Cryptocurrency We are the founders of Aavegotchi ��, the original DeFi+NFT project pioneering the frontiers of play-to-earn and blockchain gaming - ask us anything! |
- We are the founders of Aavegotchi ��, the original DeFi+NFT project pioneering the frontiers of play-to-earn and blockchain gaming - ask us anything!
- Daily Discussion - October 13, 2021 (GMT+0)
- With Shiba Inu nearly in the top 10, I think we can admit that the only thing that matters in crypto is hype.
- JPMorgan CEO Jamie Dimon on Bitcoin: "How do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that". Yes Mr. Dimon, we do read algorithms
- What if I found a big Bitcoin address?
- $25,000 reward or donation to charity of your choice for the retrieval of my stolen money and identification of scammers behind BSCPad.
- Thanks China: Latest data shows the US now leads with 35% of Bitcoin’s hash rate
- Algorand Foundation participating in the governance when they stated they would not.
- Shoutout to women in crypto
- Ripple announces $44 million fund for solar energy projects in the US
- Sex workers, adult shops and gun businesses say they are being denied banking services - this is why we need decentralised crypto, no bank should get to tell people how to live their lives.
- I think the success of hype coins is strong indication that we are all actually really early into crypto
- Miami mayor announces plans to move forward to pay city employees in Bitcoin
- Ethereum turns bullish after more than 500,000 ETH burned
- This scam coin is being advertised all over Reddit by multiple users. Please DO NOT buy this coin.
- The official HEX reddit page is supporting vote manipulation and brigade's the top post, and bans anyone that says otherwise. Why are you guys so afraid of criticisms if it's not a scam?
- My dumbest day in Crypto, and a warning for others.
- Binance to halt Chinese yuan trading amid Beijing's crypto crackdown.
- How I almost won an NFT that worth $3000 on an Easter Egg Challenge
- FINALLY received my first dusting “attack”. Who else has this happened to?
- Will something else overtake BTC or ETH someday?
- You want your local shop to accept crypto payments and accelerate adoption?
- What is Polkadots(DOT) Parachain Auctions And How YOU Can Participate.
- U.S. defeats China as Bitcoin miner's biggest destination
- HEX crypto scam exposed (yet again): majority of addresses with hex never bought HEX!
- 5 Reasons Moons Are Exactly What This Sub Claims to Hate
- People will continue to flock to shitcoins because of mainstream media, which publish stories like FLOKI turning $10 to $40K in two months
| Posted: 13 Oct 2021 05:33 AM PDT About Aavegotchi Aavegotchis are playable NFTs that act as interest-generating piggy banks, created by staking DeFi tokens directly into the NFT. Aavegotchis are dynamic NFTs, which means their metadata changes over time based on interaction with the owner. The more you love your Aavegotchi, the more valuable it becomes! Unlike most NFTs, Aavegotchis desire daily interaction, which led our team to deploy on Polygon, the leading sidechain of Ethereum. This allowed us to put every aspect of Aavegotchi on the blockchain, including all dynamic metadata, and even the adorable art! Our team isn't content to just launch an NFT. We imagine an entire playable world built around our spooky frens, called the Gotchiverse. We recently released a trailer for the Gotchiverse gameplay here: https://youtu.be/BxYQoDKO62Y. The first phase of the game is expected to launch in late Q4 2021, and will feature ownable land parcels and four play-to-earn tokens, known as Alchemica. The Aavegotchi Ecosystem Aavegotchi's native token, the GHST Token, is the fuel for the Aavegotchi ecosystem. You can stake GHST to earn FRENS points (loyalty points used for participating in NFT Raffles) or spend GHST in the Aavegotchi Baazaar -- our home-grown NFT marketplace. Staking GHST is a great way to dip your toe into the game and learn the ropes. Single-staking GHST is our most popular option, and we also offer incentivized liquidity pairs for GHST-USDC, GHST-ETH, and GHST-QUICK. Just by providing liquidity or single-staking GHST, you can earn FRENS points, which can be converted into Raffle tickets for entry into our famous NFT Raffles. Prizes up for grabs in these raffles include Aavegotchi wearables (skins for your Gotchi!), Aavegotchi Portals, and coming soon--REALM parcels, our version of LAND in the Gotchiverse. Play-to-Earn In its current form, Aavegotchi's play-to-earn aspect comes through Rarity Farming. Rarity Farming is an innovative game mechanism pioneered by Aavegotchi. It strives to reward the users who are the most thoughtfully and enthusiastically engaged with the ecosystem. As its name suggests, this is a process where you attempt to raise the rarest Aavegotchis, and get rewarded for doing so. Rarity Farming pays out the leaders in three categories: base rarity score (BRS), kinship, and experience. However, with the launch of the Gotchiverse, "play to earn" will take on a whole new meaning, as players will be actively earning Alchemica yield while playing the Aavegotchi game. The Gotchiverse REALM The Gotchiverse REALM is Aavegotchi's metaverse, where players can explore, build, battle and earn. The Gotchiverse REALM itself will also bring with it new use cases for the GHST Token as well as a free-to-play aspect of the game. Players can harvest the four elements of the Gotchiverse -- "Gotchus Alchemica." Gotchus Alchemica are ERC20 tokens known as Fud, Fomo, Alpha, and Kek. They can be used to craft installations within the Gotchiverse to improve your REALM parcel, which help you farm faster, or defend against intruders. Gotchus Alchemica will be exchangeable through our native decentralized exchange: The Gotchus Alchemica Exchange. Initially, the GAX exchange will support pairs of each element with the GHST Token. To incentivize liquidity on the GAX, an ERC20 Token called GLMR will be distributed to all liquidity providers. GLMR can be spent to reduce the building time of installations within the Gotchiverse. Free-to-Play The free-to-play entry point for the Gotchiverse will come through "Lickquidator Credits." Once available, Lickquidator credits can be earned through completing tasks, participating in airdrops, referring friends, and other ways in the Gotchiverse. Lickquidator Credits allow users to play as a Lickquidator, the villain of the Gotchiverse. The goal of Lickquidators is to collect loose Alchemica that has been spilled around the Gotchiverse. Lickquidators can also engage in combat with Aavegotchis and offensive Installations to earn Alchemica. We are already experiencing more than 1000 users per day and expect exponential growth of our user base when the free-to-play aspect is in place, removing all barriers of entry to the game. We hope you'll join us, and look forward to answering your questions! Here today to answer your questions are: Coder Dan - (CEO and Summoner of Aavegotchi) - u/cinnabarhorse Jesse "gldnXross" Johnson - (COO and Summoner of Aavegotchi) - u/gldnXross Gravy - (Director of Marketing and Reddit Admin) - u/Aavegotchi We'll begin answering questions at 10am EST and will continue answering for most of the day! Useful Links: Check out our official Wiki for everything you need to know about Aavegotchi and follow us on social media to join the frenliest community in crypto! Official Website Official Wiki Official Subreddit Official Twitter Official Medium [link] [comments]  | ||
| Daily Discussion - October 13, 2021 (GMT+0) Posted: 12 Oct 2021 05:00 PM PDT Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer:Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams. Rules:
Useful Links:
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| Posted: 12 Oct 2021 02:59 PM PDT I thought shit was crazy when DOGE entered the top 10, but little did I know I hadn't seen shit yet. If things continue at the rate SHIB will be in the top 10 within a few days. I think this is undeniable proof that the only thing that matters in crypto is hype. It doesn't matter if your project has a great use case and fundamentals like ALGO and LINK, all that matter is hype. It's honestly crazy to me that SHIB can be 10 spots ahead of ALGO. Hype dies eventually, so I'm sure that ALGO and LINK will outperform SHIB in the long term. But for right now, SHIB has been going crazy. TL;DR: It's absolutely crazy that SHIB is 10 spots ahead of insanely good projects like ALGO and LINK. This is proof that hype is all that matters in crypto. [link] [comments]  | ||
| Posted: 12 Oct 2021 09:39 AM PDT
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| What if I found a big Bitcoin address? Posted: 13 Oct 2021 01:33 AM PDT Let's assume I randomly generate private keys and just happen to get the same key as some 1000 BTC whale and getting access to them (I know the odds). Then I transfer them to another address, and go to any exchange to cash out. What would happen? Would I get arrested for theft? Would the officials assume this is illegal money, as I cannot explain where I got them? What about taxes? Little mind game, what do you think? Of course it's just hypothetical, as the chance of actually brute forcing such an address is like nonexistent Edit: Guys I know how statistically impossible it is, I even calculated it myself in the comments (and compared it to billion monkeys each with a billion typewriters). I was just wondering if it would be legal to „steal" the coins. I could also just steal the private key backup in the physical world, and then steal the coins. Same thing [link] [comments]  | ||
| Posted: 12 Oct 2021 11:22 PM PDT Refer to my post below for more information. https://www.reddit.com/r/CryptoCurrency/comments/q0gjze/im_either_a_complete_fwit_or_ive_been_done_for/ I'm hoping some security/crypto experts will be able to do the above. This is the transaction hash on bscscan. 0xd06111d9778c9d32221dd8e2d64e3405372d8ecfb55d62fc09f01c011379d3d6 this is my wallet address on Binance wallet. 0xD3e6d2A2e1Ea97F0c7c5DB4D95e91b684189a9d4 this is the wallet the cake ends up on. 0xb0265fc1997042ac01ac235278278246e0e8faf1 The response from BSCPad, although very unexpected to get any response at all, has been dismal and done nothing to alleviate any suspicion that it was not them that stole my money. Their response was that the mistake was my own as I had visited a scam site and not BSCPad.com. I'm certain the site I visited and allowed the contract interaction on was bscpad.com. Shortly after my interaction their website was redirecting to velaspad. They've deflected answering why their site was doing this. I'm happy to be corrected and apologise profusely to the team behind BSCPad if I'm wrongfully accusing them. edit: so I'm not clogging up the post with my thanks individually can I just say to each and everyone of you wishing me the recovery of my money thanks heaps. You guys are awesome. [link] [comments]  | ||
| Thanks China: Latest data shows the US now leads with 35% of Bitcoin’s hash rate Posted: 13 Oct 2021 01:56 AM PDT
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| Algorand Foundation participating in the governance when they stated they would not. Posted: 12 Oct 2021 06:42 PM PDT First let me start by saying this is not intended to be FUD but I find it very concerning. Yesterday I made a post which showed an account committing 50 million Algo to the governance. Upon further research this account belongs to the Algorand Foundation. If you look at the algo block explorer, you will see the Algorand6 account deposited these Algos to the account and proceeded to commit them to governance. https://algoexplorer.io/address/OVAA75Q4VPN7JLKD6GEKBRV6WEEZSQTN5H6RVR2XM4JMR3WXSABY4VAT6E And here is the link to the governance page showing the 50 million committed. Here is the link to the Decentralizing Algorand Governance Proposal which explicitly states "The Foundation will set up the votes but will not participate in the Governors' program." I'm sure I am not alone when I say we need a real explanation from the Algorand Foundation for the sake of transparency regarding this situation. Who does this 50 million Algo belong to and how/who did they acquire it from? I sent a transaction of 0.001 algo to this account yesterday with an attached message which links to my reddit post yesterday and will do the same for this post so it will be immortalized on the Algo blockchain. Edit: Some users have pointed out that this may be an Algorand Inc account which is different than the Algorand Foundation. Even if that is the case, I still believe this warrants a detailed explanation and transparency is required showing where these two supposedly separate entities are collaborating and for what ends. Edit 2: It appears that these are Algorand Inc accounts. I have also discovered that up to 20 of these accounts have been moving Algo to other addresses for what appears to be staking/governance purposes. I don't see any scenario in which the foundation didn't know Inc would be participating, yet they chose to withhold that information. Edit 3: If Algorand Inc commits most or all of their Algo for governace, I'm done with this project entirely. They will have broken my trust and the idea that this was marketed as decentralized governance will be proven to be a lie. The Foundation and Inc are going to do whatever they want and I want nothing to do with the illusion of choice. I can almost guarantee Inc and the foundation decide what we can even vote on to begin with. [link] [comments]  | ||
| Posted: 13 Oct 2021 03:00 AM PDT Just wanted to say hi to fellow women in crypto, as well as hopefully remind all people on this sub to stay kind and inclusive. Too many posts are "jokes" about how women don't get crypto and "think he's probably cheating" when he's compulsively checking his phone for market prices or whatever. Ha. Ha. Where I can understand the root of this humour, I just can't laugh, because it's overdone and the generalisation is cringeworthy. I personally love crypto as much as any of you, please don't cut the potential market in half by continuing to post misogynistic memes. Thank you. [link] [comments]  | ||
| Ripple announces $44 million fund for solar energy projects in the US Posted: 13 Oct 2021 12:06 AM PDT
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| Posted: 12 Oct 2021 02:47 PM PDT
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| Posted: 13 Oct 2021 02:23 AM PDT For me the current success of Doge and Shib feels like a metric indicating how early we all are in crypto. As long as hype is more important than tech and adoption, it's clear the world (and venture capitalists) haven't yet had the eureka moment in which crypto establishes itself unequivocally as being as important as, say, the radio or toilet paper. Stuff that today is pretty basic and boring but also absolutely integral to the daily lives of billions. New things go through four basic stages: invention, innovation/improvement, novelty (interesting to many consumers, but not yet truly seen as useful/integral to daily life) and finally, widespread adoption and implementation. I think we're are at the innovation and novelty phases right now. When this day does come where crypto goes mainstream, hype coins are going to go the way of all of the other forgotten (because useless or just pointless) inventions. So if what's happening with Shib and Dogecoin can be seen as a metric for the maturity of the crypto market overall, we are soooo damn early. [link] [comments]  | ||
| Miami mayor announces plans to move forward to pay city employees in Bitcoin Posted: 13 Oct 2021 04:57 AM PDT
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| Ethereum turns bullish after more than 500,000 ETH burned Posted: 13 Oct 2021 04:08 AM PDT
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| This scam coin is being advertised all over Reddit by multiple users. Please DO NOT buy this coin. Posted: 12 Oct 2021 03:12 PM PDT There's a coin launched in September just a month ago called "Evergrow" coin. This coin is currently the 8th most viewed on Coinmarketcap (probably due to spam by its makers). The coin already has a market cap of $230 million. If you go to their website, the entire coin "team" is just made up of Indian scammers and possibly a few hacked accounts. Also, these scammers cant even bother to write their own code. I tried to trace all these people and absolutely none of them have any real social media from their LinkedIn pages. Their lead developer "Ajit Singh" does not exist. His liked Twitter profile doesn't exist. Their marketing manager "Praveen Rai" doesn't have any socials, and his LinkedIn experience shows a company that leads me to an open field in Tennessee. Their chairman of the board "Sam Kelly" is most likely a hacked LinkedIn account. All his information is stolen from this website where he clearly is shown as an author without any Crypto experience. Their subreddit is also managed by one moderator who spams posts every few minutes and deletes everything negative. You can already see where this is going. $230 Million is a huge amount of money that is being scammed from the people. It's unfortunate that people don't bother doing their share of research before buying coins like these. This is a massive scam that's being pushed everywhere. Please DO NOT invest in this coin, 8th viewed in CMC is not a small deal. Many people are going to lose their hard-earned money to these scammers. Edit: Evergrow shillers can gtfo with their AMAs. Not only does that guy look barely similar to Sam, why is he lying about his qualifications? And most importantly, their entire code is fucking copied from another project. Most of the socials the people working on this are fake, even companies where they previously claimed to have worked don't exist A bunch of faces on zoom without any identity won't change anything. Evergrow is a copycat scam project. [link] [comments]  | ||
| Posted: 12 Oct 2021 11:03 PM PDT The fact that they have to put so much effort into stop brigading posts which talk about hex is scam just shows how scammy the project is. I noticed the brigading taking place in the past as well, and when I woke up to the u/Chicky_Nuggy 's post I was in awe that it got to the front page. As usual the comment section has been brigading, so I digged deeper, I thought it would be more shady taking place in telegram groups or discord server. There was a dude who talked about how the post was true and got outright banned by the mod in telegram chat. Yet the link to the post still remained for obvious reasons (brigading) Then I checked their discord server with not much evidence, then I checked their reddit page while thinking surely they wouldn't have been so obvious. But nah, it's right there in the front page with links to the main post. This just proves they don't give a shit about the project they just want to brigade.. HEX IS A SCAM. **Edit: By the time this post went live the original post with 33 likes and 150 comments has been deleted (after being active for 9H) but there's still one more left and I've screenshots of them here: http://imgur.com/a/SfghexZ ** Edit 2: Link to screenshots of the guy who got banned for saying it's no a fud: https://imgur.com/a/WmMHYVz [link] [comments]  | ||
| My dumbest day in Crypto, and a warning for others. Posted: 12 Oct 2021 11:11 PM PDT A post something around a week ago had a list of easy ways to make a passive income with cryptocurrencies without an initial investment. The list included using brave, presearch, odysee, and blogging sites that payout in crypto. Someone in the comments mentioned flipping nfts on opensea by obtaining them through giveaways on Reddit. I've been jumping on all these methods through the past week to see how much is possible. I was especially interested in the nft flipping idea. I didn't have moonshot aspirations with it, but hey if I have nothing but some time involved what am I really risking. I already had a metamask that I wasn't using so about a week goes by I have around 30ish nfts with 4 of them being wholely unique in their collections. Haven't sold any in that first week and still haven't, so it is what I expected more or less. I'm in this routine of going through the giveaways and slapping my address around like a fresh graduate handing their resume to every person at a job fair. Upvote, follow, retweet, join the discord, whatever it was taking. I'd have my large screen playing a show while I would do this on the smaller screen below on a Sunday morning just relaxing. So into the cycle of an upvote, follow, join the discord, over and over. I click on one post and it took me to a 200 keys site stating that their nfts can unlock other nfts. Now, I heard of nfts unlocking or upgrading later, and I have nfts with unlockables so I wasn't getting alarmed yet. Go into 'mint a key' and it took me to metamask page and requested I change my password. Thought it was kinda weird but maybe it's because I was posting my address everywhere. (Now this is where I fucked up entirely) I put in my seed phrases and set my password like an absolute dumbass. About 10 minutes later I was on opensea looking at an nft that just came in and I saw in real time a notification that my transfer of a piece I own successfully went through to another account. Then another, and another, and I said 'oh fuck no.' Went into metamask reset my password like the wind (which I don't know if that bought me time or the scammer wasn't interested in anything else cause they only took 4 of my 31 pieces), then made a new metamask and never wrote so fast to have my new phrases and password secure. Transferred everything else I had to the new account except for one piece that requires a maticverse wallet. (Now the next part of my dumbness) Opensea said I need .005 matic to transfer my last nft. I remember that I got some free matic from answering some questions on Coinbase, so what the hell. I only have 3 dollars of matic and the gas fee to transfer 10 cents is 4.33 dollars. Okay, I'll just swap another one of those free coins I don't have enough to transfer anyways into Matic. I have 5 dollars of Matic now and spend 4.33 dollars to transfer 10 cents to the compromised wallet in the hope of being able to pay the gas fee and just have all my remaining nfts together. Nope, I have to trade it from the Ethereum mainnet to the Matic mainnet and that would cost 11 dollars in gas fees. So yeah, I spent about 4.50 dollars to try and rescue a unique nft that's one in a 10k collection that will probably never sell out of the initial collection anyways. At least none of this costed me anything more than time, but with that time I did learn a few things, and I hope others learn as well and don't make the same mistakes I did. I'm sure after reporting the account they have already made a new one to post in those communities again. [link] [comments]  | ||
| Binance to halt Chinese yuan trading amid Beijing's crypto crackdown. Posted: 13 Oct 2021 03:41 AM PDT
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| How I almost won an NFT that worth $3000 on an Easter Egg Challenge Posted: 13 Oct 2021 04:12 AM PDT 5 days ago the Chef Rabbit Doge and the PancakeSwap team created a first public sale of 10,000 unique PancakwSquad NFTs. The sale was successful and after 10 seconds all the NFTs have been bought for 300$ each buy different wallets and users. The next day, the Chef Rabbit Doge (from the PancakeSwap team), announced in his Twitter account that there is a secret easter egg inside the PancakeSquad NFTs, and the one who finds it will get a gift. I was excited about it because I love those kinds of CTF's (Capture The Flag) challenges, and I start looking at the PacnakwSwap NFTs in order to find the easter egg. I've made a complete walkthrough of how I approached the challenge and solved it, and how I ALMOST won an NFT that was worth $3,000. You can watch the video here: https://www.youtube.com/watch?v=MaNUsBunU3U First I looked on the website itself, and I couldn't find anything. The next step was to look at the blockchain itself through bscscan. I analyzed 2 smart contracts (PancakeSquad contract and NFTSale contract), I looked at the code and the first transactions that were sent by the deployer, but again, I couldn't find anything. Then, I thought that the answer might be on the resources themselves (NFT Data and pictures), so using python I scraped all the NFTs JSON files and I downloaded all the pictures, but it was a lot of work to manually check them one by one. I was able to directory list the folder inside the IPFS and then I found a different picture named "MissingNO.png". When I opened the image in a text editor I was able to find encoded reversed message inside a huge PancakeSwap ASCI art ;) After fixing the test you can find a story that contains a seed phrase that gives you access to a wallet that contains the last missing NFT (The gift was a PancakeSquad unique NFT). I enjoyed the challenge very much and learned a lot of new things, I decided to make this guide and share my experience with you guys so you can learn as well. Did you participate in the challenge? What do you think about the video? Thanks <3 [link] [comments]  | ||
| FINALLY received my first dusting “attack”. Who else has this happened to? Posted: 13 Oct 2021 04:36 AM PDT I have been waiting for this moment because I want to discuss the dangers of it. I have heard of this happening and in a weird way was always jealous. I logged into my stellar wallet yesterday and I had two payments pending that I was not expecting in tiny amounts. So now I am the proud owner of two meme tokens that I didn't ask for. I get that my stellar address is the same so I can get a variety of tokens, does this make my wallet vulnerable? Can someone smarter than me explain why this is dangerous? Why would someone benefit from me accepting these payments? [link] [comments]  | ||
| Will something else overtake BTC or ETH someday? Posted: 13 Oct 2021 05:34 AM PDT Is there another coin out there that could possibly take over either btc or eth in market cap someday? Personally I believe at the moment that the 3 most likely candidates at the moment would be ADA, XRP or MATIC but is there another one out there with massive potential that could one day knock off the 2 top dogs? Could a meme coin get there? Would it be a centralised coin or a de-centralised coin? Or are BTC & ETH destined to remain 1 & 2 for a long long time. What do you guys think? Happy investing everyone 😊 [link] [comments]  | ||
| You want your local shop to accept crypto payments and accelerate adoption? Posted: 13 Oct 2021 05:13 AM PDT I've started this about five months ago. While browsing for my favorite local (online) shops, I've noticed that none of them accepted cryptos whatsoever. I then just… started messaging their customer support asking for it because… why not? I had nothing to lose. In the span of five months, I messaged about 17 of my local shop where I frequently buy things (ranging from handmade clothes to organic vegetables)
Granted, one isn't much. But isn't it better than zero? To the other 16 that replied negatively (or not at all), this at least (very probably) sparked a conversation on cryptos within their company. If you take 10 minutes of your time messaging your favorite shops asking for it, this may help cryptocurrencies adoption big time. If you want to see change, be the change [link] [comments]  | ||
| What is Polkadots(DOT) Parachain Auctions And How YOU Can Participate. Posted: 13 Oct 2021 05:16 AM PDT As someone who's new to Polkadot I must admit I don't know a lot about it. So I decided to do a little research about DOT and it's parachain auction. Granted, this isn't the most in depth post on the matter, i hope this will help give an explanation of what the Parachain auctions are and create some more DOT shills to shitpost like me. This is broken up into 3 sections, so bear with me. What is Polkadot:
Polkadot was founded by the Web3 Foundation ,a Swiss Foundation. Its founders are Dr. Gavin Wood ,Robert Habermeier and Peter Czaban. Circulating Supply-987M Total Supply-1.1B No Max Supply Issue Date-August 2020 Proof-Of-Stake 🥩 What are Parachain Auctions:First, let's get certain nomenclature established. The example following will be from Kusamas parachain auction. -As you know, blockchain technology is a decentralized distributed ledger that records the provenance of a digital asset. This data is unable to be modified. -Parachains are individual layer-1 blockchains that run in parallel on Polkadot, connected to the Polkadot Relay Chain and secured by its validator set. Any type of data or assets can be sent between Parachains. Parachains connect to the Relay Chain by leasing a parachain slot via auctions, by being granted a slot by Polkadot governance as a common good chain (Parachain slots reserved for functionality that benefits the ecosystem as a whole. Such as Statemint) Statemint or by connecting as a parathread (An idea for parachains to temporarily participate in Polkadot security without needing to lease a dedicated parachain slot by economically sharing the resource of a parachain slot.) Parachains can also connect to external networks such as Bitcoin and Ethereum using cross-network bridges.
-BABE (Blind Assignment for Blockchain Extension) is the block production mechanism that runs between the validator nodes and determines the authors of new blocks. BABE assigns block production slots to validators according to stake and using the Polkadot randomness cycle. Validators in Polkadot will participate in a lottery in every slot that will tell them whether or not they are the block producer candidate for that slot. Because of this randomness mechanism, multiple validators could be candidates for the same slot. Other times, a slot could be empty, resulting in inconsistent block time. -To become a parachain on Polkadot a project has to win a Slot Auction, with the max duration they can lease on it being 2 years. A full slot is divided into 8 lease periods making the minimum that a project can lease 3 months. A parachain slot is a scarce resource on Polkadot and only a limited number will be available. The goal is to eventually have 100 parachain slots available on Polkadot, split between parachains and the parathread pool. The parachain slots will be sold according to an unpermissioned Candle Auction. The Auction: Kusama and Polkadot use Candle Auctions for open blockchain implementation. Once the auction starts, project teams will place their bids. At a block number the candle auction starts and continues for a fixed duration. The projects can keep updating their bids with the auction winning block randomly picked from the candle auction phase. Whichever team has the highest bid is declared the winner. "The following example will showcase the randomness mechanics of the candle auction for the ninth auction on Kusama. Keep in mind that the candle phase has a uniform termination profile and has an equal probability of ending at any given block, and the termination block cannot be predicted before or during the auction."
"As a result, the winner of this auction did not turn out to be the highest bid during the full duration." What you can do:Crowdloan-A mechanism for potential parachains to temporarily source tokens to win an auction for a parachain slot. Tokens gathered in this way are programmatically returned to the lender after the lease period is over or the crowdloan period ends. Using Kusama as an example, most parachains ran a crowdloan before the auctions began and would likely do the same on Polkadot. Supporting a crowdloaning campaign is a good way to support Parachains, since they tend to reward supporters of their crowdloans with their native token. You yourself would loan DOT to whatever parachain or multiple parachains to support them in their auction. You would be rewarded with their native token. After 2 years, the original DOT you lent out will be returned. The only thing you would be giving up are the staking rewards you would have received in DOT had you been staking DOT. You can participate through: -The teams website -An exchange (Kraken, Binance, KuCoin) -A wallet (Polkawallet, Fearless) You can also read up on the Parachain projects, such as Acala, Phala, Moonbeam, and Astar. Sources: [link] [comments]  | ||
| U.S. defeats China as Bitcoin miner's biggest destination Posted: 13 Oct 2021 01:29 AM PDT
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| HEX crypto scam exposed (yet again): majority of addresses with hex never bought HEX! Posted: 12 Oct 2021 09:01 AM PDT
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| 5 Reasons Moons Are Exactly What This Sub Claims to Hate Posted: 12 Oct 2021 12:54 PM PDT I love Moons as much as anyone else here, but they're a shitcoin. I think it is easy to lose sight of this in the excitement surrounding them and any subsequent price action. Reasons Moons are a Shitcoin
They may have potential to grow, but like with any shitcoin, I will believe it when I see it. In the meantime, I am enjoying them for what they are; a social experiment. If they end up having any further value, I won't complain. [link] [comments]  | ||
| Posted: 13 Oct 2021 03:55 AM PDT India's largest circulated news daily and few other mainstream news papers in Asia just published a story on how FLOKI turned $10 to $40K in just two months. These kind of shocking stories strike a cord with many investors in crypto space. Such news definitely prompt newbies into gamble with FLOKI. Even the most experienced investors are ready to just throw $20 into such shit coins for fun. And this leads to positive feedback loop of price action and more investments. This could be one of the many reasons why meme coins are on the rise. I agree that many people might earn thousands and millions from FLOKI, just like from DOGE. But I also think that people will also lose money in the event of a rug pull. Now it's just SHIB and FLOKI. But I am sure a thousand copycats (or copydogs) will continued to appear. Edit: The headline of the Indian news paper calls FLOKI "a Musk-backed token". Sounds as if Elon Musk is a VC in it. [link] [comments]  |
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