**A place to network with others in the Phoenix, Arizona area about bitcoin.** **( Phoenix, Glendale, Tempe, Mesa, Chandler etc. )** **Discuss bitcoin, trade and network with others.**
Tran was a shitty gambler, Chi mused. He played poker like he was sure the next hand would save him. It didn’t. He overpromised and underpaid. Chi planned on kicking his ass to send a message, but Tran ran that line of shit about millions in bitcoin. Against his better judgment, Chi settled Tran’s debts with every other loan-shark in town and fronted another stack of cash. submitted by
And all that ended with Tran gambling that away, talking a load of shit and ending up in this dumpster with a trash-bag tied around his neck.
Chi looked at Tran’s phone and wondered if the money was ever real. Considering it might point back at him, he smashed it against the corner of the dumpster a few times before dropping it and walking back to his car. He had some debts to pay.
Falstaff looked at the paper maps in the motel’s office. He followed the Interstate southeast to the desert and what used to be the California- Arizona border. He looked for places he hadn’t heard of being associated with edgy festivals. Even better, motels with chain-sounding names. That’s the place nobody’d look for him.
He packed his car, coaxed Hank back in the carrier and got in his car. Before he got going, he booted his laptop and put the memory card back in. Evidence wasn’t a problem any more, it was getting found.
He copied the contents to his laptop and poked around. Ten minutes later, he had set up a password cracker against the accounts, hoping that Tran would choose something easier to remember and therefore guessable.
He plugged the laptop’s power supply into the car’s cigarette lighter, then put the laptop on a bag on the back seat.
East he went.
Geoff had the night shift on another Internet giant’s campus. This meant he drove a golf cart around once or twice, then parked himself in the camera room and tried not to sleep. Sleeping would cut his hourly wage and get him kicked back to dangerous, dirty jobs like protecting rail yards from motivated thieves.
He used to pick a skill and research it. He learned to get basic vocabulary in Spanish, Mandarin, Fujianese and was trying Tagalog. He could carry a conversation as long as it revolved around simple topics, like where the bathroom, parking lot and reception desk were, or that he wanted to purchase something.
Tonight he picked at that truck thing again. He used a map application to virtually drive between Phoenix and San Diego. After a few hours, he found the spot on the Interstate that looked like the right landscape from the cameras on the pinball machine. He looked at the street view and the camera view over the older man’s shoulder.
Motherfucker. Spot dab in the withdrawn zone.
Who travels to the middle of nowhere to steal from a truck and only take some stuff?
Couldn’t be locals. Locals would strip the truck bare.
He watched the video again. Looks like they took plain grocery shipping boxes.
Inside job? And steal boxes of fresh pasta and imported wine?
He scrolled back and took a few screengrabs. When he worked security at the shiny new headquarters, they had some wild surveillance tools. Real time tracking using AI image enhancement and they taught you how to use it.
Geoff got pretty good at it. He looked over at his phone and opened the scheduling application for his employer. He underbid a few other people and picked up the next shift.
Which got him reinstated access to the HQ’s slick surveillance system. He uploaded the images and asked it to clean it up. He expected this to take a bit of time, so he cleaned up and got ready for his shift.
And his phone dinged. A match.
That he didn’t ask for. Ten seconds later, he saw a corporate ID card. With that bored look of middle aged techie.
Huh. Dumb name. Looked familiar, but so did every other techie from where he stood. Probably had more money in options than he’d ever earn.
As he drove to work, he wondered why a techie would be robbing trucks in the middle of nowhere instead of getting rich or dying fat here.
He parked, took the shuttle and made it a few minutes early for shift change. He expected a slow night.
Five minutes into the shift, he was sipping good coffee and watching the camera feeds when someone asked for him by name at the desk.
He looked up and saw one of the muscular internal security people smiling at him. Close cropped hair, clear coiled earpiece and the look of someone who worked out at an actual gym instead of lifting five gallon buckets filled with water in a rest stop parking lot. Looked like internal security, maybe even VIP protection.
Guy probably had pretty good benefits. Geoff would love to get a job like that.
Geoff pushed his coffee to the side and stood up to greet the guy asking about him.
Enzokuhle gave Geoff a broad smile and introduced himself as Enzo. The two men were pleasant with one another, but Geoff seemed wary. Enzo didn’t know why he was there either. He was scheduled to do driving and personal protection for a senior exec working in his office, but he got tasked with asking a contract security guard some questions about something very hush-hush.
Whatever. He was good with people. Perhaps he’d learn something.
“Geoff, may we speak outside? This is a sensitive matter, requiring some discretion”
Geoff motioned to his puzzled co-worker by holding up his hand, splaying his fingers and mouthing the word “Five”. The two men walked through the stark but stylish lobby onto a manicured park-like field.
“So, what do you want from me? Not too often we get you guys involved”
“An hour ago, you performed a lookup for a company employee. Have you been in contact with that employee?”
“No. I had an image I wanted processed”
There was an uncomfortable silence as the walked. Geoff realized that Enzo was listening to his ear-piece. Enzo was nodding as he listened.
“I see. So you haven’t seen this person outside the picture you uploaded”
“No, but I have an idea where he might be”
Enzokuhle put his hand up. He wanted to end this transaction as quickly as possible.
“Thank you. Please do not speak of this to anybody else. Your discretion is most important here. Return to your post and we will contact you if we need more from you”. He pointed Geoff back to the lobby without making eye contact.
Galina Ivanova spent a few more minutes talking to Enzo, then thanked him. This was a false lead. AI must be glitchy. No chance that the developer who stole almost a billion dollars was unloading trucks instead of moving that big pile of money somewhere.
Any additional time logged to this goose chase would make her metrics worse. She took off her headset and tried to go back go sleep.
Geoff sat back in his chair. He remembered a video of a scuba diver diving under a moving container ship, looking up at the moving propeller and how close they almost came to a gruesome death.
Why was that guy important enough to throw an alert to internal security?
He looked at his phone and the email with Falstaff’s ID photo. He couldn’t do any lookups to see the last time he was in any of the buildings, since that fed into whatever alerts that brought Internal Security down on his head.
But he remembered something. Employee parking wasn’t owned by Corporate. It was a separate company, which required him to remind annoyed techies when their photo ID wouldn’t trip the gate when some absent-minded developer forgot their garage access card.
Last time this Falstaff guy used the garage was almost two months ago. Such a stereotype. Silver Porsche. Now he knew why the guy looked familiar. He left the day that big brouhaha happened. Rumors flew about the security and custodial staff- some developers stole the next phone design or a treasure trove of celebrity nude photos or something else of value to these people. Anybody too vocal with their opinions got fired and walked out, which Geoff wanted to avoid.
Whatever it was, it was valuable and embarrassing. Made sense to go hide in the desert.
And he had an idea where Falstaff was. Maybe, if he brought him back, there’d be a big enough reward to let him to leave the Valley and go back to Ohio. Pay off debts and raise his family.
It wasn’t like he was making any headway here anyway. He was going on a road trip.
Falstaff was driving slower now. He needed better fuel economy and to take the time to scout out his next stop. Some towns had plain dried up and others still too connected. The last place looked promising. The gas station was a weatherbeaten Sinclair, with a repainted dinosaur. They only took cash. The chain restaurant was burned out and there was a motel “a few miles up”.
Hank was sleeping, but Falstaff’s laptop dinged with the results of his attempt to crack Tran’s big blob of data.
He had passwords for the handful of accounts Tran had dumped on that chip. They weren’t for the financial application he and Tran were working on. Instead, they were for the store’s production environment. He didn’t have a billion dollars in untraceable currency, but he could send almost any consumer good to anybody on the planet and clean up afterwards.
He had some investigating to do, and he preferred a cheap motel to do it from rather than his car.
He rented a room for a few days from a surprised old man and tried to ignore the curious stares from a few permanent residents of the motel.
At least Hank enjoyed exploring the room and this motel would not get the camera friendly festival crowd.
So I sent a transaction from my phoenix lightning wallet to a regular on chain Bitcoin address and it's been stuck pending for 7 days now. Does anyone know how I might be able to recover the funds? submitted by
This post was originally published on this siteThis post was originally published on this siteOn Oct. 14, Wilshire Phoenix investment firm released its Efficient Price Discovery report, which detailed how CME Bitcoin (BTC) futures impact Bitcoin price discovery. The firm concluded that “CME Bitcoin futures contribute more to price discovery than its related spot markets.” And the researchers also suggested that: “CME […] submitted by
Edit: TL;DR added in the comments submitted by
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide
which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part. Technology and some more: Introduction
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website
is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains
where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG
, collective signing CoSi
The technical white paper
was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla
(functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply
is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13%
currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding
. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right? Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s
equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs
at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism
and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock
, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article
, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”.
For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi
: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.”
Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999
- one of the authors even won a Turing award
for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here
. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article
where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3
and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization. Decentralisation
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020
. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes
is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3
). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion. Smart contracts
to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this
article. And if you want to play around with some sample contracts in an IDE click here
. The faucet can be found here
. And more information on architecture, dapp development and API can be found on the Developer Portal
If you are more into listening and watching: check this
recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy
: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml
: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters,
is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language. Scilla
is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award
award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes
. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia
to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant
— a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do. Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here
. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state
. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication
and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech Roadmap / Zilliqa 2.0
There is no strict defined roadmap but here
are topics being worked on. And via the Zilliqa website
there is also more information on the projects they are working on. Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly
. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be
due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act)
. Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives
in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations
that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant
to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange
on their platform, together with financial institutions PhillipCapital
. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts
to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder
in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD
. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text
that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap
(dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo
which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX
. Here also an overview of the Tech Stack for Financial Applications
from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country
. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic
(part of PwC Switzerland), and Incognito
. Their sister company Aqilliz
(Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads
with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading
and futures trading
with really good volume
. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space. Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’
by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities
also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com
). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot
and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign
after their initial pilot
program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa
in their report, custodial and non-custodial Staking
, Binance Margin
, entering the Indian market
, and more. The Head of Marketing Colin Miles has also released this
as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa
and mentioning that both projects have a lot of room to grow
. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
1) The private pilot turned ATC who should’ve probably stayed a pilot. Has to explain in the moment why the crossing restriction you just gave is “tough”. submitted by
2) The bearded guy who spends too much time talking about breweries. Loves a baseball team a million miles away from your facility.
3) Old guy #1, ‘rule guy’. Has to point out every rule ever and when it’s not being followed.
4) NATCA BRO. No explanation needed.
5) Black chick #1 who axes like she’s a victim the moment she arrives at work. Never is assigned a challenging position.
6) Black chick #2, who everyone likes because they crush it at pot-lucks and is just an overall good person and controller
7) The ‘FAA is really not that bad’ guy who bids a supe job 1-2 years after making CPC.
8) The guy who blames every problem in the world on how bad TMU/TMC is. Goes down the drain fairly often.
9) The guy who is totally chill and normal but just hates that one facility / sector, who then yells out how bad they are that day.
10) The super religious guy who tries to blend in ::church activity whatever:: into a conversation that had nothing to do with religion.
11) The 57 minute break guy, who thinks they’re doing it to ‘screw the FAA’.
12) Old guy #2, who trains all.of.the.time, who ends up with the person who should’ve washed out but got certified thanks to good ole’ old guy #2
13) Old guy #3, who knows the exact date and time they hit eligibility, and has to promote this fact at least 3x a week.
14) Shift swap / leave guy - “hey man, would it be cool if” is how every text you’ll ever receive from them starts
15) Transfer guy. Came from somewhere, knows a little bit too much about NCEPT, will be gone in a year
16) Finance / side hustle guy. Can give you the oral history of each TSP fund for the last 10 years. Not only trades Bitcoin, but that new thing no one knows about.
17) My Last Facility Guy. Needs you to know every fucking thing about the last place they worked, and ‘wonders’ why ‘we’ can’t do it that way
18) White chick #1, with a 24/7 flirtatious attitude yet marries someone who has nothing to do with ATC
19) White chick #2, dates controllers from your facility, and other facilities, and maybe even that one retired guy
20) Quiet guy. You know nothing about him, no one does. But he’s been there for 10 years on the same strange RDOs. Seems nice.
21) Golf guy. Titleist hat, goes to driving range when it’s too fucking cold out, bids all their leave around golf outings to Phoenix or some old person retirement city with a golf trail.
22) Workout bro. Nah he doesn’t just do CrossFit, he mixes in cardio and ju jit su because there’s gotta be balance. Blows up the bathroom every shift.
23) Spanish guy. Yeah so what English is his third language and when he gives a re-route it’s painful for everyone involved. Dios mio.
24) The Certified Professional Traffic Dodger. Somehow knows when to short break or long break, knows who is up, knows where the weather might be. Gets super friendly with front lines who assign him ELMs during a weather event.
25) The savant. The guy who doesn’t get rattled, who you can count on to not fuck up. Gets off position after a nightmare session and starts playing their nintendo switch like nothing happened. You wonder if their pulse ever crossed 75.
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