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Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi

Crypto-Powered: Understanding Bitcoin, Ethereum, and DeFi
Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.
https://reddit.com/link/ho4bif/video/n0euarkifu951/player
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
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Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
https://preview.redd.it/1ugdxoqjfu951.jpg?width=650&format=pjpg&auto=webp&s=36edde1079c3cff5f6b15b8cd30e6c436626d5d8

Bitcoin: The First Cryptocurrency

There are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.
Bitcoin has two primary features (as do most other cryptocurrencies):
  1. Send Value You can send value to anyone, anywhere in the world. Nobody can intercept, delay or stop it — not even governments or financial institutions. Unlike with traditional money transfers or bank wires, there are no layers of middlemen. This results in a process that is much more cost-efficient. Some popular use-cases include remittances and cross-border payments.
  2. Store Value With nothing but a smartphone, you can become your own bank and store your own funds. Nobody can seize your assets. The funds are digital and stored on a blockchain. Your money no longer needs to be stored at a bank, in a vault, or under your mattress. I covered a few inspiring use-cases in a previous post. They include banking the unbanked, protecting assets from government seizure, mitigating the risk of a bank run, and protection against hyperinflation (like what recently happened in Venezuela).
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.
Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
https://preview.redd.it/bizndfpkfu951.png?width=800&format=png&auto=webp&s=456c53b798248e60456a65835a33c69b2fe8daf0

Public Awareness

A few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.
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Ethereum: Programmable Money

When Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.
One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
https://reddit.com/link/ho4bif/video/b5b1jh9ofu951/player

Digital Gold Rush

Just as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.
Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
https://preview.redd.it/tytsu5jnfu951.jpg?width=600&format=pjpg&auto=webp&s=fe3425b7e4a71fa953b953f0c7f6eaff6504a0d1
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.
The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.

DeFi: Decentralized Finance

So as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
https://preview.redd.it/f0sjzqspfu951.png?width=461&format=png&auto=webp&s=8e0a31bf29250fc624918fbd8514b008762f379e
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
https://preview.redd.it/wn3phnkqfu951.png?width=800&format=png&auto=webp&s=02f56caa6b94aa59eadd6e368ef9346ba10c7611
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.

Wrap Up

I know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
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Daily analysis of cryptocurrencies 20191129(Market index 31— Fear state)

Daily analysis of cryptocurrencies 20191129(Market index 31— Fear state)

https://preview.redd.it/c494hahvyl141.png?width=1920&format=png&auto=webp&s=f0251270befb79739c668ae66be79440601e4c2d
BoJ’s CBDC Research Report: Specific Design Of CBDC To Vary According To PurposeOn Nov 29, the Bank of Japan released the Central Bank Digital Currency (CBDC) research report, which analyzed and discussed the main legal arguments of the CBDC. The report concludes that the legal discussion of CBDC will involve a wide range of laws, such as the Bank of Japan Act, the Civil and Commercial Law, the Administrative Law and Competition Law, etc. Certainly, the specific design of the CBDC will vary greatly depending on the purpose of issuing. If the issue of the CBDC is discussed, more in-depth legal discussions are needed.
Russia May Ban Cryptocurrency PaymentsAs reported, the Russian Central Bank and the Federal Financial Monitoring Service are preparing to ban the use of cryptocurrencies to pay for goods and services. The initiative aims to combat crime in the cryptocurrency field. The Russian Central Bank has not confirmed that it is preparing relevant draft laws, but said it is ready to support. Russia’s Ministry of Finance holds a similar position.
New EU Bill On The Fourth Money Laundering Directive Allows Banks To Hold And Sell BitcoinA new proposed bill on the European Union fourth Money Laundering Directive will allow banks to buy, hold and sell Bitcoin. The amendment on the directive comes to ease stringent rules that prohibited banks from either offering virtual asses or providing custody services. The move is an excellent relief for financial institutions in the region.
NatWest Forms Blockchain Consortium To Streamline Home Buying In UKNational Westminster Bank, commonly known as NatWest, is a significant retail and commercial bank in the United Kingdom looking to streamline the process of home buying in the UK. Currently, it takes an estimated three months to finalize a purchase. Still, the hopes are through a new distributed ledger technology consortium with Coadjute and leading property software providers, this process might cut down to three weeks.
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Yesterday, bitcoin climbed above the key $7,300 and $7,400 resistance levels against the US Dollar. Moreover, there was a close above the $7,400 level and the 100 hourly simple moving average.
It opened the doors for more gains above the $7,500 level. Finally, the price tested the next key resistance near $7,700 (as pointed out in the weekly forecast). A high was formed near $7,676 and the price is currently correcting lower.
It traded below the $7,600 and $7,550 levels. Besides, there was a break below the 23.6% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high.
However, the $7,400 support area seems to be acting as a strong buy zone. If there is a break below the $7,400 support, the price could test the $7,300 and $7,295 support levels.
Review previous articles: https://medium.com/@to.liuwen

Encrypted project calendar(November 29, 2019)

Zenon (ZNN): 29 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”Tael (WABI); 29 November 2019 Founders AMA “Three days to go until our Founders #AMA, this Friday, hosted by @binance.”

Encrypted project calendar(November 30, 2019)

Ethos (ETHOS): 30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX): 30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR): 30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ): 30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM): 30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO): 30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX): 30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Pakcoin (PAK): 30 November 2019 Staking Mobile App Android app for staklet is going to be launched on November 30th.

Encrypted project calendar(December 1, 2019)

Auxilium (AUX): 01 December 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity.I/O Coin (IOC): 01 December 2019 Pos Reward Halving IOC block reward halving is happening on December 1st 2019.ABBC Coin (ABBC) 01 December 2019 Migration Requests Start “Migration requests from the #AladdinPro Wallet will be accepted starting on December 1, 2019.”

Encrypted project calendar(December 2, 2019)

Bitcoin (BTC): 02 December 2019 CME Futures BTCX19 Bitcoin Futures Contract (BTCX19) settles on December 02, 2019.Waves (WAVES): 02 December 2019 Waves Exchange Launch “As of November 18, users will be able to import their accounts and seed phrases, and, on December 2, the new exchange will be launched.”BZLCOIN (BZL): 02 December 2019 New Website New website and pre-launch “Patron”.Decentraland (MANA): 02 December 2019 Creator Contest “Announcing the Creator Contest, from Dec 2–15. Submit your most creative interactive scenes for a share of $50k USD worth of prizes up.”Bitcoin (BTC); 02 December 2019 CME Futures BTCX19 Bitcoin Futures Contract (BTCX19) settles on December 02, 2019.

Encrypted project calendar(December 3, 2019)

Aeternity (AE): 03 December 2019 Sofia, Bulgaria Meetup “Come hear @noyyy and @em introducing the project, followed by talks by Karol Skočik, Juraj Hlista, and Stephan Verbücheln.”Quant (QNT) 03 December 2019 QuantX London Conference “QuantX is a half-day event being curated by Quant Network with an audience of 100 industry professionals from across the fintech…”

Encrypted project calendar(December 4, 2019)

Aeternity (AE) 04 December 2019 Sofia Hackathon “The next aeternity blockchain hackathon will be held in Sofia, Bulgaria, on December 4th, 2019!”

Encrypted project calendar(December 5, 2019)

***OKB (OKB):***05 December 2019 OKEx Cryptour Kyiv Ukr “Join us in Kyiv as we journey through Ukraine for our OKEx Cryptour!”Horizen (ZEN) 05 December 2019 Weekly Insider Team updates at 4:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(December 6, 2019)

TenX (PAY): 06 December 2019 COMIT Hackathon “The #hackathon will be held over the weekend of 6–8 Dec at the TenX HQ in Singapore.”Noah Coin (NOAH) 06 December 2019 Japan Roadshow — Sendai “As you know, we are organizing the trip to the cities of Japan in December.”

Encrypted project calendar(December 7, 2019)

Storm (STORM): 07 December 2019 Loyalty Program Registration for our fourth and last loyalty program will end on December 7th!MediBloc [ERC20] (MEDX): 07 December 2019 Token Swap Deadline “Please submit your swap before 7th of December 23:59(UTC+9).”OKB (OKB); 07 December 2019 OKEx Talks 2019 Calabar “Join us on 7 Dec for our first OKExTalks in Calabar, where we will be discussing ‘Digital Assets and Tokenization’.”Dash (DASH); 07 December 2019 Open House “.. Dash Core Group will be hosting the Dash Evolution Open House on Dec 7th… in Scottsdale, AZ, from 1pm to 5pm MST.”Noah Coin (NOAH); 07 December 2019 Japan Roadshow — Tokyo “As you know, we are organizing the trip to the cities of Japan in December.”

Encrypted project calendar(December 8, 2019)

Noah Coin (NOAH) 08 December 2019 Japan Roadshow — Nagoya “As you know, we are organizing the trip to the cities of Japan in December.”

Encrypted project calendar(December 10, 2019)

OKB (OKB) 10 December 2019 OKEx Talks — Rotterdam “Join us on 10 Dec to explore “Decentralized Finance” & the benefits & opportunities it presents.”.Newscrypto.io (NWC) 10 December 2019 (or earlier) Platform Redesign Updates: Brand new Landing page, New Trading Tools and Updated School Program.IOTA (MIOTA) 10 December 2019 Karlsruhe Meetup “Come learn about the IOTA technology! Dec 10 at 6PM CEST.”OKB (OKB) 10 December 2019 OKEx Talks — Rotterdam “Join us on 10 Dec to explore “Decentralized Finance” & the benefits & opportunities it presents.”.Newscrypto.io (NWC) 10 December 2019 (or earlier) Platform Redesign Updates: Brand new Landing page, New Trading Tools and Updated School Program.

Encrypted project calendar(December 11, 2019)

Waves (WAVES) 11 December 2019 Annual Meetup ‘See you in Berlin on December 11, 2019!”Cindicator (CND) 11 December 2019 Event for CND Ecosystem “New horizons of the CND ecosystem,” with “More details to be released” at 14:00 UTC.IOTA (MIOTA) 11 December 2019 Berlin Meetup “Join us for the “2019 recap & 2020 outlook” MeetUp, organized by IOTA & @iotashop.”Cosmos (ATOM) 11 December 2019 Cosmos Hub 3 Chain “Cosmonauts, buckle up & get ready for the hub upgrade to the Cosmos Hub 3 chain. A new proposed date is set for Dec 11 at…”

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1st Round AMA Answers!

Based on the volume of questions from the East and West, we have compiled them all here. We also want to make sure the community has a chance to see all of the answers in a neat and orderly presentation.
 
Reddit 1st AMA Answers
What do you mean by “side chains”? Will the Hcash main chain run parallel with other chains, or are other chains plugged in based on certain block numbers? My question is based around the vertical and parallel scalability I see with EOS. What is the interaction with the side chains? Is this faster than vertical scaling?
Side chains will run parallel and be interoperable with the main chain. Side chains allow for new, more efficient, consensus mechanisms as well as smart contract functionality. Eventually other major blockchains will be interoperable with Hcash, through side chains and relays, DAG EVM for ETH, and other “Layer 2” solutions (Lightning Network for BTC and BTC forked code). Side chains allow for different scalability methods, flexibility and accessibility.
Is quantum resistance to protect against hacking, or against “fast mining” (preventing inequality between PoW miners)? How is it possible to guarantee quantum resistance? Isn’t our understanding of quantum computing just based on theories since quantum computers are not fully functional yet?
Quantum resistance is the protection against attacks made by quantum computers, which is currently contrasted by what we know about classical computers. Quantum computers weaken the security assumptions of certain types of cryptography, including ECDSA. If ECDSA were broken, attackers could steal balances in addresses that have made previous spends because the ECDSA public key for the address is revealed to the blockchain. Addresses with unexposed ECDSA keys will be resistant to this type of attack, as they are secured by RIPEMD160 and their ECDSA keys have not been revealed. Quantum resistance does not mean quantum proof. Quantum resistance means that quantum-based attacks do not have a significant advantage over the computers we have today. Based on what we currently know, our signature scheme is quantum resistant. No one knows what the future holds which is why it is important to always continue research and development into quantum resistant cryptography.
What do you mean by “exchange of value and valuable information”? Is this the exchange of coins and smart contracts?
The “value” you are referring is not derived from our current understanding of value (fiat). The “true value” that blockchain systems hold is stored in the hashes themselves. Data and information is king.
Imagine that in 2 years, a kid walks up to you and asks, “What do you do and how does it help society?”
We are one of many projects that helped build a more secure web of connected devices, and revolutionized peoples’ opinion on value and what really matters.
An uninformed businessman who has no understanding of blockchain, but has heard Bitcoin approaches you. How do you explain your product and the benefits to him so that he remembers to give you a call the next day?
Tell him to do his research on blockchain first before selling him on some grand idea. Smart investors grow a stable smart economy, not dumb money.
After reviewing the Hcash source code on GitHub https://github.com/HcashOrg/hcashd, I've found that almost all the Hcash main chain code has been written by SJTU (Shanghai Jiao Tong University), for example https://github.com/sammy00 https://github.com/yczhangsjtu. What have other contributors, such as the Nucleus Team, done for Hcash?
Shanghai Jiao Tong University’s Lab of Cryptography and Computer Security is the primary contributor to the main chain code. It is no small feat to have the 4th best university in China working on this project. The Nucleus Team is working with them to finish main chain testing. After the main chain launch, the Nucleus team will focus on the future development for Hcash including our side DAG EVM and main chain Lightning interoperability.
The main chain public repo hasn’t been updated very frequently.
Please refer to our new GitHub. The frequency of updates will increase as we approach/ pass the main chain launch.
When will the swap from Hshares to Hcash take place?
The swap to the main chain will take place after the main chain launch mid-February. Announcements will be made as to how and where you can swap your Hshares for Hcash.
What is the exact date of main chain launch?
The main chain launch will take place mid-February. We are aiming for release on February 15th.
Will you provide interoperability for all the existing blockchains?
We hope to provide interoperability for all blockchains in the future. That is a lot of work though. We will start with the larger chains that have healthy development and community sizes first. To make this easier, we plan to provide a back-end solution for new blockchains to make this process easier.
Will the interoperability between the blockchains support both transfer of data and transfer of value?
Yes
What is a block-less blockchain? Is this a traditional distributed system?
A block-less blockchain accomplishes the same goals as a traditional blockchain by using consensus to determine the order of transactions. A block-less blockchain, such as a DAG, allows for faster consensus without traditional block size requirements. Faster consensus means higher throughput.
How will Hcash bridge block-less and traditional blockchains?
Through relays between our main chain and side DAG. A more technical analysis will be available in our upcoming yellow paper.
What signature scheme will you use to achieve quantum resistance? Why?
Hcash is using the BLISS signature scheme. Hcash’s version of BLISS has been hardened to mitigate side channel attacks. BLISS was chosen for its efficient key and signature size.
Provide an overview as to how inoperability will be achieved.
We will be using relays to Hashed Timelock Contracts for Lightning Network interop on our main chain, relays and colored coins that operate with our DAG EVM, bridges to side chains for more uncommon chains, and back-end protocols for newer blockchains.
Specifically, what is the theory behind Hcash’s interoperability?
This answer would be longer than the entire AMA. Unfortunately, the specifics will have to wait until the yellow paper release. In the meantime, I would read the Lightning Network whitepaper because it is an excellent source of information. You could also research BTC relays and EVMs.
What is the timeline for interoperability? Will this be the main focus of Hcash? When can be expect an Alpha version?
We will be updating the roadmap in Q2. Interop timeframes will be easier to gauge after the main chain release. There are quite a few ideas around what we would like to tackle next, whether it would be assisting other projects on Lightning Network development, the DAG EVM implementation, or possibly both at the same time.
How will swap values be calculated when switching between blockchains? Is it based on the current market value?
Yes, it would be based on the current, real time market value.
Will you update the whitepaper to include a comprehensive overview of interoperability, its theory and its exchange functions?
In the coming months we plan to do an update on the white paper. The technical analysis will be provided in our yellow paper. These will be detailed in the updated roadmap to be released after the main chain launch.
Can you explain who will use the Hcash? I am trying to figure out where the supply and demand will come from.
Our target audience is everyone, from people playing mobile games to supporting business and government logic. The supply and demand will come with the need to transfer more and more data across multiple platforms. As for the economic model, this has not been outlined yet. We will be exploring all methods that fall in line with creating smart economies, including 2 token models.
Will you be hiring an advertising team?
We are already expanding Western marketing, primarily in the US. More focus on this will come soon after the main chain.
What are ring signatures in cryptography? How do they work?
At this time, we are exploring more efficient transaction schemes, such as bulletproofs. Bulletproofs can reduce the computational power needed for privatized/ anonymous transactions.
Most of us understand the interoperability of the network. What is a specific use case for Hcash? What role will Hcash have in the network? What makes it a requirement for interoperability? If someone has Bitcoin and wants to convert it to Ethereum using Hcash’s network wallet, is Hcash used as a fee for that conversion?
Here is an analogy. You walk into an arcade with 20 different machines. Each of these machines takes a different token, but you only have coins that operate with one of these machines. This would be the type of solution we hope to provide. Fees can be paid with Hcash. In the future we can explore taking fees in other denominations as well. More of this would be explained in detail with our yellow paper and economic model.
 
Baidu 1st AMA Answers
What specific date will the main chain go online?
Main chain release is mid-February, but we are aiming for launch on February 15th.
Are you willing to divulge how many apps you have in development for the Hcash main chain?
The primary focus right now is to improve the stability of the Hcash main chain. This will ensure successful launches in the future for developers on our side DAG EVM.
What is the Martian’s current relationship to Hcash? Is he still part of its team?
The Hcash team is currently located on Earth. The last I heard the Martian was returning to Mars.
Will the main chain go up according to schedule? Are there any problems with Hcash? The specialist sales team was made up of shareholders/ investors, right?
Provided no unforeseen circumstances, we are on schedule for the main chain release. There are roadblocks and disconnects with every project. This is a new world of technology we are exploring. I think the team you may be referring to is the Hcash Foundation themselves. A lot of the Western marketing and development is being handled by the Nucleus Team.
Is the code on GitHub all original? Are all developments executed on GitHub? Why is there so little original code? There are so few modifications. I also noticed there are remarkably few references to the code. Most of them are from documents that have been updated.
Many engineers have worked to contribute to the blockchain community over the years. We are taking advantage of the hard work and research that has been done while also making our own meaningful contributions for others to use in their code. It is important to acknowledge the contributions of others. The work completed by Decred in particular has allowed us to grow. Now we will have our chance to contribute back to them and others with our post quantum signature scheme and NG implementation. There are advantages of having similar projects that people don’t realize. For example, after our main chain launch we can explore assisting with development on the Lightning Network. As for GitHub, you will see activity increase when the main chain launches.
What is scope of the Hcash R&D team?
To assess, research and develop cutting edge decentralized consensus mechanisms and applications.
Hcash is currently collaborating with three universities. Shanghai Jiao Tong University has been working on the main chain quantum resistance. What are the main responsibilities of the other two universities?
Building blockchain technology is a group effort. The other teams have also been researching other options for main chains, smart contracts etc. For example, Dr. Joseph Liu from Monash University is working on ring signature schemes to continue our research and development into privatized transactions. We are looking forward to taking the best efforts of all teams and bringing them to the blockchain communities at large, starting with the post quantum implementation from LoCCS at Shanghai Jiao Tong University.
The Westerners working on Hcash don't seem very enthusiastic. They aren't following a lot of people on Twitter. Does the team have any clearer plans for increasing publicity?
The Westerners are primarily focused on the technology, development, and creating more content. The community management will be increasing transparency and activity in time. More Western marketing can be done after the launch of the main chain.
Are there plans to get onto more exchanges such as Bittrex?
When moon? We are constantly considering all options to allow users to access Hcash. Currently we are listed amongst some of the top exchanges like Binance and growing exchanges like KuCoin.
When will quantum resistant technology be implemented into Hcash? Where can we follow the developments being made and is there anywhere we can go to participate in the project?
Quantum resistant technology is available now on GitHub at https://github.com/HcashOrg/hcashd and will be available for use outside of the testing environment when the main chain launches in the middle of February.
Where do you download the wallet? How do you mine?
The wallet for the new main chain can be found on GitHub at https://github.com/HcashOrg/hcashwallet. You can mine on the new main chain by joining a pool or using the hcashd node to solo-mine.
When will Hshares swap Hcash? Can you announce a general time?
Hshares can be redeemed for Hcash after the main chain launches in the middle of February. Announcements will be made regarding how and where to swap your Hshares for Hcash.
Will there be an address mapping when Hshares swaps to Hcash like there was with EOS? What other kind of mechanism will be used for the coin swap?
A snapshot of Hshares will be included in the Genesis (first) block of Hcash’s launch to allow users to convert their Hshares into Hcash. An announcement will be made as to how, when and where conversions will take place.
When will the main chain that can support smart contracts go online? When will tokenization for Hcash take place?
Smart contract functionality will be available when our side DAG launches. Users, businesses and developers will be able to build dApps, launch tokens and more. We are making sure the main chain is a stable foundation before adding our DAG to the Hcash ecosystem.
There aren't many updates on GitHub and there aren’t many contributors. What kind of coordination is going on with the development team?
Both the Nucleus Team and members of Shanghai Jiao Tong University LoCCS are working together to finalize testing. Updates are being made to our GitHub at https://github.com/HcashOrg/hcashd.
Based on what I've been reading, Shanghai Jiao Tong University is mainly responsible for the main chain portion of the project. How is their team doing? How many research students in their labs are helping them?
Shanghai Jiao Tong is responsible for building and launching the new main chain. Their team there has been doing a great job with research and development and we look forward to seeing more of their work. The Nucleus Team is currently working with them to finish testing. After testing, the Nucleus team will focus on the future development of the project including our side DAG. I do not know the size of their team as we have not visited their lab.
Can you confirm that the main chain will finally go up in mid-February? Is it just a hypothetical date and then a further delay?
The primary responsibility is to make sure the main chain is stable and secure so that it can be used as the foundation to add other important features to the Hcash ecosystem, like smart contracts and hidden transactions. Everyone is working very hard to hit the target release date of mid-February. We are planning on mid-February for the launch unless anything unexpected comes up.
What is the status of these interoperability features? When is the main chain going online?
Main chain will be released mid-February. The interoperability features depend on the stability of the network. Our side DAG EVM will be the quickest addition to the Hcash ecosystem that will allow for ETH interoperability. Lightning Network on the main chain will require further research and development.
Won’t zero knowledge proofs conflict with the system’s throughput?
We are currently working on more uncommon implementations of zero proof knowledge, such as bulletproofs that allow for efficient transaction speeds. We can also achieve higher throughput with our side DAG.
 
Thank you to everyone who participated! Round 2 of our AMA session leading up to the launch of the main chain will be announced shortly 😊
submitted by Mr_Handsome_Nucleus to hcash [link] [comments]

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