Note: You can read this on GitHub, Medium or old Reddit to see the 207 links. submitted by
The biggest announcement of the month was the new kind of decentralized exchange proposed
by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo
. A new optimization
that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue
for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement
, command line voting example
, example proposal
with some votes, mini-guide
how to compose a proposal.
Trezor: Decred appeared in the firmware update
and on Trezor website
, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue
dcrdata: Continued work on Insight API support, see this meta issue
for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged
and bumped version to 3.0. Work to visualize agenda voting continues
Ticket splitting: 11-way ticket split from last month has voted
Ethereum support in atomicswap is progressing
and welcomes more eyeballs.
decred.org: revamped Press page
with dozens of added articles, and a shiny new Roadmap page
: a new Decred dashboard by lte13. Reddit announcement here
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart
Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement
that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu
. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed
690 reachable nodes on Jul 1.
Extraordinary event: 247361
were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).
from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted
on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.com
, also on asicminervalue
dcrASIC team posted
a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.
is a new mining pool spotted
- Huobi Pro added DCBTC and DCETH pairs.
- OKEx gradually rolled out trading DCR to BTC, ETH, USDT and OKB and added a page for Decred (note a bunch of N/As for ICO-related stats).
- Singapore-based DragonEx announced a DCETH pair.
- Netherlands-based Bitvavo recently added EUR to DCR conversion
- OOOBTC announced DCUSDT pair.
- Changenow announced the option to buy DCR with fiat.
Two OTC trading desks are now shown on decred.org exchanges
payment gateway added Decred and posted
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post
or ask their representative on Reddit
. Important: do your best to understand the security model before using any wallet software.
- NeverFiat marketplace now accepts Decred. Notably it utilizes GloBee and recently announced Lightning support for Bitcoin.
- Crypto and Tech Gear integrated Decred and has a branded mouse pad for sale, as well as other merch.
- TokenPride: "We are seeking feedback on the general setup of our payment processor. We have tried to make it simple and user friendly. 10% of all purchases made in Decred will be donated to the Decred Development fund - and we will be releasing original Decred designs in the future".
BlueYard Capital announced
investment in Decred and the intent to be long term supporters
and to actively participate in the network's governance. In an overview post
they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining
- Meetup in Belo Horizonte, Brazil.
- Meetup in Rio de Janeiro, Brazil. (photo)
- Campus Party in Brasilia, Brazil. @girino, @Rhama and @matheusd talked about Decred. Matheus was interviewed by a TV channel. Check this quick report about the event, click "Show newer" to continue reading. (photos: 1 2 3)
- Blockchain Connect Conference in Silicon Valley, USA. (photo)
- Zcon0 in Montreal, Canada. @jz represented Decred.
- Blockchain Summit in London, UK. This was not a full blown presence with stand but rather investigation of opportunities by @kyle and @Ani. The resulting detailed report is a good example of a document advising to stakeholders whether it is worth spending project funds.
- Meetup in Berlin, Germany on July 18. @jz will give a talk and Q&A about Decred and chat with Ele from @oscoin about incentivizing developers. Hosted by BlueYard Capital.
- O'Reilly Open Source Convention in Portland, USA on July 18-19. People wishing to attend this developer focused event can use Decred25 discount code when registering to save 25%. For any questions join #event_planning and contact @Jesiki, she can also invite you to any gatherings in the area.
: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack) @morphymore
translated Placeholder's Decred Investment Thesis
and Richard Red's write-up on Politeia
to Chinese, while @DZ translated Decred Roadmap 2018 to Italian
, and A New Kind of DEX to Italian
Second iteration of Chinese ratings released
. Compared to the first issue
, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
- Matrix chat logs are now viewable on the web with the exception of some channels that are not bridged. The new web logs means our chats are now fully public and indexed by search engines.
- Slack had an outage on Jun 27 that disturbed communications for a few hours, discussions continued on Decred's bridged platforms.
Jake Yocom-Piatt did an AMA on CryptoTechnology
, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS. A new kind of DEX
was the subject of an extensive discussion in #general
channels as well as Reddit
. New channel #thedex
was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
about Decred fork resistance started on Twitter and continued in #trading
. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article
was discussed on Reddit
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article
arguing against on-chain governance, discussed here
Reddit recap: mining rig shops discussion
; how centralized
is Politeia; controversial debate
on photos of models that yielded useful discussion on our marketing approach; analysis
of a drop in number of transactions; concerns
regarding project bus factor
, removing central authorities, advertising and full node count – received detailed responses; an argument
by insette for maximizing aggregate tx fees; coordinating
network upgrades; a new "Why Decred?" thread
; a question
about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion
; possible hashrate
of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable
to SPV leaf/node attack.
DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed
to be #1 in onchainfx
"% down from ATH" chart and on this
chart by @CoinzTrader. Towards the end of the month it dropped to #3.
Launchpad service. The idea
is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit
by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced
A hacker broke into
Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries
new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked
with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight
from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code
, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)
About This Issue
This is the third issue of Decred Journal after April
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs
look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained
in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit
. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium
Renewable energy is becoming the preferred way of mining cryptocurrencies like bitcoin as prices surge and the industry seeks more computing power
Vakhtang Gogokhia’s plan to extract cryptocurrencies from the netherworld of cyberspace relies on a strategy familiar to many old-school manufacturers who use a lot of energy—the cheaper the fuel, the better.
That’s why Gogokhia, who heads a startup called Golden Fleece, put a cargo container with Chinese-built computers inside a dilapidated Soviet-era tractor factory in Georgia, about 60 miles (100 kilometers) east of the Black Sea. The site made sense for running servers 24 hours a day because it has access to low-cost electricity generated by water flowing from the nearby Caucasus Mountains. There also are plans for solar panels and wind turbines.
Renewable energy is becoming the preferred way of mining digital currencies
like bitcoin as prices surge and the industry seeks more computing power. While traditional fuels like coal remain staples for many utility grids, big miners including Bitmain Technologies Ltd, HIVE Blockchain Technologies Ltd and Bitfury Group are tapping clean power in places like Canada, Iceland and Paraguay—and luring investors worried about the industry’s carbon footprint.
“To conquer the riches of cryptocurrency,”
said Gogokhia, Golden Fleece’s 28-year-old chief executive officer and a former employee of the state-owned electricity grid,
“we undertook the quest to build cheap, green and sustainable mining farms in Georgia.”
It’s easy to see why energy sources are getting more attention. The increasingly difficult computations for creating new blockchains—the encrypted digital ledgers that underpin cryptocurrencies
—require ever-more powerful computers. And many of the big server farms need air conditioning to keep from overheating. The industry’s electricity use jumped almost eight-fold in the past year, and spending on power can eat up 30% to 60% of revenues, Bloomberg New Energy Finance estimates.
“The price of electricity mostly drives where mining is taking place,”
said Christian Catalini, who founded the Cryptoeconomics Lab at the Massachusetts Institute of Technology (MIT) outside of Boston.
“If the price of electricity increases in one location, mining will likely just move somewhere else.”
A move toward increased mobility by producers has prompted Austria’s Hydrominer GmbH and Switzerland’s Envion AG to build computer-packed data centers into cargo containers that can be hauled off to new locations.
Over the past year, creating cryptocurrencies almost anywhere got more profitable as prices skyrocketed, sparking a rapid global expansion of mining activities along with hundreds of new kinds of tokens. Bitcoin alone was valued at more than $325 billion in December—exceeding the market capitalization of Wal-Mart Stores Inc., after jumping to almost $20,000 each from less than $800 a year earlier.
Still, the computers needed to create and sustain bitcoin require as much electricity every day as 30 nuclear power reactors running at full capacity, and the industry already is using more than all the world’s electric vehicles, BNEF estimates. While the technology around creating cryptocurrencies may evolve to be more efficient, requiring less energy, electricity costs remain a key concern for miners, especially after Bitcoin fell to below $8,000 this month.
Compounding the risk from volatile prices, some older operations are under pressure from regulators and investors, even in places where electricity prices are low.
In China, the world’s the biggest cryptocurrency producer, many server farms rely on cheap, surplus power from coal-fired plants that contribute to pollution. The government has forced industries to limit climate-warming emissions, and officials are contemplating new taxes to assert more control over domestic power markets and digital currency operations. About 70% of major bitcoin-mining pools are based in China or owned by Chinese companies, according to Blockchain.info.
With the prospect of new limits in China, investors are looking elsewhere. In Georgia, which gets about three-quarters of its electricity from hydroelectric plants, Golden Fleece will pay $50 per megawatt-hour, or well below the world average of $121, BNEF data show. Iceland and Switzerland are even cheaper, while Canada and Paraguay are among those at half the global average.
“Mining with clean energy is possible and economically sound in those places,”
said Guy Lane, director of the Long Future Foundation, an Australian-based non-profit. The foundation promotes ideas to protect the planet and has studied the impact of cryptocurrencies on the environment.
The industry’s increasing enthusiasm for finding clean power comes at a time when renewable energy has become a staple in utility grids around the world as the technology improved and costs fell. In the US, renewables like wind and solar accounted for 17% of electricity supply last year, twice the market share of a decade earlier, reducing demand for coal, government data show.
Renewables will capture $9 of every $10 spent on new power projects through 2040, according to BNEF estimates, with startups from Australia to Texas to Estonia trying to give rooftop solar and windmill owners the chance to sell directly to consumers.
Places with surplus hydroelectric capacity are also drawing more attention.
In Paraguay’s Ciudad del Este, a municipality on the Parana River across the border of southern Brazil, cryptocurrency miners are setting up in the city’s free-trade zone. They are tapping cut-rate power generated from the nearby 14-gigawatt Itaipu hydropower plant, the world’s second-biggest dam, which produces more electricity than Paraguay can consume. Prices are about a quarter of what they are in neighboring Brazil.
“Miners are looking for where they can have higher margins,”
said Brazilian miner Rocelo Lopes, adding that his 6,000 computers in Ciudad del Este are South America’s biggest cryptocurrency operation.
“It is a very volatile market, and from one day to the next, you can lose money.”
In Canada, utilities Hydro Quebec and BC Hydro are courting cryptocurrency miners, according to Harry Pokrandt, the CEO at Vancouver-based HIVE Blockchain Technologies. But cheap electricity isn’t the only consideration, he said. The local speed and reliability of the internet and a solid legal framework are almost as important, and climate matters because cooler weather means lower costs to keep their computers cool.
Back in Georgia, Golden Fleece is trying to raise $40 million—through an initial coin offering that promises investors a dividend paid in a digital currency. The cash would be used to build servers to mine Etherium, an increasingly popular token that recently fetched $1,125, up from $230 as recently as September. The country’s richest man, former Prime Minister Bidzina Ivanishvili, helped BitFury set up a mining centre in a Tbilisi free-trade zone that cost more than $100 million.
“Miners are looking for where they can have higher margins,”
said James Butterfill, the executive director and head of research and investment strategy at ETF Securities UK Ltd.
“It is a very volatile market, and from one day to the other, you can lose money. So having a cheap source of power is very important.”
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