#supernode proof of stake

[thedailydecrypt]

Miden and the Edge Blockchain Revolution: Why ZK Tech Just Crossed the Institutional Rubicon

In the pantheon of blockchain buzzwords, few shine as brightly—or as vaguely—as “scalability” and “privacy.” For over a decade, blockchains have promised both. Few have delivered. But with Miden’s $25 million funding round led by a16z Crypto, we may have finally arrived at a new chapter—one where these aspirations are not just marketing slogans but actual architecture.

Miden, a zero-knowledge (ZK) proof-powered blockchain spun out of Polygon Labs, is pioneering a new model it calls “edge execution.” The premise? Shift transaction processing from congested centralized nodes to the very edges of the network—end users’ devices—while embedding privacy as a feature, not a compromise. If that sounds revolutionary, that’s because it is.

And Wall Street is taking notice.

The ZK Moment, Institutionalized

ZK technology has been hyped for years as the secret weapon of crypto. The ability to verify transactions without revealing data solves a gaping flaw in current blockchains: transparency without discretion. For retail users, that might be acceptable. For Apple, JPMorgan, or Pfizer, it’s a dealbreaker.

Enter Miden.

With a16z Crypto, Hack VC, and 1kx leading the round—and support from high-profile angels like MakerDAO’s Rune Christensen and EigenLayer’s Sreeram Kannan—Miden isn’t just another L1. It’s a signal. Big capital is betting that institutions are finally ready for Web3, and they need a purpose-built blockchain stack to get there.

The thesis is bold: existing chains—Ethereum, Solana, Aptos, Sui—are fundamentally constrained by their architecture. They either scale poorly, compromise on privacy, or sacrifice decentralization to boost throughput. Miden aims to sidestep all three landmines through a simple but powerful idea: push computation to the user’s device, not the chain.

What Is Edge Execution?

Think of edge execution as a local-first blockchain. Rather than funneling all transactions through a global, congested network, Miden pushes smart contract execution and state management to user devices. This minimizes bottlenecks, preserves privacy, and drastically improves performance.

Bobbin Threadbare, Miden co-founder and ex-Meta engineer, put it clearly: “It allows blockchains to scale without relying on supernodes or sacrificing decentralization, while making privacy a built-in feature instead of an afterthought.”

In a world increasingly concerned with data leaks, regulatory scrutiny, and AI-driven surveillance, this design choice feels prescient.

The Privacy-Performance Tradeoff Is Dead

Historically, adding privacy to blockchain systems came at a steep cost: lower throughput, higher gas fees, and more complexity. Miden is designed to flip that assumption.

By default, it enables both public and private transactions. Want to hide your payment details while maintaining regulatory auditability? Done. Need to batch-settle thousands of microtransactions with programmable confidentiality? Also done. This is the kind of functionality institutions have quietly been demanding—but until now, nobody was able to deliver.

As co-founder Azeem Khan explained, Miden could enable corporate use cases where confidentiality is not optional. “Every time Apple pays a supplier, it’s market-sensitive information,” he said. “If that’s on a public chain, it invites speculation, manipulation, even chaos.”

This is the kind of high-trust, high-stakes problem crypto has failed to address—until now.

Independence Is Not Just Optics

While Miden was incubated by Polygon Labs, its recent spinout is a smart move. Independence allows it to attract capital, partnerships, and dev talent without being overshadowed by Polygon’s broader roadmap. Still, it remains part of the Polygon AggLayer ecosystem—a growing web of modular, cross-chain liquidity hubs.

This hybrid structure gives Miden the best of both worlds: independence and integration. Its upcoming airdrop, which will distribute 10% of its native token to POL tokenholders and stakers, reinforces its roots in the Polygon ecosystem while establishing its own native incentives.

As Sandeep Nailwal, co-founder of Polygon Labs, said: “Miden is not just an upgrade. It’s the blueprint for the final form of blockchain architecture.”

Designed for Builders, Built for Institutions

Another sign this isn’t vaporware? Miden is already in its final alpha testnet, with a working Pioneer Program onboarding developers. Its 17-person team is expanding to 25, and the funding will go toward core infrastructure like wallet adapters, bridges, and developer tooling—exactly what an ecosystem needs to go from whitepaper to production.

The strategy is simple but powerful: get early traction with developers, offer real scalability with ZK-powered privacy, and use edge execution to outpace competitors on performance. Unlike Ethereum rollups or L1 competitors that inherit the limitations of legacy architectures, Miden starts fresh.

Wei Dai of 1kx summarized it best: “Miden solves three major problems: scalability, fragmentation, and confidentiality. Individual applications can now scale without limits while keeping state private yet auditable.”

Why This Is Bigger Than Just Another Chain

It’s tempting to view every new L1 as yet another Solana wannabe. Miden is different. It doesn’t just offer a different tradeoff—it redefines the boundaries of what’s possible.

In a world of AI agents, real-time commerce, programmable finance, and hyper-personalized services, institutions need infrastructure that’s fast, private, scalable, and decentralized. That infrastructure doesn’t exist today.

Miden might just be the missing layer.

Its blend of edge execution, ZK privacy, and institutional-grade performance isn’t just an upgrade—it’s an architectural reset. And it couldn’t come at a better time. As DeFi inches toward mainstream finance, and as traditional firms get serious about tokenized assets, the need for a chain that can bridge trust and performance is growing louder by the day.

Miden heard that call. And $25 million says they’re not alone.

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[cipherhut-blog]

🔗 Unlocking the Power of Blockchain Nodes! 🌐✨

Ever wondered about the backbone of decentralized networks? Enter Blockchain nodes – the architects of decentralized infrastructure, the heartbeat of consensus at Seracle! 🚀🔒

🌐 Enhanced Control with Blockchain Nodes:

Each node plays a pivotal role, maintaining and validating the decentralized ledger, ensuring integrity and security. Dive into the world where nodes synchronize, validate, and make information accessible to all within the network. 💪🔐

🎯 Purposes of a Node:

Maintenance, Validation, Accessibility - the three pillars of a node's existence. Custodians synchronizing ledger copies, algorithmic validations, and transparent accessibility to anyone seeking information. 🔄🤖📡

🔟 Types of Blockchain Nodes:

From Full Nodes to Supernodes, each type has a unique role. Pruned Nodes prioritize security, Master Nodes validate, Staking Nodes use proof-of-stake, and Lightning Nodes tackle congestion! Which one resonates with your blockchain journey? 🤔🔗

🚀 Seracle's Innovation: Public Endpoints:

Introducing Public Endpoints, a game-changer in blockchain development! No more hassle in creating and maintaining dedicated endpoints. Seracle's got you covered for streamlined, cost-effective, and efficient development. 🌐🔗

🌍 Why Public Endpoints Matter:

For prototype development, exploratory projects, and open-source initiatives, our Public Endpoints are a game-changer. Elevate your development game with Seracle – your strategic partner in advancing blockchain projects. 🚀💼💡

⚡️ Conclusion:

Elevate your development game – choose Seracle. Blockchain in simple terms is like a synchronized, decentralized database with nodes acting as servers, connected in a symphony of control. Dive into the future with Seracle! 🚀🌐💻

[polygonpossupernetstuffblogs]

Demystifying Polygon POS Supernets: A Deep Dive into the Technology

In the intricate realm of blockchain technology, Polygon's Proof-of-Stake (POS) Supernets stand out as a pioneering solution designed to address the challenges of scalability, energy efficiency, and security. To truly understand the impact of Polygon POS Supernets, it's essential to embark on a deep dive into the underlying technology that propels this innovative system.

1. Proof-of-Stake Mechanism

At the heart of Polygon POS Supernets lies the Proof-of-Stake (POS) consensus mechanism, a departure from the energy-intensive Proof-of-Work (POW) models employed by early blockchain networks. POS relies on validators who lock up a certain amount of cryptocurrency as collateral to propose and validate new blocks. This shift significantly reduces the environmental footprint associated with traditional mining processes, making POS Supernets more sustainable and environmentally friendly.

2. Supernodes: Scalability Unleashed

The term "Supernode" within the Polygon POS ecosystem refers to a high-performance node that plays a pivotal role in achieving scalability. These Supernodes are responsible for processing transactions and reaching consensus on the state of the blockchain. Through a distributed network of Supernodes, Polygon POS can achieve high transaction throughput, enabling the network to scale horizontally as demand grows. This scalability is a crucial factor in supporting widespread adoption and ensuring a smooth user experience.

3. Layer 2 Scaling Solutions

Polygon POS Supernets are not just about the consensus mechanism; they also incorporate Layer 2 scaling solutions. These solutions aim to address the scalability bottleneck by processing a significant number of transactions off the main blockchain. One such example is the implementation of sidechains, allowing for faster and more cost-effective transactions without compromising the security of the underlying blockchain. This dual-layer approach is a key component of the technology's success in delivering on the promise of scalability.

4. Security Protocols: Fortifying the Network

Security is paramount in any blockchain network, and Polygon POS Supernets are no exception. Through a combination of cryptographic algorithms, decentralized validation processes, and economic incentives, the Supernets ensure the integrity and immutability of the data stored on the blockchain. The transition to POS also introduces a unique security model, where validators have a vested interest in maintaining the network's honesty, as their staked assets act as collateral.

5. Interoperability and Compatibility

One of the notable aspects of Polygon POS Supernets is their commitment to interoperability. The network is designed to be compatible with existing blockchain networks, allowing for seamless integration and communication between different platforms. This interoperability is crucial in fostering collaboration and creating a more interconnected blockchain ecosystem, where assets and data can flow freely across diverse networks.

Conclusion: Navigating the Complex Terrain of Innovation

Demystifying Polygon POS Supernets requires a comprehensive exploration of its technological foundations. From the transition to Proof-of-Stake to the implementation of Layer 2 scaling solutions and the emphasis on security and interoperability, each component plays a crucial role in shaping the network's capabilities. As blockchain technology continues to evolve, Polygon POS Supernets emerge as a testament to the industry's commitment to efficiency, sustainability, and scalability.

In essence, this deep dive into the technology behind Polygon POS Supernets reveals a sophisticated and forward-thinking approach to blockchain design. By addressing the limitations of traditional models and embracing innovative solutions, Polygon POS Supernets are charting a course towards a decentralized future where scalability, security, and sustainability coexist harmoniously. As the blockchain landscape continues to evolve, the demystification of Polygon POS Supernets signifies a leap forward into a new era of blockchain innovation.

[phanestechnology]

What the Proof of Stake and Supernode box replaces the Proof of Stake?

PoS uses a processplus pseudo-random election to choose the validator of the next block, which depends on the amount of tokens that each node has staked. In order to prevent nodes with high stakes from dominating the network, techniques such as Random Block Selection and Room Age Based Selection are generally adopted by the algorithm.

It is generally believed that the higher a node's stake, the more likely it is that the node wants the network to remain secure. In order to launch a 51% attack, a Node would require control of 51% of the entire circulating supply, an expensive proposition, just like PoW. Additionally, if a node behaves dishonestly, all of its staked parts are confiscated by the network, which further incentivizes nodes to stay by the rules.

Since no special material is required to become a validator, anyone availablesant of a simple laptop can join the network as a node. Greater decentralization undoubtedly leads to greater security.

However, just as every coin has two sides, greater decentralization also results in performance issues. The nodes in a PoS network have different hardware metrics, which makes the network as strong as its weakest node. Block validation time may be longer for nodes using obsolete hardware, resulting in an overall increase in confirmation times under heavy traffic. Anyone who's tried to participate in a Neo ICO would know what I'm talking about here!

The PoS family

Efforts have been made by various blockchain projects to remedy the limitations from which conventional PoS suffers, by providing modifications

in the protocol while retaining its basic essence. Daniel Larimer came

with Delegated proof of stake (DPoS) in 2014, which was first adopted by BitShares. Later, other cryptocurrencies like Lisk and EOS also used DPoS.

In DPoS, nodes vote for a number Fixed delegates (or witnesses), who participate in the consensus process and secure the network. The voting power of each node (or stakeholder) is proportional to the number of coins it has. Voting rewards are usually collected by delegates and shared proportionally with theirs respective voters. If an elected node engages in fraudulent behavior, it is immediately kicked out and replaced by another.

DPoS distributes tasks between nodes and delegates. Since ordinary nodes participate only in the block validator election process, transaction times depend only on the performance of the delegates and not on ordinary nodes. Delegates are either motivated to remain honest or they are rejected, which is supposed to add to the overall security of the network.

Another popular variant of PoS is Leased Proof-of-Stake (LPoS), which was developed in 2017. LPoS allows nodes to rent their coins to mini ng nodes, which validate blocks and earn rewards. Mining nodes must wager a minimum number of coins. The rented rooms are locked.stored in the user's account,

and are not physically transferred to the minor. As in other cases, the higher the amount of coins rented from a miner, the higher their chances of winning bulk rewards. Waves was the first project to use LPoS.

Since miners must be online 24/7, every user might not be interested in running a node mining. By allowing users to lease their parts for mining, more nodes can be involved in the overall governance of the network. This increases the degree of decentralization of the network, although it also entails the risk of the formation of mining pools.

Enter SPoS

Supernode Proof-of-Stake (SPoS) is the latest in algorithmPoS-based consensus ithms. It is the brainchild of Sunny King, the creator of PoS himself, and was announced to the public in January 2019. While it retains the fundamentals of PoS (and some of its derivatives), What sets SPoS apart is that it focuses more on hardware upgrades than protocol enhancements.

The SPoS protocol itself requires the supernode hardware to be upgraded as the performance of the blockchain requires. By rem Due to the dependence on ordinary nodes, SPoS claims that constant network performance can be guaranteed even under heavy traffic. V SYSTEMS is the first project to have implemented SPoS.

Ordinary nodes can still participate in the governance of the network by leasing their coins to these supernodes, who distribute the hit rewards proportionally among the pi ownersgot real. The rooms can be rented without giving up their ownership thanks to the technique of Cold Staking. Each user has 2 keys - the typing key, which remains online and allows the coin mechanism to sign newly minted blocks; and the expense key, which is securely held offline, actually “owns” the participation.

Stake owners can also transfer or spend their staked coins whenever they want, encouraging more nodes to stake coins. In principle, this is similar to LPoS, although LPoS does not impose any restrictions on the choice of hardware for mining nodes.

SPoS also supports a new part staking mechanism called Staking 2.0. In ordinary PoS, by staking coins on the network, nodes earn the native coin of the network as rewards (for example, Neo staking allows users toisators to win NeoGas). In Staking 2.0, not only will supernodes win the native blockchain coin, but all blockchain-supported tokens (for example, VSYS staking will allow users to earn both VSYS and IPX from now on). Supernodes are then expected to distribute them all among the stake owners.

Concerns about decentralization

Despite attempts by SPoS for greater decentralization through Staking2.0, it There are concerns about inherently present trends. Compared to Bitcoin or Ethereum which have thousands With minor nodes around the world participating in the consensus, the governance of SPoS is requisitioned by a handful of supernodes.

The owners of the picketswould naturally tend to rent parts from supernodes with a higher rental rate. This would lead to the tendency to create strike pools, and if a supernode ends up assimilating the majority of the coins involved, it can compromise the security of the network as a whole.

With more rooms rented, the rental rate of a supernode would drop automatically, thus ensuring that a balance is maintained and no supernode ends up becoming a player dominant in the ecosystem.

Unfortunately, that still doesn't stop the rogue supernodes from ganging up and trying to take over the network. I had the opportunity to express this doubt to Jacob Gadikian , a blockchain technologist who was part of the SPoS development team

.

According to Jacob, in order to launch such an attack, the supernode (s) should first acquire a sufficient amount of stake. They can earn it by buying the coins on exchanges or by using social marketing skills.

to convince users to rent coins from them.

In the first case, buying such a large amount of coins would drive up the price of the coin, making the attack financially impractical (similar to the argument for Bitcoin) .And in the second case, they would no longer be red supernodes, but rather ecosystem partners chosen by stakeholders e

Thoughts of separation

PoS was an attempt to provide the same security and decentralization as PoW, but at lower cost SPoS further attempts to improve network performance, shifting the focus from updating the algorithm to upgrading.material day

. In the process, they seem to have been more flexible on decentralization. After all, no project has really been able to solve the blockchain trilemma.

Having said that, even PoW is not a guarantee against network attacks. Earlier this year, one of the best -20 ETC (Ethereum Classic) market cap coins have fallen

prey at 51% to nail. It continued for 3 days, resulting in losses in the order of $ 1.1 million. SPoS takes a different approach compared to other variants of PoS

, and it is still in its infancy. It is only after a sufficient amount of time and a decent number of projects have adopted SPoS that we will be able to tell if King's second child has been able to outperform his firstborn.

[oricommunity]

ORI Community

WHO WE ARE

ORI is a community that welcomes blockchain non-believer and ORI entrepreneur to join together. Miners are our priority, and miners are the core value of the community, which is irreplaceable. ORI strongly believes in the consistency of the consensus of miners, the consistency of the consensus agreement, and the strength of consistency of the same goal is based on the consensus of the miners. We develop our own blockchain era step by step, from the top to the bottom. On the road to entrepreneurship, meet and complete the mentioned conditions, and become a qualified ORI entrepreneur.

ORI is determined by implementing blockchain utilities and create every application to merge into our living, forming a safe haven for us in the cryptocurrency world, allowing knowledge to protect every asset we invest in the cryptocurrency world. In addition, ORI also provide more opportunities for entrepreneurs to the society. With a secure and effective system mechanism, we can not only establish a positive culture for ORI digital currency, but also to become a entrepreneur who contributes to the blockchain economy. Together we bring the blockchain trend toward a real blockchain era with ORI.

VISSON AND MISSION

The mission of ORI is to promote ORI to the world economy, so that ORI can be implanted in our daily life. Whether it is spending, trading, investment, or product labeling, can be proven by ORI.ORI is an organized company. Its members and shareholders are constantly increasing. The ideology of ORI is “You can’t be successful by your own in the world, it must be achieved through organizational development.” To expand its business indefinitely, it must be relies on community. ORI mainly conducts asset supervision for the community through the SPOS mechanism. It is an effective and fair in serving the community. Any member can be rewarded for contributing in the community.

WHY ORI

The ORI community create a seamless integration between blockchain technology and internet industry, Connecting decentralized services into a centralized service and optimizing them in a coexistence model allows people to use blockchain technology to achieve a more convenient and secure utilization of blockchain technology.

ORI is the third consensus mechanism after POW and POS. SPOS (Supernode Proof-of-stake) is to provide a consensus-based community governance mechanism for the ORI community to continuously promote ORI’s technology development and ecological growth, dispute resolution, management of community assets, and encouragement for community members participating in the governance and contribution of the community. In addition, it is able to distribute rewards fairly and equitably to every ORI entrepreneur who contributes to the community and its development.

The ORI community puts the benefits of miners as an priority. The SPOS mechanism creates a chain of ecosystems, and the revenue of ORI miners will increases constantly. Therefore, ORI miners enjoy different benefits in many ways during the mining process and can promote the expansion of community consensus and accelerate the generation of blocks.

[truthblockchain]

A New Proof Of Stake Blockchain

The team behind the New Economy Movement blockchain, the NEM Group, have launched a new, business-enterprise-facing project today called Symbol.

Symbol is a proof-of-stake blockchain with its own token (XYM) the NEM Group is marketing as an enterprise blockchain solution for fintech, supply chains and everything in between. On Symbol’s public blockchain, PoS validators can stake a supernode with their XYM or stake their tokens in another supernode’s pool.

https://www.google.com/amp/s/www.coindesk.com/nem-proof-of-stake-enterprise-facing-blockchain-platform%3famp=1

[goldira01]

Jay Hao, the CEO of the digital asset exchange OKEx, took part in Cointelegraph China HUB, an online interview column started by Cointelegraph China. In the past, Hao has stated that blockchain will eliminate transaction barriers, improve efficiency and ultimately impact the development of the global economy. But what does he think about the world of blockchain now?

Cointelegraph: Is cryptocurrency a niche industry developing with uncertainty and volatility? And how did OKEx overcome the volatility of the industry to become one of the top exchanges?

Jay Hao: As you said, the cryptocurrency industry itself brims with uncertainties, and it is OKEx’s innate mission to be prepared to meet new challenges on all occasions. In the past year, the lowest price of Bitcoin reached about $3,300 and the highest exceeded $13,000. Especially in the past three months, the global financial industry has encountered massive fluctuations under the influence of COVID-19. 24/7 free-to-trade cryptocurrency has reacted even more in this plunge. 

“For exchanges, the biggest challenge brought by such huge fluctuations is the stability of the trading system and risk control under such extreme market behavior.”

So, my team and I have consistently held a consensus: in the world of cryptocurrency, technology strength must be the key to building any crypto ecosystem. In the past year, we have polished the construction of the system without stopping, and we have carried out hundreds of significant upgrades. Our unique super matching engine and Lightning 2.0 system ensure that the platform can run stable even under extreme market conditions, and also the order processing speed has ranked high on the world’s top options exchanges lists. This is indeed a matter of pride.

CT: Can you give some details about OKEx’s expansion plan or overall strategy?

JH: From my point of view, reputation is the foundation of an enterprise, especially in the crypto world. In addition to the well-known reasons why Libra’s issuance is so complicated, I think there is another factor. Business lies happen once or countless times. After all, a lie requires countless lies to make up for it, and the vicious cycle will always collapse.

As Facebook is one of the main sponsors, it was bothered with problems such as user data leakage and unauthorized collection of user data, which have seriously hurt market confidence. Lawmakers’ distrust of Facebook even exceeds that of cryptocurrency itself or blockchain technology. 

“Therefore, within OKEx, I repeatedly stress with the team that we must never do anything that harms the interests of users. ‘Customer first’ is always the core value of OKEx, which also acts as the cornerstone of our internationalization.”

The internationalization of OKEx has been accelerating. At present, it has reached cooperation with the world’s seven largest legal fiat payment providers through the fiat gateway project, supported 30 fiat currencies including United States dollars and euros, and accepts 17 payment methods including Visa and Mastercard. Also, we have provided services to more than 20 million users in more than 200 countries and regions around the world, and that is still increasing.

In the crypto world, OKEx’s role is not only as a trading platform but also a blockchain technology company. We have launched OKEx Cloud, relying on the technical strength and service experience accumulated by OKEx in the field of digital assets for many years and providing exchange technology services to the world. 

Besides, OKChain, independently developed by OKEx, was also completed as 100% open-source. OKChain pioneered the “commercial chain alliance” model, which will face all ecological nodes and provide efficient, free and boundless public chain ecosystems. It is a significant step for our internationalization.

In summary, OKEx’s internationalization has three points: first, customers come first; second, to meet global differentiated needs and provide localized services; and third, we are not building an exchange, but a global free, equal and healthy encryption ecosystem.

CT: According to CryptoCompare, the combined volumes of OKEx’s, BitMEX’s, Huobi’s and Binance’s derivatives markets in March totaled $514 billion, or 86% of the entire market. And OKEx took more than BitMEX. How do you see the competition in the market? 

JH: In the face of competition, I always believe that continuous and healthy competition will bring new vitality into the market. While promoting the progress of the industry, it also allows users to have a better reference basis when choosing a trading platform. We will actively learn from excellent competitors. After all, the beneficiaries under healthy competition will always be users.

Can a contract dominate the competitiveness and fate of an exchange? The answer is, of course, no. No company can be popular in the world with only one function. The needs of users are constantly changing. In the business environment, the only constant is change. What’s more, in a new and rapidly changing industry like blockchain, I always believe that OKEx’s biggest competitor is ourselves, and we are also confident that we will continue to lead the industry and make breakthroughs.

CT: How does OKEx address challenges such as cryptojacking or the free-fall of the market such as occurred on March 12?

JH: As I said before, technical security is still one of the biggest challenges that trading platforms need to face. I can proudly tell you that because of OKEx’s excellent technical strength, there has never been a theft of user funds or an information security incident since its establishment. In terms of fund management, OKEx adopts enhanced cold/hot wallet management, and the risk control system is continuously upgraded to ensure the safety of user funds and information.

Due to the particularity of the industry, the order volume per second in extreme market conditions is several times higher than the normal order volume and can reach 1 million. This is indeed an objective challenge for all exchanges in the industry.

On the other hand, service solutions from the perspective of user interests are also particularly important. For the user losses caused by our platform in the extreme market on March 12, we immediately set up a special solution group to actively follow up and solve the problems, which has also been understood and supported by most users. As an objectively neutral and responsible trading platform, we are well aware that there are still many areas that need to be improved. 

CT：It can be said that OKB is not only a platform coin for OKEx, but also a global token throughout the entire ecosystem of OKEx. What’s the role of OKB in OKEx’s ecosystem?

JH: Now, in many people’s eyes, OKB is less and less like a “platform token.” It creates continuous value for OKEx users. OKB ecological construction starts from several important dimensions, and its ultimate goal is to continue to create value for users.

In terms of additional rights within the OKEx trading platform, 14 application scenarios have been expanded. From the perspective of the construction of a deflation model, we are currently the first platform coin in the industry to achieve full circulation. On Feb. 10, we destroyed 700 million unissued OKB, which means that the team completely gave up its rights and holdings of OKB, and the profits were given to OKB users. Of course, this also means that OKB’s future buyback and burn will all be performed in the secondary market.

CT: Can you tell us how OKChain will empower OKB in the future?

JH: The appearance of OKChain is also an attempt of OKEx in the global decentralization tide. The big difference is that OKChain will solve the problem of large-scale landing and application of public chains because we believe this is the main contradiction in the current development of public chains.

OKChain’s uniquely designed cross-chain solution and original business chain alliance can enable each participating node to exert its power here and publish and run various decentralized applications without hindrance. The whole process does not require any review nor is there a so-called “proposal.” To a large extent, it has solved a series of problems such as transactions per second, security and adaptability that plagued the development of public chain technology.

In the future, OKB will be migrated to the main chain of OKChain. At that time, we will delete the code of the smart contract for the additional issuance of tokens and continue to improve the OKB deflation model. And the genesis block of OKChain’s basic token OKT will map 100% to OKB holders when the mainnet goes online, and OKB holders will also have the opportunity to become supernodes on OKChain.

The latest progress is that when it was open-sourced to GitHub, OKChain joined hands with the first group of ecological partners — a total of 30 global well-known enterprises from the public chain, proof-of-stake mining pool, blockchain browser, wallet and multiple other types of fields. Perhaps by that time, OKB will be less like a “platform token.”

CT：How do you see the regulatory landscape around crypto, and how does OKEx remain compliant with global regulators?

JH: I was not surprised by the result of the U.S. Security and Exchange Commission’s ban on Telegram tokens. Telegram is elaborating on the nature of its tokens, saying that Telegram Open Network is a practical tool for community members with “consumer uses,” while the SEC and the courts are more concerned about its financial attributes, believing that it can flow out of control to the secondary market. Such negotiations are doomed to a consensus.

“The supervision of any industry always needs to dynamically adapt to market changes, but a basic premise is that no matter how changes are made, everyone has a basic consensus on this industry.”

The TON ban does not completely represent the SEC’s denial of the entire digital currency. On the contrary, this judgement fully shows us the professional understanding of the SEC and the courts on blockchain technology and digital currency, which is a powerful impetus for the development of the entire crypto industry. In the globalization process of OKEx, it is our primary premise to reach a regulatory consensus with local users and regulatory agencies.

In March, we heard a lot of good news from the world: India lifted the trading ban, South Korea officially classified cryptocurrencies as an asset and Germany issued a guide to classify cryptocurrencies as a financial instrument, with many other countries also actively exploring.

This just shows that the regulatory agencies of various countries are reaching a consensus with the crypto market. Therefore, for any country and region in the world that has reached a consensus with the crypto world, OKEx is ready to embrace supervision at any time.

CT: Could you share your thoughts on Binance’s acquisition of CoinMarketCap? What were the main motivations behind this move, in your opinion? Is expansion like this a natural way for exchanges to develop?

JH：First of all, congratulations to Binance on its ecological footprint expansion. However, I have also expressed my view on social media. In contrast, I would be more inclined to spend this budget on repurchasing platform coins and giving back to users who support the development of the platform. Only when users benefit will more and more people pay attention to and support you, and the exchange ecology will naturally become stronger and stronger.

“Each exchange has its expansion strategy. There is no so-called natural occurrence. It is a trade-off between the interests of all parties. The final choice is also determined by the operator’s judgment on the interests.”

Although I have said it many times, I still have to reiterate that in the expansion of OKEx, the interests of OKEx users will always be first. It does not exclude that we will advance some important decisions by soliciting opinions from users. OKEx will continue to contribute its strength to the construction of the global crypto ecosystem, which is beyond doubt.

CT: Can you share what your favorite books are, those that have inspired you to do what you’ve been doing in the blockchain sector?

JH：Work and life are two mirrors that reflect a person. I am quite different from myself at work. In addition to books that enhance professional knowledge every day, I like to read some tragic comedy and realism novels by Shakespeare and Dickens. I remember one sentence in Dickens’s A Tale of Two Cities: “It was the best of times, it was the worst of times.” Now, in many moments, this sentence will appear in my heart. Any industry and its related technologies have two sides. 

This era has given us a great platform to do what we think is meaningful and at the same time set up many constraints. Therefore, our actions must be oriented to benefit the people, society and life. A good or bad thought requires that we always have a rule in our hearts to measure and correct. These novels have influenced my code of conduct to a certain extent.

In addition to these, an avid teenager lives in my heart. Maybe you can’t imagine it, but I also like to watch popular novels like “Harry Potter” and “Lord of the Rings.” I like a story that breaks the boundaries of thinking and uses imagination to create a world of dreams and love.

Just like the blockchain industry, it is new, meaningful, borderless and does not adhere to conventions. We still have a lot of possibilities to achieve the impossible. Just like the enthusiasm brought by these novels, I think that whether it is a blockchain enterprise or a trading platform, we first need to use unlimited innovation and imagination to create services and value for society. At the same time, we must assess the situation, be bold and careful, and conduct within the rules of society.

This interview was conducted during a partnered event. It has been condensed and edited.

[michaelbennettcrypto]

OKEx Pool Among Top 5 Mining Pools, Charts Future Path for the Industry

OKEx Pool, a global integrated mining pool from OKEx, is offering a one-stop mining and trading service for its users from across the world. The mining pool, not confined to any one specific cryptocurrency, is known for the variety of mining services it offers for Proof-of-Work (PoW), Proof-of-Stake (PoS) and PoS-variant cryptocurrencies. Cryptocurrency mining has been a very lucrative activity where people managed to earn a small fortune with their own mining set up. But eventually, as dedicated mining hardware became more powerful and difficulty levels increased, mining crypto by oneself has become uneconomical. In order to tackle the issue, people have increasingly started to pool their resources to increase efficiency, thereby creating mining pools. OKEx Pool is one such comprehensive cryptocurrency mining pool created by the leading digital asset exchange and trading platform OKEx. By providing a one-stop service for most of the crypto-related activities, OKEx Pool is allowing the miners on its platform to put not just their mining resources but also earnings to good use over a single window. The mining and trading services also help miners maximize their yields as high as 15%. OKEx Pool enjoys a large client base with high satisfaction ratings, making it one of the top 5 mining pools within 3 months of its launch. With the aim of applying blockchain technology to tackle the demands in various fields, the platform offers an entire package, including mining, trading, and staking products, along with a sophisticated risk control system. The 24/7 one-on-one customer service is also one of its outstanding features. Alina Yao, the Head of OKEx Pool, differentiates the platform from others by saying, “Different from other mining pools, OKEx Pool aims to become a global leading integrated mining pool which supports both PoW and PoS/POS-variant mining. Not only do we support 13 major crypto assets for PoW mining, but we also provide hedging and staking services to meet the diversified demands in the market.” OKEx Pool has grown aggressively in the crypto mining space. It currently has a BTC hash rate of over 7490P along with a solid PoS mining base. It is also involved in the development of around 20 blockchain projects, including EOS, COSMOS, VSYS, IOST, LAD, and more as a supernode. OKEx Pool believes in blockchain technology as an ideal solution to empower the real-world economy as it has the potential to transform the current systems into more efficient ones. There are many blockchain solutions at present that have adopted different consensus mechanisms. The diversity in consensus solutions allows users to choose the one that is right for them. For OKEx Pool, there is no best, or the worst consensus as the platform intends to extend equal support for each one of them and foster further innovation in the sector. “We appreciate the diversity of consensus solutions as they offer the market many choices, and we will continue to be open-minded to any new consensus protocols that may come in the future. In the future, the ecosystem of mining pools will become more diversified, and cryptocurrencies with different consensus protocols will be able to interact,” said Alina. At present, mining pools are relatively new businesses in the cryptocurrency space, and every player in this space is on a lookout for new, sustainable profit models based on what they are already offering. Being part of OKEx, the OKEx Pool can leverage a lot of existing products currently provided by the company and provide a host of services to the community that’s part of the pool. While explaining the future of mining pools, Alina said, “In my opinion, mining pools should develop into digital asset management platforms with unique advantages. Like many global asset management firms, investment consultant fees, asset management fees and collateralized lending could be the sources of income for mining pools. While today the major income of mining pool comes from management fees, I see huge potential for industry players to develop the other two aspects.” It also outlines the current strategy that OKEx Pool seems to have adopted, and at this rate, it might become the first mining pool to achieve the goals Alina outlined. Image by WorldSpectrum from Pixabay from Cryptocracken WP https://ift.tt/2wU0mlV via IFTTT

[brettzjacksonblog]

OKEx Pool Among Top 5 Mining Pools, Charts Future Path for the Industry

OKEx Pool, a global integrated mining pool from OKEx, is offering a one-stop mining and trading service for its users from across the world. The mining pool, not confined to any one specific cryptocurrency, is known for the variety of mining services it offers for Proof-of-Work (PoW), Proof-of-Stake (PoS) and PoS-variant cryptocurrencies. Cryptocurrency mining has been a very lucrative activity where people managed to earn a small fortune with their own mining set up. But eventually, as dedicated mining hardware became more powerful and difficulty levels increased, mining crypto by oneself has become uneconomical. In order to tackle the issue, people have increasingly started to pool their resources to increase efficiency, thereby creating mining pools. OKEx Pool is one such comprehensive cryptocurrency mining pool created by the leading digital asset exchange and trading platform OKEx. By providing a one-stop service for most of the crypto-related activities, OKEx Pool is allowing the miners on its platform to put not just their mining resources but also earnings to good use over a single window. The mining and trading services also help miners maximize their yields as high as 15%. OKEx Pool enjoys a large client base with high satisfaction ratings, making it one of the top 5 mining pools within 3 months of its launch. With the aim of applying blockchain technology to tackle the demands in various fields, the platform offers an entire package, including mining, trading, and staking products, along with a sophisticated risk control system. The 24/7 one-on-one customer service is also one of its outstanding features. Alina Yao, the Head of OKEx Pool, differentiates the platform from others by saying, “Different from other mining pools, OKEx Pool aims to become a global leading integrated mining pool which supports both PoW and PoS/POS-variant mining. Not only do we support 13 major crypto assets for PoW mining, but we also provide hedging and staking services to meet the diversified demands in the market.” OKEx Pool has grown aggressively in the crypto mining space. It currently has a BTC hash rate of over 7490P along with a solid PoS mining base. It is also involved in the development of around 20 blockchain projects, including EOS, COSMOS, VSYS, IOST, LAD, and more as a supernode. OKEx Pool believes in blockchain technology as an ideal solution to empower the real-world economy as it has the potential to transform the current systems into more efficient ones. There are many blockchain solutions at present that have adopted different consensus mechanisms. The diversity in consensus solutions allows users to choose the one that is right for them. For OKEx Pool, there is no best, or the worst consensus as the platform intends to extend equal support for each one of them and foster further innovation in the sector. “We appreciate the diversity of consensus solutions as they offer the market many choices, and we will continue to be open-minded to any new consensus protocols that may come in the future. In the future, the ecosystem of mining pools will become more diversified, and cryptocurrencies with different consensus protocols will be able to interact,” said Alina. At present, mining pools are relatively new businesses in the cryptocurrency space, and every player in this space is on a lookout for new, sustainable profit models based on what they are already offering. Being part of OKEx, the OKEx Pool can leverage a lot of existing products currently provided by the company and provide a host of services to the community that’s part of the pool. While explaining the future of mining pools, Alina said, “In my opinion, mining pools should develop into digital asset management platforms with unique advantages. Like many global asset management firms, investment consultant fees, asset management fees and collateralized lending could be the sources of income for mining pools. While today the major income of mining pool comes from management fees, I see huge potential for industry players to develop the other two aspects.” It also outlines the current strategy that OKEx Pool seems to have adopted, and at this rate, it might become the first mining pool to achieve the goals Alina outlined. Image by WorldSpectrum from Pixabay from CryptoCracken SMFeed https://ift.tt/2wU0mlV via IFTTT

[thecryptoreport]

Peercoin blockchain launches V SYSTEMS candidate node

Peercoin blockchain launches V SYSTEMS candidate node

The team of Peercoin, the Proof-of-Stake (PoS) blockchain platform, has announced the launch of a candidate node ”Peercoin VPool” with the goal of becoming one of the supernodes that run the V SYSTEMS network.

V SYSTEMS is a blockchain infrastructure provider with a focus on database and cloud services. Led by Chief Architect Sunny King, the V SYSTEMS blockchain aims to create a secure underlying…

[phanestechnology]

Supernode Proof of Stake Consensus Complete Guide

1. Basic introduction

Supernode Proof of Stake (SPoS) is a blockchain consensus mechanism designed by Sunny King, the creator of Proof of Stake (PoS) consensus, in June 2018. It is an extension to many core concepts of PoS, including Stake as Power, decentralization, high scalability and more. Compared to the new generation of mechanisms inspired by PoS, such as Casper, hybrid PoS, and DPoS, which is sometimes not considered as PoS, SPoS is a true and faithful continuation to the original PoS fundamentals.

Released in 2013, PoS was designed to resolve several key issues associated with Bitcoin’s Proof of Work (PoW) consensus mechanism, including energy inefficiency, centralization of mining pools and lack of scalability. Since its creation, many cryptocurrencies have been inspired by PoS and adopted the algorithm, such as Dash, Cardano, and Sunny King’s own creation Peercoin.

However, PoS consensus mechanism carries certain shortcomings, and is unable to meet the requirements of the current blockchain field for the development and application of a single public chain platform. On December 31th 2016, therefore, Sunny King started a new thing, this thing will change the history again.

In November 2018, Sunny King launched the first native blockchain platform V SYSTEMS based on his SPoS consensus mechanism. The project aims to deliver a blockchain database and cloud platform, with the vision to bring forward a new economic era consisting of hundreds of millions of blockchain applications.

2. Summary of PoS

Since SPoS is an extension to PoS’ original ideologies, it is crucial to learn the key technical features of PoS before fully understanding the concept of SPoS.

1. Almost no energy consumption

PoS does not rely on electricity nor computational power as the basis for block validation, thereby consuming almost no energy.

2. Unlimited level of scalability

As the validation process is not restricted by hardware or electricity constraints, in theory, the blockchain carries an unlimited level of scalability. This paves the way for large scale blockchain technology applications.

3. Coin utility determines coin value

The coin value is not reliant on the intrinsic value nor the equivalence of other types of goods (e.g. the cost of mining). Instead, the coin value is determined by the coin utility.

4. Stake is power

Block validation and rewards are both based upon stake.

5. Decentralization

Without mining pools, there will be no giant and centralized institutions to dominate the blockchain.

6. Random block production

PoS uses the design of random block production, and only the average block interval can be observed.

3. Criticisms for PoS

SPoS is designed to tackle the issues of PoS. It is therefore also important to learn the key criticisms faced by PoS in order to fully understand the rationale behind SPoS.

1. Nothing-at-stake

Nothing-at-stake is one of the major concerns on PoS. The argument suggests that because block validation does not involve computational power or energy consumption, coin minters will try to mint on all block trees in order to prevent himself from not minting on the winning chain, therefore avoiding any potential loss and maximizing the gain.

2. Stake liquidity limited by coin age

PoS imposes many restrictions on the movement of stake after participating in coin minting. On a technical level, this design prevents frequent attacks (i.e. the holder of the coin can “vote more than once” and one stake gains multiple benefits).

From the perspective of PoS, one stake should not be allowed to claim multiple minting rights. However, one might be able to take advantage of stake liquidity and attempt to quickly move the stake around to claim more minting rights than it should. This type of attack is referred to as “busy contention attack”.

Even though the restrictions on movement may be of good reasons from a technical point of view, economically it is a barrier of entry for users to participate in minting. Coin holders are often concerned on how long their coins will be locked for the minting process.

Under SPoS, however, the number of stakes participating in minting is directly related to the level of security for the mechanism, similar to how computing power determines bitcoin security level. In this sense, not putting any restrictions on movement of stake is in fact beneficial to network security.

3. Coin age cannot accurately reflect contribution

As a proof of the stake value in minting opportunity, coin age shows a high level of stability and a wide range of advantages.

However, since it is a transaction-based measurement, the computational complexity is correlated with the number of transactions executed in a given time. Also, coin age is not an accurate indicator of the stake owner’s contribution to the community.

4. Minting security

Since PoS requires minter to sign the block, the private key must remain online, which poses a potential huge risk to the minter.

5. Inability to support large scale adoption

Under PoS, not all nodes receive enough incentives to undergo hardware upgrade. Moreover, if a random block production is adopted like in Bitcoin or other PoS blockchain, the actual production interval may sometimes far exceed the average time.

These issues create a huge concern for the efficiency of the blockchain, as systems usually prefer a constant response time over a random one.

4. Evolution from PoS to SPoS

1. Nothing-at-stake

The concern on nothing-at-stake is in fact unnecessary, as it ignores the fact that when a person owns a certain amount of stake in the ecosystem, the person is motivated to maximize the interest of the community instead of initiating attacks.

Coin owners who seek to maximize profits use the exchange value of the coin as a measurement of the coin value. Minting on all branches of block tree will be contradictory to his self interest, as it is considered a type of attack and the action will lead to a drop in the exchange value.

Considering the negative impact on the coin value, the potential loss on not minting on all branches is far less than the potential loss on coin value. Rational coin owners will always choose to uphold the protocol and ideologies of the consensus mechanism in order to maximize the interest.

In fact, the issue of nothing-at-stake has yet to be observed in a real scenario.

2. Stake liquidity

With a high level of stake liquidity, minters can spend or transfer their stake at any time. Coin leasers can also withdraw their lease, spend, or transfer their stake at any moment. This freedom of movement helps safeguard the blockchain. Take an extreme example of when supernodes are under attack — under SPoS mechanism, a coin holder can immediately withdraw the lease and switch to a secure backup supernode. This will render the attack meaningless, and also make it difficult to attack the blockchain as a whole, as in theory the hacker will have to attack an unlimited amount of supernodes.

Although there is a concern of busy contention attacks due to stake liquidity as mentioned in previous section, SPoS is well adapt to counter the situation. The mechanism introduces a unique measurement of account balance, similar to the accumulative average measurement during minting contention. The idea is that the stake must remain in the account for a period of time and wait for the metric to return to full. This design helps eliminate the concerns on frequent attacks.

3. Coin age

A minting balance mechanism is introduced for coin age measurement in the SPoS mechanism. The idea is that when a stake is withdrawn from the supernode, the total amount of stake on the supernode is immediately reduced. However, when a stake is leased to the supernode, the total amount of stake on the supernode is not immediately increased.

Whether the supernode wins the minting right depends on the minting balance. This minting balance, on the other hand, is dependent on whether the leased stake has been placed for a sufficient period of time. Yet, the length of the stake placement time and minting rewards are not correlated.

4. Minting security

To raise the level of security, SPoS mechanism separates the roles of minter and spender. That is, the private key of the coin holder can be different from the private key of the coin minter. With this design, all private keys of the stake can be put in offline storage.

This naturally allows the emergence of minting pools — the supernodes in SPoS. It is a similar concept to mining pools in Bitcoin.

Sunny King has also introduced a balanced minting right to prevent centralization of supernodes. This will be further explored in later sections.

5. Supporting large scale decentralized applications

The introduction of supernodes provides sufficient incentives to ensure that the supernodes continuously upgrade the hardware to support the blockchain expansion.

Also, the fixed block production sequence and production interval allows the supernode local clock to synchronize with the Internet time protocol. This ensures a high efficiency of block production as well as improves the security and predictability.

5. Technical and economical features of SPoS

Key technical features of SPoS:

1. Fixed block production sequence and constant block interval

2. Cold minting

3. Supernodes

Key economical features of SPoS:

1. Both stake owners and supernodes receive incentives for block production

Minting rewards are shared by supernodes and stake owners. The reward sharing ratio is determined by the supernode. Currently, there are 15 supernodes running on the V SYSTEMS mainnet. Coin holders (stake owners) can lease their coins to the supernode in order to earn the minting rewards. Each supernode takes turn to generate blocks in a minute, with each block bringing 36 VSYS Coins as rewards.

Based on the current number of supernodes, each supernode will generate 51,840 VSYS coins per day. After deducting around 20% of the reward for hardware upgrade and other operational costs, the remaining 80% will be proportionately distributed to coin holders who leased their coins to the supernode.

2. Minting right and minting rewards are distributed in a fair manner, thus eliminating the risk of minting pool centralization

Equal minting right for each minting slot gives supernodes an equal standing and minting output. This is contrary to the design of Bitcoin, where no built-in mechanism is put in place to prevent the domination of mining pools. SPoS eliminates this major barrier that hinders the goal of decentralization.

The equal minting right of minting slot plays an important role in the minting economy. Supernodes form a market of minting pools. The minting market will then form an interest rate for leasing. Since stake owners have a reasonable preference to lease to a supernode paying higher lease rate, and the additional lease to a high paying supernode will lower its lease rate due to the constant minting output of the supernode, an equilibrium exists as a built-in force to equalize the lease rates of supernodes.

6. Advancements of SPoS

1. Superior version of PoS, following the stake-as-power philosophy

2. The only everyone can easy minting and easy out consensus.

3. Performance-oriented, support large scale decentralized applications

4. Most resistant consensus mechanism to 51% attack

5. Highly secure of minting progress for all ecosystem participants

6. Decentralized supernodes

7. Simplify the consensus using a mathematical approach just like bitcoin & PoW did

[oricommunity]

The SPOS within ORI

ORI is the third consensus mechanism after POW and POS, SPOS (Supernode Proof-of-stake) is to provide a consensus-based community governance mechanism for the ORI community to continuously promote ORI’s technology development and ecological growth, dispute resolution, management of community assets, and encouragement for community members participating in the governance and contribution of the community.

In order to solve the problem of community decision-making and incentives for contributors, we combined the blockchain technology to propose the third consensus SPOS (Supernode Proof-Of-Stake). Under the SPOS mechanism, the block producer becomes a central node and together they form a polycentric system. The characteristic of the SPOS mechanism is that the system sets a fixed number of block producing nodes, and the nodes produce blocks in sequence, and the block producing time is fixed. With SPOS, a higher block generation speed and more efficiency can be obtained relative to the decentralized consensus mechanism.

With the rapid growth of the blockchain ecosystem, the desire of users must be satisfied through multi-functional applications and effective system mechanisms. Therefore, ORI has selected SPOS — Supernode Proof-of-stake as its core technology to lead the development of the community. Regardless of the security mechanism, development mechanism, system security, and technical aspects, it is very decent and sufficient to meet ORI entrepreneur’s development needs, and develop the blockchain ecosystem together with the super-node consensus mechanism members without restriction.

In this case, SPOS uses “cold minting” technology, which can be understood as the users can stake coins for mining in their own wallet by connecting to the super node, and does not need to transfer the coin to the super node. In terms of security, even if the super node is attacked by hackers, users can quickly lease their coins to the new super node, making it almost impossible for hackers to carry out 51% attacks. Subsequently, the “cold minting” technology highlights the way that ORI entrepreneur are good at leveraging assets, this is a more popular investment method in the cryptocurrency world. Under a secure mechanism, assets are backed for capital leverage, allowing original assets to increase in value, achieved the effect of multi-profit for one coin.

[jacobhinkley]

Vote Threshold Is Met: EOS Can Finally Launch Its Platform

According to data from EOS Authority, EOS has finally acquired the minimum votes required for its network to go live.

After EOS failed to launch its platform on its projected launch date of June 2, a live-stream vote was called, where users voted “Go” to launch the blockchain network. But while the network got the green light, it couldn’t go live until it was activated with the EOS tokens held by investors.

Things didn’t go as planned as token owners became reluctant to weigh in with the minimum vote required to activate the blockchain. For the EOS blockchain to go live, 15 percent of the total EOS tokens in supply had to be used to elect the network’s 21 EOS block producers.

Votes

Also known as supernodes, block producers operate as part of EOS’s delegated proof of stake (DPoS), where they serve a function similar to Bitcoin miners who secure proof-of-work systems. The candidates for the supernodes include local crypto enthusiasts such as EOS Canada, who is currently leading with just over 42,000,00  token votes at press time, followed by EOS Authority, the entity that started up EOS, in second place with about 39,400,000 votes. Blockchain heavyweight Bitfinex is currently eighth with a bit under 32,000,000 EOS votes, and EOS HuobiPool is in the eleventh spot with just over 30 million token votes.

To vote for the supernodes, token owners have to go through a process of proving ownership, which requires using their private keys.

The most noteworthy voting software is CLEOS, a command-line tool created by Block.one, the creators of EOS. This software requires a lot of programming knowledge, which left non-technical voters with crowdfunded projects like EOS Portal and other desktop tools.

As much as users were eager to activate the mainnet, they were equally nervous that the process might jeopardize their holdings.

EOS’s inability to get the required number of tokens staked led to the mainnet launch being stalled for days. There were also some reports that a general, widespread distrust in third-party software available to owners, coupled with the complexity of the voting process, led to voter apathy.

Vulnerabilities

Despite the success of its ICO, the EOS team has not been able to find a lasting solution to the vulnerabilities that have riddled it from the start. Some weeks back, Chinese internet research firm Qihoo 360 discovered a vulnerability that could be used by hackers to remotely manage codes on nodes and attack any cryptocurrency built on the network.

EOS launched a bug bounty program that rewards developers for discovering security vulnerabilities, with the most significant reward going to Dutch ethical hacker Guido Vranken, who was paid a hefty $120,000 for discovering 11 new vulnerabilities. EOS’s HackerOne profile shows that vulnerabilities are still being discovered.

EOS is currently up by 14.4 percent, trading at $11.32.

This article originally appeared on Bitcoin Magazine.

Vote Threshold Is Met: EOS Can Finally Launch Its Platform published first on https://medium.com/@smartoptions

[michaelbennettcrypto]

Huobi Announces Plans to Become EOS Block Producer

Chinese crypto exchange Huobi Pro announced plans yesterday to become a block producer on the EOS blockchain. Currently the world’s fourth largest crypto exchange with $2.3 billion in daily volume, Singapore headquartered Huobi becomes the latest to embrace the EOS ecosystem.

Supernode Candidacy for Huobi Pro

In a live stream event dubbed the ‘EOS Supernode Party’, and on Twitter the team revealed their application for candidacy to become the next EOS supernode.

Who will be the next Supernode? Hear from the 6 candidates for EOS Supernode, streaming LIVE NOW from World Blockchain Conference Summit.

Tune in here at https://t.co/R39Q7plmIV @EOS_io @eosdac #huobi #supernode #nodes #blockchain #mining pic.twitter.com/zqgMgCwakk

— Huobi Pro (@Huobi_Pro) April 24, 2018

EOS is similar to Ethereum in that it provides an ecosystem for dApp development and deployment however, unlike Ethereum, it runs on a delegated proof of stake consensus model. This differs to traditional proof of work mining in that the hash power is defined by the number of tokens held or staked by each user or node.

The pros are that it prevents mining monopolies controlling the network but the downside is that it does lead to centralization. Delegated PoS differs slightly in that blocks are produced by elected supernodes which change every 21 blocks in a continual approval voting system. This maintains honesty across the network and prevents one entity controlling too much of it. Those that want to be considered for election must announce their intentions to become a supernode, and Huobi has done just that.

EOS will be migrating away from the Ethereum network on June 2, 2018. The 21 supernodes supporting the mainnet must be in place by then so applications have been coming in thick and fast. Huobi is the largest exchange so far to lodge an application but it has also been joined by others organizations including ViaBTC, and AntPool.

Other exchanges are also making moves to become EOS block producer candidates. Bitfinex who already has an EOS powered exchange, EOSfinex, also announced candidacy on April 23rd. EOS has been having a good run lately with positive developments boosting price. Trading giant eToro announced that it would be adding the token to its listings expanding the total number of cryptocurrencies it offers to ten.

Boosted by the news EOS has continued to grow and is currently trading at just over $15, up 18% on the day. The altcoin recently surpassed Litecoin in the top 25 by market cap and it is currently fifth with $12.3 billion. Over the past month EOS has skyrocketed almost 125% from around $6.7 this time last month.

  Image from Shutterstock

The post Huobi Announces Plans to Become EOS Block Producer appeared first on NewsBTC.

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[brettzjacksonblog]

Huobi Announces Plans to Become EOS Block Producer

Chinese crypto exchange Huobi Pro announced plans yesterday to become a block producer on the EOS blockchain. Currently the world’s fourth largest crypto exchange with $2.3 billion in daily volume, Singapore headquartered Huobi becomes the latest to embrace the EOS ecosystem.

Supernode Candidacy for Huobi Pro

In a live stream event dubbed the ‘EOS Supernode Party’, and on Twitter the team revealed their application for candidacy to become the next EOS supernode.

Who will be the next Supernode? Hear from the 6 candidates for EOS Supernode, streaming LIVE NOW from World Blockchain Conference Summit.

Tune in here at https://t.co/R39Q7plmIV @EOS_io @eosdac #huobi #supernode #nodes #blockchain #mining pic.twitter.com/zqgMgCwakk

— Huobi Pro (@Huobi_Pro) April 24, 2018

EOS is similar to Ethereum in that it provides an ecosystem for dApp development and deployment however, unlike Ethereum, it runs on a delegated proof of stake consensus model. This differs to traditional proof of work mining in that the hash power is defined by the number of tokens held or staked by each user or node.

The pros are that it prevents mining monopolies controlling the network but the downside is that it does lead to centralization. Delegated PoS differs slightly in that blocks are produced by elected supernodes which change every 21 blocks in a continual approval voting system. This maintains honesty across the network and prevents one entity controlling too much of it. Those that want to be considered for election must announce their intentions to become a supernode, and Huobi has done just that.

EOS will be migrating away from the Ethereum network on June 2, 2018. The 21 supernodes supporting the mainnet must be in place by then so applications have been coming in thick and fast. Huobi is the largest exchange so far to lodge an application but it has also been joined by others organizations including ViaBTC, and AntPool.

Other exchanges are also making moves to become EOS block producer candidates. Bitfinex who already has an EOS powered exchange, EOSfinex, also announced candidacy on April 23rd. EOS has been having a good run lately with positive developments boosting price. Trading giant eToro announced that it would be adding the token to its listings expanding the total number of cryptocurrencies it offers to ten.

Boosted by the news EOS has continued to grow and is currently trading at just over $15, up 18% on the day. The altcoin recently surpassed Litecoin in the top 25 by market cap and it is currently fifth with $12.3 billion. Over the past month EOS has skyrocketed almost 125% from around $6.7 this time last month.

  Image from Shutterstock

The post Huobi Announces Plans to Become EOS Block Producer appeared first on NewsBTC.

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[preciousmetals0]

Sharing Thoughts on Security, OKEx’s Jay Hao Says Customers Come First

Sharing Thoughts on Security, OKEx’s Jay Hao Says Customers Come First:

Jay Hao, the CEO of the digital asset exchange OKEx, took part in Cointelegraph China HUB, an online interview column started by Cointelegraph China. In the past, Hao has stated that blockchain will eliminate transaction barriers, improve efficiency and ultimately impact the development of the global economy. But what does he think about the world of blockchain now?

Cointelegraph: Is cryptocurrency a niche industry developing with uncertainty and volatility? And how did OKEx overcome the volatility of the industry to become one of the top exchanges?

Jay Hao: As you said, the cryptocurrency industry itself brims with uncertainties, and it is OKEx’s innate mission to be prepared to meet new challenges on all occasions. In the past year, the lowest price of Bitcoin reached about $3,300 and the highest exceeded $13,000. Especially in the past three months, the global financial industry has encountered massive fluctuations under the influence of COVID-19. 24/7 free-to-trade cryptocurrency has reacted even more in this plunge. 

“For exchanges, the biggest challenge brought by such huge fluctuations is the stability of the trading system and risk control under such extreme market behavior.”

So, my team and I have consistently held a consensus: in the world of cryptocurrency, technology strength must be the key to building any crypto ecosystem. In the past year, we have polished the construction of the system without stopping, and we have carried out hundreds of significant upgrades. Our unique super matching engine and Lightning 2.0 system ensure that the platform can run stable even under extreme market conditions, and also the order processing speed has ranked high on the world’s top options exchanges lists. This is indeed a matter of pride.

CT: Can you give some details about OKEx’s expansion plan or overall strategy?

JH: From my point of view, reputation is the foundation of an enterprise, especially in the crypto world. In addition to the well-known reasons why Libra’s issuance is so complicated, I think there is another factor. Business lies happen once or countless times. After all, a lie requires countless lies to make up for it, and the vicious cycle will always collapse.

As Facebook is one of the main sponsors, it was bothered with problems such as user data leakage and unauthorized collection of user data, which have seriously hurt market confidence. Lawmakers’ distrust of Facebook even exceeds that of cryptocurrency itself or blockchain technology. 

“Therefore, within OKEx, I repeatedly stress with the team that we must never do anything that harms the interests of users. ‘Customer first’ is always the core value of OKEx, which also acts as the cornerstone of our internationalization.”

The internationalization of OKEx has been accelerating. At present, it has reached cooperation with the world’s seven largest legal fiat payment providers through the fiat gateway project, supported 30 fiat currencies including United States dollars and euros, and accepts 17 payment methods including Visa and Mastercard. Also, we have provided services to more than 20 million users in more than 200 countries and regions around the world, and that is still increasing.

In the crypto world, OKEx’s role is not only as a trading platform but also a blockchain technology company. We have launched OKEx Cloud, relying on the technical strength and service experience accumulated by OKEx in the field of digital assets for many years and providing exchange technology services to the world. 

Besides, OKChain, independently developed by OKEx, was also completed as 100% open-source. OKChain pioneered the “commercial chain alliance” model, which will face all ecological nodes and provide efficient, free and boundless public chain ecosystems. It is a significant step for our internationalization.

In summary, OKEx’s internationalization has three points: first, customers come first; second, to meet global differentiated needs and provide localized services; and third, we are not building an exchange, but a global free, equal and healthy encryption ecosystem.

CT: According to CryptoCompare, the combined volumes of OKEx’s, BitMEX’s, Huobi’s and Binance’s derivatives markets in March totaled $514 billion, or 86% of the entire market. And OKEx took more than BitMEX. How do you see the competition in the market? 

JH: In the face of competition, I always believe that continuous and healthy competition will bring new vitality into the market. While promoting the progress of the industry, it also allows users to have a better reference basis when choosing a trading platform. We will actively learn from excellent competitors. After all, the beneficiaries under healthy competition will always be users.

Can a contract dominate the competitiveness and fate of an exchange? The answer is, of course, no. No company can be popular in the world with only one function. The needs of users are constantly changing. In the business environment, the only constant is change. What’s more, in a new and rapidly changing industry like blockchain, I always believe that OKEx’s biggest competitor is ourselves, and we are also confident that we will continue to lead the industry and make breakthroughs.

CT: How does OKEx address challenges such as cryptojacking or the free-fall of the market such as occurred on March 12?

JH: As I said before, technical security is still one of the biggest challenges that trading platforms need to face. I can proudly tell you that because of OKEx’s excellent technical strength, there has never been a theft of user funds or an information security incident since its establishment. In terms of fund management, OKEx adopts enhanced cold/hot wallet management, and the risk control system is continuously upgraded to ensure the safety of user funds and information.

Due to the particularity of the industry, the order volume per second in extreme market conditions is several times higher than the normal order volume and can reach 1 million. This is indeed an objective challenge for all exchanges in the industry.

On the other hand, service solutions from the perspective of user interests are also particularly important. For the user losses caused by our platform in the extreme market on March 12, we immediately set up a special solution group to actively follow up and solve the problems, which has also been understood and supported by most users. As an objectively neutral and responsible trading platform, we are well aware that there are still many areas that need to be improved. 

CT：It can be said that OKB is not only a platform coin for OKEx, but also a global token throughout the entire ecosystem of OKEx. What’s the role of OKB in OKEx’s ecosystem?

JH: Now, in many people’s eyes, OKB is less and less like a “platform token.” It creates continuous value for OKEx users. OKB ecological construction starts from several important dimensions, and its ultimate goal is to continue to create value for users.

In terms of additional rights within the OKEx trading platform, 14 application scenarios have been expanded. From the perspective of the construction of a deflation model, we are currently the first platform coin in the industry to achieve full circulation. On Feb. 10, we destroyed 700 million unissued OKB, which means that the team completely gave up its rights and holdings of OKB, and the profits were given to OKB users. Of course, this also means that OKB’s future buyback and burn will all be performed in the secondary market.

CT: Can you tell us how OKChain will empower OKB in the future?

JH: The appearance of OKChain is also an attempt of OKEx in the global decentralization tide. The big difference is that OKChain will solve the problem of large-scale landing and application of public chains because we believe this is the main contradiction in the current development of public chains.

OKChain’s uniquely designed cross-chain solution and original business chain alliance can enable each participating node to exert its power here and publish and run various decentralized applications without hindrance. The whole process does not require any review nor is there a so-called “proposal.” To a large extent, it has solved a series of problems such as transactions per second, security and adaptability that plagued the development of public chain technology.

In the future, OKB will be migrated to the main chain of OKChain. At that time, we will delete the code of the smart contract for the additional issuance of tokens and continue to improve the OKB deflation model. And the genesis block of OKChain’s basic token OKT will map 100% to OKB holders when the mainnet goes online, and OKB holders will also have the opportunity to become supernodes on OKChain.

The latest progress is that when it was open-sourced to GitHub, OKChain joined hands with the first group of ecological partners — a total of 30 global well-known enterprises from the public chain, proof-of-stake mining pool, blockchain browser, wallet and multiple other types of fields. Perhaps by that time, OKB will be less like a “platform token.”

CT：How do you see the regulatory landscape around crypto, and how does OKEx remain compliant with global regulators?

JH: I was not surprised by the result of the U.S. Security and Exchange Commission’s ban on Telegram tokens. Telegram is elaborating on the nature of its tokens, saying that Telegram Open Network is a practical tool for community members with “consumer uses,” while the SEC and the courts are more concerned about its financial attributes, believing that it can flow out of control to the secondary market. Such negotiations are doomed to a consensus.

“The supervision of any industry always needs to dynamically adapt to market changes, but a basic premise is that no matter how changes are made, everyone has a basic consensus on this industry.”

The TON ban does not completely represent the SEC’s denial of the entire digital currency. On the contrary, this judgement fully shows us the professional understanding of the SEC and the courts on blockchain technology and digital currency, which is a powerful impetus for the development of the entire crypto industry. In the globalization process of OKEx, it is our primary premise to reach a regulatory consensus with local users and regulatory agencies.

In March, we heard a lot of good news from the world: India lifted the trading ban, South Korea officially classified cryptocurrencies as an asset and Germany issued a guide to classify cryptocurrencies as a financial instrument, with many other countries also actively exploring.

This just shows that the regulatory agencies of various countries are reaching a consensus with the crypto market. Therefore, for any country and region in the world that has reached a consensus with the crypto world, OKEx is ready to embrace supervision at any time.

CT: Could you share your thoughts on Binance’s acquisition of CoinMarketCap? What were the main motivations behind this move, in your opinion? Is expansion like this a natural way for exchanges to develop?

JH：First of all, congratulations to Binance on its ecological footprint expansion. However, I have also expressed my view on social media. In contrast, I would be more inclined to spend this budget on repurchasing platform coins and giving back to users who support the development of the platform. Only when users benefit will more and more people pay attention to and support you, and the exchange ecology will naturally become stronger and stronger.

“Each exchange has its expansion strategy. There is no so-called natural occurrence. It is a trade-off between the interests of all parties. The final choice is also determined by the operator’s judgment on the interests.”

Although I have said it many times, I still have to reiterate that in the expansion of OKEx, the interests of OKEx users will always be first. It does not exclude that we will advance some important decisions by soliciting opinions from users. OKEx will continue to contribute its strength to the construction of the global crypto ecosystem, which is beyond doubt.

CT: Can you share what your favorite books are, those that have inspired you to do what you’ve been doing in the blockchain sector?

JH：Work and life are two mirrors that reflect a person. I am quite different from myself at work. In addition to books that enhance professional knowledge every day, I like to read some tragic comedy and realism novels by Shakespeare and Dickens. I remember one sentence in Dickens’s A Tale of Two Cities: “It was the best of times, it was the worst of times.” Now, in many moments, this sentence will appear in my heart. Any industry and its related technologies have two sides. 

This era has given us a great platform to do what we think is meaningful and at the same time set up many constraints. Therefore, our actions must be oriented to benefit the people, society and life. A good or bad thought requires that we always have a rule in our hearts to measure and correct. These novels have influenced my code of conduct to a certain extent.

In addition to these, an avid teenager lives in my heart. Maybe you can’t imagine it, but I also like to watch popular novels like “Harry Potter” and “Lord of the Rings.” I like a story that breaks the boundaries of thinking and uses imagination to create a world of dreams and love.

Just like the blockchain industry, it is new, meaningful, borderless and does not adhere to conventions. We still have a lot of possibilities to achieve the impossible. Just like the enthusiasm brought by these novels, I think that whether it is a blockchain enterprise or a trading platform, we first need to use unlimited innovation and imagination to create services and value for society. At the same time, we must assess the situation, be bold and careful, and conduct within the rules of society.

This interview was conducted during a partnered event. It has been condensed and edited.