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 3 Best Bitcoin Cloud Mining Contract Reviews (2020 Updated)

3 Best Bitcoin Cloud Mining Contract Reviews (2020 Updated)

cryptocloud-review

I discuss what hashflare is and why mining bitcoin is a good investment. Hashflare is a cloud mining service allowing you rent bitcoin mining equiptment, therefore you do not require the initial upfront cost or technical knowledge to mine bitcoin.
[link]

What Is Bitcoin Cloud Mining? – A Detailed Guide In 2020 (current BTC/USD price is $9,510.50)

Latest Bitcoin News:
What Is Bitcoin Cloud Mining? – A Detailed Guide In 2020
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools.
submitted by coinsaladcom to CoinSalad [link] [comments]

What is Bitcoin Cloud Mining?

Bitcoin Cloud Mining is not as complicated as bitcoin mining where the miner needs to set up powerful new gen hardware, favorable climate conditions, and low-cost electricity.
The cloud mining is very simple and easy method of sharing, where an individual interested in mining can use the cloud to earn its reward in coins. This is a shared processing power run from remote data. Miner needs a home computer and a bitcoin wallet, and you are ready to mine.
Make sure you are choosing the best and reputed cloud mining provider for yourself. The best way to ensure is to check on the forums, news sites and other customer feedbacks about the cloud service provider. Beware of the frauds and scams as you can find many advertisements on social media and online over the internet.
Types of Cloud Mining
There are three types of remote cloud mining
  1. Hosted Mining
  2. Virtually hosted mining
  3. Leased hashing power
Advantages of cloud mining:
  1. No additional power costs.
  2. No noise or humming sound in a room
  3. No hardware to offer when mining stops to be beneficial
  4. No ventilation issues with hot hardware
Disadvantages of cloud mining:
  1. Unable to claim your hash rate at the mining pool
  2. The risk of fraud is high
  3. You don’t own the mining gears hence you cannot sell them.
  4. Low on profits and enthusiasm of mining.
  5. There are the chances to stop the mining operations depend on bitcoin price.
There are many essential traits to keep in mining before involving into bitcoin mining. You don’t have the control over the mining operation or equipment’s so before getting in do your research well about the service provider.
submitted by bitxoxo to u/bitxoxo [link] [comments]

What is Bitcoin cloud mining?

submitted by aziazaleah23 to u/aziazaleah23 [link] [comments]

What is bitcoin cloud mining actually doing? | Bitcoin Supply and Demand | LEO

What is bitcoin cloud mining actually doing? | Bitcoin Supply and Demand | LEO submitted by petbirds127 to videos [link] [comments]

What Is Bitcoin? What is bitcoin Mining?

Bitcoin Overview
Bitcoin is digital-currency, It is known as the cryptocurrency. Bitcoin is a widely used cryptocurrency. It is one of the most secure cryptocurrencies in the world. It doesn't govern by a central bank or any government. Here you don't need to pay high transaction fees while you are making a transaction over the bitcoin network. Here your privacy is also hidden. So no one knows who transferring fund to whom. This is the main reason why people start taking an interest in bitcoin. From the researcher, It is the future of the digital currency.
What Is Bitcoin Mining? Why It Is Important?
Bitcoin mining is the process done by miners from the world. Miners can participate in mining to secure the whole bitcoin network. Miners confirm the transaction over a bitcoin network called blockchain and regularly update to the bitcoin ledger called a blockchain. This process is done by powerful bitcoin mining hardware such as GPUs, AICS' chips, Mining Rigs, etc. Mining hardware help to solve a complex mathematical problem. If miners successfully solve the problem then they rewarded with newly generated bitcoins. The current reward is 12.5 BTC + Transaction fees.
What Is Bitcoin Cloud Mining? List Of Best Free Cloud Mining Website
If you don't want to invest in costly mining hardware then here is the solution. You can participate in the bitcoin mining cloud. Here mining hardware is maintained by mining companies. You just need to purchase hardware on lease or hashing power on rent. Then you participate in bitcoin mining using mining hardware & mining software. Rest of the things done by mining companies.
If you are interested in bitcoin mining? I highly recommended to join Global Mining, It is one of the best bitcoin mining service provider. The regularly maintain hardware and also get 24/7 support from their efficient support team. This is one of the best free cloud mining company which provides everything in a transparent way. You bitcoin is 100% secure and it is a trustworthy bitcoin mining company.
You can find more info about bitcoin or bitcoin mining from here Wikipedia, Bitcoin.it, Bitcoinwiki.org
submitted by anneandersn8 to u/anneandersn8 [link] [comments]

Is Cloud Bitcoin Mining safe? What profits can you expect?

submitted by pattomm to Bitcoin [link] [comments]

Best Bitcoin Cloud Mining

What is Bitcoin Cloud Mining?

Bitcoin Cloud Mining is a way to mine bitcoin without the need of owning a miner (or any mining hardware). Simply said, you buy yourself some shares of mining power — like a mining pool — and profit together with the pool. This means that you only need a contract with someone who offers Cloud Mining Services and a bitcoin wallet (check out or Fintech’s Market Review).
This will let you earn Bitcoins without facing any offline issues like bitcoin mining hardware, bitcoin mining software, bandwidth, electricity and more.
Bitcoin cloud mining, sometimes called cloud hashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres.
Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble.

Types of Bitcoin Cloud Mining

There are two forms of cloud mining:
Read Genuine FinTech Mining Review
After several years of extraordinaire profits made from Digital coins (cryptocurrency) mining, buying and selling, FinTech Mining group turned in 2017 to share its success with the general public and expand its mining capacity for Cloud-Mining Services. Doing so, we had two mission in mind; The first was to offer our members a solid investment instrument with huge growth potential and full liquidity.
Read more here: FinTech Mining Review
submitted by FintechMining to cloudmining [link] [comments]

secure your future financially

What is Bitcoin Cloud Mining?
Cloud mining or cloud hashing enables users to purchase mining capacity that of hardware in data centres.

What is Miller Mining?
Miller Mining is a Cryptocurrency cloud mining service that offers an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup. We offer hosted cryptocurrency mining services and a variety of mining related solutions to small and large scale customers. The combination of our algorithmic trading framework, mining infrastructure, and proprietary mining farm-management software, Miller Hive, quickly made us an industry leader.

Our team of mining experts with extensive knowledge of the digital currency sector specializes in building the most efficient and reliable mining facilities. Miller Mining is also the founding partner of Logos Fund, the first ever Bitcoin Mining Fund, which targets professional investors looking to gain access to Bitcoin’s and various other digital assets‘ potential.

Our service was founded by the end of 2003 and with now over 2.000.000 users we are the world‘s leading multi-algorithm cloud mining service.

Miller Mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues.

Bitcoin cloud mining, sometimes called cloud hashing, enables users to buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres.

Then all Bitcoin mining is done remotely in the cloud. This enables the owners to not deal with any of the hassles usually encountered when mining bitcoins such as electricity, hosting issues, heat, installation or upkeep trouble.

What are Bitcoin Cloud Mining Advantages?
No excess heat to deal with
Quiet because of no constantly humming fans
No electricity costs
No bitcoin mining equipment to sell when bitcoin mining is no longer profitable
No ventilation problems with hot equipment
No preordered bitcoin mining hardware that may not be delivered on time by bitcoin mining equipment suppliers

Start Mining today: https://millermininginc.com/
submitted by Danielmvalles to u/Danielmvalles [link] [comments]

11-12 14:43 - '\[b\]What is GAG Cloud Tabot Mining?\[/b\] / \[i\]GAG Cloud Tabot Mining is a website dedicated to making Bitcoin mining easier to understand and more accessible for beginners. Cloud mining is the process of buying CPU power...' by /u/giadone removed from /r/Bitcoin within 224-234min

'''
[b]What is GAG Cloud Tabot Mining?[/b]
[i]GAG Cloud Tabot Mining is a website dedicated to making Bitcoin mining easier to understand and more accessible for beginners. Cloud mining is the process of buying CPU power from dedicated data centers who use their own equipment to mine cryptocurrencies such as Bitcoin (BTC) on your behalf. It’s super simple - Your mining rigs are already set up and running. As soon as you’ve set up your account, you can start to mine your first coins using our Bitcoin cloud mining service! On a larger scale, we hope to contribute to the development of mining services and subsequently to the development, establishment and adoption of Bitcoin, both as a currency and as an economic system. This is an investment in high technologies with high risk. You are renting a computing technic for holding up the bitcoin meshwork.[/i]

[b]Why do we use it?[/b]
[i]The main advantage of this approach is that you don't need to have in-depth knowledge of mining hardware, nor buy expensive and hard-to-obtain devices. Renting 'hash power' (usually measured in Gigahertz per second or GH/s) also means you don't have to deal with the heat and noise that comes with a DIY mining project. Mining contracts are technically available for all major cryptocurrencies and you can visit your online dashboard at any time. The simple interface combined with GAG Cloud Tabot Mining's solid reputation has meant that at times the company cannot keep up with demand for mining contracts. We strongly believe that we can make mining affordable and profitable for everyone willing to join cryptocurrency revolution.
[/i]

[b]What methods of payment are accepted?[/b]
[i]Due to the owner's desire for anonymity and in order to stay within the law, direct deposit of funds by bank transfer isn't supported. You can, however, buy contracts with Bitcoin and via a lot of other cryptocurrencies.[/i]

[b]Why do we invest?[/b]
[i]Cloud mining is very profitable and i highly suggest it everyone doing so. You can recommend and invite friends also. You will receive an easy 5% for the whole amount your friends or clients will make. This only has pro’s and no con’s. Since you can referr friends and then invest so you wont have to make an think about it.[/i]

[btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc]

Good evening, I'm talking about this new cloud mining.

It was created by the GAG mining farm and the CEO is Italian.

No increase in difficulty and no maintenance costs. They are virtual mining contracts.

[img][[link]2 ]]([link]3 ])

[img][[link]4 ]]([link]5 ])

For now there are plans for BTC, ETH, LTC and BCH

[img][[link]6 ]]([link]7 ])

[img][[link]8 ]]([link]9 ])

[img][[link]10 ]]([link]11 ])

[img][[link]12 ]]([link]13 ])

When you buy the plan, for example, ETH tells you that you will take "0.001" a day but it is indicative ... In the sense the amount of ETH is always re-evaluated based on the equivalent value of the ROI that is daily

Proof of deposit

[img][[link]14 ]]([link]15 ])

If you want to test it: [[link]16

[b]Platform updates:[/b]

1) KYC (identity verification with file uploads and manual approval)

N.B. without completing the procedure you can not access the dashboard

2) Re-investment of the crypts matured directly on the platform

3) Automatic conversion EUR / Crypto and vice versa with automatic update every 2 minutes by taking the values from Coinmarketcap

4) Cost of the packs specified also in crypto

5) New payment method that allows you to use multiple types of crypto and that allows you to send multiple payments to complete the invoice (so you can also pay in round)

6) Daily ROI expressed in EUR and in crypto on the packs (this is also updated every 2 min)

7) Total Earnings at the end of the pack expressed both in EUR and in crypto (this too is updated every 2 min)

8) 2FA Google Authenticator

9) Limitations for withdrawals (min and max)

[b]Proof of Daily Return[/b]

[img][[link]17 ]]([link]18 ])

Out of pure curiosity I did a test of withdrawal ... I was told that the withdrawals are 100% manual for a security issue. They use high gas in fact it was almost instantaneous and the withdrawal fees are 3%

[img][[link]19 ]]([link]20 ])

[btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc]

[b]I have received the withdraw ISTANTLY![/b]

[btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc][btc]
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: giadone
1: *ww.crypt*farm.*e*h/*egister*f****done 2: i.img*r.c**/kV8*ey**png\[**mg\ 3: ***mgur*com/*V8Xey*.png[*img 4: *mgur**om/a*m*Ge2*K\[/img\ 5: imgur.co**a/*T*e*tK[*img 6: imgur.co*/Zp*Pw84\[**m** 7: imgu*.c**/Z*mPw84[**mg 8: i*g**.com/7N7*8*7\*/img\ 9: im*ur.co*/7N7C**7[/*m* 10: *mg*r.c*m/WBkP5*y\[**mg\ 11: img**.**m/WBkP5Ky*/i*g 12: imgur.**m/GMJXQ9J***img* 13: imgur*com**M*XQ9J[/i** 14: imgur.com/*d1I**0\[/*m** 15: **gur*co*/6d1I*W0[/i*g 16: ww*.cr*pto***m.tech/re*i*te*efe*/g*ado*e]*^1 17: *m**r*com/bA*vmRM\[/i*g\ 18: imgur.co**bAvv**M[/i** 19: i.**gur*com/8hSb*s**png\**img\ 20: i.imgu****m/8hSbB*t*png*/img
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

[uncensored-r/Bitcoin] What is the most profitable legit cloud mining service in 2018?

The following post by sex_anarchy is being replicated because the post has been silently removed and some comments within it have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/816aly
The original post's content was as follows:
Hello to everyone. I am planning to invest around 2618.08$ into cloud mining around these days since i got some money finally woooo. I am wondering what is the most profitable option for me? Also what is the percentage of profit that you get based on your contract ? Thank you all in advance for straight forward answer, that will be much appreciated. :)
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

03-01 17:12 - 'What is the most profitable legit cloud mining service in 2018?' (self.Bitcoin) by /u/sex_anarchy removed from /r/Bitcoin within 61-71min

'''
Hello to everyone. I am planning to invest around 2618.08$ into cloud mining around these days since i got some money finally woooo. I am wondering what is the most profitable option for me? Also what is the percentage of profit that you get based on your contract ? Thank you all in advance for straight forward answer, that will be much appreciated. :)
P.S. NO AI BOTS ALLOWED!
'''
What is the most profitable legit cloud mining service in 2018?
Go1dfish undelete link
unreddit undelete link
Author: sex_anarchy
submitted by removalbot to removalbot [link] [comments]

What is the most profitable legit cloud mining service in 2018? /r/Bitcoin

What is the most profitable legit cloud mining service in 2018? /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

What is the best way to invest under 100 dollars in cloud mining? /r/Bitcoin

What is the best way to invest under 100 dollars in cloud mining? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

I want to invest in a cloud mining pool. What is the best site I can use? /r/Bitcoin

I want to invest in a cloud mining pool. What is the best site I can use? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

What is the best BTC cloud mining company? Genesis-mining vs bitcoin.pool vs Hashflare vs Minergate

What is the best BTC cloud mining company? Genesis-mining vs bitcoin.pool vs Hashflare vs Minergate submitted by circularitylabs to steemit [link] [comments]

What is the Best cloud mining site? And is bitclub legit? /r/Bitcoin

What is the Best cloud mining site? And is bitclub legit? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

WHAT IS CLOUD MINING? Overview Of The Bitcoin Mining, Bitcoin Wallet, Bitcoin Price And Ethereum Price.

WHAT IS CLOUD MINING? Overview Of The Bitcoin Mining, Bitcoin Wallet, Bitcoin Price And Ethereum Price. submitted by vadimk2 to DealsGoLifeHacks [link] [comments]

which is the best cloud mining and crypto to mine? is it legit? whats the return on investment? /r/Bitcoin

which is the best cloud mining and crypto to mine? is it legit? whats the return on investment? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

What is the best cloud based Bitcoin mining service?

I am interested in mining Bitcoin using a cloud based mining service. Which cloud based mining service did you have the best experience with?
submitted by cpu5555 to Bitcoin [link] [comments]

ELI5: What is cloud bitcoin mining?

To me it doesn't make any sense. Wouldn't it be more profitable for a company offering cloud mining to just mine it for themselves?
submitted by chibicitiberiu to explainlikeimfive [link] [comments]

What is the largest bitcoin cloud mining ?

Hi! I’m new to the ฿,
submitted by hourlybitcoin to Bitcoin [link] [comments]

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Great Reddit Scaling Bake-Off Public Proposal

Dragonchain Public Proposal TL;DR:

Dragonchain has demonstrated twice Reddit’s entire total daily volume (votes, comments, and posts per Reddit 2019 Year in Review) in a 24-hour demo on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. At the time, in January 2020, the entire cost of the demo was approximately $25K on a single system (transaction fees locked at $0.0001/txn). With current fees (lowest fee $0.0000025/txn), this would cost as little as $625.
Watch Joe walk through the entire proposal and answer questions on YouTube.
This proposal is also available on the Dragonchain blog.

Hello Reddit and Ethereum community!

I’m Joe Roets, Founder & CEO of Dragonchain. When the team and I first heard about The Great Reddit Scaling Bake-Off we were intrigued. We believe we have the solutions Reddit seeks for its community points system and we have them at scale.
For your consideration, we have submitted our proposal below. The team at Dragonchain and I welcome and look forward to your technical questions, philosophical feedback, and fair criticism, to build a scaling solution for Reddit that will empower its users. Because our architecture is unlike other blockchain platforms out there today, we expect to receive many questions while people try to grasp our project. I will answer all questions here in this thread on Reddit, and I've answered some questions in the stream on YouTube.
We have seen good discussions so far in the competition. We hope that Reddit’s scaling solution will emerge from The Great Reddit Scaling Bake-Off and that Reddit will have great success with the implementation.

Executive summary

Dragonchain is a robust open source hybrid blockchain platform that has proven to withstand the passing of time since our inception in 2014. We have continued to evolve to harness the scalability of private nodes, yet take full advantage of the security of public decentralized networks, like Ethereum. We have a live, operational, and fully functional Interchain network integrating Bitcoin, Ethereum, Ethereum Classic, and ~700 independent Dragonchain nodes. Every transaction is secured to Ethereum, Bitcoin, and Ethereum Classic. Transactions are immediately usable on chain, and the first decentralization is seen within 20 seconds on Dragon Net. Security increases further to public networks ETH, BTC, and ETC within 10 minutes to 2 hours. Smart contracts can be written in any executable language, offering full freedom to existing developers. We invite any developer to watch the demo, play with our SDK’s, review open source code, and to help us move forward. Dragonchain specializes in scalable loyalty & rewards solutions and has built a decentralized social network on chain, with very affordable transaction costs. This experience can be combined with the insights Reddit and the Ethereum community have gained in the past couple of months to roll out the solution at a rapid pace.

Response and PoC

In The Great Reddit Scaling Bake-Off post, Reddit has asked for a series of demonstrations, requirements, and other considerations. In this section, we will attempt to answer all of these requests.

Live Demo

A live proof of concept showing hundreds of thousands of transactions
On Jan 7, 2020, Dragonchain hosted a 24-hour live demonstration during which a quarter of a billion (250 million+) transactions executed fully on an operational network. Every single transaction on Dragonchain is decentralized immediately through 5 levels of Dragon Net, and then secured with combined proof on Bitcoin, Ethereum, Ethereum Classic, and Binance Chain, via Interchain. This means that every single transaction is secured by, and traceable to these networks. An attack on this system would require a simultaneous attack on all of the Interchained networks.
24 hours in 4 minutes (YouTube):
24 hours in 4 minutes
The demonstration was of a single business system, and any user is able to scale this further, by running multiple systems simultaneously. Our goals for the event were to demonstrate a consistent capacity greater than that of Visa over an extended time period.
Tooling to reproduce our demo is available here:
https://github.com/dragonchain/spirit-bomb

Source Code

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.

Scaling

How it works & scales

Architectural Scaling

Dragonchain’s architecture attacks the scalability issue from multiple angles. Dragonchain is a hybrid blockchain platform, wherein every transaction is protected on a business node to the requirements of that business or purpose. A business node may be held completely private or may be exposed or replicated to any level of exposure desired.
Every node has its own blockchain and is independently scalable. Dragonchain established Context Based Verification as its consensus model. Every transaction is immediately usable on a trust basis, and in time is provable to an increasing level of decentralized consensus. A transaction will have a level of decentralization to independently owned and deployed Dragonchain nodes (~700 nodes) within seconds, and full decentralization to BTC and ETH within minutes or hours. Level 5 nodes (Interchain nodes) function to secure all transactions to public or otherwise external chains such as Bitcoin and Ethereum. These nodes scale the system by aggregating multiple blocks into a single Interchain transaction on a cadence. This timing is configurable based upon average fees for each respective chain. For detailed information about Dragonchain’s architecture, and Context Based Verification, please refer to the Dragonchain Architecture Document.

Economic Scaling

An interesting feature of Dragonchain’s network consensus is its economics and scarcity model. Since Dragon Net nodes (L2-L4) are independent staking nodes, deployment to cloud platforms would allow any of these nodes to scale to take on a large percentage of the verification work. This is great for scalability, but not good for the economy, because there is no scarcity, and pricing would develop a downward spiral and result in fewer verification nodes. For this reason, Dragonchain uses TIME as scarcity.
TIME is calculated as the number of Dragons held, multiplied by the number of days held. TIME influences the user’s access to features within the Dragonchain ecosystem. It takes into account both the Dragon balance and length of time each Dragon is held. TIME is staked by users against every verification node and dictates how much of the transaction fees are awarded to each participating node for every block.
TIME also dictates the transaction fee itself for the business node. TIME is staked against a business node to set a deterministic transaction fee level (see transaction fee table below in Cost section). This is very interesting in a discussion about scaling because it guarantees independence for business implementation. No matter how much traffic appears on the entire network, a business is guaranteed to not see an increased transaction fee rate.

Scaled Deployment

Dragonchain uses Docker and Kubernetes to allow the use of best practices traditional system scaling. Dragonchain offers managed nodes with an easy to use web based console interface. The user may also deploy a Dragonchain node within their own datacenter or favorite cloud platform. Users have deployed Dragonchain nodes on-prem on Amazon AWS, Google Cloud, MS Azure, and other hosting platforms around the world. Any executable code, anything you can write, can be written into a smart contract. This flexibility is what allows us to say that developers with no blockchain experience can use any code language to access the benefits of blockchain. Customers have used NodeJS, Python, Java, and even BASH shell script to write smart contracts on Dragonchain.
With Docker containers, we achieve better separation of concerns, faster deployment, higher reliability, and lower response times.
We chose Kubernetes for its self-healing features, ability to run multiple services on one server, and its large and thriving development community. It is resilient, scalable, and automated. OpenFaaS allows us to package smart contracts as Docker images for easy deployment.
Contract deployment time is now bounded only by the size of the Docker image being deployed but remains fast even for reasonably large images. We also take advantage of Docker’s flexibility and its ability to support any language that can run on x86 architecture. Any image, public or private, can be run as a smart contract using Dragonchain.

Flexibility in Scaling

Dragonchain’s architecture considers interoperability and integration as key features. From inception, we had a goal to increase adoption via integration with real business use cases and traditional systems.
We envision the ability for Reddit, in the future, to be able to integrate alternate content storage platforms or other financial services along with the token.
  • LBRY - To allow users to deploy content natively to LBRY
  • MakerDAO to allow users to lend small amounts backed by their Reddit community points.
  • STORJ/SIA to allow decentralized on chain storage of portions of content. These integrations or any other are relatively easy to integrate on Dragonchain with an Interchain implementation.

Cost

Cost estimates (on-chain and off-chain) For the purpose of this proposal, we assume that all transactions are on chain (posts, replies, and votes).
On the Dragonchain network, transaction costs are deterministic/predictable. By staking TIME on the business node (as described above) Reddit can reduce transaction costs to as low as $0.0000025 per transaction.
Dragonchain Fees Table

Getting Started

How to run it
Building on Dragonchain is simple and requires no blockchain experience. Spin up a business node (L1) in our managed environment (AWS), run it in your own cloud environment, or on-prem in your own datacenter. Clear documentation will walk you through the steps of spinning up your first Dragonchain Level 1 Business node.
Getting started is easy...
  1. Download Dragonchain’s dctl
  2. Input three commands into a terminal
  3. Build an image
  4. Run it
More information can be found in our Get started documents.

Architecture
Dragonchain is an open source hybrid platform. Through Dragon Net, each chain combines the power of a public blockchain (like Ethereum) with the privacy of a private blockchain.
Dragonchain organizes its network into five separate levels. A Level 1, or business node, is a totally private blockchain only accessible through the use of public/private keypairs. All business logic, including smart contracts, can be executed on this node directly and added to the chain.
After creating a block, the Level 1 business node broadcasts a version stripped of sensitive private data to Dragon Net. Three Level 2 Validating nodes validate the transaction based on guidelines determined from the business. A Level 3 Diversity node checks that the level 2 nodes are from a diverse array of locations. A Level 4 Notary node, hosted by a KYC partner, then signs the validation record received from the Level 3 node. The transaction hash is ledgered to the Level 5 public chain to take advantage of the hash power of massive public networks.
Dragon Net can be thought of as a “blockchain of blockchains”, where every level is a complete private blockchain. Because an L1 can send to multiple nodes on a single level, proof of existence is distributed among many places in the network. Eventually, proof of existence reaches level 5 and is published on a public network.

API Documentation

APIs (on chain & off)

SDK Source

Nobody’s Perfect

Known issues or tradeoffs
  • Dragonchain is open source and even though the platform is easy enough for developers to code in any language they are comfortable with, we do not have so large a developer community as Ethereum. We would like to see the Ethereum developer community (and any other communities) become familiar with our SDK’s, our solutions, and our platform, to unlock the full potential of our Ethereum Interchain. Long ago we decided to prioritize both Bitcoin and Ethereum Interchains. We envision an ecosystem that encompasses different projects to give developers the ability to take full advantage of all the opportunities blockchain offers to create decentralized solutions not only for Reddit but for all of our current platforms and systems. We believe that together we will take the adoption of blockchain further. We currently have additional Interchain with Ethereum Classic. We look forward to Interchain with other blockchains in the future. We invite all blockchains projects who believe in decentralization and security to Interchain with Dragonchain.
  • While we only have 700 nodes compared to 8,000 Ethereum and 10,000 Bitcoin nodes. We harness those 18,000 nodes to scale to extremely high levels of security. See Dragonchain metrics.
  • Some may consider the centralization of Dragonchain’s business nodes as an issue at first glance, however, the model is by design to protect business data. We do not consider this a drawback as these nodes can make any, none, or all data public. Depending upon the implementation, every subreddit could have control of its own business node, for potential business and enterprise offerings, bringing new alternative revenue streams to Reddit.

Costs and resources

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).
Every transaction on the PoC system had a transaction fee of $0.0001 (one-hundredth of a cent USD). At 256MM transactions, the demo cost $25,600. With current operational fees, the same demonstration would cost $640 USD.
For the demonstration, to achieve throughput to mimic a worldwide payments network, we modeled several clients in AWS and 4-5 business nodes to handle the traffic. The business nodes were tuned to handle higher throughput by adjusting memory and machine footprint on AWS. This flexibility is valuable to implementing a system such as envisioned by Reddit. Given that Reddit’s daily traffic (posts, replies, and votes) is less than half that of our demo, we would expect that the entire Reddit system could be handled on 2-5 business nodes using right-sized containers on AWS or similar environments.
Verification was accomplished on the operational Dragon Net network with over 700 independently owned verification nodes running around the world at no cost to the business other than paid transaction fees.

Requirements

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
During Dragonchain’s 24 hour demo, the above required numbers were reached within the first few minutes.
Reddit’s total activity is 9000% more than Ethereum’s total transaction level. Even if you do not include votes, it is still 700% more than Ethereum’s current volume. Dragonchain has demonstrated that it can handle 250 million transactions a day, and it’s architecture allows for multiple systems to work at that level simultaneously. In our PoC, we demonstrate double the full capacity of Reddit, and every transaction was proven all the way to Bitcoin and Ethereum.
Reddit Scaling on Ethereum

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
Dragonchain’s architecture calls for a hybrid approach. Private business nodes hold the sensitive data while the validation and verification of transactions for the business are decentralized within seconds and secured to public blockchains within 10 minutes to 2 hours. Nodes could potentially be controlled by owners of individual subreddits for more organic decentralization.
  • Billing is currently centralized - there is a path to federation and decentralization of a scaled billing solution.
  • Operational multi-cloud
  • Operational on-premises capabilities
  • Operational deployment to any datacenter
  • Over 700 independent Community Verification Nodes with proof of ownership
  • Operational Interchain (Interoperable to Bitcoin, Ethereum, and Ethereum Classic, open to more)

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
Dragonchain and its customers have demonstrated extraordinary usability as a feature in many applications, where users do not need to know that the system is backed by a live blockchain. Lyceum is one of these examples, where the progress of academy courses is being tracked, and successful completion of courses is rewarded with certificates on chain. Our @Save_The_Tweet bot is popular on Twitter. When used with one of the following hashtags - #please, #blockchain, #ThankYou, or #eternalize the tweet is saved through Eternal to multiple blockchains. A proof report is available for future reference. Other examples in use are DEN, our decentralized social media platform, and our console, where users can track their node rewards, view their TIME, and operate a business node.
Examples:

Transactions complete in a reasonable amount of time (seconds or minutes, not hours or days)
All transactions are immediately usable on chain by the system. A transaction begins the path to decentralization at the conclusion of a 5-second block when it gets distributed across 5 separate community run nodes. Full decentralization occurs within 10 minutes to 2 hours depending on which interchain (Bitcoin, Ethereum, or Ethereum Classic) the transaction hits first. Within approximately 2 hours, the combined hash power of all interchained blockchains secures the transaction.

Free to use for end users (no gas fees, or fixed/minimal fees that Reddit can pay on their behalf)
With transaction pricing as low as $0.0000025 per transaction, it may be considered reasonable for Reddit to cover transaction fees for users.
All of Reddit's Transactions on Blockchain (month)
Community points can be earned by users and distributed directly to their Reddit account in batch (as per Reddit minting plan), and allow users to withdraw rewards to their Ethereum wallet whenever they wish. Withdrawal fees can be paid by either user or Reddit. This model has been operating inside the Dragonchain system since 2018, and many security and financial compliance features can be optionally added. We feel that this capability greatly enhances user experience because it is seamless to a regular user without cryptocurrency experience, yet flexible to a tech savvy user. With regard to currency or token transactions, these would occur on the Reddit network, verified to BTC and ETH. These transactions would incur the $0.0000025 transaction fee. To estimate this fee we use the monthly active Reddit users statista with a 60% adoption rate and an estimated 10 transactions per month average resulting in an approximate $720 cost across the system. Reddit could feasibly incur all associated internal network charges (mining/minting, transfer, burn) as these are very low and controllable fees.
Reddit Internal Token Transaction Fees

Reddit Ethereum Token Transaction Fees
When we consider further the Ethereum fees that might be incurred, we have a few choices for a solution.
  1. Offload all Ethereum transaction fees (user withdrawals) to interested users as they wish to withdraw tokens for external use or sale.
  2. Cover Ethereum transaction fees by aggregating them on a timed schedule. Users would request withdrawal (from Reddit or individual subreddits), and they would be transacted on the Ethereum network every hour (or some other schedule).
  3. In a combination of the above, customers could cover aggregated fees.
  4. Integrate with alternate Ethereum roll up solutions or other proposals to aggregate minting and distribution transactions onto Ethereum.

Bonus Points

Users should be able to view their balances & transactions via a blockchain explorer-style interface
From interfaces for users who have no knowledge of blockchain technology to users who are well versed in blockchain terms such as those present in a typical block explorer, a system powered by Dragonchain has flexibility on how to provide balances and transaction data to users. Transactions can be made viewable in an Eternal Proof Report, which displays raw data along with TIME staking information and traceability all the way to Bitcoin, Ethereum, and every other Interchained network. The report shows fields such as transaction ID, timestamp, block ID, multiple verifications, and Interchain proof. See example here.
Node payouts within the Dragonchain console are listed in chronological order and can be further seen in either Dragons or USD. See example here.
In our social media platform, Dragon Den, users can see, in real-time, their NRG and MTR balances. See example here.
A new influencer app powered by Dragonchain, Raiinmaker, breaks down data into a user friendly interface that shows coin portfolio, redeemed rewards, and social scores per campaign. See example here.

Exiting is fast & simple
Withdrawing funds on Dragonchain’s console requires three clicks, however, withdrawal scenarios with more enhanced security features per Reddit’s discretion are obtainable.

Interoperability Compatibility with third party apps (wallets/contracts/etc) is necessary.
Proven interoperability at scale that surpasses the required specifications. Our entire platform consists of interoperable blockchains connected to each other and traditional systems. APIs are well documented. Third party permissions are possible with a simple smart contract without the end user being aware. No need to learn any specialized proprietary language. Any code base (not subsets) is usable within a Docker container. Interoperable with any blockchain or traditional APIs. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js. Please see our source code and API documentation.

Scaling solutions should be extensible and allow third parties to build on top of it Open source and extensible
APIs should be well documented and stable

Documentation should be clear and complete
For full documentation, explore our docs, SDK’s, Github repo’s, architecture documents, original Disney documentation, and other links or resources provided in this proposal.

Third-party permissionless integrations should be possible & straightforward Smart contracts are Docker based, can be written in any language, use full language (not subsets), and can therefore be integrated with any system including traditional system APIs. 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.
Dragonchain business nodes and smart contracts leverage Docker to allow the use of literally any language or executable code. No proprietary language is necessary. We’ve witnessed relatively complex systems built by engineers with no blockchain or cryptocurrency experience. We’ve also demonstrated the creation of smart contracts within minutes built with BASH shell and Node.js.

Bonus

Bonus Points: Show us how it works. Do you have an idea for a cool new use case for Community Points? Build it!

TIME

Community points could be awarded to Reddit users based upon TIME too, whereas the longer someone is part of a subreddit, the more community points someone naturally gained, even if not actively commenting or sharing new posts. A daily login could be required for these community points to be credited. This grants awards to readers too and incentivizes readers to create an account on Reddit if they browse the website often. This concept could also be leveraged to provide some level of reputation based upon duration and consistency of contribution to a community subreddit.

Dragon Den

Dragonchain has already built a social media platform that harnesses community involvement. Dragon Den is a decentralized community built on the Dragonchain blockchain platform. Dragon Den is Dragonchain’s answer to fake news, trolling, and censorship. It incentivizes the creation and evaluation of quality content within communities. It could be described as being a shareholder of a subreddit or Reddit in its entirety. The more your subreddit is thriving, the more rewarding it will be. Den is currently in a public beta and in active development, though the real token economy is not live yet. There are different tokens for various purposes. Two tokens are Lair Ownership Rights (LOR) and Lair Ownership Tokens (LOT). LOT is a non-fungible token for ownership of a specific Lair. LOT will only be created and converted from LOR.
Energy (NRG) and Matter (MTR) work jointly. Your MTR determines how much NRG you receive in a 24-hour period. Providing quality content, or evaluating content will earn MTR.

Security. Users have full ownership & control of their points.
All community points awarded based upon any type of activity or gift, are secured and provable to all Interchain networks (currently BTC, ETH, ETC). Users are free to spend and withdraw their points as they please, depending on the features Reddit wants to bring into production.

Balances and transactions cannot be forged, manipulated, or blocked by Reddit or anyone else
Users can withdraw their balance to their ERC20 wallet, directly through Reddit. Reddit can cover the fees on their behalf, or the user covers this with a portion of their balance.

Users should own their points and be able to get on-chain ERC20 tokens without permission from anyone else
Through our console users can withdraw their ERC20 rewards. This can be achieved on Reddit too. Here is a walkthrough of our console, though this does not show the quick withdrawal functionality, a user can withdraw at any time. https://www.youtube.com/watch?v=aNlTMxnfVHw

Points should be recoverable to on-chain ERC20 tokens even if all third-parties involved go offline
If necessary, signed transactions from the Reddit system (e.g. Reddit + Subreddit) can be sent to the Ethereum smart contract for minting.

A public, third-party review attesting to the soundness of the design should be available
To our knowledge, at least two large corporations, including a top 3 accounting firm, have conducted positive reviews. These reviews have never been made public, as Dragonchain did not pay or contract for these studies to be released.

Bonus points
Public, third-party implementation review available or in progress
See above

Compatibility with HSMs & hardware wallets
For the purpose of this proposal, all tokenization would be on the Ethereum network using standard token contracts and as such, would be able to leverage all hardware wallet and Ethereum ecosystem services.

Other Considerations

Minting/distributing tokens is not performed by Reddit directly
This operation can be automated by smart contract on Ethereum. Subreddits can if desired have a role to play.

One off point burning, as well as recurring, non-interactive point burning (for subreddit memberships) should be possible and scalable
This is possible and scalable with interaction between Dragonchain Reddit system and Ethereum token contract(s).

Fully open-source solutions are strongly preferred
Dragonchain is fully open source (see section on Disney release after conclusion).

Conclusion

Whether it is today, or in the future, we would like to work together to bring secure flexibility to the highest standards. It is our hope to be considered by Ethereum, Reddit, and other integrative solutions so we may further discuss the possibilities of implementation. In our public demonstration, 256 million transactions were handled in our operational network on chain in 24 hours, for the low cost of $25K, which if run today would cost $625. Dragonchain’s interoperable foundation provides the atmosphere necessary to implement a frictionless community points system. Thank you for your consideration of our proposal. We look forward to working with the community to make something great!

Disney Releases Blockchain Platform as Open Source

The team at Disney created the Disney Private Blockchain Platform. The system was a hybrid interoperable blockchain platform for ledgering and smart contract development geared toward solving problems with blockchain adoption and usability. All objective evaluation would consider the team’s output a success. We released a list of use cases that we explored in some capacity at Disney, and our input on blockchain standardization as part of our participation in the W3C Blockchain Community Group.
https://lists.w3.org/Archives/Public/public-blockchain/2016May/0052.html

Open Source

In 2016, Roets proposed to release the platform as open source to spread the technology outside of Disney, as others within the W3C group were interested in the solutions that had been created inside of Disney.
Following a long process, step by step, the team met requirements for release. Among the requirements, the team had to:
  • Obtain VP support and approval for the release
  • Verify ownership of the software to be released
  • Verify that no proprietary content would be released
  • Convince the organization that there was a value to the open source community
  • Convince the organization that there was a value to Disney
  • Offer the plan for ongoing maintenance of the project outside of Disney
  • Itemize competing projects
  • Verify no conflict of interest
  • Preferred license
  • Change the project name to not use the name Disney, any Disney character, or any other associated IP - proposed Dragonchain - approved
  • Obtain legal approval
  • Approval from corporate, parks, and other business units
  • Approval from multiple Disney patent groups Copyright holder defined by Disney (Disney Connected and Advanced Technologies)
  • Trademark searches conducted for the selected name Dragonchain
  • Obtain IT security approval
  • Manual review of OSS components conducted
  • OWASP Dependency and Vulnerability Check Conducted
  • Obtain technical (software) approval
  • Offer management, process, and financial plans for the maintenance of the project.
  • Meet list of items to be addressed before release
  • Remove all Disney project references and scripts
  • Create a public distribution list for email communications
  • Remove Roets’ direct and internal contact information
  • Create public Slack channel and move from Disney slack channels
  • Create proper labels for issue tracking
  • Rename internal private Github repository
  • Add informative description to Github page
  • Expand README.md with more specific information
  • Add information beyond current “Blockchains are Magic”
  • Add getting started sections and info on cloning/forking the project
  • Add installation details
  • Add uninstall process
  • Add unit, functional, and integration test information
  • Detail how to contribute and get involved
  • Describe the git workflow that the project will use
  • Move to public, non-Disney git repository (Github or Bitbucket)
  • Obtain Disney Open Source Committee approval for release
On top of meeting the above criteria, as part of the process, the maintainer of the project had to receive the codebase on their own personal email and create accounts for maintenance (e.g. Github) with non-Disney accounts. Given the fact that the project spanned multiple business units, Roets was individually responsible for its ongoing maintenance. Because of this, he proposed in the open source application to create a non-profit organization to hold the IP and maintain the project. This was approved by Disney.
The Disney Open Source Committee approved the application known as OSSRELEASE-10, and the code was released on October 2, 2016. Disney decided to not issue a press release.
Original OSSRELASE-10 document

Dragonchain Foundation

The Dragonchain Foundation was created on January 17, 2017. https://den.social/l/Dragonchain/24130078352e485d96d2125082151cf0/dragonchain-and-disney/
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