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Cross-chain Explained: UX strategy

Cross-chain Explained: UX strategy

https://preview.redd.it/f7o3fewcfay31.png?width=1600&format=png&auto=webp&s=6f067014fcf69e094434f7c3b2c98af3ad14be64

What is cross-chain?

If you are reading this article, the chances are you already know what are ETH and BTC. You might even own some of them. But do you know that, ETH and BTC belong to two independent ecosystems? The two ecosystems are completely different with no connectivity. Just like two countries located in different parts of the world. To go from one to another, you need to take an airplane. Sounds easy right? You just need to build an airplane to cross these two chains. Wrong.
Comparing to centralized exchange (CEX), there are so much more technical barriers for decentralized exchange (DEX) to overcome. How’s that? In general, when you trade on a CEX, your tokens are not actually exchanged to the counterparty. It’s simply an alteration of numbers by the CEX. You still get the tokens you want but the problem is, the whole process is done behind the scenes along with the risk of being manipulated and the risk of losing your tokens. However, when trading on a DEX with cross-chain technology,
  • you own and control your wallet,
  • full transparency and on-chain,
  • higher security as tokens are actually exchanged.
The biggest challenge for DEX to resolve cross-chain issue is particularly “how to actually exchange one token from ecosystem A to ecosystem B”. At DINNGO, we resolve all the technical difficulties and design an intuitive user experience. Most people do not understand cross-chain technology or do not appreciate the value of it. Therefore, a good design can improve visual feedback and further simplify the experience. After dismissing the geeky interface, an average user can easily learn the true value and the ethos of the blockchain. Below we share our path of designing the new cross-chain solution — Portus.

Starting with research

1. Become the pioneer

Simplicity has always been the fundamental principle of DINNGO’s design. We want to make it easy for people to get into blockchain. So easy that even grandmom know how to use. We want to provide an experience that is effortless to onboard, visually pleasant and easy to use. When we started developing cross-chain function, we first studied every bitcoin wallet in the market and conducted product analysis to come up with a cross-chain wallet solution. Then we moved on to competitive product analysis to review all other products on the market that are also trying to find cross-chain solutions in blockchain industry. This is the time when we realized that we are the pioneer in the market. For example, one of the cross-chain solutions is Atomic Swap, which provides a one way or two ways fixed price swapping service. With Atomic Swap, the price is inalterable, which means you can not set up the price you want, and it does not provide visualize charts or order book.

(Competitor Product Research)
Very few DEXs that support cross-chain features provide charts and even so, they only show you the charts of a fixed price swapping history without order book features. Most of them are crypto-pegged tokens, namely they are backed by the native coin in reserve and issue the pegged tokens on their chain. It is not actually decentralized. Believe it or not, until this day, no one has ever built a solution to achieve interoperability in the present market.
What you can expect from Portus cross-chain trading:
  • Setting up order price as you wish
  • An order book list of buy and sell orders
  • Userful candlestick charting
  • Physical exchange between BTC and ETH
  • Decentralized exchange model
  • Executing directly from your wallet

(Competitor Product Analysis)

2. Viability

After a thorough analysis, we decided to choose private key approach for bitcoin wallet integration as our Minimum Viable Product (MVP). Here is why:
Majority of bitcoin wallets are designed to sign UTxO (Unspent Transaction Output) from P2PKH (Pay to Public Key Hash), P2WPKH (Pay to Witness Public Key Hash), P2SH (Pay to Script Hash) or P2WSH (Pay 2 Witness Script Hash). Considering the implementation of atomic swap will complicate the process of trading bitcoin, we decided to design a simple interface for users to manage their bitcoin wallets as our MVP. With the private key approach, we can increase the flexibility and capability of processing different scripts. In a nutshell, users are able to maintain ownership and security of their funds while using an unprecedentedly new technology.

Mapping out different user scenarios

1. Simplify users main purpose

Users only explore the matters that they care. How do we know what they are trying to get? Or maybe they are just looking? The point is, we need to let users know what they can do with the product. So how do we achieve that? We focus on conversion rate and user behaviors. We build mental models for different types of users to understand their thought process. Through research → assumption → interview → prototype → analysis → design, we consolidate all the information to have a clear picture of user experience. We design the processes and conversation to guide users. During the development, we always review our interface to see if there is any unintended implication. We ask ourselves:
  • How do we guide users altering their inputs to meet their needs.
  • How do we let users know that they have already registered an account with us?
  • How do we let users know that they are logged in?
  • How do we let users know that their wallet is not connected?
  • How do we let users know the type of wallet they are currently using?

2. Categorize user journey map

We built user journey map from users perspective, from start to finish. By mapping out user behaviors and expectations at each stage, we are able to have a bird’s eye view of users as well as the close-up perspective. With that information, we can design a better user experience thus enhancing journey completion rate. Below is an example of user journey maps in different stages:
  • User Journey Map of first time visit users: Onboarding → Sign up → Connect Wallet → Trade
  • User Journey Map of users trading on Ethereum network: Log in → Connect Ethereum Wallet → Trade
  • User Journey Map of users trading through cross-chain solution: Log in → Connect Ethereum Wallet → Connect Bitcoin Wallet → cross-chain trading

(provide informative message to guide users)
When you provide a clear structure and combine it with all necessary information, users can then easily and efficiently complete the necessary tasks to achieve their goal.

Good Wallet Experience

1. Ethereum Strategy

After finalizing the experience prioritization, we decided to onboard users to connect ethereum wallets first and then bitcoin wallet later since DINNGO Exchange is built on top of Ethereum Network and around 94% of cryptocurrencies are ERC-20 token. Besides, the bitcoin wallet integration has a high dependency on the onboarding interface designed to connect Ethereum wallets. Since our Ethereum wallet integration is designed with an iterative approach, it is flexible enough to make further modification. According to our user observation and quantitative data, it reveals that our current UI layout has delivered an efficient onboarding process for users. Therefore, we made just a little modification to maintain the original usability and to soften the learning curve.

(Goal completion rate and frequency)

2. Usability programme

After considering numerous user flow and scenarios, we arrange necessary and precise visual hints everywhere guiding the users to the next step. For example, after users connecting to our Ethereum wallet, they will see a Bitcoin icon next to Ethereum icon as a reminder of connecting Bitcoin wallet.
See some details of our design below:
  • All wallet integration interface has only one single radio button. Just need one click. This way we decrease the number of clicks and make user journey much easier.
(pop-up windows of wallet integration)
  • Loading animation inside buttons. Animation can reduce users’ perception of time, keeping users engaged before the process is fully loaded. We want users to feel like things are responsive and the action is processing while they wait.
(animation of processing)
  • Error messages when entering incorrect password/private key/number. There are two types of error messages — systematic errors and validation errors. An effective error message is best to be placed near the field, especially to the right or beneath the field.
(error message)
  • Alert message for all the information you need. Once you connect your wallet, you will receive a notification informing you what you need to do.
(Hover effect to reminder users)

In summary

We are very pleased to share how we design Portus. Upon achieving market adoption, we will add more features. If you have any suggestions for a better user experience, please do not hesitate to share with us.
About Us
submitted by BusyRelish to DINNGO [link] [comments]

batching in Bitcoin

On May 6th, 2017, Bitcoin hit an all-time high in transactions processed on the network in a single day: it moved 375,000 transactions which accounted for a nominal output of about $2.5b. Average fees on the Bitcoin network had climbed over a dollar for the first time a couple days prior. And they kept climbing: by early June average fees hit an eye-watering $5.66. This was quite unprecedented. In the three-year period from Jan. 1 2014 to Jan. 1 2017, per-transaction fees had never exceeded 31 cents on a weekly average. And the hits kept coming. Before 2017 was over, average fees would top out at $48 on a weekly basis. When the crypto-recession set in, transaction count collapsed and fees crept back below $1.
During the most feverish days of the Bitcoin run-up, when normal users found themselves with balances that would cost more to send than they were worth, cries for batching — the aggregation of many outputs into a single transaction — grew louder than ever. David Harding had written a blog post on the cost-savings of batching at the end of August and it was reposted to the Bitcoin subreddit on a daily basis.
The idea was simple: for entities sending many transactions at once, clustering outputs into a single transaction was more space- (and cost-) efficient, because each transaction has a fixed data overhead. David found that if you combined 10 payments into one transaction, rather than sending them individually, you could save 75% of the block space. Essentially, batching is one way to pack as many transactions as possible into the finite block space available on Bitcoin.
When fees started climbing in mid-2017, users began to scrutinize the behavior of heavy users of the Bitcoin blockchain, to determine whether they were using block space efficiently. By and large, they were not — and an informal lobbying campaign began, in which these major users — principally exchanges — were asked to start batching transactions and be good stewards of the scarce block space at their disposal. Some exchanges had been batching for years, others relented and implemented it. The question faded from view after Bitcoin’s price collapsed in Q1 2018 from roughly $19,000 to $6000, and transaction load — and hence average fee — dropped off.
But we remained curious. A common refrain, during the collapse in on-chain usage, was that transaction count was an obfuscated method of apprehending actual usage. The idea was that transactions could encode an arbitrarily large (within reason) number of payments, and so if batching had become more and more prevalent, those payments were still occurring, just under a regime of fewer transactions.

“hmmm”
Some sites popped up to report outputs and payments per day rather than transactions, seemingly bristling at the coverage of declining transaction count. However, no one conducted an analysis of the changing relationship between transaction count and outputs or payments. We took it upon ourselves to find out.
Table Of Contents:
Introduction to batching
A timeline
Analysis
Conclusion
Bonus content: UTXO consolidation
  1. Introduction to batching
Bitcoin uses a UTXO model, which stands for Unspent Transaction Output. In comparison, Ripple and Ethereum use an account/balance model. In bitcoin, a user has no balances, only UTXOs that they control. If they want to transfer money to someone else, their wallet selects one or more UTXOs as inputs that in sum need to add up to the amount they want to transfer. The desired amount then goes to the recipient, which is called the output, and the difference goes back to the sender, which is called change output. Each output can carry a virtually unlimited amount of value in the form of satoshis. A satoshi is a unit representing a one-hundred-millionth of a Bitcoin. This is very similar to a physical wallet full of different denominations of bills. If you’re buying a snack for $2.50 and only have a $5, you don’t hand the cashier half of your 5 dollar bill — you give him the 5 and receive some change instead.
Unknown to some, there is no hardcoded limit to the number of transactions that can fit in a block. Instead, each transaction has a certain size in megabytes and constitutes an economic incentive for miners to include it in their block. Because miners have limited space of 2 MB to sell to transactors, larger transactions (in size, not bitcoin!) will need to pay higher fees to be included. Additionally, each transaction can have a virtually unlimited number of inputs or outputs — the record stands at transactions with 20,000 inputs and 13,107 outputs.
So each transaction has at least one input and at one output, but often more, as well as some additional boilerplate stuff. Most of that space is taken up by the input (often 60% or more, because of the signature that proves they really belong to the sender), while the output(s) account for 15–30%. In order to keep transactions as small as possible and save fees, Bitcoin users have two major choices:
Use as few inputs as possible. In order to minimize inputs, you can periodically send your smaller UTXOs to yourself in times when fees are very low, getting one large UTXO back. That is called UTXO consolidation or consolidating your inputs.
Users who frequently make transfers (especially within the same block) can include an almost unlimited amount of outputs (to different people!) in the same transaction. That is called transaction batching. A typical single output transaction takes up 230 bytes, while a two output transaction only takes up 260 bytes, instead of 460 if you were to send them individually.
This is something that many casual commentators overlook when comparing Bitcoin with other payment systems — a Bitcoin transaction can aggregate thousands of individual economic transfers! It’s important to recognize this, as it is the source of a great deal of misunderstanding and mistaken analysis.
We’ve never encountered a common definition of a batched transaction — so for the purposes of this study we define it in the loosest possible sense: a transaction with three or more outputs. Commonly, batching is understood as an activity undertaken primarily by mining pools or exchanges who can trade off immediacy for efficiency. It is rare that a normal bitcoin user would have cause to batch, and indeed most wallets make it difficult to impossible to construct batched transactions. For everyday purposes, normal bitcoiners will likely not go to the additional effort of batching transactions.
We set the threshold at three for simplicity’s sake — a normal unbatched transaction will have one transactional output and one change output — but the typical major batched transaction from an exchange will have dozens if not hundreds of outputs. For this reason we are careful to provide data on various different batch sizes, so we could determine the prevalence of three-output transactions and colossal, 100-output ones.
We find it helpful to think of a Bitcoin transaction as a mail truck full of boxes. Each truck (transaction) contains boxes (outputs), each of contains some number of letters (satoshis). So when you’re looking at transaction count as a measure of the performance and economic throughput of the Bitcoin network, it’s a bit like counting mail trucks to discern how many letters are being sent on a given day, even though the number of letters can vary wildly. The truck analogy also makes it clear why many see Bitcoin as a settlement layer in the future — just as mail trucks aren’t dispatched until they’re full, some envision that the same will ultimately be the case for Bitcoin.

Batching
  1. A timeline
So what actually happened in the last six months? Let’s look at some data. Daily transactions on the Bitcoin network rose steadily until about May 2017, when average fees hit about $4. This precipitated the first collapse in usage. Then began a series of feedback loops over the next six months in which transaction load grew, fees grew to match, and transactions dropped off. This cycle repeated itself five times over the latter half of 2017.

more like this on coinmetrics.io
The solid red line in the above chart is fees in BTC terms (not USD) and the shaded red area is daily transaction count. You can see the cycle of transaction load precipitating higher fees which in turn cause a reduction in usage. It repeats itself five or six times before the detente in spring 2018. The most notable period was the December-January fee crisis, but fees were actually fairly typical in BTC terms — the rising BTC price in USD however meant that USD fees hit extreme figures.
In mid-November when fees hit double digits in USD terms, users began a concerted campaign to convince exchanges to be better stewards of block space. Both Segwit and batching were held up as meaningful approaches to maximize the compression of Bitcoin transactions into the finite block space available. Data on when exchanges began batching is sparse, but we collected information where it was available into a chart summarizing when exchanges began batching.

Batching adoption at selected exchanges
We’re ignoring Segwit adoption by exchanges in this analysis; as far as batching is concerned, the campaign to get exchanges to batch appears to have persuaded Bitfinex, Binance, and Shapeshift to batch. Coinbase/GDAX have stated their intention to begin batching, although they haven’t managed to integrate it yet. As far as we can tell, Gemini hasn’t mentioned batching, although we have some mixed evidence that they may have begun recently. If you know about the status of batching on Gemini or other major exchanges please get in touch.
So some exchanges have been batching all along, and some have never bothered at all. Did the subset of exchanges who flipped the switch materially affect the prevalence of batched transactions? Let’s find out.
  1. Analysis
3.1 How common is batching?
We measured the prevalence of batching in three different ways, by transaction count, by output value and by output count.

The tl;dr.
Batching accounts for roughly 12% of all transactions, 40% of all outputs, and 30–60% of all raw BTC output value. Not bad.
3.2 Have batched transactions become more common over time?
From the chart in 3.1, we can already see a small, but steady uptrend in all three metrics, but we want to dig a little deeper. So we first looked at the relationship of payments (all outputs that actually pay someone, so total outputs minus change outputs) and transactions.

More at transactionfee.info/charts
The first thing that becomes obvious is that the popular narrative — that the drop in transactions was caused by an increase in batching — is not the case; payments dropped by roughly the same proportion as well.
Dividing payment count by transaction count gives us some insight into the relationship between the two.

In our analysis we want to zoom into the time frame between November 2017 and today, and we can see that payments per transactions have actually been rallying, from 1.5 payments per transaction in early 2017 to almost two today.
3.3 What are popular batch sizes?
In this next part, we will look at batch sizes to see which are most popular. To determine which transactions were batched, we downloaded a dataset of all transactions on the Bitcoin network between November 2017 and May 2018from Blockchair.
We picked that period because the fee crisis really got started in mid-November, and with it, the demands for exchanges to batch. So we wanted to capture the effect of exchanges starting to batch. Naturally a bigger sample would have been more instructive, but we were constrained in our resources, so we began with the six month sample.
We grouped transactions into “batched” and “unbatched” groups with batched transactions being those with three or more outputs.

We then divided batched transactions into roughly equal groups on the basis of how much total output in BTC they had accounted for in the six-month period. We didn’t select the batch sizes manually — we picked batch sizes that would split the sample into equal parts on the basis of transaction value. Here’s what we ended up with:

All of the batch buckets have just about the same fraction of total BTC output over the period, but they account for radically different transaction and output counts over the period. Notice that there were only 183,108 “extra large” batches (with 41 or more outputs) in the six-month period, but between them there were 23m outputs and 30m BTC worth of value transmitted.
Note that output value in this context refers to the raw or unadjusted figure — it would have been prohibitively difficult for us to adjust output for change or mixers, so we’re using the “naive” estimate.
Let’s look at how many transactions various batch sizes accounted for in the sample period:


Batched transactions steadily increased relative to unbatched ones, although the biggest fraction is the small batch with between 3 and 5 outputs. The story for output counts is a bit more illuminating. Even though batched transactions are a relatively small fraction of overall transaction count, they contain a meaningful number of overall outputs. Let’s see how it breaks down:


Lastly, let’s look at output value. Here we see that batched transactions represent a significant fraction of value transmitted on Bitcoin.


As we can see, even though batched transactions make up an average of only 12% of all transactions, they move between 30%-60% of all Bitcoins, at peak times even 70%. We think this is quite remarkable. Keep in mind, however that the ‘total output’ figure has not been altered to account for change outputs, mixers, or self-churn; that is, it is the raw and unadjusted figure. The total output value is therefore not an ideal approximation of economic volume on the Bitcoin network.
3.4 Has transaction count become an unreliable measure of Bitcoin’s usage because of batching?
Yes. We strongly encourage any analysts, investors, journalists, and developers to look past mere transaction count from now on. The default measure of Bitcoin’s performance should be “payments per day” rather than transaction count. This also makes Bitcoin more comparable with other UTXO chains. They generally have significantly variable payments-per-transaction ratios, so just using payments standardizes that. (Stay tuned: Coinmetrics will be rolling out tools to facilitate this very soon.)
More generally, we think that the economic value transmitted on the network is its most fundamental characteristic. Both the naive and the adjusted figures deserve to be considered. Adjusting raw output value is still more art than science, and best practices are still being developed. Again, Coinmetrics is actively developing open-source tools to make these adjustments available.
  1. Conclusion
We started by revisiting the past year in Bitcoin and showed that while the mempool was congested, the community started looking for ways to use the blockspace more efficiently. Attention quickly fell on batching, the practice of combining multiple outputs into a single transaction, for heavy users. We showed how batching works on a technical level and when different exchanges started implementing the technique.
Today, around 12% of all transactions on the Bitcoin network are batched, and these account for about 40% of all outputs and between 30–60% of all transactional value. The fact such that a small set of transactions carries so much economic weight makes us hopeful that Bitcoin still has a lot of room to scale on the base layer, especially if usage trends continue.
Lastly, it’s worth noting that the increase in batching on the Bitcoin network may not be entirely due to deliberate action by exchanges, but rather a function of its recessionary behavior in the last few months. Since batching is generally done by large industrial players like exchanges, mixers, payment processors, and mining pools, and unbatched transactions are generally made by normal individuals, the batched/unbatched ratio is also a strong proxy for how much average users are using Bitcoin. Since the collapse in price, it is quite possible that individual usage of Bitcoin decreased while “industrial” usage remained strong. This is speculation, but one explanation for what happened.
Alternatively, the industrial players appear to be taking their role as stewards of the scarce block space more seriously. This is a significant boon to the network, and a nontrivial development in its history. If a culture of parsimony can be encouraged, Bitcoin will be able to compress more data into its block space and everyday users will continue to be able to run nodes for the foreseeable future. We view this as a very positive development. Members of the Bitcoin community that lobbied exchanges to add support for Segwit and batching should be proud of themselves.
  1. Bonus content: UTXO consolidation
Remember that we said that a second way to systematically save transaction fees in the Bitcoin network was to consolidate your UTXOs when fees were low? Looking at the relationship between input count and output count allows us to spot such consolidation phases quite well.

Typically, inputs and outputs move together. When the network is stressed, they decouple. If you look at the above chart carefully, you’ll notice that when transactions are elevated (and block space is at a premium), outputs outpace inputs — look at the gaps in May and December 2017. However, prolonged activity always results in fragmented UTXO sets and wallets full of dust, which need to be consolidated. For this, users often wait until pressure on the network has decreased and fees are lower. Thus, after transactions decrease, inputs become more common than outputs. You can see this clearly in February/March 2017.

Here we’ve taken the ratio of inputs to outputs (which have been smoothed on a trailing 7 day basis). When the ratio is higher, there are more inputs than outputs on that day, and vice versa. You can clearly see the spam attack in summer 2015 in which thousands (possibly millions) of outputs were created and then consolidated. Once the ratio spikes upwards, that’s consolidation. The spike in February 2018 after the six weeks of high fees in December 2017 was the most pronounced sigh of relief in Bitcoin’s history; the largest ever departure from the in/out ratio norm. There were a huge number of UTXOs to be consolidated.
It’s also interesting to note where inputs and outputs cluster. Here we have histograms of transactions with large numbers of inputs or outputs. Unsurprisingly, round numbers are common which shows that exchanges don’t publish a transaction every, say, two minutes, but instead wait for 100 or 200 outputs to queue up and then publish their transaction. Curiously, 200-input transactions were more popular than 100-input transactions in the period.


We ran into more curiosities when researching this piece, but we’ll leave those for another time.
Future work on batching might focus on:
Determining batched transactions as a portion of (adjusted) economic rather than raw volume
Looking at the behavior of specific exchanges with regards to batching
Investigating how much space and fees could be saved if major exchanges were batching transactions
Lastly, we encourage everyone to run their transactions through the service at transactionfee.info to assess the efficiency of their transactions and determine whether exchanges are being good stewards of the block space.
Update 31.05.2018
Antoine Le Calvez has created a series of live-updated charts to track batching and batch sizes, which you can find here.
We’d like to thank 0xB10C for their generous assistance with datasets and advice, the people at Blockchair for providing the core datasets, and David A. Harding for writing the initial piece and answering our questions.
submitted by miguelfranco1412 to 800cc [link] [comments]

Start Here for Much Wallet WOW!

EDIT 2017-02-10: A word about Nodes

There is a discussion about nodes that came up today, where it seems I'm discouraging people from running the full QT/Core client. Yes and No. What I'm trying to make sure people understand is how things work, and that it is NOT mandatory to run a client in order to use Dogecoins (and yes, I realise that browser-based tools like coinb.in and wallet sweepers are 'clients' by strict definition).
That said, more nodes is absolutely a good thing for the network. Preferrably full nodes. How do you run a full node? Just run Core/QT and open up Port 22556 on your router so it can connect to more than 8 peers. What will it cost you? You need your machine to be on 24/7/365, you need enough storage for the full blockchain (currently about 20Gb. Bitcoin is over 120Gb) and enough bandwidth to keep it in sync and share blocks with peers. A couple of Gb a month, most likely. This is best done with a desktop on a wired broadband link. Or maybe a hosted VM in the cloud. :)

EDIT 2017-01-09: Wallets WITHOUT Clients

Since I started helping people on /BitcoinBeginners, I'm getting a lot of questions about how to use wallets without running clients or trusting third parties. So here are a couple of resources that will make that possible, and not just for Dogecoin:
Multi-Coin Wallet Generator Now supporting 129 currencies! Coinb.in Start by setting the currency, found in the gear wheel in the Broadcast tab. Dogecoin Wallet Sweeper Redeem 'paper' wallets containing up to about 100 UTXOs. Bitinfo Charts My favourite block explorer, handles a bunch of cryptos.
Using these resources, it is possible to hold, receive and spend coins in various currencies, without having to run QT or a 'lite' client. You can also download and run the pages on your own device.

EDIT 2016-11-23: SEMANTICS about MINING! :P

Even though there is already a section on mining below, it has been suggested given the huge number of posts on the subject that this needs to be made clearer. Since people get their panties in a twist over the word 'dead', lets change that...

MINING IS DEAD!

MINING DOGECOIN IS UNPROFITABLE!

Put simply, there is no way to mine Dogecoin and make a profit because of the massive hashpower provided by industrial-scale Litecoin miners. Mining Doge directly stopped being viable when our hashrate exploded with the introduction of AuxPoW. Mining with CPU's and GPU's died when ASICs were introduced. And mining with a laptop WILL kill your laptop and cost you a fortune to repair or replace. Mining Litecoin with an exchange that also mines Doge and others will earn less than the electricity consumed, and you won't recover your costs. Probably ever, but certainly not in any reasonable time.
Mining other currencies may be a thing, but that's beyond our scope here. This is /Dogecoin, not /GetRichMiningCryptos after all. If you want to mine the newest scamcoin for fun and profit, look elsewhere for advice. :/
Oh, and most important:

READ BEFORE YOU POST!

At any given time, there are half a dozen posts on the frontpage just like the one you're about to write, where the answers have already been given. Read them. Don't make people waste their time repeating themselves because you were too lazy to bother reading stuff. :P
So there I was, having a quiet Sundy arvo bludge, as you do, when 42points turned up on Facebook and asked me to write a new sticky post for /dogecoin. Why would he do this, when he should be having a bludge himself, I hear you ask? Well, seems he was doing exactly that, and wanted to fob off the work he’s too slack to do himself. ;) Ah well, being a sucker for punishment, I’ll grudgingly oblige I guess.
OK, first things first.

The Clients:

Dogecoin Core 1.10.0 2015-Nov-01
Bootstrap file for Core to save some download time.
Dogecoin Core Guide Wiki
MultiDoge v0.1.7 2016-Jan-31
Android Dogecoin Wallet 2.0.8 2016-Jan-18
Android Coinomi Wallet
Java Cate 0.14 alpha 2 Multicoin wallet 2016-Feb-14
Exodus multicoin wallet
iOS Doughwallet

Do you REALLY need a client?

Wallet ELI5
UTXO ELI5
Paper Wallet Generator
Sample HTML Wallet List
Dogetipbot subreddit and website
Dogechain Wallet
Block.io Wallet
Exchanges
BTC38
Poloniex
CoinSpot
ShapeShift - Not really an exchange, rather a currency trader.

Mining

Litecoinpool
Prohashing
Zpool

Explorers

BitInfoCharts - My favourite, has charts!
chain.so
dogechain.info
/dogecoindev where the devs hang out

More Info

Dogeducation
Technical Wiki
Preev currency value calculator

EDITS:

From peoplma
I was wondering if you could add just a couple things. A link to the coinomi android wallet, it's probably the best one out there. And a sentence somewhere along the lines of "if you need help with any dogecoin software you are welcome to make a post, but PLEASE include your OS, version number of the client, and any relevant transaction IDs that you are willing to share" if you can fit that in somewhere.
Also, if you want to link to Prohashing, I'm pretty sure it's the only Scrypt mining pool that will actually pay out in doge. The others I know of pay out in litecoin or bitcoin. And it's a profit switching multipool, so gives a better return than just mining ltc/doge.
And there's these two wiki articles I thought would be helpful to link /dogecoin/wiki/technical for those technically minded newbies or intermediate users who want to dig a little deeper. And maybe a link to /dogecoin/wiki/dogecoincoreguide next to the link for dogecoin core.
From pts2002
Finally a proper sticky post! Here's some other stuff you could add:
zpool.ca mining pool - You can get paid in pretty much any coin, and you can mine in multiple algos (currently mining lyra2v2 with my GPU). Doing about 500Ð/day
shapeshift.io exchange - My favourite exchange, quick and easy. No registration required!
Also, you should add some blockchain explorers!
chain.so - Support for bitcoin, litecoin and doge.
dogechain.info - Official blockchain explorer. Includes a wallet (already mentioned). Live update currently not working (?)
EDIT: Here's another thing I found!
preev.com currency value calculator - Easy way to check the value of your dogecoins (or bitcoins, or litecoins, or peercoins)!
submitted by Fulvio55 to dogecoin [link] [comments]

60% bitcoin hasn’t moved in year despite 220% price bump in 2019

This is the best tl;dr I could make, original reduced by 66%. (I'm a bot)
The price of bitcoin has risen over 220% since January - but longterm holders are keeping their cool.
21.5% of circulating bitcoin hasn't moved in five years Delphi Digital determines how long bitcoin has been held by sorting its " Unspent Transaction Output" data.
According to Delphi Digital's analysis, 60 percent of bitcoin's circulating supply hasn't moved in at least a year, as indicated on the chart by the green line.
Traders have sent lots of bitcoin to Binance To gauge market sentiment, Delphi Digital checked the amount of bitcoin that has flowed through major cryptocurrency exchanges like Binance and Bitfinex.
Delphi Digital explained the surge in bitcoin outflows makes sense, as those who recently bought may seek to take their cryptocurrency off-exchange in preparation to hold.
As for what comes next for the cryptocurrency market, Delphi Digital expressed that some may see the recent run past $13,000 as a "Blow off top," which could see bitcoin move side-ways for a while.
Summary Source | FAQ | Feedback | Top keywords: bitcoin#1 Digital#2 Delphi#3 move#4 hold#5
Post found in /AnythingGoesTech, /AnythingGoesNews, /tech, /AnythingGoesUltimate and /technology.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

MIXIN ECOSYSTEM

Mixin is made out of a solitary hypothetically lasting Kernel, numerous unique Domains and diverse multipurpose Domain Extensions, to plan a broadened star topology • Mixin Kernel: At the center of the Mixin Network is the Mixin Kernel, which is an offbeat Byzantine blame tolerant coordinated non-cyclic chart. The primary capacity of the fundamental bit is to deal with the unspent exchanges yields from the restricted Kernel hubs. The primary part utilizes the UTXO model of Bitcoin for dealing with exchanges and the one - time key inference calculation of CryptoNote for protection. The Mixin Network has just a single focal piece, be that as it may, it can have numerous portion hubs, 50 to be correct. Every piece hub should promise 10,000 XIN and since there are just 500,000 XIN available for use, in this way, there can be close to 50 portion hubs. The job of piece hubs is to manage exchange approval and industriousness.
https://mixin.one/
submitted by cephascrypto to cryptobrotherhood [link] [comments]

Have you heard the fact that 64% of all bitcoins have never moved? It is wrong.

I just did a blockchain scan and as of today, the total amount of bitcoins that have never been spent is 1,917,980 or 13.91% of the total.
So where does the oft-parroted figure of 64% come from?
It turns out, it was originally published in this paper: http://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf. At first I thought it might be an old analysis from 2009 or 2010 when Satoshi's coins still dominated the total. Not even close: the paper was written in October 2013 and by that time only 16% of the coins remained unspent.
It is funny how the 64% number was repeated by International Business Times, The Atlantic, Al Jazeera, Arstechnica, Telegraph etc. (often in snarky articles which ridiculed Bitcoin) and no one even bothered to double-check that paper's findings. This number is still being presented as a "fact"
As a bonus here's a chart showing how the percentage of unspent bitcoins changed with time: http://i.imgur.com/xnUoFEB.png
Edit: this comment by Sukrim explains everything. The researchers found that 64% of all bitcoins are stored in non-reused addresses and interpreted this as "64% of coins have never moved." I wonder why people with such gross misunderstanding of how Bitcoin works even feel qualified to write bitcoin research papers!
submitted by intmax64 to Bitcoin [link] [comments]

MIXIN ECOSYSTEM

Mixin is made out of a solitary hypothetically lasting Kernel, numerous unique Domains and diverse multipurpose Domain Extensions, to plan a broadened star topology • Mixin Kernel: At the center of the Mixin Network is the Mixin Kernel, which is an offbeat Byzantine blame tolerant coordinated non-cyclic chart. The primary capacity of the fundamental bit is to deal with the unspent exchanges yields from the restricted Kernel hubs. The primary part utilizes the UTXO model of Bitcoin for dealing with exchanges and the one - time key inference calculation of CryptoNote for protection. The Mixin Network has just a single focal piece, be that as it may, it can have numerous portion hubs, 50 to be correct. Every piece hub should promise 10,000 XIN and since there are just 500,000 XIN available for use, in this way, there can be close to 50 portion hubs. The job of piece hubs is to manage exchange approval and industriousness. • Mixin Domain: The next part in the multi-level arrangement of Mixin Network are the Mixin Domains. They are the circulated records that give advantages for the Mixin focal Kernal. This is the place the spryness of the Mixin arrange comes in, the benefits managed by Mixin Domains can be of Bitcoin, Ethereum or of some other blockchains or incorporated associations, even banks. The spaces give a passage to the Mixin Kernel and both speak with one another through uncommonly constructed Mixin System Calls. The calls are the main route through which the framework can trade states and are standard JSON-RPC interfaces. To be acknowledged and enlisted by a Kernel, Mixin Domains must execute the standard Domain Interfaces. Both the substances impart utilizing the Intel SGX confided in transport layer and all private keys are duplicated in the part hubs and space hubs. • Area Extensions: The last and the peripheral part of the Mixin Network are the space augmentations, which include encourage readiness, in the system. Using Kernel hubs and areas, Mixin bolsters all the significant functionalities that a client may require. Notwithstanding, to include promote usefulness, Mixin Network permits area augmentations, which are expected to act like savvy contracts. Be that as it may, area expansions will be more vigorous and will perform better. Area expansions are fundamentally programs running in the space virtual machine.
www.mixin.one
submitted by tunde1999 to mixin [link] [comments]

Bitcoin Unlimtited version available now with public labels (aka voting) and coin freezing!

Recently I've been working on a pull request for Bitcoin Unlimited.
https://github.com/BitcoinUnlimited/BitcoinUnlimited/pull/521
This is in the coin_freeze_cltv branch based on dev. It contains features for the user to freeze coins, to associate public labels with a transaction amount (aka voting) as well as fixes for transaction searching.
These features can be merged into Bitcoin Unlimited but we need more user feedback and testing. If you can help test and provide feedback that would be great. If you can help create a deb package for the source that would also be a great help. Otherwise if you could just provide general feedback and let the other devs know if you want these features. If there is demand I will code more .... right now I am thinking about a Bitcoin Supply Chart in the Overview tab that incorporates the mining scchedule, frozen coins and compares your wallet balance versus current and upcoming supply. Freezing coins could be a powerful way for users to indicate which side of a fork they prefer. I also have prepared a draft design of an onchain exchange(ONX) between pre&post fork coins. In this way the community can bet on forking before it happens ONCHAIN!
Regarding associating public labels with a transaction amount other than zero that is not native as amounts in the same output as the OP_RETURN are NOT spendable. So this feature was achieved by associating OP_RETURN public label output with the following UTXO. In this way public labels are associated with transaction amounts and so the community can use the same public label to vote on the same topic! The user spends to themselves using a public label and in so doing commits the amount toward that publc label. When multiple users use the exact same public label their unspent amounts are aggregated. The "Top Public Labels" are therefore available as a list on their own tab sorted by the aggregate of UNSPENT amounts currently associated with the public label. When a user wants to unvote their coins they just spend them again with a new public label or none.
https://github.com/marlengit/BitcoinUnlimited/tree/gui_top_public_labels
submitted by redmarlen to btc [link] [comments]

COMPREHENSIVE REVIEW OF THE MIXIN ECOSYSTEM

Mixin is made out of a solitary hypothetically lasting Kernel, numerous unique Domains and diverse multipurpose Domain Extensions, to plan a broadened star topology
• Mixin Kernel:
At the center of the Mixin Network is the Mixin Kernel, which is an offbeat Byzantine blame tolerant coordinated non-cyclic chart. The primary capacity of the fundamental bit is to deal with the unspent exchanges yields from the restricted Kernel hubs. The primary part utilizes the UTXO model of Bitcoin for dealing with exchanges and the one - time key inference calculation of CryptoNote for protection.
The Mixin Network has just a single focal piece, be that as it may, it can have numerous portion hubs, 50 to be correct. Every piece hub should promise 10,000 XIN and since there are just 500,000 XIN available for use, in this way, there can be close to 50 portion hubs. The job of piece hubs is to manage exchange approval and industriousness.
• MIXIN DOMAIN
The next part in the multi-level arrangement of Mixin Network are the Mixin Domains. They are the circulated records that give advantages for the Mixin focal Kernal. This is the place the spryness of the Mixin arrange comes in, the benefits managed by Mixin Domains can be of Bitcoin, Ethereum or of some other blockchains or incorporated associations, even banks. The spaces give a passage to the Mixin Kernel and both speak with one another through uncommonly constructed Mixin System Calls. The calls are the main route through which the framework can trade states and are standard JSON-RPC interfaces. To be acknowledged and enlisted by a Kernel, Mixin Domains must execute the standard Domain Interfaces. Both the substances impart utilizing the Intel SGX confided in transport layer and all private keys are duplicated in the part hubs and space hubs.
• AREA EXTENSIONS
The last and the peripheral part of the Mixin Network are the space augmentations, which include encourage readiness, in the system. Using Kernel hubs and areas, Mixin bolsters all the significant functionalities that a client may require. Notwithstanding, to include promote usefulness, Mixin Network permits area augmentations, which are expected to act like savvy contracts. Be that as it may, area expansions will be more vigorous and will perform better. Area expansions are fundamentally programs running in the space virtual machine.
https://mixin.one/
submitted by Micorpy to mixin [link] [comments]

MIXIN ECOSYSTEM

Mixin is made out of a solitary hypothetically lasting Kernel, numerous unique Domains and diverse multipurpose Domain Extensions, to plan a broadened star topology • Mixin Kernel: At the center of the Mixin Network is the Mixin Kernel, which is an offbeat Byzantine blame tolerant coordinated non-cyclic chart. The primary capacity of the fundamental bit is to deal with the unspent exchanges yields from the restricted Kernel hubs. The primary part utilizes the UTXO model of Bitcoin for dealing with exchanges and the one - time key inference calculation of CryptoNote for protection. The Mixin Network has just a single focal piece, be that as it may, it can have numerous portion hubs, 50 to be correct. Every piece hub should promise 10,000 XIN and since there are just 500,000 XIN available for use, in this way, there can be close to 50 portion hubs. The job of piece hubs is to manage exchange approval and industriousness.
WEBSITE: https://mixin.one
submitted by marcatee to ico [link] [comments]

UTXO set size suddenly and unexplicalbly stopped growing a month ago.

An UTXO is an "unspent transaction output".
Each bitscoin transaction destroys a certain number of UTXOs (its inputs) and creates a few more (its outputs). Each miner (and each user who wants to fully validate stuff) must keep an in-memory database of all the UTXOs in the blockchain (the "UTXO set"), in order to tell whether the inputs of a given transaction actually exist and have not been spent already.
The UTXO set has been increasing steadily and exponentially over the years, as the bit-koines get mined and fragmented over more numerous and smaller lumps. Indeed, the small-blockians are more worried about the growth of the UTXO set than about the growth of the blockchain proper.
However, the size of the UTXO set suddenly and completely stopped growing exactly one month ago.
So far the gurus seem unable to explain the phenomenon; and therefore, as any other experts would do, are just ignoring it.
submitted by jstolfi to Buttcoin [link] [comments]

Mixin Kernel

Mixin Kernel is an elite appropriated record and its sole duty is to confirm resource exchanges. So, the single perpetual Mixin Kernel is additionally a conveyed arrange simply like Bitcoin organize all in all. In spite of the fact that Mixin Portion checks resource exchanges, it doesn't create any benefits. All benefits move through the Portion by Mixin Areas.
The center of Mixin System is the Mixin Kernel, a quick offbeat Byzantine blame tolerant guided non-cyclic chart to deal with unspent exchange yields inside restricted Piece Hubs. www.mixin.one
submitted by toscorex to cryptocurrencynewico [link] [comments]

MIXIN ECOSYSTEM

Mixin is made out of a solitary hypothetically lasting Kernel, numerous unique Domains and diverse multipurpose Domain Extensions, to plan a broadened star topology • Mixin Kernel: At the center of the Mixin Network is the Mixin Kernel, which is an offbeat Byzantine blame tolerant coordinated non-cyclic chart. The primary capacity of the fundamental bit is to deal with the unspent exchanges yields from the restricted Kernel hubs. The primary part utilizes the UTXO model of Bitcoin for dealing with exchanges and the one - time key inference calculation of CryptoNote for protection. The Mixin Network has just a single focal piece, be that as it may, it can have numerous portion hubs, 50 to be correct. Every piece hub should promise 10,000 XIN and since there are just 500,000 XIN available for use, in this way, there can be close to 50 portion hubs. The job of piece hubs is to manage exchange approval and industriousness.
WEBSITE: https://mixin.one
submitted by olamideola to mixin [link] [comments]

Mixin Kernel

Mixin Kernel is a superior conveyed record and its sole obligation is to check resource exchanges. All things considered, the single changeless Mixin Kernel is additionally a dispersed system simply like Bitcoin arrange all in all. In spite of the fact that Mixin Kernel confirms resource exchanges, it doesn't deliver any advantages. All benefits course through the Kernel by Mixin Domains. The center of Mixin Network is the Mixin Kernel, a quick offbeat Byzantine blame tolerant guided non-cyclic chart to deal with unspent exchange yields inside restricted Kernel Nodes.
For further information, visit https://mixin.one
submitted by tomimike to CryptocurrencyICOs [link] [comments]

MIXIN ECOSYSTEM

Mixin is made out of a solitary hypothetically lasting Kernel, numerous unique Domains and diverse multipurpose Domain Extensions, to plan a broadened star topology • Mixin Kernel: At the center of the Mixin Network is the Mixin Kernel, which is an offbeat Byzantine blame tolerant coordinated non-cyclic chart. The primary capacity of the fundamental bit is to deal with the unspent exchanges yields from the restricted Kernel hubs. The primary part utilizes the UTXO model of Bitcoin for dealing with exchanges and the one - time key inference calculation of CryptoNote for protection. The Mixin Network has just a single focal piece, be that as it may, it can have numerous portion hubs, 50 to be correct. Every piece hub should promise 10,000 XIN and since there are just 500,000 XIN available for use, in this way, there can be close to 50 portion hubs. The job of piece hubs is to manage exchange approval and industriousness.
Website : https://mixin.one/
submitted by Dortking to BountyICO [link] [comments]

Split-Scale: Scaling Bitcoin by Partitioning the UTXO Space

arXiv:1809.08473
Date: 2018-09-22
Author(s): Kazım Rıfat Özyılmaz, Harsh Patel, Ankit Malik

Link to Paper


Abstract
The Bitcoin protocol is a significant milestone in the history of money. However, its adoption is currently constrained by the transaction limits of the system. As the chief problem of blockchain technology, the scaling issue has attracted many valuable solutions both on-chain and off-chain. In this paper, our goal is to explore the notion of unspent transaction outputs (UTXOs) to propose an augmented Bitcoin protocol that can scale gracefully. Our proposal aims to increase the transaction throughput by partitioning the UTXO space and splitting the blockchain. In addition, a new type of Bitcoin node is introduced to preserve the capability to run validating nodes in low-bandwidth environments, despite the increased transaction throughput.

References
[1] Bitcoin. (2015) Segregated Witness. [Online]. Available: https://github.com/bitcoin/bips/blob/mastebip-0141.mediawiki
[2] I. Eyal, A. E. Gencer, E. G. Sirer, and R. Van Renesse, “Bitcoin-ng: A scalable blockchain protocol.” in NSDI, 2016, pp. 45–59.
[3] Bitcoin. (2017) CTxIn class. [Online]. Available: https://github.com/bitcoin/bitcoin/blob/7b57bc998f334775b50ebc8ca5e78ca728db4c58/src/primitives/transaction.h#L61
[4] Bitcoin. (2017) COutPoint class. [Online]. Available: https://github.com/bitcoin/bitcoin/blob/7b57bc998f334775b50ebc8ca5e78ca728db4c58/src/primitives/transaction.h#L18
[5] Bitcoin. (2017) CTxOut class. [Online]. Available: https://github.com/bitcoin/bitcoin/blob/7b57bc998f334775b50ebc8ca5e78ca728db4c58/src/primitives/transaction.h#L131
[6] Bitcoin. (2017) PR #10195: Switch chainstate db and cache to per-txout model. [Online]. Available: https://github.com/bitcoin/bitcoin/pull/10195
[7] Bitcoin. (2017) Script. [Online]. Available: https://en.bitcoin.it/wiki/Script
[8] S. Delgado-Segura, C. Pérez-Sola, G. Navarro-Arribas, and J. HerreraJoancomartı, “Analysis of the bitcoin utxo set.” [Online]. Available: https://eprint.iacr.org/2017/1095.pdf
[9] Blockchain.info. (2017) Mempool Size. [Online]. Available: https://blockchain.info/charts/mempool-size?timespan=1year
[10] I. Eyal and E. G. Sirer, “Majority is not enough: Bitcoin mining is vulnerable,” in International conference on financial cryptography and data security. Springer, 2014, pp. 436–454.
[11] Bitcoin. (2017) Serialized blocks. [Online]. Available: https://bitcoin.org/en/developer-reference#serialized-blocks
[12] Bitcoin. (2017) Block message. [Online]. Available: https://bitcoin.org/en/developer-reference#block
[13] Bitcoin. (2017) Minimum Requirements. [Online]. Available: https://bitcoin.org/en/full-node#minimum-requirements
[14] Bitcoin. (2017) Simple Payment Verification. [Online]. Available: https://bitcoin.org/en/developer-guide#simplified-payment-verification-spv
[15] Bitcoin. (2017) Hashed Timelock Contracts. [Online]. Available: https://en.bitcoin.it/wiki/Hashed_Timelock_Contracts
[16] J. Poon and T. Dryja, “The bitcoin lightning network: Scalable off-chain instant payments,” draft version 0.5, vol. 9, p. 14, 2016.
submitted by dj-gutz to myrXiv [link] [comments]

Planet Earth has completed another revolution around the Sun

Let's hope 2017 will be full of fun, drama and excitement just as 2016 was.
Some numbers:
Price:
1 Jan 2016 00:00 UTC - 31 Dec 2016 22:45 UTC
XBT/USD close:962.53345 low:365.41506 high:980.61894
Transactions:
~190 000 000 in total, ~90 000 000 added in 2016
Number of TX growth:
https://blockchain.info/charts/n-transactions-per-block?timespan=1year
Average number of transactions per block:
https://blockchain.info/charts/n-transactions-per-block?timespan=1year
Number of unspent tx:
https://blockchain.info/charts/utxo-count?timespan=1year
Overall, the growth is just amazing, but it makes me feel devastated when I consider that Bitcoin Core goes directly against these trends and endanger the future of this project.
Hopefully, it will be remembered as the year Bitcoin was liberated from the grip of BlockatreamCore and allowed to scale on chain.
I wish all the best for everyone in this sub.
submitted by MeTheImaginaryWizard to btc [link] [comments]

Nice to see Unspent Outputs being consolidated

Over the last few months we've seen buckets of low-fee transactions filling up the mempool, followed by a corresponding decrease in the UTXO set. The explanation here being that when exchanges and other businesses do lots of transactions, they create tons of change addresses with small amounts of Bitcoin. This is a computational burden on nodes who have to keep track of all of these Unspent Outputs (UTXOs).
Over the last 180 days we've seen consistent decreases in the UTXO set. Right now there's about 30mbs in the mempool of mostly 1-2 sat transactions. If you pay 2-3 sats you'll still get confirmed (I've had many 1 sat transactions confirmed in the last few weeks), but whenever there's capacity these will get processed. We've also seen a steady climb in Segwit adoption.
It's nice to see that whoever is consolidating is using the block space responsibly. The blockchain, UTXO set, and network is a common good, kind of like a local river. Thus it's susceptible to the Tragedy of the Commons. The Segwit2X fork would have passed the burden onto the nodes/users. Now businesses are forced to actually optimize with Segwit, batching, consolidation etc. instead of just passing the buck. Good engineering is rewarded rather than punishing full nodes for bad optimizations
Anyway: it's nice that when you look past the doom and gloom about price, you see that the system is continually evolving for the better.
submitted by CadmeusCain to Bitcoin [link] [comments]

Have i been scammed using Shapeshift.io

Hi can someone please advice me i need some urgent help, i'm new to the cryto world, and i brought a nano s cold storage wallet then i brought some btc and tried to exchange it for 1 full litecoin on shapeshift, i supplied all the correct refund addreses etc and when i submitted it i used a 61sat/byte fee from my nano to make the transaction, i used the bitcoin fee chart as a time estimate it would take to go through and was saying 35-1080min which long surpassed this period at around 3 days in waiting, i checked the blockchain and the transaction to the shapeshift address they gave me was laying unconfirrmed with no confirmations, so i heard i could rebroadcast it too the miners and also use the ViaBtc tranaction accellerator, so i did this and since doing that there has been 69 confirmations and the shapeshift address i sent the payment to, looks like as spent my btc to another address on the blockchain!! I've had no refund or Ltc back in return its been 5 days now, i opened a support ticked with them and they have stopped replying back to me, is this normal that the SS address i sent the payment too as forwarded it on to another address where it lies unspent? i have all the screenshots etc and proof of payment, this is the id number i have from SS https://shapeshift.io/#/status/bbe1b6a6-0440-4b64-af28-4830bcb2dc85
My Shapeshift Support Id - #134114
submitted by Stevo-31 to shapeshiftio [link] [comments]

Bitcoin hodl units

Definition

Bitcoin hodls is a hodl quantity that a given unspent bitcoin transaction output has. It requires a wallet soft-fork and some analysis over the blockchain data, particularly over the transaction-chains hidden inside of it - then the user's hodl units (and their price) could be optionally shown.

Creation function

A hodl is produced when a user timelocks their own unspent transaction outputs - he forbids himself of transfering it, thus the unit name. From that satoshi ammount and (block)time duration, some hodl quantity is created according to some function. The function (satoshi: i64, duration: u64) => satoshi * duration/2016u64 looks simple enought to me (where 2016 is the bitcoin's dificulty's recalculation cycle period; the return value could be u128 bits).

Explanation

Pieces of gold may be pure or diluted, metals may be bright and colored or grey, batteries may be charged or empty, tuna may be fat or slim, and game characters may be experienced or a newbie. We can apply the same kind of concept in various ways into bitcoin, and one of those is the result (or appearance) of the hodl quantity. Just like gold purity, it's part of the piece's characteristics. Sure players aren't required to not ignore any characteristic they want to. But again, just like gold purity, the hodl quantity is one characteristic - like a "physical" one - that does exists, whether we choose to ignore it or not. This is because all value is subjective, and bitcoin must be, entirely, be reasoned about (subjectively interpreted) - or it's nothing more than numbers at random that have no meaning within themselves.
So I'll let myself name hodl units as bitcoin charges, and timelocking as charging.

Usage

A charge quantity is attached to each bitcoin transaction's output. For simple init, it's on the bitcoin itself. So if I charged one bitcoin for a a difficulty cycle period, that bitcoin has 1 charge * bitcoin/satoshi units. If I send you that bitcoin, you've got a bitcoin plus it's charges. Other usecases are discussed later.

Impact (subjective)

The appearance of charges fits well with the hodlers position regarding bitcoin trading. It's also a chance to have this kind of extra valuation from that very positioning.
What is objective though is the possibility of dismissing the homegeonity of bitcoin units. If ever desired by bitcoin users, they may (even only temporarily) increase their subjective price valuation over charge units in order to fight an eventual and suspeciously strong short positioning of cash settled bitcoin futures beign traded. Those future trades will start to lose purpose if some of the subjective valuation jumps into bitcoin charge units. This would make it impossible for a cash settled future market to exist, they'd be forced to use bitcoin itself, and this could, at some point, be important to the network.
In fact, a decision to charge your bitcoins is a partial "future trade" decision, where you take the price variance risk but get the charged units in return. That is, you may bet the unit's price will be superior to the price of the risk of not being able to move your bitcoins for some time.

Lightning Network combination

Since bitcoins in Lightning Networks are timelocked, they may also charge bitcoins, so the two could fit well together. This is why I preffer calling hodls as charges.

Other transfer usecases

Charge units aren't really on bitcoins but on unspent transaction inputs/outputs. So if I gave you a bitcoin + 10 charges, you may split that bitcoin in half (thus also splitting the charges units in some way). Also, you may receive bitcoins (as a single unspent output) from various inputs (thus merging inputs means merging charges in some way).

Transaction function

For a given transaction, to sum the input charges and then to equally distribute them according to each output satoshi ammount looks simple enought to me. That is, if bitcoins were electrically charged metal balls, you just group them altogether before merging and splitting into the outputs holes (they would end up with the same charge density).

Miners

  1. fee transactions have no charges since they are not an output, so a given transaction bitcoin fee appeal won't be changed;
  2. only them may increase a bitcoin's charge density, when mining a block with a private transaction that uses a desired (high) ammount of fee rate. I expect that a fixed density would be desired for some traders;
  3. some will decide to create create fee-only private transactions. This would fully separate the charges from the bitcoins, but the charges would have nowhere to go. So another cryptocurrency could be created out of that, where it has a charge-only currency and requires some reading over the bitcoin's blockchain data (a parasyte blockchain).
  4. if a charge decrease is desired, negative fee rate could be allowed (hardfork in bitcoin), where the transaction's output comes from the coinbase - so only miners would still be able to do that.
So even without a node/miner soft/hardfork, miners still have a (optional) specific function and their user behaviour might be impacted.

light node

Since the chaining of transactions inputs and outputs must be analysed, initially the full blockchain must be read, but read spent output can be prunned away. So a data structure can be layered on top of the blockchain, containing the unspent output's charges information. So the ~60Mtx (according to https://blockchain.info/charts/utxo-count), would consume ~3GB of information (32B txID, 1B outputID, 4B charges), or a light node.
I hope you enjoyed! This text is also at https://github.com/swfsql/btc-opinions/blob/gh-pages/bitcoin-hodls.md
submitted by swfsql to Bitcoin [link] [comments]

24 Hour BTC Turnover - $1Billion

Bitcoins Sent in last 24 hours shows "2,562,273.26" - at current prices that is over $1billion in the last 24 hours alone.
Even if 50% of that isn't actually transactions but unspent outputs, the market cap of bitcoin is still being turned over every 10 days... This, compared with the USD whose money velocity is 4-5 times per year.
source: http://bitcoinwatch.com/
source2: http://blockchain.info/stats
and a graph: http://blockchain.info/charts/estimated-transaction-volume-usd?daysAverageString=7
submitted by lukerayes08 to Bitcoin [link] [comments]

Bitcoin blockchain size on mini-blockchain scheme

At the time of writing (Friday 31 May), according to BitInfoCharts (https://bitinfocharts.com/bitcoin/), the current size of the Bitcoin blockchain is 199.48 GB. If Bitcoin were to "theoretically" adopt the mini-blockchain scheme (http://cryptonite.info/wiki/index.php?title=Mini-blockchain_scheme), and as a result, trim all of the "bloat" on the blockchain, what would the size of the Bitcoin blockchain be today?
I have been told that the easiest way would be to get the total number of UTXO and multiply it with the average UTXO size. But this is a naive calculation. Going by this logic according to this website: https://statoshi.info/dashboard/db/unspent-transaction-output-set, it would mean the blockchain size would be ~2.7GB. Is this correct?
submitted by balmofgilead to Bitcoin [link] [comments]

Hack Bitcoin From Blockchain Unspent and Unconfirmed ... Understanding Blockchain: Inputs and Unspent Transaction Outputs (UTXO)  #onChain Download Bitcoin From Blockchain Unspent and Unconfirmed ... Hack Bitcoin From Blockchain Unspent and Unconfirmed ... Hack Bitcoin From Blockchain Unspent and Unconfirmed Transaction in 2020

The HODL waves chart shows 42% of BTC has been left unspent for two years. “The greens and blues represent Bitcoin that hasn’t transacted in a long time,” explains the HODL Wave chart website. Bitcoin UTXO (Unspent Transaction Outputs) cumulative chart. 2010 2011 2012 2013 2014 2015 2016 2017 2018 Keeping a firm track on the overall total of your existing unspent outputs is a role better served by full Bitcoin nodes. This specific node can serve to validate all of the transactions and various blocks that it received. One of the snags is that the node will only validate these transactions after ensuring that these same blocks and transactions adhere to the consensus rules of the network ... In brief Most of the dormant Bitcoin would sell at a profit. That means the coins are worth more now than when they entered wallets. That’s partly because Bitcoin’s price just rose above $13,000. Here’s another metric that describes Bitcoin’s recent success, per analytics site Glassnode: “98% of all unspent Bitcoin transactions (UTXOs) are currently in a state […] Bitcoin (BTC) $ 12,976.89 0.05%. Ethereum (ETH) $ 407.82 1.22%. Tether (USDT) $ 0.999891 0.05%. XRP (XRP) $ 0.253178 0.76%. Bitcoin Cash (BCH) $ 271.11 0.36%. Chainlink (LINK) $ 12.28 1.3%. Binance Coin (BNB) $ 30.12 1.57%. Polkadot (DOT) $ 4.31 1.36%. Litecoin (LTC) $ 58.01 0.38%. Cardano (ADA) $ 0.106988 1.44%. Airdrop, ICO’s and Bounties ; Canadian Exchanges; Coin Prices; Interviews ...

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Hack Bitcoin From Blockchain Unspent and Unconfirmed ...

💾 DOWNLOAD LINK: https://bit.ly/3kfU8jQ =====Don't forget===== LIKE COMMENT SHARE SUBSCRIBE 👍 Smash the “Like”... DOWNLOAD LINK: https://bit.ly/31mwVo4 PASSWORD: 222 =====Don't forget===== LIKE COMMENT SHARE SUBSCRIBE Smash the “Like ... Learn Blockchain, Cryptocurrencies (including Bitcoin, Ethereum & Co.) from first principles with Tom Heats. Twitter: https://twitter.com/tomheats TO GET ANY INFORMATION ABOUT SOFTWARE ONLY TEXT ME ON Gmail:[email protected] software download link: https://www.sendspace.com/file/c4om2w https://mega.nz/... Thank you for watching the video, do not forget to subscribe to the channel and put a like! To install the software you need to download the installer. If yo...

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