@BinanceResearch: RT @binance: #binance Adds Open-Source Implementation for Edwards-Curve Digital Signature Algorithm (EdDSA) in the TSS Library The library is compatible with ECDSA-based blockchains, including Binance Chain, #Bitcoin, and @ethereum networks. https://t.co/xNILYim9EV
@binance: #binance Adds Open-Source Implementation for Edwards-Curve Digital Signature Algorithm (EdDSA) in the TSS Library The library is compatible with ECDSA-based blockchains, including Binance Chain, #Bitcoin, and @ethereum networks. https://t.co/xNILYim9EV
The team believe the current bottleneck to THORChain’s decentralisation is the number of nodes that can participate in a single TSS signing ceremony. As the number of participants grows, the complexity becomes exponential. This is in part because THORChain uses a TSS scheme that has no trusted dealer, which is a non-negotiable aspect. The team scoped out two features this week to address this.
Instead of a single Asgard with 66 of 99 participating, Asgard can be broken up into different realms, each with a smaller participation number, such as three 22 of 33 realms. This also means that each realm can be rolled at different times, increasing the availability of the network. THORChain has no opinion on where funds are located, they just have to exist and be accounted for in the network. A Multi-realm Asgard does not change any security characteristics of the network, rather it works to shard the funds and increase the scalability. With Multi-realm Asgard, TSS scalability is no longer a concern, instead the upper limit of nodes now becomes a Tendermint scalability issue. Cosmos Hub is working hard to solve this, recently increasing their node count to 125, and with 300 as their long-term target.
The trigger to shard Asgard into smaller realms will no longer be a hard-coded number, instead it will be triggered when the key-gen process in a new vault times out after 10 minutes. This means that if the TSS key-generation process for the increased participation number takes too long, it should be sharded. This prevents the network ever generating a committee size with too many members. 10 minutes was chosen as the cutoff due to diminishing returns above that, and a pre-existing shelling point existing on that particular time-point, thanks to Bitcoin.
Trailing Gas Fee
A 1 Rune Fee was hard-coded into THORChain a week ago as the simple solution to a hard problem. The community had a lot of feedback about this, mainly concerns about ease of updating this in future, and they were correct. THORChain must take the governance-minimal approach to all things, and as a result a programmatic solution has been scoped out. The Network Fee will now be twice the 7-day trailing average of gas fees. This will ensure that it always exceeds the expected gas, and drives long-term income into the system. Currently it is global, but it could easily become chain-specific.
The system is theoretically unsafe when staked assets exceed bonded assets, whether a cartel exists or not. The reason is that a single node could craft an outgoing transaction that spends asset equally to other defecting nodes, and assuming profit-seeking entities, the assumptions around mutually assured destruction no longer hold. While incredibly unlikely to happen, since defecting nodes would need a modified binary to facilitate this transaction and be able to communicate, the system should protect around this edge case. The solution is to disencentivise staking as the system approaches the edge, so that staking rates reduce and the system becomes safe again. The only tool at the system’s disposal is incentives, and the approach is reduce pool rewards and increase bond rewards. This is known as the “Incentive Pendulum”, designed to keep the system at its happy centre; 67% bonded and 33% staked. The Incentive Pendulum also works in the other direction, increasing incentives to stake at high bond rates. The equation is: poolRewards = (y + x) / (y — x), where x = totalStaked, y = totalBonded. * At exactly 50% bonded and 50% staked, pool rewards will be 0%, incentivising bonding. * At 67% bonded and 33% staked, pool rewards will be 33%, the intended amount. * At 100% bonded and 0% staked, pool rewards will be 100%, incentivising staking.
Removal of Hard-coded Constants
The team intend to remove as many constants as possible from the constants.go file, and replace them with programmatic logic. TSS Timeout, Trailing Gas Fees and Churn Heights help solve this. The team will continue the effort.
Cosmos was upgraded to the latest version, allowing the team to begin removing uint64 casting and replacing it with BigInt casting which is better when handling large numbers. The team are also in the process of removing float64 from the codebase, which is unsafe when computed on different machines. * [Upgrade] upgrade to cosmos v0.37.4 * [Bug] fix code coverage counter * stabilize smoke test runs * 224-issue fix validator meta keeper * panic on genesis * Add SafeDivision and removes Float * Resolve: Remove Stake Validation * Resolve “Add min bond requirement” * Resolve “ADD: Incentive Pendulum” * 264-issue fix the way how we broadcast tx to binance RPC host * [Add] Slash bond on bond refund * [Bug] Track gas in yggdrasil vaults * 233-issue add stake handler * add 30 sec timeout to wait for binance txs * Work continues to refactor the codebase to be more modular, testable and easier to grok. * [Refactor] Add unit tests to node account keeper * Resolve “[Refactor] Yggdrasil keeper” * Resolve “[Refactor] Vault Data keeper” * [Refactor] pool addresses keeper * 220-issue refactor Reserve Contributor * [Refactor] observer keeper * Resolve “[Refactor] Pool Staker keeper” * [Refactor] Pool keeper * [Refactor] Staker pool keeper * [Refactor] tx in keeper * [Refactor] reserve contributor handler * [Refactor] Rewrite tx in handler, msg, etc * Resolve “[Refactor] handleMsgBond” * Resolve “[Refactor] handleMsgAck” * [Refactor] add mock txout store * [Refactor] create pool address manager interface * [Refactor] create mock validator manager * Resolve “[Refactor] handleMsgLeave” * Resolve “[Refactor] handleMsgAdd” * [Refactor] version handler * refactor-stake unit tests * [Refactor] TxOutStore * 236-issue handler unstake * [Refactor] Breakout TxIn into two handlers * Resolve “[Refactor] handleMsgConfirmNextPoolAddress”
Work begins on the feature/bifrostv2 branch, which is a chain-agnostic Bifröst Module that will be verified to work on Binance Chain, Bitcoin, Ethereum prior to mainnet. Monero has also been scoped out, but testing it may not happen prior to mainnet. https://gitlab.com/thorchain/thornode/tree/feature/bifrostv2
The team will soon move away from signalling dates for releases, instead will work to signal around completion status of milestones. Whilst ChaosNet seems to be on time for 03 January, much is left to be done: * [ChaosNet] Artificial Ragnarok * [ChaosNet] 1 Day rotations * Add bond reward events * Create pubkeys endpoint * [ChaosNet] Cap staked rune at 600k * Versionize the constants * Emit Validator Events * THORNode Telegram Bot
BEPSwap is THORChain’s first go-to market product, built on a statechain to Binance Chain. BEPSwap was intended to only support BEP2 assets to minimise complexity with external chains. Two recent breakthroughs made by the THORChain development team in how to consider the cross-chain environment, as well as increasing the number of consensus participants, mean the team have now re-considered the scope of mainnet launch. Instead of launching the BEPSwap chain and decommissioning/hard-forking it into the THORChain mainnet, the team believe a network that supports cross-chain from the start can be built now. As such, THORChain will be launched, with support for Binance Chain, Bitcoin and Ethereum at Genesis. Binance Chain assets will be immediately supported, with Bitcoin and Ethereum enabled sometime in 2020. This will prevent large changes needing to occur post-mainnet launch. These two breakthroughs will be discussed in a future blog, but the team describe them as “Cross-chain Pools” and “Asynchronous Liquidity Delegation”.
Cross-chain pools solve two key problems: 1. Security 2. User Experience. The first is that the network only holds assets that are in pools which are staked against Rune. This massively simpifies the attack surface of the network, since the network only needs to ensure that the amount of bonded Rune is always double the amount of staked Rune. This means that even if network participants could attack the network, they wouldn’t, because they can only steal 50% of what they bonded. Thus no rational actor would steal external assets. The second characteristic is the User Experience, in that neither pegged tokens, nor atomic swaps are used. Users who wish to swap BTC to ETH send in on-chain BTC, and will receive on-chain ETH immediately (and vice versa). The target speed for BTC->ETH will be 20 seconds. The target speed for ETH->BTC will be 10 minutes (1 block). Users who wish to stake, will stake on-chain BTC with on-chain Rune. Withdrawing their assets will mean they receive on-chain BTC and on-chain Rune. No pegging out, and no pegging in.
Asynchronous Liquidity Delegation.
The second breakthrough is how liquidity is managed in the system. The initial design had a single large Threshold Signature pool that held all the funds. While extremely secure, large committee memberships mean very long signing speeds (minutes for 67/100), which impacts the user experience. The team wish to target a signing speed of less than 5 seconds, which means TSS pools should be less than 11 participants. However, due to the incentive structure created by Cross-chain pools, no node has an incentive to steal assets — even if they were given individual custody of assets. This is because they are always bonding twice as much Rune as there is Rune staked in pools. A node that “exit-scams” the network is the equivalent to simply selling 50% of their bonded Rune to assets and leaving disorderly. The network can rebuild the pools by simply disbursing the node’s abandoned bond back into the pools, and churning in a new node. Thus it is resilient to even internal attacks. This setup even works for a node that goes offline — while offline they are unable to respond and they get “fined” from their bond for every transaction they couldn’t honour in a timely fashion. The final design is a large TSS pool that acts as a global custodian of bonded assets and incoming liquidity ( 22 of 33 is the initial target number), with 11 2 of 3 “satellite” pools which hold 50% of the staked assets. This means nodes can be delegated to asynchronously send out liquidity (swaps and withdrawals) with the signing speed of 2 of 3, but the security of 22 of 33. Over time, the team will target 200 of 300 nodes, with 100 2 of 3 satellite pools.
The team are working on 4 parallel streams of effort. Cross-chain infrastructure has now been merged into a single repo called “THORNode”. 1. THORChain 2. Threshold Signature Scheme implementation 3. Front-end Integration for BEPSwap 4. Other development activities
A lot of new work was done to make the statechain cross-chain, with agnostic treatment to chain data. The first three chains will be BNB, BTC and ETH. A global re-factor of naming conventions surrounding cross-chain assets was made. * Add chain to pools * Issue140 if the ticker and coin are the same , thus we don’t need to swap just refund * Issue150 add GAS result in a pool in suspended status * Auto-seed the development environment after a deploy. * Add Asset and Symbol common structs * Get stage seeding on nightly deploys. * Continue importing asset into thornode * Change coin.Denom to coin.Asset * Replace “Token” → “asset” * issue135 update stake logic to check ticker match coin * issue151 add cors support * Feature/docker compose updated build pipelines * Issue138 fix signer use wrong symbol issue , which cause issue with refund * Per chain gas policy * Remove binance specific logic * Choose rune asset based on mainnet vs testnet * Genesis ceremony * Added seed and smoke-test targets to .PHONY !(https://miro.medium.com/max/3808/1*6HdyayI35M4ozW6s_eoGQQ.png) Assets will now be referred to as: CHAIN.SYMBOL
Work was done to clean up the code for peer-review, as well as implementing whitelisting for key-generation procedure. The TSS implementation is being integrated into the Statechain this week, in time to validate Asgard churn.
To ship mainnet, the team are aiming for this:
Feature complete with excellent swapping and staking experience.
Feature complete public RESTful API.
Feature complete with 22 of 33 Asgard, weekly churn, 2 of 3 satellite pools, asynchronous liquidity delegation and cross-chain support.
The team are working for these milestones.
RUNEVault: July 2019 shipped Telegram Bot: August 2019 shipped Bep2Bot: August 2019 shipped
Testnet: August 2019 shipped Community Testing: shipped
Internal Freeze: 20 November 2019 on-time Audit: 20 December 2019 on-time Genesis: 03 January 2020 on-time
Just found a possible side chain for Nano to operate on. Which provides privacy and cross-chain access to Bitcoin, Monero, Ethereum, ERC-20 Tokens, Binance Chain, Ziliqa, and Tomo Chain currently and with future support for Ontology, Ripple, NEO, Cosmos, and EOS.
So the project is called Incognito, they aim to bridge as many networks as possible and allow for private sends within the Incognito network. Users can send out of the Incognito network back to the native BTC, ETH, XMR, etc network without ever exposing their initial account. I love nano, but the lack of privacy makes it unusable for me. Having a decent cross-chain "mixer" like this makes me more comfortable about moving funds from my HODL account to my SPEND account. This can also increase the accessibility to our network allowing for anyone with some crypto to swap for nano through their private DEX. The project is still young but they already have $22Mil worth of assets "shielded". Do you all think it would be worth petitioning to get Nano's chain supported on here as well? How the shielding works:https://we.incognito.org/t/shielding-cryptocurrencies-turning-any-cryptocurrency-into-a-privacy-coin/83 Example swap of BTC to XMR using the pDEX:https://we.incognito.org/t/buy-and-sell-monero-xmr-confidentially-without-kyc/415 Note: Block times are currently 40 seconds, and it would cost you 0.01% to unshield your funds, so like $0.10 for every $1000 that you ran through the network. Seems worth it for some privacy.
Ferrum Network ICO Let’s learn what information Ferrum Network team shared about the ICO. They announced that the sale would be on 1st of August, starting at 8 am EST. It is needed to pass KYC until 9 of GMT of 28th of July to take part in this ICO. There would be issued 50/50 ERC-20 and BEP-2 tokens for total limit of 300,000 USD for ICO. 40% of them would be unlocked immediately at TGE, 40% — 30 days after TGE and rest 20% — 60 days after TGE. It would be possible to convert BEP-2 tokens to ERC-20 through a token bridge. The price of FRM token would be 0.016 USD. There would be 3 tiers of sale: first for Highest Value Supporters would start at 8 am EST and end at 8:15 am EST. Personal Limit for this tier is 1,000 USD and total is 32,000 USD. The second tier is for Whitelisters, it would start at 8:15 am EST and end at 8:45 am EST. Personal Limit for this tier is 400 USD and total is 180,000 USD. The third tier is Gas War Lite with Personal Limit of 10,000 USD. It would start at 8:45 am EST and would last until all tokens are sold. There would be an exchange listing after the ICO and additionally a request for listing at Binance Dex. Also want to remind the main aims of Ferrum Network: it’s idea is to make a decentralized project, which would connect different blockchains (like Binance Chain, Bitcoin or Ethereum) through the one to change or send fiat and crypto, using just equivalent tokens of Ferrum Network blockchain. It is expected, that it would be much cheaper and easier then nowadays chains could offer. You can read more in White Paper — http://whitepaper.ferrum.network/ Or visit the official web-site — https://ferrum.network/ KYC procedure is described here — https://medium.com/ferrumnetwork/utility-token-sale-verification-guide-9075f52f0f95 KYC is held here — https://kyc.ferrum.network/ Thanks for your attention, @jokers
@binance: Holding #BTC but want to harvest the latest yield farming opportunity on #BSC? No worries, you can maintain exposure to your Bitcoin while still participating in #DeFi on Binance Smart Chain. https://t.co/DxcALVYaIU
@cz_binance: Some superstitious (and not so smart) guys say every time I tweet about #bitcoin price, they short. Based on this chain of tweets, I hope those poor guys are not overly #rekt. lol https://t.co/MdSAxvWJ1p https://t.co/dsjEqlKD8W
@BinanceResearch: What is @thorchain_org $RUNE? #THORChain is a decentralized cross-chain exchange where traders can swap assets via liquidity pools across #Binance Chain, #Ethereum, and #Bitcoin. Read the #RUNE research profile ⬇️ https://t.co/qVg7Zobmkb
@BinanceResearch: New #Binance listing: @thorchain_org $RUNE. #THORChain is a decentralized cross-chain exchange where traders can swap cross-chain assets via liquidity pools across Binance Chain, #Ethereum, and #Bitcoin. Read the #RUNE research report👇 https://t.co/eOqyagUqvQ
@BinanceResearch: RT @binance: #Bitcoin stats you probably didn’t know: 🔸 63% of the $BTC are held for more than 1Y 🔸 11% of the addresses own more than 0.1% of the supply 🔸 280,000+ daily on-chain transactions Read more on @BinanceResearch's new Bitcoin page. ⬇️ https://t.co/g7ucw3QaLv
@binance: #Bitcoin stats you probably didn’t know: 🔸 63% of the $BTC are held for more than 1Y 🔸 11% of the addresses own more than 0.1% of the supply 🔸 280,000+ daily on-chain transactions Read more on @BinanceResearch's new Bitcoin page. ⬇️ https://t.co/g7ucw3QaLv
@cz_binance: RT @binance: #Bitcoin stats you probably didn’t know: 🔸 63% of the $BTC are held for more than 1Y 🔸 11% of the addresses own more than 0.1% of the supply 🔸 280,000+ daily on-chain transactions Read more on @BinanceResearch's new Bitcoin page. ⬇️ https://t.co/g7ucw3QaLv
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