The right to privacy: freedom at risk
Freedom has always been at risk. Now, with technological development, it's even more evident. The problem is that many agree to trade freedom for comfort. So dystopian societies like *1984* or *Brave New World* aren't far from becoming reality; if not, with some nuances, they aren't already.
*Image Source* https://unsplash.com/es/fotos/dos-mujeres-frente-a-la-camara-de-seguridad-de-arriba-montadas-en-la-estructura-fPxOowbR6ls
All societies face the fundamental challenge of balancing individual freedoms with the collective good. Ethics almost never wins the battle against concentrated power.
The violation of rights under the justification of preventing terrorism and organized crime, or in the name of national security, is increasingly common. And while it's true that "bad guys" take advantage of the rule of law in free and democratic societies, it's clear that criminals aren't the only ones who can screw up our lives. One politician who proposes laws that limit our privacy in the name of well-being can cause more harm than a thousand criminals.
In Ma Boyong's short story **The City of Silence**, there's a phrase that sums it all up:
*"...Technology is neutral, but its progress makes a free world freer or a totalitarian world even more repressive."*
FULL ARTICLE HERE https://inleo.io/@yecier/the-right-to-privacy-freedom-at-risk-ef4?referral=yecier
It´s expensive to be poor
World Powers: the energy race
It's neither Artificial Intelligence, nor Bitcoin, nor gold that will determine a country's development. What has moved, moves, and will always move the world will be energy. The development of each country will be determined by its ability to generate and use that energy, as well as optimize its production. The energy race is a reality.
To develop this idea, we must go back a little further.
Full article here https://inleo.io/@yecier/world-powers-the-energy-race-eie?referral=yecier
It is very interesting what the LEO team is doing.
They have a frontend to web3 where you can earn money by posting, voting and interacting - https://inleo.io/signup?referral=yecier
And now the are betting hard on a crosschain swap - https://leodex.io/?ref=yecier
This last one have things like referrals, low fees, fast swap between blockchains, stakings and more. It's worth giving it a chance.
What you will do with 25K USD ?
Swap easily between blockchains with LeoDex
https://leodex.io/?ref=yecier
Do you know the value of your business?
If you're an entrepreneur, business owner, or self-employed person and haven't asked yourself how much your business is worth, you're ignoring a very valuable piece of information. And yes, I'm referring to the price it could be sold for.
Even if you don't intend to sell your business, knowing how much it's worth or how to calculate that value is important. Often, especially if it's our first successful venture, we add extra value based on our emotional attachment, which can cause us to miss out on opportunities. Other times, due to ignorance, we undervalue the business.
Having a sound or realistic idea allows us, even if the goal isn't to sell, to make better decisions regarding expansion or investments. We may even realize that the goals we had when we started can be achieved with the sale.
While selling or not is not a simple decision, it is something we should make in an informed manner. This decision is not only influenced by personal goals and aspirations; it must also include the business's own metrics. I wish that starting a business were as simple as some neo-gurus make it out to be, but it isn't. Taxes, profit margins, state-of-the-art, market saturation, competition, etc. must all be taken into account. And all of this should be taken into account when calculating the value of a business.
I wish everything were simple, but the truth is that there are different valuation methods that have specific aspects depending on the sector.
Read the full articlehere. https://inleo.io/@yecier/do-you-know-the-value-of-your-business-jbk?referral=yecier
Sometimes I forgot that I have a readcash account LOL, I so inmerse in Hive now
If something indicates experience (poor Roger) is to keep your wallets in secret and if you
have a insanity level of wealth renounce to the US citizenship ASAP or never become citizen of that country. Just in case, avoid countries that have extradition agreements with USA LOL
Are you stacking crypto or just saving FIAT money?
Will BCH survive or will become a gost coin in the future?
How do you believe is doing Trump with his firs Executive Orders?
Vivir la literatura: narrativa joven cubana (Parte 4)
En este serie voy a hablar sobre algunas autoras cubanas contemporáneas que bien vale la pena leer y seguir. No solo por la riqueza con la que escriben sino para seguir su crecimiento y por la manera en que viven y gestionan la literatura.
**Legna Rodríguez Iglesias** https://www.instagram.com/princesamiami
Quizás la más mediática e internacional de todas. Legna es una de las autoras más audaces de Cuba en lo que va de siglo XXI. Sus obras desafían restricciones y danzan probando los límites de la poesía, la escritura de guiones, la novela y los ensayos. Una experimentación que remezcla tonos y saca al lector de su zona de confort. Aborda en su obra líneas como las contradicciones políticas, las intrigas familiares y hasta los hábitos sexuales de una sociedad cubana atemporal.
Su obra publicada consta de 17 títulos entre poesía, relato, novela y teatro.
Premios literarios obtenidos por Legna:
2024: Premio Franz Kafka de Ensayo / Testimonio
2019: Premio Centrifugados de Poesía Joven
2018: Nominada al Premio Hispanoamericano de Cuento Gabriel García Márquez
2016: Premio Casa de las Américas de Teatro
2016: Premio Paz de Poesía
2013: Premio Wolsan-Cuba de Poesía
2011: Premio Iberoamericano de Cuentos Julio Cortázar
2008: Premio Calendario de la Asociación Hermanos Saíz
**Palabras finales**
Si bien esta serie es solo una muestra de la narrativa joven cubana, son los nombres que más actividad e impacto literario han generado en la isla en los últimos 5 años. Y, estoy seguro que van a dar más de que hablar en el futuro. Que todas las autoras que he tratado hoy sean mujeres es evidencia de que la bandera de las generaciones contemporáneas de la literatura cubana hoy es llevada por las féminas.
Es una pena que el sistema editorial cubano esté aún en pañales en cuanto a las publicaciones y promoción de los libros digitales, pues esta sería la oportunidad ideal para llegar al público general ante la carencia de las imprentas y el poco tiraje que se realiza por edición. El sistema editorial cubano debe cambiar y el formato de compensación a los autores también, pero este es un tema diferente que necesita una publicación aparte.
Si tienes la oportunidad, busca, descarga y lee las obras de las escritoras que hoy te menciono. Si ya lo has hecho déjame en los comentarios cuál es tu favorita.
Snowballing Hive #5
In the previous post I mentioned the changes in the list of tokens I was betting on in Hive and the update of my activity in the concept of snowballing Hive. In this post, I will follow up on those ideas and comment on some interesting changes. https://ecency.com/post/@yecier/snowballing-hive-4-7hk
Everything I mention here is based on my experience and aimed at users who, like me, have very little or no capital to invest. I mainly use the earnings obtained through content creation on the Hive blockchain, the use of faucets, or PTC (Pay to Click) sites. Everything mentioned here is related to the Hive blockchain or its layer 2 tokens.
*Disclaimer: what you do with your money is your responsibility. Research before investing.*
SNOWBALLING HIVE
Immersed in cryptocurrencies since 2019 and in Hive since 2023, the concept of **snowballing Hive** came to mind as I analyzed my personal account and ways to earn dividends in $Hive. Some Youtube videos on investing in the capital market and compound interest also helped. The first steps are always the hardest. For example, it took me around 2 years to reach my first 1000 Hive in staking (Hive Power[HP]) through earnings from blogging and curation. Now, in just four months since October 2024, I have increased to over 1400 HP, at a rate of +100 HP per month. If this trend continues, it will take me 10 months or less to reach the next 1000 Hive in staking. It will take 58.3% less time to go from 1000 to 2000 than it took to go from 0 to 1000. So, why not create a snowball strategy with Hive income? What would be a strategy to accelerate these initial steps from 0 to 1000? Of course, this applies only to those who see their Hive account as a personal business and are in it for the long term. If we previously explained the two main strategies for implementing this **snowballing Hive** concept, today I will update you on the one I am developing.
I still set my blog rewards to 50% HP and 50% HBD. Like most, this allows me to increase my influence on the network while maintaining some liquidity. However, once I reach 100 HBD staking, I will switch my rewards to 100% HP until I reach 3000 HP. Once this milestone is reached, I will reevaluate the goals to determine the reward model for author rewards. So far, all the Hive Dollar (HBD) I receive is staked to earn 1.25% monthly interest passively. The goal of using compound interest is to create a base that allows me to cover expenses without affecting my HP and ideally have the interest earned cover my basic monthly needs. It's a tough challenge, but a long-term one.
I continue to actively vote on content, ensuring that my voting power never drops below 70% by limiting my daily votes to ten or reducing the value of votes if I need to vote more. I also focus on community building: commenting, helping and encouraging new members, initiating projects and offline activities.
Additionally, something I completely forgot to mention before is that I have been accumulating permanent HSBI units and will continue to do so. This provides me with a stable and secure income in Hive through my posts.
If you want to know more about HSBI Click Here https://ecency.com/post/@yecier/haz-crecer-la-interaccion-y
Lastly, I aim to diversify earnings through layer 2 tokens and liquidity pools.
Changes in the token list
Unstaking all my tokens (not in the holding list) is being converted to Hive or other tokens of interest to be included in liquidity pools.
My token list remains focused on the following:
$LEO, $CENT, $BRO, $BBH, $BBHO, $WAIV, $POB, $NEOXAG, $ALIVE, $LOLZ, $PIMP
The token $BRO (I only own 1.05051008) maintains its value and gives me a passive income of 0.003 $HIVE weekly. The $BBH tokens give me a weekly reward in $SWAP.HIVE (Hive wrapped on Hive Engine). The 10K token goal for $BBH is getting closer as I already own 9,009.77 BBH which give me a weekly profit of 0.03546409 SWAP.HIVE. Once I reach this figure, I will gradually convert the rest of the tokens not included in the list to $BBHO and $BRO.
BBH, BBHO, BRO, PIMP are tokens that pay dividends for holding or staking.*
Changes in liquidity pools
Here the changes are more visible.
As you can see, I have now focused on the pools of the $LEO, $CENT, and the second-layer native token Hive Engine $BEE. These are pairs that have good exchange volume and are tokens that tend to maintain or increase their value, so the earned fees generate a quite attractive APR. The increase in pools is slight as it is based solely on the rewards of these tokens (and the conversion of others) for curating, blogging, or staking. In the future, depending on behavior, I may consolidate and focus on just three. For now, I continue to monitor and increase positions.
Conclusion
These ideas are focused on users who, like me, have very little or no capital to start investing. It mainly uses the earnings obtained through posting content on the Hive blockchain or using faucets or PTC pages. All the opportunities and possibilities mentioned here are related to the Hive blockchain and its layer 2 tokens. If you have a large amount of capital or monthly investment amounts exceeding $100, your investments should be in other areas (although these would also work). I repeat, time and patience are key. If you have any ideas or questions to share, I would appreciate you leaving them in the comments. https://en.wikipedia.org/wiki/Paid_to_click
I believe that Trump will disappoint to the majority of crypto lovers that see in him something good for crypto. He only cares about him, his ego and his fortune and will use everything and everyone to reach his own desires.
Vivir la literatura: narrativa joven cubana (Parte 3)
En este serie voy a hablar sobre algunas autoras cubanas contemporáneas que bien vale la pena leer y seguir. No solo por la riqueza con la que escriben sino para seguir su crecimiento y por la manera en que viven y gestionan la literatura.
**Nathaly Hernández Chávez** https://www.instagram.com/nathalyhch94
Nathaly es otra de las que encabeza el resurgir de la ciencia ficción en Cuba. Ganadora del Premio David de la UNEAC de Ciencia Ficción en 2021 con el libro de cuentos *Las azules colinas de Europa*, y del Premio Calendario de Ciencia Ficción 2024 con la novela *La biblioteca de Alexa*.
Pero la ciencia ficción no es su única rama. Ha logrado ganar el premio Celestino de Cuento del año 2023, gracias a su conjunto de siete relatos, *La figura en el puente*, y el Eliécer Lazo en la categoría de Poesía 2023, con *Balada del bazar de Babilonia*, entre otros. Como poeta, además, ha logrado llegar al público lector con su libro *La hora violeta* de Ediciones Aldabón.
Vivir la literatura: narrativa joven cubana (Parte 2)
En este serie voy a hablar sobre algunas autoras cubanas contemporáneas que bien vale la pena leer y seguir. No solo por la riqueza con la que escriben sino para seguir su crecimiento y por la manera en que viven y gestionan la literatura.
**María de Jesús Chávez Vilorio (M. J. Chávez)** https://www.instagram.com/gaviotawriter
Si hablamos de literatura de Ciencia Ficción(CF) pocas veces pensamos en autoras mujeres, sin embargo, estas son las que han tomado el liderazgo del género en el último lustro. María, que firma sus libros como M. J. Chávez, es una de las que encabeza el resurgir del género en la literatura cubana. Más mérito merece si se tiene en cuenta que ha logrado sus mayores éxitos desde Santiago de Cuba, ciudad donde se dio a la tarea de crear espacios para la ciencia ficción en una ciudad que parecía terreno infértil para este género. Con este empeño logra materializar en su ciudad el VII Congreso de Ciencia Ficción y Literatura Fantástica del Caribe (2024).
Su manera de escribir la ciencia ficción nos hace sentir que lo que leemos es algo que vivimos o podemos vivir de manera cotidiana en el presente. Ganadora de los premios Oscar Hurtado de Cuento de Ciencia Ficción 2021, mención en narrativa general y premio colateral de la AHS para libro de cuentos de CF en el Regino Boti 2023, premio Portus Patris de Narrativa 2023 y premio David de Ciencia Ficción y Fantasía 2024. Como resultado se estos premios tiene varios libros en proceso editorial para su publicación como *Solo un poco de caos*, *Setenta y cuatro día* y *Donde la noche es eterna*. No obstante, podemos encontrar parte de su obra en revistas como *Korad (No. 39)*, *La Noria* y en la antología *Los extraños paraísos*. https://ecency.com/@gaviotawriter
Vivir la literatura: narrativa joven cubana (Parte 1)
En este serie voy a hablar sobre algunas autoras cubanas contemporáneas que bien vale la pena leer y seguir. No solo por la riqueza con la que escriben sino para seguir su crecimiento y por la manera en que viven y gestionan la literatura.
Lisbeth Lima Hechavarría https://www.instagram.com/limaescritora
El poder de despertar emociones es manejado a su antojo por Lisbeth. Hasta el día de hoy soy incapaz de leer sus letras sin que se desate una explosión de sentimientos en mí. Independientemente del libro por el cual comiences a conocer a esta escritora tendrás deseos de más, deseos que pueden ser satisfechos porque es una de las autoras más accesible en redes sociales. https://peakd.com/@limaescritora
Sus letras se mueven por todas los matices del realismo sin dejar de apropiarse cuando lo necesita de lo surreal. Puede arroparse en el erotismo para tratar temas sociales y emocionales que van más allá de lo que se ve a simple vista. La poesía también la acompaña en su andar y en la búsqueda de la libertad expresiva.
Si esto fuera poco tiene un proyecto de libro de literatura para niños en camino. Aquellos que la lean y se sienta inspirados a escribir sepan que da clases, tanto virtual como presencial, de técnicas narrativas. Si la versatilidad y la búsqueda de superación fuera una persona bien podría ser Lisbeth Lima Hechavarría.
Ganadora del Premio Literario Casatintas, 2021 y Farraluque de Literatura Erótica, 2022. Se ha establecido como una de las voces jóvenes de autoridad en la literatura contemporánea cubana y latimoamericana. Su palabra va más allá de la ficción, logrando establecer un modo de hacer digno de seguir en los apartados de las crónicas y las reseñas literarias, los artículos de opinión y el activismo social y por los derechos de la mujer.
Su obra publicada se puede encontrar en la siguiente lista:
Rostros (su primer libro publicado) https://www.amazon.com/Rostros-Spanish-Lisbeth-Lima-Hechavarr%C3%ADa/dp/B08WXZJ2TG
Matices de Vida https://www.amazon.com/-/es/Lisbeth-Lima-Hechavarr%C3%ADa/dp/8835428157
Bestias Interiores https://www.amazon.com/-/es/Lisbeth-Lima-Hechavarr%C3%ADa/dp/B0B49TCK4M
Zona Inexplorada (edición cubana de Rostros) http://www.cubaliteraria.cu/download/zona-inexplorada-de-lisbeth-lima-epub/
Escaleras de Mar (en proceso de reedición) https://peakd.com/hive-10053/@limaescritora/lanzamiento-de-mi-nuevo-libro
I believe that doing DCA any person can have a better perform than the vast majority of traders. However trading is romantized because a few can make hundreds of thousand just with one lucky trade (even if later lose everything).
Hive go up with a +60% from 0.35 to 0.62 cents. This is a huge skyrock but is still nothing compare with the network potential. Creating content there is today more profitable than ever. Why are you not in Hive already?
Join now, as easy as one click
https://inleo.io/signup?referral=yecier
#hive #web3 #tothemoon
I wonder how readcash survive without the bot giving rewards? How many active users there is here monthly?
Tokens to invest in Hive
Which tokens can provide the most benefits in Hive? I have asked myself this question very often. Although we all know the main ones, there are others that could give us very good benefits, especially in the long term. This is why today I will talk about the ones that I personally think are the most suitable and especially the ones I have focused on. Of course, everyone must do their own research, everyone must look for the project that best suits them, I only talk about where I am putting my eye.
There are several ways to earn tokens (curation, publishing content, staking, etc.), but one that is rarely explored by common users is liquidity pools. These pools are nothing more than a system where a liquidity of 2 tokens is made available to a DEFI platform. For each exchange made of that pair, a very small commission is charged that goes to those who provide the liquidity. The more liquidity you provide, the more you receive. https://www.finect.com/usuario/avillanuevae/articulos/que-es-un-token-como-funciona-y-para-que-sirve-tipos-y-ejemplos https://academy.binance.com/es/articles/the-complete-beginners-guide-to-decentralized-finance-defi
Since there are many coins, it is sometimes very difficult to choose the pool in which you are going to put your money. There are some that have a lot of liquidity so the APR can be low. Others have very little exchange volume, so you are not going to earn much either. You have to find the balance between these 2 characteristics. And, above all, that you have confidence in the pair of tokens. If you do not trust those tokens to hold them in the long term, then the best thing you can do is not bet on that pair in a liquidity pool.
Everything I'm going to talk about here is focused on users who, like me, have very little or no capital to start investing. The profits obtained through publishing content on the Hive blockchain or the use of faucets or PTC pages are mainly used. All the opportunities and possibilities mentioned here are related to the Hive blockchain and its layer 2 tokens.
Read the full article here https://peakd.com/hive-167922/@yecier/tokens-to-invest-in-hive-enesp-kbv
People here that love create content and want to earn should consider seriously join to Hive. IS the best social network outhere truly web3 and with a great potential to skyrock.
https://inleo.io/signup?referral=yecier
#crypto #web3 #hive
I remember when I loose 1 BCH gambling and I got depressed 😢. Expensive lesson learned.
Holding strong beside being a 40% down in Hive and BCH. I hope the reward to do it and do DCA come soon in the future.
Hive Zealy Outreach Campaign: a 5000 dollars prize pool
If you are not living under a rock (if you are not already in Hive you are), you listen about this new Zealy campaign launched by the Leo Team. The goal is to increase the Adoption of the Hive Blockchain.
This is part of the Leo's Marketing Effort to make at least ten thousand new users join and be active in Hive by the end of 2024. The objective this September is incorporate 450 new people to Hive, and probably be a strong indicator of it is already possible the main goal of 10k newbies.
Particularity of the campaign is that not only focus in registrations, they put the attention in retention. That means that the success is measure in how many of these new users will stay around and make themselves hivers. Of course, to facilitate all will be use the Leo account creation protocol that allows use Twitter and Google accounts to get a new Hive account easily.
Now you can be part of this and make money in the process. What you have to do is simple, just complete tasks posted on the Zealy campaign. This will involve bringing more users to Hive from web2 and you will earn points that will allow you earn (or not) Hive Backed Dollars. https://zealy.io/c/hive/invite/v1z1kBjEzpz6vUfXM3Ceq
The campaign pretend be a monthly competition and this September the prize pool is 5000 HBD. The Hive Zealy Outreach Campaign start past Monday, September 11 and will end in October 3.
But, how this will be distributed?
The prize pool of 5000 $HBD will have the following distribution:
Top 10% of the active leaderboard will split 2500 between them, and from the top 11-30% will split the another 2500. This means that if 100 Hivers are part of the active leaderboard, 10 people (Top 10%) would get 250 $HBD each, and 20 people (Top 11-30%) would get $125 each.
You can join to the competition here https://zealy.io/c/hive/invite/v1z1kBjEzpz6vUfXM3Ceq
As you see, rewards are distributed on percentages and not in numbers, in other words, with more participants the prize will be less but you will more chances to win a prize.
A personal advice I give you, try to get more than 2000 experience points in the campaign soon as possible because this is the number to allows reach the active leaderboard. In addition, it will motivate yourself to be consistent and be active the whole month.
Why you should be part of this?
It will be fun, I assure you will have a lot smiles here and positive moments and you will interact a lot with other users having the chance to others hivers know you and upvote your usual content. In addition, you will reach more interactions in your traditional web2 social networks. Is just a win-win situation.
If all that is not enough for you then think about the prize you can win. Join now to the Hive Zealy Outreach Campaign organize by Leofinance and win a part of the 5000 $HBD prize pool. https://zealy.io/c/hive/invite/v1z1kBjEzpz6vUfXM3Ceq
Support this content
Reblog the post.
Share on #Web2 social networks. https://peakd.com/trending/web2
Share on LeoThreads, Dbuzz, or Liketu and earn $GOSH.
Comment to discuss and help me grow.
Tag me in your own posts to support each other.
Follow me on social networks:
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Twitter https://twitter.com/EnriqueYecier
Other contact details https://yecier-paylinks.netlify.app/
*Originally posted in Hive https://peakd.com/hive-167922/@yecier/hive-zealy-outreach-campaign
Bitcoin: his impact, the future and his ancestors
*From* *Unsplash* https://unsplash.com/photos/9pCV2MB65y8
The creation of Bitcoin started a universe of new opportunities: technological, social, economic and a long etcetera. Suddenly, a relatively simple idea, but one that no one had thought of before (or at least had done it successfully), opened the eyes of thousands of developers and cryptopunks around the world.
Several ideas began to be explored that resulted in new cryptocurrencies, in new ways of doing and creating through the blockchain. New innovations and businesses appeared that didn't exist before and now, suddenly, there are infinites million-dollar opportunities for everyone. https://leofinance.io/posts/@leoglossary/cryptocurrency https://leofinance.io/posts/@leoglossary/blockchain https://leofinance.io/posts/@leoglossary/leoglossary-business
Of course, from the traditional vision of the economy, this idea of decentralized money and resistance to censorship began to be discredited. What if it was used for money laundering, terrorism, drugs, etc. Although we all know the truth, the problem is not the security, anonymity and privacy that cryptocurrencies provide us, the problem is that governments cannot control it. The powerful never wants to lose their privileges.
Money, like cryptocurrencies, is an instrument, and as such, human beings decide how to use it. Some use it for good and others for morally questionable things. However, the problem is not the means and tools, nor can the solution be to deny people the right to privacy or limit their freedoms.
In a world where governments were heading towards the elimination of cash (bills and coins), which is the monetary medium that provides the most privacy and anonymity for individuals, the irruption of Bitcoin represented a real problem. People already had a new form of money that did not depend on governments, that was unconfisfiable, uncensorable, and offered anonymity similar to that of cash. The main difference (and a positive one) was that with Bitcoin you can carry millions with you just with an app on your cellphone.
The topic of Bitcoin and cryptocurrency is so coarse that there is something to write. But, in today's article I am going to address issues ranging from the origin of Bitcoin, the impacts on society and the global economy to what can happen with this phenomenon from now on.
If you are passionate about this kind of subject, I invite you to read with attention every part of this post. Let’s begin.
Bitcoin: origins and reasons for its emergence
The creation of Bitcoin, more than something specific or an individual action, was a process that was nourished by previous ideas and technologies that go beyond the issuance of the first BTC. Because the idea of "a system of electronic cash between equals", as described in the Bitcoin Whitepaper, already existed before and had several failed attempts. https://bitcoin.org/bitcoin.pdf
Sometimes, it is not about how good or bad an idea is for it to work, but about the historical conditions where it is tried to be implemented. And the timing of Bitcoin was just right. Perfect, I am sure to affirm. https://leofinance.io/posts/@leoglossary/leoglossary-bitcoin
Right in the middle of a global crisis that started in the United States of America in 2008, many people saw their savings disappear and lost confidence in banks and governments. And where technology had advanced enough so that ordinary people could participate in the mining system with few and ship resources. Just the optimal conditions like never before exist. https://leofinance.io/posts/@leoglossary/leoglossary-bank
Nobody knows if the 2008 crisis was the one that gave Satoshi Nakamoto the idea to create Bitcoin, or if he (or they) had already been working on this idea and this situation accelerated everything. Perhaps if this conception had been tried to be implemented sooner or later that date, it would have failed miserably.
*From* *Unsplash* https://unsplash.com/photos/NHRM1u4GD_A
Bitcoin Family Tree
To be exact, Satoshi Nakamoto did not invent any of the technologies that make up the Bitcoin protocol (Proof of Work, cryptography of public and private keys, blockchain). His genius came from being able to unite them all in a common project and give it an economical design without equality until now. https://leofinance.io/posts/@leoglossary/leoglossary-proof-of-work-pow
It takes different actors who do not trust each other, with incentives to steal from each other, and aligns them in interests to create an immutable accounting chain through consensus that remains open and transparent to all.
However, all this is possible thanks to the inventions that preceded it. Let's look at some of the major creations or movements that paved the way for Bitcoin and bring us to the actual moment of cryptography history.
RSA Algorithm
The name RSA comes from Ron Rivest, Adi Shamir, and Leonard Adleman, the people who defined the algorithm in 1977.
This is a slow algorithm, so it's not often used to encrypt all user data. What is usually done is to use RSA to transmit keys for symmetric key cryptography that are used for bulk encryption and decryption.
Under this encryption, messages are encrypted with a code called a public key, which can be easily shared. Due to specific mathematical properties of the RSA algorithm, once a message has been encrypted with the public key, it can only be reversed with another key, the private key.
Each user must have a public and a private key. It goes without saying that the private key must remain secret.
Cypherpunk Movement
It was in this movement that many of the inventions that served as the theoretical and technical basis of Bitcoin that we will explain later were gestated. The Cypherpunks are a notable group that is concerned with the constant decline in privacy and individual empowerment of people.
They have an almost utopian vision of a decentralized society free of governments. Its objective is to replace the current model of global payments and currency issuance with one where there is complete sovereignty and anonymity over economic activity. A concept quite similar to the one adopted by Bitcoin.
The Cypherpunks opposed surveillance by promoting the use of cryptography to preserve privacy. This led to their designing many open source and privacy focused apps that are still in use today. These include the Pretty Good Privacy (PGP) program that encrypts and decrypts email over the Internet, the Tor private web browser, the GNU project, BitTorrent, Mixtermaster Remailer, etc.
eCash - DigiCash
David Chaum, a cryptographer, computer scientist, and Cypherpunk, in 1983 (26 years before Bitcoin) created a system that allowed banks to produce digitally signed digital money (eCash). Customers could spend their electronic cash that merchants would then redeem with the bank.
After each transaction, the person who received them could automatically exchange them for dollars, which were deposited in their bank account. When someone redeemed the e-cash, the bank saw that it was valid, but didn't know which of their customers it was originally assigned to. This made individual transactions anonymous to the bank. https://leofinance.io/posts/@leoglossary/leoglossary-transaction
It used a system of Blind Signatures through the issuance of secure keys that prevented third parties from accessing personal information. It did this in a way that was very similar to how the Tor network or the Lightning Network works today.
Each node in the network only needed the information of the next node to send as the system was based on onion type routing. Each node peeled off a layer and this allowed it to route the payment, but it never knew who was sending or receiving.
Unfortunately, it was unable to convince large players in the global financial system to adopt the technology.
Blockchain Technology
The concepts of blockchain as such go back to a group of articles published in 1991 by Stuart Haber and Scott Stornetta. They are considered the inventors of the first blockchain at Bell Communications Research (Bellcore) to ensure the integrity of digital records.
They wrote a series of documents and patents that laid the foundation for Bitcoin and all other digital currencies, suggesting a secure method of time stamping digital documents. Timestamp would approximate when a document was created, but timestamp accurately conveys the order in which documents are created; if one was created before the other it would be easily reflected.
In this concept, security requires that the timestamp of a document cannot be modified after it is created.
This idea was defined as blockchain and was one of the bases of the Bitcoin protocol.
Proof of Work
Cynthia Dwork and Moni Naor created a technique to reduce spam in 1992. It required email senders to attach some type of proof showing that they had incurred a cost. Without this test, recipients would reject incoming emails.
These costs would be negligible with normal email volumes but would be high enough with the sending of millions of emails to discourage spammers. It worked in a simple way, if you wanted to send an email, you had to calculate a hash as evidence to show that computing resources have been spent to compose the email.
In this way, it would be unfeasible for spammers to calculate the hash of the thousands of emails they send every minute. Verification is done on the receiver's side in a quick and easy way.
The cost in the form of repeated calculations would be considered work and the receipt would be proof that it was done. This is where the name “Proof of Work” comes from.
eGold
Douglas Jackson became one of the early pioneers of digital currencies in 1996 when he founded eGold, one that was backed by gold. eGold was operated by Gold & Silver Reserve Inc. and allowed users to open an account denominated in grams of gold and other precious metals on its website. Providing the ability to make instant transfers of value to other eGold accounts.
Electronic gold transactions, in addition to being instant, could not be reversed and cost a fraction of traditional bank transfers. The goal was to create a private gold-based monetary system with Internet transactions that would work better than traditional finance. https://leofinance.io/posts/@leoglossary/leoglossary-finance
This project guaranteed a secure and efficient method of transmitting value by keeping records of payment transactions. Each digital gram was backed by a physical gram of pure gold.
This project was dismantled, a few times before Bitcoin was born in 2009, by the United States government as it was used by criminals for money laundering, fraud, and other misdeeds. Not requiring KYC allowed them. But being a registered company this allowed the authorities to prosecute and shut it down.
HashCash
Adam Back created a system similar to the proof of work in 1997, he named it Hashcash. Adam saw that the concept had utility beyond her own service and moved to promote the use of her creation in other email services. Eventually, Hashcash became a well-known innovative idea implemented in different messaging and email software.
HashCash's mission was to stop mass spam since doing so would be a strenuous activity for a PC, consuming CPU cycles and increasing power consumption. Making sending thousands of emails financially prohibitive.
B-money
In 1998, Wei Dai, a computer engineer and cryptographer, created a network in which senders and recipients were only identified by their digital pseudonyms or public keys. Each message was signed by the sender encrypting it for the receiver.
The network was untraceable. In it, transactions would be transmitted to a network of servers, which would monitor account balances, updating them when signed messages were received. The creation of money would be agreed by the users through periodic auctions.
B-money was an anonymous distributor of digital currency through a trading computer network that was verified with SHA-1 hash functions. Dai sparked interest in cryptocurrencies with the publication of the B-Money Whitepaper. In it, Dai describes the basic properties of today's cryptocurrencies. In addition, it proposes the creation of money in four phases: planning, bidding, calculation, and money creation.
Wei Dai had a crypto-anarchist utopian vision of a community where violence would not be possible because people's physical locations and real identities would be hidden. And that, because of the lack of violence, there would be no need for governments.
The incentive through the mining process as seen in Bitcoin is also based on the Dai proposition. Dai's article on B-money was cited as a reference by Satoshi Nakamoto in the Bitcoin Whitepaper.
BitGold
Nick Szabo, who was one of the world's first Cypherpunks, came up with Bit Gold in 1998, but it wasn't until 2005 that he posted a blog about him making big waves in the crypto world. Many experts have identified stark similarities between Satoshi's and Nick's handwriting.
Bit Gold is one of the first attempts made to create a decentralized virtual currency. This idea was driven by the inefficiencies of the traditional financial system and the need to reduce the amount of trust required to create transactions.
However, it was never officially released, although this does not take away from the fact that it was part of the inspiration behind Bitcoin. The Bit Gold idea used timestamped blocks stored in a title registry and generated with proof-of-work chains. Bit Gold would use a proof-of-work and mining mechanism to create a new Bit Gold but with increased computational difficulty to curb supply.
Bit Gold had limitations related to trust in distributed steps, as well as issues related to transactions using trust-based systems. It also did not address the problem of the machine architecture required for the network to work in practice.
Impact of Bitcoin on society
As it happens with all current technology, it happens with Bitcoin, each one of them is based on past technologies and discoveries and serves as a foundation for future technologies and discoveries. Without any of the previous steps, Bitcoin would not have been created at the right time and without it, we would not have blockchains with smart contracts or applications or decentralized finance.
It not only represented access to international finance for unbanked people in poor countries or with economic sanctions. It represents a halo of freedom for all people who live in totalitarian systems, it is a valuable safeguard for all those who live in countries with high inflation rates.
The creation of Bitcoin also opened windows of job and business opportunities for many. Perhaps socially the only "criticism" I would make is that its expansion to underdeveloped countries occurred when it was impossible to participate in the mining process with personal computing equipment. **What a great impact on the redistribution of wealth it would have had if poor people in Latin America, Africa, and Asia had been the great accumulators of Bitcoin through mining in its early days!**
Yet despite that, the positive impact has been enormous. Remittance businesses based on Bitcoin and other cryptocurrencies have meant that more money reaches families by avoiding the traditional high fees. People who start reading the Whitepaper and end up studying and learning about finance and the world monetary system, are able to protect better their economy and make better financial decisions.
Yes, the impact goes beyond the economic and also goes through the social, cultural, and political.
Where are Bitcoin and cryptocurrencies going now?
I am sure that the potential of Bitcoin and cryptocurrencies is just being exploited. We still have multiple innovations to live in this world, even those that are achieved without wanting to. Like the Segwit and Taproot Bitcoin updates that were aimed at increasing security, speed and privacy, a developer took advantage of them to create the Ordinals protocol that allows inscriptions (NFTs on the BTC blockchain).
Unlike 15 years ago when there were just a few talking in forums about cryptography, decentralization, and others, now there are millions of people in the world pending the issue and hundreds of thousands of developers working on it.
Perhaps that is why some governments feel threatened, it is no longer so easy to exercise control over the people. More and more are questioning the real usefulness of current political systems and the interests to which they respond. They should accept the idea that as much as cryptocurrencies are prohibited, their use cannot be avoided.
Governments would have to accept these technologies and see how they apply them in their processes to guarantee greater transparency in their efforts. Blockchain technology applied to public finances would prevent (or make it very evident) embezzlement and corruption, and applied to electoral systems would prevent fraud. And so, there are countless more applications that would only result in a better service to the people to whom they are due.
But that remains to be seen, and it even seems like one of those Cypherpunk utopias, those who have power refuse to give it up and try to keep it by any means. It is directly repressing or justifying itself in National Security, terrorism, or the black market to curtail freedoms.
Those who seem to have realized that the world has changed and that they must adapt to the new economic and technological conditions that Bitcoin has brought are the large multinational companies. More and more are integrating payments with cryptocurrencies into their platforms, seeking how to benefit from the use of the blockchain and/or insert themselves into Web 3.0 or decentralized finance. There are several that have launched NFT collections with different degrees of usefulness and real use cases. https://leofinance.io/posts/@leoglossary/leoglossary-web-3-0
There are even several institutions that use cryptocurrencies as investment instruments and capital reserves leaving the traditional stock market. https://leofinance.io/posts/@leoglossary/leoglossary-investment
Those who should also be reviewed are the maximalists (of any cryptocurrency), extremism leads nowhere. It's okay to defend the belief or preference of each one, but always from a constructive point of view, not because more shouting and offending you will be right.
After all, Bitcoin and cryptocurrencies are the true spirit and example of a free market based on supply and demand. This is also why you will always be exposed to scammers and rug pull projects, but that can be solved by always carrying out an independent and personal investigation before investing.
As Bitcoin itself gives freedom over your funds, the only responsibility to protect them is yours. That is the price to pay, the alternative is to keep living in the FIAT money system. But hey, wherever works for you.
Posted originally LeoFinance Alpha https://leofinance.io/@yecier/bitcoin-impact-future-ancestors
Blockng Protocol: tokenomics next generation
*Screenshot of the web*
*The next generation synthetic currency*. It is the first thing you read when you enter the page of this project, one of the most solid of SmartBCH, but which is now in a stage of redesign and expansion. Since last March they are adding important key features that can mark the new path of the project. https://smartbch.org/
If you are interested in knowing and discovering new ways of doing and implementing, I invite you to read carefully because Blockng is something different. https://blockng.money/?r=yecier
What is Blocking?
First of all, I will mention that the site is managed by the BlockNG Foundation. This is an organization that specializes in developing blockchain infrastructure and investing in this type of technology. https://ecency.com/@@leoglossary/blockchain
The original members of this foundation are people from underdeveloped countries whose economic systems collapsed, finding a way out of inflation thanks to cryptocurrencies and the wealth generated by the blockchain technology. Its goal is to create a new economic system based on the blockchain that benefits everyone and this is the reason why Blockng emerged. https://ecency.com/posts/@leoglossary/cryptocurrency
You can read his Whitepaper although it is a bit tedious to read. https://about.blockng.money/WHITEPAPER.pdf
How does Blockng work?
It is time for me to explain all the features of this website (to access click here ), in this way you will realize its solidity and all its potential . https://blockng.money/?r=yecier
I will start by telling you that the project has 2 main tokens: LAW and lawETP (Entropy of LAW), as well as an algorithmic stablecoin, lawUSD (which since some time ago it lost the ratio 1:1). https://ecency.com/posts/@leoglossary/leoglossary-token
He also has a ten thousand NFTs collection, one of his main assets being the LAW Punks. These NFTs are very important within the Blockng ecosystem. https://ecency.com/posts/@leoglossary/leoglossary-non-fungible-token-nft
LAW Punk have skills, one of them is Pharmacist. Thus, you can make your NFT become a pharmacist (by upgrading and burning lawETP), allowing it to then craft and drop NFT LawPunkItems that give temporary additional powers when consumed (yes, spendable NFTs).
This in itself creates a whole new economy as you can act as a pharmaceutical distributor and sell NFTs that are used to power up LAW Punks. And it is that, the platform has a market to buy and/or sell them. It can be done through payment with LAW or BCH SEP 20 (Bitcoin cash found inside smartBCH). https://ecency.com/posts/@leoglossary/leoglossary-bitcoin-cash-bch
These LAW Punks can be permanently upgraded using LAW for it, which will give you more power which will help you get more LAW. As?
You can gamble with the Punks and get rewards in LAW. This is done with a lottery-like game called Dungeon. It's mandatory to have punks for this (one of their use cases), and you have to pay something from lawUSD in order to participate. Here it is possible to get random prizes: lawETP, punk upgrades, a LAW Jackpot, etc. This game is essential because all the profits it generates are redistributed in: the farms, the punks' gambling rewards and the DAO salary.
You can stake them, where the speed of the rewards will depend on the amount of power your NFT has. Therefore, by improving your LAW Punk you get more power and therefore more reward.
Other ways to earn LAW is by participating in multiple farms. These have sustainable APRs due to the circular economy of the system: as users spend LAW on Blockng (upgrading their punks or playing dungeon gambling), the rewards increase.
In the same way, there is a system of farms defined by users (Kudos), whose reward system in LAW is defined by user voting. In order to vote for one of these farms you must have a LAWRights NFT, which is created by blocking a LAW Punk and/or LAW tokens for a period of time that can range from one month to 4 years. The weight of that LAWRights is given in veLAW (voting power) and will be greater or less depending on the amount that has been blocked and the duration for which it has been done.
*Screenshot of the web*
And not only that, by blocking you will receive a "salary" for around 10% per year of voting power.
Putting it another way, being a member of LAW DAO (through LAWRights) has many benefits, among which we can mention:
Get voting power to decide which farms will receive interest in LAW and be included in the Swap DEX. https://ecency.com/posts/@leoglossary/leoglossary-decentralized-exchange-dex
Earn a salary that will be paid based on the profits of the entire protocol.
For these created farms there is a bribery system where the creators can offer a prize in exchange for the voting power of other users. These prizes can be in any of the tokens that already have an approved farm in Blockng. Basically anyone can temporarily buy votes publicly and decentralized. https://ecency.com/posts/@leoglossary/leoglossary-decentralization
*Any user can create a farm (LAW-any other token), but must pay a non-refundable fee equivalent to 54,831 LAW-BCH LP (liquidity of the LAW-BCH pair placed in Blockng).*
Of course, if you have farms you also have a DEX, in this case it is the LAWSWAP, where you can exchange between different tokens. And, it also has a lending system where you can use LAW or BCH as collateral to borrow lawUSD. This is quite useful to get some leverage and take profit if you think the market conditions are right. https://ecency.com/posts/@leoglossary/leoglossary-loans
In the same way, you can borrow lawUSD by collateralizing (ghosting) your LAW Punk and burning lawETP. However, if you want to pawn your NFTs for a certain amount of BCH or LAW I recommend you take a look at Mantra. https://app.withmantra.com/
Key improvements and updates
If there is something that this project has, it is that it has always been at the forefront of the development and adoption of decentralized technologies. For this reason, it became the largest and most active community of smartBCH.
Recently and as a plan to update everything, they presented a new logo and visual identity. This is a first step to expand to multiple blockchains in the future. A path that they have already begun to travel through its bridges.
At the same time, the BlockNG Foundation has introduced the LAW Chain, a cutting-edge zk-Rollup network powered by Opside RaaS. It has enhanced security measures and low costs on transactions. LAW Chain was born with the dual purpose of serving as the foundation for BlockNG and becoming an open ecosystem that invites all developers and innovators who want to build to join. https://twitter.com/OpsideZK https://ecency.com/posts/@leoglossary/leoglossary-transaction-fee
The LAW Chain can already be tested on the testnet via https://opside.zkevm.testnet.blockng.money/ and https://opside.testnet.blockng.money/.
We will see how everything develops, how the performance of the LAW Chain and that association with Opside will be and how the relationship with SmartBCH will be, although to be honest it is a step that was seen coming due to the situation created a year ago with the sidechain of BCH. https://leofinance.io/posts/yecier/smartbch-the-vicissitudes-of-an-evm-chain-enesp https://ecency.com/posts/@leoglossary/leoglossary-sidechain
Another point of innovation is that Blockng is going to explore the combination of LawPunks and GameFi, a combination that could be a game changer for the community to empower it. And that it should come out under the name of LawPunks: Treak.
Final notes
Honestly Blockng is a protocol where all assets (tokens and NFT) have a significant weight in the development of the circular economy that allows APRs to be sustainable. Above all, if we take into account that there is a maximum limit for the issuance of LAW tokens, unlike other systems where the issuance is infinite.
It should be noted that users can get part of the profits from the entire protocol by joining the DAO or any of the many other branches of the Blockng economy.
Undoubtedly, the future of BlockNG excites and above all generates expectation. An advantage for success is that they have the continuous support of the community that has been created around the project, mostly members of the BCH community.
However, although from the beginning Bitcoin Cash and Blockng have been hand in hand and have provided mutual support, it will be necessary to see with the LAW Chain how this relationship continues. Relegating the presence of Bitcoin Cash to the background in this project could result in a decrease, at least momentarily, in its user base.
If you still didn't know about this project, I invite you to give it a try, click here ). https://blockng.money/?r=yecier
Links of interest:
Official documents: https://docs.blockng.money/
Marketplace: https://blockng.money/#/punks
Base of Punks (staking, playing Dungeon, transferring, etc.): https://blockng.money/#/mint (to see all the options you must have a LAW Punk at least)
Exchange (DEX): https://blockng.money/#/swap
Farms: https://blockng.money/#/beam
LawUSD loans: https://blockng.money/#/pawn
LawRights and LAW DAO: https://blockng.money/#/kudos
To do everything related to punks (upgrade, add skills, among other things), you must do it on the details page of each NFT.
Telegram Group: https://t.me/BlockNGEn
Real Time Punks Activity Channel: https://t.me/LawPunksSale
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*Originally posted in Hive https://ecency.com/hive-167922/@yecier/blockng-protocol-tokenomics-next-generation-enesp
Bitcoin is just a tool
*Image by portald from Pixabay*
I have written so much about Bitcoin that sometimes I feel like I have nothing new to say, but there is always something. The reason is simple, Bitcoin represents many opportunities, but it also faces many challenges, both technical and social. After all, *Bitcoin is just a tool*. https://ecency.com/@@leoglossary/leoglossary-bitcoin
Whether you like the above statement or not, it is a fact. Bitcoin is a tool and its impact (good or bad) depends on how most people use it. In the same way, it has its strong points and its weak points, some of which I will analyze in this article.
Chances are if you're a toxic maximalist (is there any other kind of maximalist?), a lot of the stuff I'm going to do is uncomfortable for you. However, my analysis is based on the characteristics of Bitcoin and its current operation. If you don't like it, you can always start a Bitcoin Improvement Proposal (BIP) to, if the community supports you, change these features.
Of course, keep in mind that improving something in Bitcoin can result in the worsening of other things and/or new problems. Perhaps among other things that is why it is so difficult to implement a major change in the BTC network.
The Social Failures of Bitcoin
Before continuing I am going to briefly explain what a BIP is. Well, the development of Bitcoin Core (the most used client for nodes in the entire Bitcoin network) occurs with BIPs. When one of these has enough support, it is formalized with the creation of a document to share the idea and obtain feedback from the Bitcoin community.
bitcoin core It is a reference on which other clients rely, which is why it carries the weight and the singing voice of the development of the Bitcoin protocol.
It is valid to clarify that each node chooses which client and which version to use. The above represents one of the keys when making decisions about the network protocol and why, unlike other networks, it is difficult for Bitcoin to have a hardfork that does not result in the creation of a new coin. https://ecency.com/posts/@leoglossary/leoglossary-node https://ecency.com/posts/@leoglossary/leoglossary-hard-fork
That being said, the first social failure begins, we are human beings and we generally go for the trend or the mainstream. Bitcoin Core represents 95% of all nodes connected to the network. https://bitnodes.io/nodes/
The positive thing is that most of the nodes speak a homogeneous protocol. The negative is that centralization on something so important and the ability to control and influence the developers of that client.
Yes, the community is decentralized in decision-making, but for some reason they have decided to centralize in a Bitcoin client the ability to decide which parts of the protocol to implement and which not. For example, if there is a very useful BIPs, but the developers consider that it is not of interest or convenience and decide not to integrate it, well, it never happens.
So while it is an open source program, that we can all review its code and propose changes, only a small group of people have control so that those changes are effective in the program. People who, like humans after all, can be tempted with offers or lobbies to direct the functionalities in one way or another, or simply direct them towards their particular interests of what it should be.
Pressures that were already evident during the block size war in 2017 that brought about a hardfork that resulted in the creation of a new cryptocurrency, the Bitcoin Cash. On this matter I invite you to read the following articles that I recommend in this tweet: https://ecency.com/posts/@leoglossary/leoglossary-block https://ecency.com/posts/@leoglossary/leoglossary-bitcoin-cash-bch
https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1536023560463998977&lang=en&origin=https%3A%2F%2Fleofinance.io%2F%40yecier%2Fbitcoin-is-just-a-tool&sessionId=aedb3697b2d120938acb6b74f4720fae56521dc0&siteScreenName=ecency_official&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px
https://twitter.com/EnriqueYecier/status/1536023560463998977
- EnriqueYecier https://twitter.com/EnriqueYecier/status/1536023560463998977
Centralization is a real threat, even within Bitcoin, the tool that seeks to decentralize the economy.
Bitcoin Mining
This is another point where centralization attacked after the introduction of mining ASICs. New, more powerful, expensive, and energy-consuming equipment made CPU mining that could be done by any user at home with their personal computer virtually unfeasible. https://ecency.com/posts/@leoglossary/leoglossary-mining
*Image by 3D Animation Production Company from Pixabay*
Luckily, the incentives for mining are great and, although it is not possible for simple users with a pc, the proportion of miners and pools of Mining diversified enough to avoid centralization. At least it is so for now, what will happen when the block reward is not enough incentive and the fees do not cover the difference? https://ecency.com/posts/@leoglossary/leoglossary-miners
Everyone hopes that the price of Bitcoin will continue to increase so that even with a reward less than 1 BTC (which will happen in the next 10 years) per block it will be profitable for miners. This can happen, and it may not. Let's consider that yes, the time will still come when the fees must cover the incentive for miners to provide security to the network.
However, with the popularization of the Lightning Network, transactions on-chain could be drastically reduced, making mining unfeasible and causing the system based on Proof of Work to collapse. And it is that at a price of 1 million dollars, even the cheapest on-chain transaction would cost 1.92 USD*, encouraging ordinary users to use this second layer. https://ecency.com/post/@leoglossary/leoglossary-on-chain https://ecency.com/posts/@leoglossary/leoglossary-proof-of-work-pow
In this situation there are some possible solutions:
**Increase the block size:** It is possible that it is the one that maxilamists like the least, it would be admitting that they were wrong. Increasing the block size could allow miners to process more transactions per block and therefore make more profit from the fees while keeping them relatively low. By then the storage cost per Terabyte should be so low that increasing the block size would not be a problem for a full Bitcoin node.
**Shit Tokens and NFTs to the rescue:** thanks to a recent Bitcoin update it is possible to create Ordinals by signing up individual satoshis. Many maximalists reject this idea, but the fact is that it is possible and if it is possible on the Bitcoin blockchain you don't need to ask anyone's permission to do it. The creation of the Ordinals and their movements have already produced an increase in the transaction fees and could, in this scenario, and with other functionalities or use cases, serve as income for the miners as a result of the payment of the transaction fees. https://ecency.com/posts/@leoglossary/blockchain
**Altruistic mining:** this would be a fairly decentralized solution and, depending on the mining power, effective. Each bitcoiner, in the same way that has a node or a wallet, would have an individual miner (there are already educational alternatives such as the nerd miner ). This would allow the security of the network to be maintained by users contributing to the network not for economic purposes, not for rewards but to provide security for their network assets. The cost would be minimal since it could work with solar energy (there are already portable solar panels and batteries). Who knows, if this option becomes popular, perhaps in the future onchain transactions will be fee-free (it is valid to dream). https://www.google.com/search?client=firefox-bd&q=nerd+miner
Lightning Network
The Lightning Network (LN) works by creating payment channels between people, the more payment channels a node has created, the easier it will be to make instant payments and low (or no) commissions. The problem is that this network tends to be centralized. Opening a payment channel requires paying the corresponding commission in the blockchain, yes, when opening and closing a channel you have to register it in the blockchain and that costs, in addition to having liquidity to block it.
So ordinary people prefer to open a single payment channel with a Hub (large centralized entities, with many open payment channels and a lot of liquidity) than open 10 or more channels with other people. Or, use non-custodial applications to work with the Lightning Network, this is currently for convenience, but it may be the case in the future that it is also due to the high cost to pay in fees when opening or closing a channel.
These situations weaken the resistance to censorship of this second layer, but do not extinguish it since users have the power to create channels between them in the event that one of these HUBs censors them.
Another detail is that the LN nodes have to be online all the time. The risk of not doing so is that a channel can be closed unilaterally and this makes it possible for one of the channel's members to do so with the intention of stealing funds (fraudulent closure).
While it is not that serious because there is a period of time to contest this shutdown, it can be fatal if the node is offline for a long time.
Final notes
As I said at the beginning, **Bitcoin is just a tool**, and as such it will be good or bad to the extent that its users use it and to the extent that they can perfect it. A good solution to Bitcoin's social failures is to avoid the radicalism promoted by early adopters. Ignoring defects, avoiding debates or denying solutions will not bring Bitcoin anything good and may lead to new hardforks that weaken it or migration to less toxic chains.
**In on-chain transactions, the average input weighs 158 Bytes and the output weighs 34 Bytes. Therefore, a transaction with 1 input and 1 output would have 192 Bytes and at a rate of 1 sat per bit the fee would be 0.00000192 BTC.*
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*Originally posted in Hive https://ecency.com/hive-167922/@yecier/bitcoin-is-just-a-tool
SmartBCH: the vicissitudes of an EVM chain
*Screenshot of smartbch.org*
The Ethereum virtual machine (EVM) is the core architecture of that blockchain. In other words, it is the program that executes the application code or smart contracts, providing a friendly development environment. https://ecency.com/@@leoglossary/leoglossary-ethereum-virtual-machine-evm https://ecency.com/posts/@leoglossary/blockchain https://ecency.com/posts/@leoglossary/leoglossary-smart-contract
For developers, the EVM represents the base program that runs smaller ones known as smart contracts. Similarly, it gives them the freedom to develop with a good variety of programming languages.
Thanks to this flexibility of the EVM, thousands of decentralized applications (DApps) have been created on the Ethereum blockchain focused on decentralized finance (DeFi) and NFTs. These DApps are converted into a bytecode that is fed into the EVM and distributed to the entire Ethereum network. So, when a smart contract is executed, the EVM communicates with all nodes and performs state changes once consensus is reached. https://ecency.com/posts/@leoglossary/leoglossary-decentralized-applications-dapps https://ecency.com/posts/@leoglossary/leoglossary-decentralized-finance-defi
Due to the problems of high fees faced by Ethereum, groups of developers and cryptocurrency enthusiasts created new blockchains that accept smart contracts, but that eliminated this situation of the high cost of transactions. However, considering the popularity that Ethereum achieved, these new blockchains became EVM compatible. In this way, everything that was already created on Ethereum (code, DApps, smart contracts, etc.) is easily replicable on the new network. https://ecency.com/posts/@crypto-guides/what-is-ethereum-eth
So you could paraphrase a sentence and say: “one EVM to control them all”.
I am going to be talking about a compatible EVM platform precisely today. It is a sidechain that has faced its ups and downs, that represented enormous potential and that today refuses to disappear in the hope of reviving.
**SmartBCH**
Smart Bitcoin Cash (smartBCH) is a sidechain of Bitcoin Cash that allowed exploring new ideas and possibilities such as decentralized finance, web3 and NFTs for BCH. Their system is compatible with Ethereum's EVM and Web3 APIs and created a new playing field for the Bitcoin Cash ecosystem and its user base.
Among its main features are: https://ecency.com/posts/@leoglossary/leoglossary-sidechain https://ecency.com/posts/@leoglossary/leoglossary-bitcoin-cash-bch
Short block interval to support DeFi applications.
The cost of participating in DeFi and transfers is very low.
It represents the possibility of obtaining additional rewards for Bitcoin Cash miners and holders, since they can choose to be validators of smartBCH with hash power and locked coins, respectively.
It is a good scalability solution for BCH.
The main difference with other similar platforms (Polygon, Solana, Avalance, etc.) is that smartBCH does not offer a native token. The founders did not follow the logic or incentive to create a new cryptocurrency and pre-sell or pre-mint the tokens. They decided to use Bitcoin Cash as gas for transactions and use a percentage of these fees to burn them. https://ecency.com/posts/@leoglossary/leoglossary-token
This idea allowed to reach the amount of 100,000 BCH locked in the network protocol and, despite the fact that the fees are quite low, 275BCH have been burned (I am not part of the idea of burning a coin with a small max supply, but It is what it is). SmartBCH transaction fees are generally around $0.02 per transaction. Although, depending on the contract, fees can reach as high as $0.10 on rare occasions. Transactions take a few seconds to validate, as the block time for new smartBCH blocks is 6 seconds on average.
While smartBCH did not receive multi-million dollar funding from VCs like other networks with similar (or lesser) capabilities and efficiency, it managed to attract to thousands of users and maintain them as a loyal fan base. At least, until an apocalyptic event happened. https://ecency.com/posts/@leoglossary/leoglossary-venture-capital-vc
**SmartBCH and the fall of CoinFlex**
The main goal for moving BCH to SmartBCH and vice versa was to do so through a cross-chain mechanism called SHA-Gate. This would be decentralized, non-custodial, supervised by the miners and implemented with the Bitcoin Cash script bytecode. Other advantages of this bridge would be that it would not require any Bitcoin Cash consensus changes, nor would it depend on the operators for the security of the assets. https://ecency.com/posts/@leoglossary/leoglossary-bch
*To better understand how SHA-Gate would work, give* *click here**.* https://docs.smartbch.org/smartbch/sha-gate-bridge/sha-gate-specification
However, its development and security testing took a long time (scheduled for 2022, but it will not start operating in 2023), so it was decided to use a "semi-centralized" bridge operated by CoinFLEX.
According to demand, the smartBCH multisign authority would release the required amounts of BCH into circulation on the smartBCH network, while CoinFLEX would block the corresponding amount in Bitcoin Cash. At all times the balance of BCH on both blockchains was verifiable by checking the BCH balance in the Bitcoin Cash Treasury Wallet against the BCH balance in the smartBCH source wallet.
The truth is that other less centralized paths could have been chosen, although perhaps a bit more cumbersome (bridges with other chains that have WBCH). However, this system worked perfectly until June 26, 2022 (one week after the Celsius and 3AC crises) where CoinFlex announced that it was stopping all withdrawals from its platform.
the 101,382.3 BCH in the treasury address of the main Bitcoin Cash chain 18rP7bbiLiqVnFs47Hin2q1Fhb6SuMAdVo were frozen in the possession of CoinFlex. With this situation, uncertainty gripped network users, it was no longer possible to exchange SBCH for BCH and 1:1 parity was momentarily lost.
Luckily, solutions emerged from the SamartBCH Foundation, from some of the existing DeFi projects on the sidechain, and even from users. Despite the fact that the mass of active users has decreased a bit, SmartBCH from the hand of its users refuses to disappear and already has views in the future.
**Current SmartBCH today June 6, 2023**
In my opinion, there are three major DeFi platforms actively trading smartBCH that are worth an investor look. They continually develop and innovate, offering decentralized finance and NFT project options.
BenSwap (DeFi, NFTs, Play-to-Earn): the EBEN token is tradable on the CEX Coinex so you can use this coin as a bridge to invest or withdraw profits. It also has a bridge to the BNB Smartchain.
-TangoSwap (DeFi) https://www.coinex.com/register?refer_code=sk5hn
Blockng.money (DeFi, NFTs): has a bridge to the BNB Smartchain and Ethereum. https://blockng.money/?r=yecier
Despite the fact that the bear market affected everyone and due to the events described above, SmartBCH hit harder, these are projects that continue to generate value and investment opportunities that are quite interesting.
On the other hand, the SmartBCH development team defined the steps to follow in the near future to improve and expand the sidechain. The plans include bridges to connect different blockchains and new developments in the ecosystem.
One of the biggest upgrades will be the SmartBCH DAO and SHA-Gate bridges, which will be operated by a Foundation company in the Cayman Islands. The team will develop an AtomicSwap toolkit for BCH peer-to-peer swapping between mainchain and sidechain.
They are also working on developing enclave-based technologies for SmartBCH, which will improve sidecahin performance and privacy. In this sense, SmartBCH DAO will support projects that use these new technologies to develop new DApps.
All this should enrich and differentiate SmartBCH, providing a new opportunity now that the situation with CoinFlex and the impact of the bear market have been overcome.
**Final notes**
The decision to create this sidechain for Bitcoin Cash was a very good idea. Being EVM compatible allowed many development teams to get their projects started quickly and easily.
Unfortunately, being so dependent on a centralized bridge took its toll when it filed for bankruptcy. Even so, a part of the community stood firm and continued to create until the momentary impasse was overcome.
Despite having lost a good number of users, SmartBCH is still alive and knowing which projects to pursue is a pretty solid opportunity. Although the BCH blockchain enables cashtokens and DeFi platforms already, this is still a highly effective solution for scaling Bitcoin Cash for the future. future. Allowing greater capacity and speed of transactions, in addition to the EVM, it gives it greater robustness to execute more complex decentralized finance projects. https://leofinance.io/posts/yecier/bitcoin-cash-blockchain
In conclusion, the SmartBCH developer team has defined its plans for future updates to improve the functionality of the platform. However, as for the SHA-Gate bridge, they have a poor track record of meeting their commissioning deadlines. With this caveat, since there are already decentralized bridges that allow exchange between the main network and SmartBCH, this EVM-compatible sidechain improves. It only remains to be seen if the innovations that will be implemented will bring back the mass of users that it lost a year ago.
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*Originally posted in Hive https://ecency.com/hive-167922/@yecier/smartbch-the-vicissitudes-of-an-evm-chain-enesp
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