THORChain Weekly Dev Update for Week 12–18 Nov 2019
Some recent updates to the protocol:
Update to Emission
The first iteration of the block reward scheme was announced in the previous weekly update. An immediate concern raised from the community was that the emission was too aggressive in the initial year and rewards dropped off fast beyond the 5 year mark. Taking Bitcoin’s emission as an example, the emission curve has been updated to target 2% emission after 10 years.
The Block Reward equation is given by the following recurrence equation: g(n+2) = ((R - (g(n+1) + g(n))) / x) / y Which evaluates to: !(https://miro.medium.com/max/1624/1*ttpsRd7HUs2-7hvDGO6elg.png
) where: R = Reserve, x = 6 (Arbitrary Emission Factor) y = (seconds per day / seconds per block) / days per year y = (86400 / 5) * 365.2425 The final curve thus has a Day 0 emission of 25%, Year 1 emission of 20% and Year 10 emission of 2%.
The original plan for BEPSwap (prior to the Yggdrasil liquidity breakthrough) was to have it as a separate mainnet before launching the real THORChain in 2020 with cross-chain support. Now THORChain has in-built cross-chain support and a clear roadmap to 99 nodes. This means the mainnet launch will have public, community-run nodes at the start. The community has been fielding many questions about how to run a node, and the mechanics in doing so. Since the THORChain team will not be running any nodes, it is necessary to have a full-rehearsal with the community at launch. As such, the plan is for a public ChaosNet on 03 January 2020. ChaosNet will have the following key differences: * Minimum bond of 100k RUNE. * Maximum of 12 Nodes. * Churn cycle of 1 day. * Maximum stake amount of 600k RUNE total. * 2.7m RUNE Protocol Reserve to emit Bond and Stake rewards. * Hard-coded Ragnorök at 6 weeks.
Any member who wishes to join ChaosNet to get accustomed to running a node can do so, and will receive Block Rewards roughly equivalent to mainnet (25%). They will be setting up nodes, churning in, servicing the network and earning rewards. The system will hold up to 600k Rune, at which point it will refund any additional staked amount. The community can stake small amounts of real assets, prepare arbitrage bots, set up telegram alert bots and more. In short, it is a public rehearsal with the entire community across all facets (nodes, stakers, traders) so that everyone will have access to the same information and not unfairly benefit when the real mainnet launches. Additionally, the system will be hard-coded to perform a Ragnorök 6 weeks later, which will refund all the remaining reserve as well as bonded and staked assets. This will go a long way in re-assuring the community that the system can tolerate all levels of risk, including black-swan events, and that funds are safe at all times.
A new feature will be launched that will allow users to use internal arbitrage. This is an asymmetrical withdrawal to Rune, then immediately followed by a asymmetrical stake of Rune in another pool. A trader may want to do this instead of doing transactional arbitrage in order to exploit price differences between two pools the fastest way possible. Instead of an outgoing transaction being processed, followed by another incoming transaction, Rune balances and stakeUnits are swapped internally, being completed inside of a few seconds.
Fee-based Transaction Prioritisation
Currently there is no prioritisation to the order of transactions, all transactions are simply processed in order of time received. In moments of high demand of network resources (such as when there are large arbitrage opportunities and users are racing to exploit them), transactions will queue in the mempool. If the system cannot respond fast enough, then the reason for high demand will persist (the large arbitrage opportunity). The solution is to remove the reason for high demand in the first place, which is the large arbitrage opportunity, at the same time as collecting the maximum revenue for the system. As such, in the checkTx method (which can triage the mempool), transactions will be sorted and ordered in the value of the fee of the swap transaction. Assuming rational actors, the following transactions will then be prioritised over all others: * A transaction from an impatient swapper who is willing to pay a large fee. * A transaction from a trader who is able to arbitrage out a price discrepancy (and still make a gain).
This then means the system can collect as much income as possible (good for the stakers) at the same time as prioritising transactions that can arbitrage out large price discrepancies quickly. This then means swaps from transient swappers will experience a market price that accurately matches the reference price at all times.
The team are working on 4 parallel streams of effort. Cross-chain infrastructure has now been merged into a single repo called “THORNode”. * THORChain * Midgard Public API * Threshold Signature Scheme implementation * Front-end Integration for BEPSwap
Bug fixes, refactoring, as well as more logic around Yggdrasil funding. Additionally, node churn and the first part of block rewards PR was merged. * Add admin config event, fix tx out events https://gitlab.com/thorchain/bepswap/thornode/merge_requests/255
* Resolve “Select a satellite pool to swap out” https://gitlab.com/thorchain/bepswap/thornode/merge_requests/253
* Include the thorcli volume for the signer. https://gitlab.com/thorchain/bepswap/thornode/merge_requests/261
* Rune Reserves, block rewards, bond units, oh my! https://gitlab.com/thorchain/bepswap/thornode/merge_requests/258
* Add mechanism to slash a node account bond or rewards https://gitlab.com/thorchain/bepswap/thornode/merge_requests/264
* Add add event https://gitlab.com/thorchain/bepswap/thornode/merge_requests/262
* Issue198 node churn https://gitlab.com/thorchain/bepswap/thornode/merge_requests/270
* Issue199 — fix signer doesn’t process multiple txout item https://gitlab.com/thorchain/bepswap/thornode/merge_requests/271
* issue194: only rune get refund for invalid memo https://gitlab.com/thorchain/bepswap/thornode/merge_requests/272
* Outbound — mark txout item out hash based on the coin as well https://gitlab.com/thorchain/bepswap/thornode/merge_requests/273
Midgard Public API
Database ported from influxdb to timescaledb (more maturity, better developer tooling). Endpoints built out include/pools and /stakers. * Feature/new endpoint format, refactors and general clean ups
The OpenApi Schema can be reviewed here: https://testnet-api.bepswap.net/v1/doc
Threshold Signature Scheme
TSS was successfully implemented into the Genesis ceremony, with the focus now being on the key-gen and key-sign ceremonies. Multi-cast DNS was switched out for a distributed hash table to facilitate node discovery. * Issue4 — docker images and ci https://gitlab.com/thorchain/tss/multi-party-ecdsa-dockemerge_requests/5
* Fix a docker bug https://gitlab.com/thorchain/tss/multi-party-ecdsa-dockemerge_requests/6
A proof-of-concept is being prepared using BinanceChain TSS library, which was recently launched in order to make a decision whether to switch libraries. A go-based implementation is better for THORNode, since it is also written in Go. https://github.com/binance-chain/tss-lib
Bug-fixes and tweaks from community feedback. The frontend is now ready for implementation with the latest Midgard API. * Resolve “Write cypress e2e test for pool stake list view” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/164
* Resolve “Update rune token icon” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/165
* Resolve “Update confirmation modal” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/166
* Resolve “Update wallet view” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/167
* Resolve “Add tooltip for wallet connection” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/168
The team are working for these milestones: * Feature Freeze: 20 November 2019 on-time * Audit: 20 December 2019 on-time * ChaosNet: 03 January 2020 on-time
To keep up to date, please monitor community channels, particularly Telegram and Twitter: Twitter: https://twitter.com/thorchain_org
Telegram Community: https://t.me/thorchain_org
Telegram Announcements: https://t.me/thorchain
Binance smart chain is a parallel Binance chain designed to enable smart contracts and it comes with an Ethereum Virtual Machine-compatible environment. It is never meant to compete with Ethereum or replace ETH. BSC is just an ETH-compatible chain and is designed to give users more options such as fast block times, cheap transaction costs etc. Users will now be able to transfer the same asset ... Welcome newbies New investors are entering the bitcoin market at a faster pace and possibly creating upward pressure on prices, on-chain data shows. The number of “young investment” wallets (those that are one to three months old and rarely send bitcoins) has jumped to 2,254,667 this month, the highest level since February 2018, according to data provided by the blockchain analysts firm ... Download Atomic Wallet and manage Bitcoin, Ethereum, XRP, Litecoin, Stellar, and over 300 coins and tokens in a single secure interface. Stake, exchange, and buy crypto for USD with a credit card. Litecoin is considered to be a fast blockchain, the average block exit time is 2.5 minutes. Today, the average Litecoin transaction fee is 0.00049 LTC, which is approximately $0.03. Binance Coin (BNB) — Binance Exchange Token That was one Bitcoin concept of change. It appears unbelievable now, because it did earlier than, regardless of the present danger of game-changing inflation in America. The ship may be taking place, and Bitcoin may be a life-raft for some (as it’s in Venezuela), however the collapse was not attributable to Bitcoin. It was attributable to ... Of naira deposits or the block in case you to use of traders. ... its clear and offline and on-camera instructor on binance jersey that bitcoin payment method will have the binance halving countdown funds as well above it, never been outperforming the quantity of btc. From the latest trends makes all over 1,000 disaster recovery mechanism just click on to believe they’re unsuccessful, then ... Trade over 40 cryptocurrencies and enjoy the lowest trading fees in America. Exchange Bitcoin Cash to Binance Coin. What do you need to know? The average time for exchanging BCH to BNB is 10-60 minutes You only need 2 confirmations of the Bitcoin Cash blockchain for the exchange If you can't send funds to our Bitcoin Cash address, try adding "bitcoincash:" to the beginning of the address or use the Bitcoin Cash address converter Memo is the BNB payment ID. If ... Etherscan allows you to explore and search the Ethereum blockchain for transactions, addresses, tokens, prices and other activities taking place on Ethereum (ETH) Coinbase, on the other hand, uses the more traditional order book format – where a user’s trade is matched up against a list, or book, of buys and sells, and executed at the best available price. Market intel. bitcoin’s price fell to just under $10,900 in the Asian trading hours – not long after it had climbed to near $11,100. The drop ...
Binance Launches sixteenth Phase of Binance Lending Product Subscribe to our channel#cryptoglobalindia and the press the bell icon for the regular update..... Like our video ️ #cryptoglobalindia. Bitcoin Crashing. Before You Do Anything Watch This Video. [Stephen Colbert Video 2013] Before You Do Anything Watch This Video. [Stephen Colbert Video 2013] - Duration: 11:47. Apa itu bitcoin halvening? siap-siap guys, bulan depan bitcoin halvening ke 3. harga bakal meroket (sesuai data historis). koleksi dari sekarang sebelum menyesal! Daftar trading futures Binance ... There are many opportunities in the Crypto matrix not only with the most popular coin Bitcoin but with Atl Coins as well. I have had success with the Chinese... 🚀altcoin revival! - $400k bitcoin realistic: here's why! - ripple backed wallet to serve jpmorgan! - RIPPLE BACKED WALLET TO SERVE JPMORGAN! - Duration: 21:48. This demo shows how you can connect your Binance US account to CryptoTrader.Tax to automate your cryptocurrency tax reporting. Simply import your trades and ... Binance here: http://bit.ly/2EVcao9 Binance - Exchange The World, will take a snapshot at the time of the fork. After the forked block-chain and wallet are a... Binance Hack: Bitcoin im Wert von 42 Mio. USD gestohlen 💀 Block-Builders. Loading... Unsubscribe from Block-Builders? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 4.51K ... For more info about Cracking Crypto, be sure to head over to the website here: https://CrackingCryptocurrency.com. For BreakingBitcoin Market Updates, click ...