A.I. Coin is a re-engineering of the Bitcoin network to incorporate intelligent agents in lieu of expensive mining calculations. A.I. Coin is a transaction-centric digital currency. It allows users to immediately complete payment transactions, with no wait for confirmation. A paid network of participants cooperates to efficiently process transactions without the need for expensive proof-of-work effort.
@binance: #Binance is excited to announce the launch of Binance Pool, offering Proof of Work (PoW) and Proof of Stake (PoS) services for a variety of coins and tokens. Binance Pool’s first product offering will be #Bitcoin mining, using a FPPS payment method. https://t.co/PBIJQkixWY
@BinanceResearch: RT @BinanceResearch: Bitcoin Cash (BCH) saw its block mining rewards being halved to 6.25 #BCH per block. #halving Learn about #BitcoinCash, a peer-to-peer cryptocurrency based on a Proof-of-Work (PoW) algorithm and the differences between $BCH and $BTC. 🔽 https://t.co/iHN6d6GlBk
@BinanceResearch: Bitcoin Cash (BCH) saw its block mining rewards being halved to 6.25 #BCH per block. #halving Learn about #BitcoinCash, a peer-to-peer cryptocurrency based on a Proof-of-Work (PoW) algorithm and the differences between $BCH and $BTC. 🔽 https://t.co/iHN6d6GlBk
@binance: RT @BinanceResearch: Bitcoin Cash (BCH) saw its block mining rewards being halved to 6.25 #BCH per block. #halving Learn about #BitcoinCash, a peer-to-peer cryptocurrency based on a Proof-of-Work (PoW) algorithm and the differences between $BCH and $BTC. 🔽 https://t.co/iHN6d6GlBk
Actions by the Bitcoin Cash and Ethereum community members seem to overrule Proof-of-Work miners’ outrageous proposals like mining tax and ProgPow. With most from China, does this mean their reign is over?
Will miners be motivated to step in and power diesel generators to mine Bitcoin, Litecoin, and other Proof-of-Work coins? Seems logical as oil prices will likely drop--or remain suppressed, in coming months
BSV is about Proof of Work, not just in mining, but in all aspects. Other chains want to change the rules because they know that in time they cannot compete with or outwork the true Bitcoin. BSV is the only blockchain in the arena.
Recently I was thinking about this famous quotation by Theodore Roosevelt , his "Man in the Arena" speech:
"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat."
It makes me think of BitcoinSV. The critics are the ABC and Core losers that never put in work, never attempt, never fail, never try and try again, never fall short, but also never succeed, never triumph, and never change the world. They are the cold and timid souls on the sidelines, the ones with the NO2X hats, happy to strangle Bitcoin and destroy the original vision for a short term pump and dump narrative. They are the Chris Pacia's of the world that tell us 22MB blocks are impossible, and needle us about "6 block reorgs" even though no chain was ever more than 2 blocks behind. They make lies that big blocks will result in complete centralization and spread lies that big blocks take 41 minutes to propagate the network. They tell us about "poison blocks" and that big blocksizes are too dangerous. But BSV marches on and proves the world wrong again and again with world record 128MB blocks mined that dwarf that of any other public blockchain. Its not perfect, sometimes we fall short, sometimes we err, sometimes we fail, but we learn from those failures, and learn from our mistakes and shortcomings. And we improve, and grow, and become stronger. For there is no effort without shortcomings. There is no improvement without trial and error. And who is even competing against us? The other loser chains are afraid to compete. They are afraid to enter the arena. They cannot compete, and they never could, that is why ABC were so critical of the early stress tests done by the BSV community. The only thing they have is to criticize BSV and Craig on social media, because they are doing nothing, they do not know how to work. The only work they seem to be doing is dedicating 90% of their life to obsessing about BSV and Craig. We now know Greg Maxwell of BlockStream is contrarian__, the main defamation troll cult leader critic of Craig and BSV. When you spend all your work and time on being a critic you are not actually doing work. You are just being a critic on the sidelines, and you are not in the arena. You are attacking someone else's work because you don't know how to do real work. They are shitlord degenerate weirdos that can't even properly groom themselves, exercise, or wash their hoodies or clown shirts in a timely manner. You can smell their laziness from a mile away. The ShamBitcoins have the illusion of work, while BSV does the real work. BSV does so much work that it gets captured and stolen by the fake Bitcoin chains. They steal the network effect, they steal the market cap, they steal the brand, they steal the merchants, they steal the ticker, they steal the subreddits that people like me and others worked hard to build, they steal our following, they steal the fiat onramps and exchanges. That is all they can do. All they know how to do is steal things and then try to rest on their laurels. This is why so many of them prefer POS, so they can become the oligarchs of the system. It is the same in BTC-Core's Lightning, Jihan/ABC's Avalanche/POS plans, and ETH's plans for POS. These are all forms of POS and rent seeking, where the systems degrade into oligarchy. The oligarchs don't want to work, they don't want POW. BSV on the other hand is entirely about POW, and putting in work, in all aspects. We just march on and continue building and competing. The parasites are on our back sucking our blood and weakening us, but the honey badger continues on. The subreddit continues here, the chain continues with 128MB and 2GB in July, the building and infrastructure continues with moneybutton and unwriter's tools, and large op-return data sizes, and metanet. Parasites freak out and try to delist us because they realize the day of reckoning is approaching. They know in their gut they have stolen everything they ever had. The ShamBitcoin chains are dying, literally. When the reward halving runs out their chains will lose all of their hashing security. BSV is the only ledger that will persist because it can actually generate utility and fees on its gigantic blocksizes. The critics know they cannot compete on work, so they seek to change the rules of the game. BSV is learning to swim on its own, exercising its mining muscles. We get stronger every day. We have mined world record 128MB blocks. While the other chains mining muscles are atrophied. They couldn't mine bigger blocks if they tried. They are wearing swim floaties on their skinny arms that lose half of their air every 4 years. Core and the Blue Matt are even giving presentations about how mining is bad and we need to get rid of mining altogether because they know they have already failed. Peter Todd is advocating inflation. They have failed to put in the work needed to scale. So yes we are the ones in the arena, our faces marred with dust and sweat and blood. We are the ones working. We strive valiantly, and if we fail, at least we fail while daring greatly. At least we pushed the limits of what is possible, at least we were not cowards that lay down and give up, or try to steal others work and rest on their laurels. At least we were not just troll critics on the sideline who can only point out where the strong man stumbles. We in BSV at times may experience shortfalls, but we also are able to achieve great triumphs, for you can't have the latter without the former. So remember it is not the critics that count, and its not the trolls that count. Its us that count. We are the irate tireless minority that stands up for what is right. We are the ones that preserve Bitcoin for future generations. BSV is about changing the world, and if you want to change the world you better get off the sidelines and get in the arena.
"Although Bitcoin was intended to be a decentralized digital currency, in practice, mining power is quite concentrated ... [O]ur work further motivates the study of protocols that minimize 'orphaned' blocks, proof-of-stake protocols, and incentive compatible protocols." [abstract + link to PDF]
Why "the Revolution devours its children" is not always a match or why NuBits is good for Peercoin
The quote is reffering to "Jacques Mallet du Pan" who is known for writing down anti-revolutionary thoughts during the times of the French revolution. In the French Revolution people were fighting for a change. They achieved the decline of powerful monarchies and churches and the rise of democracy. The original quote reads "A l'exemple de Saturne, la révolution dévore ses enfants" and can be found here at the begining of the last paragraph - just in case someone is interested in it: http://books.google.de/books?id=1wdCAAAAcAAJ&pg=PA80&redir_esc=y Why am I writing this in /peercoin? Allow me to go in greater detail. Bitcoin has brought us an instrument. An instrument with which we gain more control over ways to store and transfer "things of value". This was an impressive and important step. But even in the quite early days it has become clear that Bitcoin will likely face problems in the future that game theorists call "Tragedy of the Commons". The declining coinbase rewards will render Bitcoin mining (Proof-of-Work, PoW) unprofitable if the Bitcoin price doesn't rise to unseen heights. If the power costs for mining exceed the value of the generated bitcoins it is economically not sustainable to continue mining. But the mining is necessary to secure the block chain and hence the control over the Bitcoin transactions. So the limited resource "computational power" is expected to become a long-term problem for Bitcoin. Peercoin was created to deal with flaws or potential risks that Bitcoin might or will face. The securing mechanism of the block chain was reinvented. Proof-of-Stake (PoS) took the place of PoW. The limited resource are the Peercoins themselves. They are used in a very energy efficient way. Power costs are no issue when securing the block chain by PoS (minting). PoW is only used for providing a fair distribution model of new Peercoins. Peercoin's security doesn't rely on PoW. Now there's NuBits. NuBits is here to address a concern that neither Bitcoin nor Peercoin could address. The price volatility makes it hard to use Bitcoin and Peercoin for payment. The only current solution for businesses that don't want to face the volatility risk is to use payment providers which sell the coins immediately and pay the business in USD or whatever. You might want to invest in Bitcoin or Peercoin if you believe in their long-term success. But neither as customer nor as business do you want to have Bitcoin or Peercoin as transactional currency. NuBits fill that gap. NuBits are a part of the Nu ecosystem as well as NuShares. If you try to relate parts of the Nu ecosystem to something you already know, you might consider the NuShares being shares of a kind of bank that emits NuBits. The big difference between all known banks (that emit currencies) so far is that they are controlled by nations, polticians, lobbyists. The "Nu bank" is controlled solely by its shareholders. It's the first distributed bank that ever was created this way! But how does Peercoin benefit from that? Owners of NuShares recieve dividends. The dividends are paid in Peercoins. Those Peercoins need to be bought at exchanges (rising demand at exchanges) or need to be mined with Peercoin's PoW process without selling them at exchanges (declining supply at exchanges). In either way the price of Peercoin will be affected by the divident payment. The only way to cancel that effect out is if all dividends are sold at exchanges at instant. But even that didn't affect the Peercoin price in a negative way. If only some of the dividends are saved and not sold, the price or Peercoin goes up. Why are Peercoins needed for the dividend payment? I could argue with "historical" or technical reasons; where Nu comes from, how the NuShares are based on the Peershares template, how the Peershares template is based on the Peercoin source code. But the reason I see is more an economical one. Like it was wise to separate the bank (NuShares) from the issued currency (NuBits), it is wise to separate the dividends from both the bank and the currency. Say you have decent amounts of dividends you need to pay. It would be quite simple to pay them with NuBits, because you can create the NuBits ou of thin air. NuBits is young and needs to prove itself being capable of what it was designed for. If believe it does that. But it's safer to pay dividends with something that already has proven itself. Peercoin is the perfect choice. There's no drawback for the Nu ecosystem to use Peercoin for dividends, but a benefit. Peercoin is independant from Nu. Peercoin has its own highly sustainable block chain. These benefits remain even if NuBits proves itself. NuBits and NuShares give Peercoin a very important real-world use. The dividends treat Peercoin as the backbone currency it was designed for. The revolution is not about to devour its children. It isn't even a revolution, but an evolution. And I hope it is not the end of it yet. There is no need to be afraid of a revolution, to fight against a revolution, that in fact is not even a revolution ;)
Bitcoin uses a consensus mechanism called “proof of work” (PoW) as a method for miners (nodes) to verify the information and form new blocks on a blockchain, in order to earn new bitcoin. This so-called “miner’s reward” gets reduced to half after every 210,000 blocks mined, which takes place roughly every four years. Hashcash proofs of work are used in Bitcoin for block generation. Proofs of work that are tied to the data of each block are required for the blocks to be accepted. The [difficulty of this work](/what-is-bitcoin-mining-difficulty/) is adjusted so as to limit the rate at which new blocks can be generated by the network to one every 10 minutes. A Complete Beginner’s Guide to Bitcoin Mining and Proof of work (PoW) protocol. A Proof of Work system was first introduced in 1993 by Cynthia Dwork and Moni... 2. What is Proof of Work. Bitcoin mining is a term given to how new blocks of transactions are updated in the Bitcoin ledger, known as the blockchain.. In order for a miner to gain the right to update the ledger, he will have to provide an answer, also known as a proof, to a specific challenge. Bitcoin's consensus mechanism is called "proof-of-work" because to prove that the Bitcoin blockchain's state is correct, specialized users called miners have to solve a complex mathematical problem. This problem is called a " hash function ," which refers to the fact that all data on the Bitcoin network is encrypted or "hashed" to protect the ...
Bitcoin and cryptocurrency mining explained - YouTube
Bitcoin and cryptocurrency mining explained with the Byzantine Generals Problem. We use it to explain the essence of cryptocurrency mining. https://www.udemy... In this Bitcoin protocol tutorial video, the notion of Proof of Work is discussed. The idea of proof of work, normally, is to protect against spam and DoS attacks. How does proof-of-work prevent 51% attacks? Can the attacker change the whole chain in a 51% attack? ... Does China control Bitcoin mining? Should we change the proof-of-work to solve this? These ... Why Bitcoin needs miners and Proof-of-Work - Duration: 21:31. Ioni Appelberg 591 views. 21:31 ... Proof of Work and Mining - Duration: 1:22:42. MIT OpenCourseWare 7,865 views. In bitcoin, we refer to those that validate transactions and create bitcoin as ‘miners’. In Blockchain and cryptocurrency, “miners” rely on computers and code as tools, and use electricity ...