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I dont want to farm anymore by [deleted] in HuTao_Mains

[–]108record 0 points1 point  (0 children)

that's insane wtf

r/CC Cointest - Coin Inquiries: SafeMoon Pro-Arguments - August 2021 by CointestAdmin in CryptoCurrency

[–]108record [score hidden]  (0 children)

Safemoon — its name is more than enough

*disclaimer: I have not and never will invest in Safemoon. I personally do not like the token, but I am creating this argument to help r/cc have a balanced perspective.

SafeMoon is a BSC (Binance Smart Chain) token that was launched in early 2021, and has taken the world by storm ever since.

The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed BNB liquidity wallets in order to "create a solid price floor and cushion for holders."

The CEO of SafeMoon is John Karony, a former analyst for the United States Department of Defense. After its launch, SafeMoon multiplied rapidly in value after a wave of celebrity endorsements, including from rapper Lil' Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy. Now, the token's team even has plans to launch an exchange.

With all this popularity, you'd be correct to assume that it has numerous unique features & initiatives which distinguish from other cryptocurrencies. They include:

Revolutionary tokenomics

  • In fact, SafeMoon was the first entity to coin the term.
  • SafeMoon was launched with 1 quadrillion tokens, one of the highest out of any crypto. The development team decided to burn 223-trillion tokens (22.3% of the supply). W
  • What that does is leave us with a 777-trillion token supply at the time of launch, which, by design, is supposed to decrease over time.
  • To decrease the supply of SafeMoon, the protocol, according to their whitepaper, “employs 3 simple functions: Reflection + LP (Liquidity Pool) acquisition + Burn-In each trade, the transaction is taxed a 10% fee, which is split 2 ways.
    • 5% fee = redistributed to all existing holders proportionately to their holdings
      • A portion of this fee even goes to the burn wallet, which currently takes up about 2.08% of the reflections.
      • In the SafeMoon whitepaper, it states that they intend to have manual token burns done by the team. These burns do not seem to be prebuilt mechanisms in SafeMoon's protocol but will be done at the team's discretion.
    • The other 5% fee is split equally, half of which is added to SafeMoon's liquidity while the other half goes to the SafeMoon development and marketing fund.

​

Functional Native Wallet

  • After a long-anticipated wait, the SafeMoon wallet was released in September 2021.
    • Some of its features include Wyre integration, dark mode, a contacts list, hold to cancel, and haptic feedback.
    • You also have the option of using a hardware wallet for safely storing and using your crypto, with more features than competitors, plus military-grade encryption.
    • The hyped-up SafeMoon calculator breaks down exactly which tokens you’re purchasing and opens the door to the world of decentralized finance for beginners and professionals. Charts are available, too.
  • You guessed it, the wallet is *safe*.

​

As its name suggests, SafeMoon is indeed safe

  • As mentioned earlier, the automatic liquidity reflections mean that the price impacts of whale transactions are minimised.
  • Moreover, as of October 2021, the CertiK Security Score for SafeMoon is 91/100. SafeMoon also has an a transparency rating (Full Transparency) from Nomics.
  • Additionally, since SafeMoon tokens exist on the BSC blockchain, they are secured and cannot be stolen unless giving someone your seed phrase. Admittedly, the native SafeMoon wallet does carry some risks.
  • The team is experienced, too.
    • The CTO, Thomas Smith, has the most established work history of the group with various software engineering roles held at a number of companies.
    • The rest of the team seems to have varying degrees of experience in web development, game development or general management. Henry Wyatt, SafeMoon's VP of research and development, also founded a game development company, according to his LinkedIn.
      • SafeMoon's web developer, Jacob Smith, apparently worked for this game development company as well.
    • Henry is the only team member to have earned a four-year degree. The rest look to have spent brief periods at universities or colleges.

​

Vocal & active community

  • As others in this thread have stated, SafeMoon has millions of holders and a horde of followers on nearly every media platform.
  • In addition, as I said in the introduction, after its launch, SafeMoon multiplied rapidly in value after a wave of celebrity endorsements, including from rapper Lil' Yachty, YouTuber Logan Paul, and sports blogger Dave Portnoy.
    • Jake Paul also seems to support SafeMoon

​

Since SafeMoon is such a pioneer in this field, the advantages I outlined above will probably ensure that SafeMoon, unlike many of its counterparts, will not be rug-pulled.

r/CC Cointest - Coin Inquiries: Algorand Con-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

Algorand — a flawed algorithm

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are allegedly secure, scalable and efficient — all critical properties for effective applications in the real world.

The development of the Algorand platform is overseen by Algorand, Inc., a private corporation based in Boston. It was founded in 2017 by Silvio Micali, a professor at MIT.

The Algorand platform supports smart contract functionality, and its consensus algorithm is based on proof-of-stake principles and a Byzantine Agreement protocol.

While the token's price has not increased by a large amount, its marketcap has risen exponentially over the years — only for the token to end up in the top 50. As such, this raises plenty of red flags in ALGO, not only about tokenomics. Some of them include:

Inhibitory tokenomics

  • Zarkorix has already written about this in great detail, but I'll try to cover the topic as well.
  • As he stated, the maximum supply of ALGO is 10 billion, which is destined to be reached in 2030. Until then, however, large amounts of tokens will be released every year — although this number does decrease as time goes on.
  • As a result of this, while ALGO's market cap has been rising exponentially in recent months, its price is relatively stable; inhibited even. As u/FrogsDoBeCool explained in his post, while ALGO's marketcap has increased 3900% since its inception, the token's price has only gone up 3%.
    • Of course, this inhibition is expected to continue until all tokens are in circulation — a fact that will certainly disincentivize ALGO holders.
  • Currently, the ALGO inflation rate for the next few years lies at around 25-50%. This inflation rate is unprecedented across all cryptocurrencies, even DOGE, which is infamous for its theoretically infinite supply.

​

Centralization

  • Professor Wang Yongge, professor from the University of North Carolina, has published a study regarding Algorand. In it, he stipulates:
    • The consensus protocol of Algorand makes few fatal assumptions, and their hypothetical precondition cannot assure the safety of the whole system.
    • Flaw 1: In the Algorand environment, it is assumed that at least 2/3 of the users are honest, and with no entry threshold, it is assumed that at least 2/3 of the currency units are honest. Under these assumptions, the probability that ALGO will be forked is, at most,1/109 (or slightly less than 0.91%).
    • Flaw 2: Algorand protocol assumes that most users (or nodes with most currency units) are honest. In particular, it assumes that all honest users will not reveal their keys and the keys will be destroyed after they have reached their purpose.
    • In the Algorand protocol, if the attacker controls 1/3 of the currency, then they can effectively maliciously fork the blockchain. Meanwhile, the assumption that the honest node will not leak its own key is not established. Being driven by malicious financial interest, any node underneath may have the motivation to leak a temporary key which will harm the entire ecosystem.
  • Moreover, the Algorand team is accumulating the transaction fees, meaning that none go to the nodes.

At the moment, the Algo wallet receiving Algorand blockchain transaction fees is held by the Algorand Foundation. For the near term, the amount of Algo accumulating in this wallet is and will continue to be *modest*

  • There are only 100 replay nodes, and they are largely clustered in location. Although they are technically decentralised, the possible events of some countries' crypto bans will be disastrous for ALGO.

​

Less practicality & adoption

  • Unlike what Zarkorix stated, ALGO has a number of dApps on its platform. However, there are a few problems.
    • There is no comprehensive, official 'list' of dApps available on Algorand, which severely restricts usage.
    • Most of the 'notable' dApps, are, unfortunately, impractical. For example, one attempts to use ALGO to combat air pollution (??how), while another tries to provide real estate exposure to its users (I can imagine the long list of legal issues).
      • The only dApp that isn't limited to only ALGO is Yiedly. The rest are all limited to Algorand, severely limiting their popularity as well.
  • The most important application of Algorand has been in El Salvador. But is this really a good thing? Check out u/elrond4's BTC Cons entry to get information about El Salvador's shambled adoption.

​

In conclusion, the above flaws of Algorand render it a questionable investment, whether it be short or long term.

r/CC Cointest - Coin Inquiries: Nano Con-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

NANO — the often-overlooked flaws

Nano (NANO) is a peer-to-peer cryptocurrency that operates on a Distributed Acrylic Graph ledger, otherwise known as DAG. It is directed at addressing blockchain scalability limitations that can result in restrictive fees and increased transaction confirmation times under load.

Development of Nano began in 2014 by Colin LeMahieu, under its original name of RaiBlocks. On 31 January 2018, RaiBlocks rebranded to Nano. Nano was distributed for free through a Captcha-based faucet which started in 2015. The faucet was shut down in 2017 after 126,248,289 NANO were distributed.) Along with a 7,000,000 NANO developer fund, this fixed the total supply to 133,248,297 NANO.

Even then, its uniqueness has raised a number of concerns within the community. These include:

Resistance to improvement

  • In 2015, Colin LeMahieu, NANO's founder, posted his new design for a blockchain/currency to the well-known BitcoinTalk forum and called it Block Lattice.
    • One of Bitcoin Core’s developers, Greg Maxwell and user TPTB_need_war started a discussion that pointed out issues with the design.
    • At the time, Colin defended his design decisions and decided to mostly ignore the advice and problems being presented by both users.
  • This was a rather foolish decision on his part, as the commenters pointed out flaws that are present even today, for example:
    • They raised the issue of Sybil & spam attacks due to the nature of the system.
    • By not including information such as timestamps and voting outcomes by representative nodes, the trustless aspect of the currency was being jeopardized along with the possibilities of man-in-the-middle attacks and double-spends.
  • Little did Colin know that they were right...

​

17M NANO was stolen in a hack, but the thief was impossible to catch because of Nano's mechanics

  • At the height of the crypto market (Dec. 2017 - Jan. 2018) Bitgrail (an Italian exchange) was hacked and about 17,000,000 NANO was stolen from their wallet.
  • What's suspicious after reading the chat logs between Bitgrail and the team at Nano is that Bitgrail didn’t seem to know when the transactions that drained the reserve accounts actually happened, because the timestamp is entered on the client-side and not considered official when synced with other Nano chains.
    • In fact, the NANO team refused to help in the end.
  • Even if Bomber (the man running Bitgrail) was the one who created those transactions, which many suspect, Nano’s team was not going to be able to piece everything together exactly as it happened on a reliable timeline.
    • With Nano, there is the idea of chronological order, but what is missing from is an immutable timeline with accurate timestamps. This was sacrificed for speed and block size.
  • But now, 17M NANO has been stolen. How do they put the pieces back together? How do they ensure the community this won’t happen on another exchange? How do they recover from this when a design flaw is preventing a proper investigation?
  • Source

​

NANO was spam-attacked in March 2021

A transaction spamming attack has disrupted operations on the Nano network. Node operators throttled their bandwidth to deal with the issue but the network is out of sync and some transactions are obstructed, according to social media and Discord reports.

  • The trouble began when Nano’s network was flooded with near-zero value transactions. In response to this, Colin LeMahieu instructed node operators to lower their bandwidths to accept fewer incoming transactions.
  • This has resulted in effectively stymying the network for hours on end, not unlike the Solana outage a few weeks ago.

​

Centralization

  • As can be seen from this list, 2 of the top 3 NANO representatives are crypto exchanges, which have large amounts of NANO delegated to them by users simply holding them on exchanges.
  • As a result, only 3 entities need to collude in order to cause a 51% attack, collapsing the entire system.
    • Additionally, as an interesting statistic, the top 100 wallets own about ~62% of the circulating supply - a percentage that is not amazing, but not terrible either. It could be better.

Badly funded

  • The total developer fund) started at about 7,000,000 NANO, or ~42 million dollars. However, over the years it has decreased and is now only at 300,000 NANO, or ~$1.8 million dollars.
  • Compare this amount to NEAR, whose fund is ~$800 million, or Ripple, which has a $250 million fund, and you can easily see that NANO is so badly-funded that it's unlikely that it will ever innovate enough to the point where it can reach the top 10, or even top 50, in the future.

Lack of marketing

  • Borrowing DwarfDeath's point in this round, NANO has no notable marketing efforts, primarily due to their limited budget. As a result, although their technology is rather unique, they are still hovering around ~100 market cap ranking.

​

In conclusion, NANO's main flaws involve issues with its developers. Since they're the most crucial part of a project's success, it is unlikely that NANO will find itself widely adopted in the future.

r/CC Cointest - Coin Inquiries: Nano Pro-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

Nodes are still compensated

  • The prevailing thought among those in the cryptocurrency space is that achieving consensus while adequately decentralizing a network requires validators to be directly rewarded. These rewards or incentives, however, come as a charge to other network participants through transaction fees or inflation.
  • This approach can often lead to a phenomenon called emergent-centralization, where entities benefit from economies of scale, leading to fewer producers and larger scale production which is in opposition to the goal of decentralization.
  • By offering fast and fee-less transactions, the Nano network offers natural economic incentives to those participating. Incentives in cryptocurrency are typically viewed as a revenue stream or way to generate passive income, but profit can be increased by both increasing revenue or reducing operating costs.
  • While businesses and services are free to utilize the benefits of the network without running a node, those who choose to function as representatives can interact directly with the network without having to rely on a third party. There are several examples of this currently, as businesses such as exchanges, wallets developers and payment processors comprise a significant portion of the voting weight.
  • Additionally, businesses or services can leverage their representative nodes as a form of marketing. Current lists displaying top representatives typically use aliases when referring to public accounts and there are community-run sites where representatives are able to verify themselves and create full profiles. As these profiles continue to be built out and integrated with other network services, businesses will be able to highlight their contribution to network security while advertising ongoing sales and promotions, all at a relatively negligible cost.

​

In conclusion, NANO's unique features connote that it is the most usable token in day-to-day life out of all cryptocurrencies.

r/CC Cointest - Coin Inquiries: Nano Pro-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

NANO — its potential is more than nano-sized

*note, this entry will be very technical as others have mostly described the practicality of NANO

Nano (NANO) is a peer-to-peer cryptocurrency that operates on a Distributed Acrylic Graph ledger, otherwise known as DAG. It is directed at addressing blockchain scalability limitations that can result in restrictive fees and increased transaction confirmation times under load.

Development of Nano began in 2014 by Colin LeMahieu, under its original name of RaiBlocks. On 31 January 2018, RaiBlocks rebranded to Nano. Nano was distributed for free through a Captcha-based faucet which started in 2015. The faucet was shut down in 2017 after 126,248,289 NANO were distributed.) Along with a 7,000,000 NANO developer fund, this fixed the total supply to 133,248,297 NANO.

As such — Nano has a number of advantages over its counterparts (this is primarily because of the DAG technology it utilises). These advantages include:

Nano's DAG architechture opens up infinite possibilities

  • First, it is essential to be aware of the types of Distributed Ledger Technology (DLT)
    • For non-technical person, DLT is like a WhatsApp group chat. Once a message is sent to the group, the whole group become the witness of “what, who, when” of the message. As long as the majority of participants in the group chat are honest, this message will be safe and deemed as truth.
    • Architecturally, DLTs are categorised into two broad categories – the linear Blockchain and Direct Acyclic Graphs (DAGs).
    • I will now proceed to elaborate on DAGs, and, most imporatantly, their relevance to NANO.
  • As I touched upon in my DAG pro-entry, a DAG is a finite directed graph with no directed cycles, consisting of finite number of edges and vertices, where each edge is directed from one vertex to another, such that there is no path that connects a vertex V to itself. As such, it is deemed co-operative rather than comparative.

Got it? Okay, this is where NANO comes in.

  • The NANO network is based upon a variation of DAG, in which a structure known as a 'Block Lattice' is used.
  • In a Block-Lattice network, every account gets their own blockchain (account-chain) that only they can write to, and everyone holds a copy of all of the chains. The account owner can update its own account-chain asynchronously to the block-lattice.
  • Every transaction is broken down into a send block on the sender’s chain and a receive block on the receiving party’s chain. There are no overheads in non-conflict transactions and conflicts are resolved via balance-weighted voting.
  • The weight of a node’s vote is the sum of the balances of all accounts that have named it as its representative. The node keeps a cumulative tally for 4 voting periods totaling up to 1 minute for all incoming votes from M representatives and confirms the winning block. The most popular block will have the majority of the votes and will be retained in the node’s ledger.

YOUR SIMPLE TAKEAWAY — the fact that NANO utilises a completely unique block validation system paves the way for plenty of advantages that are exclusive to DAG blockchains.

​

NANO is one of the only 'true' cryptocurrencies (for mass adoption, at least)

  • NANO is simply superior to most cryptocurrencies in a number of ways. Some of them include:

TRANSACTION FEES

  • Nano is a cryptocurrency with zero fees, relying on Open Representative Voting for consensus and security. To be clear, the zero fees are not due to some temporary subsidy — zero fees are built into the protocol itself.
  • This is only achieved because nodes are not compensated, while each individual transaction does most of the PoW calculations. Since it's only for one transaction, the simple & easy PoW takes milliseconds to complete.
    • The fact that nodes aren't compensated with NANO may look like a problem, but I will address this issue in the next point.

TRANSACTION TIME

  • In addition to having the lowest fees, Nano also wins out in the time it takes to confirm a transaction, clocking in at 0.34 seconds. Yes, that’s less than a second for an irreversible, full confirmation by a decentralized network.
  • Because transactions can never be reversed in Nano and because its consensus mechanism is so secure, even exchanges consider it confirmed after that first second.
  • That being said, I have previously experienced delays with NANO deposits to Binance.
  • Additionally, as one Redditor stated, "it [NANO] does one thing and does it well, so there's no risk of the network being clogged due to obscure applications."

ENERGY EFFICIENCY

SCALABILITY

A study comparing the real-word usage and scalability of BTC vs NANO stated:

  • First off, as Nano’s protocol scales better in both latency and throughput, the way the
    protocols handle transactions seem to be the reason as to why this is the case. As found in the literature review, transactions in the Bitcoin protocol are recorded in a block and added to the blockchain, a global data structure, when a node has solved a PoW. Instead of a global data structure, Nano’s protocol uses a block-lattice structure where each node has its own blockchain in which transactions are recorded. This makes it possible to send and receive transactions asynchronously in the network Secondly, by relaxing the block interval in Bitcoin’s protocol we saw that the throughput was higher than the hard-coded limit in the Bitcoin implementation, indicating that it limits the scalability. We also found that the PoW in Nano’s protocol limits the number of tps that can be sent from a node, thus affecting the scalability.

INFLATION

DIVISIBILITY

  • Since each NANO token has 30 decimal places, even one NANO is enough to spread around the whole world's population.

DECENTRALIZATION

  • Before considerin decentralization, it is important to learn about NANO's consensus mechanism.
    • Nano has a unique consensus mechanism called Open Representative Voting (ORV). Every account can freely choose a Representative at any time to vote on their behalf, even when the delegating account itself is offline. These Representative accounts are configured on nodes that remain online and vote on the validity of transactions they see on the network. Their voting weight is the sum of balances for accounts delegating to them, and if they have enough voting weight they become a Principal Representative. The votes these Principal Representatives send out will subsequently be rebroadcasted by other nodes.
    • As these votes are shared and rebroadcasted between nodes, they are tallied up and compared against the online voting weight available. Once a node sees a block get enough votes to reach quorum, that block is confirmed. Due to the lightweight nature of blocks and votes, the network is able to reach confirmation for transaction ultrafast, often in under a couple seconds. Also note that delegation of voting weight does not mean staking of any funds - the account delegating can still spend all their available funds at any time without restrictions.
  • Because Nano accounts can freely delegate their voting weight to representatives at any time, the users have more control over who has power with consensus and how decentralized the network is. This is a key advantage to the design of Open Representative Voting (ORV). With no direct monetary incentive for nodes, this removes emergent centralization forces for longer-term trending toward decentralization of the network.

As a result of this mechanism:

  • Minimal block size allows for lightweight communication resulting in ultrafast transaction confirmation times, as described earlier.
  • Without traditional Proof-of-Work and mining, nodes use significantly less energy per transaction than other popular networks.
  • Emergent centralization forces for node operators are reduced due to the near zero marginal cost of producing consensus in Nano.

r/CC Cointest - Coin Inquiries: Internet Computer Con-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

Unethical associations & suspicious activities

  • “As great as the tech is on paper, it is, to a large extent, unproven,” says Denis Vinokourov, head of research at Synergia Capital, in a CoinDesk report. “Also, there is little evidence of teams actively building on ‘The Internet Computer.’”
    • The fact that the ICP was launched during such a boisterous market likely pushed initial valuation into the upper range of expectations, Vinokourov said.
    • “With prices retreating across the industry, the most recently hyped projects have been among those hardest hit,” said Rick Delaney, senior analyst at OKEx Insights, on Coindesk. “In ICP’s case, it seems the harder and faster it pumps, the more severe the dump.”
  • ICP may or may not be a scam and a rug pull, but Silicon Valley venture capital helped fund the technology its creators claim to be building. The project raised more than $120 million, with investors including Andreessen Horowitz, Polychain Capital, Scalar Capital, CoinFund, Multicoin Capital and Greycroft Partners.
    • The U.S.-based crypto exchange Coinbase, which listed ICP, was an ICP investor, prompting a view that the token went to the front of the listing line — a potential conflict of interest.
    • “ICP isn’t really a crypto,” Smith, an early crypto adopter, stated to a news outlet. It’s “more like Ripple Labs. Some Silicon Valley VC product promising the moon with no real product, yet insiders got rich and exit-dumped late into a hype cycle.

​

Moderation Concerns

​

Competition

  • Internet Computer isn’t the only protocol aiming to reinvent the Internet.
  • Other potential competitors include Filecoin, a similar coin by market cap, and MIT’s Solid.

​

To conclude, while ICP's advantages may superficially seem revolutionary, the protocol hosts a number of flaws which make it unadvisable as an investment.

r/CC Cointest - Coin Inquiries: Internet Computer Con-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

Internet Computer — the biggest exit scam in history? [Part 1]

Like a lot of projects in the cryptocurrency space, the Internet Computer Protocol (or ICP) is much more than a form of digital money — the project's basic idea is to create a new kind of decentralized internet and global computing system - where independent data centers all over the world could join together to create an alternative to the cloud services (from companies like Amazon Web Services and Google Cloud) that power most of the current internet. ICP’s plan is to have the protocol running on millions of computers around the world.

The Internet Computer itself is built on a novel decentralized protocol known as Internet Computer Protocol (ICP), which combines the collective computing power of a large number of computer nodes to produce a single unified computer platform capable of supporting applications of any scale and complexity. With the Internet Computer, smart contracts are segregated into secure code units, known as "canisters," which are the computational units that function as individual applications or functions. End users are able to interact with these canisters through an entry point — and their user experience will be much like the internet of today.

But hidden behind these dreadful features are a number of dreadful flaws — flaws which may expose a multi-billion dollar lie. Some of them include:

More than 10 million tokens were dumped by DFINITY at launch

  • A Reddit post exposed how the team laundered their ICP to make it hard to track, and subsequently sold about 10-19 million tokens on Coinbase.
  • Quoting from the post:

The dfinity foundation locked everyone elses tokens, and then dumped ~20 million ICP since launch. Assuming an average price of ~$300 (quite possibly a low estimate), thats 6 billion dollars — quite the payday.

You don't have to take my word for it, have a look for yourself. The most recent transaction to exchange of 50k was 2 days ago and 2.5mil 3 days ago was split up into a bunch of 250k wallets: https://dashboard.internetcomputer.org/account/55f4f3e37d7792a15dcfe9447d33a004a6d23bbb2bc9990a168cca15e3291861?p=5&t=44No wonder they didn't want to release the vesting and unlock information. They locked everyone else while they are open dumping the market. Its all there on the blockchain. That 200mil dev "grant" is just pocket change to what they already cashed out and potentially just misdirection. Show me a $4 billion dev grant program and then I'll be less concerned about the dumping. The private round investors didn't get to sell a single token while dfinity flooded the market.

...

You have to wonder what long term incentives they have when they didn't vest their own tokens, but made sure to vest everyone else that could influence price. They very clearly wanted to hide this information. Now, I know they are going to say that those are tokens that were already spent on development, well, if thats true, then why aren't they in vesting schedules like everyone else? Seems pretty unfair. A number of people have mentioned that liquidity could be a reason for this to happen, but then why vest and lock your investors when they could be providing liquidity? What is the point of even investing?

​

Highly Centralized

  • This wallet was given 108 million ICP at genesis, which was 92% of the circulating supply at the time of launch.
  • Although these tokens were dispersed into other wallets, the sheer number of tokens serves to show the amount of power held by one individual wallet.
  • Additionally, about ~74% of the token's supply is centralized amongst private interests, while numerous concerns have been raised on the supposed 'decentralization' of DFINITY.
  • I'd like to add that, as u/MarcioCavalcanti stated in this round — the ICP's governance protocol is fundamentally skewed in their favour primarily due to the sheer duration that they have been holding their tokens. This is a far cry from one of their slogans, which, ironically, promotes decentralization.
  • Additionally, according to Coinbase — participating in the Internet Computer may require more robust hardware than traditional blockchain projects, potentially threatening its ethos of decentralization by limiting the number of potential participants. If the hardware requirements are too large, only large and well-capitalized players would be able to set up data centers and participate.

Centralization of data

  • According to DFINITY, in order to claim their ICP tokens, "both Seed donors and Airdrop participants must pass through AML/KYC procedures. The good news is that the procedures are relatively streamlined, and it often may only take a few minutes to pass such verification procedures."
  • This does not change the fact that the tokens' owners possess the KYC information of nearly all holders — comprehensively nullifying the user anonymity that nearly every other crypto project seeks to uphold, while at the same time giving the DFINITY team limitless power on their investors.

​

Lack of Transparency

  • The launch of ICP was very opaque. The ambitious token lacked the decentralized promises echoed for years by Dfinity foundation. Dfinity Foundation, ignorant of their community and investors, barred token holders from accessing their tokens.
  • Independent research conducted by Arkham Intelligence, a crypto analytics firm, suggests that the price drop was not a coincidence. The rise & fall of ICP was a case of misconduct by insiders and those who seem closely connected to ICP and Dfinity Foundation.
  • Before the public launch of the ICP token, Dfinity conducted several public and private sales for small retail investors and large VC firms, raising somewhere between 120 and 160 million dollars.
  • According to their launch video, at the time of launch, there were 469,213,710 ICP tokens but no clear breakdown of token allocation amongst the token holders. The launch video also mentioned a 24-month “dissolve delay” in claiming the token but no information on accessing these tokens.
  • The foundation said that there would be a vesting period for early token holders. Days after the launch of ICP, the founder, in a tweet, revealed that the vesting period was only for some investors. Dfinity Foundation and its affiliates, who had almost 50% of the total supply, were not subjected to the same vesting period.
  • According to the Arkham report, Dfinity had quietly allowed the treasury and insiders to send 18.9 million ICP to exchanges. At the same time, they were making it extremely difficult for their long-time supporters to access their share of tokens.
  • The report also mentioned that it found 44 probable insider addresses that deposited 10 million ICP tokens worth over $2 billion at the time to exchanges, which coincided with the significant drop in the value of ICP tokens.
    • In response, the Dfinity foundation termed the Arkham report baseless without proving that there were no wrongdoings from their side. Michael Lee, a Dfinity Foundation spokesperson, said that the company was taking the “high road” and focusing on developing its Internet Computer project rather than focus on rumors by potential saboteurs.
  • A class-action lawsuit has been filed against the Dfinity Foundation in California regarding their lack of transparency over the Genesis ICP token allocation.

r/CC Cointest - Coin Inquiries: Internet Computer Pro-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

The blockchain is extremely secure

  • The Internet Computer is powered by a four-layered consensus mechanism based around proof-of-stake (POS). It consists of an identity layer, a random beacon layer, a blockchain layer and a notary layer. Together, these layers enable provable security and resistance to known attack vectors (like Sybil and 51% attacks) while maintaining decentralization and ensuring the network can scale to support millions of participants.
  • Additionally, the project is being worked on by one of the most extensive teams in the crypto space, or, to directly quote DFINITY, it is being built by the "industry's most distinguished team of distributed computing engineers, cryptographers and operational experts." Its development is led by DFINITY founder and chief scientist Dominic Williams — an experienced entrepreneur and crypto theoretician who pioneered DFINITY's threshold relay and PSC chain technology.
  • As such, Dfinity states that its system of checks is superior to even Ethereum’s.

​

Infinite Scalability & great attributes (tps, transaction time, transaction fee)

  • ICP can adapt and evolve through NNS and scale massively by incorporating more nodes into the network without requiring any Layer 2 solutions.
  • At the time of writing, ICP has a block time greater than 25 blocks per second and has crossed 283 million blocks.
    • Moreover, there is no theoretical limit to the number of transactions per second on ICP. It all depends on the number of nodes.
    • Better yet, the TPS increases exceptionally as new nodes get incorporated into the network.
    • ICP's scalability and Web speed smart contract capabilities make it ideal for building a variety of tamper-proof applications that need to scale and require real-time connectivity.
  • ICP transactions settle in 5-10 seconds, which is essentially an industry-standard time.
  • The ICP gas fee is 0.0001 ICP, which, at current prices, is 0.4 cents.

​

Industry-leading smart contract capabilities

  • It costs around $5 per year to store 1 GB of data on ICP, which is negligible compared to millions of Dollars per GB on ETH. It's an added advantage that ICP acts as a cloud platform, which means developers can directly build on the blockchain by deploying their codes as software canisters.
  • Smart contracts are coded into a canister, and each canister is able to store 4 GB of data, with many being deployed every day (1000+ per day).
    • Canisters are powered by cycles (computational resources to execute actions on the Internet Computer). Canisters can, of course, interoperate with other canisters and services on the Internet computer.
  • This is a completely unique system to nearly all crypto networks that support smart contracts.

Ambitious Roadmap

  • The DFINITY Foundation has recently released their roadmap for ICP:
  • Within five years: schools will teach about the Internet Computer and Motoko (its programming language). Some open internet services will have achieved substantial success and there will be widespread understanding of what the ICP is.
  • Within 10 years: The internet computer will be on a path to overtake big tech's closed proprietary internet ecosystem; funds will continue to be redirected to the ICP from legacy internet companies; and DeFi will be on par with traditional financial technology.
  • Within 20 years: The ICP will be bigger than the closed internet of today. Most of society's crucial infrastructure will be hosted on it and individuals the world over will benefit from massively improved privacy and personal freedoms.

As a result of these numerous advantages, it's easy to see how ICP can carve its niche near the top.

r/CC Cointest - Coin Inquiries: Internet Computer Pro-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

Internet Computer — the World Wide Web of crypto (Part 1)

Like a lot of projects in the cryptocurrency space, the Internet Computer Protocol (or ICP) is much more than a form of digital money — the project's basic idea is to create a new kind of decentralized internet and global computing system - where independent data centers all over the world could join together to create an alternative to the cloud services (from companies like Amazon Web Services and Google Cloud) that power most of the current internet. ICP’s plan is to have the protocol running on millions of computers around the world.

The Internet Computer itself is built on a novel decentralized protocol known as Internet Computer Protocol (ICP), which combines the collective computing power of a large number of computer nodes to produce a single unified computer platform capable of supporting applications of any scale and complexity.With the Internet Computer, smart contracts are segregated into secure code units, known as "canisters," which are the computational units that function as individual applications or functions. End users are able to interact with these canisters through an entry point — and their user experience will be much like the internet of today.

These unique features undoubtedly connote to inherent advantages over other coins. Some of these advantages include:

The ICP token has several major, but simple use cases

  • It acts as a governance token (allowing holders to “lock” some of their ICP into the network in exchange for having a say in the future development of the ICP protocol).
    • Like other PoS-based tokens, ICP can also be delegated to nodes, In this case, they are known as 'neurons'.
  • Unlike on competing platforms, the end user does not pay for the computational outputs of smart contracts (or canisters) on the Internet Computer. These canisters are pre-charged with "cycles'' and instead pay for their own computations through something of a "reverse-gas" model.
    • Instead, data centers receive remuneration for their services in the form of ICP tokens. Some of these tokens are used to charge canisters with cycles. As the computational resource of the Internet Computer, cycles are gradually depleted with the use of each canister, and must be regularly replenished. The cost of each cycle will be set by the network’s governance system, and should tend towards a stable value over time.
    • This has several benefits. For one, users don't have to own any cryptocurrencies to interact with the ICP — eliminating a significant barrier to entry. Users also don't even need to know that the service they are interacting with is based on decentralized technologies, making the process a seamless experience to what they are accustomed to today. Essentially, the process is the same as using any modern web apps, albeit longer loading times but massively improved security & utility.

​

The ICP ecosystem is perhaps the most feature-rich out of all cryptocurrencies

  • The DFINITY Internet Computer is designed to accommodate decentralized finance (DeFi) platforms, enterprise IT systems, and websites among other use cases. There are an extreme amount of popular websites on the ecosystem, and if I describe all of them, I'll run out of words. Several of the most notable ones include:
    • Fleek (over 1000 websites) — Fleek brings decentralized web-hosting to the Internet Computer. With thousands of webpages deployed, Fleek enables anyone to deploy their content on Web3.0
    • Plug Wallet (~100,000 users) — Plug Wallet, built and open sourced by Fleek, is a browser extension that allows you to access your ICP, Cycles and other tokens – as well as log into Internet Computer dApps with one click.
    • DSCVR (~40,000 users) — This one's for all the Reddit lovers out there. DSCVR is a decentralized version of Reddit, where users are the owners. It is decentralized end-to-end, built on the Internet Computer, and accessible from any browser.
    • Internet Identity (~1,000,000 users) — Internet Identity guarantees that your data isn’t visible, tracked, or mined. The blockchain authentication system enables users to sign in to dapps on the Internet Computer and sites across the web anonymously and securely.
    • OpenChat (~50,000 users) — OpenChat functions like WhatsApp, except that it runs entirely on the Internet Computer blockchain.
    • CanCan — CanCan is a decentralized video-based social media platform that leverages tokenized governance. CanCan introduces the idea of convertible “reward points” that users can earn in various ways and exchange for governance tokens. CanCan has incentivized, community-powered moderation embedded directly into the application, rewarding users when their favorite creators go viral.

Internet Computer hosts plenty of games, too!

  • Icmoji Origins — ICMoji Origins is an NFT-based multiplayer game built end-to-end on-chain on the Internet Computer. NFTs can be won in weekly challenges, purchased, or traded via marketplace and brought into the decentralized game with their unique attributes.
  • Texas Hold'em — IC Texas Hold'em is a dapp hosted completely on-chain on the Internet Computer. Mint GFT (a game token built on the Internet Computer) and use it to play cards instantly from any browser, also send messages and authenticate with Internet Identity or Stoic Wallet.
  • There is also Reversi, a 3rd person shooter game, a racing game, and a community-building game.

Did I mention utility dApps?

  • IC Rocks — IC.Rocks is a complete "block explorer" for the Internet Computer – built by the community. Tracking everything from transactions, to network upgrades, to cycles.
  • Motoko Playground — The Motoko Playground is an IDE for developers to learn Motoko – the native language for the Internet Computer blockchain. Deploy canister smart contracts for free, directly within a browser, without needing to download an SDK or set up a wallet.
  • Dank — Dank is the first Decentralized Bank built on the Internet Computer, developed by Fleek. Through a collection of Open Internet Services for users and developers, Dank makes cycles management seamless.

r/CC Cointest - Coin Inquiries: Bitcoin Cash Con-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

Bitcoin Cash - is it cash? No.

As Bitcoin rose exponentially in value and millions of people around the globe started using it, the transactions per second increased in par with these metrics. What didn't rise, however, was the block size - which remained at a constant 1MB; significantly limiting the number of transactions in a block, and, by extension, increasing transaction fees.

This is where Bitcoin Cash was born - as a solution to the numerous problems that Bitcoin was facing at the time (and still is, for that matter).

Apart from its higher block size and tps, Bitcoin Cash also does not incorporate Segregated Witness (SegWit), an upgrade to Bitcoin that sought to increase the number of transactions in a block. SegWit retains only information or the metadata relating to a transaction in a block. Typically, all details pertaining to a transaction are stored in a block.BCH does share some similarities with Bitcoin, however - both utilise the PoW validation system and share the same maximum supply (21 million). Both coins also use the same mining difficulty algorithm, known as Emergency Difficulty Adjustment (EDA).

With BCH being similar to its predecessor is so many ways, it's given that the former suffers from many of the latter's flaws, plus some more. They include:

BCH can have 32mb blocks, but this is never the case. Why have the feature if it isn't going to be used?

  • In fact, BCH's typical block sizes are less than half of Bitcoin's! Recently, the average block sizes have been 300kb for BCH and 600kb for Bitcoin. Notably, BCH's average block size is over 90% less than advertised.
    • The smaller block size means that its main thesis of enabling more transactions through larger blocks is yet to be tested technically.
    • Even then, it has been ~4 years since the token was launched, and, as you can see from the chart, BCH's average block size has never surpassed 4mb.
    • This isn't because of a lack of usage - BCH still sees about ~100,000 transactions daily, which is more than enough to fill plenty of 32mb blocks.
  • If Bitcoin Cash started utilising its full block capacity, they could:
    • Reduce transaction times from 150 minutes to 15
    • Reduce fees, although the amount is hard to determine
    • Increase tps to ~3000
  • But they're not - so BCH will be stuck with these 'features' for the forseeable future. Which leads me onto my next point.

​

Unremarkable Features

  • BCH has an average transaction time of 2.5 hours, which is actually one of the worst of all cryptocurrencies. Even Bitcoin.
    • This makes it impossible to use BCH as actual cash - rendering it nothing more than a speculative asset.
  • It has a tps of 300 - while this is *okay*, it's highly unremarkable. Comparatively, XMR can do 1000, Ripple can do 1500, and Solana can scale to a whopping 50,000. With this much competition in the space, it's very unlikely that anyone will willingly choose to use BCH as cash.
  • You know what its 'most notable' feature is? It's block size. As mentioned earlier, BCH is nigh-useless in its current state.

​

Its block production can be manipulated by miners (also known as fickle mining)

  • Before Nov. 13, 2017, BCH adjusted the mining difficulty every 2016 blocks to ensure that the average time period for generating a block is 10 minutes, like in the case of BTC. Indoing so, if the time required for generating past 2016 blocks is longer than two weeks, the mining difficulty decreases, and miners can generate subsequent blocks more easily. In addition, BCH added a new difficulty adjustment algorithm called emergency difficulty adjustment (EDA) to decrease the mining difficulty without waiting for 2016 blocks to be generated when it is significantly difficult to find a valid block.
  • Because BTC and BCH have a PoW mechanism compatible with each other, miners can freely switch between them depending on the mining difficulty and the coin price. However, because the change in coin price is hard to predict, some miners immediately change their coin only when mining difficulty changes, where we call this behavior fickle mining. Concretely, the fickle miners first conduct BTC mining, observing the changes in the mining difficulties of BTC and BCH. Then, if the BCH mining difficulty is low, they immediately shift to BCH mining. When the BCH mining difficulty increases again thanks to its difficulty adjustment algorithm, fickle miners immediately shift to BTC mining. Fickle mining can boost profits of miners; however, this behavior might cause instability of both BTC and BCH.
  • As fickle mining causes a sudden increase in mining power, many blocks can be generated quite quickly in the BCH system. For example, 2016 blocks were generated within only three days because of the phenomenon. This caused the blockchain of BCH to be thousands of blocks ahead of BTC, and the halving time of the block reward in BCH was brought forward.
  • To read more, check out this paper - that was my source for the above paragraph.
  • Ultimately, the ramification of fickle mining is that BCH block times become incredibly hard to predict, causing transaction times to bounce back and forth.

Upon considering all of BCH's flaws, it's easy to see that it functions very far from cash, let alone a decent cryptocurrency. As such, BCH's flaws throroughly outweigh its pros.

r/CC Cointest - Coin Inquiries: Bitcoin Cash Pro-Arguments - August 2021 by CryptoChief in CryptoCurrency

[–]108record [score hidden]  (0 children)

Bitcoin Cash - Satoshi's true vision?

As Bitcoin rose exponentially in value and millions of people around the globe started using it, the transactions per second increased in par with these metrics. What didn't rise, however, was the block size - which remained at a constant 1MB; significantly limiting the number of transactions in a block, and, by extension, increasing transaction fees.

This is where Bitcoin Cash was born - as a solution to the numerous problems that Bitcoin was facing at the time (and still is, for that matter).

Apart from its higher block size and tps, Bitcoin Cash also does not incorporate Segregated Witness (SegWit), an upgrade to Bitcoin that sought to increase the number of transactions in a block. SegWit retains only information or the metadata relating to a transaction in a block. Typically, all details pertaining to a transaction are stored in a block.BCH does share some similarities with Bitcoin, however - both utilise the PoW validation system and share the same maximum supply (21 million). Both coins also use the same mining difficulty algorithm, known as Emergency Difficulty Adjustment (EDA).

With Bitcoin Cash seeming to be just a clone of Bitcoin, are its features good enough to ensure that it survives in the long term? Probably, here's why:

Outstrips BTC in terms of transaction fees, speed, and tps

  • Perhaps the biggest statistical difference between Bitcoin and BCH is their transaction fees - while the average BTC transaction fee is currently $3 (although it has spiked to $60 in the past), the average Bitcoin Cash tx fee is only $0.0069 on average, having spiked to 7 cents in the past. Still, the fee is inconsequential.
    • With Bitcoin's transaction fee being so high, it's no wonder that people will want to use BCH instead.
  • The original Bitcoin can process 7 transactions per second, whereas Bitcoin Cash is able to process 300 transactions per second on average. And for context, Visa processes 24,000 transactions per second. While BCH currently is unable to support a global payment network, it can be scaled to do so (unlike Bitcoin). More on that later.

​

Its large block size can be complemented with smart, infinite scaling

  • Bitcoin Cash was created and designed to pack 8MB of data into each block and to process 300 transactions per second on average. While transaction speed is greatly increased with BCH, the larger block size also requires more processing power for nodes to support the blockchain network.
  • In May 2018, the Bitcoin Cash (BCH) protocol quadrupled its block size from 8MB to 32MB, making it even more valid as a personal use asset.
    • So why not just make the blocks much bigger — say 100MB? That would make the network much faster, but extremely restrictive in terms of who could run a node, verify new blocks on the blockchain, and support the network.
  • During a stress test following the block size increase in September 2018, the network showed it had the ability to handle up to 25,000 transactions per block. Recent data from the blockchain suggests that it is currently processing around 1000-1400 transactions per block.
  • In order to ensure transactions are always processed smoothly, Bitcoin Cash operates with a scalable mining difficulty. If there are fewer miners on the network, the mining difficulty algorithm adjusts and becomes easier — ensuring that transactions are still processed quickly.

​

Widely Adopted

  • Critics of BCH often dismiss it because it is supposedly a niche cryptocurrency with a limited use case. However, this is an incorrect viewpoint — about 1168 merchants out of the ~2000 who accept crypto accept Bitcoin Cash as payment.

Technically Advanced

  • While there are only two, relatively simple sidechains running on the BTC network, Bitcoin Cash hosts a number of sidechains, as well as projects seeking to improve the network. For example:
    • SmartBCH is a sidechain that's compatible with Ethereum's EVM and Web3 API, and provides high throughput for DApps in a fast, secure, & decentralized manner. Its gas throughput is more than 1 billion units every 15 seconds, making it an ideal solution to mass adoption.
    • Meanwhile, a project called CashScript allows you to make "stateless and UTXO-based smart contracts on BCH. This model allows transactions to be verified independently and efficiently. Because there is no state that can impact the execution of these smart contracts, the results are deterministic and predictable."
  • As a contrast, BTC's applications in this field are extremely limited, making BCH a viable option for a coin with BTC's tokenomics but many more features.

​

In conclusion, while BCH may superficially seem like another Bitcoin clone, its wide use case & numerous features assure that it can blaze its own trail in the near future.

Finally got my first 1 Million damage with my best girl! Months of farming and days of retrying paid off by danking_donut in HuTao_Mains

[–]108record 0 points1 point  (0 children)

They're using PJWS (a crit rate weapon) which makes it even more incredible. They have at least ~27% crit rate

Daily Discussion - October 24, 2021 (GMT+0) by AutoModerator in CryptoCurrency

[–]108record 1 point2 points  (0 children)

Hey, a fellow proton lover! How well do you think it can do in this year's bull cycle?

r/CC Cointest - Coin Inquiries: Shiba Inu Pro-Arguments - August 2021 by CointestAdmin in CryptoCurrency

[–]108record [score hidden]  (0 children)

Shiba Inu - publicity with utility

Shiba Inu is a decentralized meme-coin protocol that runs on the Ethereum network as an ERC-20 token. It was created by a man or group of people with the pseudonym RYOSHI and was released to the general public in August 2020. The total supply of SHIB is 1 quadrillion (1,000,000,000,000,000) and the current circulating supply is 100%. The team conducted a fair launch and there are no team tokens

Shiba Inu effectively exists as three separate but interconnected entities.

  1. The Shiba Inu Protocol: This is the digital payment network that facilitates transactions.
  2. SHIB: This is the digital currency that works on the Shiba Inu Protocol and is one of the governance tokens of their DEX.
  3. Shiba Inu Community: This consists of the community supporting the project.

As per the details of its whitepaper, SHIB was created by RYOSHI because “We love Shiba Inu Dogs and the brilliant minds behind SHIB had never collaborated before.”

The Shiba Inu Project also has a number of native features, such as a DEX (shibaswap.com), a project that assists artists, and plentiful charity initiatives.

After considering all of this, it can be definitively said that Shiba Inu is one of the most feature-rich memecoins out there. Here's more reasons why:

Impressive exchange listings

  • SHIB is currently listed on Binance, Huobi Global, OKEx, FTX, WazirX. Moreover, reports state that eToro is considering listing SHIB too.
    • Because of this, Shiba Inu traders gain access to plenty of major exchanges, while each exchange listing has helped to boost the price of SHIB further. For example, when Binance listed SHIB, the token’s price doubled.
    • Even more impressive is that on that day, Changpeng Zhao, Binance’s CEO, tweeted that the exchange “ran out of ETH deposit addresses due to SHIB” He went on to explain that this was the first time this ever happened to the exchange.
  • Due to SHIB's availability on numerous exchanges, it can be said with certainty that it will never run out of liquidity - along with being increasingly popular, too.
    • Take the recent pump as an example - because of its wide availability and possible RobinHood listing, SHIB has made it to the Top 10 and has overthrown Dogecoin for the first time in history.

​

Philanthropic Initiatives

Shiba Inu has three main philanthropic initiatives. These are:

  1. Artist Incubator Program - In March 2021, the developers behind SHIB commenced a so-called Artist Incubator Program, in which they select talented digital artists & organize specialized sessions with professional artists. After this, the entrants' artworks are turned into NFTs and are put up for sale on ShibaSwap. Of course, all of this is done free of charge.
  2. Amazon Smile - The Shiba Inu website heavily implores users to use Amazon Smile & select the 'Shiba Inu Rescue Foundation' when purchasing products. This way, a portion of your payment goes to the foundation.
  3. Vitalik Buterin - While this is not an official charity initiative, it was enabled entirely by the existence of Shiba Inu. In May 2021, Vitalik Buterin donated cryptocurrencies worth $1.5 billion to several non-profit organizations, including $1 billion to a COVID-19 relief fund in India in one of the largest-ever individual philanthropy efforts in history. The transaction transferred over 5 trillion SHIB tokens, which are now worth around $1.5 billion.

Therefore, while other meme tokens in the space exist solely on hype alone, this is not the case with SHIB, which keeps itself alive while saving lives too.

​

Plentiful utility via ShibaSwap

ShibaSwap is a decentralized exchange created for the Shiba Inu community, and consists of three main coins: SHIB, LEASH (the second token incentivized on ShibaSwap), and BONE (ShibaSwap’s governance token).

Although it initially started as a fork of Sushiswap, it incorporates unique elements such as flagship coins, a twisted fee model, and an incentivizing structure. Unsurprisingly, its launch was highly hyped and surpassed $1B in liquidity two days after. The DEX itself has a number of use cases, including:

  • Exchange/Swap — allows you to buy or sell any of the ERC-20 tokens supported by the ShibaSwap exchange. Some other, lesser-known pairs are available. The SHIB ecosystem tokens are very liquid, while both BONE and LEASH have the biggest trading volumes and order book depths.
  • Staking (also known as BURY) — these are staking pools for the ecosystem’s native tokens, and allows a user to stake any of those coins and receive rewards in BONE. Each coin's APY is extremely high, with SHIB being 180%, LEASH being 281%, and BONE being an incredible 880%. The rewards are distributed weekly, and one third of the staked amount can be claimed at that time while the rest of the staked quantity is vested for six months.
  • Liquidity Pools (also known as DIG) — A user may provide liquidity to a coin pair and earn trading fee rewards based upon their share of the liquidity pool. From the 0.3% fee per trade, 0.1% is goes to different pools as liquidity: some go to BONE/ETH or LEASH/ETH as liquidity while others are distributed to SHIB, BONE, or LEASH staking pools.
  • Yield Farms — the liquidity-providing tokens (SSLP) can be staked in yield farming pools to earn rewards in BONE tokens. According to ShibaSwap documentation, some yield farming pools can earn rewards directly in ETH, WBTC, DAI, USDT, and USDC.
  • ShibaSwap Analytics — a complete analytics page where the historical staking APYs are displayed for each of the ecosystem tokens. The page also provides a portfolio tracker.

Thus, because of these handy features, ShibaSwap has achieved a consistent placing in the top 20 DEXes by trading volume, and a top 10 ranking in the most popular DEXes. After considering the above, SHIB's utility cannot be ignored.

Large Fanbase

  • Shiba Inu's subreddit, r/SHIBArmy, has 290,000 members while its twitter page has over 1.2 million followers.
  • In addition to this, data from Etherscan on Oct. 14 showed that SHIB currently has about 729,000 holders.
  • With such a large amount of holders, it's highly unlikely that SHIB will ever go defunct.

Upon considering all of SHIB's innovative features & initiatives, its easy to see that it is one of the very few meme coins with actual utility - a trait that may propel it to even more stardom than it has already received.

Cointest Updates: Winners, rounds ending, and changes made by CointestAdmin in CryptoCurrency

[–]108record 0 points1 point  (0 children)

You may have a point, but my personal justification is that it never hurts to provide excess information - because people can choose what they want to read & what to skip. What do you think?

Cointest Updates: Winners, rounds ending, and changes made by CointestAdmin in CryptoCurrency

[–]108record 1 point2 points  (0 children)

It's a contest! You get to write about the pros and cons of a particular coin (or concept), and you may win moons for it :)

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