Ethereum community chasing a 'mirage in the desert' with ...

$1 at a time

If 1 million people gave a dollar to someone, they could be a millionaire. We are an embodiment of [this showerthought]( Let's make a millionaire together! Every month, there is a drawing thread and a winner thread.

UPDATE: Big thanks to all r/Ethereum redditors for staring my Web3.js v1.0-beta example repo! It's now trending on GitHub!!

UPDATE: Big thanks to all Ethereum redditors for staring my Web3.js v1.0-beta example repo! It's now trending on GitHub!! submitted by leopoldjoy to ethereum [link] [comments]

Gitcoin Grants

Hi all Ethereum Redditors!
It is now possible to support Nethermind ( and many other projects via Gitcoin Grants Q1 2020.
So far the total amount of external funding for Nethermind amounted to ~$50k with grants from Ethereum Foundation and the previous Gitcoin Grants which means that each code commit in Nethermind cost ~10$. You can make a huge difference with every single $ or wei.
submitted by hongedit to ethereum [link] [comments]

New Ethereum based CTF game: CCTF

Dear Ethereum Redditors,

A new CTF game called "CryptoCurrency (is) The Flag" will go live next week, which is meant to teach you how vulnerabilities work that are related to Ethereum and not limited to only smart contracts. The goal is to collect as much Ethereum as you can from the CCTF challenges. Time will play an important role.

It will be played through an imaginary ICO and on Ropsten. Challenges involve, but not limited to:
- Common mistakes we have seen through the last years leading to Ethereum wallet breaches
- Web based vulnerabilities leading to Ethereum wallet breaches
- Privilege escalation on a server in order to access Ethereum wallets
- A few smart contracts (without source code too, to practice reverse engineering)
- Possibility to breach other players' Ethereum (eg. wargame)

If you are interested in playing the game, you can visit:
A guide was also written for the very beginners:

We are doing this kind of CTF for the first time and hope you will like it. Credit goes to six, kunkori, null and fellow hackers from Hackerspace Budapest.

Good luck!
submitted by Alcoholas to ethereum [link] [comments]

looking for suggestions on how to avoid running an ICO while developing a project

Dear Ethereum redditors, I am looking for suggestions and feedback on how to get our tokens distributed without running an ICO, especially a big one. I am posting on ethereum since I am making a case against ICOs the way they are being used right now.
The whole idea behind Ethereum is the democratization of finance, including crowdsales, and our project aims at democratizing the organization and management of pools of tokens. Such need will become an urgent with the growth of Ethereum-based tokens, probably during the course of 2018 already.
I will avoid naming our project's name, as some of you already know me and I would like to just have a discussion about a good strategy to fund projects and allow the distribution of tokens of a blockchain project.
Our platform is built on a solidity smart contracts protocol and all of our operations are run through smart contracts. As a blockchain project, we leverage the Ethereum blockchain and build software on top of it. Hence our costs are mostly our work (we are a team of 3: 2 on software and 1 on PR).
By design, the platform costs at least 90% less than traditional centralized architectures to run, hence our burn rate is extremely low.
We have self-funded the project so far and find ourselves in a position where our protocol is almost ready for launch, our first product has been tested for months, and our redisigned platform is also almost ready. We are not even sure we could scale as quickly in terms of talent acquisition (there is a shortfall of blockchain talent atm).
Notwithstanding not being listed on any exchange we have an amount of traffic on our website which is not significantly lower than a comparable listed project's.
We do not see the point of raising huge amounts of funds right now, and we would like to increase the engagement of our community. Our goal is that people buy our tokens because they want to use our products, and not to just speculate on making a quick profit after the listing.
Through an algorithm which we call proof-of-performance, our tokens are distributed to contributors to our protocol. As you might realize, ours is an inflation token, by design similar to Ether but the mining/minting process is similar in concept, but different in practice.
We are aware that getting investments is an important part of each business, however we would like to delay this part for the time we have validated our business idea on the mainnet and can actually use those funds to grow the team and promote our project commercially.
We think that the distribution of the tokens is a fundamental part of a network/protocol and, thanks to the proof-of-performance, we know that, over time, the token will be held by contributors to the network.
We are planning to pre-mint some tokens, sell a small part of those to parties who are interested in helping us grow the project, use some of the tokens as an incentive for developers, and then retain the rest for phase2 of the project. Contributors to our network/protocol will be able to gain tokens for free by using the protocol and, at a delayed stage, take part to a sale since they will need our tokens to use the platform.
Since we are very close to releasing our protocol on the Ethereum mainnet and are creating our token coincidentally, we would like to get your feeback on whether this is a suitable way of getting funded and distributing our token.
submitted by escursionista to ethereum [link] [comments]

We made an officially licensed Football Game on Ethereum and are opening Beta to redditors

We made an officially licensed Football Game on Ethereum and are opening Beta to redditors
Dear EthTrader redditors.
We are two friends who quit our day jobs last year to fulfill an old dream to start our own company.
A year and many long nights later, we have built a Fantasy Football platform built on Loom Network with a bridge to Ethereum. Our Player Cards are non fungible tokens and we have official partnerships with football clubs (currently around 30, with 60 top clubs to be announced by the end of the year) and the support of gaming giant Ubisoft.
Currently we are in Beta testing and we are looking for help to test our platform. That's where you fellow redditors come in.
We have made 100 seats for redditors where you will receive a free Rare Player Card upon registration and an extra one for every friend you invite to play. You can use your Player Cards to register for weekly tournaments with real prizes involved.
Here is a link to our website:
We would highly appreciate your help and all your feedback.
If you have any questions or comments you can contact us directly by email: [n](mailto:[email protected])[[email protected]](mailto:[email protected]) or just comment below.
NB: we have an active community on Discord and Twitter
EDIT: Only 10 seats left!
submitted by nicolas_24 to ethtrader [link] [comments]

Blockchain minor

Hello fellow Ethereum Redditors,
Since some time I have been interested in the Blockchain technology and I would like to know your opinion on the following matter. I'm currently following a bachelor in Information Technology and next year we have to do a minor. I am considering doing a Blockchain minor, as our university gives us the opportunity to 'build' our own minor if it is not available in other locations (which, to my understanding, is not the case). I would love to know your opinion on the matter; Do you think it will be worthwhile? I think and hope there will be a bright future for Blockchain technology.
Note: Serious answers would be appreciated.
submitted by Inzanity_91 to ethereum [link] [comments]

We made an officially licensed Football Game on Ethereum and are opening Beta to Redditors

We made an officially licensed Football Game on Ethereum and are opening Beta to Redditors submitted by bruhagan to eth [link] [comments]

We made an officially licensed Football Game on Ethereum and are opening Beta to redditors

We made an officially licensed Football Game on Ethereum and are opening Beta to redditors
Dear BlockchainGame redditors.
We are two friends who quit our day jobs last year to fulfill an old dream to start our own company.
A year and many long nights later, we have built a Fantasy Football platform built on Loom Network with a bridge to Ethereum. Our Player Cards are non fungible tokens and we have official partnerships with football clubs (currently around 30, with 60 top clubs to be announced by the end of the year) and the support of gaming giant Ubisoft.
Currently we are in Beta testing and we are looking for help to test our platform. That's where you fellow redditors come in.
We have made 100 seats for redditors where you will receive a free Rare Player Card upon registration and an extra one for every friend you invite to play. You can use your Player Cards to register for weekly tournaments with real prizes involved.
Here is a link to our website:
We would highly appreciate your help and all your feedback.
If you have any questions or comments you can contact us directly by email: [n](mailto:[email protected])[[email protected]](mailto:[email protected]) or just comment below.
NB: we have an active community on Discord and Twitter
submitted by nicolas_24 to BlockchainGame [link] [comments]

[Winner’s Thread #57] Wow!! I never thought it would be me!!!

What a thrill this is!!!
I honestly was stunned (and a little overwhelmed!) when I realized I’d been picked this month.
I’m relatively ancient for a redditor, thoroughly middle aged - and a little bit of a technological luddite. Setting up accounts and sorting through all of the business end of this has been a learning experience. I don’t know how many hours I spent on that, but it was a lot!! Luckily, with a little bit of handholding from u/lilfruini I feel like I’m in pretty good shape (hope your physics went well!!). I have learned SO MUCH, and if nothing else, I’m grateful for that - I honestly had only the dimmest understanding of bitcoin and now I’ve got a bitcoin wallet! What?!?!
A bit about me… Middle aged like I said before. I’m a speech therapist, a plant lover (as has been noted already!), and I have a very rare neurodegenerative disease called Hereditary Spastic Paraplegia. It’s a progressive disease, and although nobody would wish for something like that, if you’re going to have a neurodegenerative disease, I pretty much have the very best one.
Honestly, I am pretty lucky. I’m in a profession that I love, a place that I love - all of my needs for shelter, food, safety, companionship are met… I know that I’m doing better already than so many, and I have so much to be grateful for in my life.
As to what I plan to do with donations… I had a lot of time yesterday to think about it!!!
First - I need some things for my students - I need a voice amplifier, and some new materials that I can use both in person and for distance learning. If I can find one cheap, I’d also really love to have a second monitor to make teletherapy easier to manage. I’ve already spent so much of my own money on teachers pay teachers and other sites, but there are many more materials and supplies that would help make this challenging school year a little better and easier.
Second - I have my eye on a couple plants - a rubber tree tineke and a manjula pothos… neither of them are very expensive or rare, I just haven’t felt like I had the leeway in my wallet to treat myself to those recently.
And last, but certainly not least. This week just happens to be Spastic Paraplegia Awareness Week! The Spastic Paraplegia Foundation (SPF) is the national organization dedicated to advancing research and finding cures for two groups of closely related, progressive neurological disorders (Hereditary Spastic Paraplegia and Primary Lateral Sclerosis). I have been participating in all of the studies available to me - (knowledge is power!) and although I don’t have a lot of money to donate towards research, I certainly don’t mind being a guinea pig in the hopes that someday a treatment or a cure might be found. There are clinical trials going on in Australia right now and they’re working on funding to bring trials to the US as well. If any of you are so inclined and want to learn more you can check out
Thank you to all - and especially again to u/lilfruini who was an enormous help to me.
This has been a crazy 24-ish hours!!
I'm not gonna lie, seeing all the notifications about money coming into my accounts has been exciting, but what's been even more meaningful to me are all the kind words, congratulations, and well wishes from all over the world.
Pandemic, and protests, and fires, and everything else going on in the US this summer... It's worn me down... I've been feeling so very tired deep into my bones. All y'all have reminded me that it's not always this way - hope for humanity restored!! :)
My heart feels full and warm and I sincerely wish that everyone could experience this. It's amazing and even after the money is gone I will remember this feeling.
I'm not a millionaire! ;)
I haven't done the exact math, but I'm a thousandaire for sure. I hope all of you who have donated know that I genuinely appreciate it and I will be certain to put this money to good use. I've tried to keep up with thanking everyone - if I missed you it wasn't intentional (except for that one guy - he was a jerk!!)
Thank you, thank you, thank you for giving me this amazing gift.
Everything listed should result in direct lines of payment to elle-mnop. We ask all users to donate at least $1 USD. The Drawing is also listed for users who want to see the results and confirm the validity of the winner.
PayPal: PayPal.Me/ElsjeC
Venmo: @elle-el-l
Bitcoin: 1M9TJvPpq5zdkbRtmq6L4G84FLUQQ8MMQ5
Ethereum: 0x27d1E8A8D433E45275FBB6B8f2b79A5aca7A8aC9
Litecoin: LSEyyaiFgcXZf3uvKpq6cxbnpExB9iGBPg
Dogecoin: D5seJW2GRPYg91R8oeBkEDnuiD9YZMXGTf
Nano: nano_1xyr5yxfokh6ww3bt7pdoazgxz7kfa93feomyyqk3juthd3majob3qrcurxc
submitted by elle-mnop to millionairemakers [link] [comments]

We made an officially licensed Football Game on Ethereum and are opening Beta to redditors

We made an officially licensed Football Game on Ethereum and are opening Beta to redditors
Dear CryptoCurrencyTrading redditors.
We are two friends who quit our day jobs last year to fulfill an old dream to start our own company.
A year and many long nights later, we have built a Fantasy Football platform built on Loom Network with a bridge to Ethereum. Our Player Cards are non fungible tokens and we have official partnerships with football clubs (currently around 30, with 60 top clubs to be announced by the end of the year) and the support of gaming giant Ubisoft.
Currently we are in Beta testing and we are looking for help to test our platform. That's where you fellow redditors come in.
We have made 100 seats for redditors where you will receive a free Rare Player Card upon registration and an extra one for every friend you invite to play. You can use your Player Cards to register for weekly tournaments with real prizes involved.
Here is a link to our website:
We would highly appreciate your help and all your feedback.
If you have any questions or comments you can contact us directly by email: [n](mailto:[email protected])[[email protected]](mailto:[email protected]) or just comment below.
NB: we have an active community on Discord and Twitter
submitted by nicolas_24 to CryptoCurrencyTrading [link] [comments]

ConsenSys acquires JPMorgan's blockchain platform Quorum, as part of the deal JPMorgan also made a strategic investment in ConsenSys

ConsenSys acquires JPMorgan's blockchain platform Quorum, as part of the deal JPMorgan also made a strategic investment in ConsenSys submitted by keygen4ever to CryptoCurrency [link] [comments]

Ideas for generating Moons demand

Hello CryptoCurrency redditors :)
Back in May, the Reddit admins and the subreddit mods announced CryptoCurrency Moons.
TL;DR: Moons are a new way for people to be rewarded for their contributions to CryptoCurrency.... They represent ownership in the subreddit, they are tokens on the Ethereum blockchain controlled entirely by you, and they can be freely transferred, tipped, and spent in CryptoCurrency.
Today, we want to open a discussion to generate ideas on how to best encourage demand for Moons. The supply is distributed to subreddit contributors, mods, and Reddit.

Initial Demand for Moons

Other Ideas

This is where you come in! There are only ideas, not plans. We need your feedback and your other ideas!
Should we sell CryptoCurrency merchandise through a partner, and have the partner use a portion of profits to purchase and then burn (destroy) Moons?
Should we sell subreddit advertising and promotions? Some people are understandably against all ads, and if they were added, they would be very obviously labelled as an ad. CryptoCurrency had almost 8 million pageviews last month alone. ethtrader has a banner ad for purchase with another Community Points coin.
Should we attempt to get companies to do "giveaways" for Moons? Suppose you needed a certain amount of Moons to enter.
Some of these will be difficult to do before there's a market to trade mainnet Moons for other cryptos. Thus, this doesn't need to be a rushed conversation.
submitted by SamsungGalaxyPlayer to CryptoCurrency [link] [comments]

I present to you, the best Ethereum art ever made! Handmade wood / LED build. Created by a fellow Redditor /u/fishychair :)

I present to you, the best Ethereum art ever made! Handmade wood / LED build. Created by a fellow Redditor fishychair :) submitted by aSchizophrenicCat to ethereum [link] [comments]

The Great Reddit Scaling Bake-Off

The Great Reddit Scaling Bake-Off
Update (9/30): We are still working on finalizing our scaling solution. We've been very impressed with the breadth and depth of proposals submitted in this Bake-Off. Many projects have done great work, and it's good to see so many ideas in the Ethereum ecosystem.
While we are continuing our due diligence, it's taking a bit longer than we expected to understand all the options in detail. As soon as we have more to share, we will make an update here. Thank you for your patience.
Update (8/3): Thanks to all the teams who submitted a proposal. We appreciate the work you put in, and we have begun reviewing the submissions. If we have follow-up questions, we will post them as comments on the submission posts. Thank you.
Submissions will be organized in a collection alongside this post. We welcome the community to leave questions and comments on the proposals.
To submit your proposal: Please make a separate post in Ethereum with your submission. Then either tag u/jarins and u/EvanVanNess in a comment (not in the post body), or send us a PM with the link to your post. Once we are notified, we will get it added to the collection. (If your post gets removed by moderator bots, do not resubmit. We will approve it when adding to the collection)
While we prefer proposals to be public, if there is information you need to share privately, please send it to [[email protected]](mailto:[email protected]).
tl;dr: Do you believe your Ethereum scaling technology can handle Reddit's scale? It's time to let the Ethereum community hear about it. Send your demo by July 31, 2020.
This is your chance to earn some fame but, to be clear, there is no prize if your solution is chosen or modified to meet Reddit’s needs. Our lawyer made us write this.

The Goal

In conjunction with the Ethereum Foundation, Reddit is inviting Ethereum scaling projects to show the community how your scaling solution can be used to bring Community Points to mainnet. Our goal is to find a solution that will support hundreds of thousands of Community Points users on mainnet today, and can eventually scale to all of Reddit (430 million monthly users).
We’ve evaluated some of the most promising scaling solutions, and have learned a few things:
  1. There are plenty of awesome projects that we don't know about yet. We seem to learn about a promising new scaling solution every day.
  2. Most existing scaling solutions focus on the exchange use case, which favors optimizing for transfers. Many of these designs don't take into consideration the costs of obtaining tokens or entering the scaling system, which can be significant. Community Points distributions have cost an order of magnitude more gas than all other operations combined, primarily due to on-chain storage costs associated with onboarding new users.
  3. It's unclear how to determine the best solution. There is a lot of code, a lot of documentation, and a lot of hype out there. But there are very few objective real-world reviews or comparisons of various products/implementations.
  4. We need the Ethereum community's help to figure this out.
Do you have a scaling project that meets the criteria below? If so, share your demo by July 31, 2020. Please note that all demos need to simulate Community Points usage for 100,000 users.
We also invite all scaling experts in the Ethereum community to comment on any demos submitted to enable a better understanding of the trade-offs and compromises between different solutions.
We will review the demos and plan to share any updates by September. While we don’t expect any novel scaling projects, we hope that you, the Ethereum scaling expert, can show us how to scale Community Points.
Demos should include:
  1. A live proof of concept showing hundreds of thousands of transactions
  2. Source code (for on & off-chain components as well tooling used for the PoC). The source code does not have to be shared publicly, but if Reddit decides to use a particular solution it will need to be shared with Reddit at some point
  3. Documentation
    1. How it works & scales
    2. Cost estimates (on-chain and off-chain)
    3. How to run it
    4. Architecture
    5. APIs (on chain & off)
    6. Known issues or tradeoffs
  4. Summary of cost & resource information for both on-chain & off-chain components used in the PoC, as well as cost & resource estimates for further scaling. If your PoC is not on mainnet, make note of any mainnet caveats (such as congestion issues).


Scaling. This PoC should scale to the numbers below with minimal costs (both on & off-chain). There should also be a clear path to supporting hundreds of millions of users.
  • Over a 5 day period, your scaling PoC should be able to handle:
    • 100,000 point claims (minting & distributing points)
    • 25,000 subscriptions
    • 75,000 one-off points burning
    • 100,000 transfers
Decentralization. Solutions should not depend on any single third-party provider.
  • We prefer solutions that do not depend on specific entities such as Reddit or another provider, and solutions with no single point of control or failure in off-chain components, but recognize there are numerous trade-offs to consider
Usability. Scaling solutions should have a simple end user experience.
  • Users shouldn't have to maintain any extra state/proofs, regularly monitor activity, keep track of extra keys, or sign anything other than their normal transactions
  • Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
  • Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
  • Bonus points:
    • Users should be able to view their balances & transactions via a blockchain explorer-style interface
    • Exiting is fast & simple
Interoperability. Compatibility with third party apps (wallets/contracts/etc) is necessary.
  • Scaling solutions should be extensible and allow third parties to build on top of it
  • APIs should be well documented and stable
  • Documentation should be clear and complete
  • Third-party permissionless integrations should be possible & straightforward
  • Simple is better. Learning an uncommon or proprietary language should not be necessary. Advanced knowledge of mathematics, cryptography, or L2 scaling should not be required. Compatibility with common utilities & toolchains is expected.
  • Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!
Security. Users have full ownership & control of their points.
  • Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
  • Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
  • Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
  • A public, third-party review attesting to the soundness of the design should be available
  • Bonus points:
    • Public, third-party implementation review available or in progress
    • Compatibility with HSMs & hardware wallets
Other Considerations
  • Minting/distributing tokens is not performed by Reddit directly [1]
  • One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships [2]) should be possible and scalable
  • Fully open-source solutions are strongly preferred
[1] In the current implementation, Reddit provides signed data for claims, but does not submit the actual claim transaction for the user (the user does that themselves). Note that smart contracts are considered independent of Reddit provided there is a path to decentralizing control over them.
[2] Subreddit memberships are currently implemented as a contract acting as an ERC777-style operator that can burn points on a monthly basis, but we are open to changing that implementation.

Community Points Overview

To help you get started, this is an overview of how Community Points work today and some stats on how it's used. We are open to changing most implementation details, provided the basic requirements (above) are met.

Usage stats over the past month

Number of Community Points holders: ~17,500
Number of transfers: ~20,000
Number of subreddit memberships: ~800


Community Points is built around 3 contracts:
  1. SubredditPoints: the ERC20 token
  2. Distributions: manages token supply & token claims
  3. Subscriptions: enables membership subscriptions in the form of recurring token burn

Deployed Contracts & Source Code

Implementation Contracts
From these proxy addresses, you can find the implementation contracts and source code using Etherscan's Proxy Contract Verification tool or Read Proxy Contract interface.

Points Distribution & Claims

Token supply is controlled by distribution rounds managed in the Distributions contract and triggered by Reddit. For each round (occurring ~monthly), Reddit submits a proposal for points distribution to a subreddit for approval. Once approved, Reddit issues signed claims for individual users according to the agreed upon points distribution. These claims can be redeemed on-chain. Claims are obtained from Reddit, and submitted to the Distributions contract, which validates the claim and calls the Subreddit Points contract to mint points.


Subreddit memberships are obtained by burning points via the Subscriptions contract. Redditors can optionally configure their membership to be renewable on a monthly basis without additional interaction. The Subscriptions contract is granted permission to burn points by being configured as an ERC777-style default operator in the Subreddit Points contract.
We'll be watching this thread and answering questions. Looking forward to what comes out of this!
submitted by jarins to ethereum [link] [comments]

[Winner's Thread #55] Looks like the Tooth Fairy is Real!

Hello MillionaireMakers!
My name is Tibor, and I’m just a regular every-day normal guy. Going to be celebrating my 33rd b-day in a couple of weeks, and I could not have wished for a nicer present than this!
I work as a Technical Consultant at a local IT company, where I facilitate data migration into archiving solutions and cloud storage systems. This is every bit as fascinating as it sounds /s.
In my free time I enjoy nature, climbing walls, going biking, and if the weather does not let me go out, I spend my time learning about watch complications or mixing techno with my bedroom DJ setup at home, or just watching stupid movies.
Due to an unscheduled dental emergency, I spent most of my week in the dental cabinet, and I was still pumped up on anaesthetics when I got home and opened my laptop to see the news. Surprised is an understatement. The reactions of the people on reddit blew me away, and I tried my best to send a thank-you note to all commenters. Sorry if I missed yours!
I'm sure that the winnings will go mostly to cover my medical bills, but I am going to donate 10% of this to a local org called Beard Brothers. They are knows for funding ambulances and creating great care packages for local orphanages and old folks homes.
I want to thank you all in advance for your donations and positive vibes. You are all amazing! I have to sleep now, it's past 4 Am where I live. What a day...
EDIT: I've been up for a couple of hours now trying to get through all messages and the mountain of notifications. I'm sure this is a once-in-a-lifetime feeling and am trying to ride it while it lasts. I'm overwhelmed by all the positive messages, amazing vibes and b-day wishes. I appreciate all of them.
Since people have been asking, I'll try to add some edits to keep you posted with progress. So far it's ~$500 on PayPal and Revolut combined, and ~$45 in combined crypto. I can't thank you enough! I'll be waiting a few days for things to slow down and really looking forward to making my donation. Everything else is going to fund my pearly whites :)
EDIT 2: Thank you all for your donations and positive vibes! It's end of day one, and things have finally settled down. A total so far would be $990 on PayPal, $31 on Revolut, $54 in Bitcoin, $34 in Bitcoin Cash, $12 Nano, and $10 in Ether! Wooohoo :) Thank you all!!
EDIT 3: The weekend has passed, and I was sort of offline while visiting family. A huge Thank You again to everyone that donated, and sorry for the late reply on your comments. New Total is $1120 Paypal, $31 Revolut, $76 BTC, $34 Bitcoin Cash, $16 in Ether and 14.53 Nano. Thank You!!
EDIT 4: I have donated $150 to the local org Beard Brothers. Their newest fundraiser is aiming to build a school for the needy around the Cluj-Napoca area. I can happily provide proof of my donation if asked (with a heads-up that all communication in this regards is, unfortunately, in Romanian).
EDIT 5: It's been almost 2 weeks since I posted this, and the new Total would be $1437 on Paypal + Revolut combined and ~ $150 in mixed Crypto. I'll probably hodl the crypto, and the rest is enough to cover a chunk of my dentals. (not bad, for a random comment on Reddit). Thank you to everyone who donated, and everyone that sent congrats! :)
EDIT 6 Some (final?) statistics from me after this very interesting and awesome experience. I received ~$70 since my last edit, making the new total a pretty round $1500 on Paypal and Revolut combined, and ~$150 in combined crypto. I want to thank the (approximately) 400 redditors who donated, and I really hope that I was able to reply to all of you kind enough to comment in here. This was truly an unexpected surprise, made more amazing by each and every one of you!
P.S. Special thanks to lilfruini for making this entire process amazingly smooth.
Everything listed should result in direct lines of payment to tirbert. We ask all users to donate at least $1 USD. The Drawing and Update is also listed for users who want to see the results and confirm the validity of the winner.
Revolut: @tiboras2m
Bitcoin: 1DMhD3hodDLxSAUEH4gEMpe72UGU2fWZMv
Bitcoin Cash: qzrckers2s0gg3qresstpkyey0ladf6705zjzt62ma
Ethereum: 0x12264c6A6Ac12ed2a0Bad840DCE5aDcaA7b5D054
Nano: nano_1ieo7cqadrc9kkg4z855jcroa8objyhy4amxs39dtku18wf5t4gbg7gpfoj3
submitted by tirbert to millionairemakers [link] [comments]

(REAP AIRDROP) REAP Token airdrop Rollcall - post in here if you want free tokens

(REAP AIRDROP) REAP Token airdrop Rollcall - post in here if you want free tokens
Edit 1/10/2020, 12:51 EST: please provide your Wallet address :) It starts with 0x....
Go here:, log in with google or Reddit, copy your wallet address add it to your post below!
TestNet address:
To receive REAP tokens, just post here!
It's FREE.
100% of the tokens will be allocated the 1st of October 2020.
Support the content creators you like (here or elsewhere), reward those on this subreddit who report posts, threads and subreddits.
We recommend the Tor.Us wallet, which has a reddit integration - you can send tokens to Reddit users directly, just by writing their name (we will write a tutorial, you'll see, it's easy).
Your Tokens will be sent to your Tor.Us wallet.
Try it out (Click on Access Wallet)
As you can see from the screenshots below, you can send tokens directly to other redditors by entering their username. It's very easy!

The Tor.Us wallet is free, no strings attached.
submitted by Cryptolexicon to ReportMaleHateSubs [link] [comments]

Redditor gives $150 worth of Ethereum to 16 year old OP under the condition that OP tells his mom about his hidden investments.

submitted by ARoyaleWithCheese to bestof [link] [comments]

Canadian Redditors, I'm having trouble finding a reputable reliable exchange for trading ethereum. Please help?

I have been using Quadriga, but their Electronic Funds Transfer is out of order, their minimum for Interac e-transfer is too high for me, and they offer fuck all for support. Two other exchanges I've used in the past seem to be defunct. What is a really good exchange for Canadians to buy Ethereum that works?
submitted by AmbivalentFanatic to CryptoCurrency [link] [comments]

Minter Network Submission to The Reddit Scaling Bake-Off

Minter Network Submission to The Reddit Scaling Bake-Off

Minter Community's Open Letter to Reddit
We were thrilled to find out Reddit was going to use distributed ledger technology for driving user engagement, interaction, and loyalty. The front page of the Internet switching to Web 3.0 is something you don’t see every day: fifteen years into existence, you’re once again on the cutting edge of innovation.
“There are plenty of awesome projects that we don’t know about yet,” reads the text you put up recently. “Most existing scaling solutions focus on the exchange use case.” What we would like to offer here in this letter is an alternative: although Minter is separate from Ethereum, the project’s top priority is enabling brands — small, medium, and large alike — to implement blockchain-powered incentive and reward mechanisms into their operation.
Every facet of our network is tailored to this very need:
  • The transaction is finalized in five seconds
  • The fee never exceeds one cent
  • The scalability is up to 180 million daily transactions
  • Any community (think of subreddits) can issue their own coin in just 60 seconds, which can be then swapped not only for one another, but also for items such as iTunes gift cards, XBOX subscriptions, or any of the remaining 18,000 options — proving Minter provides a global solution aimed to achieve the goal you’ve set
  • Easy-to-use, user-centric wallets are available across all platforms
  • Our blockchain — as well as the vast majority of services built atop it — is open-source, and the documentation is detailed
100 transactions within 4.72 seconds - this block in the mainnet
100*(60/4.72)*60*24 = 1 830 508 transactions / day 
The price of 1.8ml transactions is 9244 BIP tokens or $75 with the current BIP price (reference)
Point claims, transfers, point burning, subscriptions can be handled by blockchain utilizing transaction payload feature.
Currently, the blockchain has an ability to proceed 10 000 transactions per block, it means that Minter is scalable up to 183 050 800 daily transactions, if necessary.
Decentralization and Security
In Minter, we implemented the Delegated Proof of Stake (dPoS) Consensus Protocol. Minter Blockchain utilizes:
Tendermint Consensus Engine 
dPoS is the fastest, most efficient, most decentralized, and most flexible consensus model available. dPoS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way.
Minter blockchain now has 58 independent validators producing 1 block per 5 sec.
If Reddit would use Minter as their blockchain for Community points then all Redditors:
- would not have problems with everyday coin operations, as Minter has well developed user-centric wallet apps for main platforms, iOS, Android, Web. Taste yourself!
- would have their transactions processed within 5 seconds. Is it a reasonable amount of time? We think it is much more than that, it is pretty awesome.
- would never pay more than one Cent per transaction.
- would easily see the whole transaction history in the app or via blockchain export.
Issue subreddit coins in just 60 seconds, swap not only for one another, but also for items such as iTunes gift cards, XBOX subscriptions, or any of the remaining 18,000 options.
Minter team has developed a comprehensive toolset for third-party developers, which includes the Console, SDK, and API for advanced integration. Our blockchain — as well as the vast majority of services built atop it — is open-source.
Some numbers
  • May 15, 2019 - mainnet launch
  • 1,557 - active coins
  • Over 9ml - transactions
  • Over 7,6ml - blocks
  • 4.63 - avg. seconds per block
  • 58 - blockchain validators and growing
  • Over 100 000 - BIP Wallet downloads
Green light
All we ask for is a green light to integrate any of the Reddit communities into our platform, seeing hundreds of millions of transactions in branded coins each and every day. One week is the time we need to make it work.
We would like to take this moment to thank the entire Reddit team for striving to make the Internet a better place. And if you are interested in the proposition we outlined above, please don’t hesitate to contact Mikhail for further communication.
Also, please check our article: Blockchain Reward System: Reddit Case Study
Best regards,
Minter community
P.S. To learn more about the network itself, see If you want to try out our lightning-fast wallets, please visit
submitted by MkSpriing to ethereum [link] [comments]

VPN/USA roobet experience today

Roobet Reddit Community, I want to give my experience using Roobet from the US.
WHAT IS THIS POST FOR? I was skeptical about people on reddit who said they had no trouble withdrawing, and if I would have found a post like this myself, my worries would have been taken care of. Therefore I'm posting for my fellow redditors who may, like I did jump into roobet without first taking too much care about how they do not allow US patrons.
My Setup:
Before attempting to create an account, I first connect to my paid VPN through a server out of hong kong. I personally use Mulvad VPN, They accept Bitcoin, and and truly non-logging. Once I was connected I registered with Roobet and hastily sent 350$ in ethereum to my Roobet wallet. After playing a few rounds of crash, I got a little worried about withdrawing even my original deposit, so I stopped playing and immediately worked on getting at least 300 out of roobet. To do this, I first went to my roobet account, and to the verification page. from there I entered a name and birthday, and for the mailing address, I hopped on google, searched for apartments in hong kong, and after some searching, found an address to a reasonably priced apartment in hong kong. Once I input my address on the verification page, I opened a new hardware wallet on my phone, and submitted a withdraw of 300$ to it from roobet. Thankfully it went through without asking for any further verification.
I do honestly believe that if you follow this procedure, you may have the same luck and not run into the verification wall that asks for a government ID.
Do make sure you use a good VPN that is a paid service, Mulvad is 5$ for a month and be sure to only connect to a server in a first world county not listed against the roobet terms of service. Also make sure you do not deposit or withdraw more than $1,000 dollars.
that was my experience,
submitted by bealan to Roobet [link] [comments]

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake
Submitted for consideration to The Great Reddit Scaling Bake-Off
Baked by the pastry chefs at Offchain Labs
Please send questions or comments to [[email protected] ](mailto:[email protected])
1. Overview
We're excited to submit Arbitrum Rollup for consideration to The Great Reddit Scaling Bake-Off. Arbitrum Rollup is the only Ethereum scaling solution that supports arbitrary smart contracts without compromising on Ethereum's security or adding points of centralization. For Reddit, this means that Arbitrum can not only scale the minting and transfer of Community Points, but it can foster a creative ecosystem built around Reddit Community Points enabling points to be used in a wide variety of third party applications. That's right -- you can have your cake and eat it too!
Arbitrum Rollup isn't just Ethereum-style. Its Layer 2 transactions are byte-for-byte identical to Ethereum, which means Ethereum users can continue to use their existing addresses and wallets, and Ethereum developers can continue to use their favorite toolchains and development environments out-of-the-box with Arbitrum. Coupling Arbitrum’s tooling-compatibility with its trustless asset interoperability, Reddit not only can scale but can onboard the entire Ethereum community at no cost by giving them the same experience they already know and love (well, certainly know).
To benchmark how Arbitrum can scale Reddit Community Points, we launched the Reddit contracts on an Arbitrum Rollup chain. Since Arbitrum provides full Solidity support, we didn't have to rewrite the Reddit contracts or try to mimic their functionality using an unfamiliar paradigm. Nope, none of that. We launched the Reddit contracts unmodified on Arbitrum Rollup complete with support for minting and distributing points. Like every Arbitrum Rollup chain, the chain included a bridge interface in which users can transfer Community Points or any other asset between the L1 and L2 chains. Arbitrum Rollup chains also support dynamic contract loading, which would allow third-party developers to launch custom ecosystem apps that integrate with Community Points on the very same chain that runs the Reddit contracts.
1.1 Why Ethereum
Perhaps the most exciting benefit of distributing Community Points using a blockchain is the ability to seamlessly port points to other applications and use them in a wide variety of contexts. Applications may include simple transfers such as a restaurant that allows Redditors to spend points on drinks. Or it may include complex smart contracts -- such as placing Community Points as a wager for a multiparty game or as collateral in a financial contract.
The common denominator between all of the fun uses of Reddit points is that it needs a thriving ecosystem of both users and developers, and the Ethereum blockchain is perhaps the only smart contract platform with significant adoption today. While many Layer 1 blockchains boast lower cost or higher throughput than the Ethereum blockchain, more often than not, these attributes mask the reality of little usage, weaker security, or both.
Perhaps another platform with significant usage will rise in the future. But today, Ethereum captures the mindshare of the blockchain community, and for Community Points to provide the most utility, the Ethereum blockchain is the natural choice.
1.2 Why Arbitrum
While Ethereum's ecosystem is unmatched, the reality is that fees are high and capacity is too low to support the scale of Reddit Community Points. Enter Arbitrum. Arbitrum Rollup provides all of the ecosystem benefits of Ethereum, but with orders of magnitude more capacity and at a fraction of the cost of native Ethereum smart contracts. And most of all, we don't change the experience from users. They continue to use the same wallets, addresses, languages, and tools.
Arbitrum Rollup is not the only solution that can scale payments, but it is the only developed solution that can scale both payments and arbitrary smart contracts trustlessly, which means that third party users can build highly scalable add-on apps that can be used without withdrawing money from the Rollup chain. If you believe that Reddit users will want to use their Community Points in smart contracts--and we believe they will--then it makes the most sense to choose a single scaling solution that can support the entire ecosystem, eliminating friction for users.
We view being able to run smart contracts in the same scaling solution as fundamentally critical since if there's significant demand in running smart contracts from Reddit's ecosystem, this would be a load on Ethereum and would itself require a scaling solution. Moreover, having different scaling solutions for the minting/distribution/spending of points and for third party apps would be burdensome for users as they'd have to constantly shuffle their Points back and forth.
2. Arbitrum at a glance
Arbitrum Rollup has a unique value proposition as it offers a combination of features that no other scaling solution achieves. Here we highlight its core attributes.
Decentralized. Arbitrum Rollup is as decentralized as Ethereum. Unlike some other Layer 2 scaling projects, Arbitrum Rollup doesn't have any centralized components or centralized operators who can censor users or delay transactions. Even in non-custodial systems, centralized components provide a risk as the operators are generally incentivized to increase their profit by extracting rent from users often in ways that severely degrade user experience. Even if centralized operators are altruistic, centralized components are subject to hacking, coercion, and potential liability.
Massive Scaling. Arbitrum achieves order of magnitude scaling over Ethereum's L1 smart contracts. Our software currently supports 453 transactions-per-second for basic transactions (at 1616 Ethereum gas per tx). We have a lot of room left to optimize (e.g. aggregating signatures), and over the next several months capacity will increase significantly. As described in detail below, Arbitrum can easily support and surpass Reddit's anticipated initial load, and its capacity will continue to improve as Reddit's capacity needs grow.
Low cost. The cost of running Arbitrum Rollup is quite low compared to L1 Ethereum and other scaling solutions such as those based on zero-knowledge proofs. Layer 2 fees are low, fixed, and predictable and should not be overly burdensome for Reddit to cover. Nobody needs to use special equipment or high-end machines. Arbitrum requires validators, which is a permissionless role that can be run on any reasonable on-line machine. Although anybody can act as a validator, in order to protect against a “tragedy of the commons” and make sure reputable validators are participating, we support a notion of “invited validators” that are compensated for their costs. In general, users pay (low) fees to cover the invited validators’ costs, but we imagine that Reddit may cover this cost for its users. See more on the costs and validator options below.
Ethereum Developer Experience. Not only does Arbitrum support EVM smart contracts, but the developer experience is identical to that of L1 Ethereum contracts and fully compatible with Ethereum tooling. Developers can port existing Solidity apps or write new ones using their favorite and familiar toolchains (e.g. Truffle, Buidler). There are no new languages or coding paradigms to learn.
Ethereum wallet compatibility. Just as in Ethereum, Arbitrum users need only hold keys, but do not have to store any coin history or additional data to protect or access their funds. Since Arbitrum transactions are semantically identical to Ethereum L1 transactions, existing Ethereum users can use their existing Ethereum keys with their existing wallet software such as Metamask.
Token interoperability. Users can easily transfer their ETH, ERC-20 and ERC-721 tokens between Ethereum and the Arbitrum Rollup chain. As we explain in detail below, it is possible to mint tokens in L2 that can subsequently be withdrawn and recognized by the L1 token contract.
Fast finality. Transactions complete with the same finality time as Ethereum L1 (and it's possible to get faster finality guarantees by trading away trust assumptions; see the Arbitrum Rollup whitepaper for details).
Non-custodial. Arbitrum Rollup is a non-custodial scaling solution, so users control their funds/points and neither Reddit nor anyone else can ever access or revoke points held by users.
Censorship Resistant. Since it's completely decentralized, and the Arbitrum protocol guarantees progress trustlessly, Arbitrum Rollup is just as censorship-proof as Ethereum.
Block explorer. The Arbitrum Rollup block explorer allows users to view and analyze transactions on the Rollup chain.
Although this is a bake-off, we're not going to sugar coat anything. Arbitrum Rollup, like any Optimistic Rollup protocol, does have one limitation, and that's the delay on withdrawals.
As for the concrete length of the delay, we've done a good deal of internal modeling and have blogged about this as well. Our current modeling suggests a 3-hour delay is sufficient (but as discussed in the linked post there is a tradeoff space between the length of the challenge period and the size of the validators’ deposit).
Note that this doesn't mean that the chain is delayed for three hours. Arbitrum Rollup supports pipelining of execution, which means that validators can keep building new states even while previous ones are “in the pipeline” for confirmation. As the challenge delays expire for each update, a new state will be confirmed (read more about this here).
So activity and progress on the chain are not delayed by the challenge period. The only thing that's delayed is the consummation of withdrawals. Recall though that any single honest validator knows immediately (at the speed of L1 finality) which state updates are correct and can guarantee that they will eventually be confirmed, so once a valid withdrawal has been requested on-chain, every honest party knows that the withdrawal will definitely happen. There's a natural place here for a liquidity market in which a validator (or someone who trusts a validator) can provide withdrawal loans for a small interest fee. This is a no-risk business for them as they know which withdrawals will be confirmed (and can force their confirmation trustlessly no matter what anyone else does) but are just waiting for on-chain finality.
3. The recipe: How Arbitrum Rollup works
For a description of the technical components of Arbitrum Rollup and how they interact to create a highly scalable protocol with a developer experience that is identical to Ethereum, please refer to the following documents:
Arbitrum Rollup Whitepaper
Arbitrum academic paper (describes a previous version of Arbitrum)
4. Developer docs and APIs
For full details about how to set up and interact with an Arbitrum Rollup chain or validator, please refer to our developer docs, which can be found at
Note that the Arbitrum version described on that site is older and will soon be replaced by the version we are entering in Reddit Bake-Off, which is still undergoing internal testing before public release.
5. Who are the validators?
As with any Layer 2 protocol, advancing the protocol correctly requires at least one validator (sometimes called block producers) that is honest and available. A natural question is: who are the validators?
Recall that the validator set for an Arbitrum chain is open and permissionless; anyone can start or stop validating at will. (A useful analogy is to full nodes on an L1 chain.) But we understand that even though anyone can participate, Reddit may want to guarantee that highly reputable nodes are validating their chain. Reddit may choose to validate the chain themselves and/or hire third-party validators.To this end, we have begun building a marketplace for validator-for-hire services so that dapp developers can outsource validation services to reputable nodes with high up-time. We've announced a partnership in which Chainlink nodes will provide Arbitrum validation services, and we expect to announce more partnerships shortly with other blockchain infrastructure providers.
Although there is no requirement that validators are paid, Arbitrum’s economic model tracks validators’ costs (e.g. amount of computation and storage) and can charge small fees on user transactions, using a gas-type system, to cover those costs. Alternatively, a single party such as Reddit can agree to cover the costs of invited validators.
6. Reddit Contract Support
Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain.
Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain.
For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2.
Batch minting. What's better than a mint cookie? A whole batch! In addition to supporting Reddit’s current minting/claiming scheme, we built a second minting design, which we believe outperforms the signature/claim system in many scenarios.
In the current system, Reddit periodically issues signed statements to users, who then take those statements to the blockchain to claim their tokens. An alternative approach would have Reddit directly submit the list of users/amounts to the blockchain and distribute the tokens to the users without the signature/claim process.
To optimize the cost efficiency of this approach, we designed an application-specific compression scheme to minimize the size of the batch distribution list. We analyzed the data from Reddit's previous distributions and found that the data is highly compressible since token amounts are small and repeated, and addresses appear multiple times. Our function groups transactions by size, and replaces previously-seen addresses with a shorter index value. We wrote client code to compress the data, wrote a Solidity decompressing function, and integrated that function into Reddit’s contract running on Arbitrum.
When we ran the compression function on the previous Reddit distribution data, we found that we could compress batched minting data down to to 11.8 bytes per minting event (averaged over a 6-month trace of Reddit’s historical token grants)compared with roughly 174 bytes of on-chain data needed for the signature claim approach to minting (roughly 43 for an RLP-encoded null transaction + 65 for Reddit's signature + 65 for the user's signature + roughly 8 for the number of Points) .
The relative benefit of the two approaches with respect to on-chain call data cost depends on the percentage of users that will actually claim their tokens on chain. With the above figures, batch minting will be cheaper if roughly 5% of users redeem their claims. We stress that our compression scheme is not Arbitrum-specific and would be beneficial in any general-purpose smart contract platform.
8. Benchmarks and costs
In this section, we give the full costs of operating the Reddit contracts on an Arbitrum Rollup chain including the L1 gas costs for the Rollup chain, the costs of computation and storage for the L2 validators as well as the capital lockup requirements for staking.
Arbitrum Rollup is still on testnet, so we did not run mainnet benchmarks. Instead, we measured the L1 gas cost and L2 workload for Reddit operations on Arbitrum and calculated the total cost assuming current Ethereum gas prices. As noted below in detail, our measurements do not assume that Arbitrum is consuming the entire capacity of Ethereum. We will present the details of our model now, but for full transparency you can also play around with it yourself and adjust the parameters, by copying the spreadsheet found here.
Our cost model is based on measurements of Reddit’s contracts, running unmodified (except for the addition of a batch minting function) on Arbitrum Rollup on top of Ethereum.
On the distribution of transactions and frequency of assertions. Reddit's instructions specify the following minimum parameters that submissions should support:
Over a 5 day period, your scaling PoC should be able to handle:
  • 100,000 point claims (minting & distributing points)
  • 25,000 subscriptions
  • 75,000 one-off points burning
  • 100,000 transfers
We provide the full costs of operating an Arbitrum Rollup chain with this usage under the assumption that tokens are minted or granted to users in batches, but other transactions are uniformly distributed over the 5 day period. Unlike some other submissions, we do not make unrealistic assumptions that all operations can be submitted in enormous batches. We assume that batch minting is done in batches that use only a few percent on an L1 block’s gas, and that other operations come in evenly over time and are submitted in batches, with one batch every five minutes to keep latency reasonable. (Users are probably already waiting for L1 finality, which takes at least that long to achieve.)
We note that assuming that there are only 300,000 transactions that arrive uniformly over the 5 day period will make our benchmark numbers lower, but we believe that this will reflect the true cost of running the system. To see why, say that batches are submitted every five minutes (20 L1 blocks) and there's a fixed overhead of c bytes of calldata per batch, the cost of which will get amortized over all transactions executed in that batch. Assume that each individual transaction adds a marginal cost of t. Lastly assume the capacity of the scaling system is high enough that it can support all of Reddit's 300,000 transactions within a single 20-block batch (i.e. that there is more than c + 300,000*t byes of calldata available in 20 blocks).
Consider what happens if c, the per-batch overhead, is large (which it is in some systems, but not in Arbitrum). In the scenario that transactions actually arrive at the system's capacity and each batch is full, then c gets amortized over 300,000 transactions. But if we assume that the system is not running at capacity--and only receives 300,000 transactions arriving uniformly over 5 days-- then each 20-block assertion will contain about 200 transactions, and thus each transaction will pay a nontrivial cost due to c.
We are aware that other proposals presented scaling numbers assuming that 300,000 transactions arrived at maximum capacity and was executed in a single mega-transaction, but according to our estimates, for at least one such report, this led to a reported gas price that was 2-3 orders of magnitude lower than it would have been assuming uniform arrival. We make more realistic batching assumptions, and we believe Arbitrum compares well when batch sizes are realistic.
Our model. Our cost model includes several sources of cost:
  • L1 gas costs: This is the cost of posting transactions as calldata on the L1 chain, as well as the overhead associated with each batch of transactions, and the L1 cost of settling transactions in the Arbitrum protocol.
  • Validator’s staking costs: In normal operation, one validator will need to be staked. The stake is assumed to be 0.2% of the total value of the chain (which is assumed to be $1 per user who is eligible to claim points). The cost of staking is the interest that could be earned on the money if it were not staked.
  • Validator computation and storage: Every validator must do computation to track the chain’s processing of transactions, and must maintain storage to keep track of the contracts’ EVM storage. The cost of computation and storage are estimated based on measurements, with the dollar cost of resources based on Amazon Web Services pricing.
It’s clear from our modeling that the predominant cost is for L1 calldata. This will probably be true for any plausible rollup-based system.
Our model also shows that Arbitrum can scale to workloads much larger than Reddit’s nominal workload, without exhausting L1 or L2 resources. The scaling bottleneck will ultimately be calldata on the L1 chain. We believe that cost could be reduced substantially if necessary by clever encoding of data. (In our design any compression / decompression of L2 transaction calldata would be done by client software and L2 programs, never by an L1 contract.)
9. Status of Arbitrum Rollup
Arbitrum Rollup is live on Ethereum testnet. All of the code written to date including everything included in the Reddit demo is open source and permissively licensed under the Apache V2 license. The first testnet version of Arbitrum Rollup was released on testnet in February. Our current internal version, which we used to benchmark the Reddit contracts, will be released soon and will be a major upgrade.
Both the Arbitrum design as well as the implementation are heavily audited by independent third parties. The Arbitrum academic paper was published at USENIX Security, a top-tier peer-reviewed academic venue. For the Arbitrum software, we have engaged Trail of Bits for a security audit, which is currently ongoing, and we are committed to have a clean report before launching on Ethereum mainnet.
10. Reddit Universe Arbitrum Rollup Chain
The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo.
If the folks at Reddit would like to evaluate our software prior to our public demo, please email us at [email protected] and we'd be more than happy to provide early access.
11. Even more scaling: Arbitrum Sidechains
Rollups are an excellent approach to scaling, and we are excited about Arbitrum Rollup which far surpasses Reddit's scaling needs. But looking forward to Reddit's eventual goal of supporting hundreds of millions of users, there will likely come a time when Reddit needs more scaling than any Rollup protocol can provide.
While Rollups greatly reduce costs, they don't break the linear barrier. That is, all transactions have an on-chain footprint (because all calldata must be posted on-chain), albeit a far smaller one than on native Ethereum, and the L1 limitations end up being the bottleneck for capacity and cost. Since Ethereum has limited capacity, this linear use of on-chain resources means that costs will eventually increase superlinearly with traffic.
The good news is that we at Offchain Labs have a solution in our roadmap that can satisfy this extreme-scaling setting as well: Arbitrum AnyTrust Sidechains. Arbitrum Sidechains are similar to Arbitrum Rollup, but deviate in that they name a permissioned set of validators. When a chain’s validators agree off-chain, they can greatly reduce the on-chain footprint of the protocol and require almost no data to be put on-chain. When validators can't reach unanimous agreement off-chain, the protocol reverts to Arbitrum Rollup. Technically, Arbitrum Sidechains can be viewed as a hybrid between state channels and Rollup, switching back and forth as necessary, and combining the performance and cost that state channels can achieve in the optimistic case, with the robustness of Rollup in other cases. The core technical challenge is how to switch seamlessly between modes and how to guarantee that security is maintained throughout.
Arbitrum Sidechains break through this linear barrier, while still maintaining a high level of security and decentralization. Arbitrum Sidechains provide the AnyTrust guarantee, which says that as long as any one validator is honest and available (even if you don't know which one will be), the L2 chain is guaranteed to execute correctly according to its code and guaranteed to make progress. Unlike in a state channel, offchain progress does not require unanimous consent, and liveness is preserved as long as there is a single honest validator.
Note that the trust model for Arbitrum Sidechains is much stronger than for typical BFT-style chains which introduce a consensus "voting" protocols among a small permissioned group of validators. BFT-based protocols require a supermajority (more than 2/3) of validators to agree. In Arbitrum Sidechains, by contrast, all you need is a single honest validator to achieve guaranteed correctness and progress. Notice that in Arbitrum adding validators strictly increases security since the AnyTrust guarantee provides correctness as long as any one validator is honest and available. By contrast, in BFT-style protocols, adding nodes can be dangerous as a coalition of dishonest nodes can break the protocol.
Like Arbitrum Rollup, the developer and user experiences for Arbitrum Sidechains will be identical to that of Ethereum. Reddit would be able to choose a large and diverse set of validators, and all that they would need to guarantee to break through the scaling barrier is that a single one of them will remain honest.
We hope to have Arbitrum Sidechains in production in early 2021, and thus when Reddit reaches the scale that surpasses the capacity of Rollups, Arbitrum Sidechains will be waiting and ready to help.
While the idea to switch between channels and Rollup to get the best of both worlds is conceptually simple, getting the details right and making sure that the switch does not introduce any attack vectors is highly non-trivial and has been the subject of years of our research (indeed, we were working on this design for years before the term Rollup was even coined).
12. How Arbitrum compares
We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects.
Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
  • As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
  • All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
  • Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
  • Plasma-style protocols have a centralized operator and do not support general smart contracts.
13. Concluding Remarks
While it's ultimately up to the judges’ palate, we believe that Arbitrum Rollup is the bakeoff choice that Reddit kneads. We far surpass Reddit's specified workload requirement at present, have much room to optimize Arbitrum Rollup in the near term, and have a clear path to get Reddit to hundreds of millions of users. Furthermore, we are the only project that gives developers and users the identical interface as the Ethereum blockchain and is fully interoperable and tooling-compatible, and we do this all without any new trust assumptions or centralized components.
But no matter how the cookie crumbles, we're glad to have participated in this bake-off and we thank you for your consideration.
About Offchain Labs
Offchain Labs, Inc. is a venture-funded New York company that spun out of Princeton University research, and is building the Arbitrum platform to usher in the next generation of scalable, interoperable, and compatible smart contracts. Offchain Labs is backed by Pantera Capital, Compound VC, Coinbase Ventures, and others.
Leadership Team
Ed Felten
Ed Felten is Co-founder and Chief Scientist at Offchain Labs. He is on leave from Princeton University, where he is the Robert E. Kahn Professor of Computer Science and Public Affairs. From 2015 to 2017 he served at the White House as Deputy United States Chief Technology Officer and senior advisor to the President. He is an ACM Fellow and member of the National Academy of Engineering. Outside of work, he is an avid runner, cook, and L.A. Dodgers fan.
Steven Goldfeder
Steven Goldfeder is Co-founder and Chief Executive Officer at Offchain Labs. He holds a PhD from Princeton University, where he worked at the intersection of cryptography and cryptocurrencies including threshold cryptography, zero-knowledge proof systems, and post-quantum signatures. He is a co-author of Bitcoin and Cryptocurrency Technologies, the leading textbook on cryptocurrencies, and he has previously worked at Google and Microsoft Research, where he co-invented the Picnic signature algorithm. When not working, you can find Steven spending time with his family, taking a nature walk, or twisting balloons.
Harry Kalodner
Harry Kalodner is Co-founder and Chief Technology Officer at Offchain Labs where he leads the engineering team. Before the company he attended Princeton as a Ph.D candidate where his research explored economics, anonymity, and incentive compatibility of cryptocurrencies, and he also has worked at Apple. When not up at 3:00am writing code, Harry occasionally sleeps.
submitted by hkalodner to ethereum [link] [comments]

[Q] How could I exchange one coin for another if both are on the same address?

I've withdraw all my BAT from Uphold to my Metamask address. Also, I have some USDT.
I'm unable to withdraw my funds from my Metamask address to Binance due to GAS.
How could I exchange some of my BAT for ETH to get some GAS?
EDIT. The solution was to buy Ethereum on an exchange and send it to my Metamask wallet and then perform the transaction. Another solution is to use some app (Dharma app) that pays the gas fee for you as a fellow redditor mentioned in the comments, though I didn't try it.
Thank you all!
submitted by rockabby to ethereum [link] [comments]

Ethereum DeFi Explosion, 2020 Bull Market, Euro Coin ... Reddit Launches Ethereum Based Cryptocurrency Called Loot ... Ethereum - YouTube Ethereum 2.0: Latest Updates For 2020 How To Stake Cryptocurrencies Easily + Ethereum 2.0 ...

r/ethtrader: Welcome to /r/EthTrader, a 100% community driven sub. Here you can discuss Ethereum news, memes, investing, trading, miscellaneous … Reddit explains how its Ethereum-based Points system will work Reddit is replacing Karma for Ethereum-based Points in one of its communities. Here's what you need to know. By Tim Copeland. 3 min read. Apr 10, 2020 Apr 10, 2020. Ethereum. Reddit says the Points are intended for just one community. Image: Shutterstock. Posted in the r/Ethereum subreddit Thursday, Reddit announced a partnership with the Ethereum Foundation to find a Layer 2 (L2) scaling technique for the site’s 430 million users. Community ... Reddit is serious about Ethereum Reddit, the popular social media platform, made waves last month after it announced that it was going ahead with an Ethereum-powered ‘community points’ rewards system. However, while many believed Reddit will go slow, it would seem that it is instead steaming ahead after it partnered with the Ethereum Foundation to […] And though they’re ERC-20 tokens—tokens that run on the Ethereum blockchain—they’re hosted on a test version of Ethereum, meaning you can’t swap them for, say, ETH. But Ethereum developer Austin Griffith in July created a way to move the tokens from one blockchain to another—from the testnet, called Rinkeby, to an Ethereum sidechain ...

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Ethereum DeFi Explosion, 2020 Bull Market, Euro Coin ...

Welcome back! Everyone has been laughing at my high price targets but you guys have to remember that most of the people investing in crypto aren't profiting!... We have found the winner of Reddit & Ethereum’s scaling competition & this ALTCOIN will explode because of the WIN! The competition is the great Reddit scali... Ethereum is a Proof-of-Work blockchain that allows users to build their own decentralised applications. iIt is a smart contract platform that supports a generalised scripting language. Reddit jumps into Loot Tokens with new cryptocurrency on Ethereum - $Moons & $Bricks 🚀 Get the Ledger Nano X to Safely store your Crypto - https://www.ledger... Ethereum is a platform that makes it possible for any developer to launch next-generation applications, available worldwide in a completely decentralized fas...