Navigation

    Vite Forum
    • Register
    • Login
    • Search
    • Unsolved
    • Solved
    • Recent
    • Tags
    • Popular
    • Groups
    • Github
    1. Home
    2. Snaker
    3. Posts
    • Profile
    • Following
    • Followers
    • Topics
    • Posts
    • Best
    • Groups

    Posts made by Snaker

    • RE: Understanding My Wallet

      1、Log in to Twitter from your wallet to complete the mission and get more airdrops.

      2、Staking VITE can get quota, have faster transfer speeds and transaction speeds. Can be applied to personal transfers and upcoming ViteX. Of course, after ViteX goes online, staking VITE can also get VX tokens.VX tokens will have dividends every day.

      3、Voting for SBP is rewarded with voting. Rewards are set by the SBP itself. At present, SBP that issue voting rewards include:Korea_node、BayernM、XS_Fund、N4Q.org、SwissVite.org、Elegance.Vite、vite.NO1、V666.fun.

      Have fun! 😁

      posted in Questions
      Snaker
      Snaker
    • RE: www.vite.casino - The Casino is Open! New VITE App

      Well Done 👏 👏 👏

      posted in Apply for Listing
      Snaker
      Snaker
    • RE: VITE DEX

      @Skycrypto2020

      This is the test address of ViteX, which is of course provided by the official. 😄

      posted in DEX
      Snaker
      Snaker
    • RE: ViteTI - A New Community SBP is running for the top 25!

      Welcome! Well done! 😃

      posted in Discussion
      Snaker
      Snaker
    • RE: VITE DEX

      https://x-test.vite.net/trade

      Have a try! 😁

      posted in DEX
      Snaker
      Snaker
    • RE: Cara Membuat Wallet Vite Di Ponsel Android

      I really like your avatar. 😎

      posted in Indonesian
      Snaker
      Snaker
    • RE: Vote for Listing on ViteX (1st Round)

      @fonzie I agree with you 😁

      posted in General Discussion
      Snaker
      Snaker
    • RE: Vote for Listing on ViteX (1st Round)

      @Decentraliser-MY-DCL The default listing 😁

      posted in General Discussion
      Snaker
      Snaker
    • RE: Vote for Listing on ViteX (1st Round)

      And don't forget the VITE 😀

      posted in General Discussion
      Snaker
      Snaker
    • Six Questions IRS Needs to Answer About Crypto Tax

      Six Questions IRS Needs to Answer About Crypto Tax

      The U.S. Internal Revenue Service (IRS) is known for their undecided stance towards cryptocurrencies - other than the fact that they should be taxed, nothing else seems clear to U.S. residents that hold crypto assets. To answer six basic questions often asked by cryptocurrency holders in the US, crypto-focused research and advocacy institution Coin Center published a report with recommendations on what should be done to solve those problems.

      760b274f17.jpg

      The IRS has published a guidance in early 2014 that has never been updated and does not answer the questions below. “Rather than targeting ‘unintentional tax cheats,’ we are hopeful that the IRS will adopt our common-sense recommendations,” writes James Foust, senior researcher at Coin Center, in a commentary accompanying the report.

      Question 1: How should taxpayers distinguish between convertible and non-convertible virtual currency, and what is the significance of that distinction for tax purposes?

      According to existing regulations, only “convertible virtual currency” is treated as property, and it is defined as “virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency” in the guidance, in Notice 2014-21. The guidance only concerns convertible virtual currency.

      Although Bitcoin is considered convertible, it is unclear how, by definition, one should categorize other types of digital assets, “such as those having attached voting or payment rights or other contractual rights or obligations, algorithmic stablecoins, airline rewards miles, and video game currencies for which there are official fiat markets - e.g., Second Life’s Linden Dollars - as well as video game currencies that are not meant to be traded for fiat but for which secondary black markets nevertheless exist - e.g., World of Warcraft Gold,” Coin Center points out.

      Coin Center’s report urges the IRS to first clarify whether the distinction between convertible and non-convertible assets makes a difference for tax purposes, and, in case it does, to clarify whether non-convertibles are taxed and how. Also, clearer guidance on how to separate the two should be issued. If the distinction is non-consequential, then it should be noted that Notice 2014-21, as well as any others, applies to both.

      Question 2: How should taxpayers calculate the fair market value of virtual currency?

      To calculate whether a transaction resulted in a gain or a loss to the taxpayer, they must take the fair market value (FMV) in USD realized from the exchange and subtract it from the adjusted basis in the property being sold; the basis is adjusted by various provisions of the tax code.

      Now, to the question: how does one calculate the FMV? The guidance states that, “If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied.” However, most cryptocurrencies are listed across several exchanges and their prices on each can differ - which one should they choose? What does the IRS consider “a reasonable manner that is consistently applied”? Because of market volatility and often slow processing time at exchanges, which price should the taxpayer take into account?

      Coin Center proposes that taxpayers should be left to choose whether they use the exchange rate data from one exchange, averaged data from a set of exchanges, or a third-party exchange rate index, as long as they are consistent in their choice. However, they also note that the “reasonable manner consistently applied” should only be explained, and there would be no need for an additional solution.

      Question 3: How can taxpayers determine the cost basis of virtual currency dispositions?

      Buying Bitcoin differs from one day to another, let alone from one month or one quarter of the year to another. This means that the assets are also differently taxed, depending on when they were bought. The intuitive solution would be to keep track of every single transaction and calculate it based on the circumstances of the day they went through. Coin Center calls this task “incredibly onerous but technically feasible” for users that hold their own private keys - but for those using hosted wallets, it may be completely impossible.

      Stocks and some other securities have other, simpler ways of determining tax lot reliefs, but cryptocurrencies seem to not be eligible to use those. Coin Center recommends that the IRS changes this decision to include cryptocurrencies, letting taxpayers choose tax lot relief methods the same way other commonly traded financial instruments can, and/or adapting those to be applicable in the case of cryptocurrencies.

      Question 4: How should taxpayers substantiate the value of cryptocurrency donations?

      Charity donations in the US are deductible from the taxpayer’s income for that year, and cryptocurrencies are no exception. The deduction is usually capped at USD 500, while donations that warrant a deduction of USD 5,000 or more have to be appraised. There is currently no way to have cryptocurrencies become an exception from appraisal, due to the fact that they are not considered cash.

      In this case, the recommendation is to have the IRS provide guidance explicitly allowing taxpayers to use exchange data to value cryptocurrency donations - the same way they would calculate the FMV of their transactions - instead of going through a costly appraisal process.

      Question 5: How should taxpayers account for tokens they receive from a network fork or airdrop?

      Perhaps the most famous example of a hard fork was the creation of Bitcoin Cash in August 2017. Anyone who owned Bitcoin before the fork received an equivalent amount of Bitcoin Cash after it. This is the case with all forks that result in new chains being created.

      Airdrops are a similar feature: to each holder of a certain token, creators of a new token can choose to give them these new tokens corresponding to the amount of the original tokens they hold. The new tokens are not sold, but simply given away, to people who are known cryptocurrency users and already hold tokens, which are often in some way similar to the ones they are receiving now.

      In both cases, recipients may be completely unaware of the existence of the new tokens, especially if the fork or airdrop went by unnoticed and without media coverage. Even if they are aware, what if they do not sell or trade the new tokens? What if they never access them, regardless of being aware of them?

      The report suggests that the new tokens should not be taxed if the owner does not dispose of them. If they do, then the income should be recognized at the moment of disposition, not the moment of receipt or the owner becoming aware of their existence, as these would be too difficult to follow. However, if users hold their tokens at exchanges, anything the exchange decides to do with these new tokens should not affect the taxpayers unless it was done at their own direction.

      Question 6: How should taxpayers account for cryptocurrency when filing information returns?

      In Notice 2014-21, it is stated that crypto payments are subject to the same reporting requirements as “any other payments made in property.” Current regulations state that every taxpayer holding financial assets exceeding certain thresholds in foreign countries need to report this to a specific institution, according to circumstances.

      However, Coin Center claims, it is unclear whether holding cryptocurrencies on an exchange that is not located within the United States falls under this guideline or not. It is also not clear whether assets could be treated as foreign financial assets if a counterparty to the transaction is not a US person.

      As the solution to this problem, it is suggested that the IRS needs to clarify whether cryptocurrencies are subject to these reports or not - there would be no need for changing anything in the current regulations.

      New Tax Proposition Could Be the Ruin of Crypto Traders

      Meanwhile, this week, Democratic senator Ron Wyden proposed a new version of capital gains tax, where investors would pay taxes on the assets they hold every year when those assets gain value, instead of just when they’re sold. Republican Sen. Pat Toomey of Pennsylvania has called it a “breathtakingly terrible idea,” according to a report by CNBC, and people seem to agree wholeheartedly.

      This new version of the tax could kill a lot of markets, but the cryptocurrency market is especially vulnerable due to high volatility. However, the idea would be incredibly hard to implement - but it would throw yet another wrench into the already confusing idea of cryptocurrency taxes. “This tax proposal [...] adds enormous complexity to a code that is already mind-numbingly incomprehensible,” writes Ron Insana, senior analyst at CNBC.

      Crypto Companies to the Rescue?

      At the beginning of this year, Goldman Sachs-backed cryptocurrency company Circle that is also a member of a lobbying group named Blockchain Association revealed that they’re working with the IRS on clarifying, and even setting up, the rules surrounding crypto-to-crypto payments taxation. “We believe there should be different tax treatment for crypto-to-crypto, especially for smaller payments oriented transactions. The leading government on this issue right now is France, where they are soon passing a law where there will be zero taxes on crypto-to-crypto transactions,” The company’s CEO, Jeremy Allaire, said at the time. 😄

      posted in Crypto News
      Snaker
      Snaker
    • Gibraltar Stock Exchange Subsidiary Partners With Tokenization Platform

      Gibraltar Stock Exchange Subsidiary Partners With Tokenization Platform

      Hashstac, a subsidiary of the Gibraltar Stock Exchange Group (GSX Group), has partnered with Singapore-based technology company STO Global-X to facilitate the issuance of tokens. The development was announced by the Gibraltar Blockchain Exchange (GBX) on April 5.

      040701_副本.jpg

      GSX Group’s subsidiary Hashtacs Inc. and STO Global-X will jointly launch an integrated Tokenized Securities Exchange product that will purportedly allow stock exchanges and other qualified financial institutions to tokenize assets and boost trading, clearing and settling of digital securities.

      “The collaboration aims to integrate STO Global-X’s tokenization platform and exchange technology with Hashstacs’ Securities Asset Trading Classification Settlement (STACS) Network. The solution will include an institutional-grade security token exchange and trading platform complete with multi-factor authentication and military-grade encryption,” the release further explains.

      Last December, the GBX — which is another subsidiary of the GSX — announced that it is offering insurance on all of the assets listed on its platform through the partnership with local firm Callaghan Insurance Brokers. The police stated that “all assets in the custody of the GBX are fully insured, including both hot and cold wallets,” and it also “covers all forms of professional indemnity.”

      GBX was launched in July of last year and raised a total of $27 million in funding. Over the past 24 hours, the exchange registered about $1.5 million in trades, currently placing it in 126th place on CoinMarketCap’s exchange rankings by adjusted trade volume. 😁

      posted in Crypto News
      Snaker
      Snaker
    • US Blockchain Firm Partners with Sustainable Construction Firm to Design Data Centers

      US Blockchain Firm Partners with Sustainable Construction Firm to Design Data Centers

      United States-based Blockchain Holdings Capital Ventures (BHCV) has partnered with SG Blocks, which uses cargo shipping containers in construction to develop its multi-container data centers, according to press release on April 1.

      040304_副本.jpg

      The blockchain company, which focuses on real estate, energy and technology companies, will be SG Blocks’ sole partner in designing decentralized data centers. The first prototype is expected to appear in Q4 2019.

      BHCV eventually plans to open a distribution channel to scale data center production, of which the company is aiming to produce 150–200 by 2020. The majority of the centers will be fixed, but the company will also going to develop mobile ones. The latter will purportedly be cheaper to launch and more flexible. For instance, a mobile data center can be placed in remote areas in order to cut energy costs.

      SG Blocks, founded in 2007, develops sustainable construction solutions using cargo shipping containers. Among its clients are Starbucks, Marriott, Taco Bell, Aman, Equinox and several branches of the U.S. military.

      In other blockchain-related real estate news, three Swiss companies — Blockimmo, proptech company Elea Labs Ltd. and digital assets service firm Swiss Crypto Tokens Ltd. — recently conducted a blockchain-based real estate transaction of 3 million Swiss francs ($2.98 million). The deal consisted of 18 apartments and a restaurant.

      In February, the County Auditors’ Association of Ohio formed a working group to study the use of blockchain for the effective transfer of property deeds. It will examine how blockchain can increase the efficiency and management of real estate transactions and the transfer of land titles across multiple counties. 😄

      posted in Crypto News
      Snaker
      Snaker
    • Food Tech Giant Bühler Reveals ‘Blockchain-Ready’ Tools to Combat Salmonella and E. Coli

      Food Tech Giant Bühler Reveals ‘Blockchain-Ready’ Tools to Combat Salmonella and E. Coli

      Swiss food technology giant Bühler introduced two food safety products that can potentially integrate blockchain at the Microsoft booth at the Hannover Messe industrial event in Germany on April 1. The company reported the news in a press release published the same day.

      040303_副本.jpg

      The so-called “blockchain-ready” products presented by the company are a tool aiming to reduce microbial contamination in dry goods, dubbed Laatu, and Tubex Pro, a scale system that self-optimizes and produces a constant flow of production data. Both solutions are connected to the Bühler Insights Internet of Things service, hosted on the Microsoft Azure cloud platform.

      The company claims that Laatu is able to destroy over 99.999 percent of salmonella while maintaining the quality nutritional value of food by exposing dry foods to low-energy electrons. The system is also reportedly effective on E. Coli, spores and the exposure only lasts milliseconds. As the press release notes, “with a potential link to blockchain, it [Laatu] is capable of providing an accurate and secure audit trail for food producers and all players in the supply-chain.”

      Per the release, Tubex Pro self-optimizes its measuring algorithm and steams data to the Bühler Insights platform in real-time. According to the company, the data generated by both the systems can be linked to a blockchain to provide a transparent and secure audit trail for everyone involved in the supply chain.

      Nicolas Meneses, Laatu Project Manager at Bühler, noted that data stored on blockchain would not only allow for the verification that the food has been decontaminated within company’s system:

      • “Using blockchain you can see if a food ingredient has been properly processed in seconds rather than days – and with a high degree of certainty. You can then quickly take action. This helps reduce the number of people exposed to potentially unsafe food and also to cut food waste as the specific batch can be traced.”

      Bühler Group was founded in 1860 and is a multinational corporation, operating in 140 countries. The firm saw an annual revenue of about 3.3 billion Swiss francs ($3.3 billion) in 2018.

      In this week’s press release, the company claims that its machines currently process 70 percent of the world’s chocolate, 65 percent of the world’s grain products and 30 percent of global rice and pulses.

      As reported last week, the Coffee Board of India has launched a pilot blockchain-based e-marketplace in order to integrate coffee farmers with markets.

      Also during last week, news broke that premium scotch whiskey brand Ailsa Bay is reportedly about to release what it believes to be the world’s first scotch whiskey tracked with a blockchain-based system. 😀

      posted in Crypto News
      Snaker
      Snaker
    • Malta: Financial Regulator Approves First 14 Crypto Assets Agents

      Malta: Financial Regulator Approves First 14 Crypto Assets Agents

      The Malta Financial Services Authority (MFSA) has approved its first 14 crypto assets agents that previously sought for a license, according to an official statement published today, April 2.

      040302_副本.jpg

      The approval comes five months after the Virtual Financial Assets Act (VFA), adopted by Maltese government last year, came into power. According to local newspaper the Times of Malta, over 250 applications were initially filed by lawyers, accounts and auditors. However, nearly two thirds of them failed to pass the official assessment process.

      Only 28 of them finally succeeded to apply for a license, and 14 were approved with “minor details” to be fixed, the newspaper writes. The watchdog states that its representatives will now be assisting these crypto services providers under the VFA.

      According to the MFSA, the agents are now obliged to evaluate their customers’ business plans and ensure they are properly prepared before submitting an application to the MFSA. Moreover, the agents have to perform due diligence with their clients, checking whether they comply with Anti-Money Laundering (AML) and counter-terrorism financing guidelines.

      The regulator itself calls the decision an “important milestone in the MFSA’s effort at becoming a regulator of excellence” for the crypto industry. The officials believe that the decision will promote market integrity and public interest in crypto.

      However, as Cointelegraph previously reported, Maltese banks are still cautious in opening banking accounts for local crypto companies. When the Times of Malta contacted a number of legal firms and financial companies earlier in March, they reportedly confirmed that banks were declining their applications to open accounts, saying that it was beyond their “risk appetite.”

      Later, the country’s Parliamentary Secretary for Financial Services, Silvio Schembri, told the newspaper that the banks were eventually waiting for the agents to obtain MFSA approval before offering them services.

      As Maltese officials have publicly committed to creating a “blockchain island” in the country, a number of high-profile blockchain and crypto business have moved to Malta in search of a more crypto-friendly jurisdiction. Lately, several major cryptocurrency exchanges, including OKEx, Binance and BitBay, set up their operations in Malta. 😃

      posted in Crypto News
      Snaker
      Snaker
    • Austrian Economics Minister: ‘We Do Not Need Regulation for Blockchain’

      Austrian Economics Minister: ‘We Do Not Need Regulation for Blockchain’

      Austrian Minister for Digital and Economic Affairs, Margarete Schramboeck said that “we do not need regulation for blockchain,” on April 2.

      040301_副本.jpg

      Schramboeck — who previously served as CEO of major Austrian fixed and mobile network operator A1 Telekom Austria — delivered her comments during the ANON Blockchain Summit discussion panel dedicated to “The role of government in the age of blockchain".

      Speaking about the development of appropriate regulations towards blockchain, the Minister said that "Europe has a strong tendency to overregulate. [...] And then we are surprised that there are no European companies in the top 10 worldwide."

      Although Schramboeck advocated for the regulation of cryptocurrencies, she said that "we do not need regulation for Blockchain." Last June, Board directors of the Austrian Financial Market Authority, Klaus Kumpfmueller and Helmut Ettl, also offered proposals for stricter regulations on cryptocurrencies and initial coin offerings (ICOs).

      Schramboeck said that the technology is of considerable interest at the state level, but that first it is needed to “build trust in technology and skills” before those new technologies can be applied to critical public processes like voting. Schramboeck purportedly aims to actively deploy blockchain technology in various areas of public administration.

      Austria has demonstrated a proactive approach in regard to blockchain research and application. Last December, the COMET Centers, which are coordinated by the Austrian Research Promotion Agency, approved the Austrian Blockchain Center in Vienna. The center will be multidisciplinary and focus on the Internet of Things, finance, energy, logistics, and applications in public administration.

      In November of last year, the government of Austria supported a United Kingdom cancer research company, Lancor Scientific, that uses blockchain technolgy to detect the disease. 😮

      posted in Crypto News
      Snaker
      Snaker
    • Pakistan Central Bank Eyes Digital Currency Launch by 2025

      Pakistan Central Bank Eyes Digital Currency Launch by 2025

      The State Bank of Pakistan (SBP), the country’s central bank, is considering the launch of a digital currency by 2025.

      shutterstock_623965643-860x430.jpg

      According to a report from news source Dawn on Tuesday, SBP deputy governor Jameel Ahmad said that the central bank is currently working on the digital currency concept in order to “promote financial inclusion and reduce inefficiency and corruption.”

      The central bank is also reportedly planning to make its services “fully digitized and technology equipped” by the year 2030.

      In light of the proposed digitization efforts, Pakistan’s finance minister Asad Umar asked the central bank and the country’s Federal Investigation Agency (FIA) to ensure cybersecurity in the banking system, the report adds, as a failure here could cause damage to confidence in the system and the economy.

      Just yesterday, the SBP also published new regulations for Electronic Money Institutions (EMIs), a classification that covers cryptocurrency firms. As per the new rules, EMIs must meet certain requirements to be licensed by the country’s government, with firms flouting the rules to face suspension or cancellation of licenses.

      The officials made their comments at a ceremony to mark the launch of the new regulations on Monday.

      With the regulations in place, the central bank said in a statement that it expects upcoming EMIs to offer “convenient, cost effective, interoperable and secure digital payment products and services to end users.”

      The finance minister said in the Tuesday’s report:

      • “It is our government’s policy to encourage the use of e-commerce amongst [the] public through awareness campaigns to promote a culture of e-commerce, which supports electronic business transactions at national, regional and international levels.” 😀
      posted in Crypto News
      Snaker
      Snaker
    • RE: Indonesian Translation Wanted for Vite Wallet Interface

      Do you need Bahasa Melayu? 😁

      posted in Campaigns
      Snaker
      Snaker
    • Alleged CabbageTech Crypto Fraudster Indicted on Nine Counts

      Alleged CabbageTech Crypto Fraudster Indicted on Nine Counts

      United States Attorney for the Eastern District of New York Richard P. Donoghue unsealed a nine-count indictment against Patrick McDonnell today, according to a press release from the Department of Justice (DoJ) on March 26.

      032702_副本.jpg

      Following his arrest earlier today, McDonnell — the owner and operators of purported investment firm CabbageTech — was charged with nine counts of wire fraud in connection with an alleged plan to defraud cryptocurrency investors. Donoghue said in the press release:

      • “As alleged, the defendant defrauded investors by making false promises and sending them fraudulent balance statements, hiding the fact that he was stealing their money for his personal use.”

      Per the statement, McDonnell used “smoke and mirrors” between November 2014 and January 2018 to defraud investors by portraying himself as an experienced cryptocurrency trader, promising trading advice, and buying and trading crypto on their behalf.

      According to the DoJ, neither McDonnell nor CabbageTech provided investment services, rather he allegedly used investors’ funds for his own purposes and sent clients falsified balance records. When clients requested to withdraw their funds, McDonnell purportedly made excuses for why he could not pay them at the time. McDonnell also allegedly operated under an alias as “Jason Flack.”

      McDonnell reportedly defrauded investors of $194,000 in U.S. dollars, 4.41 Bitcoin ($17,551), 206 Litecoin ($12,215), 620 Ethereum Classic ($2,914) and 1,342,634 Verge ($9,035). The DoJ states that, should he be found guilty, he faces 20 years in prison.

      In the press release, Donoghue notes the participation of the Commodity Futures Trading Commission (CFTC) in the investigation. In August of last year, the CFTC won a court order to permanently ban McDonnell. At trial, the judge ruled that McDonnell was operating a “boiler room” to allegedly defraud investors and ordered him to repay the investments plus penalties.

      On the grounds that he could not afford legal counsel, McDonnell reportedly briefly represented himself in court, after which he stopped attending the proceedings altogether. 😯

      posted in Crypto News
      Snaker
      Snaker
    • Report: Lazarus Hacker Group Adopts New Methods, Continues Targeting Crypto

      Report: Lazarus Hacker Group Adopts New Methods, Continues Targeting Crypto

      Alleged North Korea-sponsored cybercrime group Lazarus is still targeting cryptocurrencies and adopting new tactics, according to a new report from cybersecurity and anti-virus company Kaspersky Lab published on March 26.

      032701_副本.jpg

      The report reveals that allegedly state-sponsored hacker group Lazarus has been active with a new operation since last November, wherein the group uses PowerShell that allows them to manage and control Windows and macOS malware. The Lazarus team has reportedly developed custom PowerShell scripts that interact with C2 malicious servers and execute commands from the operator.

      C2 server script names, in their turn, are misrepresented as WordPress files, and other open source projects. Once the malware control session with the server is created, the malware is able to download and upload files, update malware configuration and collect basic host information, among others.

      Kaspersky notes that the hackers are still targeting systems involved in the cryptocurrency and fintech industries, and advised players in those sectors to exercise caution:

      • “If you’re part of the booming cryptocurrency or technological startup industry, exercise extra caution when dealing with new third parties or installing software on your systems [...] And never ‘Enable Content’ (macro scripting) in Microsoft Office documents received from new or untrusted sources…”

      As previously reported, Lazarus is purportedly responsible for $571 million of the $882 million in cryptocurrency that was stolen from online exchanges from 2017–2018; almost 65 percent of the total sum. Out of 14 separate exchange breaches, five were attributed to the group, among them the industry record-breaking $532 million NEM hack of Japan’s Coincheck.

      Earlier in March, North Korea has reportedly amassed $670 million in fiat and cryptocurrencies by conducting hacking attacks, wherein the hackers attacked overseas financial institutions from 2015 to 2018 and purportedly used blockchain “to cover their tracks.” 😮

      posted in Crypto News
      Snaker
      Snaker
    • Grin Cryptocurrency to Vote on Change to Hard Fork Roadmap

      Grin Cryptocurrency to Vote on Change to Hard Fork Roadmap

      Developers behind privacy-oriented coin Grin are discussing crucial, potential changes to the cryptocurrency’s hard fork roadmap.

      IMG_6991-e1552533344885-860x430.jpg

      Since plans to keep mining decentralized through a series of system-wide upgrades (more popularly known as “hard forks”) may not pan out quite as well as Grin developers have hoped, they are looking to potentially adjust the upgrade schedule.

      Prominent Grin developer John Tromp, who invented proof-of-work mining algorithm Cuckoo Cycle, suggested during a bi-weekly Grin Governance meeting today changes to what will go into the next hard fork currently set for mid-July. Now, developers are putting the matter to a vote in two weeks time.

      Tromp argued in conversation with other developers:

      • “The announcement of single chip ASICs for [Cuckatoo-31] has undermined our phase out schedule… which looks like it won’t be able to serve its original intended purpose of thwarting single chip ASICs in the foreseeable future.”

      ASICs are expensive, specialized hardware devices designed to optimize earnings for a specific mining algorithm. Developers think it’s bad that ASICs have come to dominate many cryptocurrencies, since the manufacturers are a centralizing force in what’s supposed to be decentralized cryptocurrencies.

      When Grin started off, its developers aimed to prevent a “first-mover advantage” towards ASIC manufacturers, instead attempting to promote healthy competition with manufacturers of GPUs, which are less expensive to run. To keep ASICs at bay, Grin developers agreed to hard fork the network every six months and tweak the mining algorithm slightly for a period of two years.

      However, such algorithm adjustments were also deemed to be an unsustainable solution to miner centralization in the long-run. As such, developers agreed that over time the network would gradually transition to an explicitly “ASIC-friendly” variant of Tromp’s Cuckoo Cycle called Cuckatoo31+. This would give ample time for many ASIC manufacturers to optimize for this mining algorithm and hopefully ensure a decentralization of ASIC miners on the network.

      But this might not be going as planned. At present, roughly 81 percent of Grin blocks are being mined using the ASIC-resistant and tweakable variant of Tromp’s Cuckoo Cycle called Cuckaroo29. The other 19 percent of blocks are mined using Cuckatoo31+, according to Grin ASIC manufacturer Obelisk CEO David Vorick.

      In a phase referred to in Tromp’s statements today as the “Cuckatoo-31,” this ratio continues to gradually decline. As developer Daniel Lehnberg estimates in today’s meeting, Cuckatoo-31 is expected to end August 19 of next year. The following phase – Cuckatoo-32 – will result in a total of 55 percent of Grin blocks mined using Cuckatoo31+. Thereafter, the beginning of Cuckatoo-33 in 2023 marks the phase transitioning to a fully Cuckatoo31+ mined Grin network.

      However, this current schedule might lead to problems. Both Tromp and Vorick argue that the present schedule needs to be delayed. If not, Vorick maintains that “it will almost guarantee there will be an [ASIC] monopoly at [Cuckatoo-32],” which is exactly what the Grin developers were trying to prevent.

      Vorick told:

      • “We’ve demonstrated with our single-chip [Cuckatoo-31] miner that multi-chip designs are not competitive, and if the phase-out is not delayed, we will be producing a [Cuckatoo-32] single-chip design as well.”

      Helping Grin succeed?

      This Cuckatoo-32 design “will be expensive and difficult [to build] and will make competing very difficult,” Vorick adds.

      “We believe that the mining ecosystem for Grin would be better if it stayed at [Cuckatoo-31], where costs are lower and it’s easier for new competitors to get involved,” said Vorick.

      In light of this information, Tromp proposes:

      • “Any change to [Cuckatoo31+] cannot take effect until at least 18 months into the future, unless agreed upon by all affected parties.”

      “I’m proposing to proceed with more caution, to take a wait and see approach,” said Tromp. “But also to keep our commitment for the next 18 months as ASIC manufacturers must be able to rely on that for investment decisions.”

      Writing on a public Grin forum, Vorick shared his concerns about the phased hard fork roadmap. He explained that while other mining hardware manufacturers “are not upfront about the nature of their hardware,” his motivation for disclosing the matter came down to Obelisk wanting “give the community all the information it needs to make informed decisions.”

      “We really would like to see Grin [succeed] and we would like to do so by collaborating with the Grin community and letting them know what’s going on before it happens,” wrote Vorick. “We’re looking forward to your thoughts and discussion.” 🤔

      posted in Crypto News
      Snaker
      Snaker