In Game Theory, Tragedy of the Commons is a market failure scenario where a common good is produced in lower quantities than the public desires, or consumed in greater quantities than desired. One example is pollution - it is in the public's best interest not to pollute, but every individual has incentive to pollute (e.g. because burning fossil fuel is cheap, and individually each consumer doesn't affect the environment much). The relevance to Bitcoin is a hypothetical market failure that might happen in the far future when the block reward from mining drops near zero. In the current Bitcoin design, the only fees miners earn at this time are Transaction fees. Miners will accept transactions with any fees (because the marginal cost of including them is minimal) and users will pay lower and lower fees (in the order of satoshis). It is possible that the honest miners will be under-incentivized, and that too few miners will mine, resulting in lower difficulty than what the public desires. This might mean various 51% attacks will happen frequently, and the Bitcoin will not function correctly. The Bitcoin protocol can be altered to combat this problem - one proposed solution is Dominant Assurance Contracts. Another more radical proposal (in the sense that the required change won't be accepted by most bitcoiners) is to have a perpetual reward that is constant in proportion to the monetary base. That can be achieved in two ways. An ever increasing reward (inflatacoin/expocoin) or a constant reward plus a demurrage fee in all funds that caps the monetary base (freicoin). This scenario was discussed on several threads: - Tragedy of the Commons - Disturbingly low future difficulty equilibrium https://bitcointalk.org/index.php?topic=6284.0 - Stack Exchange http://bitcoin.stackexchange.com/questions/3111/will-bitcoin-suffer-from-a-mining-tragedy-of-the-commons-when-mining-fees-drop-t Currently there is no consensus whether this problem is real, and if so, what is the best solution.Source: https://en.bitcoin.it/wiki/Tragedy_of_the_Commons
Dominant assurance contractsMonero doesn't have a lot of scripting options to work with currently so it is very hard for me to understand how one might go about creating a Dominant Assurance Contract using Monero, especially in regards to paying out to a miner address.
Dominant assurance contracts, created by Alex Tabarrok, involve an extra component, an entrepreneur who profits when the quorum is reached and pays the signors extra if it is not. If the quorum is not formed, the signors do not pay their share and indeed actively profit from having participated since they keep the money the entrepreneur paid them. Conversely, if the quorum succeeds, the entrepreneur is compensated for taking the risk of the quorum failing. Thus, a player will benefit whether or not the quorum succeeds; if it fails he reaps a monetary return, and if it succeeds, he pays only a small amount more than under an assurance contract, and the public good will be provided.
Tabarrok asserts that this creates a dominant strategy) of participation for all players. Because all players will calculate that it is in their best interests to participate, the contract will succeed, and the entrepreneur will be rewarded. In a meta-game, this reward is an incentive for other entrepreneurs to enter the DAC market, driving down the cost disadvantage of dominant assurance contract versus regular assurance contracts.
This scheme is an attempt at Mike Hearn's exercise for the reader: an implementation of dominant assurance contracts. The scheme requires the use of multisignature transactions, nLockTime and transaction replacement which means it won't work until these features are available on the Bitcoin network.
A vendor agrees to produce a good if X BTC are raised by date D and to pay Y BTC to each of n contributors if X BTC are not raised by date D, or to pay nY BTC if X BTC are raised and the vendor fails to produce the good to the satisfaction of 2 of 3 independent arbitrators picked through a fair process
The arbitrators specify a 2-of-3 multisignature script to use as an output for the fundraiser with a public key from each arbitrator, which will allow them to judge the performance on actually producing the good
For each contributor:
The vendor and the contributor exchange public keys
They create a 2-of-2 multisignature output from those public keys
With no change, they create but do not sign a transaction with an input of X/n BTC from the contributor and an input of Y BTC from the vendor, with X/n+Y going to the output created in 3.2
The contributor creates a transaction where the output is X+nY to the address created in step 2 and the input is the output of the transaction in 3.3, signs it using SIGHASH_ALL | SIGHASH_ANYONECANPAY, with version = UINT_MAX and gives it to the vendor
The vendor creates a transaction of the entire balance of the transaction in 3.3 to the contributor with nLockTime of D and version < UINT_MAX, signs it and gives it to the contributor
The vendor and contributor then both sign the transaction in 3.3 and broadcast it to the network, making the transaction in 3.4 valid when enough contributors participate and the transaction in 3.5 valid when nLockTime expires
As date D nears, nLockTime comes close to expiration.
If enough (n) people contribute, all of the inputs from 3.4 can combine to make the output valid when signed by the vendor, creating a valid transaction sending that money to the arbitrators, which only agree to release the funds when the vendor produces a satisfactory output
If not enough people (
Note that there is a limit at which it can be more profitable for the vendor to make the remaining contributions when D approaches
Now the arbitrators have control of X (the payment from the contributors) + nY (the performance bond from the vendor) BTC and pay the vendor only when the vendor performs satisfactorily
Such contracts can be used for crowdfunding. Notable examples from Mike Hearn include:
Funding Internet radio stations which don't want to play ads: donations are the only viable revenue source as pay-for-streaming models allow undercutting by subscribers who relay the stream to their own subscribers
Automatically contributing to the human translation of web pages
I have a draft writeup for a merged-input system called MoJoin that allows multiple parties to generate a single transaction. The goal is to complete the transaction merging with no trust in any party, but this introduces significant complexity and may not be possible with the known Bulletproofs multiparty computation scheme. My current version of MoJoin assumes partial trust in a dealer, who learns the mappings between input rings and outputs (but not true spends or Pedersen commitment data).
Is it possible for Monero to have multiple mining algorithms like Digibyte (DGB)? The idea of keeping the large group of GPU miners to help keep the network decentralized and expand with Random X to bring in a large number of CPU miners. Also, if for some reason Random X doesn't workout we still have current algorithm that gets updated every 6 months. DGB borrowed from Huntercoin which mines 2 algorithms and Myriad that has 5 mining algorithms. Could Monero do the same? I believe DGB also adjust algorithms to keep incentives equal.submitted by MoneroMondo to Monero [link] [comments]
Digibyte - Reddit
Decentralization is an important concept for the block-chain and cryptocurrencies in general. This allows for a system which cannot be controlled nor manipulated no matter how large the organization in play or their intentions. DigiByte’s chain remains out of the reach of even the most powerful government. This allows for people to transact freely and openly without fear of censorship.Decentralization on the DigiByte block-chain is assured by having an accessible and fair mining protocol in place – this is the multi-algorithm (MultiAlgo) approach. We believe that all should have access to DigiByte whether through purchase or by mining. Therefore, DigiByte is minable not only on dedicated mining hardware such as Antminers, but also through use of conventional graphics cards. The multi-algorithm approach allows for users to mine on a variety of hardware types through use of one of the 5 mining algorithms supported by DigiByte. Those being:
Let's give every nation a chance to mine
https://preview.redd.it/3d57rld3z9j21.png?width=1200&format=png&auto=webp&s=ee1b58b619adf22cb4361dbee5b89621d9fbcc39submitted by Brainerdpaul to u/Brainerdpaul [link] [comments]
Bolttcoin is a unique platform that will make your exercise rewarded. This is actually a good source of motivation to do sporting. What we understand is human need a good source of motivation in to do sports, such the threat of health issue, friends encouragement, and even financial reward. Bolttcoin will motivate the people to do their healthy endeavor by giving them the cryptocurrency namely the bolt token. Like any other token in cryptocurrency, this token is obviously can be traded for real money. in other words, doing some challenge and simple exercise or workout is rewarded by money in the ecosystem of bolt.
Bolttcoin emphasis their company on three pillars, which are the loyalty, gamification, and engagement. The loyalty is when the customer will never look for any other alternative to goods or services except what has been provided by one manufacturer or company. Gamification is simply a pop culture nowadays like giving quest, doing some task which they will be rewarded by a certain item or money in that game, whereas the engagement is a way of the company to actively engage every kind of activity or opinion that is circulating within the realm of customers. The bitcoin is actually superb in achieving those three.
The loyalty is given by a reward. This is the most obvious since it will make more and more customer happy under the treatment of a company. The reward is important since it will respect your customer since they have been using the service of your product in a long time and thus need to b rewarded. The same goes for Bolttcoin where this company will reward more when a certain person has been using their platform for a long time.
As for the gamification, actually, that is the core of Bolttcoin. As we can see, the Bolttcoin are circulated mainly on the challenges, quest, a task that is related to health. The challenges are often trivial such walk for certain meters, to a serious workout, gym-like quest. But as a quest, it certainly comes with rewards, and no other reward expected by any other people except the money. and that is what exactly the bolt coin will give it to you. Even though the money comes in the form of a boltt token, this is exchangeable with real currency.
The engagement is the main support system of the Bolttcoin. The Bolttcoin is filled with experts in fitness and healthy exercise. Our support system is always ready to give any support or advice concerning the behavior to maintain your health, or what kind of exercise that is best suited for you, how long should it take, and etc. you can ask away any question that is related to any health issue for free. It is like having a personal gym mentor, except it is you who are getting paid.
There are several reasons why you should trust your exercise program with Bolttcoin;
Get Rewarded As we already have stated before, doing some exercise for most people are hard without a proper motivation, and therefore Bolttcoin are here to fill the gaps of motivation to all people. Unlike any cryptocurrency that are mined through the computing capability, you can mine Bolttcoin by doing simple step such walking, exercising, doing work out and etc. you get healthy and get rewarded, that is the most effective motivation ever needed.
Team of professional and expert Bolttcoin are supported by the technology experts and health and lifestyle experts. You can consult or ask any kind of question that is related to their expertise. It is free and entertaining since you don’t have to make an appointment and go to their office. It is all done online via our platform, as they are available most of the time. Having experts means that our platform will be sustainable and solid for everyone to use.
Market prospect The token that is given as a reward has a good prospect too. It has a good value and price, the limited supply but a huge demand. It will means that the value of this token will be high and prospective for the future. You can gain money by simply walking and exercising, and that sum of money is good and very worth it.
The stable ecosystem There are a lot of features that are included in the Bolttcoin, for instance, the dual blockchain, the decentralized market and protected by a cutting-edge encryption technology. Unlike any other token that is usually employs only a blockchain, the Bolttcoin are employing the dual blockchain which will double the protection of the value of token, as well as the transaction of it. It is also decentralized meaning that the transaction can be done everywhere by any device. It is also very secure and ensures your data protection and the value of the token itself.
Widespread usage As for today, more and more companies, business and people alike are ready to use Bolttcoin. This means that every reward that is given by the company can be used in any kind of transaction to any companies or retail that receives the token as the payment. If you can’t find it, you simply can exchange it to gain dollars which is also a very good choice. Investing in Bolttcoin is a good thing too, since you can become a healthy person and have many tokens for you.
FEATURES OF THE PLATFORM
Boltt crypto wallet: Enables access to all financial services in the Boltt ecosystem. Multiple top up and cash out options & holding fiat or multiple cryptocurrencies. Also enables money transfer, bill payments & a decentralized exchange.
Easily accessible: Users can access their wallet remotely from anywhere in the world with a mobile app or web interface.
Identity management and Health ID:. Each user gets a unqiue digital health identity This will be one comprehensive ID for individuals and small business on the Blockchain. It will provide a higher level of security and privacy and available on demand. Upon Wallet download and creation, biometrics & other details are captured to assign a nique ID on Blockchain.
Boltt Coin by Boltt - An established Market Leader in Fitness Wearables, AI & Mobile Health with an existing large user base. BolttCoin is an all New Decentralised Digital Health Economy based on Blockchain.
Total Issue — 170Mn BOLTT
Available for public — 59% (100 Mn BOLTT)
Hard Cap — 25,000 ETH
Soft Cap — 5,000 ETH
1ETH = 4000 BOLTT
SAFT — Yes
Token Distribution will take place after ICO closure.
Lock Period — ICO end date + 60 days
3000 ETH (12Mn Tokens); Private Sale Hardcap reached.
Sold out within a week!
THE UNIQUENESS OF BOLTTCOIN
The company’s road map includes a Native Health Tech Blockchain, gearing towards a Trust-less & Data Centric Ecosystem for Health & Allied Industries
Massive potential Huge Trillion Dollar Total Addressable Market. Every SmartPhone owner is a potential BolttCoin Consumer.
Working Product MVP ready and strong B2B partnerships in place. Established partner network of 25,000+ merchants and 1,000,000+ products.
Speed and Vision Boltt is a 2+ year old company and possess the speed, vision, partner ecosystem, network and infrastructure that is required to rapidly scale globally.
For more information, please visit the links i have provided below;
ANN Bitcointalk: https://bitcointalk.org/index.php?topic=3276720
Author: BrainerdPaul BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409
Bitcoin is a decentralized digital currency that’s secured using cryptography. Bitcoin, and other digital coins like it, are called cryptocurrency. Bitcoin users can buy, mine, and store individual units of the cryptocurrency. The units are linked together by a central ledger (i.e., a record of transactions). The ledger is stored on a ... I’ve heard that a problem with bitcoin is that it’s not scalable, so it’s not feasible for widespread use like the US dollar is. The more currencies in circulation the longer it takes for the transactions. The list of companies that will accept it was impressive, but I wouldn’t be able to spend bitcoins at the places I normally spend money. I bought a small book on bitcoin several ... However, there’s a risk involved in such transactions and a few transactions fail. 5. Value. Bitcoin may be a very volatile currency as compared to the U.S. dollar and gold. There are many reasons given by scholars on bitcoin’s high volatility, some say, it’s due to concern for its future and a few say since it’s a startup, there’s always risk involved. 1 bitcoin is adequate to 76767 ... Satoshi/Bitcoin Price. There are over 1,500 coins and tokens available in the cryptocurrency market, and a majority of them cannot be acquired using USD or any fiat currencies. The only way to acquire the majority of these coins is through buying Bitcoin (BTC) first and then converting your BTC to any of these alternative coins (altcoins). Hence, Bitcoin is the base currency for all ... Anonymous Bitcoin is a cryptocurrency embodying the zk-SNARKs privacy protocol with staking ability. A fork who combines Bitcoin and Zclassic blockchain technology to deliver seamless medium…
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