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As we approach the finals, there are just two teams remaining and their shares are again equal to 1.0. In the final moments of the tournament, naturally the only shares that actually have worth are those belonging to the German team as they were the winners. Religious Email  id list

Of course, one method by which to have earned profits would be to purchase shares in Germany in the beginning for just 12 cents and keep them up to the point of no return. This is how traditional sports betting operates -You place bets before the tournament begins and receive the winnings at the conclusion of the competition. In the market for prediction there are numerous options to bet and earn money. You can put money into the teams of any moment and profit only from being able to forecast when the opinions of people will shift, regardless of the result. Religious Email lists

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Another illustration, this time from a prediction market. Prior to this year’s US Presidential election, the Iowa Electronic Markets allowed people to purchase shares based on the possibility that Barack Obama or or John McCain would prevail. In figure 9.13 the cost for Barack Obama shares is shown in blue, and John McCain depicted in red. It is evident that as the weeks of election dragged on, the opinions of people about who would be the winner changed. However, by the time of Election Day, Obama was given a 90% chance of winning. The market was fully aware that the outcome was decided before the vote was cast. Religious Email customers database

Sidebar: The power of Prediction Markets.Economists are generally fascinated by prediction markets. Information pertinent to forecasting the future can be dispersed throughout the world and prediction markets provide the perfect way to collect the information and provide users the opportunity to profit from their understanding. If the economics model is appropriate the price that is paid for shares could be used to determine the likelihood of the outcome however there are some doubts that the real prediction markets are prone to biases. Based on empirical evidence the prediction market has held extremely well when compared to other forecasting techniques, like expert panels and polls. Religious Email  id list

But, these markets are afflicted with many regulatory challenges and obstacles. Intrade has been the biggest and well-known prediction market on the web before it was hit by problems with compliance within the U.S. and shut down in 2013. Many economists were upset in this decision because they believed that we had lost a vital social tool that provided valuable data about the future. Religious Email lists

Decentralized prediction markets.What would it take to build a decentralizedprediction market? There are several aspects that will need to simplify. We’ll need a method of accepting cash and disbursing the payouts, as well as an effective method of ensuring that the proper amounts are distributed in accordance with the results of the arbitration. There is a need for decentralized arbitration. Arbitration is the method of proving which outcomes actually occurred. The majority of the time in the event of an election in the United States or a sporting event it’s fairly obvious who was the winner and who lost. However, there are several grey areas. It is also necessary to centralize the order book that is a method for individuals to locate the right counterparties who they can share shares of trade with. We’ll discuss each of these issues in chronological order.

Let’s create a hypothetical altcoin named “Futurecoin” that has explicit support for prediction markets. It would require some different types of transaction that fulfill specific functions for prediction markets. It could be something like the figure 9.14. Religious Email customers database

CreateMarket lets any user make a prediction market for any event by defining one arbitrator (in terms of the public key) who has the authority to declare the results of the event and the range of outcomes that could be possible. The event_id is a random string that links the various transactions that belong to the identical market. Futurecoin does not care about the real-world event that the event_id relates to, or what the outcome is, and there’s no way to identify these in the system. Users must obtain these details from their market maker (who will usually be similar to an arbitrator). We’ll go over the various options available for arbitration in the near future. Religious Email lists

Payment and settlement.BuyPortfolio lets you purchase a portfolio of shares of some event. For the cost for one currency, it is possible to buy one share regardless of the outcomes of that event. If we’re betting on World Cup in 2014. World Cup. It’s possible that there are 32 teams who could be victorious. With one dollar, you can purchase 32 shares for each team. This is “worth” exactly one coin since only one team is going to be victorious. Anyone can build a BuyPortfolio and not require any counterparty. The transaction basically eliminates one futurecoin that was provided by the user, and generates one share each result. There’s also a transaction type for selling portfolios, which let one trade (or burn) one share for each outcome Religious Email  id list and get one futurecoin. For one futurecoin you can purchase a share in each outcome, and later convert a share of every outcome into the futurecoin.

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Religious Email business database free download

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Shares can also be traded with futurecoins, or a particular kind of share to another type of share provided you find a trade partner. This scenario is more fascinating. You could use the futurecoin to buy shares in each outcome that you want to sell the shares for outcomes that you don’t believe are likely to happen. For teams that you don’t wish to bet on, you can offer those shares to an individual who might wish to bet on the team. After this, you will no longer have a balanced portfolio for each team, and you’re unable to instantly redeem your portfolio for one futurecoin. You must stay on the sidelines until bet is over before you can redeem your shares and, if you bet on a team(s) that you placed your bets on didn’t succeed then you may not be able to exchange them for anything in the first place. However you can also make money directly from trading. You can buy an investment portfolio that is balanced, watch prices change and then trade all shares to futurecoins. You could later trade to Bitcoin and any other cryptocurrency you want to use. buy Religious Email database online

The prediction market arbitration.How can we conduct arbitration without centralized control? What are the best ways to establish facts regarding who actually won, and let them take their winning shares back in the end? The easiest method is to establish a trusting arbitrator. This is exactly what CreateMarket is doing. Anyone can create an open market, where they’re acting as the arbitrator (or designate someone else to be their arbitrator). They are able to create an exchange and then announce that they have opened markets based on World Cup outcomes. They’ll decide who will win at the end of the day If you believe in the outcome, then you should be prepared to sign their signature on an CloseMarket transaction as proof of the result. Religious Email business database

Similar to autres markets, it is easy to think that with time, certain entities are likely to establish themselves as trustworthy arbitrators. They will then have an incentive to conduct their arbitrage correctly to preserve their prestigious reputations. However, there is always the possibility that they’ll steal lots of moneymuch more than what their reputation is worth by manipulating the odds. This is a risky proposition in an investment market that is based on predictions. For instance, in the World Cup market, the arbitrator might claim that Argentina triumphed even though the fact is that they lost. In the event that an arbitrator been betting heavily in Argentina themselves, they could make enough money from it to justify destroying their reputation. Religious Email lists

Do we need an arbitration system that is less centralized? One possibility is to assign several arbitrators, and the decision is by the majority. There are other ideas that are that are based on votes — whether by everyone who has share in the marketplace or by the miners in the currency. These kinds of proposals typically include penalizing voters who vote in opposition to the popular vote. There are numerous issues that could arise from these proposals and we don’t even know what they’ll do in actual practice.

Another issue is that sometimes, reality is complex. Apart from the problem that arbitrators lie, it could be legitimate disagreements about the outcome of an occasion. Our favourite example comes taken from 2014’s Super Bowl. There’s a custom at the Super Bowl of the winning team pouring a bucket of Gatorade on their coach. It is popular to bet on the hue of Gatorade that the team winning will use to celebrate the victory This betting has been going on for the past more than two years. In 2014, bets were placed in Yellow, Orange, and the different colors in Gatorade. However, that year’s unexpected outcome made it difficult for the gamblers to make a decision. After the Seahawks triumphed, they poured the orange Gatorade onto their coach Pete Carroll. After a while some other players were able to repeat the act and pour another bucket of Gatorade on Carroll. The first bucket was filled with orange Gatorade while the second bucket was filled with yellow Gatorade. Religious Email business database

If you had to manage an online prediction market in which people placed bets upon the hue of Gatorade How would you respond to this situation? It’s unclear which color or both would win. What transpired in the practice of various sports betting companies was that they realized it was more profitable to lose some money to keep their good name. In order to demonstrate trust to their clients they paid winnings to those who bet either yellow or orange. Religious Email lists

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Religious Email b2c database

Of course that in a decentralized prediction market, this doesn’t work as well since you aren’t able to make money from thin air to pay for both sets of players. Instead, the arbitrator can split the profits equally between the yellow and orange. Instead of closing with an amount of 1.0 each share will close with a value of 0.5. You can create the contract with care to avoid confusion however, you cannot be certain you’ve planned for every possibility. This is a lesson that arbitration is social and there is the solution will never be able to be perfect. buy Religious Email  database

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Data feeds.The concept of arbitration can lead to a more general idea expanding cryptocurrency with an ability to prove facts about the actual world. We refer to this type of mechanism as an information feed. The facts could pertain to the typical predictions of market events like who won an election or the value of a commodity or stock on a specific day or any other global data that is significant. If such data were that were available in Bitcoin and scripting languages, then the language could utilize these as inputs. For instance it could be capable of loading the copper price in the present onto the stack, and then make decisions based on the price. buy Religious Email database online

If data feeds that are trusted were in place it would be possible to placeand then automatically settlebets on sporting events or the price to be expected for commodities. The prediction market isn’t the only one of the applications this could make possible. It is possible to hedge risk in your portfolio of investments by placing bets on the prices of stocks that you have. You could also take advantage of from a range of financial instruments such as futures and forwards which are typically traded on financial markets. Wouldn’t you love it that we could accomplish everything in Bitcoin? Religious Email lists

It is possible to separate the technical issue of how to present real-world information using Bitcoin (or another cryptocurrency) and the social-technical issue of how we can increase our trust in the accuracy that the feed is accurate. We’ve looked at the latter issue when we discussed the options for arbitration. Religious Email business database

A clever method to encode data feeds in ordinary Bitcoin is known as Reality Keys. In this method the arbitrator makes two signature keys for each outcome of each event they’re interested in. One key pair that stands for “Yes”, and one key pair for “No”. The public keys are published as soon as the event is registered, and they will reveal exactly one of the private keys once the outcome has been settled. If Alice was betting against Bob to see if the outcome would be different then they could transfer their bets to a Bitcoin output that could claim by Alice with a signature from Alice and the “Yes” key, or claimed by Bob by signing a signature with Bob and the “No” key. This is far from the ultimate purpose of being able make use of data feed data as inputs for scripts in any number of ways, however it permits simple applications, such as the bet that we discussed above. The arbitrator does not require to know about or participate in the particular wager in the case of Alice as well as Bob.

Order books.The last piece of an investment market that is predicted is an order book decentralized. This is, again, an idea that is fairly general and implementing it would enable a variety of other applications. What is the meaning of an order book? In the real prediction market or the majority of financial markets, there’s no an unidirectional market price. Instead, there are bids and asks which are noted within the orders book.A Bid is considered to be the most expensive price anyone is willing to purchase a share for, while the ask is the most affordable price one is willing to offer the share at. In most cases, the asking price is greater then the price offered (otherwise there will be two parties who are matched and a trade could take place in which at least one of the transactions are no longer in the book of orders). Anyone who wishes to purchase shares immediately can do it at the price of the offer, while those who want to sell the shares immediately can sell at the price of the bid. They are referred to as “market orders” since they are executed at market prices in contrast to “limit orders” that are written in the order book and are executed at the limit price (or higher). Religious mailing lists

Traditionally, this was carried out in a central manner using a single order book or service (typically the exchange) which collects all orders. The issue, which is common with centralized services in that a dishonest exchange could make money at the expense those who are involved. If an exchange is notified of an order for market purchase it could buy the most expensive offer prior to placing the order they received. Then, they change their minds to sell shares that they purchased at a higher cost and pocket the price difference. This is referred to as frontrunning. It is seen in a myriad of financial situations and is considered to be as a crime. Centralized order books must be subject to law enforcement to stop frontrunning and provide that there is confidence in the system. buy Religious Email  database

Religious Email customers database
Religious Email customers database

Religious Email  database

In a decentralized book of orders there is no way to count on a strong law enforcement. However, there’s an effective solutionthat is to ignore frontrunning. Instead of calling it a crime and then defending it, we’ll simply call it as a feature. The idea is that anyone is able to send limits to miners through broadcasting transactions. Miners are able to match two orders provided that the bid is higher than that of the asking price. Miners simply retain the difference in the form payment for the transaction. Miners are no longer enticed to go ahead since frontrunning an order can never yield more profit than satisfying it and collecting the excess. buy Religious Email database online

This is a clever method to create an order book that is decentralized. The major drawback is the mining fees traders are required to pay. To avoid having to pay that fee, some traders may send out orders that are more conservative and are less likely to disclose upfront the highest price they would like to trade. This can result in a less efficient market. We aren’t sure what this type of order book that matches orders of miners can work in real life but it could be an interesting concept. Religious mailing lists

In the end, Bitcoin as it is in the present can serve as a platform for range of applications. However, for certain applications, Bitcoin can only take us so far. It’s not equipped with the features required to have a secure, decentralized prediction market or open book of orders that is decentralized.

What if we could begin from scratch and not worry about soft forks and hard forks and the other problems in putting new features to Bitcoin? We’ve gained a lot of knowledge since 2008, when Bitcoin first appeared. What better way to create a brand new cryptocurrency by scratch, and then make it better? Religious Email lists

In the next section, we’ll take a examine altcoins, which attempt to accomplish this. We’ll look at the various promising concepts and the obstacles to overcome when creating a brand new cryptocurrency.

Altcoins and the Cryptocurrency Ecosystem

Bitcoin is only one element (albeit important) of a larger world of alternative, and generally very similar, currencies known as altcoins.In this section, we’ll explore altcoins as well as the broader ecosystem of cryptocurrency.

Altcoins: History and Motivation

Bitcoin was first introduced on January 9, 2009. It was not until two years, and until mid-2011 when the first Bitcoin-like method, Namecoin, was launched. The number of altcoins launched has increased dramatically in 2013 and hundreds have been added to the list. How many exist in total? It’s difficult to give an exact figure since it’s not known what altcoins count. For example, if a person is announcing an altcoin and may release source code however, no one has actually started mine or used it Does that count? Some altcoins have also been introduced and have seen initial usage, but disappeared quickly after their introduction. Religious mailing lists

It’s also unclear what an altcoin is as distinct from a normal cryptocurrency. There were, in fact numerous cryptocurrency ideas and systems that predate Bitcoin and are generally not considered to be altcoins. A lot of altcoins borrow ideas from Bitcoin and often fork the Bitcoin code base or using Bitcoin’s code. A few make very small changes to Bitcoin for example, changing the value of certain parameters that make up the system and are continuing to incorporate modifications made by Bitcoin’s developers. At present the present, all altcoins are known to us start with a brand new creation block and have their own alternate view of history of transactions instead of forking the Bitcoin block chain at some time. In our case we don’t require to know the exact definition of an altcoin. Instead, we’ll define any cryptocurrency that has been launched prior to Bitcoin is an altcoin. Religious Email lists

Religious Email business database
Religious Email business database

We’ll briefly touch on non-altcoins such as Ripple and Stellar which represent distributed consensus protocol that follow the tradition we examined in Chapter 2. They achieve consensus using the sense that nodes are identified by identifiers and have to know about the one another. Bitcoin obviously completely differs from this. Both Ripple and Stellar the consensus protocol has the payment/settlement system and both systems have an indigenous currency. While there are some similarities to altcoins, we do not think they are relevant for this article.

The reasons behind the launch of altcoins. Every altcoin has a kind or story that it can tell. If it isn’t able to boast something that sets it apart from other altcoins then there’s no need for it to exist. In the most basic scenario the case, an altcoin alters a few or all of its built-in variables for Bitcoin. This could include things like the time interval between blocks and the limit on block size as well as the timing of the rewards to be generated, and also the rate of inflation for the altcoin. buy Religious Email  database

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There are also more complicated technical differences, which makes for a more intriguing situation. As an example, there may be modifications to the scripting language to describe various types of transactions, or security characteristics. Mining may operate differently, or the algorithms for consensus may differ significantly than Bitcoin’s. Religious Email  database providers

Sometimes, altcoins are launched by a theme or feeling of a community the altcoin will help or be associated with and often give members of the community a specific position or capabilities within the altcoin. We’ll discuss some examples of each in the next section.

How do you start an altcoin.Let’s think about what’s involved in the launch of an altcoin, and

What happens when the altcoin has been launched. As we said, the process of the process of creating an altcoin is to create the concept of

A new reference client is typically by forking the code base of an older, more Religious email database

An altcoin with a long-standing reputation, or Bitcoin itself. The easiest part is to include a variety of features that are technical or

modified parameters you believe you can use to make changes that work. Actually there was once an online site known as Coingen

which could automate this process at a cost of a small. It let you specify different parameters, such as the

average block duration and the proof-ofwork algorithm you’ve been searching for as well as the name of your Religious Email lists

altcoin, a three-letter currency code and the logo. When you click the button, you’ll be able to download a fork

Bitcoin using the parameters you choose then the user (and others) could begin to use it.

The tough part is getting bootstrapping the acceptance for your cryptocurrency. You can fork your source code and declare it to the public, however, at the moment, no one is making use of your altcoin, so there is no market value (since there is no demand for these coins) and also no assurance of security (since there aren’t any miners yet). In Chapter 7, we learned that there are many participants in Bitcoin such as miners, developers and investors, merchants, customers, and payment service providers. Then you’ll have to bring all of these kinds of people into your crypto-currency economy to start to get it going.

Each of them is important and interconnected, and are similar to the challenges that comes with launching a new platform and getting it accepted. If you were to launch a brand new operating system for smartphones, for instance it would need to draw consumers, device manufacturers as well as app developers, and many other stakeholders. Each of these groups will require each other.

Mining miners are of particular importance for cryptos because, without sufficient hash power for an altcoin’s security, it could go down severely if forks and double spending could be a possibility. Your altcoin may be destroyed completely. We’ll explore “altcoin infanticide” later in this section. There’s no easy recipe for bootstrapping adoption, however generally, miners will join when they feel that the benefits they get from Coinbase are worthy of the time and effort. To help encourage this, a lot of altcoins offer early miners higher rewards. Bitcoin obviously was the first to adopt this method, but certain altcoins have adopted an aggressive approach to reward early miners. Religious email database

In order to get a large group consisting of people who believe that the altcoin’s value is one of the toughest tasks. As we’ve discussed in Chapter 7 of the book, in the case of Bitcoin it’s not entirely clear how the process was created, as it is based upon the Tinkerbell effect. This brings us back to the reason altcoins require a convincing story in order to be successful: to get off the ground , a community of people have to believe that the altcoin will be worth its weight in the near future (and be convinced that others will believe that it is worth it and the list goes on). Religious Email lists

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Religious Email database free download

If there is a large number of people who are interested in purchasing the altcoin of their choice, mining companies are likely to be the first to arrive (although it could be risky if value grows faster than miners are able to start mining for the cryptocurrency). Other crucial elements are likely to be added once the value is recognized, like listing your altcoin on exchanges and creating different kinds of infrastructure to support it. can be beneficial, from advocacy foundations to tools to explore the block chain

Pump-and-dump scams.When the developers of an altcoin have succeeded in establishing a community and an exchange market that is real and have been extremely rich. This is because they probably have a substantial amount of coins, as an example, they may be early miners prior to the time the rate of hash increases or “pre-mining,” which we will discuss later. When the exchange rate of altcoins increases, the creators are in a position to sell their assets if they decide to. Religious email database

The potential for making money has drawn entrepreneurs and venture capitalists to altcoins. But, not surprisingly this has also drawn fraudsters. In fact, the distinction between these two can be fuzzy. A fraudster may employ various techniques to exaggerate the potential of an altcoin and create interest. They could exaggerate its claims of technical benefits, fabricate the appearance of support from grassroots or purchase the altcoin from the market at prices that are inflated and other such tactics. Religious Email lists

Actually, this scam could be mastered by a person who isn’t the person who created an altcoin. The first step is to purchase shares of an obscure altcoin and then convince the general public of its alleged unknown possibility (i.e., “pump” the altcoin). If they succeed in boosting the price and then sell their shares and earn the benefits (i.e., “dump” their money). In this case, investors will likely become aware of fraud, and prices will drop, with a lot of individuals left with worthless coins. This type of scam is a common occurrence in the world of mainstream finance, employing the use of obscure, low-cost stocks and was prevalent in the beginning of altcoins, when the people were enthralled and investors were unable to distinguish genuine cryptocurrency in comparison to “me-too” systems with slick marketing, but with not really innovative. In the end, both investors and customers are uneasy about altcoins in the present. marketing database Religious Email

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Initial allocation. In Bitcoin, currency is distributed to users by mining. However, due to various reasons altcoin creators have been looking for alternative methods for initial currency allocation as well as mining. Religious Email  database providers

Developers could “pre-mine” the currency, by reserving a part of the currency for themselves or a specified organization (such as a foundation that is non-profit that has a charter to create cryptocurrency). The concept is that the prospect of a windfall provides developers more motivation to work on developing and bootstrapping a brand new cryptocurrency. Sometimes, they conduct an “pre-sale,” where they sell pre-mined units other speculators in exchange for bitcoins or other fiat currencies. It’s similar investment in startups the investors can get rich if the altcoin succeeds in making it to the top of the pile.

Another reason for looking for additional methods for the initial distribution is that it helps make sure that there is a diverse group with early users who are owners of the cryptocurrency and have an interest in its growth as mining in the present is a bit centralized and could result in a concentrated possession of valuable assets. One method to allow different ownership is to distribute Bitcoin units that are altcoin to current Bitcoin owners. Religious email leads

What can we do to develop a system to ensure that everyone who has bitcoins is able to claim their portion of the altcoin with the claim automatically decided upon? One option is a proof of burn that we have discussed in chapter 3: Users can be able to claim units from an altcoin, in proportion to the amount of bitcoins they are able to eliminate. The owner must commit to certain information within the evidence of burn like a unique string that is identifying the specific altcoin to prove that they have burned bitcoins only to gain new units of the specific altcoin.

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Allocating altcoins using a proof of-burn is also known as an “one-way peg” or “price ceiling”. Affixing one altcoin unit with (say) 1 bitcoin does not necessarily mean that it is worth one bitcoin. This ensures that the altcoin is valued at the most one bitcoin, because bitcoins are able to be converted into an altcoin and vice versa. Religious Email lists

Another option that is less unwieldy that is to require proof of ownership for bitcoins, without burning them, in order to claim altcoins. In particular this altcoin could be identified as having the Bitcoin block in height (perhaps being in conjunction with the date of launch for the altcoin) in which any person who had an unredeemed Bitcoin transaction at the time of the block could be entitled to a percentage of altcoins. In this model there’s not necessarily an unchanging relationship between the value of bitcoin and that of an altcoin because bitcoins aren’t “converted” to altcoins via the proof-of-burn.

In order to accomplish this the miners of altcoins must remain on top of their position on the Bitcoin block chain too. The altcoin should define what constitutes a valid Bitcoin transaction. One possibility is to have a certain number of verifications, such as six. A different option is to include that the latest Bitcoin block for every altcoin Block. In this means that Bitcoin transactions will be immediately available for use within the alternative coin. This is similar to the way that, within Bitcoin itself, the outputs of transactions are available for use in the next block or even within one block. This merge mining technique, which we’ll talk about in the next section is one method to connect bitcoin blocks with altcoins. Bitcoin blocks. Religious email leads

Additionally, donating coins already allocated is another option to increase the variety of currency holders. One option is to tip different services permit sending tips via email or social media accounts as an incentive to encourage the recipient to become aware of and take a stake in the currency. The tipping service holds the money in escrow until the person receiving the tip receives a notification to inform them that they’ve got coins that they can take home. The customer can collect the coins after authenticating to the service with an email account or a social media accounts. You’ll also have to install wallet software , or provide another method of receiving coins. Another method of donation is to use a faucet. These are websites that provide some coins to any person who visits the website and possibly provides their email addresses. Religious Email lists


A Few Altcoins in Detail

In the next section, we’ll concentrate on some of the most popular altcoins and look at their strengths in more in depth.

Namecoin.We’ve observed how Bitcoin’s block chain functions as a safe, global database. After data is recorded to it, it’s unalterable and can be verified for the rest of time. Can we alter Bitcoin’s design to accommodate other types of safe global databases like the Naming system? Religious email lists

We’ll need to establish a few ground guidelines to make this database more useful to non-currency applications. First, we will consider the data entries as names/value pairs that are globally unique. This lets everyone search for the value that is that is mapped to a name as the hash table or database that has a primary-key field. To ensure that the name is unique across all in names, when the name/value pair is the same as an earlier database entry the database will consider it to be an update of the value instead of the creation of a new entry. marketing database Religious Email

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We also agree that only the person who created the initial entry for a specific name is able to edit the name. This can be easily enforced by linking each name to an Bitcoin address, and then requiring updates to be verified by the private key of that particular address. Religious Email  database providers

All this could be done by utilizing Bitcoin as a base in the same way we stated in the chapter on Chapter 9, that you can create any other overlay currency by with bitcoin as an append-only log. However, it’s easier to build it on an altcoin since we could use this gentleman’s agreement to include it in those rules that govern the altcoin. These rules will then be unbreakable and enforced by miners, instead of requiring every user (i.e. fully node) to verify the rules by itself and then decide on its own what action to take if the rules are not followed. If done correctly, it could even allow proofs in the SPV style that a light client will be able submit an inquiry (i.e an address) at a computer operating the full node. Then, the server would then return the name with a value as well as a proof that the value returned is in actually the latest version of such name on the database. Religious email lists

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That’s Namecoin in an easy to understand way. It’s a worldwide name/value exchange which allows each user to sign up for any number of names (for the cost of a small cost) and then make updates to the names’ values each of their names. Users are also able to change control on their name to another. In fact, you could create a transaction that gives your domain to someone while at the simultaneously, you transfer parts of the Namecoin cryptocurrency from the other party to. Because this is one atomic transaction, it’s a safe option to sell the domain you own to someone who you’ve never met , and you don’t trust. As of the year 2015 Namecoin doesn’t have the use of secure lightweight clients. However, an extension that can support this has been suggested. Religious Email lists

Namecoin’s aim is to provide an alternative to DNS. Domain Name System (DNS) with the names that are stored in the database are domain names, with the value are IP addresses. You aren’t able to make use of this with an unmodified browser. However, you can install a browser extension to say Firefox or Chrome which will let you type in an address such as example.bit — or any domain name ending in .bit -and it will locate the address within the Namecoin registry instead of using the traditional DNS.

Namecoin is technically fascinating as well as historically fascinating — it was actually the first altcoin introduced in April of this year just two years following the time that Bitcoin was introduced. It has “merge mining” which we’ll be discussing later in this chapter.

Namecoin hasn’t been used much in 2015. The majority of domains registered are owned from “squatters,” hoping (but having failed in the past) to market their domains to earn profits. Namecoin’s supporters claim that the current DNS gives too many control over a vital element of the Internet to one entity. This is a popular view within the Bitcoin community which is not surprising but it doesn’t seem like the majority of users are calling for a DNS alternative which is robbing Namecoin of the coveted application that it requires to gain widespread adoption.

Litecoin.Litecoin was launched in 2011, a year following Namecoin. Over the last several decades, Litecoin has been the most popular altcoin by popularity and users. It’s also the second most popular codebase to be forked. In fact the codebase has seen forks more than Bitcoin itself. Religious email lists

The most significant difference in the technical aspects between Litecoin as opposed to Bitcoin can be seen in the fact that Litecoin has a memory-hard mining puzzle (based on the scrypt algorithm) which we have talked on in Chapter 8. When Litecoin was first launched, Bitcoin mining was in the GPU age, which is why the purpose of Litecoin’s implementation of memory-hard mining was to provide GPU-resistance. At the time of its launch in the early days, you could mine with an CPU, even after this was no longer a viable option for Bitcoin. Since the time it was launched, Litecoin hasn’t succeeded in staying away from the switch to GPU mining and eventually ASICs. Every one of these mining changes took a little longer in Litecoin as compared to Bitcoin however it’s unclear if that is because the Litecoin’s technology was much more difficult to implement on hardware or due to the fact that Litecoin’s low exchange rate was less of a reason to make the switch. Religious Email lists

In any event the improvements in performance of ASICs in comparison with CPU mining is the same to Litecoin like they are for Bitcoin. In this regard, Litecoin failed in its initial goal of creating a decentralized system , by maintaining an active crowd of miners. Importantly, this storyline was still effective for bootstrapping Litecoin . It attracted a lot of people who decided to stay even though the initial idea was rejected. Litecoin has since formally changed its story, saying it’s initial distribution was fair than Bitcoin’s due to its resistance to ASICs for a longer time. marketing database Religious Email

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Litecoin has a few minor tweaks to its parameters: For instance, blocks in Litecoin are delivered four times faster than those in Bitcoin each 2.5 minutes. Litecoin however, borrows the same amount of Bitcoin as is possible. Actually, its growth has been a direct follow-up to Bitcoin in such a way that, since patches and enhancements have been added in Bitcoin, Litecoin has also accepted these changes. Religious Email address lists

Peercoin.Peercoin is sometimes referred to as PPCoin, first came into existence in the latter part of 2012. It was also the very first altcoin that utilized proof-of-stake mining. We have discussed proof-of-stake-mining (and Peercoin’s implementation) within Chapter 8 however, Peercoin is fascinating to talk about because of an entirely distinct reason. Its administrators own a public key they trust that they utilize to assign checkpoints of “blessed” blocks every so often. This is designed to serve as a protection against forking attacks, however it’s controversial due to the capacity of administrators to regulate the system makes it clear that Peercoin isn’t decentralized in the sense that it is. The checkpoint mechanism isn’t integral to Peercoin and may be eliminated at some point in the future, however its existence implies it isn’t possible to conclude that proof-of-stake led to an unsecure system in the real world. We don’t have any idea what would be the consequences if this safeguard was taken away.  Religious Email quality  lists

Dogecoin.Dogecoin is perhaps the most vibrant of altcoins that have been released to date. It was launched in the latter half of 2013 and the thing that distinguishes it from other altcoins isn’t primarily technological (it is a to a fork of Litecoin) instead, it is an ensemble of values for the community such as generosity, tipping in addition to not taking the cryptocurrency too seriously. Indeed, it is named after Doge, an amusing Internet meme featuring a grammatically-challenged Shiba Inu dog. The group has been involved in several intriguing and effective marketing campaigns like sponsorship of the NASCAR driver and placing Dogecoin designs on his vehicle. The community also raised more than $30k to help Jamaica’s National Bobsled Team, so that they can travel to participate at this year’s Winter Olympics. Funny thing is, this closely resembles the plot of the 1990s film Cool Runnings. Religious Email lists

Its combination with the generosity of the community as well as its PR efforts and the inherent memes of Doge resulted in Dogecoin gained a lot of attention in the year 2014. It’s apparent that most of the early adopters were not familiar with cryptocurrency prior to the introduction of Dogecoin. It was a brand new community for the currency to harness its value without needing to present an engaging story regarding its advantages in comparison to other currencies. Dogecoin demonstrated that bootstrapping can be effective with the use of a non-technical explanation. However, as with many Internet phenomenons, its popularity did not last long, and the Dogecoin exchange rate has since plummeted.

Relationship Between Bitcoin and Altcoins

To understand the size and impact of various altcoins, there are several metrics that we can employ.

Comparing altcoins: market capitalization.Traditionally, market capitalization or market cap is a simple method of estimating the value of a public corporation by multiplying the price of a share by the total number of shares outstanding. For altcoins this market cap is frequently used to calculate the value of an altcoin by multiplying the value of each amount of an altcoin (measured possibly at the most popular third-party exchanges) by the total amount of currency units in the altcoin believed to be being circulated. According to this measure, Bitcoin is by far the biggest — as in 2015 it is responsible for more than 95% of the market cap of all the cryptocurrency’s combined. The ranking of other altcoins varies considerably, but the fact is that many altcoins are small in terms of their value. Religious Email quality  lists

It is important not to overly interpret markets cap. Firstof all, it doesn’t tell you the amount it would cost to buy all the coins currently that are currently in circulation. The number could be different due to the fact that large orders can change the cost for the coin. Furthermore, while the calculation is based on only coins in circulation at the moment it is expected that market participants incorporate into their exchange rates the possibility that new coins are expected to be introduced in the near future which can further complicate the understanding of the figure. Furthermore, it is impossible to precisely estimate the amount of coins in circulation since the owners of certain coins might be missing their keys to private accounts and we’d be unable to verify this.  Religious Email consumer  database

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Comparing altcoins and mining power.Iftwo altcoins share the same mining algorithm we can easily evaluate them based on the amount of mining power each of miners for each altcoin. This is commonly referred to as the hash rate because of the prevalence of puzzles that use hash. As an example, Zetacoin is an altcoin which uses SHA-256 mining algorithms similar to what Bitcoin has, however, it also has a hash rate in the network of around 5 Religious Email address lists

Terahashes per second (5*10 hashes/second) in December 2015. This is roughly 100-thousandths of Bitcoin’s total mining power. It’s a bit more difficult to evaluate the mining power of the coins that utilize various mining puzzles can require different amount of time to calculate. In addition, the mining equipment that is designed for one coin isn’t always suitable for mining (including attack) one coin.

For an altcoin that has an entirely new mining algorithm We can still gain something from the shift in the mining power of the coin in the course of time. Increases in mining power indicate the possibility that more people have joined the group or have upgraded to stronger mining equipment. The loss of mining power typically signifies that miners have opted to abandon the altcoin. It is generally an indication of danger. Religious Email lists

Comparing altcoins with other indicators. There are other indicators to take a look at. The changes in an altcoin’s exchange rate over time provides indications of its health and is often linked to the changes to its hash rates across long intervals of time. The volume of exchange on different third-party exchanges is an indicator of interest and activity for the cryptocurrency. However the amount of transactions carried out on the block chain does not tell us much since it could just be a result of individuals transferring their own money around in their wallets maybe even in a way that is automated. In addition, we could examine the number of companies and merchants are able to accept the altcoin. Only those that are most popular are typically accepted by payment processors. Religious Email quality  lists

The economic perspective of Bitcoin-altercoin interactions.The connection with Bitcoin as well as altcoins can be complex. In one way the two cryptocurrencies compete with one with respect to their respective capabilities, since they all provide a method to pay online. If there are two standard or protocols or formats which are similar in terms of the services they provide in terms of functionality, then one tends to win because of what economists refer to as “network effects.”

For instance, HD-DVD and Blu-ray were in an intense battle in the late 2000s for the title of the successor to DVD formats. In the course of time, Blu-ray began gain popularity in large part due to the cult PlayStation 3 console functioned as Blu-ray player. This made Blu-ray an appealing format for film studios, and this popularity was reflected in the following: when more films were made on Blu-ray, more people purchased standalone Blu-ray players which led to more movie releases, and the list goes on. In the same way, if your family members own Blu-ray players you’d probably want one for yourself instead of an HD DVD player since it would be possible to switch movies. Within 2 years HD DVD had become a footnote to the past. Religious Email lists

Sidebar: Who wins the race? Long before HD DVD has been invented, there were countless instances of technology standards that rapidly fell to a rival and fell into obscurity, starting from Betamax old-fashioned videotapes and Russian railroad tracks that were gauged. If you’ve not heard of them effects, then network effects are the main reason. Sometimes, as the case with Thomas Edison’s direct-current power grid and. Nikola Tesla’s alternating current power grid, which one won (AC) was decided by the overwhelming superiority of technology. In many other instances the opposite is true, for instance Betamax tapes losing out to VHS cassettes, the loser could be actually superior in terms of technology and network effects sufficient to overcome the small technological disadvantage. purchase Religious Email  lists

This argument suggests that one cryptocurrency will be the dominant — most likely Bitcoin which is by from being the largest and most favored one in the world today, even though other systems might be considered to be superior in terms of technology. This is an oversimplification. There are at minimum two main reasons that the competition between cryptocurrency isn’t like the rivalry with discs formats. Religious Email consumer  database

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It’s first, it’s fairly easy for people to change one currency to another and also for merchants accepting more than one currency this means that several currencies can easily be able to coexist and prosper. In terms of economics, cryptocurrency have relatively low costs for switching. In comparison to DVD players, which is where the majority of people don’t require two devices in their homes and cannot convert their existing collection of discs in case they upgrade to a device that plays the different format. Religious Email address lists

Costs for switching are definitely not zero when it comes to cryptocurrencies. For instance, people may purchase hardware wallets that can’t be upgraded. However, it’s generally easy to change cryptocurrencies or use multiple currencies simultaneously.

As we mentioned previously, many altcoins come with distinctive features that give them the reason why they exist. They shouldn’t be viewed as merely substitutes for Bitcoin and could be in some ways orthogonal or even in some cases, they are complementary. When viewed this way, complimentary altcoins can actually enhance the value of Bitcoin instead of competing with it. If Namecoin is successful, for instance, Bitcoin users have one additional thing they can accomplish with their Bitcoins. Religious Email lists

However, this image of a happiness and cooperation is an oversimplification. Many altcoins, including Litecoin, just try to provide the same functions that Bitcoin does Bitcoin however in a different and perhaps more efficient way. Although new features are being provided, many uses-cases are accomplished inside Bitcoin however in a less attractive manner (we’ll be talking more on this subject in chapter 11). Supporters of the do-it-on-top-of-Bitcoin model argue that having numerous altcoins divides the hash power available and makes each currency less secure. purchase Religious Email  lists

The advocates of altcoins argue contrary to what they say, altcoins let market forces determine what features are worthwhile as well as which systems are superior and other such things. They also claim that having several altcoins mitigates the potential damage caused by a catastrophic failure for any system. They also note they believe that Bitcoin developers are risk-averse, and the process of adding additional features or functions to Bitcoin through the use of a soft or hard fork can be slow and challenging. On the other hand, it is easy to try out a new idea via an altcoin; altcoins can be seen as a research-and-development test bed for potential Bitcoin features.

The reality is that there’s some tension between the supporters of Bitcoin and those who support altcoins. However, there is the feeling of collaboration.

Merge Mining

In this section , and the nextone, we’ll set aside the issues of culture, politics and economics. Instead, we’ll focus on technological interactions that occur between Bitcoin as well as altcoins.

Altcoin infanticide.As in 2015, Bitcoin’s hashing power is greater than all other altcoins. In fact the mining industry is dominated by powerful players and pools that have greater mining power than the entire altcoins. This type of miner or organization could be able to carry out an attack against a smaller altcoin (if it utilizes the same SHA256 mining algorithm like Bitcoin) which could result in the forks to split and other havoc that can be enough to destroy the altcoin. This is known as altcoin infanticide. buy Religious Email targeted  list

Why would anyone commit this, when they’ll have to use their valuable mining power and will not receive a substantial cash reward? Let’s look at the 2012 attack against a tiny altcoin known as CoiledCoin The operator of Bitcoin mining platform Eligius believed the CoiledCoin was a fraud and a slap in the face to the cryptocurrency community. Thus, Eligius targeted its mining resources towards CoiledCoin mining blocks that reversed days of CoiledCoin transactions and also mining a lengthy chain of empty blocks, causing an attack of denial of service that stopped CoiledCoin customers from engaging in transactions. After a relatively short battle CoiledCoin was abandoned by its users, and the cryptocurrency is no longer. In this case, and in many other altcoin infanticide incidents it is believed that the attacker was driven by something other than direct financial gain. Religious Email lists

Merge mining.By default, for instance, that an altcoin modifies the Bitcoin source code, but makes any other changes, mining for the altcoin is only available to. This means that you could try to find the puzzle of mining to determine a block that is valid to mine the altcoin or Bitcoin however, you shouldn’t attempt at solving the two puzzles simultaneously. Of course, you could split your mining resources so that you allocate some of them to mining the altcoin, and some for working on Bitcoin. You could even split your resources between several altcoins, and you can alter your allocation as time goes by however, there’s no way for you to use your mining power to serve double work. Religious Email consumer  database

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Exclusive miningand network-related effects, it could make it challenging for an altcoin to get its bootstrapped. If you were to start an altcoin, and convince the current Bitcoin miners to join your network, they’d need to cease working on Bitcoin (with minimum a portion part of their assets) that would result in the immediate loss of Bitcoin mining benefits. The altcoin you choose to launch is likely to be a small one as it is a hashing capacity and more vulnerable to attacks of infanticide from Bitcoin miners. Religious Email database for sale

Could we create an altcoin to allow us to mine blocks on the altcoin as well as on Bitcoin simultaneously? In order to do this, we have to design blocks that incorporate transactions that are derived from each of Bitcoin along with the altcoin to make them applicable to both chain of block. It is easy to design the altcoin such it permits Bitcoin transactions to be included in its blocks because we can define the rules for the altcoin as we wish. However, the reverse is much more challenging. What is the best place to put transactions from altcoins into Bitcoin blocks? in Chapter 3, and in Chapter 9, we’ve learned how to insert random data in Bitcoin blocks, however, the speed of these methods is extremely restricted. buy Religious Email targeted  list

However, there’s a trick in the event that we cannot include the details of the transactions of altcoins into Bitcoin blocks it is possible to put an overview of the transactions made by altcoin into Bitcoin blocks by way of a hash pointer that is attached to the block of altcoins. Finding a method of putting an individual hash pointer inside every Bitcoin block is simple. Particularly, remember that every Bitcoin block is associated with a specific transaction known as the coinbase transaction. This is in which the miner generates new coins to be used as a block reward. The scriptSig field in the transaction is not important and therefore can be used to store any data (there’s no requirement to verify the Coinbase transaction because it’s not consuming any transaction outputs prior to it). Therefore, in a merge-mined altcoin the mining job is to calculate Bitcoinblocks that’s Coinbase scriptsig has the hash of the block of an altcoin. Religious Email lists

This block now has the ability to do double duty: to Bitcoin users, it appears exactly like every similar Bitcoin block, except that it contains a hash inside the coinbase transaction that is not recognized. Altcoin clients can interpret the block by not noticing the Bitcoin transactions, and examining the altcoin transactions triggered by the hash of this transaction. It is important to note that although this does not need any modifications to Bitcoin but it will require the altcoin to understand Bitcoin and to accept merge-mined blocks. buy Religious Email targeted  list

If our altcoin is merg-mined We hope that a large number of Bitcoin miners will take it to mine since it doesn’t require more hash power. It will require a small amount of additional computational power to process transactions and blocks, and miners must be aware and appreciate our altcoin in order mining it. Let’s say that 25 percent of Bitcoin miners using ishing power mining altcoins. This would mean that, on average, 25 percent of Bitcoin blocks have points to altcoin block. So, it appears to be that, in the altcoin we have, a new block will be mining on average each 40 min. Even more disturbingly, since the altcoin’s blockchain is bootstrapped and the proportion in Bitcoin miners who mine it tiny The time between blocks could last for long or even days and that’s not acceptable.

Can we guarantee that blocks of a merg-mined altcoin are produced in a regular manner that is as high or as low as we like, regardless of the proportion that Bitcoin miners who mine it? Yes, it is possible. The problem is that, even while the mining procedure for the altcoin is exactly the same as for Bitcoin but the target for mining should not be the same. Religious Email lists

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The altcoin network calculates the goal and the difficulty of its blocks independent of Bitcoin. Bitcoin network. As Bitcoin adjusts its mining targets to ensure that blocks are found every 10 minutes, on average The altcoin network would alter its target to ensure that blocks from the altcoin are discovered every 10 minutes or any other value that is fixed. Religious Email  database free

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Bitcoin blocks are mined by merge-miners for altcoins.

Bitcoin blocks are mined by miners who are not altcoins Religious Email database for sale

An attempt to Bitcoin blocks discovered by miners of altcoins who met the altcoin’s target for difficulty, but not Bitcoin’s .

Figure 10.5: merging mining. buy Religious Email database for marketing

This means that the goal of the altcoin will usually be lower than Bitcoin’s and certain (or even the majority of) altcoin block will not be identified by legitimate Bitcoin blocks. This is fine! It is best to think of your Bitcoin block chain as well as that of the altcoin block chain to be two separate chains that occasionally point from an Bitcoin block that point to or from an altcoin block. The illustration is by Figure 10.5. In this case 60 percent of Bitcoin miners use the altcoin to mine while the altcoin’s block-to-block time is five minutes. This means that the altcoin’s complexity is 60% * 5/ 10, which is 30% of Bitcoin. Be aware that 40 percent of Bitcoin blocks do not have hash points to altcoin block. Religious Email lists

However, every valid altcoin block comes from attempts to mine an Bitcoin block, however less than 30% achieve Bitcoin’s difficulty goal. For the remaining 70% of altcoin block the altcoin network has to be able verify the solution to the mining puzzle. One way to do that is by broadcasting the Bitcoin near-block along with the block for altcoins. However, a more effective method is to broadcast only the head for the Bitcoin near-block, and also the Merkle evidence of the including the Coinbase transaction within the Bitcoin block.

It is also possible (although not often noticed) that the altcoin could actually have more difficulty than Bitcoin. This isn’t common since the majority of altcoins would like to see blocks discovered more frequently than every 10 minutes. However, in the event that you desired a lower rate, it would be possible to achieve. In this scenario you’ll see Bitcoin blocks that they hoped would be an altcoin block but they’ll be rejected on the altcoin exchange due to the fact that they don’t reach the higher difficulty threshold. buy Religious Email database for marketing

Also, take note that all altcoins can be combined with Bitcoin and each miner can choose any of the altcoins that they want to merge. In this instance there is a Coinbase scriptSig itself would be an Merkle chain of hash pointsers to different altcoin block. Pay attention to the various degrees of complexity: proving whether an altcoin transactions is in fact included is the verification of the following: (1) a Merkle evidence of the inclusion of the transaction within the block of altcoins (2) the Merkle evidence of the inclusion of the block hash from the altcoin within the Coinbase scriptSig, and (3) an Merkle evidence of the that the Coinbase scriptSig within the Bitcoin block or near-block! Religious Email lists

Mining with Merge and security.Merge mining can be an unintended blessing. It helps with bootstrapping as we’ve previously discussed, and the increase to your altcoin’s total hash strength increases its resistance to attack. Someone who wants to purchase computing power to degrade your altcoin would require an immense initial investment. Religious Email  database free

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However you could claim that this argument is not true and creates an illusion of security, as an adversary is likely to be able to recoup the cost of his investment through mining Bitcoin in the first place, so the cost of attacking your cryptocurrency is minimal. It is much easier to understand by considering an adversary that is already a major Bitcoin mining. In reality, CoiledCoin, the altcoin mentioned earlier, which suffered infanticide, was also merge-mined. It is believed that the Eligius mining group and their users didn’t have cease Bitcoin mining to target it. Actually, participants in the pool did not know of the computing resources being used for the attack! Religious Email database for sale

Sidebar: the latest trends regarding altcoins mining puzzles.As as of 2015, a small number of altcoins have the same SHA256 mining puzzle as Bitcoin as well as without merge mining. This indicates that it could be thought to be a security risk. Scrypt is the more well-known choice that renders Bitcoin ASICs unsuitable to mine or attack altcoins. Naturally, scrypt ASICs designed to be used in Litecoin mining might be employed to attack them.

If we look at the rationality of a miner’s decision to merge to merge or not merge their mines, we discover many issues regarding the security and security of merging mining. Remember that, roughly speaking, mining is only appropriate in the event that the expected return equals or exceeds the anticipated costs. In the case of Bitcoin mining, the expense is mostly a result computed hash. For those who are an active Bitcoin miner who is deciding whether or not to with an altcoin, there is no cost additional from hashing. The additional cost is due to two elements that include the calculation of bandwidth, storage, and computation required to validate altcoin transactions. They also necessity to keep the up-to-date software and possibly make educated decisions when the altcoin is in the midst of soft or hard forks. buy Religious Email database for marketing Religious Email lists

This logic yields two conclusions. First, merge mining benefits from huge economies of scale since all miners pay the same expenses regardless of their hash strength. This is quite different from Bitcoin where the cost is proportional to hash power at least in the initial estimation. For a lower-value altcoin an individual mining operation will not be able to combine mining it as it will cost more than the tiny rewards they can earn due to their lack of hash power. Be aware that, as of 2015 the potential earnings from mining altcoins has remained only a tiny fraction of Bitcoin mining earnings. This suggests that when compared with Bitcoin the altcoins that are merged will have greater centralization or the concentration of mining power. Religious Email lists

An additional prediction is that the majority of miners will decide for outsourcing of their transaction verification. The lower the value of the altcoin the more incentive there is to outsource. The most natural method to accomplish it is join the Bitcoin mining group. This is because pool operators typically remove these calculations from miners who are in charge. The pool operator creates an Bitcoin block that combines blocks of (zero and more) altcoins after confirming the transactions within the Bitcoin block and the other altcoin blocks. The miner is simply trying to find the nonce. The predictions are proven in actual. For instance, GHash.IO, at one time the biggest Bitcoin mining network, permits to merge mining Namecoin, IXCoin and DevCoin. These were the most popular merging altcoins. Religious Email business  database free download