Delegated Byzantine Fault Tolerance (dBFT) & Generals ...

Best General RenVM Questions of April 2020

Best General RenVM Questions of April 2020
\These questions are sourced directly from Telegram*
Q: Quick question here, but any plan to bridge as well with the Tezos protocol? Using soon to be released Ren network could be a key advantage to be the first with a viable solution on their protocol. Plus Ren is indépendant of ETH (collateral speaking) making it interesting for other protocols.
A: Yes, this is very much possible. RenVM can work with any ‘destination chain’ that has smart contract functionality. We’ll be exploring others like Polkadot, Tezos, etc.. once it makes sense and we are happy with the Ethereum side of things.
Q: How many physical Darknodes will be in Greycore?
A: It depends on the final cohort, but it’ll be 15+ as each team will run a few Darknodes. Even the Greycore, our most “centralized” part of RenVM (at first) will be more decentralized than all competitors. Also, it is not so important the number of nodes as it is the number of members. More nodes = more architectural decentralization, but not more political decentralization. That is, more fault tolerance, but not more Byzantine fault tolerance.
Q: Once RenVM gets going, is there a way to measure cross-(on)chain volume?
A: We’ll be measuring any/all volume that flows through RenVM. This info will be available in the new Command Center (CC), GraphProtocol, etc.
Q: What is the reasoning for disabling auto-updates for Darknodes? Will operators get to choose if auto updates are allowed or not?
A: Auto updates of things that control funds is generally a bad idea. Someone could poison the repo you’re using for updates and you’d have no control. Further, disabling auto-updating means that governance is in the hands of the Darknodes, albeit in a very ad hoc way (excluding the smart contracts on Ethereum).
Q: I know you have addressed this before, but here’s a discussion about ren’s ability to mint renBTC being limited by its public market cap. I think the team is coming up with a way to have the Darknode capacity determined by Darknodes based on revenue rather than the price of ren right?
A: This design is one of RenVM's biggest comparative advantages over other designs. The value of REN (as calculated by Darknodes) and thus RenVM's capacity are directly tied to usage of RenVM. The more renBTC minted/burned, the greater Darknodes' revenues, the higher value of REN, the greater capacity to mint more. It's a positive feedback loop where increased usage increases capacity. To your question, the "3" in L<3 will be calculated by Darknodes strictly by revenues, not by a potentially manipulable oracle. Although this may be a soft cap in Zero and One with Greycore secondary sigs and continuous fees.
Conversely, tBTC's bond is overcollateralized by ETH, which is uncorrelated to usage of tBTC. Because the price of ETH does not increase with usage of tBTC, increased usage of tBTC will require more and more ETH to stay overcollateralized. As the article says, just 1% ($1.34B) of BTC's market cap ($134B) in tBTC would require $2.01B in bonded ETH, which is 10% of all ETH. 5% of BTC in tBTC, 56% of ETH.
A bond whose value is tied to usage of its own network allows capacity to scale linearly.
Further: Collateral is not the problem. Any technique that anyone uses to reduce collateral should be usable by any system doing interop. The real difference is that RenVM using its own token, so it is able to adjust its own economic parameters, and it does not need liquidation which we have seen fail as recently as last month.
-Use RenVM => REN worth more => higher cap => can use RenVM even more
-Use tBTC => ETH fluctuates independently => liquidations can occur => node operators get liquidated => can use tBTC less
RenVM is much more capital efficient in the long-term, regardless of the specific collateral ratios required. It also doesn’t expose Darknodes to ETH risk (and even renBTC holders, if renBTC could sometimes only be reclaimed for ETH not actual BTC, like it systems with liquidation).
Lastly, it has a bunch of practical defenses, like constantly shuffling its Darknode shards (instead of them sticking around for up to 6 months). And we have some nice UX features, like being able to move any amount of BTC at any time, straight into a smart contract call.
Q: https://preview.tbtc.network/cms/resource/tbtc-security-model/developers/tbtc-security-model/. At the end of the article Ren's security model is briefly discussed, is this correct?
A: For the record, that is an incorrect summary (either through not being sure how things works, or in an attempt to discredit our security model). RenVM is not a federated peg. Our shards are designed to have up to ~200 nodes in them. tBTC has three (3). Seems the latter is a lot closer to a federation than the former.
Q: So RenVM can run on Binance chain instead of Ethereum? Or what would be the advantage (or goal)? Pls eli5. A: RenVM doesn’t run on any chain; it is its own network. However, it has host chains which are chains to which it can send assets. For example, you can send BTC to Ethereum, and in this scenario Ethereum is the host chain (it is hosting a non-native asset). Supporting Binance Chain would imply that RenVM can use it as another host chain.
Q: If another host chain is implemented, would cross-host chain transactions be possible without doing any transactions with the token. Like: Bitcoin -> renBTC_ETH -> renBTC_BNB
Without an intermediate step, and without paying Bitcoin transactions on the Bitcoin network. Unlike: Bitcoin -> renBTC_ETH -> Bitcoin -> renBTC_BNB
A: Yep. A burn event would be generated on one host chain, and RenVM would produce a minting signature for the other host chain. No BTC moves on the Bitcoin chain, so no Bitcoin fees would be required. RenVM would still take a fee though.
Q: Reading about sharding in the docs: it mentions load balancing. Would that be done on a monthly basis as the changeover in keys is done?
A: At minimum, once per epoch.
Q: I'm sure there were discussions about this before but I can't find anything on it. Is there a possibility where assets in custody in REN network could be greater than 1/3 of value of REN tokens and have the network still be secure? Or is this a big no no that the network will have to do everything for the 1/3 threshold not be crossed ?
A: It’s not a big no no, it is still well collateralized at that point. However, it is a no no. 1/3rd is the limit above which an attack becomes theoretically profitable. It is still not practically profitable at that stage, and is also very difficult to actually pull off such an attack. So RenVM must aim to keep under 1/3rd, but if that threshold is crossed nothing bad happens immediately (this gives some time for fee adjustments that should have already been put in place by this point to kick in).
We’re also looking at some proposals internally around how to recover the peg even if an attack does succeed (because 1/3rd is crossed by enough, and for long enough, that a profitable attack succeeds, or because an irrational attacker has decided to attack without the want for profit).
That’s correct. We class these actors as “irrational adversaries”. This is an attacker that doesn’t care about the profitability as modelled by the protocol. It’s important to be able to resist such adversaries because, as you point out, there are adversaries that can achieve be profit from RenVM in a way that cannot be feasibly modelled.
Q: How many hours can my VPS be down before it's Deregistered (not shalshed)?
A: 12 hours. We’ll use Mainnet Subzero to establish parameters and change the thresholds if needed.
Q: Which VPS provider (for Darknodes) is next?
A: Azure is the next one on our list of VPS’s to support.
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General info and list of exchanges for yezcoin

Real World Problems Related to Blockchain There have been several studies that look at the problems that may cause the delay in the adoption of the blockchain technology in the real-world applications, particularly the cryptocurrencies. 1. A large portion of the public have a negative impression towards cryptocurrencies, and blockchain, because of the past illegal activities associated with them. 2. Some cryptocurrency companies and exchanges are not fully compliant with government regulations due to the lack of will to change the status quo. 3. The existing architectures are not optimally scalable, and therefore may fail to serve up to larger groups of users. 4. The implementations of blockchain technology at many existing exchanges suffer from the trades-off between speed and security. 5. Complicated and error-prone processes can result in the loss of funds and lead to unhappy customers. 6. Digital wallet technology puts the burden on users to memorize and safeguard their wallet keys. 7. Small and medium size cryptocurrency exchanges face a liquidity dilemma. Customers expect liquidity but the exchanges won’t have enough liquidity unless they have more customers. Yezcoin Platform Solutions With our full awareness of the problems, we commit to providing the solutions to them. Yezcoin Platform is our brainchild that we proudly introduce to the blockchain community. 1. Yezcoin Platform assures that proper “know-your-customer (KYC)” and “anti-money laundering (AML)” are implemented with the blockchain technology 100% compliant with all government regulations. 2. Yezcoin Platform’s exchange model is a hybrid of a speedy centralized and a securely decentralized models. Yezcoin Platform can achieve the balance between the strengths of both models.
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3 3. Our expertise in advanced mobile technology allows an efficient mobile blockchain implementation that will allow users to participate in Yezcoin Platform using mobile phones. 4. With a 2-factor authentication process plus biometrics authentication, in addition to screening for fraud and blacklisted sites, Yezcoin Platform can provide customers with peace-of-mind security. 5. We mitigate the risk of private key management with multi-signature signing technology. Yezcoin Platform customers can manage their private keys via their biometric data. 6. Our 24/7 customer services will ensure that our help is always a click away. 7. Yezcoin Platform is forming a Cryptocurrency Exchange Alliance where cryptocurrency exchanges will benefit from high liquidity and a larger pool of customers. The Yezcoin Platform To achieve all the solutions we promise, Yezcoin Platform, by Yezcoin, is developed using several state-of-the-art technologies exist today for the future. Yezcoin = Hybrid Exchange + KYC & AML + Biometrics ID + Smart AI + Mobile Blockchain Yezcoin Hybrid Exchange A centralized exchange is generally fast but less secured, while a decentralized exchange is secure with lower speed. There is room in the middle to balance speed and security by storing sensitive information on the chain while performing order matching off of the chain. This way Yezcoin will have the speed of centralized model and the world class security of a decentralized model. KYC & AML Know Your Customer (KYC) and Anti Money Laundering (AML) rules have been the focus of government regulators trying to combat illegal activities in the cryptocurrency ecosystem. Unfortunately, existing cryptocurrency companies inherited KYC & AML issues since the birth of Bitcoin. As of now, no blockchain companies are able to claim that they are fully compliant with KYC & AML. Yezcoin will be the first company that is 100% KYC & AML compliant. Biometrics ID Biometric information usage has been increasing. Most modern smartphones come with Biometrics login capabilities. Enabling Biometrics ID to unlock a digital wallet is the next logical step. Many users have lost access to their wallets due to the loss of private keys. Yezcoin is using its proprietary encrypted Biometrics ID management solution to allow customers to unlock their digital wallets and securely manage their Biometrics ID. Smart AI Each cryptocurrency exchange trade comes with at least two options when making a purchase: 1) purchase with other cryptocurrency and pay full price; 2) purchase with the exchange currency and get a discounted price. Not all cryptocurrencies can be traded from every
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4 exchange and some cryptocurrencies are only available on certain exchanges. There are many options and complicated steps involved in a cryptocurrency trading transaction. Among many options, there is an optimal path where the customer will pay the lowest fee for the same transaction. Yezcoin’s Smart AI will perform all complicated calculations and selections and only present the customer with the best deal for both buying and selling. Mobile Blockchain Mobile devices have become a part of modern life and are increasing in power day by day. Unfortunately, the requirements to run blockchain nodes are too demanding. Yezcoin is working with blockchain experts and mobile engineers to enable our blockchain solution to run on mobile devices. It is a challenging but vital next step that must be achieved if we want the world to adopt blockchain technology. It must work on mobile devices and Yezcoin is committed to making it happen. Yezcoin Scam Detector and International Sanctions Check The cryptocurrency market has grown tremendously since 2017. A vast amount of funding has been invested into cryptocurrency. Sadly, the high growth in the market has attracted fraud as well. Criminals will impersonate someone who is a cryptocurrency market influencer and pretend that they are running a campaign to give back to investors only after investors send them the requested cryptocurrency. Thousands of investors have become victims of these scams. Furthermore, with the ease of transferring money, funding of these illegal activities has been on the rise and the use of an International Sanctions List has become less effective. To address these issues, Yezcoin has developed features to verify every account whether it matches any published International sanctions information at the registration and also to alert users if the sending wallet address matches one of 3,000+ known scammer addresses. NEO and the Solution for Scalability Yezcoin is using NEO Blockchain to support our proprietary identity management solution because we believe that NEO is our best solution. There are a number of blockchain platforms offering different approaches. Among those, NEO stands out with high throughputs, a supportive community and scalable solutions. NEO provides a node program, Blockchain Explorer, SDK Development Kit, Smart Contract Compiler and IDE Plugin, decentralized applications. One of the highlights of NEO’s solution is the DBFT consensus algorithm. Consensus NEO’s consensus algorithm, Delegated Byzantine Fault Tolerance (DBFT), is an improved version of classic Byzantine Fault Tolerance for scalability.
EXCHANGE LIST
Binance
Huobi
Kucoin
Bibox
Qryptos
Satoexchange
BIGone
Bitrue
Bilaxy
Bit-Z
Linkcoin
SECURE WALLET
Ledgerwallet
Trezor
submitted by icoinformation to yezcoin [link] [comments]

Bitcoin einfach erklärt Teil 1 - Der byzantinische Fehler The Byzantine Generals Problem and Blockchain Consensus ... Bitcoin and Byzantine Generals  Programmer explains Tutorial 2 : Byzantines's General Problem [CS198.2x Week 1] Byzantine Fault Tolerance The Byzantine Generals Problem - An Intro To Blockchain ... Byzantine General's Problem Byzantine Agreement El Problema del General Bizantino y blockchain Bitcoin Q&A: The 'Byzantine Generals Problem' Thought ...

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Bitcoin einfach erklärt Teil 1 - Der byzantinische Fehler

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