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Weekly Dev Update #17

THORChain Weekly Dev Update for Week 12–18 Nov 2019


Recent Changes

Some recent updates to the protocol:

Update to Emission

The first iteration of the block reward scheme was announced in the previous weekly update. An immediate concern raised from the community was that the emission was too aggressive in the initial year and rewards dropped off fast beyond the 5 year mark. Taking Bitcoin’s emission as an example, the emission curve has been updated to target 2% emission after 10 years.
The Block Reward equation is given by the following recurrence equation: g(n+2) = ((R - (g(n+1) + g(n))) / x) / y Which evaluates to: ![](*ttpsRd7HUs2-7hvDGO6elg.png) where: R = Reserve, x = 6 (Arbitrary Emission Factor) y = (seconds per day / seconds per block) / days per year y = (86400 / 5) * 365.2425 The final curve thus has a Day 0 emission of 25%, Year 1 emission of 20% and Year 10 emission of 2%.


The original plan for BEPSwap (prior to the Yggdrasil liquidity breakthrough) was to have it as a separate mainnet before launching the real THORChain in 2020 with cross-chain support. Now THORChain has in-built cross-chain support and a clear roadmap to 99 nodes. This means the mainnet launch will have public, community-run nodes at the start. The community has been fielding many questions about how to run a node, and the mechanics in doing so. Since the THORChain team will not be running any nodes, it is necessary to have a full-rehearsal with the community at launch. As such, the plan is for a public ChaosNet on 03 January 2020. ChaosNet will have the following key differences: * Minimum bond of 100k RUNE. * Maximum of 12 Nodes. * Churn cycle of 1 day. * Maximum stake amount of 600k RUNE total. * 2.7m RUNE Protocol Reserve to emit Bond and Stake rewards. * Hard-coded Ragnorök at 6 weeks.
Any member who wishes to join ChaosNet to get accustomed to running a node can do so, and will receive Block Rewards roughly equivalent to mainnet (25%). They will be setting up nodes, churning in, servicing the network and earning rewards. The system will hold up to 600k Rune, at which point it will refund any additional staked amount. The community can stake small amounts of real assets, prepare arbitrage bots, set up telegram alert bots and more. In short, it is a public rehearsal with the entire community across all facets (nodes, stakers, traders) so that everyone will have access to the same information and not unfairly benefit when the real mainnet launches. Additionally, the system will be hard-coded to perform a Ragnorök 6 weeks later, which will refund all the remaining reserve as well as bonded and staked assets. This will go a long way in re-assuring the community that the system can tolerate all levels of risk, including black-swan events, and that funds are safe at all times.

Internal Arbitrage

A new feature will be launched that will allow users to use internal arbitrage. This is an asymmetrical withdrawal to Rune, then immediately followed by a asymmetrical stake of Rune in another pool. A trader may want to do this instead of doing transactional arbitrage in order to exploit price differences between two pools the fastest way possible. Instead of an outgoing transaction being processed, followed by another incoming transaction, Rune balances and stakeUnits are swapped internally, being completed inside of a few seconds.

Fee-based Transaction Prioritisation

Currently there is no prioritisation to the order of transactions, all transactions are simply processed in order of time received. In moments of high demand of network resources (such as when there are large arbitrage opportunities and users are racing to exploit them), transactions will queue in the mempool. If the system cannot respond fast enough, then the reason for high demand will persist (the large arbitrage opportunity). The solution is to remove the reason for high demand in the first place, which is the large arbitrage opportunity, at the same time as collecting the maximum revenue for the system. As such, in the checkTx method (which can triage the mempool), transactions will be sorted and ordered in the value of the fee of the swap transaction. Assuming rational actors, the following transactions will then be prioritised over all others: * A transaction from an impatient swapper who is willing to pay a large fee. * A transaction from a trader who is able to arbitrage out a price discrepancy (and still make a gain).
This then means the system can collect as much income as possible (good for the stakers) at the same time as prioritising transactions that can arbitrage out large price discrepancies quickly. This then means swaps from transient swappers will experience a market price that accurately matches the reference price at all times.

BEPSwap Development

The team are working on 4 parallel streams of effort. Cross-chain infrastructure has now been merged into a single repo called “THORNode”. * THORChain * Midgard Public API * Threshold Signature Scheme implementation * Front-end Integration for BEPSwap


Bug fixes, refactoring, as well as more logic around Yggdrasil funding. Additionally, node churn and the first part of block rewards PR was merged. * Add admin config event, fix tx out events * Resolve “Select a satellite pool to swap out” * Include the thorcli volume for the signer. * Rune Reserves, block rewards, bond units, oh my! * Add mechanism to slash a node account bond or rewards * Add add event * Issue198 node churn * Issue199 — fix signer doesn’t process multiple txout item * issue194: only rune get refund for invalid memo * Outbound — mark txout item out hash based on the coin as well

Midgard Public API

Database ported from influxdb to timescaledb (more maturity, better developer tooling). Endpoints built out include/pools and /stakers. * Feature/new endpoint format, refactors and general clean ups
The OpenApi Schema can be reviewed here:

Threshold Signature Scheme

TSS was successfully implemented into the Genesis ceremony, with the focus now being on the key-gen and key-sign ceremonies. Multi-cast DNS was switched out for a distributed hash table to facilitate node discovery. * Issue4 — docker images and ci * Fix a docker bug
A proof-of-concept is being prepared using BinanceChain TSS library, which was recently launched in order to make a decision whether to switch libraries. A go-based implementation is better for THORNode, since it is also written in Go.

Frontend Implementation

Bug-fixes and tweaks from community feedback. The frontend is now ready for implementation with the latest Midgard API. * Resolve “Write cypress e2e test for pool stake list view” * Resolve “Update rune token icon” * Resolve “Update confirmation modal” * Resolve “Update wallet view” * Resolve “Add tooltip for wallet connection”


The team are working for these milestones: * Feature Freeze: 20 November 2019 on-time * Audit: 20 December 2019 on-time * ChaosNet: 03 January 2020 on-time


To keep up to date, please monitor community channels, particularly Telegram and Twitter: Twitter: Telegram Community: Telegram Announcements: Reddit: Github: Medium:
submitted by thorchain_org to THORChain [link] [comments]

General info and list of exchanges for QYNO (QNO)

Qyno is a blockchain-based financial ecosystem centered around Qyno Coin, a high performance digital currency. Qyno aims to bring the cryptocurrency world closer to the real world through the use of Qyno Coin, our highly applicable and adoptable digital currency. Qyno Coin (QNO) is embedded with InstantSend and PrivateSend featurues, making QNO transactions instant, anonymous and nearly free to send. With Qyno, businesses finally have a solution for trading assets and goods in a secure, low-cost environment that allows them to reach their financial objectives.
New edge Complex Secure New edge crypto currency
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Passive income with a 1323% anual return of investment Qyno Project Qyno project's goal is the development of tools and products that can allow everyone acces to faster, safer, anonymous, and near-zero cost financial products and services. Having meticulously studied and tested existing blockchain-based financial products and networks, we created Qyno with the aim of becoming a reference in the blockchain financial services sector after concluding that others fail to deliver on the goals which are our vision.
Predecessors are meant to be learned from and eventually overcome. If this weren't the case, we would still be stuck with Friendster for social networking or Napster for peer-to-peer sharing. Bitcoin may be just such a predecessor, yet there isn't enough being done in the blockchain space to move beyond its slow transaction times and exorbitant fees.
The core of the Qyno Project is Qyno Coin (QNO), a digital currency based on the latest blockchain technology and network architecture created go beyond Bitcoin by providing seamless, instant, and low cost transactions secured by masternodes.
Qyno Coin Specification Symbol: QNO QNO picks up where BTC left off. Due to it's elegant masternode architecture, low cost of use, and instantaneous transaction capabilities, global adoption of QNO will be rapid and steep.
Algorithm: NeoScrypt NeoScrypt is an ASIC-resistant proof of work algorithm that it is stronger cryptographically than other hashing algorithms and is less memory intensive while providing a fair return to miners.
Type: POW + Masternode A proof-of-work (PoW) blockchain is a system that helps to prevent denial of service attacks and spam on the network. This is done by receiving work from the service requester.
Max coin supply: 100,000,000 Max coin supply is the maximum amount of QNO coins to be minted. The supply release schedule avoids inflation while providing the network sufficient liquidity.
Block generation: 60 seconds The block generation time is the time needed to mine a block. Block time is set as a constant to ensure that miners' computational power will not impact the security of the network.
Masternode Collateral: 5000 QNO In order to own and operate a masternode, 5000 QNO are required as a collateral. This collateral prevents Sybil attacks on the network whereby would-be attackers are able to setup numerous masternodes and interfere with network operations.
Reward Table Blocks Miners Masternodes Total 1-43200 2.5 22.5 25 43201-86400 3 27 30 86401-129600 3.5 31.5 35 129601-1051200 4 36 40 1051201-2102400 4.5 25.5 30 After block 2102401 25% decrease every year
Qyno - Trading Made Easy on the Blockchain From the outset, the pillar of the Qyno project will be the Qyno coin, a utility coin with two aims. First, the Qyno coin will function as a stable asset enabling the development of the project's ecosystem. Second, the Qyno coin will reward masternode operators with industry-leading ROI, as masternode operators will earn a generous passive income due to a staggering 90% block reward. The purpose of such a mammoth block reward is to create a very high incentive for masternode operators working to secure the network.
The Qyno coin's stability will allow users to engage the Qyno financial system easily. Without major fluctuations in price affecting the net cost of users looking to enter and use the Qyno financial system, adoption of the system will happen quickly and globally. The entry into and use of blockchain-based financial systems tend to be prohibitive, due in part to the fact that the utility coins associated with those financial systems fluctuate wildly in value, making cost analysis for users looking to enter the system difficult to calculate.
The Core of the Qyno Financial Ecosystem Q-Paygate Apps and eCommerce Solutions Users adopting Qyno will find the timely deployment and integration of Q-PayGate, the payment gateway milestone at the core of the Qyno financial ecosystem. With Q-PayGate any tool, product, or merchant service can be seamlessly integrated with the blockchain, allowing users a time-saving, streamlined experience that delivers unmatched functionality. Developing and implementing payment plugins for any eCommerce platform, such as industry giants WooCommerce, is part of the Q-Paygate mission.
The plugins developed as part of the Q-Paygate engine will differ from traditional eCommerce plugins in that they will, notably, generate extra income for merchants accepting Qyno payments. For merchants the implications of the Qyno income-generating plugins will be staggering: Merchants with a high amount of traffic and sales will be able to use those funds to run a masternode. Masternodes generate a 90% block reward, provide merchants with a large extra income for adopting the Qyno platform, while at the same time providing additional network stability.
The Qyno foundation will fund the creation and additional development of plugins from an allocation entitled strictly to product development, leading to contented and very well supported developers who in turn provide the Qyno financial ecosystem with unparalleled product development.
Blockchain Made Simple When compared to the total amount of people worldwide using traditional forms of money such as Euro, Yen, and American Dollars, the use and spread of cryptocurrency appears very small. That is owing in part to the relative infancy of the cryptocurrency world, but if crypto is to see adoption on the scale necessary to compete with traditional forms of money both physical and digital, then blockchain-based financial platforms need to have, as their primary quality, ease of use for the most amount of people worldwide. Only then will the crypto world see the adoption necessary for blockchain to fulfill its revolutionary potential.
Qyno financial ecosystem has, at the core of its mission, the adoption of worldwide users in mind and as such has created a platform for the people. Access to Qyno is global, painless, and offers financial mobility unlike other platforms past or present. Bank account withdrawals and deposits are core functions of the Qyno ecosystem, and ease of these two functions are blended into every Qyno tool available.
Because bank deposits are a key factor in financial access globally, the Qyno development team has studied and developed a proof of concept relating to integrating this functionality into the Qyno blockchain with excellent results. Qyno bank deposits are being enabled to function with different accounts such as checking, savings, time deposit, and call deposit accounts.
Financial Products on the Blockchain Traditional financial systems are more than just payment solutions; they're entire ecosystems aimed at capturing all of the financial activity present in society. The difference between traditional and blockchain based financial systems is that traditional, or centralized systems, rely on third parties for processing data and require high financial upkeep for executives, presidents, and trustees. Decentralized, blockchain based solutions such as Qyno are able to capture the same financial ecosystem without any of the costs associated with third parties, CEO's, or brick and mortar locations. Because of this, Qyno is able to offer users and merchants alike eCommerce solutions at fractions of the traditional costs.
Qyno Foundation The Qyno team is concurrently developing functionalities in addition to current milestones as part of the Qyno foundation protocol. The allocation of development resources to research means the Qyno team is perpetually refining and advancing its product for the ease and adoption of users worldwide.
submitted by icoinformation to QYNO [link] [comments]

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