How Does Bitcoin Money Laundering - Bitcoin Compliance

Cryptocurrencies and Money Laundering, how does it work ? - BlockHaven /r/Bitcoin

Cryptocurrencies and Money Laundering, how does it work ? - BlockHaven /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin mentioned around Reddit: ELI5: How does money laundering work? /r/explainlikeimfive

Bitcoin mentioned around Reddit: ELI5: How does money laundering work? /explainlikeimfive submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

How does money laundering work with Bitcoin? /r/Bitcoin

How does money laundering work with Bitcoin? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin: How Does It Work, What's It Do, and Is It a Drug-Fueled Money Laundering Scam Bubble?

Bitcoin: How Does It Work, What's It Do, and Is It a Drug-Fueled Money Laundering Scam Bubble? submitted by Des1derata to Bitcoin [link] [comments]

Bitcoin mentioned around Reddit: ELI5: How do people money launder through bitcoins? Don't you have to put cash in your bank to buy bitcoins? And even if that works, then when you withdrawal money from bitcoins to buy stuff isn't doe /r/explainlikeimfive

Bitcoin mentioned around Reddit: ELI5: How do people money launder through bitcoins? Don't you have to put cash in your bank to buy bitcoins? And even if that works, then when you withdrawal money from bitcoins to buy stuff isn't doe /explainlikeimfive submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Why i’m bullish on Zilliqa (long read)

Edit: TL;DR added in the comments
 
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
 
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction
 
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
 
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
 
Decentralisation
 
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. The faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time-stamped so you’ll start right away with a platform introduction, roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
 
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships
 
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
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6 Extraordinary Salespeople.

Good news, your request has been approved! One of the Salespeople is willing have you as a customer! Alas, due to union rules, only one of the Salespeople can work with each customer, so you’ll have to choose one. Once you’ve chosen, you can contact them anytime- just ask and they’ll step from the air wherever you are.
The Salespeople will haggle, but they’re pretty good at it- you’re unlikely to get more then a small decrease in cost, and will probably be haggled up. They won't be your friend, they won’t help you in any way other then making a sale, and will avoid answering any questions about what they are or where they came from (except the Knowledge Broker, but you’ll have to pay through the nose for that one). They are also much more powerful then they seem, and have access to abilities far beyond those obviously visible- any attempt to attack, rob, scam or coerce them will fail at best.
Anyway! Here they are! Choose one to work with!
  1. The Death Merchant: She’s young and thin. 20 at most, with the nervous, overly friendly look of someone trying to make their first sale. In a bright suit and bright smile, she explains. She makes people die. She’s not a hitman, you understand. She just makes people die. Give her a name and description and they’ll die the next day. Default is a stroke but if you want to pay a bit more you can choose a preferred method of death. Can’t be traced back to you, can’t be protected against, can't be survived. No she’s not heard of “Death Note”, she’s never really been much of a reader. What does she want in exchange? Time. Specifically, yours. Kill off some randomer with a stroke, you’ll only age a few months. But the more “important” someone is (that is, the bigger knock-on effects their death will have) and the more elaborate the cause of death, the more time is lost. Killing a world leader is about a decade. She notices you don’t have a lot of years, so she’ll inform you that her branch is looking for freelancers. That is, if you personally kill someone, she can give you some time for it! Same rules. Kill some nobody on the street and gain three months, kill a world leader and you’ll become a decade younger. She grins that bright smile as you notice the grass she stood on has withered away. Kill anyone you want and live forever! What a bargain, huh? Shake her hand and let’s get started!
  2. The Body Crafter: He’s in his 50s. Dressed casually, blunt and straightforward. He’s not going to give you his sales pitch. He’s just going to tell you what he makes. Bodies. He looks over yours and sighs. You got one of those evolution-designed ones, didn’t you? They seem cheap but they’ll give out on you. Here, he’ll fix it. He can make you a new body. All the way up from simply cosmetically different to superhuman. He’s very good at your job and honestly, given the junker you’re in now, he’ll only bill you raw materials. Compassionate reasons, you see. All you have to do bring him some flesh. A minor change- skin or eye or hair color, a bit smaller or taller? That’ll be maybe a small animal. A dog or pig for something like healing a chronic disease or a true sex change. Something like a cow or horse for making you younger, or improving your strength or speed or intelligence or something a reasonable amount. If you want peak human abilities, or an ability an animal has? That’ll be a person. Maybe 2, if it’s a really rare trait. You want something superhuman? That’ll be a lot of people. Depends on how powerful you want to be. Try and get some kind of kryptonian bullshit and you’ll need to depopulate a large city. He won’t lie to you: these animals and people are gonna die. Horribly. He’ll want them restrained when you’re giving them to him- he’s already doing you a favor, he’s not going to beat them into submission for you. Just give him the design of your new body and he’ll tell you what he needs.
  3. The Knowledge Broker: Sometimes, she’s so old she’s barely breathing. Sometimes, she’s so young she needs help talking. Sometimes she’s a teen, sometimes a young woman, sometimes middle aged. But always she has that faint smile and piercing gaze. She leads with the point. She knows everything. Any secret, any knowledge, any fact. She knows it. But she won’t give it for free. You see, there’s only one thing she doesn’t know. And that’s experiences. She can look at two lovers and tell you every opinion they have on the relationship, tell you what neurons are firing and what hormones are being released. But she doesn’t know what it’s like to be in love. So she wants your memories. She’ll just pluck them out of your head. The harder to obtain your knowledge is, the more important the memory has to be. Trivia you could get away with your trip to the supermarket. Classified information you might need to give up the memory of your first kiss. Grand secrets of the universe might need an entire childhood. She’ll take traumatic experiences- after experiencing nothing, even pain is better- but she prefers pleasant memories. Incredibly happy memories are worth much more, while miserable ones are worth less. A truly horrific experience will be near worthless, I’m afraid. She looks at you. Well? She’s an old woman (for now). She’s waiting. Are you in or not?
  4. The Money Giver: You'd barely notice this person. You can’t tell their sex, their race, their age. They’re average height, average weight, neither ugly or attractive. They talk in a voice utterly lacking emotion or accent, and explain that they have realized what humans really value. “Money”. They will give you “money”. They will give you a lot of money, if you ask. Direct to your bank account, by default, but it you want it in cash or cheque or gold or bitcoin or something they’ll provide. They almost show a hint of smugness when they confirm the taxmen of your world have no hope of exposing them. It’ll be fully laundered. What they want is control. They’ll take control of your body for a bit. They promise not to kill anyone directly or harm your body. For a few hundred, it may only be for an hour. A thousand might get them a day. A million will get them six months. A billion will get them a decade. Of course, richer you are, the better your odds of dealing with the aftermath once you get your body back. You have traded control of your life for money before. Do so again. Sign the contract.
  5. The Dream Author: he’s rail thin, heavily scarred, scribbling in a book as you speak. It takes him clear effort to stop and look up at you to begin his pitch. How would you like to visit one of his stories? It’ll be perfectly realistic, and it can feel like up to a decade. And he can write you however you want. He doesn’t judge, he’s written stories for all kinds of people. You wanna be a brutal god-king, crushing all opposition? You wanna be a hero who saves millions? You wanna just fuck? He prides himself on being a multi-genre writer. Whatever you provide, he can work with. It’s not real, of course. After the decade, you’ll wake where you were, only a few seconds having passed, as if it never happened. You’ll remember it all, don’t worry. All it costs is something you significantly emotionally value. Maybe an precious photo or something. Artists can’t be choosers. How long does it take to go onto pets or people? Well, depends on how often you enter a story, and how long it takes you to run out. If you're scared of spiraling, he’ll offer you a deal. Pay up front- destroy every object, kill every person, burn everything you care about- and he’ll put you in a story permanently. For as long as you subjectively like, in whatever world you like. If the cost really upsets you, he’ll make you imaginary versions of the people you love. You can do that, in his stories. You can do anything in his stories.
  6. The Luck Trader. They’re androgynous and beautiful, dressed delicately. They’re always grinning, and never still. They talk musically and never touch iron. They have a sack, and inside are tokens. Tokens of luck. Lucky in love? Lucky in money? Lucky in health? Whatever area you want, they can give it to you. Just have the token on you, and watch the luck flow towards you. It’s not perfect- this isn’t “winning lottery ticket rains down from the sky” luck- but things will go your way far more often then would otherwise be the case. It’s a boost, but it’s a hefty boost. If you take advantage, you could go very far in life. Of course, the tokens need activating. Just choose someone to activate it. It has to be someone you know personally- not necessarily someone you like, or know well, but you need to have had at least one genuine conversation with them. And the Trader will take them away. They’ll just be gone. No-one will ever find them. And you will get your token. Buy as many tokens as you like! You just need to keep offering up people, and you’ll get as many lucky breaks as you want. Their eyes glitter with hunger as they speak. Just give them people and watch the doors of the world open before you. It's a bargain.
submitted by Urbenmyth to 6Perks [link] [comments]

I am the creator of BitcoinDuLiban.org. I am on a mission to educate Lebanese about the importance and usefulness of Bitcoins in their lives. AMA

What is Bitcoin?

Bitcoin (₿) (ticker BTC)is an open source cryptocurrency. It is a decentralized cryptographic currency without a central bank or single administrator in control that can be sent from user to user on the peer-to-peer bitcoin network without the need for 3rd person in between like bank, or payment processor or institution all transaction processing and verification is carried out collectively by the network.
Find out more at http://www.bitcoinduliban.org/

Why Bitcoin is the future?

Bitcoin emerged in 2009 as more economies across the world started losing trust in the current banking model. Institutions that have been around longer than ourselves have changed very little throughout our lifetime. Not only does the lack of trust, and stagnant change of banks allow Bitcoin to thrive, but also the possibility of eliminating inflation. Bitcoin saw the opportunity to take the power out of the institutions and provide a better service, and the people responded. Bitcoin operates universally, meaning for the first time, there is a possibility of a global currency. With truly international currency possibilities for global economic growth, social equality, self-sovereignty is endless.

Why Bitcoin and not others?

It is a very good question, there at the moment of writing over 2000 projects and “coins” that emerged after Bitcoin. Many of them claim to be faster, better and more flexible than Bitcoin however very few have withstood the test of time or delivered their proposed product. The basic fundamentals of Bitcoin’s principle monetary policy are unprecedented, and by now, it is impossible to replicate its level of decentralization or network security, which is powered by a computer network as powerful as almost 12 trillion Intel Core i7 processors. Bitcoin also has the largest social / community strength. I would HIGHLY advise against investing or getting dragged into any project that claims superiority, I have single rule : if it says it's better than Bitcoin then its what we call “scam-coin” you will only get pulled in and lose your bitcoin/usd value causing a lot of pain and sadness . Sit down, read, learn and be patient, you will not miss out on anything over night and if something is rising in price quickly most likely it will crash as fast.

Does bitcoin have an applicable use in daily life or is it only for holding for future gains?

Bitcoin has taken over the cryptocurrency market. It’s the largest and most well-known digital currency today. Many large companies are accepting Bitcoin as a legitimate source of funds, you can use your Bitcoin at but not limited to : KFC, Burger King, Microsoft, AT&T , Expedia, Subway, Twitch, Virgin Galactic and many more just look it up. You can look up merc and services at https://spendabit.co/ So if you are living abroad, you can use your bitcoin just like any other known currency in addition there are Debit cards in collaboration with VISA network offers that are backed by Bitcoin making you able to pay with it anywhere in the world just with a swipe or tap.

As Lebanese in Lebanon, how can I buy or sell bitcoin ?

In Lebanon unfortunately we can not use our banking system to purchase bitcoin, there was a time where rain.bh an UAE based exchange was accepting Lebanese Cards, till it was stopped but give it a try we weren’t able to confirm all cards.
Therefore most common way to buy bitcoin in lebanon is using P2P which is person to person exchange, this can be through an international website such as localbitcoins.com or hodlhodl.com , all you gotta do is find a sell offer initiate transaction with seller , send him his payment using WesterUnion or Moneygram and once the seller receives payment your bitcoins will be released but make sure you use escrow service which ensures safety of your transaction therefore bitcoins you are buying are frozen for the seller and he can not retrieve them unless you fail to pay or run out of time window to pay. Another p2p way is through local bitcoin communities , there are plenty of traders willing to exchange with you however always ask for the reputation of the seller inside a group and never respond to private messages unless it is a confirmed reliable trader just to avoid losing and being scammed. Feel free to find out more about how to buy in Lebanon at http://www.bitcoinduliban.org/

If I have a bank account outside Lebanon, can I use bitcoin to transfer money from Lebanon to my bank account outside?

It is possible to transfer Bitcoin to an international account in the USA or EU for example, you would need to use recognized exchanges such as coinbase.com kraken.com and many others. It would be as simple as sending BTC to your coinbase account, converting to USD and withdrawing it to your account. However you must take few precautions, if you are sending a significant amount of BTC and converting it to USD you will need some kind of proof that these funds are yours otherwise you might get investigated for money laundering. So is it convenient to send ? I do not think so, if you managed to get what we call now in Lebanon “ Fresh USD” it would be much less of a hassle to simply initiate an international transaction.

Why would I want to send Bitcoin to my family or friends in Lebanon ?

This is where I believe BTC can shine for us, you can use exchanges as coinbase,kraken or any prefered place to purchase some bitcoin that can be transferred to your family wallet within minutes. Your family or friends can exchange bitcoin or part that is needed with local traders to LBP at desired exchange rate therefore you are not forced to exchange at rates given by WesterUnion, after which they will be able to do their daily purchases and mitigate inflation rates to some extent. You can send as little as $1 and the transaction costs less than $1 for any amount.

Why is the Bitcoin price so volatile ?

Indeed it can be, sudden swings of 20% both ways are considered normal if you look at daily data, however bitcoin since 2009 had only one trend which is upward, 80% chance is if you bought BTC at any moment in past 2 years is that you are on break even or positive not loss. Feel free to try this exercise by going to https://dcabtc.com/

Should I invest?

NO. Now since we got the short version of this, let me elaborate. By the end of the day it is a new class of an asset, the price is still in the discovery phase and it could cause a lot of pain and sleepless nights if you invest more than you can chew to possibly lose. No one can advice you what to do with your money and how to position them, however i highly encourage to read, educate yourself on money before investing in BTC a good start would be https://bitcoinduliban.org. Please ask more knowledgeable bitcoin users and double check sources , once you feel confident enough that you understand this monetary system you can try dipping your toes with small amounts and build your position from there. Just stay away from quick gains schemes such as “online mining” “cloud mining” and anything that offers 100% returns in a very short time, if it's too good to be true then it's a scam.

Scams, BE AWARE.

Due to our difficult situation we are being targeted by constant advertisement of potential new solutions using “newly developed cryptocurrencies“ , unfortunately such new technology does not exist and they are trying to take advantage of us by promising fake solutions.
Even Bitcoin can not provide you with a solution to your hard worked money being inaccessible in any Lebanese bank.
Here are few typical scam msgs:
submitted by marceldy to lebanon [link] [comments]

[FULL ANALYSIS] Bitcoin exchanges and payment processors in Canada are now regulated as Money Service Businesses

Hello Bitcoiners!
Many of you saw my tweet yesterday about the Bitcoin regulations in Canada. As usual, some journalists decided to write articles about my tweets without asking me for the full context :P Which means there has been a lot of misunderstanding. Particuarly, these regulations mean that we can lower the KYC requirements and no longer require ID documents or bank account connections! We can also increase the daily transaction limit from $3,000 per day to $10,000 per day for unverified accounts. The main difference is that we now have a $1,000 per-transaction limit (instead of per day) and we must report suspicious transactions. It's important to read about our reporting requirements, as it is the main difference since pretty much every exchange was doing KYC anyway.
Hopefully you appreciate the transparency, and I'm available for questions!
Cheers,
Francis
*********************************************
Text below is copied from: https://medium.com/bull-bitcoin/bitcoin-exchanges-and-payment-processors-in-canada-are-now-regulated-as-money-service-businesses-1ca820575511

Bitcoin is money, regulated like money

Notice to Canadian Bitcoin users

If you are the user of a Canadian Bitcoin company, be assured that:
You may notice that the exchange service you are using has change its transactions limits or is now requiring more information from you.
You can stop reading this email now without any consequence! Otherwise, keep regarding if you are interested in my unique insights into this important topic!

Background on regulation

Today marks an important chapter for Bitcoin’s history in Canada: Bitcoin is officially regulated as money (virtual currency) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of Canada (PCMLTFA), under the jurisdiction of the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC).
This is the culmination of 5 years of effort by numerous Bitcoin Canadian advocates collaborating with the Ministry of Finance, Fintrac and other Canadian government agencies.
It is important to note that there is no new Bitcoin law in Canada. In June of 2014, the Governor General of Canada (representing Her Majesty Queen Elizabeth II) gave royal asset to Bill C-31, voted by parliament under Stephen Harper’s Conservative government, which included amendments to the PCMLTFA to included Bitcoin companies (named “dealers in virtual currency”) as a category of Money Service Businesses.
Thereafter, FINTRAC engaged in the process of defining what exactly is meant by “dealing in virtual currency” and what particular rules would apply to the businesses in this category. Much of our work was centred around excluding things like non-custodial wallets, nodes, mining and other activities that were not related exchange or payments processing.
To give an idea, the other categories that apply to traditional fiat currency businesses are:
When we say that Bitcoin is now regulated, what we mean is that these questions have been settled, officially published, and that they are now legally binding.
Businesses that are deemed to be “dealing in virtual currency” must register with FINTRAC as a money service business, just like they would if they were doing traditional currency exchange or payment processing.
There is no “license” required, which means that you do not need the government’s approval before you can operate a Bitcoin exchange business. However, when you operate a Money Service Business, you must register and comply with the laws… otherwise you risk jail time and large fines.

What activities are regulated as Money Service Business activity?

A virtual currency exchange transaction is defined as: “an exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another.” This includes, but is not limited to:

Notice to foreign Bitcoin companies with clients in Canada

Regardless of whether or not your business is based in Canada, you must register with FINTRAC as a Foreign Money Service Business, if:

How this affects BullBitcoin.com and Bylls.com

The regulation of Bitcoin exchange and payment services has always been inevitable. If we want Bitcoin to be considered as money, we must accept that it will be regulated like other monies. Our stance on the regulation issue has always been that Bitcoin exchanges and payment processors should be regulated like fiat currency exchanges and payment processors, no more, no less. This is the outcome we obtained.
To comply with these regulations, we are implementing a few changes to our Know-Your-Customer requirement and transaction limits which may paradoxically make your experience using Bull Bitcoin and Bylls even more private and convenient!

The bad news

The good news

To understand these regulations, we highly recommend reading this summary by our good friends and partners at Outlier Compliance.

Summary of our obligations

Our responsibilities:
The information required to perform a compliant know-your-customer validation:
Record keeping obligations:

Suspicious transaction reporting

Satoshi Portal is required to make suspicious transactions report to FINTRAC after we have detected a fact that amounts to reasonable grounds to suspect that one of your transactions is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence.
Failure by Satoshi Portal Inc. to report a suspicious transaction could lead to up to five years imprisonment, a fine of up to $2,000,000, or both, for its executives.
We are not allowed to share with anyone other than FINTRAC, including our clients, the contents of a suspicious transaction report as well as the fact that a suspicious transaction report has been filed.

What is suspicious activity?

Note for bitcoinca: this section applies ONLY to Bull Bitcoin. Most exchanges have much stricter interpretation of what is suspicious. You should operate under the assumption that using Coinjoin or TOR will get you flagged at some other exchanges even though it's okay for Bull Bitcoin. That is simply because we have a more sophisticated understanding of privacy best practices.
Identifying suspicious behavior is heavily dependent on the context of each transaction. We understand and take into account that for many of our customers, privacy and libertarian beliefs are of the utmost importance, and that some users may not know that the behavior they are engaging in is suspicious. When we are concerned or confused about the behaviors of our users, we endeavour to discuss it with them before jumping to conclusions.
In general, here are a few tips:
Here are some examples of behavior that we do not consider suspicious:
Here are some example indicators of behavior that would lead us to investigate whether or not a transaction is suspicious:

What does this mean for Bitcoin?

It was always standard practice for Bitcoin companies to operate under the assumption they would eventually be regulated and adopt policies and procedures as if they were already regulated. The same practices used for legal KYC were already commonplace to mitigate fraud (chargebacks).
In addition, law enforcement and other government agencies in Canada were already issuing subpoenas and information requests to Bitcoin companies to obtain the information of users that were under investigation.
We suspect that cash-based Bitcoin exchanges, whether Bitcoin ATMs, physical Bitcoin exchanges or Peer-to-Peer trading, will be the most affected since they will no longer be able to operate without KYC and the absence of KYC was the primary feature that allowed them to justify charging such high fees and exchange rate premiums.
One thing is certain, as of today, there is no ambiguity whatsoever that Bitcoin is 100% legal and regulated in Canada!
submitted by FrancisPouliot to BitcoinCA [link] [comments]

Best Bitcoin Mixers

Best Bitcoin Mixers

What is Bitcoin Mixing?

https://preview.redd.it/dt731n8saeb51.png?width=554&format=png&auto=webp&s=b371ff641695386328c9fa276047f5e652f176ec
Bitcoin tumbling, also referred to as Bitcoin mixing or Bitcoin laundering, is the process of using a third party service to break the connection between a Bitcoin sending address and the receiving address(es).
Bitcoin mixing helps you to disassociate any BTC you purchased from your identity. You send your coins to a Bitcoin mixing service; they take a small mixing fee, and after a random delay they send you an equivalent amount of other people’s bitcoins to your new address.
In other words, coin mixing services take your cash and give you new cash to your secret identity so that it remains secret.

How does a Bitcoin Mixer work?

Bitcoin tumbling (mixing) involves the usage of a third party service to break the connection between a wallet address sending coins and the addresses receiving coins. So if a person does not wish the whole world to know from where they got their coins, and/or to which addresses the Bitcoins are sent, then tumbling is the way to go. A provider of Bitcoin tumbling service is referred to as Bitcoin tumbler.
Coin mixing will provide you with a certain amount of privacy, by mixing your coins with other coins previously sent or in their reserve and sending different coins to the address you specify. When looking at the blockchain, one will be able to see you sent your coins to a wallet. And that someone sent coins to the wallet you want them sent, there will be no connection between your wallet address and the one where you want your crypto delivered.
Peer-to-peer tumblers appeared in an attempt to fix the disadvantages of the centralized model of tumbling. These services act as a place of meeting for Bitcoin users, instead of taking coins for mixing. Users arrange mixing by themselves. This model solves the problem of stealing, as there is no middleman. Such protocols as Coin Join, Shared Coin and Coin Swap allow few users to gather in order to form one Bitcoin exchange transaction in several steps. When it is completely formed, the exchange of BTC between the participants begins. Apart from the mixing server, none of the participants can know the connection between the incoming and outgoing addresses of coins. This operation can be carried out several times with different recipients to complicate the transaction analysis.
While newer coin implementations such as Cloakcoin, Dash, PIVX and Zcoin have built-in mixing services as a part of their blockchain network.

Conclusions

It’s important that they be trusted. There’s no authority or government you can complain to if they run off with your coins. So if you like privacy and also want to protect your cryptocurrency from government tracking or tracing, Bitcoin mixer services are a good option.
As with anything, you should do your research before using Bitcoin tumbling services and use the ones with the best reviews and highest levels of trust. We do not officially endorse any Bitcoin Mixer. The tumblers we list as trusted have been around for some time and have had no verifiable complaints against them. We do not link to mixers that are scams, or that do not function as advertised.
BestBitcoinMixers is open to everyone. Share your experiences to help others make better choices.Our reviews come from real people who have used some Bitcoin Mixing Service. We check for naughty words and verify the authenticity of all reviews before adding them to our site. Be honest. Be a friend, not a salesperson.
We do not share personal data of the reviewers.
[[email protected]](mailto:[email protected])
submitted by BestBitcoinMixers to u/BestBitcoinMixers [link] [comments]

Why i’m bullish on Zilliqa (long read)

Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analysed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralised and scalable in my opinion.
 
Below I post my analysis why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
 
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
 
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise just skim through and once you are zoning out head to the next part.
 
Technology and some more:
 
Introduction The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
 
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
 
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
 
Mainnet is live since end of January 2019 with daily transaction rate growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralised and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. Maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
 
Zilliqa realised early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralised, secure and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in amount of nodes. More nodes = higher transaction throughput and increased decentralisation. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
 
Before we continue disecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
 
Down the rabbit hole
 
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
 
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
 
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here.
Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
 
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
 
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as:
“A peer-to-peer, append-only datastore that uses consensus to synchronise cryptographically-secure data”.
 
Next he states that: >“blockchains are fundamentally systems for managing valid state transitions”.* For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
 
With public blockchains like Zilliqa this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network etc.
 
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
 
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralised and scalable being low.
 
pBFT stands for practical Byzantine Fault Tolerance and is an optimisation on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
 
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017.
Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
 
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (>66%) double spend attacks become possible.
 
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
 
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT etc. Another thing we haven’t looked at yet is the amount of decentralisation.
 
Decentralisation
 
Currently there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralised nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching their transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand.
Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
 
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public.They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
 
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers.The 5% block rewards with an annual yield of 10.03% translates to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
 
With a high amount of DS & shard nodes and seed nodes becoming more decentralised too, Zilliqa qualifies for the label of decentralised in my opinion.
 
Smart contracts
 
Let me start by saying I’m not a developer and my programming skills are quite limited. So I‘m taking the ELI5 route (maybe 12) but if you are familiar with Javascript, Solidity or specifically OCaml please head straight to Scilla - read the docs to get a good initial grasp of how Zilliqa’s smart contract language Scilla works and if you ask yourself “why another programming language?” check this article. And if you want to play around with some sample contracts in an IDE click here. Faucet can be found here. And more information on architecture, dapp development and API can be found on the Developer Portal.
If you are more into listening and watching: check this recent webinar explaining Zilliqa and Scilla. Link is time stamped so you’ll start right away with a platform introduction, R&D roadmap 2020 and afterwards a proper Scilla introduction.
 
Generalised: programming languages can be divided into being ‘object oriented’ or ‘functional’. Here is an ELI5 given by software development academy: > “all programmes have two basic components, data – what the programme knows – and behaviour – what the programme can do with that data. So object-oriented programming states that combining data and related behaviours in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behaviour are different things and should be separated to ensure their clarity.”
 
Scilla is on the functional side and shares similarities with OCaml: > OCaml is a general purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
 
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognised by academics and won a so called Distinguished Artifact Award award at the end of last year.
 
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities safety is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts it inherently involves cryptocurrencies in some form thus value.
 
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa for Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
 
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”. Scilla design story part 1
 
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
 
Scilla also allows for formal verification. Wikipedia to the rescue:
In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
 
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
 
Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
 
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
 
Smart contract on a sharded environment and state sharding
 
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
 
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
 
And this is where the downsides of state sharding comes in currently. All shards in Zilliqa have access to the complete state. Yes the state size (0.1 GB at the moment) grows and all of the nodes need to store it but it also means that they don’t need to shop around for information available on other shards. Requiring more communication and adding more complexity. Computer science knowledge and/or developer knowledge required links if you want to dig further: Scilla - language grammar Scilla - Foundations for Verifiable Decentralised Computations on a Blockchain Gas Accounting NUS x Zilliqa: Smart contract language workshop
 
Easier to follow links on programming Scilla https://learnscilla.com/home Ivan on Tech
 
Roadmap / Zilliqa 2.0
 
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
 
Business & Partnerships  
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organisations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggest that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
 
Zilliqa seems to already taking advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, AirBnB, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
 
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
 
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
 
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are build on top of these blocks.
 
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”*
 
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
 
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They dont just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
 
Marketing & Community
 
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities) also seem to be growing.
 
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiatives (correct me if I’m wrong though). This suggest in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
 
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
 
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
 
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures & Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
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Blockchain in Insurance: Use Cases and Implementations

Blockchain in Insurance: Use Cases and Implementations
This article was first posted on Medium: https://medium.com/swlh/blockchain-in-insurance-use-cases-and-implementations-a42a00ebcd91
Almost all major insurers are planning to integrate blockchain by 2021, according to PwC. At first glance, such a high level of commitment to new tech may seem surprising in an old and traditional industry such as insurance. However, enterprise blockchain adoption is poised to help insurers significantly cut costs, become more responsive to customers, and write more business.
Two recurring themes throughout this post are that:
  1. Blockchain can lower costs for insurers and lower insurance premiums for customers.
  2. Blockchain can help insurers understand & price risks better by allowing customer, risk and policy information to be shared more quickly and securely across parties the insurance ecosystem. This will increase revenue and growth prospects by allowing insurers to price insurance products more accurately.
Costs are becoming an issue for insurers. Life insurers in Asia and the US have seen cost ratios climb above 30% and 20% respectively over the past few years. This figure should ideally be below 20%. Part of this is due to increased compliance costs such as Know Your Customer (KYC) and Anti-Money Laundering (AML) laws. A bigger reason is that selling and servicing insurance policies is still a complex and labor intensive process.
Insurance Growth Rates (CAGR) 2012–17. Source: EY
A recent EY insurance market report showed low growth rates for Life insurance and Non-Life insurance outside Asia Pacific. Digging deeper, Life insurance premiums in the US declined by 0.4% from 2012–17.
Insurers find themselves needing to reduce operating costs and write business more effectively. While blockchain is not a magic elixir, proper adoption will help address these needs.

What is Blockchain?

In their book “Blockchain Revolution,” authors Don and Alex Tapscott describe blockchain as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Organizations need secure ways to record transactions and manage information flows, making blockchain’s appeal easy to see. Blockchains ensures that:
  • All participants have a copy of the digital ledger and that each copy is updated in real-time when transactions occur;
  • There is no centralized server, making hacking next to impossible;
  • A recorded transaction theoretically cannot be reversed, which makes the ledger an immutable source of truth no matter how many participants hold copies;
  • Transaction data, records, and participant identities can be authenticated while remaining private.
Enterprise blockchains used by companies are different from public blockchains such as Bitcoin and Ethereum. Public blockchains are too clunky and slow for enterprise purposes. Enterprises require scale and speed — the ability to process hundreds of thousands of transactions very quickly. Public blockchains suffer from very low transaction speeds. Their verification process is cumbersome because participants are unknown and untrusted. Private enterprise blockchains don’t suffer from this limitation since all participants are known and trusted.
Enterprise blockchains have the following characteristics:
  • Participation requires invitation: all participants in the blockchain network are trusted
  • Data is private and secure: you don’t have access to transactions that you are not a party to, even though you’re on the same blockchain network
  • Enterprise blockchains are fast and light: the network can handle thousands of transactions per second and numerous participants working in tandem
  • ‘Smart contracts’ automate processes: transaction rules and process flows can be programmed to execute automatically, allowing payments and transfers to execute without human intervention, for example
The insurance industry will benefit from blockchain because most underwriting and claims activity requires cooperation among multiple parties. Some of these parties are from outside the firm, making data security important. Reconciling data from multiple sources during claims investigation, for example, is time and resource intensive and prone to manual error. Putting this data on a blockchain would streamline operations.

Blockchain Use Cases in Insurance

Industries have always adopted technology that has made it easier, faster and cheaper to conduct business. Blockchain tech promises to deliver on all three fronts, especially in the insurance industry, which is seen as slow and complex.
Let’s face it, insurance customers don’t enjoy interacting with insurance companies. Customers often deal with time-consuming paper forms when applying for a policy or submitting a claim. They may have to speak with people at insurance companies and hospitals, for example, to get medical insurance claims reimbursed.
On the flip side, insurance companies have to deal with the high costs of managing and servicing policies. Many of these costs are administrative — claims administration, verification and reconciliation of information, and paperwork. Insurance also requires coordination among many parties — consumers, brokers, insurers and reinsurers. This introduces overhead costs that translate to higher premiums paid by customers.
Blockchain can help make selling and servicing insurance better, faster and cheaper by improving fraud prevention, claims management, health insurance, and reinsurance. The end result could be lower prices and better experiences for customers.

Fraud Prevention

According to the FBI, non-health insurance fraud in the US is estimated to be over $40 billion per year, which can cost families between $400–700 per year in extra premiums.
Common types of insurance fraud can be eliminated by moving insurance claims onto a blockchain-based ledger that is shared among insurance companies and cannot be modified. It can prevent criminals from collecting money from different insurers for the same claim, for example.
Blockchain will make coordination easier among insurers. If all insurers access a shared blockchain ledger, they would know if a claim has already been paid. Since all insurers use the same historical claims information, it would also be easier to identify suspicious behavior.
Insurers currently try to detect fraud by using publicly available data as well as data acquired from private companies. The problem is that these data sets are incomplete due to legal constraints around sharing personally identifiable information of individuals. Blockchain, by cryptographically securing data, would allow claims information to be shared across insurers without divulging personally identifiable information.

Claims Management

Putting insurance policies on a blockchain as smart contracts can radically improve the efficiency of Property & Casualty (P&C) insurance, saving insurers more than $200B a year in operating costs according to BCG.
Let’s use car insurance to illustrate this. If you get into a car accident and it was the other driver’s fault, you must submit a claim to your insurance company to recover your loss. Your insurance company investigates your claim and tries to recover money from the other driver’s insurance company. The other insurance company has its own claims processes, which leads to duplicated work, delays, and possible human error. The end result is that you get paid much later than you’d like, and insurers spend time and money on unprofitable activities.
Putting insurance policies and claims data on a blockchain that different insurers, reinsurers, brokers, and other parties can access reduces duplicate manual work by different parties.
Insurance policies as smart contracts on a blockchain automatically execute programmed claims processing actions, automating information transfers between insurers and other parties, and releasing payments to policyholders. Additional info such as claims forms and supporting evidence supplied by policyholders can later be added to the blockchain so that all parties have the same information, making disputes unlikely.

Health Insurance

Blockchain enables fast, accurate, and secure sharing of medical data among healthcare providers and insurers. This will translate into faster health insurance claims processing and lower health insurance costs for customers.
Privacy laws around sharing patient data among hospitals and health insurance providers makes it time-consuming and expensive to process health insurance claims. Lack of data can even lead to insurance claim denials.
Patients deal with numerous doctors, hospitals and insurers over time and across borders. A patient’s medical history exists in fragments across healthcare providers and insurers. Worse, the way in which insurers and healthcare providers cooperate, share patient data, and process claims involves complex manual work & reconciliation. Even the technical infrastructure for medical records is outdated.
Putting encrypted patient records on a blockchain allows healthcare providers and insurers to access a patient’s medical data without sacrificing patient confidentiality. An industry-wide synchronized database of patient data can save the industry billions annually. Patient privacy is ensured because the blockchain stores cryptographic signatures for each medical record, which verifies the authenticity of the record without having to actually store any sensitive info on the blockchain. Changes to a patient’s medical records are also stored on the blockchain, which creates an audit trail.

Reinsurance

Data sharing among insurers and reinsurance companies is complex, time consuming, and requires inefficient manual work. Blockchain can streamline information flows between insurers and reinsurers.
Reinsurers provide insurance to insurance companies. That way, insurance companies won’t get wiped out when many claims occur at once, such as during a hurricane or earthquake.
The problem is that reinsurance processes are lengthy, inefficient, manual and are based on one-off contracts. Insurance companies generally engage multiple reinsurers for the same risk, which means that data has to be shared among many companies to settle claims.
When reinsurers and insurers share a blockchain ledger, data related to policies, premiums and losses can exist on insurers’ and reinsurers’ systems simultaneously. This takes away the need for reconciliation, which saves everyone time and money. Reinsurers can also automate claims processing and settlement.
PricewaterhouseCoopers estimates that blockchain can save the reinsurance industry up to $10 billion, which can then lead to lower insurance premiums for customers.

Blockchain Implementation in Insurance

Saving the best for last, here are just some examples of how the insurance industry is using blockchain. Keep in mind that at this point, there are more prototypes and POCs than full-scale implementations.

R3

R3 is an enterprise blockchain company. It maintains an ecosystem of over 300 firms across industries that build blockchain software apps on top of its Corda platform. These apps can be used across industries from insurance to banking to healthcare. R3 maintains 2 versions of Corda; an open source platform and an enterprise-specific version called Corda Enterprise. Both versions of Corda are compatible with each other.
Insurance-specific applications on Corda are designed to help insurers automate back office activities, streamline operational flows, and generally spend less time on things like claims admin and data processing. There are also apps being development to speed up underwriting and enable faster data sharing among insurers and reinsurers.
Basically, Corda wants to host a common set of insurance apps that the entire industry can use to cut costs and boost revenue. Corda currently boasts over 15 insurance-specific apps, with a few of these deployed into production such as:
  • Blocksure OS: solves problems related to legacy systems, slow manual processes and high rates of error by automating policy admin and claims activities. Policyholders can access all policy and claims info in one app.
  • MIDAS: is a motor insurance authentication platform designed to serve 80 motor insurance companies in Hong Kong. It provides real-time authentication of motor insurance policies, verification, and audit trails. This can help with fraud detection and reduce time required for certain verification activities when it comes to policy and claims management.

B3i

B3i was a blockchain consortium, now an independent software company, supported by leading insurers and reinsurers including Swiss Re, AXA, Zurich, Munich Re, and Allianz. They develop blockchain-based applications for insurers and reinsurers and aim to create industry-wide standards. B3i aims to use blockchain tech to streamline back office processes and claims management — basically lower costs and do things faster. In 2018, B3i switched from IBM’s Hyperledger Fabric to R3’s Corda platform.
In July 2019, they launched a Catastrophe Excess of Loss product on Corda. The product is designed for brokers, insurers and reinsurers to negotiate and place risks more efficiently by reducing manual activities related to placing, renewing and managing treaties.

AXA

In 2017, AXA launched Fizzy, a blockchain platform for flight delay insurance. Customers purchase flight delay insurance, which is recorded in a smart contract. The platform is connected to global air traffic databases and receives flight statuses. If a customer’s flight is delayed for more than two hours, the smart contract automatically triggers payment to the customer.
Customers don’t have to fill out claims forms or speak to service reps. The claim is deposited directly to their bank account. Customer satisfaction: maximized.
AXA does not have to spend time processing claims, verifying flight data, or enduring paperwork for payment authorizations. They save on time & cost and can deploy these resources to more profitable activities.
Update: Fizzy has since been discontinued after 2 years, possibly due to lack of appetite from the travel/airline industry. Regardless, Fizzy was a pioneer of sorts and has laid the groundwork for future blockchain insurance platforms.

Blue Cross

Hong Kong insurer Blue Cross is using blockchain since April 2019 to speed up medical insurance claims processing and prevent fraud.
Blue Cross’ blockchain platform validates claims data in real-time, which greatly reduces fraud potential from duplicate claims filing, for example. Claims are also processed faster for their 200,000+ customers. The platform also removes the need to reconcile claims data across parties such as insurers and medical service providers. Medical practitioners such as doctors and chiropractors who don’t employ many admin support staff could save time and money by partnering with Blue Cross.
Blue Cross’ blockchain platform is built on Hyperledger. Blue Cross is owned by Bank of East Asia.

Insurwave

Insurwave is a blockchain-based marine hull insurance platform launched in 2018. The platform was a collaboration among Ernst & Young, Guardtime, Maersk, Microsoft, and ACORD. It was built on R3’s Corda platform.
Insurwave provides real-time information on ships’ location, condition, and safety factors that both insurers and customers can access. If ships enter high-risk areas, Insurwave automatically factors this into underwriting and pricing calculations.
Premium calculations for this type of insurance are very complex. Having an immutable audit trail for ship-specific information substantially eases this calculation, enables accurate pricing, and speeds up underwriting. Insurers are also able to better account for ship-specific risks.

The Future of Blockchain in Insurance

These are still early days. Most of the work around blockchain in insurance is in the Proof of Concept stage and regulation is slowly catching up. However, we have already seen some applications that have gone live.
The ‘quickest win’ for blockchain in insurance is in the area of cost control. Rising costs are hitting insurers across most markets. Blockchain platforms and Dapps that allow firms to free up resources by automating claims management, fraud detection and data reconciliation, for example, will be heartily endorsed by executives.
The real win will be when blockchain platforms enable insurers to create better products and onboard customers faster — things that bring in revenue. For this to happen, we need a more robust ecosystem of insurers, reinsurers, tech companies and service providers working together on industry-standard blockchain platforms.
This has already started with software companies like R3 launching enterprise-grade blockchain platforms such as Corda Enterprise. We also have leading insurers involved in B3i that share common goals related to blockchain development. It remains to be seen if these natural competitors share enough long-term interests to sustain the initiative. If not, industry-wide blockchain adoption may take longer and become more fragmented.
However, the benefits are too obvious to ignore. We will probably see a few committed companies invest early in blockchain and enjoy a short period of above-normal performance, with early adoption coming from mature markets burdened with high costs as well as some parts of Southeast Asia (e.g. China, which proactively adopts tech). The rest of the industry will follow.
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Benefits of Blockchain Technology in the Banking Industry

Benefits of Blockchain Technology in the Banking Industry
Link to original article: https://block.co/benefits-of-blockchain-technology-in-the-banking-industry/
The rapidly growing interest around blockchain is creating an increased amount of use cases across multiple industries, and a high demand for adoption by many governments. Banking, financial services, and insurance (BFSI) industry is predicted to be drastically transformed by this disruptive technology. According to Allied Market Research 2019, the blockchain value in the BFSI market reached $277.1 million in 2018 and is projected to reach $22.46 billion by 2026. Blockchain technology has the potential to solve the pain points of the current banking systems and operations including security, transparency, trust, privacy, programmability, and performance.
What is Blockchain?
Blockchain is the technology behind the Bitcoin cryptocurrency, that was proposed by Satoshi Nakamoto in 2008, as a response to the failing financial system during the crisis. It is often associated and confused with Bitcoin, but the scope of the technology is much wider. It is also important to differentiate between the Distributed Ledger Technology (DLT) and blockchain, as the terms often used interchangeably. All blockchains are DLT, but not all DLTs are blockchains. DLT is simply a decentralized database managed on a peer-to-peer basis.
“Blockchain is a type of DLT, a subcategory of a more broad definition, much like how the word ‘car’ falls under the umbrella term ‘vehicles’ and ‘Satoshi Nakamoto’ falls under ‘geniuses’.”
In essence, blockchain is a continuous sequential chain of records (‘blocks’) that are chronologically linked together with the aid of cryptography, to ensure immutability. These records are immutable, as any change to the information recorded in a particular block is stored in a new block. Moreover, the use of modern encryption algorithms enables the security of all the records from copying or editing by other users of the system. Blockchain can be programmed to record not only financial transactions as cryptocurrency but almost anything of value (Deloitte Insights, 2019).

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How Blockchain Can Improve Banking Industry?
The modern banking system is not perfect and commercial banks have not changed a lot to their servicing structure since the 1970s (Haycock & Richmond, 2015). Running a bank still requires large numbers of the workforce, reliance on quite outdated systems, bloated structures with high probabilities of human error, and manual work. There are several aspects, which could be improved by the application of blockchain technology in banking operations:
1) Security Enhancement
In the UK the overall value of the financial fraud losses (e.g. payment cards, remote banking, cheques) equaled £844.8 million in 2018. The situation is even worse in the US — $170 billion average yearly losses in the financial sector. According to KPMG’s Global Banking Fraud Survey 2019 the total volume, number, and value of the fraudulent activities are drastically increasing every year.
The nature of banking operations dictates the need for centralized systems, which proved to be vulnerable and subject to cyber and hack attacks. Now, the blockchain is immutable as it operates on the principles of decentralization and transparency, and all the network participants get an identical copy of the distributed ledger of transactions. Thus, if applied in banking, blockchain can increase the validity and security of the financial transactions, eliminate the need for third-party authentication, and solve the issue of a single point of failure and hacks.
Moreover, since each transaction on the blockchain has its unique fingerprint (hash) it can be easily traced and verified. Such functionality makes blockchain a great tool to combat money laundering and reduce fraudulent or illegal transactions (Guo & Liang, 2016).
2) Improving Financial Transactions Efficiency
As we mentioned previously, the utilization of obsolete mechanisms and operational systems slows down the performance of banking institutions and provides ground for human error, delays, and system failures. All these inefficiencies could be solved by applying blockchain technology. Take for example the time-consuming bilateral exchange. The process of data reconciliation needed for it could be simplified, as on the blockchain, it is inherently part of a transaction (IBM, 2016).
Blockchain and its decentralized nature eliminate intermediaries in banking operations, which significantly cuts transaction costs and boosts efficiency (Cocco et al., 2017). Blockchain does not require intermediaries, enables cross-border transfers and micro-payments, while drastically decreasing operational costs. Such transactions in the traditional banking environment are expensive (from 1% of the amount), and constitute a huge expense on a global scale. In cryptocurrency networks, transfers may range from a few minutes down to milliseconds, and the transaction fees are decided by the market forces, meaning users have the option to set their transaction fees (Deloitte, 2017).
3) Workflow Simplification
Blockchain can simplify the current complex workflow in banking institutions. As any operation can be traced, the ability to automate processes significantly reduces costs and the need for manual work. Moreover, it is impossible to make retroactive changes on the blockchain. This guarantees data immutability and excludes the human factor, thus the probability of error, data tampering, or even leakage. Using blockchain in banking operations will digitize and automate tons of manual work, greatly boost the productivity of the financial institutions and eliminate the probability of mistakes, delays, and errors.
4) Enhanced KYC & AML
Some financial institutions find it difficult to deal with problems related to policies such as Anti-Money Laundering (AML) and Know Your Customer (KYC). Numerous organizations are not able to solve these problems, due to the rapidly escalating costs. The adoption of the blockchain technology will enable the creation of a system where all clients’ information may be stored safely, making the independent verification an easy process or even automated securely. In this way, both AML and KYC processes will become simpler and easier, as all involved organizations will share the same system and the information will be updated in real-time, perhaps through the use of Digital Identities. In addition to this, blockchain technology will assist the organizations to minimize their administrative costs and reduce the workload.

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5) Smart Contracts
Smart contracts are an innovative development of blockchain technology which enables for time and resources saving, as they do not require a third-party interaction. Traditional contracts do not differ a lot from smart contracts, however, their key benefit is that obligations are automatically enforced and cannot be avoided by anyone.
When smart contracts are integrated with blockchain technology, we enjoy benefits such as security, automation, immutability, and transparency. The integration of smart contracts in the financial sector will provide opportunities for transparent auditing and real-time remittances. Traditional contracts are paper-based and require financial institutions to invest money in paperwork and maintain records. These records can be easily manipulated as they are on paper. Smart contracts offer bank tools for bookkeeping based on blockchain. Smart contracts have already been applied to the financial industry to gain greater automation.
6) Decentralized Finance
Another application of blockchain is Decentralized Finance, also known as DeFi. This application is at an early stage but its disruptiveness enables millions of people across the world to have access to financial services. DeFi refers to decentralized applications, financial smart contracts, digital assets as well as protocols popular as DApps, which are built on public blockchains such as Ethereum and Bitcoin. The aim of DeFi is the creation of a decentralized financial system that will not depend on the traditional banking system.
Decentralized Finance offers numerous benefits to the users as it eliminates middlemen, enables everyone who does not has access to financial services to enter the global economy as it is a permission-less technology, and enables innovation with the combination of DeFi products. Besides, the use of decentralized finance increases the symmetry of information and democratizes financial services in this sense. The evolution of DeFi over the years means that most people around the world are only limited by their imagination when considering how to gain benefits from the financial ecosystem. However, there are still many complexities that need addressing to further expand the full extent of the possibilities of DeFi.
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Crypto Regulation in Countries which witnessed Spike in Crypto Interest

CoinMarketCap, one of the most preferred sources for crypto market capitulation has recently released the graph of countries that have registered a surge in crypto usage. The report named nine countries including Nigeria, Australia, Spain, Canada, Mexico, U.K., Colombia, India, and Pakistan which marked huge growth in Cryptocurrency Interest. However, it is pivotal to understand the type of crypto regulations, frameworks ad polices these countries are entertaining.
Nigeria - With Nigeria being one of the biggest countries in the world population-wise, it also boasts of being one of the leading countries in Africa in terms of GDP boasting of about $500 billion nominal GDP returns. Taking a look at the crypto regulation in Nigeria, Bitcoin and all other forms of crypto are all legal although the Security Exchange Commission in the country has warned the population of the high risk involved. With the previous move by the government of Nigeria to ban crypto trading, the regulations are still unclear with the government issuing strong warnings of the volatility in the market.
Spain - Spain mirrors Nigeria in the way that digital assets are approached in the country with the European nation not having a single regulation when it comes to crypto adoption. The Spanish government joined forces with the Spanish Security and Exchange Commission to teach investors on the dangers of trading in crypto assets. Even with the absence of regulations, the government has said that it does not see crypto as a means of tender, they may be referred to as securities.
Australia - As far back as 2017, when Bitcoin was trying to make its mark in the financial market, Australia was one of the few countries that moved swiftly to encourage the budding investment. The government declared the digital assets a legal investment in the country and as such is treated as property while being subject to Capital Gains Tax. Previously, Australia subjected crypto assets to a double taxation scheme with the assets classed under the Goods and Services Tax but the recent change has encouraged a widespread adoption.
Canada - Canada has swiftly moved to ask all businesses and investments to register their respective firms under the FinTRAC as their activities would be monitored by the body to check fraud and money laundering. The new crypto law according to FinTRAC is that all transactions that are more than $7,000 should be duly noted. The sending and receiving party should be identified and failure to do so would attract severe charges. The new law has given investors a huge relief in terms of eliminating fears of fraud.
Mexico - Mexico enacted a new law to guide crypto in March 2018 but was met with resistance across the country. The new law states that cryptocurrencies were illegal but could be used as a means of payment across the country. The new law states specifically that Banxico, the country's central bank should monitor all crypto activities and would report all unauthorized transactions whilst handing out fines to businesses that fail to adhere to the instructions. The major boost is that crypto businesses have not been levied with a clear tax system as regards digital assets.
United kingdom - Ever since the wide adoption of crypto around the world, the United kingdom has always measured the activities of crypto exchanges across the country. Even though the government has refused to see digital assets as a means of legal tender, they have moved swiftly to enforce a registration with the FCA amongst the exchanges in the country. With no ground laws in place to monitor the activities of the exchange, the country has levied the capital gains tax on individuals and investments dealing in cryptocurrencies.
Colombia - Colombia has one of the worst rules and regulations when it comes to crypto adoption. Presently, the country lacks a legal framework when it comes to regulating crypto. With the country witnessing a 61% growth in terms of FinTech companies despite the seemingly unregulated activities of crypto exchanges in the country. With the Colombian law failing to recognize cryptocurrency trading as a legal investment, most of the exchanges in the country are always subject to losing their services for handling of illegal transactions.
India - India recently passed a bill into law that said that banks can now work with crypto exchanges in the country. This development comes after the legality of crypto exchanges and the laws that govern them were called into questions after the Supreme Court permitted them to carry out their activities in the country. Presently, the trading of crypto in the Asian country is legal and has seen so many adoptions even before the court ruled in its favor. With a legal framework scheduled to be drafted in the coming weeks, only time will tell if it would favor more adoption.
Pakistan - Pakistan issued a blanket ban on crypto investments across the country in 2019 but has soon suspended the ban and asked all crypto exchanges and service providers to register their business with the state bank of Pakistan. The country executives are presently going into a meeting to discuss how the legal frameworks for the adoption of crypto would be in the country. Despite the ban that was effective since last year, the majority of the Pakistan population has owned cryptos in other countries but can now comfortably trade in their own country.
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Was Epstein behind an anonymous team that created Satoshi Nakamoto?

"The behavior of termites, together with ants and bees, is a precursor to trust because they have an extraordinary ability to form relationships and sophisticated social structures based on mutual altruism even though individually they are fundamentally dumb. Money itself is a derivative of trust. If we can figure out how termites come together, then we may be able to better understand the underlying principles of market behavior -- and make big money."
—Jeffrey Epstein, Letter to Martin Nowak (evolutionary game theory scientist), 2002. https://nymag.com/nymetro/news/people/n_7912/index.html
——————————————————— “I have this idea of a future with virtual peer to peer banking. A kind of decentralized and secured system. Gone would be the times that governments and banks can track and interfere with our money transfers. Or even interfere with the total amount of money on earth. My envisioned sytem would have a fixed total amount of money. But each money unit (say virtual coin) is divisable indefinitely. So a kind of deflation would replace inflation. The total value of the money in the world would be a fixed number. It poses no problem for liquidity, because the currency can be divided anytime. However maybe people will not spend their money much, because it's value will increase often. Other problems raise in the areas of security, malicious use, and how to come towards such system from current systems? These are just ideas, I like to hear comments or about net resources on this subject.”
—X, UK finance forum, 2002. https://archive.ph/T7ZBD
——————————————————— “My studies are not complete as I am working on the intersection between evolutionary dynamics, social statistical mechanics, game theory, computational biology and synthetic biology in an attempt to discover the mathematical underpinnings of competition verses cooperation. Included in this is an attempt to formularize the efficiencies of social prosthetic systems. First attempts have been to analogize it to heat and energy transfers across variable resistance nodal networks. I'm further attempting to find a derivation of “power” (Why does everybody want it?) in an ecological social system that would include variables for reputation, trust or awe and the inherent strategically diverse tactics of deception.”
—Jeffrey Epstein, application to secure Visiting Fellowship position at Harvard. 2006. https://assets.documentcloud.org/documents/6880926/HarvardEpsteinReport.pdf
——————————————————— “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non- reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.”
—Satoshi Nakamoto, Bitcoin Whitepaper, 2008. https://bitcoin.org/bitcoin.pdf
—————————other relevant links: 2017: Epstein publicly endorsed Bitcoin as a store of value, publically funded many bitcoin “maximalist” projects HODLr since when?
2013: Links and instructions on accessing Cheese Pizza embedded on the bitcoin blockchain on blk00052 Ultimate deadman’s switch?
2013: Death of Dave Kleinman, PALM BEACH COUNTY POLICE Computer Forensics Expert and reputed encrypter of Satoshi’s 1 million Bitcoin Investigating said deadman’s switch or Epstein’s encrypted CP/blackmail confiscated by Palm Beach County police?
2003-2008: Paul Calder LeRoux “Solotsi”, #1 Bitcoin programmer candidate sets up dozens of shell companies for money laundering, drug trafficking, weapons trafficking, mining/logging enterprises, paying off assassinations. He is the founder of E4M/TrueCrypt—only encryption unbreakable by NSA according to Snowden. He is also proported to be the bastard grandson of a US senator. He lobbied Mugabe with the help of Ari Ben-Menashe of Israeli intelligence once. He came under satoshi speculation after being mentioned in a footnote of redacted Wright vs Kleinman Estate case, coincidentally being litigated by Virginia Guiffry’s law firm.
August 2019: Computer-Generated Deep Fake AI Satoshi Nakamoto? No further confirmation of this guy has appeared, either as a real person or as further proof he is Satoshi. Seems to be hiding behind mysterious shell company.
*my post got removed from bitcoin for being off-topic and deleted from Epstein probably for mentioning pizzagate, can it find a home here?
Edit: added Jeffrey’s Visiting Fellowship statement from the Harvard Report
submitted by yunibyte to conspiracy [link] [comments]

How Is Money Laundered? How does money laundering work? What Is Bitcoin and How Does It Work ?  Full Information About Bitcoin How money laundering works - BBC Stories How Does BitCoin Work ?

Manifesting the volatile fluctuations in the crypto market, in addition to the crypto enthusiasts and investors, Bitcoin has been capturing the attention of the U.S. officials. The treasury secretary, Steven Mnuchin, this time has remarked that Bitcoin money laundering is quite frequent and that Bitcoin has been extensively used in illicit activities. . While in a press conference, Steven had Criminals use crypto money laundering to hide the illicit origin of funds, using a variety of methods. The most simplified form of bitcoin money laundering leans hard on the fact that transactions made in cryptocurrencies are pseudonymous. The same concepts that apply to money laundering using cash apply to money laundering using cryptocurrencies. “Bitcoin is mainly used for money laundering” In 2018, the Bitcoin network settled over $400 Billion in value. That is 160 times larger than the total amount of Bitcoin laundered to date and shows that money laundering constitutes a negligible fraction of the Bitcoin economy. “Bitcoin laundering cannot be prevented” How does Bitcoin Money Laundering work? Posted on 27 January, 2018 23 July, 2018 by Toshendra Kumar Sharma Despite the dozens of benefits that Bitcoins and the Blockchain Technology have to offer compared to the traditional banking system, there is a risk that Bitcoins can be used for money laundering. What is Bitcoin Laundering. Bitcoin laundering, tumbling, or mixing is the process by which a holder of the currency essentially washes it of any historical ties. Whether that means ties to their personal information, gained from shipping addresses or bank details used to purchase original coins, or IP addresses and wallet trading habits.

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How Is Money Laundered?

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