Research up to Blockchain Interoperability Completed!

We are happy to announce that all research up to blockchain interoperability has been completed.  

Hey there, we have exciting news for you. We are proud to announce that LIP 0034 and LIP 0035 have been successfully merged. That means the research for the four protocol roadmap phases "Security and Reliability", "Network Economics", "Network Consensus" and "Network Longevity" is now complete marking a major milestone for the research on improving the Lisk protocol. Overall 35 LIPs have been completed and merged into the lips GitHub repository since starting the LIP process in June 2018 and publishing the protocol roadmap in November 2018. All LIPs are based on significant research work and have undergone thorough internal peer-review and public review as part of the open discussions in the Lisk Research forum. This process ensures that any changes of the Lisk protocol occur in an open, transparent and collaborative manner and require a solid technical foundation. Summary of Completed Research Thee protocol changes of the four protocol roadmap phases will all be part of the next major Lisk Core Mainnet release and are already successively included in our Lisk SDK releases. We therefore want to take the time to summarize these significant changes here. More detailed explanations will be provided as part of a new research blog post series which will be published during the upcoming months. Security and Reliability The most important protocol change in this phase is the introduction of a consensus algorithm that provides block finality, that is, a guarantee that a block is never reverted. This finality guarantee holds as long as not more than 33 of the 101 delegates are Byzantine, meaning they maliciously try to manipulate the network and consensus algorithm. If you are interested to learn more about the new consensus algorithm, check out our research blog post Introducing Byzantine Fault Tolerance Consensus for Lisk.  The second significant protocol change is an improved peer-to-peer layer using a robust peer selection algorithm and introducing a banning mechanism. Some of the new peer-to-peer features are covered in this talk from Lisk.js 2019. Apart from that, this phase includes some further protocol improvements such as simplifying the transaction schema and introducing a network identifier, which binds a transaction to one blockchain and therefore makes it impossible to replay it on a different chain. The implementation of all these changes is already complete and they are part of the Lisk SDK 3.0 released in February 2020. Network Economics This phase focuses on introducing a dynamic fee system. The proposed fee system allows users to freely choose a suitable fee for their transaction as long as this fee is at least the minimum fee required for the transaction type and size. For all transaction types except delegate registrations, the required minimum fee will be significantly lower than the fixed fee in the current fee system. For instance, for a balance transfer transaction this minimum fee will be as low as 0.00136 LSK (slightly more if the transaction uses the data field or is sent from a multisignature account for example), meaning that balance transfers become more than 70 times cheaper as long as there exists no great competition for space in blocks driving up the transaction fees. A part of the transaction fee will go to the delegate who forges the block including the transaction, whereas the other part of the transaction fee is burned (therefore reducing the total supply).  Along with introducing the dynamic fee system, we provide a fee estimation algorithm that offers users guidance for choosing an appropriate fee, depending on the network usage and urgency of the transaction. Accounts will also be required to maintain a minimum balance of 0.05 LSK to avoid spam attacks that abuse the greatly reduced transaction fees and create a large number of accounts with almost no balance. Further changes connected to the fee system are introducing a byte-based block size limit that replaces the limit on the number of transactions. This change increases the number of balance transfers that can be included in a block to over 100 and the number of transactions that can be processed by Lisk Mainnet in one day to around 1,000,000. Additionally, this phase adds an invalidation mechanism for transactions that can be used to replace a broadcasted transaction with one specifying a higher fee, without worrying that both transactions could be included in the blockchain. Finally, multi-signature accounts in Lisk will become a lot more flexible and easier to use. Network Consensus This phase encompasses several improvements of the Delegated Proof-of-Stake system used in Lisk. Users now have to lock the tokens they want to use for voting, and a LSK token can only be used to vote for one delegate simultaneously. Additionally, the delegate weight computation now takes into account how many tokens delegates have locked in order to vote for themselves. By requiring that the delegate weight must contain at least 10 % of self-votes, we ensure that delegates have a significant amount of tokens at stake which further increases the security of the network. Apart from the changes in the voting system, the security of the consensus protocol is further strengthened by adding the possibility to report violations of the Lisk-BFT consensus protocol, hence resulting in a punishment of the misbehaving delegate. Furthermore, standby delegates will be incentivized to run Lisk nodes as they have the chance to participate in forging blocks. The round length is extended from 101 to 103 blocks and the 2 additional blocks slots are assigned to standby delegates using a random selection algorithm proportional to the delegate weight. Additionally, we ensure that the delegate ordering in a round is more fair by shuffling delegates uniformly. If you want to learn more about the changes of the DPoS system in this phase, check out this research blog post or the video from Lisk.js 2019. Note that the changes up to this phase are all part of Lisk SDK 4.0. Network Longevity While all other phases have been successfully implemented into the Lisk SDK, this phase is currently in active development. It includes a change of the ID system, a new address system and a few more technical improvements of the Lisk protocol. The most visible change for the end-users will be the new addresses, which will now, for example, look like this: lskoaknq582o6fw7sp82bm2hnj7pzp47mpmbmux2g. This length increase implies several security improvements: Registering your public keys is not needed any more, the probability of address collisions for different public keys becomes negligibly small, and mistyping up to four characters can always be detected (mistyping more characters will still be detected with a very high probability). Similarly, we extend transaction and block IDs from 64 bits to 256 bits, hence greatly strengthening the pre-image resistance and immutability of the Lisk blockchain for a long time into the future. Additionally, we introduce a universal serialization method compatible with Protocol Buffers that can greatly improve the efficiency for storing and transmitting blocks and transactions. It further simplifies the development with the Lisk SDK as this method can be easily used for custom transactions. We also now use Merkle trees for transactions in blocks enabling short inclusion proofs. Finally, we define a new genesis block schema and process for performing a decentralized snapshot of a Lisk blockchain, which will be very helpful for migrating the Lisk Mainnet to the next major Lisk Core release. AMA on Lisk.chat We will host a live AMA on Lisk.chat on Friday, May 15th at 4pm CEST. Jan Hackfeld (Head of Research) and Iker Alustiza (Research Scientist) will answer your questions about the completed research up to Blockchain Interoperability. Further information about the research presented here is available on the Research forum. We invite all community members to read the LIPs and engage in discussion.  Read more about the New Lisk Protocol Documentation and our Blockchain Interoperability Research in our blog post.   Stay updated with Lisk:   Newsletter Settings Want to change how you receive these emails? You can update your preferences or unsubscribe from this list. Lisk Foundation ・ Dammstr. 16 ・ 6300 Zug・ Switzerland

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The Ultimate Guide to Consensus: Distributed, Day Two

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May 12, 2020 By Daniel Kuhn For those new to CoinDesk, you're receiving Blockchain Bites, our daily newsletter with the most important news, as part of Consensus: Distributed. To keep receiving it next week, sign up here.  TOP SHELF As the sun rises on the second day of Consensus: Distributed,  CoinDesk TV will draw to a close. We kicked off our virtual event with a 24-hour non-stop live stream featuring more than 50 programs and dozens of esteemed guests.  But the conference is far from over. Today features just as many panels, workshops and presentations as yesterday. We’ve just decided to call it a night at 10:30 p.m.  Here's what my colleague Christine Kim looks forward to today:   Consensus: Distributed continues today for its second full day of virtual programming. You can bet that the lineup of speakers and panelists are equally as decorated as yesterday’s. Here’s what I’ll be watching for on our livestream broadcasting and social networking platform Brella:  1. What’s going on with the crypto markets in Asia and Europe?  If you’re a night owl like I am, I highly recommend tuning into the panels about the cryptocurrency industry in China and India. It’s a perspective on bitcoin and crypto not often talked about or shared on Western media outlets. Same goes for the panel about capital controls in Europe. Take this opportunity to learn more about activity in the cryptocurrency markets happening outside of North America.  2. Care for a drink with some new and old faces?  I’d be remiss if I didn’t put a plug here for my very own colleagues at CoinDesk Research. Noelle Acheson and Galen Moore will be hosting a virtual happy hour sessions with some of the industry’s biggest crypto funds. It’ll take place at 5:30 p.m. (ET) so after deep contemplation on the state of crypto markets beyond North America, I encourage you to swing by with a drink in hand and tune in to this panel. 3. Last but not least, am I the only one scheduling one-on-one meetings on Brella?  I certainly hope not. One of the great benefits of attending Consensus each year, be it at a hotel in New York City or online through Brella, are the people you meet and the connections you make during the conference. So if you didn’t take advantage of the networking options available to you on Brella during the first day, don’t wait until later and schedule some meetings today. It’s not only our panelists and speakers that have great insights to share but our attendees as well, who, due to the virtual format of our event this year, are part of the most geographically distributed audience CoinDesk has ever seen at Consensus.  I hope I’ve gotten you excited for Day Two of Consensus: Distributed. Here we go! WHAT TO WATCH 6:00 - 7:00 a.m. Enterprise Blockchain isn't Dead with Ian Allison and Sandra Ro Former Merrill Lynch banker Guido Molinari and Organisation for Economic Cooperation and Development blockchain lead Caroline Malcolm are among those who can tell us why enterprise is just getting started.  7:00 - 8:00 a.m. Capitol Controls: Europe Edition CoinDesk’s Anna Baydakova leads a discussion with MME’s Christine Gschwend, attorney Thomas Nägele and Kp.m.G’s Petri Basson, among others, about the global game of regulatory arbitrage.  8:00 - 9:00 a.m. The Breakdown: How We Future Now Avanti’s Caitlin Long, Tezos’ Kathleen Breitman, Blockstack’s Muneeb Ali and CoinDesk’s Joon Ian Wong, will give their perspectives on the current state of banking, entertainment, identity and hosting conferences, respectively. 10:00 a.m. - 1:30 p.m. The Future of Fiat: Central Bank Digital Currencies Workshop A program dedicated to the rise of CBDCs will feature Raphael Auer, BIS' Innovation and the Digital Economy Unit economist, Raj Dhamodharan Mastercard executive and Sheila Warren of the World Economic Forum, among many other high-profile guest speakers. 1:30 - 3:00 p.m. First Mover with Brad Keoun This program is split into sections dedicated to the economics of mining, especially post-halving, crypto prime brokerage and market surveillance.  6:30 - 7:30 p.m. QuadrigaCX - Yell Into the Void and Get Some Questions Answered The best-titled program of the bunch examines the on-going issues faced by former clients of the defunct QuadrigaCX exchange as they try to get their money back following the mysterious death of the company’s CEO, who took the keys to the vault with him.  BITCOIN HALVING RECAP Yesterday marked the third halving event in Bitcoin’s 11 active years. Now that the mining subsidy has been reduced to 6.25 bitcoin, it’s likely some miners will pull out of a no-longer profitable enterprise. We still don’t know the full repercussions, though some are quick to note how this halving is already subverting expectations. Price Action Bitcoin slid about 2% Monday, the fourth straight daily decline, to about $8,600. The cryptocurrency's price is down 14% from last week's high of $10,000, CoinDesk's Brad Keoun notes in the First Mover newsletter. "The only real surprise was for anyone expecting anything different, given that prior bitcoin halvings had little immediate impact on the market price," he said, adding: When the first halving took place, on Nov. 28, 2012, bitcoin's price slid by 0.5%. And on July 9, 2016, the second halving, prices fell by 2.3%.  It could take months, if ever, for the halving to catalyze a bull run. You can subscribe to First Mover here. COINDESK: COVID RESPONSE #NYBWGives CoinDesk has joined Gitcoin, The Giving Block and Ethereal Summit to support charities helping communities in difficult times. We're raising $100,000 and giving you a voice through the quadratic funding model. Learn how it works and how to donate. In addition, New York-based abstract artist Mr. Star City created an original piece of artwork, shown above, as a part of Consensus: Distributed. The art, inspired by love, unity and technology, will be up for auction this week. Follow @coindesk on Twitter to find out how to bid — the proceeds will go to the same cause. MEDIA DIET The Brooklyn Nets’ Spencer Dinwiddie Makes the Bull Case for Tokenizing Entertainers Since late 2019, Spencer Dinwiddie has been looking to offer a piece of his future cash flows via a crypto token. "It's ongoing and it's something I'm really excited about actually," he said. Though the deal hasn't yet gone through, his peers are starting to ask him questions about his approach.  Hut 8 Mining Revenue Continues Decline in Q1 Hut 8 Mining, one of Canada’s largest mining operations, saw its third consecutive quarter of revenue declines, according to its Q1 earnings report. The firm also reported a 32% decrease in the number of bitcoin mined during the quarter as the network hashrate continued to rise. This was partially offset by a 27% increase in the average price per bitcoin mined. Trust No Dapp: Chainlink Launches Oracle for Provable Randomness Chainlink is rolling out its Verifiable Random Function (VRF) service, where subscribers can gain access to provably random values needed for demonstrating the integrity of smart-contract-based projects such as online games. With Chainlink VRF, you know an application hasn’t been tampered with – all via the blockchain.  THE COINDESK 50 We’ll continue to reveal our choices for CoinDesk 50, an annual list of the most influential and innovative organizations working in the crypto and blockchain space. You can read the first 30 here, with special features on Binance, Cosmos, Brave, Bitmain, MakerDAO and the People’s Bank of China.  THE BEST BACKGROUNDS AT CONSENSUS: DISTRIBUTED Call him Kevin "This Is Fine" Werbach HOW TO USE BRELLA To access all of the deeper cuts available through Consensus: Distributed, you'll need to login through Brella , our virtual conferencing platform. You can create an account through Gmail, LinkedIn, Facebook or set one up manually on Brella. Your profile will be the way you match and network with others. As soon as you're set up, you’ll be directed to a dashboard showing other registrants. Brella is easy to use and has a number of features to help you through this virtual experience. There are multiple tracks of simultaneous programming happening inside Brella. You’ll also be able to browse the entire agenda, bookmark sessions and build your own schedule. GONE VIRTUAL Yesterday some people had the unusual experience of watching a virtual conference in VR.  THE BREAKDOWN The Great Monetary Inflation: Paul Tudor Jones’ Complete Case for Bitcoin The story behind the soundbite: Why one of the world’s most famous investors, Paul Tudor Jones II, is betting on bitcoin as a hedge against a new inflation era. CONSENSUS MAGAZINE Crypto in Corona  Jeff Wilser has spent the past two years as a nomad. Now under quarantine, he follows up on the communities he had gotten to know during his travels, and finds that the blockchain industry, more than others, is suited to the particular challenges presented by the COVID-19 crisis. What follows is an excerpt from the story published on our site. Bali, Indonesia My first plunge into the crypto community came in Bali, which, back in January 2018, had a frisky blockchain ecosystem. In Ubud, which is the spiritual (and tourist) center of Bali, you could stumble into crypto traders, crypto start-ups, and crypto meet-ups galore. It seemed that crypto was everywhere. Just before it opened for business I visited the snazzy “Blockchain Zoo,” a high-end consultancy and coworking space, meeting with owner Roberto Capodieci. The Blockchain Zoo still exists, but Capodieci tells me that the meet-up scene has all but vanished, and that happened long before COVID-19. The Indonesian government, enforcing a law meant to protect the local Rupiah, cracked down on businesses that accepted cryptocurrencies. “Two years ago I could pay for breakfast with bitcoin,” says Capodieci. “Now you can only use Rupiah. That killed a lot of initiatives,” (The price of bitcoin slumping to $3k in 2019, of course, also killed a lot of initiatives.)  Capodieci, who has OG crypto cred – he says he received a test copy of the original bitcoin node software program – and who taught crypto courses at the University of Singapore, is a large man who wears a light beard and a Donkey Kong t-shirt. On the Zoom video he suddenly blanches, then swats his hand at something. “A mosquito just decided to die in my mouth!” He says, laughing. “And I’m not even riding a motorcycle.” (Everyone drives a moped or motorcycle in Bali, even wimps like me.) There are now fewer mopeds in Ubud. The roads are mostly empty. The borders are closed. The tourists are gone. The few people on the streets do wear masks, says Capodieci, “And the police will stop you if you don’t have one, and give you a mask.”  Meanwhile the Blockchain Zoo has pivoted to launching their own platform, ZooBC, which uses a Proof of Stake protocol. Capodieci says his team of 25 developers can easily work remotely, and they’re working on a beta version of ZooBC–the alpha launched in November.  CV19’s impact on their efforts? The way Capodieci sees things, the pandemic is almost a positive. The downside is that he had hoped to be in Dubai and Singapore to meet with potential clients and investors, but the upside, he says, is that everyone seems extra-focused from home. And they’re using the time to add more functionality into beta, which is one of the benefits cited by that survey from Switzerland’s CV Labs.  Capodieci’s tone is almost chipper. “This thing is going to change the way people work. I love it,” he says. “The longer it lasts, the better it is.” He quickly clarifies that he has sympathy for the local businesses, like hotels and restaurants, that are suffering. But he can compartmentalize. Focus on the silver lining. If CV19 has nudged companies to give workers a choice between at-home or in-office, he sees that as a win. “You should be working at a place you love to go to,” he says, “because that’s where you’re spending most of your life.” WHO WON #CRYPTOTWITTER Copyright © 2020 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences here.