1. Stablecoins
Stablecoin is the first DeFi use case to achieve a blowout development. The idea of ​​”a cryptocurrency free from the long-term instability of Bitcoin” is very attractive to many people. On the one hand, it has price stability similar to the US dollar or the euro; on the other hand, it also has the speed and convenience of cryptocurrency. The stablecoin perfectly combines the advantages of the two. Currently, about 80% of encrypted transactions are conducted through Tether stablecoin. At the same time, other companies, such as USDC, TruUSD, Dai or PAX, have also experienced explosive growth in the past year. Therefore, the stable currency market definitely deserves our continued attention and expectation. After all, most bank customers are tired of inefficient and expensive services and increasing government supervision.
2. Decentralized Exchanges
Decentralized exchange (DEX) is one of the most breakthrough innovations derived from DeFi. In recent years, the number of DEX has also shown explosive growth. According to data from Dune Analytics, monthly transaction volume in 2020 has grown to nearly $12 billion. So, what is DEX? The essence of DEX is a cryptocurrency platform, users’ assets can be traded without going through an exchange. Therefore, the risk of being stolen and attacked by hackers can be greatly reduced. Currently, the most popular DEX platforms are Curve, Balancer, 0x, Dydx, Kyber, Bancor, IDEX, Oasis and Gnosis Protocol. But in fact, the ultimate reason for attracting people to join DEX is the growing and more complex “know your-client process (KYC)” demand. It stripped the anonymity of customers and caused financial exclusion of more than 2.4 billion people. They are like cancer, engulfing the entire banking system alive.
3. Borrowing and Lending Applications
To say the most compelling development in the DeFi field, one has to mention decentralized lending platforms. The DeFi lending platform can provide loans to users or companies without any intermediaries. Anyone can deposit their available assets into the shared loan pool, and those who want to borrow can withdraw assets from the pool. Currently, the most popular DeFi loan platforms are Compound, Maker, Aave and dYdX. At the same time, companies such as Blockfi, Celsius, CRED, Nexo and Crypto.com also provide annual interest rates of up to 10%. The lending platform enhances the flexibility of banking business and removes strict threshold restrictions on the location, identity, and assets of customers. This use case is expected to lead DeFi into the mainstream market.
4. Insurance
The form of DeFi insurance is still relatively conservative. It mainly acts as a safety net in the DeFi ecosystem. Users no longer need traditional banks or institutions to ensure the safety of their deposits. Although decentralized insurance is not popular in the entire DeFi community at present, it is likely to disrupt the entire insurance industry in the future. If you want to learn about insurance products other than traditional insurance companies, you can check out Nexus Mutual, Opyn, Etherisc and CDx.
Next, where are we going?
DeFi is an interesting idea with trillions of dollars in potential. If we compare DeFi with the traditional financial system, it is not difficult to find the fatal attraction in DeFi. As you can see, some DeFi projects have replaced part of the business in the centralized encryption economy, and it will not be long before it will begin to replace the traditional banking and insurance industries. Now, the financial system needs to be repaired-to make it more transparent, open and efficient. Otherwise, if we don’t properly wrap up this broken financial system, 20 years later, we will eventually pay for our stupidity at this moment.
Source:[[link]2
'''
Why DeFi will give birth to killer applications in the banking industry?
Go1dfish undelete link
unreddit undelete link
Author: SMOEY
1: tr**ple.net*ork/2020***441*.*tml 2: t*u**le.net*ork/2020*00**11*html]^*1
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

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I ruin people's lives for fun, this is my story.

Let me start by introducing myself, my name is Alex. I am 20 years old and clinically diagnosed with ASPD or Antisocial personality disorder. My diagnosis was given to me back in high school in my Junior year. It was pretty hard making friends or at least keeping them. You see when I try to make friends I usually only go into a relationship because of one thing; to get something in return. You could call it manipulating or deceiving people but, I don’t see it that way. I’ve had many therapists and physiatrists try to help me or figure out what’s wrong with me in the past but, I would just feed them the information they want to hear. Its pretty simple, give them all the shit they need to write down on their little piece of paper and it is music to their ears. Besides that, let us get to the story. Now you see the two key people back in high school were “Mike” and “Connor” and they were it. They had the girls, the popularity, the friends. They both were the biggest athletes in the entire school. This is important because I wanted that, but I couldn’t have it. Call it jealousy or whatever but, who wouldn’t want people to look up at you and have their names written in the daily paper.
High school was a bitch for me. I never had many friends or any real ones at least. I was known as the weird kid but, whatever right. Everyone says high school is tough for everyone. I believe it. Life gets back at people who deserve it though. Now Mike was the quarterback of the football team and he knew everyone and everyone knew him. I one day sent him a message on Snapchat and said: “Hey Mike, I know you don’t know me but, I think you’re a cool guy.” He then replied with “Who are you? Whatcha want dickhead?” I told him “Nothing much man, just thought we could be friends or something, we’re in the same Spanish class.” He said, “Oh, cool your that kid that sits in the back right?” I said, “Yeah, what you doing?” He then said, “Nothing much man, listen I got a party next weekend with a free crib if you tryna come.” I then told him I’d let him know. This was perfect because I knew exactly what I would do. I planned on seeing Connor there with his girlfriend Liz. That was important because I hated seeing the way Connor would treat her. He just used her for sex and shit and never really respected her. I knew how I would fix that though, and it would be at that party.
Well, I got to the party and there were at least 50 kids there. I saw a couple of familiar faces but couldn’t care at all. I was there for one thing and one thing only. To ruin their relationship. Call me a dick but, he was way worse than me. I once saw Liz come into school with a bruise on her face and knew it was from him. I finally saw them out back near the pool. I had a plan. I would text Connor’s phone from a different number making it look like it was some other chick texting him and Liz would be right there to see it. I went outside and he was drinking, probably already drunk. I could see them from across the pool and haven’t seen Mike yet. I was about to text him and then Mike came up and tapped me on my shoulder with two drinks in his hand. He said “Yooo, Alex you came!” I laughed awkwardly and said, “Yeah man, wouldn’t miss it.” He said, “You want a drink?” Gesturing the second cup to me. I took it and said “Thanks, man.” He said, “I’ll see you around, there’s more beer in the kitchen.” He walked away and now I pulled my phone out. I went on to the app which I would text him from and texted: “Hey Connor, I had a really good night last night with a winkie emoji.” I then sent it waiting for Liz to look over his shoulder. She did and read the message. They started to argue and Liz poured his beer all over his face. My plan was working just right. I then saw Liz walk inside in a rush. I pretended to bump into her and said: “Oh my fault didn’t see you there.” She laughed and said, “Oh my god, it’s you, Alex.” I then laughed as well and said, “You good?” She replied with, “No actually, I just found out Connor was cheating on me with some slut.” I said “Oh, that blows … you want a ride home?” She said, “No I’m good, I’ll just have Grace drive me home.” I preceded with, “You sure, I live super close to here anyways, I was just about to go home too.” She said, “Ok, sure that’s fine.” I then got in my car and we started to talk. I said, “So, how’d you find out?” She said, “Some bitch texted him saying that they slept together last night.” I then said, “Damn, what’s your address by the way?” She then said something that surprised me. “I can’t go home like this, my moms gonna know I’m drunk and I’ll never be able to go out again.” I said, “Well, what you wanna do then?” She said, “Um, I don’t know .. we should go to a park.” I said, “Oh ok, what park?” She gave me the name and we went there. I parked my car in the parking lot and said: “Whatcha tryna do now?” She then said, “Shut up stupid.” Hushing my lips for me. We made out that night and I dropped her back off and went home as well.
That week in school I got a snap from Connor. It was during lunch and I clicked on it. I saw the five words that couldn’t make me happier: “I know what you did.” I replied with, “What? What did I do now?” He said, “you hooked up with Liz.” I left him on open and went about my day. I then saw him in the parking lot after school near my car. He came up to me and screamed in my face: “SO YOU THINK YOU CAN JUST STEAL MY GIRL WITHOUT ME DOING ANYTHING?” I laughed right in his face and said, “Well, she isn’t with you anymore now, is she?” He then yelled: “Well, you think you’re just going to go about your day or something?” I said laughing, “Yeah, I was planning on going to Liz’s house after school.” He then jumped on top of me pinning me to the ground, socking me right in the jaw multiple times. I tried throwing some back but, he had my hands pinned to my side. He got up and said, “Fuck with her again and you won’t be getting up.” I got up with my nose bleeding and got into my car and went home.
That was 2 years ago and boy have I got my revenge. Let me start by saying I have no regrets about what I did. Everything I had done was for my satisfaction. You see I don’t care who’s life I ruin … as long as I get something out of it. Connor graduated high school with not much going for him. He had a job at a car dealership as a mechanic or something like that and never went to college. I never went to college so I won’t judge but, I had other plans after high school. I wanted to ruin Connor’s life, and I never stopped until I completed that process. It started with pretty small things like when I tried ruining his relationship back in high school. He was always a dick and who better to fuck with then a worthless piece of shit like Connor. I messaged him a couple of months ago saying: “Hey old friend … remember me?” He replied with “Yeah, the kid I beat the shit out of … I remember you.” I knew he would say something like this so, I sent him a picture of myself and his sister I photoshopped to look as if we were together. He replied with, “What the hell are you doing with my sister … she doesn’t date weird fucks like you.” I replied with, “Oh well looks like her type changed?” I was just sitting on my computer laughing my ass off from how gullible this kid was. He then messaged his sister Claire, which I thought he would do. “Are you dating a kid named Alex?” I had hacked into her phone which was pretty easy because I sent her a phishing email that looked like a women’s clothing company that I knew she had an interest in because of her Facebook. She clicked it and it then downloaded a key logger onto her phone which would send anything that was on her phone to me directly. I override it and replied as her saying: “Haha, yeah … me and him just started talking.” Everything that was being sent right now would delete as soon as I exited the software. I then texted him saying, “Claire is one beautiful woman, kind of reminds me of Liz…” He then said, “You know you’re a real dick you know ….” I said, “Haha the one who beat the shit out of their girlfriend in highschool right … I’m the dick.” I then said, “Hey how’s life going for you ... washing people’s cars ….” He replied with “Fuck you man … go do something with your time.” I ended the conversation with “Ok bud, I’ll let you know how she is in bed…” Now, this was just the first thing I would do to fuck with Connor’s life. A couple google searches for his name and I now had his address … He was still living with his parents at the time. I then went ahead and waited for him to get done work to order a couple of pizzas to his house and make him pay for them. A couple I mean by ordering 20 pizzas all with extra toppings. That was definitely a pricy delivery. A total of $300 if you want to round up. I called in and said I would pay in cash and my name was Connor; I gave the lady on the phone his address and it was as easy as that. You might be asking why I care so much to fuck with someone’s life … It’s easy, I get joy out of it. You see these were the baby steps to ruin someone’s life.
My next attempt would be going to a personal level. Connor had a laptop at home and I went ahead and hacked it. It was easy knowing how stupid he was. He would fall for anything. So I sent him an email that led him to a link that would automatically download a fake porn movie. He would run the download and I would then have access to everything on his computer. Everything. I had every username and password of every website he used including bank accounts, emails, videogames, documents, social media, and much more. I also could see what he was doing by his webcam which he never turned off. He also had a new girlfriend at the time and her name was Jessica or Jess for short. I planned on ruining their relationship too. One night I logged into one of his bank accounts to see what his balance was … It was $1,243.50. So I went ahead and requested a withdrawal to a website that would transfer it into bitcoin. I requested $500 to see if it would work without causing any attention. The transfer went through and I now had $500 in bitcoin. I went ahead and logged out and disconnected my VPN. I also knew Connors social because he had everything saved on his laptop like his passport, birth certificate, and social security. The next morning I drove over to his house and waiting for him to leave for the morning. I watched him get into his car from a street over and pull out of his driveway. He then sped off to the local bank, I proceeded to follow. I guess he found out $500 had been withdrawn from his account. After he was done in the bank he drove to Dunkin donuts. I then thought of an idea as he was inside. I got out of my car in the same parking lot and went over to his car and took my pocket knife out. I flipped it open and sliced his back tire open. I quickly got back in my car which was parked on the other side of the parking lot and waited for him to come out. He was pissed. I could tell because he just stood there and looked around trying to find the person who had done it. I sat in my car looking at him just snickering to myself. I was getting so much joy from watching him in anger. He took his phone out and called someone. He got back in his car and just sat there. I then saw another car pull in the parking lot about 15 minutes later. It was Jess. She pulled in and parked next to Connor’s car. He got out and sat in the front seat of Jessica’s car. I could care less now to watch so I went out of the back entrance and went back home.
I went onto my computer when I got home to open the software to view Connor’s laptop. I had a feeling that the bank would have told him to look for spyware on his computer when he got home so I made sure to get on before he could. I went ahead and deleted every traceable script that was linking the laptop to the RAT. I had scripted another code to perform as a startup manager which looked like windows software. It wouldn’t be picked up by antivirus so I just copied the RAT onto my new script and loaded onto his laptop remotely. I then went ahead and logged back onto his bank account and it was frozen. I wasn’t surprised. I thought they would have done something like this. I had a backup plan though. I went ahead and logged into his iCloud with his username and password which was conveniently saved from google. I searched for “Wheres my iPhone” and found where Connor was. I saw that he was at some apartment complex not far from me so I left my house and went there. It was dark out at this point and he was inside Jessica’s apartment. I parked my car and got out to search for his car. I took my jacket with me and wrapped it around my hand. I found his shitty old Honda just sitting there with a popped tire still. I took my knife which had a glass breaker and put it right against his window. It then cracked and I hit that window as hard as I could with my hand wrapped in my jacket. It broke and glass was everywhere. His car alarm was going off at this point so I had to do what I did next very fast. I looked inside his glove compartment and found his registration and insurance papers. I stuffed them in my pockets and looked through the center console. I found his wallet and a couple of condoms. I took his wallet and got the hell out of there. I sped out of the apartment complex and went back home fast, hoping no cops would see me.
I got back inside my house and looked inside Connor’s wallet. It had about $40 in cash and a little baggie of weed. There were credit cards in there as well. I had a perfect idea. I went onto a proxy and searched for the same bitcoin website I had recently been on. I went ahead and bought approximately $4,500 worth in bitcoin from every single credit card Connor had. I knew that this would destroy his credit score. I knew he wouldn’t be able to get an apartment with bad credit but, he was still living with his mom anyways. I now had extra resources to destroy Connor’s life. I knew that Connor wouldn’t be able to fix that broken window and most definitely wouldn’t be able to drive to work now because all of his papers to legally drive were now in my possession including his driver’s license. He had no money. I needed to move on with my next step to remove Jess from the equation.
I need to find a flaw in their relationship or something to exploit. I went ahead and completed my research on Jessica. Before I go on, I need to mention that Connor had now pulled the police into this. The bank and the police were now going to try and find out who had been messing with him. They won’t be able to find a link between the two. I know this for sure. Although knowing the police are involved it just made this game more fun. I like the attention that I am causing. Let me get back to what I had found on Jessica. What do you know? She was fucking with another dude. How do I know this you might ask? Well, I went ahead and looked around her Facebook and Instagram followers looking at mostly male followers. I ran a program that looked through her direct messages and found an account of another guy in the area. It looks like they went to the same high school. I looked through the messages and they were all flirts back and forth and she finally told him to message her on Snapchat. I, unfortunately, do not have access at this moment to look into her Snapchat messages but this is enough for now. I went ahead and took some screenshots of the messages and spoofed a text message to her saying “Looks like you got a little problem here don’t you?” Attaching the screenshots. She replied saying, “Who are you??? What do you want??” I simply replied back with “Oh nothing much, just pick who you want to keep … Connor is a dick anyway.” She replied, “You have no business in this … how did you even get into my messages?” I then said, “Don’t worry about it Jess, just tell Connor you guys aren’t working out anymore… and you won’t hear from me again.” A simple blackmail is all it took.
Guess he wasn’t really worth it. Never knew how to treat a woman right anyways. Now that Jess was out of the equation I could go ahead and proceed with ruining his life. I went ahead and called into his work. A lady picked up “Hello, [Name of car dealership] this is Lisa speaking, How may I help you?” I went ahead and said, “Ah yes, I recently had my car worked on here and I would like to make a complaint against one of your workers…” She replied with “Ok sir, and do you know the name of the employee?” I said, “Yes I do, Connor [last name]. I saw a scratch on the back of my car which looked like a key or something pulled the paint off. I saw this as soon as I got home from getting my car maintained on.” She said, “Ok sir, I will go ahead and mark down your complaint and we will handle it accordingly… if you would like you could come back so we can get more info from you and we could have someone take a look at the damage?’ I said, “No that won’t be necessary after what you guys have already done, thanks.” I then hung up the phone. I know that this will most definitely get him fired.
I called him a couple of days after this with a masked voice from software that changed my voice. He picked up and I said, “How’s life been? … Shitty let me guess.” He replied with “Can I ask who the fuck is calling? And why do you care how my life’s been?” I said “Maybe this would help … you missing that $4,500? … Lifes a bitch isn’t it.” He said, “You’re going to be arrested for stealing that money .. the police are looking into it.” I said “Oh, Connor I already know that … I’m three steps ahead of them already. I mean I guess Jess doesn’t want to date poor guys huh?” He said, “How the hell do you even know me … what do you want from me?” I said, “Connor go outside there’s a package for you and maybe a couple of your answers will be in there.” I hung up. Before calling him I made sure that a package with nothing except a USB was in there. It was meant to be plugged in and it would be erased within 1 hour of opening the contents … the contents were a txt file with the title of README.txt. It wasn’t a virus or anything it was just a document meant to be read. Once opened it would have a paragraph saying:
Hello Connor, the man that you were just speaking with knows everything about you and will not hurt you. You are playing the game of life. Its simple. You are a pawn in my game. I pick and choose what you do and how you do it. You may not see it but, everything that has been going on in your life the last couple of months has been of my choosing. I’ve been in the process of taking little bits of your life away. One by one. You see it all started back in high school when I took your little girlfriend away. I made her think you cheated on her. Easy. My next step would be to take away all of your money. Poof just like magic. All gone. Your credit is down the drain. The second step was to take away your transportation. No way to drive without any money. The broken window doesn’t help either. Or maybe no driver’s license. I then took your love life away. Jessica is no longer in your life. Well, maybe you might just go back to work to make more money …. Wrong you see. You no longer have a job. Don’t bother going in tomorrow because there was a report of you “damaging” a customer’s car. You may be reading this pretty upset because you have no way of fighting back. Well, that’s where I come in. I will give you a chance. In order to stop playing my game, I will send you an address and all you have to do is show up. Sounds easy? I hope so, for your own sake.
P.S: If you bring the police … the game ends differently. Not in your favor.
I was almost finished with Connor. I needed to do one more thing before I send him the address. I was never going to let him have an easy way out, no. I planned to make him go to a park that was at least an hour out of the direction. This would be a diversion away from his house so I could carry out my plan. I had recently bought with “Connors” money from the $4,500 that I converted into bitcoin approximately 4 kilos of crack cocaine. It would ship domestically so it wouldn’t be searched by customs. I then planned on having it shipped to a nearby drop zone which was an abandoned factory outside of town. I then would take this and put it into a backpack without putting my fingerprints on it. I then also had a USB that would boot up into the dark web which had all of Connors’s personal info like it was his. I also made the password his most commonly used password for the USB. This would link directly back to Connors’s local IP address which I had set onto the USB. I also remotely bought the drugs with Connors’s laptop. My plan here would be to send in an anonymous tip from a payphone to the local police station that there was a large package of crack cocaine shipped to Connors’s address. I also planted the baggie of weed which had Connors fingerprints on them in the back porch of his house. This would give the police probable cause to search the house for drugs. I would assume that they would have already brought a warrant but, just in case I had done that for precautionary reasons. This all would happen tonight. This is when I would successfully ruin Connor’s life. I would send him to prison for years. He would be sentenced with multiple felonies of drug possession and intent to sell. The large quantity that he would be possessing would give him no parol either.
I had the vendor on the dark web pack baggies of grams pre-bagged and one large quantity as well. This would give him the charge of intent to sell as well. The investigation would come down to that he purchased them from his laptop with his credit cards. Nothing would be traced back to me. I made sure of this because I had corrupted all of my hard drives back at home by microwaving them. There was no personal connection to Connor with me. So, I would not be looked into. I was just a kid from his high school with a thousand other students. I had no connection to anyone in his family either. I went ahead and sent him the name of the park through a random phone number I generated and said, “Connor you have 90 minutes to be here, or the game continues.” I was outside his house a street over waiting for him to leave. I saw him leave which was around 12:30 am and everyone was asleep in his house. I set a timer on my phone for an hour which was my time to plant everything and get out before Connor was home. I then went to his back porch and planted the baggie of weed at his bedroom window. He was stupid enough to leave his window open and I opened it and went inside his room. I had gloves on at this point before I left my car. I dropped the backpack inside his closet and plugged in the USB that I had prepared into his laptop which was sitting on his desk. I then left through his window locking it before stepping out. I made sure the weed was sitting nicely on the outside of his window. I then walked back to my car. I checked the timer on my phone and it was at 35 minutes. I knew he would be at the park before the timer was up. I went to a closed parking lot that I scoped out before planting the evidence which had a payphone. I called in and said, “392 [Street] there is a large number of drugs which is owned by Connor [last name]. I am sending this tip in and would like to keep it anonymous for my safety.” I hung up and left the parking lot immediately. On my way back home I got a text from Connor replying with “I’m here … what do you want me to do to end this stupid game?” I replied with “It easy … take your phone and throw it into the lake … You will receive your money back after this last task is done.” He said, “How do I know you’re going to follow through on your end?” I said, “If you don’t do it, you don’t get your money …you are a player of my game remember, you follow my rules and you can win.” I then sent another message saying, “Tomorrow check the balance of your bank, and all the money will be back where it rightfully belongs. Goodbye now.” This would be the last step in covering up everything I had messaged him. He is just playing every card I told him without even knowing. I then called the phone 5 minutes later to see if it connected me through. I called and it said, “The phone number you’ve dialed is no longer in service … please call back later.” My plan was now complete and Connor will be arrested within the hour. I got home and went to sleep without a problem. I woke up the next morning and turned the news on. The headline was “Breaking News: Man in local [county] was arrested last night for drug trafficking.” This was music to my ears hearing the lady speak about the details of the arrest and hearing her say Connor’s name. She said it like he was some criminal and boy did I love that. I looked up the details of the arrest on google and clicked on the first link. [Connor ****** arrested last night for drug traffiking] I saw his mug shot and it said under it that he could be sentenced up to 25 years and up to $20,000 in fines for intent to sell crack cocaine. This was the end of Connor’s free life. He was now a convicted felon and would never have his original life back. My game was now completed and he was the pawn to complete it.
Chapter 2

submitted by idonthavemuchtime12 to mrcreeps [link] [comments]

I ruin people's lives for fun, this is my story.

Let me start by introducing myself, my name is Alex. I am 20 years old and clinically diagnosed with ASPD or Antisocial personality disorder. My diagnosis was given to me back in high school in my Junior year. It was pretty hard making friends or at least keeping them. You see when I try to make friends I usually only go into a relationship because of one thing; to get something in return. You could call it manipulating or deceiving people but, I don’t see it that way. I’ve had many therapists and physiatrists try to help me or figure out what’s wrong with me in the past but, I would just feed them the information they want to hear. Its pretty simple, give them all the shit they need to write down on their little piece of paper and it is music to their ears. Besides that, let us get to the story. Now you see the two key people back in high school were “Mike” and “Connor” and they were it. They had the girls, the popularity, the friends. They both were the biggest athletes in the entire school. This is important because I wanted that, but I couldn’t have it. Call it jealousy or whatever but, who wouldn’t want people to look up at you and have their names written in the daily paper.
High school was a bitch for me. I never had many friends or any real ones at least. I was known as the weird kid but, whatever right. Everyone says high school is tough for everyone. I believe it. Life gets back at people who deserve it though. Now Mike was the quarterback of the football team and he knew everyone and everyone knew him. I one day sent him a message on Snapchat and said: “Hey Mike, I know you don’t know me but, I think you’re a cool guy.” He then replied with “Who are you? Whatcha want dickhead?” I told him “Nothing much man, just thought we could be friends or something, we’re in the same Spanish class.” He said, “Oh, cool your that kid that sits in the back right?” I said, “Yeah, what are you doing?” He then said, “Nothing much man, listen I got a party next weekend with a free crib if you tryna come.” I then told him I’d let him know. This was perfect because I knew exactly what I would do. I planned on seeing Connor there with his girlfriend Liz. That was important because I hated seeing the way Connor would treat her. He just used her for sex and shit and never really respected her. I knew how I would fix that though, and it would be at that party.
Well, I got to the party and there were at least 50 kids there. I saw a couple of familiar faces but couldn’t care at all. I was there for one thing and one thing only. To ruin their relationship. Call me a dick but, he was way worse than me. I once saw Liz come into school with a bruise on her face and knew it was from him. I finally saw them out back near the pool. I had a plan. I would text Connor’s phone from a different number making it look like it was some other chick texting him and Liz would be right there to see it. I went outside and he was drinking, probably already drunk. I could see them from across the pool and haven’t seen Mike yet. I was about to text him and then Mike came up and tapped me on my shoulder with two drinks in his hand. He said “Yooo, Alex you came!” I laughed awkwardly and said, “Yeah man, wouldn’t miss it.” He said, “You want a drink?” Gesturing the second cup to me. I took it and said “Thanks, man.” He said, “I’ll see you around, there’s more beer in the kitchen.” He walked away and now I pulled my phone out. I went on to the app which I would text him from and texted: “Hey Connor, I had a really good night last night with a winkie emoji.” I then sent it waiting for Liz to look over his shoulder. She did and read the message. They started to argue and Liz poured his beer all over his face. My plan was working just right. I then saw Liz walk inside in a rush. I pretended to bump into her and said: “Oh my fault didn’t see you there.” She laughed and said, “Oh my god, it’s you, Alex.” I then laughed as well and said, “You good?” She replied with, “No actually, I just found out Connor was cheating on me with some slut.” I said “Oh, that blows … you want a ride home?” She said, “No I’m good, I’ll just have Grace drive me home.” I preceded with, “You sure, I live super close to here anyways, I was just about to go home too.” She said, “Ok, sure that’s fine.” I then got in my car and we started to talk. I said, “So, how’d you find out?” She said, “Some bitch texted him saying that they slept together last night.” I then said, “Damn, what’s your address by the way?” She then said something that surprised me. “I can’t go home like this, my moms gonna know I’m drunk and I’ll never be able to go out again.” I said, “Well, what you wanna do then?” She said, “Um, I don’t know .. we should go to a park.” I said, “Oh ok, what park?” She gave me the name and we went there. I parked my car in the parking lot and said: “Whatcha tryna do now?” She then said, “Shut up stupid.” Hushing my lips for me. We made out that night and I dropped her back off and went home as well.
That week in school I got a snap from Connor. It was during lunch and I clicked on it. I saw the five words that couldn’t make me happier: “I know what you did.” I replied with, “What? What did I do now?” He said, “you hooked up with Liz.” I left him on open and went about my day. I then saw him in the parking lot after school near my car. He came up to me and screamed in my face: “SO YOU THINK YOU CAN JUST STEAL MY GIRL WITHOUT ME DOING ANYTHING?” I laughed right in his face and said, “Well, she isn’t with you anymore now, is she?” He then yelled: “Well, you think you’re just going to go about your day or something?” I said laughing, “Yeah, I was planning on going to Liz’s house after school.” He then jumped on top of me pinning me to the ground, socking me right in the jaw multiple times. I tried throwing some back but, he had my hands pinned to my side. He got up and said, “Fuck with her again and you won’t be getting up.” I got up with my nose bleeding and got into my car and went home.
That was 2 years ago and boy have I got my revenge. Let me start by saying I have no regrets about what I did. Everything I had done was for my satisfaction. You see I don’t care who’s life I ruin … as long as I get something out of it. Connor graduated high school with not much going for him. He had a job at a car dealership as a mechanic or something like that and never went to college. I never went to college so I won’t judge but, I had other plans after high school. I wanted to ruin Connor’s life, and I never stopped until I completed that process. It started with pretty small things like when I tried ruining his relationship back in high school. He was always a dick and who better to fuck with then a worthless piece of shit like Connor. I messaged him a couple of months ago saying: “Hey old friend … remember me?” He replied with “Yeah, the kid I beat the shit out of … I remember you.” I knew he would say something like this so, I sent him a picture of myself and his sister I photoshopped to look as if we were together. He replied with, “What the hell are you doing with my sister … she doesn’t date weird fucks like you.” I replied with, “Oh well looks like her type changed?” I was just sitting on my computer laughing my ass off from how gullible this kid was. He then messaged his sister Claire, which I thought he would do. “Are you dating a kid named Alex?” I had hacked into her phone which was pretty easy because I sent her a phishing email that looked like a women’s clothing company that I knew she had an interest in because of her Facebook. She clicked it and it then downloaded a key logger onto her phone which would send anything that was on her phone to me directly. I override it and replied as her saying: “Haha, yeah … me and him just started talking.” Everything that was being sent right now would delete as soon as I exited the software. I then texted him saying, “Claire is one beautiful woman, kind of reminds me of Liz…” He then said, “You know you’re a real dick you know ….” I said, “Haha the one who beat the shit out of their girlfriend in highschool right … I’m the dick.” I then said, “Hey how’s life going for you ... washing people’s cars ….” He replied with “Fuck you man … go do something with your time.” I ended the conversation with “Ok bud, I’ll let you know how she is in bed…” Now, this was just the first thing I would do to fuck with Connor’s life. A couple google searches for his name and I now had his address … He was still living with his parents at the time. I then went ahead and waited for him to get done work to order a couple of pizzas to his house and make him pay for them. A couple I mean by ordering 20 pizzas all with extra toppings. That was definitely a pricy delivery. A total of $300 if you want to round up. I called in and said I would pay in cash and my name was Connor; I gave the lady on the phone his address and it was as easy as that. You might be asking why I care so much to fuck with someone’s life … It’s easy, I get joy out of it. You see these were the baby steps to ruin someone’s life.
My next attempt would be going to a personal level. Connor had a laptop at home and I went ahead and hacked it. It was easy knowing how stupid he was. He would fall for anything. So I sent him an email that led him to a link that would automatically download a fake porn movie. He would run the download and I would then have access to everything on his computer. Everything. I had every username and password of every website he used including bank accounts, emails, videogames, documents, social media, and much more. I also could see what he was doing by his webcam which he never turned off. He also had a new girlfriend at the time and her name was Jessica or Jess for short. I planned on ruining their relationship too. One night I logged into one of his bank accounts to see what his balance was … It was $1,243.50. So I went ahead and requested a withdrawal to a website that would transfer it into bitcoin. I requested $500 to see if it would work without causing any attention. The transfer went through and I now had $500 in bitcoin. I went ahead and logged out and disconnected my VPN. I also knew Connors social because he had everything saved on his laptop like his passport, birth certificate, and social security. The next morning I drove over to his house and waiting for him to leave for the morning. I watched him get into his car from a street over and pull out of his driveway. He then sped off to the local bank, I proceeded to follow. I guess he found out $500 had been withdrawn from his account. After he was done in the bank he drove to Dunkin donuts. I then thought of an idea as he was inside. I got out of my car in the same parking lot and went over to his car and took my pocket knife out. I flipped it open and sliced his back tire open. I quickly got back in my car which was parked on the other side of the parking lot and waited for him to come out. He was pissed. I could tell because he just stood there and looked around trying to find the person who had done it. I sat in my car looking at him just snickering to myself. I was getting so much joy from watching him in anger. He took his phone out and called someone. He got back in his car and just sat there. I then saw another car pull in the parking lot about 15 minutes later. It was Jess. She pulled in and parked next to Connor’s car. He got out and sat in the front seat of Jessica’s car. I could care less now to watch so I went out of the back entrance and went back home.
I went onto my computer when I got home to open the software to view Connor’s laptop. I had a feeling that the bank would have told him to look for spyware on his computer when he got home so I made sure to get on before he could. I went ahead and deleted every traceable script that was linking the laptop to the RAT. I had scripted another code to perform as a startup manager which looked like windows software. It wouldn’t be picked up by antivirus so I just copied the RAT onto my new script and loaded onto his laptop remotely. I then went ahead and logged back onto his bank account and it was frozen. I wasn’t surprised. I thought they would have done something like this. I had a backup plan though. I went ahead and logged into his iCloud with his username and password which was conveniently saved from google. I searched for “Wheres my iPhone” and found where Connor was. I saw that he was at some apartment complex not far from me so I left my house and went there. It was dark out at this point and he was inside Jessica’s apartment. I parked my car and got out to search for his car. I took my jacket with me and wrapped it around my hand. I found his shitty old Honda just sitting there with a popped tire still. I took my knife which had a glass breaker and put it right against his window. It then cracked and I hit that window as hard as I could with my hand wrapped in my jacket. It broke and glass was everywhere. His car alarm was going off at this point so I had to do what I did next very fast. I looked inside his glove compartment and found his registration and insurance papers. I stuffed them in my pockets and looked through the center console. I found his wallet and a couple of condoms. I took his wallet and got the hell out of there. I sped out of the apartment complex and went back home fast, hoping no cops would see me.
I got back inside my house and looked inside Connor’s wallet. It had about $40 in cash and a little baggie of weed. There were credit cards in there as well. I had a perfect idea. I went onto a proxy and searched for the same bitcoin website I had recently been on. I went ahead and bought approximately $4,500 worth in bitcoin from every single credit card Connor had. I knew that this would destroy his credit score. I knew he wouldn’t be able to get an apartment with bad credit but, he was still living with his mom anyways. I now had extra resources to destroy Connor’s life. I knew that Connor wouldn’t be able to fix that broken window and most definitely wouldn’t be able to drive to work now because all of his papers to legally drive were now in my possession including his driver’s license. He had no money. I needed to move on with my next step to remove Jess from the equation.
I need to find a flaw in their relationship or something to exploit. I went ahead and completed my research on Jessica. Before I go on, I need to mention that Connor had now pulled the police into this. The bank and the police were now going to try and find out who had been messing with him. They won’t be able to find a link between the two. I know this for sure. Although knowing the police are involved it just made this game more fun. I like the attention that I am causing. Let me get back to what I had found on Jessica. What do you know? She was fucking with another dude. How do I know this you might ask? Well, I went ahead and looked around her Facebook and Instagram followers looking at mostly male followers. I ran a program that looked through her direct messages and found an account of another guy in the area. It looks like they went to the same high school. I looked through the messages and they were all flirts back and forth and she finally told him to message her on Snapchat. I, unfortunately, do not have access at this moment to look into her Snapchat messages but this is enough for now. I went ahead and took some screenshots of the messages and spoofed a text message to her saying “Looks like you got a little problem here don’t you?” Attaching the screenshots. She replied saying, “Who are you??? What do you want??” I simply replied back with “Oh nothing much, just pick who you want to keep … Connor is a dick anyway.” She replied, “You have no business in this … how did you even get into my messages?” I then said, “Don’t worry about it Jess, just tell Connor you guys aren’t working out anymore… and you won’t hear from me again.” A simple blackmail is all it took.
Guess he wasn’t really worth it. Never knew how to treat a woman right anyways. Now that Jess was out of the equation I could go ahead and proceed with ruining his life. I went ahead and called into his work. A lady picked up “Hello, [Name of car dealership] this is Lisa speaking, How may I help you?” I went ahead and said, “Ah yes, I recently had my car worked on here and I would like to make a complaint against one of your workers…” She replied with “Ok sir, and do you know the name of the employee?” I said, “Yes I do, Connor [last name]. I saw a scratch on the back of my car which looked like a key or something pulled the paint off. I saw this as soon as I got home from getting my car maintained on.” She said, “Ok sir, I will go ahead and mark down your complaint and we will handle it accordingly… if you would like you could come back so we can get more info from you and we could have someone take a look at the damage?’ I said, “No that won’t be necessary after what you guys have already done, thanks.” I then hung up the phone. I know that this will most definitely get him fired.
I called him a couple of days after this with a masked voice from software that changed my voice. He picked up and I said, “How’s life been? … Shitty let me guess.” He replied with “Can I ask who the fuck is calling? And why do you care how my life’s been?” I said “Maybe this would help … you missing that $4,500? … Lifes a bitch isn’t it.” He said, “You’re going to be arrested for stealing that money .. the police are looking into it.” I said “Oh, Connor I already know that … I’m three steps ahead of them already. I mean I guess Jess doesn’t want to date poor guys huh?” He said, “How the hell do you even know me … what do you want from me?” I said, “Connor go outside there’s a package for you and maybe a couple of your answers will be in there.” I hung up. Before calling him I made sure that a package with nothing except a USB was in there. It was meant to be plugged in and it would be erased within 1 hour of opening the contents … the contents were a txt file with the title of README.txt. It wasn’t a virus or anything it was just a document meant to be read. Once opened it would have a paragraph saying:
Hello Connor, the man that you were just speaking with knows everything about you and will not hurt you. You are playing the game of life. Its simple. You are a pawn in my game. I pick and choose what you do and how you do it. You may not see it but, everything that has been going on in your life the last couple of months has been of my choosing. I’ve been in the process of taking little bits of your life away. One by one. You see it all started back in high school when I took your little girlfriend away. I made her think you cheated on her. Easy. My next step would be to take away all of your money. Poof just like magic. All gone. Your credit is down the drain. The second step was to take away your transportation. No way to drive without any money. The broken window doesn’t help either. Or maybe no driver’s license. I then took your love life away. Jessica is no longer in your life. Well, maybe you might just go back to work to make more money …. Wrong you see. You no longer have a job. Don’t bother going in tomorrow because there was a report of you “damaging” a customer’s car. You may be reading this pretty upset because you have no way of fighting back. Well, that’s where I come in. I will give you a chance. In order to stop playing my game, I will send you an address and all you have to do is show up. Sounds easy? I hope so, for your own sake.
P.S: If you bring the police … the game ends differently. Not in your favor.
I was almost finished with Connor. I needed to do one more thing before I send him the address. I was never going to let him have an easy way out, no. I planned to make him go to a park that was at least an hour out of the direction. This would be a diversion away from his house so I could carry out my plan. I had recently bought with “Connors” money from the $4,500 that I converted into bitcoin approximately 4 kilos of crack cocaine. It would ship domestically so it wouldn’t be searched by customs. I then planned on having it shipped to a nearby drop zone which was an abandoned factory outside of town. I then would take this and put it into a backpack without putting my fingerprints on it. I then also had a USB that would boot up into the dark web which had all of Connors’s personal info like it was his. I also made the password his most commonly used password for the USB. This would link directly back to Connors’s local IP address which I had set onto the USB. I also remotely bought the drugs with Connors’s laptop. My plan here would be to send in an anonymous tip from a payphone to the local police station that there was a large package of crack cocaine shipped to Connors’s address. I also planted the baggie of weed which had Connors fingerprints on them in the back porch of his house. This would give the police probable cause to search the house for drugs. I would assume that they would have already brought a warrant but, just in case I had done that for precautionary reasons. This all would happen tonight. This is when I would successfully ruin Connor’s life. I would send him to prison for years. He would be sentenced with multiple felonies of drug possession and intent to sell. The large quantity that he would be possessing would give him no parol either.
I had the vendor on the dark web pack baggies of grams pre-bagged and one large quantity as well. This would give him the charge of intent to sell as well. The investigation would come down to that he purchased them from his laptop with his credit cards. Nothing would be traced back to me. I made sure of this because I had corrupted all of my hard drives back at home by microwaving them. There was no personal connection to Connor with me. So, I would not be looked into. I was just a kid from his high school with a thousand other students. I had no connection to anyone in his family either. I went ahead and sent him the name of the park through a random phone number I generated and said, “Connor you have 90 minutes to be here, or the game continues.” I was outside his house a street over waiting for him to leave. I saw him leave which was around 12:30 am and everyone was asleep in his house. I set a timer on my phone for an hour which was my time to plant everything and get out before Connor was home. I then went to his back porch and planted the baggie of weed at his bedroom window. He was stupid enough to leave his window open and I opened it and went inside his room. I had gloves on at this point before I left my car. I dropped the backpack inside his closet and plugged in the USB that I had prepared into his laptop which was sitting on his desk. I then left through his window locking it before stepping out. I made sure the weed was sitting nicely on the outside of his window. I then walked back to my car. I checked the timer on my phone and it was at 35 minutes. I knew he would be at the park before the timer was up. I went to a closed parking lot that I scoped out before planting the evidence which had a payphone. I called in and said, “392 [Street] there is a large number of drugs which is owned by Connor [last name]. I am sending this tip in and would like to keep it anonymous for my safety.” I hung up and left the parking lot immediately. On my way back home I got a text from Connor replying with “I’m here … what do you want me to do to end this stupid game?” I replied with “It easy … take your phone and throw it into the lake … You will receive your money back after this last task is done.” He said, “How do I know you’re going to follow through on your end?” I said, “If you don’t do it, you don’t get your money …you are a player of my game remember, you follow my rules and you can win.” I then sent another message saying, “Tomorrow check the balance of your bank, and all the money will be back where it rightfully belongs. Goodbye now.” This would be the last step in covering up everything I had messaged him. He is just playing every card I told him without even knowing. I then called the phone 5 minutes later to see if it connected me through. I called and it said, “The phone number you’ve dialed is no longer in service … please call back later.” My plan was now complete and Connor will be arrested within the hour. I got home and went to sleep without a problem. I woke up the next morning and turned the news on. The headline was “Breaking News: Man in local [county] was arrested last night for drug trafficking.” This was music to my ears hearing the lady speak about the details of the arrest and hearing her say Connor’s name. She said it like he was some criminal and boy did I love that. I looked up the details of the arrest on google and clicked on the first link. [Connor ****** arrested last night for drug traffiking] I saw his mug shot and it said under it that he could be sentenced up to 25 years and up to $20,000 in fines for intent to sell crack cocaine. This was the end of Connor’s free life. He was now a convicted felon and would never have his original life back. My game was now completed and he was the pawn to complete it.
Chapter 2
submitted by idonthavemuchtime12 to creepypasta [link] [comments]

(CEX vs DEX) vs HEX

A hybrid crypto exchange is a platform that provides users with access to their private keys and aims to solve the scalability issues of decentralized exchanges.
*Disclaimer: I don’t insist that one have to store 100% of the portfolio on any kind of exchange.

Why is it called Hybrid exchange?
Hybrid crypto exchanges combine the pros of Centralized crypto exchanges and Decentralized crypto exchanges. The hybrid concept allows for certain cons to be remedied by implementing the advantages of the opposite.

What are Centralized and Decentralized exchanges?
Centralized(CEX) crypto exchanges provide massive volatility with the help of market-making activities.
Occasional fiat gateways for its users, so everyone could quickly cash out gainings.
Besides, substantial centralized crypto exchanges have a higher trust score within the community.

Decentralized(DEX) crypto exchanges provide a solution to the security issues by letting users be in control of their private keys. This feature is a part of the real decentralization of trust philosophy, which is essential for the whole crypto economy.

DEX vs CEX





On the one hand, DEX’s provide higher security and privacy for its users, but those aren't the only things we are looking for. On the other hand, CEX’s, as I told earlier, have a higher trust score, so what does this mean exactly?


But is their royalty deserved?
“I definitely hope centralized exchanges go burn in hell as much as possible,” Vitalik Buterin stated in 2018. In particular, he thinks there’s no reason some projects need to pay $10 to $15 million(as per 2018) in listing fees to let people trade their tokens on centralized exchanges.
This feels like a blood diamonds issue in the diamond industry. Most of those platforms were built on lies, some of them are currently building themselves out on falsehoods.

CEXs have to be regulatory compliant, it’s impossible to be obedient without registering a company, submitting documents for proof of identity, etc. Most of the legal registries are opened to the public. Hence the founders are publicly known individuals. Besides, there is no need to hide while you are compliant and not involved in illegal activities.



If you are new to this industry, or do not want to understand the intricacies of blockchains and came here to trade Bitcoin, I advise you to use a CEX.
But If you came here for the tech, you will enjoy reading this more.

What is the hybrid crypto exchange approach?
Not so long ago, I decided to dive into the topic of hybrid exchanges as a potential game-changer in the cryptocurrency industry.
The hybrid exchange philosophy builds on the strengths of decentralized and centralized exchanges. During my research, I came across a curious example - NEXT.exchange
To further simplify the process of understanding the principles of hybrid exchanges, I propose to consider this topic by case. It’s worth noting that there is much to contemplate in regards to hybrid exchange platforms, their solutions and approaches may vary. There are also not many out there.

DEX pros within NEXT:

Essentially NEXT.chain will be used by the exchange as an open database that stores information about all transactions and tokenized assets (assets created on NEXT.chain are dubbed 00X standard) within the exchange.
To maintain the blockchain, investors will deploy 100 master nodes during the first year (79 out of 100 are already functioning).





CEX pros within NEXT:



It’s important to note that NEXT is just at its start, and will be releasing a huge update dubbed 2.0 (after a testing period with its community), so if hybrid cryptocurrency exchanges are interesting to you - then this is definitely one to keep an eye out for.

Summing up
Recently, the industry of centralized crypto-exchanges is literally filled with scammers.
Teams of second-rate centralized exchanges "draw" trading volumes and even IEO results. Unfortunately, many blindly believe them. This is going to be a massive problem in the future, more important than you can imagine. Those scam exchanges will become more prominent and will swindle more people, this will lead to a severe outflow of defrauded people from the industry, which can not afford it.
Hybrid cryptocurrency exchanges are a new trend that I think can improve the whole industry.
Not all hybrid exchanges have their own blockchain, NEXT was considered as the project most suitable for the description of a hybrid cryptocurrency exchange.
Don't FOMO and don't hesitate to do your own researches before depositing funds on the exchange wallets or participating in an IEO.
submitted by SUN_STRIKE to CryptoMoonShots [link] [comments]

Threshold Signature Explained— Bringing Exciting Applications with TSS

Threshold Signature Explained— Bringing Exciting Applications with TSS
— A deep dive into threshold signature without mathematics by ARPA’s cryptographer Dr. Alex Su

https://preview.redd.it/cp0wib2mk0q41.png?width=757&format=png&auto=webp&s=d42056f42fb16041bc512f10f10fed56a16dc279
Threshold signature is a distributed multi-party signature protocol that includes distributed key generation, signature, and verification algorithms.
In recent years, with the rapid development of blockchain technology, signature algorithms have gained widespread attention in both academic research and real-world applications. Its properties like security, practicability, scalability, and decentralization of signature are pored through.
Due to the fact that blockchain and signature are closely connected, the development of signature algorithms and the introduction of new signature paradigms will directly affect the characteristics and efficiency of blockchain networks.
In addition, institutional and personal account key management requirements stimulated by distributed ledgers have also spawned many wallet applications, and this change has also affected traditional enterprises. No matter in the blockchain or traditional financial institutions, the threshold signature scheme can bring security and privacy improvement in various scenarios. As an emerging technology, threshold signatures are still under academic research and discussions, among which there are unverified security risks and practical problems.
This article will start from the technical rationale and discuss about cryptography and blockchain. Then we will compare multi-party computation and threshold signature before discussing the pros and cons of different paradigms of signature. In the end, there will be a list of use cases of threshold signature. So that, the reader may quickly learn about the threshold signature.
I. Cryptography in Daily Life
Before introducing threshold signatures, let’s get a general understanding of cryptography. How does cryptography protect digital information? How to create an identity in the digital world? At the very beginning, people want secure storage and transmission. After one creates a key, he can use symmetric encryption to store secrets. If two people have the same key, they can achieve secure transmission between them. Like, the king encrypts a command and the general decrypts it with the corresponding key.
But when two people do not have a safe channel to use, how can they create a shared key? So, the key exchange protocol came into being. Analogously, if the king issues an order to all the people in the digital world, how can everyone proves that the sentence originated from the king? As such, the digital signature protocol was invented. Both protocols are based on public key cryptography, or asymmetric cryptographic algorithms.


“Tiger Rune” is a troop deployment tool used by ancient emperor’s, made of bronze or gold tokens in the shape of a tiger, split in half, half of which is given to the general and the other half is saved by the emperor. Only when two tiger amulets are combined and used at the same time, will the amulet holder get the right to dispatch troops.
Symmetric and asymmetric encryption constitute the main components of modern cryptography. They both have three fixed parts: key generation, encryption, and decryption. Here, we focus on digital signature protocols. The key generation process generates a pair of associated keys: the public key and the private key. The public key is open to everyone, and the private key represents the identity and is only revealed to the owner. Whoever owns the private key has the identity represented by the key. The encryption algorithm, or signature algorithm, takes the private key as input and generate a signature on a piece of information. The decryption algorithm, or signature verification algorithm, uses public keys to verify the validity of the signature and the correctness of the information.
II. Signature in the Blockchain
Looking back on blockchain, it uses consensus algorithm to construct distributed books, and signature provides identity information for blockchain. All the transaction information on the blockchain is identified by the signature of the transaction initiator. The blockchain can verify the signature according to specific rules to check the transaction validity, all thanks to the immutability and verifiability of the signature.
For cryptography, the blockchain is more than using signature protocol, or that the consensus algorithm based on Proof-of-Work uses a hash function. Blockchain builds an infrastructure layer of consensus and transaction through. On top of that, the novel cryptographic protocols such as secure multi-party computation, zero-knowledge proof, homomorphic encryption thrives. For example, secure multi-party computation, which is naturally adapted to distributed networks, can build secure data transfer and machine learning platforms on the blockchain. The special nature of zero-knowledge proof provides feasibility for verifiable anonymous transactions. The combination of these cutting-edge cryptographic protocols and blockchain technology will drive the development of the digital world in the next decade, leading to secure data sharing, privacy protection, or more applications now unimaginable.
III. Secure Multi-party Computation and Threshold Signature
After introducing how digital signature protocol affects our lives, and how to help the blockchain build identities and record transactions, we will mention secure multi-party computation (MPC), from where we can see how threshold signatures achieve decentralization. For more about MPC, please refer to our previous posts which detailed the technical background and application scenarios.
MPC, by definition, is a secure computation that several participants jointly execute. Security here means that, in one computation, all participants provide their own private input, and can obtain results from the calculation. It is not possible to get any private information entered by other parties. In 1982, when Prof. Yao proposed the concept of MPC, he gave an example called the “Millionaires Problem” — two millionaires who want to know who is richer than the other without telling the true amount of assets. Specifically, the secure multiparty computation would care about the following properties:
  • Privacy: Any participant cannot obtain any private input of other participants, except for information that can be inferred from the computation results.
  • Correctness and verifiability: The computation should ensure correct execution, and the legitimacy and correctness of this process should be verifiable by participants or third parties.
  • Fairness or robustness: All parties involved in the calculation, if not agreed in advance, should be able to obtain the computation results at the same time or cannot obtain the results.
Supposing we use secure multi-party computation to make a digital signature in a general sense, we will proceed as follows:
  • Key generation phase: all future participants will be involved together to do two things: 1) each involved party generates a secret private key; 2) The public key is calculated according to the sequence of private keys.
  • Signature phase: Participants joining in a certain signature use their own private keys as private inputs, and the information to be signed as a public input to perform a joint signature operation to obtain a signature. In this process, the privacy of secure multi-party computing ensures the security of private keys. The correctness and robustness guarantee the unforgeability of the signature and everyone can all get signatures.
  • Verification phase: Use the public key corresponding to the transaction to verify the signature as traditional algorithm. There is no “secret input” during the verification, this means that the verification can be performed without multi-party computation, which will become an advantage of multi-party computation type distributed signature.
The signature protocol constructed on the idea of ​​secure multiparty computing is the threshold signature. It should be noted that we have omitted some details, because secure multiparty computing is actually a collective name for a type of cryptographic protocol. For different security assumptions and threshold settings, there are different construction methods. Therefore, the threshold signatures of different settings will also have distinctive properties, this article will not explain each setting, but the comparative result with other signature schemes will be introduced in the next section.
IV. Single Signature, Multi-Signature and Threshold Signature
Besides the threshold signature, what other methods can we choose?
Bitcoin at the beginning, uses single signature which allocates each account with one private key. The message signed by this key is considered legitimate. Later, in order to avoid single point of failure, or introduce account management by multiple people, Bitcoin provides a multi-signature function. Multi-signature can be simply understood as each account owner signs successively and post all signatures to the chain. Then signatures are verified in order on the chain. When certain conditions are met, the transaction is legitimate. This method achieves a multiple private keys control purpose.
So, what’s the difference between multi-signature and threshold signature?
Several constraints of multi-signature are:
  1. The access structure is not flexible. If an account’s access structure is given, that is, which private keys can complete a legal signature, this structure cannot be adjusted at a later stage. For example, a participant withdraws, or a new involved party needs to change the access structure. If you must change, you need to complete the initial setup process again, which will change the public key and account address as well.
  2. Less efficiency. The first is that the verification on chain consumes power of all nodes, and therefore requires a processing fee. The verification of multiple signatures is equivalent to multiple single signatures. The second is performance. The verification obviously takes more time.
  3. Requirements of smart contract support and algorithm adaptation that varies from chain to chain. Because multi-sig is not naturally supported. Due to the possible vulnerabilities in smart contracts, this support is considered risky.
  4. No anonymity, this is not able to be trivially called disadvantage or advantage, because anonymity is required for specific conditions. Anonymity here means that multi-signature directly exposes all participating signers of the transaction.
Correspondingly, the threshold signature has the following features:
  1. The access structure is flexible. Through an additional multi-party computation, the existing private key sequence can be expanded to assign private keys to new participants. This process will not expose the old and newly generated private key, nor will it change the public key and account address.
  2. It provides more efficiency. For the chain, the signature generated by the threshold signature is not different from a single signature, which means the following improvements : a) The verification is the same as the single signature, and needs no additional fee; b ) the information of the signer is invisible, because for other nodes, the information is decrypted with the same public key; c) No smart contract on chain is needed to provide additional support.
In addition to the above discussion, there is a distributed signature scheme supported by Shamir secret sharing. Secret sharing algorithm has a long history which is used to slice information storage and perform error correction information. From the underlying algorithm of secure computation to the error correction of the disc. This technology has always played an important role, but the main problem is that when used in a signature protocol, Shamir secret sharing needs to recover the master private key.
As for multiple signatures or threshold signature, the master private key has never been reconstructed, even if it is in memory or cache. this short-term reconstruction is not tolerable for vital accounts.
V. Limitations
Just like other secure multi-party computation protocols, the introduction of other participants makes security model different with traditional point-to-point encrypted transmission. The problem of conspiracy and malicious participants were not taken into account in algorithms before. The behavior of physical entities cannot be restricted, and perpetrators are introduced into participating groups.
Therefore, multi-party cryptographic protocols cannot obtain the security strength as before. Effort is needed to develop threshold signature applications, integrate existing infrastructure, and test the true strength of threshold signature scheme.
VI. Scenarios
1. Key Management
The use of threshold signature in key management system can achieve a more flexible administration, such as ARPA’s enterprise key management API. One can use the access structure to design authorization pattern for users with different priorities. In addition, for the entry of new entities, the threshold signature can quickly refresh the key. This operation can also be performed periodically to level up the difficulty of hacking multiple private keys at the same time. Finally, for the verifier, the threshold signature is not different from the traditional signature, so it is compatible with old equipments and reduces the update cost. ARPA enterprise key management modules already support Elliptic Curve Digital Signature Scheme secp256k1 and ed25519 parameters. In the future, it will be compatible with more parameters.

https://preview.redd.it/c27zuuhdl0q41.png?width=757&format=png&auto=webp&s=26d46e871dadbbd4e3bea74d840e0198dec8eb1c
2. Crypto Wallet
Wallets based on threshold signature are more secure because the private key doesn’t need to be rebuilt. Also, without all signatures posted publicly, anonymity can be achieved. Compared to the multi-signature, threshold signature needs less transaction fees. Similar to key management applications, the administration of digital asset accounts can also be more flexible. Furthermore, threshold signature wallet can support various blockchains that do not natively support multi-signature, which reduces the risk of smart contracts bugs.

Conclusion

This article describes why people need the threshold signature, and what inspiring properties it may bring. One can see that threshold signature has higher security, more flexible control, more efficient verification process. In fact, different signature technologies have different application scenarios, such as aggregate signatures not mentioned in the article, and BLS-based multi-signature. At the same time, readers are also welcomed to read more about secure multi-party computation. Secure computation is the holy grail of cryptographic protocols. It can accomplish much more than the application of threshold signatures. In the near future, secure computation will solve more specific application questions in the digital world.

About Author

Dr. Alex Su works for ARPA as the cryptography researcher. He got his Bachelor’s degree in Electronic Engineering and Ph.D. in Cryptography from Tsinghua University. Dr. Su’s research interests include multi-party computation and post-quantum cryptography implementation and acceleration.

About ARPA

ARPA is committed to providing secure data transfer solutions based on cryptographic operations for businesses and individuals.
The ARPA secure multi-party computing network can be used as a protocol layer to implement privacy computing capabilities for public chains, and it enables developers to build efficient, secure, and data-protected business applications on private smart contracts. Enterprise and personal data can, therefore, be analyzed securely on the ARPA computing network without fear of exposing the data to any third party.
ARPA’s multi-party computing technology supports secure data markets, precision marketing, credit score calculations, and even the safe realization of personal data.
ARPA’s core team is international, with PhDs in cryptography from Tsinghua University, experienced systems engineers from Google, Uber, Amazon, Huawei and Mitsubishi, blockchain experts from the University of Tokyo, AIG, and the World Bank. We also have hired data scientists from CircleUp, as well as financial and data professionals from Fosun and Fidelity Investments.
For more information about ARPA, or to join our team, please contact us at [email protected].
Learn about ARPA’s recent official news:
Telegram (English): https://t.me/arpa_community
Telegram (Việt Nam): https://t.me/ARPAVietnam
Telegram (Russian): https://t.me/arpa_community_ru
Telegram (Indonesian): https://t.me/Arpa_Indonesia
Telegram (Thai): https://t.me/Arpa_Thai
Telegram (Philippines):https://t.me/ARPA_Philippines
Telegram (Turkish): https://t.me/Arpa_Turkey
Korean Chats: https://open.kakao.com/o/giExbhmb (Kakao) & https://t.me/arpakoreanofficial (Telegram, new)
Medium: https://medium.com/@arpa
Twitter: u/arpaofficial
Reddit: https://www.reddit.com/arpachain/
Facebook: https://www.facebook.com/ARPA-317434982266680/54
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Nano #Ama on Binance Spanish telegram group!!

Regards!! I'm Jesús Zambrano, member of the Hispanic community of NANO for a long time. Last thursday, we had an interesting and enjoying Ask-me-anything at Binance Spanish community on telegram with the people behind NANO, Colin LeMahieu (Founder and Executive Director) and Zach Hyatt (Proyect Manager), where we take advantage of their kindness and willingness to ask them some questions and share opinions about de currency. I will share a compilation of some of the questions and answers.
-(Admin) ¡Welcome Binancians to our following AMA!
I will explain how AMA works; we will have three (3) segments.
Segment #1: I am going to ask to our guests five (5) questions and then they will answer them.
I will be explaining the rest of the segments as we conclude one of them.
-(Admin) Today we have the great pleasure of having Colin (Founder and Executive Director) and Zach (Project Manager) with us in our chat room. Could you give us a little introduction about you?
- (Zach) Hi everyone, I am Zach Hyatt, the Project Manager at the Nano Foundation and am excited to help answer questions about Nano. I live in Austin, TX where it is quite hot right now!
-(Colin) I’m Colin LeMahieu, founder of Nano. I’m a computer engineer and I’ve worked at companies like Qualcomm, Dell, and AMD. I have been working on Nano for about 5 years now and I’m really excited to talk with people who are interested as well!
-(Admin) It is a pleasure for us to have you here, I have to say that on a personal level, I have been a follower of the project for a long time now, so it is incredible for me to be able to count on you tonight, we will start with segment # 1, with the questions I have for you.
Feeless transactions and in record time! What is NANO? Can you give us an introduction to the project?
-(Colin) Nano’s goal is to solve problems with other cryptocurrencies and make sending value fast and fee-less. It has a unique design to allow us to accomplish this. We want people to have the option of using decentralized digital money instead of fiat money anywhere in the world. Nano is accessible and easy-to-use today and we plan on keeping it focused on these goals.
-(Admin) Thank you for answering my first question, I am delighted with the features offered by the project, every week they are updating and making important changes that help to improve the ecosystem that surrounds the team.
Here you can find all the weekly updates: https://nano.org/en
Previously the project was called RaiBlocks, it appeared for the first time in an ad in Bitcoin Talk in 2015. Can you tell us why a name change came up later?
-(Zach) Yeah, absolutely. Although the original RaiBlocks name has a special place in our history, it was difficult to pronounce in some areas of the world and caused confusion with certain users. We decided to move to a shorter name that not only was easy to pronounce but also reflected the fast, efficient nature of the protocol.
-(Admin) A short and quick name to pronounce, definitely NANO is perfect to define it!
My third question is the following; I had seen a very interesting gif early in the chat and it is just about the question that I came to ask.
Currently, NANO has 100% of its tokens in circulation and these tokens were distributed through Faucets, so it meant that any user with a computer could get coins simply by completing some captchas, can you tell me which has been the experience of users when using this method?
-(Colin) The faucet was a great way for us to distribute coins to people who have never used it before. Cryptocurrencies that use mining end up distributing only to people who have money to buy the mining hardware and this is unfair. We had a lot of people from Indonesia and Asia in the beginning of our distribution and at the end there were a lot of people from South America, Venezuela and Brasil that were getting most of the Nano from the faucet. We think this was a fairer way to do it and it got Nano into the hands of people in different locations, and it had a very positive impact on their lives.
-(Admin) This is incredible! thanks for your answer!
Can you tell us about what the Open Representative Vote is about and how it protects the network?
-(Zach) Nano uses voting to get confirmation on the network instead of mining and the nodes on the network that create votes are called Representatives. Open Representative Voting allows people who have a Nano balance to pick whatever representative they want to vote on their behalf. This allows the people who hold Nano to decide who generates consensus instead of mining companies. The voting process is very efficient and is a big part of what allows Nano to be fee-less and use very little energy.
-(Admin) Very good! The last question on my part:
Nano PoW is your new approach, I have read a pretty interesting example with emails, can you explain what it is about?
-(Colin) Nano PoW is a research project we’re doing in order to create a proof of work algorithm that uses less energy than other popular algorithms. Since Nano is fee-less, there must be a method to limit transactions going onto the network, which this PoW achieves. With the goal of using more memory in the process instead of CPU cycles in order to generate proofs, this new Nano PoW will help prevent ASICs from being able to cheaply send lots of transactions. It’s important for a cryptocurrency that’s used around the world to be energy efficient and green so continuing our research on this is important to us.
-(Admin) https://medium.com/nanocurrency/nano-pow-the-details-ba22a9092d6f
Thanks for your answers, Colin and Zach! I have a video, taken from your YouTube account that I would like to share with the community
https://www.youtube.com/watch?v=eh9pA8UCUrI
Can you tell me what we see in this video?
-(Colin) This is a video of how fast our transactions send and receive. You can see it takes less than 1 second to finish which means you can use it as a currency.
- (Zach) The wallet was made by developers in our amazing community, it is called Natrium. It really shows how fast Nano is and how it is easy-to-use!
-(Colin) You can also see how simple it is to use. You just scan, enter an amount, and send. There are no complicated setting which is great for new users and great for adoption.
- (Zach) And the best part is, there were no fees at all for that transaction. In fact there have never been any transaction fees on the Nano network ever!
-(Admin) Great! That's why I wanted to share it with everyone, yesterday I could try the wallet and it is really spectacular to use, thank you very much for that excellent explanation, please stay with us, now comes the part in which our users participate
Segment 3, community questions
Q -First congratulations on your project, it is amazing. Now, does nano BlockChain have another use besides making transactions?
A - (Zach) Thank you! Nano has always been focused on transfer of value and will continue to maintain that focus. The overall design is aimed at doing only this so it can remain fast, efficient and fee-less.
Q -Good evening! I understand that thanks to its architecture called "Block-lattice", each individual provides the computing power necessary to verify their own transaction, thanks to this they do not use miners to confirm transactions and they do not apply commissions of any kind. My question is: How did this occur and how difficult was it?
A - (Colin) It’s simila, transactions are validated by votes from the representatives, not by the PoW. The PoW is a way to slow down how fast people can create transactions so they can’t spam the network.
Q - Do you have any short or long term projects so that transactions using $NANO were anonymous?
A - (Colin) Long term we want to see what privacy options exist and are fast. Most privacy schemes make the transactions very big or slow to process and it’s important for things to remain quick and efficient so we can have fast transactions.
Q - We are living in Venezuela many changes in the cryptocurrency sector, the integration of crypto for service payment and product purchases is already a reality. What agreements has NANO made with service stores to integrate it as a means of payment? I want to pay my movie ticket with NANOS
A - (Zach) Thanks for your interest in Nano. We are always looking for ways to allow everyone to use Nano in as many places as possible. Although separate from our organization, we are aware of the efforts of the Nano Venezuela organization and try to support them when possible in bringing Nano to as many people and stores in Venezuela as possible.
Q - (7 questions made from one persone at once)
  1. How do you manage to make your transactions virtually instantaneous?
  2. How do they create part of the company's livelihood if no fees are charged for transactions?
  3. Why does $ NANO consume so little electricity?
  4. Requirements for a medium-sized company to adopt nano correctly as a means of payment?
  5. Since 100% of the $ NANOS are distributed, I have seen something in Medium that talked about `` Nano PoW '', could you tell me a little more about how it works? What profit will the person / institution get that puts hardware for their PoW? Will more $ NANO be created apart from those already in circulation?
  6. What do the representatives earn for putting their vote and validating blocks if 100% of the $ NANOS are already created / issued?
7- Since your policy / slogan / commandment is to be a cryptocurrency without fees, shouldn't you force exchanges in which $ NANO is present that they don't charge withdrawal fees?
A - (Colin)
  1. Transactions are fast because they’re validated by voting. The votes get transmitted around the world in milliseconds and all people have to do is count votes to confirm the transaction.
  2. We use the Dev fund to pay for developing the Nano protocol. The Nano protocol is a free tool that other people can build businesses on. We have ideas for businesses that can use fast, free money in order to help people send money to their family in other countries or pay microtransactions. It’s similar to Linux, it’s free but big companies use it because it saves them money.
  3. Nano uses little electricity because we use voting for validating transactions. Voting is just sending data over the internet which is power efficient.
  4. You can run a nano node with 40-60$/mo using cloud virtual machines
  5. Nano pow is just a more efficient way to slow people down from sending transactions to the network
  6. The most important thing is: why does a company want to use cryptocurrency? They want to use it because it saves them money on bank fees, etc. Since 40-60$/mo running a node is less expensive than their bank fees, they want to participate in the network to keep it going and save them money.
Q - Knowing all this about Nano, could you say that Nano is one of the most energy-efficient, Ecological friendly currencies in existence?
A -(Zach) Absolutely. We care about making a positive change in the world and so pride ourselves on leaving as little energy trace possible in the world. It may just be the fastest, most efficient transfer of value available.
Q - If the nano protocol had not passed the Red4Sec signature security test, would it have any vulnerability today?
A - (Colin) The Red4Sec audit didn’t find any critiral vulnerabilities in Nano. In fact they did the audit twice because they couldn’t find anything wrong and that never happened before.
It’s important for us to keep the code high quality and we will do audits again in the future because it’s important to make sure everything is secure.
Q - I'd like to see more development of Nano by using SMS on our phones to avoid the problem of no Internet connection at the moment
A -(Zach) As much as we like the idea of SMS, unfortunately it is not a secure network so managing Nano transactions over it brings some unique requirements. However we are always innovating and trying to make Nano as easy and accessible as possible so hope advances can help over time make it more accessible in this area.
Q - What plans do you have to close this 2019 to increase adoption in Latin America?
A -(Colin) We are very excited about the passion we see in the south american community. We would love to make it down to VE however in the mean time follow nanoVE for updates and meetups - there may be one near you soon!
Q - How will you make the adoption and use of $ NANO continue to increase especially in markets where other cryptocurrencies are gaining more ground?
A - (Colin) Our focus is to build tools people need to accept cryptocurrency. Right now it’s still difficulty and expensive. One thing we’re making is the device Appia which can accept cryptocurrency similar to a credit card. We made this device very inexpensive and can connect over wireless so it can be used in markets or resturaunts or other places cryptocurrency is not yet available.
- (Admin) Thank you very much for your answers! You are the first guests that answer all the questions of our users, you are amazing guys!
@AndyNano It was amazing to meet you, I learned a lot from you
@FundacionNanoVE Thanks for making this happen! excellent work
@nano_isam Thanks for everything buddy!
-(Zach) Can we ask a question to the channel?
What are the top things Nano can do to help you in your daily lives?
-(Colin) My question: How do you store cryptocurrency safely? Where do you back up your seed so it isn’t lost or stolen?
A - In Venezuela we currently have a problem with conventional payment processors, they are very slow, it would be great to be able to see people using NANO to make their purchases at any store in Venezuela, 0 commissions and instant transactions, is what we need
A - Fast transactions are what can help society the most, and except that, the best thing is that it is very cheap ... from there it is addition, those are the main characteristics that we look for the most
A - encrypted file in a pendrive
A - Nano is a direct competition to the vast majority of Cryptos, in transaction speed and that it is literally free to send or receive, nothing to wait for 5 hours or the next day when you pay for items or services with Crypto, let's increase the adoption of nano!
-(Colin) Question: Are there barriers to using Nano in your country right now?
A - No barriers in Venezuela
A - No barrier what is lacking is greater diffusion in means to give greater projection and that the adoption arrives. Here I am to support NANO!
A - There should be no barriers to the payments we wish to make, freedom above all
-(Colin) Fantastic!
- (Zach) Thanks everyone, I have to go but I appreciate all the awesome questions and answers!
submitted by AlejandroZD58 to nanocurrency [link] [comments]

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