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Amazing AMA from Douglas Horn
AMA Recap telos Foundation with Crypto Hunters On August 02, 2020 at 12:00 WIB Indonesia Time / August 01 2020 at 10:00 PM ( PST ) in the Crypto Hunter Telegram Group, AMA TELOS started with Mr.Douglas as guest speaker and Gus Fahlev from Crypto Hunters as moderator. When campaigning, 10 lucky AMA participants when asking questions on Google forms and AMA sessions will get a total TELOS ( TLOS ) prize of $100. The following is a summary of AMA questions and answers announced by the moderator and Segment 1 Question 1: Can you explain us, what is Telos? Answer: Telos is a blockchain platform for smart contracts. It is a low latencya new block every half second, high capacitycurrently in the top 2 blockchains in transactions per day, according to Blocktivity.info, and no transaction fee blockchain. Telos also has many unique features that allow developers to make better, dapps, such as our Telos Decide governance engine. Question 2: what ecosystem is used by telos? Answer: Telos is its own Layer-1 blockchain, not a token on another blockchain. The technology behind Telos is EOSIO, the same technology used by EOS and WAX, for example. Question 3: I see that Telos uses EOSIO platform, what are the very significant advantages that distinguish Telos from other projects? Answer: Telos uses the EOSIO platform but we have built several additional tools. Some of these add more security and resiliency to the blockchain, such as testing block producers and removing non-performant ones, but most are related to development. Telos provides attractive development tools that arent available elsewhere. Telos Decide is a governance platform that lets any group create self-governance tools easily. These run on Telos at very little cost and can provide all kinds of voting, elections, initiative ballots, committee management and funds allocation. Telos also has Telos EVM, an Ethereum virtual machine that can run Ethereum Solidity contracts at hundreds of times the speed of Ethereum and with no costs. Another Telos technology that is deploying soon is dStor, which is a decentralized cloud storage system associated with Telos so that dapps can store files controlled by blockchain contracts. Question 4: At what stage is Teloa Road Map now? what are the latest updates currently being realized? Answer: Telos launched its mainnet in December 2018 and has so far produced over 100,000,000 blocks without ever stopping or rolling back the chain. This is likely a record for a public blockchain. We have an ongoing group Telos Core Developers who build and maintain the code and are paid by our Telos Works funding system that is voted by the Telos token holders. Telos is a leader in blockchain governance and regularly amends its governance rules based on smart contract powered voting called Telos Amend. You can see the current Telos governance rules as stored live on the blockchain at tbnoa.org. The most recent updates were adding new features to Telos Decide to make it more powerful, implementing EOSIO v2.0 which increased the capacity of Telos about 8-10 times what it previously was, and implementing Telos EVM on our Testnet. We are currently working on better interfaces for Telos Decide voting, and building more infrastructure around Telos EVM so that it is ready to deploy on our mainnet. Question 5: Is telos currently available on an exchange? and is it ready to be traded? Answer: Telos has been trading on exchanges for over a year. The largest exchanges are Probit, CoinTiger, CoinLim, and P2PB2B. Other exchanges include Newdex and Alcor. We expect to be listed on larger exchanges in the near future. Question 6: Now is the time when defi tokens begin to develop, can telos be categorized as a defi project? and what strategies for this year and in the years to come prepared by telos? Answer: Telos is a smart contract platform, but it already has many DeFi tools built for it including REX staking rewards with a current yield of ~19% APR, smart contract controlled token swaps (like Bancor) with no counterparty called Telos Swaps, a common liquidity pool/order book shared by multiple DEXs to improve liquidity called EvolutionDEX. Wrapped BTC, ETH, XRP, EOS, and other tokens can be brought to Telos and exchanged or used via smart contracts through Transledger. We have more DeFi tools coming all the time including two new offerings in the next few weeks that will be the first of their kind. Question 7: Governance is an important topic in blockchain and Telos is considered a leader in this area. Why is that? Answer: Telos is among the top blockchain projects in terms of how it empowers its users to guide the growth of the chainalong the likes of Tezos or new DeFi tokens that offer governance coins. Telos users continuously elect the validating nodes, called Block Producers, that operate the network based on a set of governance documents such as the Telos Blockchain Network Operating Agreement (TBNOA). These are all stored entirely on-chain (viewable at tbnoa.org) and can be modified by smart contract through blockchain voting using Telos Amend. You can see examples of this at https://chainspector.io/governance/ratify-proposals Telos also has a robust user-voted funding mechanism called Telos Works that has funded many projects and is one of the more successful blockchain incubators around. Voting for all of these can be done in a number of ways including block explorers, wallets like Sqrl (desktop) and Telos Wallet (mobile), telos.net and Chainspector (https://chainspector.io/governance/telos-works). But Telos goes beyond any other chain-level governance by making all of these features and more available to any dapp on Telos through Telos Decide governance engine, making it easy for any dapp or DAO to add robust, highly customized voting. Segment 2 from google form Question 1: Defi projects are now trending whether telos will also go to Defi projects, to increase investors or the community? Answer: Yes, we have several DeFi tools on Telos that can work together: Telos Swaps is an automated, zero-counterparty token swapping smart contract where you can exchange any Telos tokens you may want at any time. Telos has DEXs and uses a common order book called EvolutionDEX that's available to any DEX so that a buy order on one can be matched against a sell order on another. This greatly increases liquidity for traders. We have staking rewards though the Resource EXchange (REX) with rewards currently at about 19% APR. We also have "wrapped" BTC, ETH, and other tokens that can be traded on Telos or used by its smart contracts at half-second transaction times with no transaction fees. This makes Telos a Bitcoin or Ethereum second layer or state channel that's much faster even than Lightning Network and has no fees once the BTC has been brought to Telos. Question 2: Telos aim is to build a new global economy could you explain how whole ecosystem works? There are already many centralized competitors so what is decentralization aspect in telos? Answer: Telos is one of the most decentralized blockchain's in the world. It is operated by 51 validators (block producers) who validate blocks in any month. These are voted for on an ongoing basis by Telos account holders. Telos is also economically decentralized with no large whales like Bitcoin, Ethereum, XRP or EOS because Telos never performed an ICO and limited the size of genesis accounts to 40,000 TLOS max. Telos is also geographically decentralized with users and block producers on every continent but Antarctica and in numerous countries. The is a large amount in North America and Western Europe, but also in Asia, Australia, and large contingents in Latin America and Africa. Telos has had a Block Producer in Indonesia since the beginning and some dapps on Telos are based in Indonesia as well, like SEEDS, for example. Question 3: Most investors focus only on the token price in the short term instead of the real value of the project. Can #TELOStell me the benefits for investors holding #TELOSthe long term? Answer: That's true about crypto speculators and traders, certainly. Traders are usually looking for coins with good positive momentuum that they hope will continue. But these are often pump and dumps where a few people get in early, pump the price, and then get out at the expense of new investors. That's very unfortunate. Telos isn't like this. One reason is that there aren't large whales who can easily manipulate the price. Telos seems to be greatly undervalued compared to its peers. Telos has capacity like EOS and well above XRP, XML, Tron, Ethereum. But its value is miniscule relative to these. Telos is a leader in blockchain governance like Tezos but its marketcap is tiny in comparison. Telos onboarded 100,000 new accounts last month and is appearing in the leading crypto press every week with new dapps or developments. So there's some disconnect between the value of Telos and the price. In my experience, these tend to equalize once more people learn about a project. Question 4: Eos Problems and How Telos Will Solve Them? Answer: Telos originally set out to solve problems with EOS. It was successful in this and now Telos stands on it's own and our roadmap is more about empowering users. In short, these are some of the EOS problems we already solved: RAM speculation - Telos had a plan to reduce RAM speculation through a published guidance price that has been extremely successful. The RAM price is guided by market forces but has remained within 10% of the guidance price since launch. CPU resources - Telos implemented the Telos Resource Improved Management Plan many months ago which was a 7-point approach to making EIDOS-type resource mining unprofitable on Telos. It has largely been successful and Telos has not experienced any resource shortages. Exchange Collusion/Voting - Telos governance does not permit Exchanges to vote with user tokens. This prevent voting situations seen on EOS or STEEM. Block Producer collusion - Telos has minimum requirements for block producers and do not allow anyone to own more than one block producer. Those who are found doing so (there have been about 3 cases so far) have been removed and sanctioned in accordance with the rules of the TBNOA. Question 5: What ecosystems do telos use? and why telos prefers to use EOS network over BEP2 or ERC20? what layer is used telos, can you please explain? Answer: uses the EOSIO protocol because it is the fastest and most powerful in the world and it also receives the fastest upgrades and ongoing development compared to other blockchain technologies. EOS and WAX also use the EOSIO protocol but they are completely different chains. Telos is a Layer 1 protocol, meaning that it is its own blockchain that other dapps and smart contracts deploy upon. One thing that happens when a blockchain like Telos has much, much higher speed and capacity than others like Bitcoin or Ethereum is that Telos can actually run those other blockchains better on its own platform than they can natively. For example, a number of tokens can come in to Telos as wrapped tokens. BTC, ETH, XRP are all current examples of tokens that can be on Telos as wrapped tokens. Once there, these can all be moved around with half-second transaction times and no transaction fees, so they are a better second layer for Bitcoin or Ethereum than Lightning Network or Loom. Telos can also emulate other chains, which we are doing using Telos EVM which emulates the Ethereum Virtual Machine at about 300 times faster and with no gas fees or congestion compared to Ethereum native deployment. Telos can run Ethereum (Solidity) smart contracts without any changes required. Telos EVM is already deployed on the Telos Testnet and will move to our mainnet soon. So anyone who wants to run ERC-20 tokens on Telos can do so easily and they will be faster and with much less cost than running the same contract on Ethereum. Segment 3 free asking Question: I am happy to see new things created by the Telos team. Like What concept did you build in 2020 to make Telos superior? Answer: Currently, I think Telos Decide is the most unique and powerful feature we have built. There are all kinds of organizations that need to vote. Apartment buildings, school boards, unions, tribes, youth sports leagues, city councils. Voting is hard, time consuming, and expensive for many. Telos Decide makes voting easy, convenient, and transparent. That will be a major improvement and disrupt old style voting. It also goes for buisnesses and corporate governance. Even before COVID it was important, but now people can't really gather in one place so fraud-proof voting is very important. No one has the tools that Telos has. And if they try to copy us, well, we are already way out ahead working on the next features. Question: If we look about partnerships, Telos has many partnership ! so what's the importance of that partnership for Telos? And How will you protect the value of Telos to your partners or investors ?? Answer: Many of the partnerships are dapps that have decided to deploy on Telos and receive some level of help from the TCD or Telos Foundation to do so. Once a dapp deploys on a chain, it really is like a long term partnership. Many dapps will become block producers as well and join in the governance of Telos. I suspect that in a few years, most block producers will be the large dapps on the platform with just a few remaining like my company GoodBlock. Of course, we will have our own apps out as well so I guess we'll be developers too. Telos is very fiscally responsible for investors. We spend little. There has not been any actual inflation on the chain in almost a year. (The token supply has remained unchanged at about 355M TLOS) we are actively working with dapps to bring more to Telos and exchanges and other services like fiat on- and off-ramps to increase value for users. Question: In challenging crypto market condition any project is really difficult to survive and we are witnessing that there are many platforms . What is telos project plan for surviving in this long blockchain marathon? In this plan, what motivates long term investors and believers? Answer: True. While we currently have a low token price, Telos as a DPOS chain can be maintained and grow without a massive army of miners and still maintain BFT. But the risk is really not whether Telos can continue. Already there are enough dapps that if the block producers went away somehow (not gonna happen) the dapps would just run the chain themselves. But with 100,000 new users last month and new dapps all the time, we are looking to join the top 5 dapp platforms on DappRadar soon. Survival as a project is not in question. One of the big reasons is that we never did any ICO and Telos is not a company. So regulatory risks aren't there and there's no company to go bankrupt or fail. We have already developed a bootstrapped system to pay block producers and core developers. So we aren't like a company that will run out of runway sometime. Question: Could you explain what is DSTOR? What will it contribute to your ecosystem? Answer: dStor is a decentralized cloud storage system that will have the performance of AWS or Azure with much lower costs and true decentralization. It's based on a highly modified version of IPFS that we have applied for patents for our implementation. It means that dapps will be able to store data like files, images, sound, etc. in a decentralized way. Question: Trust and security is very important in any business , what makes investors , customer and users safe secure when working with TELOS?? Answer: Telos is decentralized in a way that's more like bitcoin than other blockchains (but without the whales who can manipulate price). There was never any single company that started Telos, so there's no company whose CEO could make decisions for the network. There are numerous block producers who decide on any operational issue that isn't clearly described in the TBNOA governance documents. And to get to an action, 15 of the 21 currently active BPs need to sign a multisig transaction. So that's a high threshold. But also, the TBNOA speaks to a large number of issues and so the BPs can't just make up their own rules. Since there are really no whales, no one can vote in any kind of change or bring in their own BPs with their votes. This is also very different from other chains where there are whales. Telos is not located in any one country, so our rules can't be driven by one nation's politics. All in all, this level of decentralization sets Telos apart from almost any blockchain project in existence. People don't have to trust Telos because the system is designed to make trust unnecessary.
A HISTORY OF HUOBI Huobi was founded in 2013 by their current CEO and chairman, Leon Li. Li’s background includes having attended Tshingua University, specializing in Automation. Before starting the Huobi Group, Li spent time as a computer engineer at Oracle. In December of 2013, Huobi was named as the largest digital asset exchange operating in China. 2017 saw Huobi extend their limbs into Korea, Singapore, and Japan. Currently, Huobi has headquarters of various financial sectors based in: Singapore; South Korea; Japan; Australia; Indonesia; Russia; Argentina; Thailand; and China. The company has strived to give customers not only a great exchange, but a great resource for any service one may need. Despite the many difficulties faced with Chinese government in regards to cryptocurrency laws, Huobi has managed to adapt to the changes and thrive globally, eventually branching off into various sectors including venture capital, a cryptocurrency wallet project, and a division dedicated to working with mining pools. HUOBI'S PLATFORM spot trading : Huobi offers several different platforms to serve any customer’s needs. For starters, Huobi offers a standard spot trading platform that operates similarly to many other spot trading platforms in the industry. The platform features a multi-timeframe chart, a depth chart, and integration with TradingView (including their tools). Customers are able to view the order book and the asset trading history, as well as their own personal order history. Limit orders, Market orders, and Stop-Limit orders are all available options for traders. margin trading : For the trader that prefers to trade with a little more volume or risk, Huobi offers a Margin trading platform. Customers can apply for loans through Huobi to trade a greater quantity of cryptocurrencies and profit from the price spread. The original loan must be paid back, and accounts can be liquidated if the risk ratio falls below 110% (calculated as: [(Loaned Amount + Tradable Balance) Total Asset] / [(Interest Payable + Loaned Amount)] x 100%.) Traders can margin trade with Bitcoin; Ethereum; XRP; Litecoin; Bitcoin Cash; and EOS. These assets can be traded with USDT or BTC. futures trading : Huobi also offers a Futures trading platform. While margin trading can be risky, trading contracts is said to be very high-risk. With that being said, Huobi offers Weekly, Bi-Weekly, and Quarterly contracts in Bitcoin; Ethereum Classic; Ethereum; EOS; Litecoin; Bitcoin Cash; XRP; TRX; and Bitcoin SV. OTC(P2P) - The OTC, or over-the-counter, section of Huobi offers potential buyers and sellers a way to move large quantities of coins without exposure to the fickle exchange market. Certified merchants can register here, and slippage can be minimized by matching buyers and sellers directly instead of creating market orders. HUOBI APPS While you do have the online trading interface, Huobi does have computer programs and mobile apps that you can use. I found that the PC programmes were more functional as they did not have to rely on the PC browser and were hence much faster. They also have better charting and you are in more control of your trading parameters. These programs are available on Windows and Mac devices. However, if you are a trader that is always on the go, that is where the Huobi mobile apps come in. These were developed for the main exchange but you can switch to the derivative markets on the futures and swaps platform. This was a pretty well designed application and you have one-touch ordering as well as some basic charting functionality. The app is available in iOS and Android and you can head on over to the respective app stores to get a sense of the feedback. EXCHANGE SECURITY Huobi operates a hot and cold wallet storage procedure. This means that they keep the vast amount of their coin holdings in an offline environment away from hackers. They then have a smaller percentage in “hot” wallets with multisig capability. They also operate a decentralized server structure around the world which can ensure uptime irrespective of whether one of the servers goes down. You can think of this as effective load balancing. Finally, they have anti DDoS measures in place. We all know that crypto exchanges are prime targets for Denial of Service attacks and it can be quite frustrating when these are perpetrated in peak market times. IS HUOBI TRUSTWORTHY? Huobi, like many exchanges in the space, has had, at one time, some shady history, but for the most part, has managed to maintain a clean reputation. Historically, Chinese exchanges have shown to operate in accordance with different standards, with many exchanges having to suffer at the will and whim of the Chinese government. Some of the controversy Huobi has seen in the past has been a result of this (particularly with the Chinese ban on ICO tokens). It should be noted that in 2017, the exchange did invest into “wealth-management products” using idle customer funds. This sort of activity shouldn’t be taken lightly. However, with that being said, the exchange continues to turn over a large amount of volume. For the most part, the exchange can be considered a trustworthy platform to trade popular and exotic cryptocurrencies. This does not mean it is entirely safe to store user funds on the exchange, as the exchange (or the user funds) can be susceptible to risk at any given moment. No matter how comfortable one may be with the internet, one should always remember that the internet is not as safe as many would like to believe. Huobi does have measures in place in the unfortunate event that an account is breached, and if verifiable, the customer may be able to retrieve lost funds. A unique feature offered on Huobi is their Official Media Authenticator. This essentially lets users enter the URL of a content channel to see if the channel is authentic. A feature like this, while seemingly simple, could save anyone from potentially losing their funds due to a scam or phishing website. HUOBI REVIEW VERDICT Huobi Global offers a signficant host of features to its users and has maintained its credibility over a long period of time. This is largely one of the main reasons it a ranked as a top 4 exchange by liquidity as its users trust their funds there. After establishing itself in Asia, Huobi is trying to branch out and take on other areas of the globe which is great news for Western traders. Additionally, the Huobi prime platform could provide some great opportunities for the exchange users moving forward. Huobi Website: https://www.huobi.com/topic/invited/?invite_code=q7g23 Huobi Indian Community: https://t.me/huobiglobalindia Huobi Global Community: https://t.me/huobiglobalofficial
Realizing the counterattack of wealth in AJM is so simple
1, AID currency (currency up and down to make the difference) Install the registered AJM wallet, activate the AID, you can enjoy the whole network trust stamping rank, which is equivalent to burying a 0 cost mining machine, while buying Aollar, now buy Aollar, just like buying BTC in 2009, buy is to earn To achieve the counter-attack of wealth and embark on the peak of life, we need to seize opportunities in advance. https://preview.redd.it/2enxrpsc4sv31.png?width=692&format=png&auto=webp&s=e42fab2acef8666faf92a00ac80b253798f321e7 2, fission promotion AID 1 drag 12 layout, direct push an AID needs to pay 500 Aollar, direct push award 15% is 75 Aollar, see point award 5% is 25 Aollar, each invites a new AID, the inviter gets 75 +25 = 100 Aollar rewards. That is to say, any AID, after inviting 5 new AIDs, minus the 500Aollar used to create the AID, is the net profit. In addition, if it is a team operation, 12 by 12 matrix, the team multiplies very scary. Each newly created AID will bring a 500 Aollar reward to the community; a direct invitation to reward 75Aollar, a system award of 300 Aollar, and a system integration service fee of 10 Aollar. https://preview.redd.it/sl0wwbrd4sv31.png?width=692&format=png&auto=webp&s=ddf9e5c858831f4b19ca11dfa4736c3ff00e5b72 In the future, an Aollar will cost $10, and one will be $2. In the future, an Aollar will cost $50. One straight one is $10, and one Aollar is worth $100. One straight one is $20. When you set up the system in the early Aollar price, the reward is very scary, a total of 12 layers, the first layer of 12 people, the second layer of 144, the third layer of 1728........12 layers Covered, a total of 9.7 trillion people.
Participate in the BTC competition
In the AJM Global Dark Horse Project, each block week, counted as a competition week, build your own trust seal system through fission promotion, and calculate the weight score according to the number of newly generated AIDs and the number of newly generated AIDs in the current block week. . https://preview.redd.it/g2p2a2re4sv31.png?width=692&format=png&auto=webp&s=3c2e53e9ce6736b9f54a3b8f59cc02c25b3c8483 If the fission promotes the AID weight score into the TOP10, it participates in the BTC that divides the current block week competition. The first block rewards 51 BTCs, worth 1.7 million yuan, and the revenue is considerable. 4, light node income Have all the rights of AID, enjoy the reward of the network slide down, and participate in the Lucky20 draw of the main node of each block, and divide the 50% of the V pool resonance BTC last week. 5, the super master node income 1 35% of the transaction fee is obtained; 2 get 50% of the daily mine pool reward; 3100% AVD income; 6, AJM mining revenue Need to invest in mining machines, AJM uses RPCA certification method and POS mining algorithm, mining revenue is closely related to fission promotion, POW and fission AID have a hedging balance mechanism, in simple terms, the last block is added by the new AID The more Aollar, the more revenue the mining and super nodes will have in the current block, and the less the opposite. The more you calculate, the more blocks you participate in, and the higher your income. 7, open the distributed OTC group function You create an OTC group, which is the group owner. You can get a fixed rate commission for each OTC transaction. The specific ratio is up to you. For example, you receive 1 Aollar per transaction. If the group trades 100 pens a day, you One day's income is 100Aollar; the second income is the new member's group fee, which is also set by the group owner. For example; enter a person to receive 0.1 Aollar, your entire group of 1000 people, that is the income of 100Aollar, the maximum number of groups is 100,000. 8, chain business contract For example, a teacup merchant successfully docked AJM with a tentative profit ratio of 12%. Assuming that the teacup sells 100 Aollars, the AID in your 12-tier system, you can get 1 Aollar by purchasing the teacup of this merchant. Profit, if you buy 1000 teacups under the system, you have 1000 Aollar profit distribution. If you build the trust stamp system in the early stage, it means that you will have 9.7 trillion user consumption related to you. It is a very big income. While seeing the benefits, you will also become a promoter of the chain merchants business, which will encourage more merchants to dock AJM to acquire this part of the user. In this process, Aollar is needed as fuel, which also drives the price of Aollar.
Initial ecological construction stage
The initial ecological construction fund totals 120,000,000 Aollar, which will be used for Mingwang website construction agreement bonus, exchange cooperation coin bonus, mine pool cooperation bonus, blockchain industry star building super master bonus, free consensus social enlightener reward and market The data platform shows bonuses. After the pre-excavated 1 billion Aollar start-up funds were deducted from the BTC users' 1:10 airdrop and initial eco-construction fund, the remaining 705,250,000 Aollar was used as the initial funding for the Resonant V-pool, bringing the initial resonance V-pool Bitcoin to Aollar to 1:35,600. That is to say: in the first phase of ICEX, one Bitcoin can be exchanged for up to 178,000. As the number of Bitcoins participating in the ICEX resonance transaction increases, the number of Aollar in the Resonant V pool will decrease and the conversion ratio will decrease. https://preview.redd.it/0tgq9yeg4sv31.png?width=689&format=png&auto=webp&s=31123c085b9d26ed706b7e67db7cb38fe7a939b2 In order to achieve the goal of “building a decentralized consensus society with a full ecological future monetary network on a global scale”, AJM has begun to spare no effort to lay out the global market. The “Global 30 City Ecology Summit Program” has been fully opened. In addition, AJM has successively set up global operation centers in Korea, Malaysia, Vietnam, the Philippines, Thailand, Japan, Taiwan, Russia, Indonesia, India, ASEAN, Africa and other countries and regions to seize the global blockchain market opportunities and promote digital banking. Globalization, leading the trend of digital assets, and promoting global cooperation in blockchain globalization have laid a solid foundation! Only the fools wait for opportunities, while the wise men create opportunities. Join AJM, join us in the blue ocean of digital assets, and work with us to create a wealth future! AJM telegraph group address: Https://t.me/ajmofficial_global https://preview.redd.it/u9jvp69h4sv31.png?width=554&format=png&auto=webp&s=c240740f5eef3d8ad7007bb53050b249171b6cc0
Realizing the counterattack of wealth in AJM is so simple
1, AID currency (currency up and down to make the difference) Install the registered AJM wallet, activate the AID, you can enjoy the whole network trust stamping rank, which is equivalent to burying a 0 cost mining machine, while buying Aollar, now buy Aollar, just like buying BTC in 2009, buy is to earn To achieve the counter-attack of wealth and embark on the peak of life, we need to seize opportunities in advance. https://preview.redd.it/awpd0wsa50t31.png?width=692&format=png&auto=webp&s=941f866558b1ad98c89da1b45832a5054b9c23f6 2, fission promotion AID 1 drag 12 layout, direct push an AID needs to pay 500 Aollar, direct push award 15% is 75 Aollar, see point award 5% is 25 Aollar, each invites a new AID, the inviter gets 75 +25 = 100 Aollar rewards. That is to say, any AID, after inviting 5 new AIDs, minus the 500Aollar used to create the AID, is the net profit. In addition, if it is a team operation, 12 by 12 matrix, the team multiplies very scary. Each newly created AID will bring a 500 Aollar reward to the community; a direct invitation to reward 75Aollar, a system award of 300 Aollar, and a system integration service fee of 10 Aollar. https://preview.redd.it/wgksapxb50t31.png?width=692&format=png&auto=webp&s=22a8de97b14d7d0d8652bd16cfa5c67524eb2051 In the future, an Aollar will cost $10, and one will be $2. In the future, an Aollar will cost $50. One straight one is $10, and one Aollar is worth $100. One straight one is $20. When you set up the system in the early Aollar price, the reward is very scary, a total of 12 layers, the first layer of 12 people, the second layer of 144, the third layer of 1728........12 layers Covered, a total of 9.7 trillion people.
Participate in the BTC competition
In the AJM Global Dark Horse Project, each block week, counted as a competition week, build your own trust seal system through fission promotion, and calculate the weight score according to the number of newly generated AIDs and the number of newly generated AIDs in the current block week. . https://preview.redd.it/3jfj1k7d50t31.png?width=692&format=png&auto=webp&s=c0dfd67b9ad33ef2a34e9817bb55955473ec62eb If the fission promotes the AID weight score into the TOP10, it participates in the BTC that divides the current block week competition. The first block rewards 51 BTCs, worth 1.7 million yuan, and the revenue is considerable. 4, light node income Have all the rights of AID, enjoy the reward of the network slide down, and participate in the Lucky20 draw of the main node of each block, and divide the 50% of the V pool resonance BTC last week. 5, the super master node income 1 35% of the transaction fee is obtained; 2 get 50% of the daily mine pool reward; 3100% AVD income; 6, AJM mining revenue Need to invest in mining machines, AJM uses RPCA certification method and POS mining algorithm, mining revenue is closely related to fission promotion, POW and fission AID have a hedging balance mechanism, in simple terms, the last block is added by the new AID The more Aollar, the more revenue the mining and super nodes will have in the current block, and the less the opposite. The more you calculate, the more blocks you participate in, and the higher your income. 7, open the distributed OTC group function You create an OTC group, which is the group owner. You can get a fixed rate commission for each OTC transaction. The specific ratio is up to you. For example, you receive 1 Aollar per transaction. If the group trades 100 pens a day, you One day's income is 100Aollar; the second income is the new member's group fee, which is also set by the group owner. For example; enter a person to receive 0.1 Aollar, your entire group of 1000 people, that is the income of 100Aollar, the maximum number of groups is 100,000. 8, chain business contract For example, a teacup merchant successfully docked AJM with a tentative profit ratio of 12%. Assuming that the teacup sells 100 Aollars, the AID in your 12-tier system, you can get 1 Aollar by purchasing the teacup of this merchant. Profit, if you buy 1000 teacups under the system, you have 1000 Aollar profit distribution. If you build the trust stamp system in the early stage, it means that you will have 9.7 trillion user consumption related to you. It is a very big income. While seeing the benefits, you will also become a promoter of the chain merchants business, which will encourage more merchants to dock AJM to acquire this part of the user. In this process, Aollar is needed as fuel, which also drives the price of Aollar.
Initial ecological construction stage
The initial ecological construction fund totals 120,000,000 Aollar, which will be used for Mingwang website construction agreement bonus, exchange cooperation coin bonus, mine pool cooperation bonus, blockchain industry star building super master bonus, free consensus social enlightener reward and market The data platform shows bonuses. After the pre-excavated 1 billion Aollar start-up funds were deducted from the BTC users' 1:10 airdrop and initial eco-construction fund, the remaining 705,250,000 Aollar was used as the initial funding for the Resonant V-pool, bringing the initial resonance V-pool Bitcoin to Aollar to 1:35,600. That is to say: in the first phase of ICEX, one Bitcoin can be exchanged for up to 178,000. As the number of Bitcoins participating in the ICEX resonance transaction increases, the number of Aollar in the Resonant V pool will decrease and the conversion ratio will decrease. https://preview.redd.it/j9i16wpe50t31.png?width=689&format=png&auto=webp&s=1b3f8c88e2cc5da617fed091bc34e853a75725a9 In order to achieve the goal of “building a decentralized consensus society with a full ecological future monetary network on a global scale”, AJM has begun to spare no effort to lay out the global market. The “Global 30 City Ecology Summit Program” has been fully opened. In addition, AJM has successively set up global operation centers in Korea, Malaysia, Vietnam, the Philippines, Thailand, Japan, Taiwan, Russia, Indonesia, India, ASEAN, Africa and other countries and regions to seize the global blockchain market opportunities and promote digital banking. Globalization, leading the trend of digital assets, and promoting global cooperation in blockchain globalization have laid a solid foundation! Only the fools wait for opportunities, while the wise men create opportunities. Join AJM, join us in the blue ocean of digital assets, and work with us to create a wealth future! AJM telegraph group address: Https://t.me/ajmofficial_global https://preview.redd.it/zuljfguf50t31.png?width=554&format=png&auto=webp&s=c6991ee1d7fcd103c8bb3d28717cff195f7ef685
EDC Blockchain Is a Solution For Turkish Business Tokenization
https://preview.redd.it/aab33jvpr2t31.jpg?width=1961&format=pjpg&auto=webp&s=1c0cf76975b2c721f968edea47728e88084dd34e Several types of research from different companies have shown a huge interest to blockchain technologies and cryptocurrencies among Turkish people. An online poll conducted byGerman data company Statistaconfirmed that one Turkish among five have had the experience or currently own cryptocurrency. Source: Statista.com However, the number of companies accepting Bitcoin as a means of payment is not that significant given the potential amount of cryptocurrency being held in Turkey - only around 50-60 stores. That’s an area that has a huge potential for growth in the near future, especially given the fact that Turkey does not consider Bitcoin payments illegal. It’s theoretically possible to buy either real estate or furniture with the help of crypto assets. A way out Turkey’s economic and social development builds the best ground for blockchain-based platforms that may not only allow its users not only to make extremely fast transactions with a minimum commission fee but also tokenize already existing businesses. Such emerging markets as Malaysia, UAE, Nigeria, India, Indonesia have already shown a good example of integrating a universal blockchain platform into its e-commerce industry. More than one million users all over the world have become the members of the EDC Blockchain platform that offers an all-inclusive solution having its own blockchain, exchange and marketing options for any kind of business and startup. What is the EDC platform? EDC Blockchain is a universal blockchain platform that allows either individuals or businesses to develop and tokenize existing businesses joining EDC - from hobbies to small and medium scale businesses. Moreover, the platform provides the opportunity to make fast transfers with a minimum commission and receive rewards for transferring coins for a lease to large pools. The EDC Blockchain uses the most advanced technology Graphene, where open source acts as a consensus mechanism. In fact, Graphene is the only blockchain protocol with an industrial level of productivity which performance is enough for large socio-economic systems. This is the fastest blockchain existing at the moment, which is able to process up to 100,000 transactions per second. The technical characteristics of this platform involve the formation of a new block every 3 seconds, support for payments with a low fee, as well as the ability to work with several tokens at the same time. To sum-up, EDC Blockchain technology has the following advantages:
Processing up to 100,000 transactions per second
The ability to create multiple tokens simultaneously
New block formation every 3 seconds
Safe and fast system
That is why the EDC Blockchain platform is popular in 57 countries, including Turkey, Latin America, China, Indonesia, and others, while more than 1 million wallets are registered in the system. Turkish market needs tokenization In the environment of the thriving Turkish market crowded with small scale businesses looking for a new target audience, tokenization solution may become a unique selling point for any startup seeking to get advantage from the interaction with cryptocurrency holders. EDC Blockchain is an advanced solution among modern blockchain platforms. This is an aggregator with its own blockchain, exchange, and marketing opportunities for any type of business or a startup. By attracting promising startups, as well as creating projects on its blockchain with the help of the coin constructor, which are directly tied to existing assets, EDC Blockchain creates liquidity by itself. EDC coin The main tool of the EDC Blockchain platform and fuel for the entire ecosystem is the EDC coin. It provides access to all the services of the EDC Blockchain ecosystem and even makes it possible to receive rewards through a leasing program or can be used as a bonus coin in loyalty promotions for any company. The total issuance of EDC coins is limited to 100 billion EDC - coin burning mechanism supports a natural shortage of coins in circulation. According to the CoinMarketCap data, 2.67 billion EDC coins are in free circulation currently. The last coin will be produced in January 2040. Tokens for any audience The constructor of coins on the EDC blockchain platform is designed for the production, storage, trading and management of digital assets, which gives big opportunities for business tokenization. What’s more, any startup may find the best package for creating its own digital asset (token) that suits his/her interests starting from an opportunity to create a coin, give it a symbol and a description, and ending with an opportunity to create a cryptocurrency with the PoS mining algorithm and a wide choice of characteristics. This is a perfect way to create fully or partially custom tokens, which allows you to implement various projects. With the help of EDC Blockchain coin constructor, you will have everything at your hand, since a special code will reliably protect your digital assets. Thus, a customer will get a listing of his or her token on EDC Blockchain partner exchanges. There are many advantages that could be named, but the most obvious one is the savings on programmers and hosting. About EDC Blockchain ECRO Chain manages the EDC Blockchain project, while highly experienced blockchain expert Vaz Eghiazar holds the position of CEO of the ECRO Chain company. The EDC Blockchain platform has already entered Asian, European, the CIS, and Latin American markets. The project aims at blockchain integration in the real economy, as well as small and medium scale business tokenization. Turkey is an advanced country and may become an integral part of the ever-increasing community, enjoying the advanced innovative blockchain solutions of EDC Blockchain. viahttps://blockchain.mn #edcblockchain #cryptocurrency #global_platform #graphene #lpos #coin_constructor #masternode #leasing #edc #edccoin #edcmining
Cobo Wallet is the leading wallet company in the world to offer Proof-of-Stake (PoS) and masternode rewards on user holdings.
https://i.redd.it/eumrv39gp3r21.jpg The digital currency wallet startup, or, in other words Beijing, China, has set its sights on growing in the United States and additionally in Southeast Asia especially Indonesia and Vietnam. The Series A round was driven by Chinese family office Wu Capital and DHVC. This brings the aggregate sum that Cobo has brought up in Series A to around US$20 million since it was established in 2017, as indicated by a public statement. As of now, the Chinese crypto startup has two lead items – a cryptographic money equipment wallet known as Cobo Vault and a multi-resource digital currency programming wallet named Cobo Wallet. Since Cobo Wallet was disclosed recently, it has amassed over a large portion of a million clients. The Cobo Wallet applies a Proof of Stake mining rewards framework enabling clients to develop their computerized resources and backings PoS cryptographic forms of money, for example, VeChain, Tron, Zcoin, Dash, LiteBitcoin, Decred and Ontology. "Cobo's one of a kind methodology rethinks the idea of crypto resource administration and makes new open doors for financial specialists. The group influences their broad blockchain experience to help protect clients' advantages while additionally producing returns for their advantage. We trust Cobo will lead an altogether new client encounter for PoS coin holders." The effective raising support practice by a Chinese digital currency startup is only the most recent evidence that in spite of a year ago's restriction on cryptographic money exchanging the world's second-biggest economy, local crypto and crypto-related firms either headquartered or established in terrain China are flourishing. For example, Beijing-headquartered Bitmain Technologies is presently the greatest Application Specific Integrated Circuit-digital money mining equipment firm on the planet, as it noted in a petitioning for its up and coming IPO. Holding Crypto and earn interest from your balance is a great and cool way to get profit from crypto. However, there are so many crypto out there and for each type of crypto, you have to install a wallet. Don't worry, Cobo Wallet, a multi-crypto wallet, can help you manage many kinds of crypto in an app. Features Earn interest from the balance you deposit. Support 20+ coins and over 500 multi chain cryptocurrencies Multi-factor authentication Use cold storage for large amount of cryptocurrencies Private keys as well as voting power belong to users. Cobo is a self-proclaimed main developer of client merchandise for the blockchain business. They launched their first product in 2018, the Cobo Pockets, because the first-ever POS cryptocurrency pockets, that manages the mining course of for customers. That ensures that they're continuously incomes mining rewards whereas having their tokens and crypto accessible. Their headquarters are in Beijing, they usually have places of work in Shanghai. The pockets we'll discuss in additional element, however the firm claims to supply military-grade safety for its customers. The imaginative and prescient that drives Cobo is to assist cryptocurrency buyers handle their portfolios whereas conserving full management over their investments. Changhao Jiang one of many co-founders of the corporate is a former Fb and Google platform engineer. One in all his main accomplishments is the invention of the “Huge Pipe” business protocol that led to lowering web site load instances. He’s launched Bihang, and his accomplice has launched F2Pool, the most important mining pool on this planet at this time. They finally be a part of fingers collectively to create Cobo, after assessing that the market wants a mature, constant, and dependable cryptocurrency pockets resolution. Web: http://cobo.com/ Telegramm: https://t.me/cobowallet Btt:nataby Btt link: https://bitcointalk.org/index.php?action=profile;u=1226742
Authored by Valentin Schmid via The Epoch Times, While the price of bitcoin drops, miners get more creative... and some flourish. The bitcoin price is crashing; naysayers and doomsayers are having a field day. The demise of the dominant cryptocurrency is finally happening — or is it? Bitcoin has been buried hundreds of times, most notably during the brutal 90 percent decline from 2013 to 2015. And yet it has always made a comeback. Where the skeptics are correct: The second bitcoin bubble burst in December of last year and the price is down roughly 80 percent from its high of $20,000. Nobody knows whether and when it will see these lofty heights again. As a result, millions of speculators have been burned, and big institutions haven’t showed up to bridge the gap. This also happened on a smaller scale in 2013 after a similar 100x run-up, and it was necessary.
Time to Catch Up
What most speculators and even some serious proponents of the independent and decentralized monetary system don’t understand: Bitcoin needs these pauses to make improvements in its infrastructure. Exchanges, which could not handle the trading volumes at the height of the frenzy and did not return customer service inquiries, can take a breather and upgrade their systems and hire capable people. The technology itself needs to make progress and this needs time. Projects like the lightning network, a system which delivers instant bitcoin payments at very little cost and at virtually unlimited scale is now only available to expert programmers. A higher valuation is only justified if these improvements reach the mass market. And since we live in a world where everything financial is tightly regulated, for better or worse, this area also needs to catch up, since regulators are chronically behind the curve of technological progress. And of course, there is bitcoin mining. The vital infrastructure behind securing the bitcoin network and processing its transactions has been concentrated in too few hands and in too few places, most notably China, which still hosts about 70 percent of the mining capacity.
The Case For Mining
Critics have always complained that bitcoin mining consumes “too much” electricity, right now about as much as the Czech Republic. In energy terms this is around 65 terawatt hours or 230,000,000 gigajoules, costing $3.3 billion dollars according to estimates by Digiconomist. For the non-physicists among us, this is around as much as consumed by six million energy-guzzling U.S. households per year. All those estimates are imprecise because the aggregate cannot know how much energy each of the different bitcoin miners consumes and how much that electricity costs. But they are a reasonable rough estimate. So it’s worth exploring why mining is necessary to begin with and whether the electricity consumption is justified. Anything and everything humans do consumes resources. The question then is always: Is it worth it? And: Who decides? This question then leads to the next question: Is it worth having and using money? Most people would argue yes, because using money instead of barter in fact makes economic transactions faster and cheaper and thus saves resources, natural and human. _Merchants exchange goods with the inhabitants of Tidore, Indonesia, circa 1550. Barter was supplanted by using money because it is more efficient. (Archive/Getty Images)_If we are generously inclined, we will grant bitcoin the status of a type of money or at least currency as it meets the general requirements of being recognizable, divisible, portable, durable, is accepted in exchange for other goods and services, and in this case it is even limited in supply. So having any type of money has a price, whether it’s gold, dollar bills, or numbers on the screen of your online banking system. In the case of bitcoin, it’s the electricity and the capital for the computing equipment, as well as the human resources to run these operations. If we think having money in general is a good idea and some people value the decentralized and independent nature of bitcoin then it would be worth paying for verifying transactions on the bitcoin network as well as keeping the network secure and sound: Up until the point where the resources consumed would outweigh the efficiency benefits. Just like most people don’t think it’s a bad idea to use credit cards and banks, which consume electricity too. However, bitcoin is a newcomer and this is why it’s being scrutinized even more so than the old established players.
Different Money, Different Costs
How many people know how much electricity, human lives, and other resources gold mining consumes or has consumed in the course of history? What about the banking system? Branches, servers, air-conditioning, staff? What about printing dollar notes and driving them around in armored trucks? What about the social effects of monetary mismanagement of bank and government money like inflation as well as credit deflations? Gold gets a pass here. Most people haven’t asked that question, which is why it’s worth pointing out the only comprehensive study done on the topic in 2014. In “An Order of Magnitude” the engineer Hass McCook analyzes the different money systems and reaches mind-boggling conclusions. The study is a bit dated and of course the aggregations are also very rough estimates, but the ball park numbers are reasonable and the methodology sound. In fact, according to the study, bitcoin is the most economic of all the different forms of money. Gold mining in 2014 used 475 million GJ, compared to bitcoin’s 230 million in 2018. The banking system in 2014 used 2.3 billion gigajoules. Over 100 people per year die trying to mine gold. But mining costs more than electricity. It consumes around 300,000 liters of water per kilogram of gold mined as well as 150 kilogram (330 pounds) of cyanide and 1500 tons of waste and rubble. The international banking system has been used in all kinds of fraudulent activity throughout history: terrorist financing, money laundering, and every other criminal activity under the sun at a cost of trillions of dollars and at an order of magnitude higher than the same transactions done with cryptocurrency and bitcoin. And of course, while gold has a relatively stable value over time, our bank and government issued money lost about 90 percent of its purchasing power over the last century, because it can be created out of thin air. This leads to inflation and a waste of physical and human resources because it distorts the process of capital allocation. _The dollar has lost more than 90 percent of its value since the creation of the Federal Reserve in 1913. (Source: St. Louis Fed)_This is on top of the hundreds of thousands of bank branches, millions of ATMs and employees which all consume electricity and other resources, 10 times as much electricity alone as the bitcoin network. According to monetary philosopher Saifedean Ammous, author of “The Bitcoin Standard,” the social benefit of hard money, i.e. money that can’t be printed by government decree, cannot even be fathomed; conversely, the true costs of easy money—created by government fiat and bank credit—are difficult to calculate. According to Ammous, bitcoin is the hardest money around, even harder than gold because its total supply is capped, whereas the gold supply keeps increasing at about 1-2 percent every year. “Look at the era of the classical gold standard, from 1871, the end of the Franco–Prussian War, until the beginning of World War I. There’s a reason why this is known as the Golden Era, the Gilded Age, and La Belle Epoque. It was a time of unrivaled human flourishing all over the world. Economic growth was everywhere. Technology was being spread all over the world. Peace and prosperity were increasing everywhere around the world. Technological innovations were advancing. “I think this is no coincidence. What the gold standard allowed people to do is to have a store of value that would maintain its value in the future. And that gave people a low time preference, that gave people the incentive to think of the long term, and that made people want to invest in things that would pay off over the long term … bitcoin is far closer to gold. It is a digital equivalent of gold,” he said in an interview with The Epoch Times. Of course, contrary to the gold standard that Ammous talks about, bitcoin doesn’t have a track record of being sound money in practice. In theory it meets all the criteria, but in the real world it hasn’t been adopted widely and has been so volatile as to be unusable as a reliable store of value or as the underlying currency of a productive lending market. The proponents argue that over time, these problems will be solved the same way gold spread itself throughout the monetary sphere replacing copper and seashells, but even Ammous concedes the process may take decades and the outcome is far from certain. Gold is the safe bet for sound money, bitcoin has potential. There is another measure where bitcoin loses out, according to a recent study by researchers from the Oak Ridge Institute in Cincinnati, Ohio. It is the amount of energy expended per dollar for different monetary instruments. One dollar worth of bitcoin costs 17 megajoules to mine versus five for gold and seven for platinum. But the study omits the use of cyanide, water, and other physical resources in mining physical metals. In general, the comparisons in dollar terms go against bitcoin because it is worth relatively less, only $73 billion in total at the time of writing. An issue that could be easily fixed at a higher price, but a higher price is only justified if the infrastructure improves, adoption increases, volatility declines, and the network proves its resilience to attacks over time. In the meantime, market participants still value the fact they can own a currency independent of the government, completely digital, easily fungible, and limited in supply, and relatively decentralized. And the market as a whole is willing to pay a premium for these factors reflected in the higher per dollar prices for mining bitcoin.
The Creativity of Bitcoin Mining
But where bitcoin mining lacks in scale, it makes up for it in creativity. In theory—and in practice—bitcoin mining can be done anywhere where there is cheap electricity. So bitcoin mining operations can be conducted not where people are (banking) or where government is (fiat cash) or where gold is (gold mining)—it can be done everywhere where there is cheap electricity Some miners are flocking to the heat of the Texan desert where gas is virtually available for free, thanks to another oil revolution. Other miners go to places where there is cheap wind, water, or other renewable energy. This is because they don’t have to build bank branches, printing presses, and government buildings, or need to put up excavators and conveyor belts to dig gold out of the ground. All they need is internet access and a home for the computers that look like a shipping container, each one of which has around 200 specialized bitcoin mining computers in them. “The good thing about bitcoin mining is that it doesn’t matter where on earth a transaction happens, we can verify it in our data center here. The miners are part of the decentralized philosophy of bitcoin, it’s completely independent of your location as well,” said Moritz Jäger, chief technology officer at bitcoin Mining company Northern Bitcoin AG.
But so far, this decentralization hasn’t worked out as well as it sounds in theory. Because Chinese local governments had access to subsidized electricity, it was profitable for officials to cut deals with bitcoin mining companies and supply them with cheap electricity in exchange for jobs and cutbacks. Sometimes the prices were as low as 2 dollar cents to 4 dollar cents per kilowatt hour. This is why the majority of bitcoin mining is still concentrated in China (around 70 percent) where it was the most profitable, but only because the Chinese central planners subsidized the price of electricity. This set up led to the by and large unwanted result that the biggest miner of bitcoin, a company called Bitmain, is also the biggest manufacturer of specialized computing equipment for bitcoin mining. The company reported revenues of $2.8 billion for the first half of 2018. Tourists walk on the dunes near a power plant in Xiangshawan Desert in Ordos of Inner Mongolia, in this file photo. bitcoin miners have enjoyed favorable electricity rates in places like Ordos for a long time. (Feng Li/Getty Images)Centralized mining is a problem because whenever there is one player or a conglomerate of players who control more than 50 percent of the network computing power, they could theoretically crash the network by spending the same bitcoin twice, the so called “double spending problem.“ They don’t have an incentive to do so because it would probably ruin the bitcoin price and their business, but it’s better not to have to rely on one group of people controlling an entire money system. After all, we have that exact same system with central banking and bitcoin was set up as a decentralized alternative. So far, no player or conglomerate ever reached that 51 percent threshold, at least not since bitcoin’s very early days, but many market participants always thought Bitmain’s corner of the market is a bit too close for comfort. This favorable environment for Chinese bitcoin mining has been changing with a crack down on local government electricity largess as well as a crackdown on cryptocurrency. Bitcoin itself and mining bitcoin remain legal in China but cryptocurrency exchanges have been banned since late 2017. But more needs to be done for bitcoin to become independent of the caprice of a centralized oppressive regime and local government bureaucrats.
Northern Bitcoin Case Study
Enter Northern Bitcoin AG. The company isn’t the only one which is exploring mining opportunities with renewable energies in locations other than China. But it is special because of the extraordinary set up it has for its operations, the fact that it is listed on the stock exchange in Germany, and the opportunities for scaling it discovered. The operations of Northern Bitcoin combine the beauties of bitcoin and capitalism in one. Like Texas has a lot of oil and free gas and it makes sense to use the gas rather than burn it, Norway has a lot of water, especially water moving down the mountains due to rainfall and melting snow. And it makes sense to use the power of the movement of the water, channel it through pipes into generators to create very cheap and almost unlimited electricity. Norway generates north of 95 percent of its total electricity from hydropower. A waterfall next to a hydropowerplant near Sandane, Norway, Oct. 25, 2018. (Valentin Schmid/The Epoch Times)Capitalism does not distinguish between renewable and fossil. It uses what is the most expedient. In this case, it is clearly water in Norway, and gas in Texas. As a side note on the beauties of real capital and the fact that capital and the environment need not be enemies, the water in one of the hydropowerplants close to the Northern Bitcoin facility is piped through a generator made in 1920 by J.M. Voith AG, a company from Heidenheim Germany. The company was established in 1867 and is still around today. The generator was produced in 1920 and is still producing electricity today.
In the remote regions of Northern Norway, there aren’t that many people or industry who would use the electricity. And rather than transport it over hundreds of miles to the industrial centers of Europe, the industries of the future are moving to Norway to the source of the cheap electricity. Of course, it is not just bitcoin mining, but other data and computing heavy operations like server farms for cloud computing that can be neatly packaged into one of those containers and shipped up north. “The containers are beautiful. They are produced in the middle of Germany where the hardware is enabled and tested. Then we put it on a truck and send it up here. When the truck arrives on the outside we lift it on the container vehicle. Two hours after the container arrives, it’s in the container rack. And 40 hours later we enable the cooling, network, power, other systems, and it’s online,” said Mats Andersson, a spokesman for the Lefdal Mine data center in Måløy, Norway, where Northern Bitcoin has its operations. Plug and play. A Northern Bitcoin data container inside the Lefdal Mine data center, in Måløy, Norway. (Northern Bitcoin)If the cheap electricity wasn’t enough—around 5 cents per kilowatt hour compared to 17 cents in Germany—Norway also provides the perfect storage for these data containers, which are normally racked up in open air parks above the ground. Also here, the resource allocation is beautiful. Instead of occupying otherwise useful and beautiful parcels of land and nature, the Northern Bitcoin containers and others are stored in the old Lefdal olivine mine. Olivine is a mineral used for steel production and looks green. Very fitting. Hence also the name of the data center: Lefdal Mine. “We take the green mineral out and we take the green IT in,” said Andersson.
Using the old mine as storage for the data center makes the whole process even more resource efficient. Why? So far, we’ve only been talking about bitcoin mining using a lot of energy. But what for? Before you have actually seen the process in action—and it is similar for other computing operations—you cannot imagine how bizarre it is. Most of the electricity is used to prevent the computers from overheating. So it’s not even the processors themselves; it’s the fans which cool the computer that use the most juice. This is where the mine helps, because it’s rather cool 160 meters (525 feet) below sea level; certainly cooler than in the Texas desert. But it gets even better. On top of the air blow-cooling the computer, the Lefdal data center uses a fresh water system to pump through the containers in pipes. The fans can then circulate air over the cool pipes which transfer the heat to the water. One can feel the difference when touching the different pipes. The fresh water closed circle loop then completes the “green” or resource efficiency cycle by transferring its heat to ice cold water from the nearby Fjord. The water is sucked in through a pipe from the Fjord, the heat gets transferred without the water being mixed, and the water flows back to the Fjord, without any impact on the environment. To top it all off, the mine has natural physical security far better than open air data centers and is even protected from an electromagnetic pulse blast because it’s underground.
_The Nordfjord near Måløy, Norway. The Lefdal data center takes the cold water from the fjord and uses it to cool the computer inside the mine. (Valentin Schmid/The Epoch Times)_Company Dynamics
Given this superlative set up, Northern Bitcoin wants to ramp up production as fast as possible at the Lefdal mine and other similar places in Norway, which have more mountains where data centers can be housed. At the moment, Northern Bitcoin has 15 containers with 210 mining machines each. The 15 containers produce around 5 bitcoin per day at a total cost of around $2,500 dollars at the end of November 2018 and after the difficulty of solving the math problems went down by ~17 percent. Most of it is for electricity; the rest is for leasing the containers, renting the mine space, buying and writing off the mining computers, personnel, overhead, etc. Even at the current relatively depressed prices of around $4000, that’s a profit of $1500 per bitcoin or $7,500 per day. But the goal is to ramp it up to 280 containers until 2019, producing 100 bitcoin per day. Again, the company is in the sweet spot to do this. As opposed to the beginning of the year when one could not procure a mining computer from Bitmain even if one’s life depended on it, the current bear market has made them cheap and relatively available both new and second had from miners who had to cease operations because they can’t produce at low bitcoin prices. Northern Bitcoin containers inside the Lefdal Mine data center in Måløy, Norway. (Northern Bitcoin)What about the data shipping containers? They are manufactured by a company called Rittal who is the world market leader. So it helps that the owner of Rittal also owns 30 percent of the Lefdal mine, providing preferential access to the containers. Northern Bitcoin said it has enough capital available for the intermediate goal of ramping up to 50 containers until the end of year but may tap the capital markets again for the next step. The company can also take advantage of the lower German corporate tax rate because revenue is only recorded when the bitcoin are sold in Germany, not when they are mined in Norway. Of course, every small-cap stock—especially bitcoin companies—have their peculiarities and very high risks. As an example, Northern Bitcoin’s financial statements, although public, aren’t audited. The equipment in the Lefdal mine in Norway is real and the operations are controlled by the Lefdal personnel, but one has to rely on exclusive information from the company for financials and cost figures, so buyer beware.
Northern Bitcoin wants to have 280 containers, representing around 5 percent of the network’s computing power. But the Lefdal mine alone has a capacity to power and cool 1,500 containers in a 200 megawatt facility, once it is fully built out. “Here you have all the space, power, and cooling that you need. … Here you can grow,” said Lefdal’s Andersson. A mine shaft in the Lefdal Mine data center in Måløy, Norway. The whole mine will have a capacity for 1500 containers once fully built out. (Valentin Schmid/The Epoch Times)The Norwegian government was behind an initiative to bring computing power to Norway and make it one of the prime destinations for data centers at the beginning of this decade. To that effect, the local governments own part of the utility companies which operate the power plants and own part of the Lefdal Mine and other locations. But even without notable subsidies (i.e. cash payments to companies), market players were able to figure it out, for everybody’s benefit. The utilities win because they can sell their cheap electricity close to home. The computing companies like IBM and Northern Bitcoin win because they can get cheap electricity, storage, and security. Data center operators like Lefdal win because they can charge rent for otherwise unused and unneeded space. However, in a recent about face, the central government in Oslo has decided to remove cryptocurrency miners from the list of companies which pay a preferential tax rate on electricity consumption. Normally, energy intensive companies, including data centers, pay a preferential tax on electricity consumed of 0.48 øre ($0.00056 ). According to a report by Norwegian media Aftenposten, this tax will rise to 16.58 øre ($0.019) in 2019 for cryptocurrency miners exclusively. The argument by left wing politician Lars Haltbrekken who sponsored the initiative: “Norway cannot continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.” Since Norway generates its electricity using hydro, precisely the opposite is true: No greenhouse gas emissions, or any emissions for that matter would be produced, if all cryptomining was done in Norway. As opposed to China, where mining is done with coal and with emissions. But not only in Norway is the share of renewable and emission free energy high. According to research by Coinshares, Bitcoin’s consumes about 77.6 percent of its energy in the form of renewables globally. However self-defeating the arguments against bitcoin mining in Norway, the political initiative is moving forward. What it means for Northern Bitcoin is not clear, as they house their containers in Lefdal’s mixed data center, which also has other clients, like IBM. “It’s not really decided yet; there are still big efforts from IT sectors and parties who are trying to change it. If the decision is taken it might apply for pure crypto sites rather than mixed data centers, like ours,” said Lefdal’s Andersson. Even in the worst-case scenario, it would mean an increase from ~5 cents to ~6.9 cents per kilowatt hour, or 30 percent more paid on the electricity by Northern Bitcoin, which at ~$3250 would still rank it among the most competitive producers in the world. Coinshares estimates the average production price at $6,800 per Bitcoin at $0,05 per kilowatt hour of electricity and an 18-months depreciation schedule, but concedes that a profitable miner could “[depreciate] mining gear over 24-30 months, or [pay] less for mining gear than our estimates.” Jäger says Northern Bitcoin depreciates the equipment over three years and has obtained very favorable prices from Bitmain, making its production much more competitive than the average despite the same cost of electricity. In addition, the natural cooling in the mine also reduces electricity costs overall.
Cheap Producer Advantage
At the moment, however, the tax could be the least of any miners worry, as the bitcoin price is in free-fall. But what happens when the price crashes further? Suffice it to say that there was bitcoin mining when the dollar price was less than 1 cent and there will be bitcoin mining at lower prices thanks to the design of the network. Mao Shixing, the founder of mining pool F2pool estimated 600,000 miners have shut down since the November crash in price, according to a report by Coindesk. As it should be in a competitive system, the most energy intensive and obsolete machines are shut down first. As with every other commodity, when the price drops, some miners will leave the market, leaving space for cheaper competitors to capture a bigger share. But with bitcoin this is a bit simpler than with copper or gold for example. When a big copper player goes bankrupt, its competitors have to ramp up production and increase cost to increase their market share. With bitcoin, if 3,000 computers get taken off the total mining pool, they won’t be able to mine the approximately 5 bitcoin any longer. However, because the difficulty of solving the computationally intensive cryptographic tasks of bitcoin decreases automatically when there are fewer computers engaged in the task, the other players just have to leave their machines running at the same rate for the same cost and they will split the 5 bitcoin among them. “The moment the price goes down, our production price will go down as well,” said Jäger, a process that already happened from November to December when the difficulty decreased twice in November and the beginning of December. This naturally favors players like Northern Bitcoin, which are producing at the lower end of the cost spectrum. They will be the ones who shut down last. And this is a good thing. The more companies like Northern Bitcoin, and countries like Norway—even with the extra tax—the more decentralized the bitcoin system. The more computers there are in different hands mining bitcoin, the more secure the system becomes, because it will be ever more difficult for one player to reach the 50 percent threshold to crash the system.It is this decentralized philosophy which has kept the bitcoin system running for 10 years. Whether at $1 or $20,000.
08-09 07:32 - '70+ Bitcoin companies, exchange and wallets that did NOT agree to Segwit2x' (self.Bitcoin) by /u/jtos3 removed from /r/Bitcoin within 296-306min
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