Boss dies with password to unlock $137M in cryptocurrencies
Community-Produced FAQ document What Is Blocknet? The Blocknet is a general-purpose infrastructure for inter-blockchain services. It is designed to enable the emerging “token ecosystem.” The first product build on this infrastructure is a decentralized exchange. What Does It Do? The Blocknet enables inter-blockchain services, like decentralized exchange, monetised API consumption, and p2p digital service delivery. These are core enabling features of inter-chain dapps. How Does It Work? To support inter-blockchain services, the Blocknet has three core components, which work together to provide three core services. The core components are:
A blockchain router, xbridgep2ptm
A coin exchange protocol
An inter-chain data transport
The core services are:
Decentralized exchange of coins
Inter-blockchain service delivery
What Is a Decentralized Exchange? A decentralized exchange is a service enabling counterparties (which may be people or machines) to exchange one currency or token for another, without the involvement of any third party as an intermediary. The term “decentralized” denotes matters of control rather than the distribution of processing; the ideal of a decentralized solution is for the parties to a given interaction to be self-sovereign actors, in the sense that no third party is required to act on their behalf in order for the interaction to take place. How Does a Decentralized Exchange Work? Exchanges have four core functions:
The exchange of tokens
Hence, in order to be a decentralized exchange, each of these core functions must be decentralized. The Blocknet decentralizes them in the following ways:
Traders’ capital remains in their wallets, and is not entrusted to a third party at any stage.
Orders are broadcast directly from trader to trader over an inter-blockchain DHT network overlay. Traders’ apps compile an order book themselves instead of relying on a central order book service.
Orders are matched directly between traders. When one accepts another’s order, their apps communicate to set up the coin exchange process, and this is broadcast over the inter-chain network.
The exchange of tokens is achieved without the involvement of an intermediary, in a manner that does not require counterparties to trust one another beforehand. An atomic protocol is utilised (meaning that either the exchange of both currencies takes place, or nothing takes place), which employs OP_CHECKLOCKTIMEVERIFY to nullify transaction malleability-based attacks. More details on the protocol are available here: http://kaykurokawa.blogspot.co.za/2015/10/atomic-cross-chain-transfer-overview.html
Why Is a Decentralized Exchange a Key Enabler Of the Token Ecosystem? Decentralized exchange makes blockchain services intrinsically monetizable, removing the friction and high costs of traditional payment networks that have prevented the monetisation of the bulk of the API ecosystem. Due to the decentralized exchange, consumers of a service may pay in their native token even if the service consumes a different token. In a world in which (a) there are already thousands of blockchains, and (b) blockchains bloat inexorably, and so it is advisable not to support many services per blockchain, monetising inter-chain services is both an operational necessity and an ecosystem-enabling service. What Coins Does the Decentralized Exchange Support? The Blocknet was designed to maximise interoperability, and so most blockchain tokens may be integrated with no coding required. The current integration requirements are:
Support for OP_CHECKLOCKTIMEVERIFY
A stock JSON RPC interface from Bitcoin Core
As a result, the Blocknet supports the majority of cryptocurrencies in existence, and no permission from anyone is required for these to be traded on the exchange. The current list is: BAY BTC BLK BLOCK DASH DGB DOGE DYN PIVX LTC MUE NMC SYS VTC VIA BRK BRX ETH NLG QTUM DCR POT PPC XVG MONA FAIR NAV How Fast Is the Decentralized Exchange? Instant. However, note that once you have completed a trade and received coins, you will be dependent on their blockchain’s accepted confirmation time before your coins will be spendable again. Note: A future enhancement to the decentralized exchange may include a filter on the order book to enable traders to trade coins with less than the number of confirmations conventionally agreed upon as “safe.” This incurs a degree of risk for the benefit of supporting trading styles that require rapidly entering and exiting a position, such as scalping. How Private Is the Decentralized Exchanged? Because decentralized exchanges do not require traders to submit KYC information or divulge anything else about themselves to a third party, traders enjoy a naturally high degree of privacy. However, for most wallets, aspects of transactions are linkable to IP addresses, so in order to obfuscate that, one might use TOR or I2P. The Blocknet’s DHT network overlay does not use IP addresses, however. Combined with any privacy-centric coin, a decentralized exchange run over IP-obfuscating tech is a near-perfect mixing solution. For example, one may trade some coins for Zcash, sends them to a different address, and then trade back again. What Are the Possible Applications Of the xBridge Protocol Other Than a Decentralized Exchange? The Blocknet is designed as infrastructure for the emerging token ecosystem. Any service or orchestrated sequence of microservices provided by dapps may be delivered over the Blocknet's infrastructure. Using decentralized exchange, these services are intrinsically monetizable, removing the friction and high costs of traditional payment networks - friction which has prevented the monetisation of the bulk of the API ecosystem. Due to the decentralized exchange, consumers of a service may pay in their native token even if the service consumes a different token. What Are the Benefits Of Running a Node? How Many Blocks Do I Need To Run One? There are two types of node: a "service node" and a “trader node”. Service nodes do not handle or control any trader's coins. Their function is to collect and distribute trade fees. Typically a service node operator will run multiple full node wallets of whichever coins (s)he wants to support, in order to garner as many trade fees as possible. Trader nodes enable one to trade on the decentralized exchange.The amount of BLOCK currently needed to run a service node is 5,000 BLOCK. To use the exchange you will not need any BLOCK. Will There Be Fees For Buying/Trading On the Blocknet Exchange? Yes, there are fees, though they are significantly lower that centralised exchanges. The fee structure is as follows:
Transactions over the networks of each of your currency pairs will remain subject to their normal network fees for P2SH transactions
A tiny trade fee is charged in BLOCK and the software takes care of securing some BLOCK to pay the fee.
Will A User Need BLOCK To Participate On An Exchange? No, to use the exchange you will NOT need any BLOCK. Only the service node operators will need BLOCK in order to collect and distribute trade fees. Additionally, the service nodes do not handle or control and trader’s coins. The sole purpose of the service node is to only collect and distribute trade fees. Staking Staking and fees on the Blocknet are bundled together in a 70/30 split between nodes and stakers. This is a combination of POS staking and network trading fees. Staking is estimated to be between 9% - 14% in the first year. Nodes will receive 70% and stakers will receive 30%. This means that if you do not have enough Block to run a node, you will STILL get part of the node fees, and if you run a node, you will also get part of the stakes as well. Your wallet must be unlocked to actively stake and receive rewards. There will be 525,600 new blocks created annually (at 1 block per minute) with decreasing inflation each subsequent year. Block Specs
Circulating Coin Supply: 4,201,633 BLOCK at start with 525,600 new blocks created annually
DNotes 2.0 Frequently Asked Questions: Q: What is new with DNotes 2.0? A: DNotes 2.0 is a major improvement on the original DNotes blockchain. The new blockchain will allow DNotes and its partner company DNotes Global to achieve its objective to connect DNotes to the modern world of finance and commerce. The new blockchain is faster, more secure, and consumes only a fraction of the electricity. It also allows custom invoices to be created and attached to transactions, and changes the economic incentives of the network to one that encourages savings with the switch to the Proof-Of-Stake algorithm, and paying 0.5% interest on balances that haven’t moved from a wallet address in a 30 day period (~6% per annum). Specifications POS 2% Annualized Staking Reward Individual blocks reward will be Total Coins / 525,600 60 Second Block Target 0.005 Transaction Fee Source: https://github.com/DNotesCoin/DNotes2.0 Download Wallet: https://github.com/DNotesCoin/DNotes2.0/releases/tag/v188.8.131.52 Directory DNotes2 (C:\Users\USERNAME\AppData\Roaming\DNotes2 on Windows) CONF dnotes.conf (all lower case) DNotes 2.0 Features Switch to PoS CRISP Reward - 0.5% interest every 30 days. Awarded by address. Calculated on a 30 day cycle. Automated Invoicing (First Phase) - Integrated blockchain invoice number There will be a soft deadline where DNotes mined after that block will not be redeemable for 2.0 coins: 4/16/2018 Block# 2180897 133,574,552 Will be the total swappable amount of DNotes we create +20,000,000 Allocated to DNotes Global, Inc for Development & Growth Fund 153,574,552 Total DNotes 2.0 Created The next update (TBD) will include: Deferred Staking Q: How do I swap my coins? A: DNotes stored on the DNotesVault are automatically swapped for you, you don’t need to take any action as the swap process has been done on your behalf. If you already had a DNotesVault account prior to the swap and still have more coins to swap from exchanges or a PC wallet: Login to your DNotesVault account. Click “historic” at the top, and send your old DNotes to one of your historical addresses. The DNotes you send will then be converted to the new DNotes 2.0 coins, and will show in your new DNotes wallet under “dashboard” after we have completed the swap process. Note: Please allow some time for this process to complete. If you do not have a DNotes Vault account, you can perform a manual swap: Visit the following address: https://goo.gl/forms/MMAKqbqejd1rwf1m2 Provide us with your contact email, and your DNotes 2.0 address. We recommend creating an account at www.dnotesvault.com and sending us your deposit address. Otherwise you can download the DNotes 2.0 QT wallet here: https://github.com/DNotesCoin/DNotes2.0/releases We will contact you with an address for you to send your old DNotes coins to, and send you back the new DNotes 2.0 coins. Q: I had a DNotes Vault account with DNotes in it before the swap. Have my old DNotes been swapped into the new coins? A: Yes. We have taken care of swapping all coins held at the DNotes Vault at the time of the upgrade. You don’t need to take any action. Q: I found some DNotes from the old blockchain, can I still swap them for the new DNotes tokens? A: Yes, we will continue to run the old blockchain and give a reasonable period of time for people to swap their DNotes to the new DNotes 2.0 tokens. We recommend that users take action to swap their coins as soon as possible, and may treat swaps on a case by case basis. Q: I have a paper wallet. How do I turn them into the new coins? A: You will need to download the DNotes v1.2 software, and then use the importprivkey command in the debug console. https://bitcoin.stackexchange.com/questions/5941/how-do-i-import-a-private-key-into-bitcoin-core Once your wallet is updated, you will be able to send out your DNotes. Q: What is the cutoff date for mined DNotes that can be swapped to the new DNotes blockchain? A: We have set April 16th as the soft deadline. No DNotes mined after this date will be eligible to be swapped to DNotes running on the new blockchain. We will continue swap DNotes after that date, however the process will not be as easy and will take more time. Q: What is Staking? A: Staking your coins helps to support the DNotes network, and the network currently pays out roughly 5 DNotes every minute to one address on the network based on a probability that centers on how many coins the user is staking with as a percentage of the total number of coins being staked on the network. The DNotes network pays out ~2% of the total number of coins per annum. If 100% of DNotes were being used to stake on the network, then by probability each user could expect 2% growth in the number of coins they have. If only 50% of coins are used to stake, then those users could expect approximately 4% growth that year. Q: Can I stake my coins on the DNotesVault? A: You cannot currently stake your coins that are on the DNotesVault, you will need to withdraw your DNotes 2.0 to a local wallet and stake your coins from your local wallet. We will in a future release incorporate cold staking, which will allow you stake your coins while they are safely tucked away inside the DNotesVault. However, we do not have an ETA, it will be one of our highest priorities for next upgrades. Q: How do I stake? Disclaimer: It is recommended that you properly secure your computer and wallet, as well as make proper backups, before attempting to run your own staking wallet. Failure to properly secure your DNotes may result in loss or theft. If you are not familiar with the process, please start off small and familiarize yourself with the process. You will need to download the DNotes QT wallet here: https://github.com/DNotesCoin/DNotes2.0/releases/tag/v184.108.40.206 Install the wallet (and we recommend creating a backup) Go to settings, and then ‘encrypt wallet’. Enter your password twice (and do NOT forget it, or you will not be able to access the wallet and we can not help you). Go to settings, and then ‘unlock wallet’, enter your password, and select “for staking only”. This will prevent any transfers from being made from your wallet without the password while you stake your coins. Soon the arrow at the bottom will turn green. This means that your coins are now staking. You can watch a video of these steps here from our alpha release here: https://www.youtube.com/watch?v=2w9r2LoXM6c Q: How do I earn the interest reward? A: Our Cryptocurrency Investment Savings Plan (CRISP) payouts occur approximately once per month. All coins that haven’t moved address during that month period will accrue a 0.5% interest, which compounds to roughly 6.17% per annum. If you move your coins during that time, those coins will not receive the interest for that month. Q: What exchanges are DNotes listed on? A: Cryptopia, Nova, Yobit, & Trade By Trade Q: Will DNotes 2.0 be listed on new exchanges? A: The DNotes team are working to get DNotes listed on new and larger exchanges. Q: When will Cryptopia relist DNotes 2.0? A: Cryptopia is starting the delisting process and they have advised they will connect us with their relisting team once the DNotes have been removed from the exchange, in order to prevent confusion. Q: Are the new DNotes 2.0 coins worth the same as the old coins? A: Yes, they are worth exactly the same. However we can not predict what price movements will occur at exchanges once DNotes is relisted using the new coins. Q: I have DNotes on the exchange, do I need to remove them from the exchange? A: Yes, as soon as possible. Please see “How do I swap my coins?” Q: I have Mac or Specific Linux OS, will there be wallets for these? A: Yes, these are among our high priority items to get done as soon as possible. If you have any other queries, please email [email protected]
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