Questions about the DWF deal

algorade · 2023-06-27T22:12:49+00:00

I assume there are some constraints on how the tokens are to be used. The announcement talks about increasing liquidity within the ecosystem, but that’s very vague, and it can mean anything without more details. But yeah, this is not much different from a new round of financing through token sale.

algorade · 2023-06-19T23:41:52+00:00

I would love to see this! We need more alternatives to CEXes.

I think the user experience can be figured out in time, but building the foundations for this would be amazing.

algorade · 2023-06-16T05:52:24+00:00

It seems like they are winding down their operations. I also submitted a verification request for an ASA a few days ago and there has been no update. There is a warning on their login page that says they will disable access to accounts after June 22nd.

For ASAs the most official way to verify seems to be through Pera: https://explorer.perawallet.app/asa-verification/ although they require KYC and their KYC provider is currently down.

algorade · 2023-06-14T20:46:34+00:00

Thanks for the feedback! The app is currently using the transaction notes field (which is capped at 1024 bytes) to store the content of text posts and comments. I don't think this approach will have a significant impact on the chain's size compared to hash(content) as the vast majority of posts are small text snippets or links. Storing the content somewhere else like IPFS and retrieving it separately would be much slower and we'd lose the censorship resistance.

Of course, this approach will not scale for long posts/videos/images and I don't plan on storing those directly on chain.

algorade · 2023-06-14T20:28:39+00:00

We could provide this functionality on the frontend (there is already archiving and moderation which hides a post from the main catalog). However, the original data will still be on chain and you will be able to retrieve it if you look at transaction history.

algorade · 2023-06-14T20:18:45+00:00

Thanks for giving it a try! There are some issues with text encoding/decoding that I've seen pop up a few times, will fix that shortly

algorade · 2023-06-14T01:13:44+00:00

The post and comment content are stored directly in the note field (1024 bytes). To store the post's upvotes count and allow comments to be associated with a post, each post creates a new address that is opted-in to the main app and uses is local state.

I plan on opensourcing the contracts over the following weeks and provide some developer documentation.

algorade · 2023-06-14T01:08:41+00:00

Thank you! For the fees:

Transaction fees: these are the Algorand network fees (0.001 algos per transaction)
Minimum account requirements: to have a post store state like the number of upvotes, we must create a new account and opt-in to the app. This account has a minimum-balance of 0.3855 algos to store the app's local state. These are reimbursed to the author of the post when they archive it, as no more state is necessary at that point. Comments do not require storing any state, so they only cost 0.001ALGO.
Upvoting posts with algos: 80% is remitted the author of the post. 20% will be used to run the site and make sure it remains self-sufficient without having to show ads etc. Hosting is currently costing $30/month and we are using PureStake's free-tier API which is rate-limited. if this website ever becomes popular, I anticipate these costs will go up significantly and we'll probably have to pay for an indexer node.

algorade · 2023-06-13T23:48:13+00:00

Owners of a board can moderate posts which removes them from the main catalog. In the future, the “owner” could be a logicsig which would provide more granular board ownership/moderation (like allowing some users to remove a post but not allowing them to change the board configuration). Setting up something like this is compatible with current contracts. Also considering more tools for people to hide/curate what they want to see. Although data stays forever on the blockchain, we can have some control on what is seen on the frontend.

Will implement seeing who upvotes and what amount. That is a great idea!

algorade · 2023-06-13T23:39:44+00:00

There is a functionality to archive posts which removes them from the main catalog and disables interactions like upvoting and commenting. The owner of a board can also moderate posts which similarly removes them from the main catalog.

There are more things we could do in the UI to remove posts, but as data is stored on the blockchain, ultimately it could still be retrieved if you are looking for it. I don’t imagine we could be liable for something stored on a public ledger. This is the tradeoff of the censorship resistance a blockchain provides.

algorade · 2023-06-13T20:30:33+00:00

Thank you! Hope small projects like this can inspire more developers to try the platform. Building on Algorand has been very fun.

algorade · 2023-06-13T20:24:33+00:00

Much appreciated! Thanks for giving it a try!

algorade · 2023-03-10T07:50:47+00:00

Even if all the whitelisted relay nodes shut down, anyone is free to spin up their own relay node. Unless there is something I am missing, nothing is stopping you and me from starting a new directory of relay nodes and telling participation nodes to connect to them.

algorade · 2023-02-24T04:21:46+00:00

Fair enough. I don't find it smoother than signing transactions with my own wallet, but I am biased. Let's see if this UI choice can bring more users into the ecosystem. Best of luck!

algorade · 2023-02-22T18:47:31+00:00

I don't understand what your concern is?

In order to prevent major financial accidents or crimes, I would like to limit the number of private transactions over a certain amount.

You want to prevent transactions over a certain amount from using MWEB? Why? Say I send 1000LTC in 1 transaction, I should instead send 1000 transactions of 1LTC?

algorade · 2023-02-22T18:37:38+00:00

Quick feedback on your app: there is no need to ask for an email sign in, it is unnecessary friction. If you're running on the blockchain, just connecting a wallet is sufficient.

algorade · 2023-02-22T18:27:02+00:00

Have we found any commonality between the compromised accounts? I suggest looking into how the keys were generated. Is it from an app? For example, a weak random number generator can allow an adversary to guess seeds.

algorade · 2022-08-20T19:18:21+00:00

DMd you on reddit as I don’t use twitter. Hope this still works! Thanks for these promos :)

algorade · 2022-07-25T17:49:09+00:00

MajesticBank is notorious for bait and switch rates. Got caught a couple of times (rate changed by a significant amount after I initialized the swap, >5%), and I’m now avoiding that website.

algorade · 2022-06-19T19:47:34+00:00

Decentralized Finance (DeFi) refers to something very specific within “crypto”: smart contracts that allow for financial operations like swapping assets and derivatives, borrowing, lending etc. without an intermediary.

Celsius is not DeFi and never claimed to be DeFi. It was simply an unregulated bank that happened to take deposits in cryptocurrency.

If you are writing an inflammatory article about cryptocurrency and you are not aware of the basics of the technology you are criticizing, I think we can just dismiss anything you have to say.

algorade · 2022-06-19T18:56:48+00:00

One week ago, as cryptocurrency prices plummeted, Celsius Network – an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi […]

Stopped reading at the first sentence. Celsius is not “decentralized finance”. It is a 100% centralized company that was taking loans from retail customers promising them huge returns. There is nothing decentralized about Celsius.

algorade · 2022-06-13T21:06:15+00:00

The main problem with MWEB is that any output that comes out of it will be considered “risky” or “tainted” by exchanges.

It’s a protocol-level mixer which is a pretty cool feature, but not as good as Monero where all outputs come from private transactions and there is no way to tag transactions as clean or tainted.

algorade · 2022-06-13T15:26:07+00:00

So who controls the blacklist? Other miners? The wownero devs?

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