Before starting I want to state that, as per Marble’s official announcement on Humanity DAO, the project’s current smart contracts are in a “pre-alpha”state. This means that they “may contain bugs” which result in a “loss of funds”.
You should also be aware of the fact that this is not an investment opportunity. Please do not enter with the hope of making a profit.
Now that we have warnings covered, let’s continue. As mentioned, the Humanity DAO project is one which seeks to solve the issue of unique identity on the Ethereum blockchain. It was created by Ethereum based lending platform Marble.
The current situation with Ethereum addresses means that any one person can create an unlimited number of wallets. This is not an issue within itself. However, this mechanism provides quite the issue for applications which require each participant is unique, for example a voting app.
If people are not proven to be unique when voting on proposals, the application utilising the vote is susceptible to a sybil attack. A sybil attack is an attack in which one person games a voting system by using multiple votes. It is one of the most common types of attack in the crypto-space.
Marble’s Solution: Humanity DAO
The solution offered by the team behind Humanity DAO utilises a so called Web of Trust (WoT). A WoT is essentially a system by which a pool of people, confirmed to be unique, vote on the legitimacy of new applicants. When someone is deemed to be unique they are added to the pool of voters.
Generally speaking, WoT systems implement an approach which rewards people for honesty when voting, while penalising dishonesty. However, as far as I am aware, the Humanity DAO only penalises applicants, not voters.
The idea of a WoT is not unique to Humanity DAO, other blockchain solutions (such as Enumivo) are also attempting to implement it.
Humanity DAO’s introduction states that their system uses their own Ethereum based token. The token is called HUM and has a total supply of 100m tokens.
The token is distributed in a way which sees 75m issued as an incentive to join the platform. This reward is only applicable to the first 10k people who are successfully voted into the platform.
There is no information regarding whether tokens are issued equally or staged. As the tokens will have weight on the outcome of future votes I would expect them to be equally distributed. But this is just speculation.
The Rest of Their Tokens
The remainder of the HUM tokens are allocated in a way which gives 20m to the development wallet and 5m to be ‘mined’.
Said development funds are also to be used in a way which will give the dev team a “small portion”in order to allow them to “participate in voting”, although exact amounts are not disclosed.
The method by which the 5m ‘mined’ tokens are to be distributed is somewhat unclear. While the official introduction states they will be “mined directly into Uniswap… at a rate of 1 per block (for ~2 years)” it does not clearly state howthey will be mined.
Teething Issues or a Lack of Transparency?
With so much still to be cleared up it is expected Marble’s Humanity DAO project would have teething issues.
However, Reddit user fuckhumanitydao noticed an issue with the project’s admission rate and found something odd.
According to his research (backed up with blockchain data), the team behind the Humanity DAO project purposefully manipulated their own system in order to allow Vitalik Buterin (a co-founder of the Ethereum network) to slide into the first 100 members.
The relevance of being within the first 100? A large percentage of the tokens which are used for governance of the system.
How Did They Do It?
Fuckhumanitydao’s post states that Vitalik was applicant number 136 and the Humanity DAO dev team used their voting power to veto applications ahead of him. As a result Vitalik Buterin made it into the first 100 applicants.
He then continues to prove his accusations with the address of a member from the team and matching transactions which ‘kick’ members ahead of Vitalik.
Vitalik Buterin commented on the situation and stated he would no longer support Humanity DAO if the accusations were true. He went on further to state that it appeared Humanity DAO have retroactively sought to prioritise “some subjective class of people”, continuing to state he believed that a “maximally simple and neutral project” was what the community needed.
A member of the Humanity DAO team, Rich Mcateer, attempted to calm the storm by commenting in the thread.
He promised that the firm had “good intentions” and that they tried their best. Rich continued to argue that the team saw their actions as the “best path forward”.
Judging by the response of their representative, and in consideration of the proof provided, it would appear that Fuckhumanitydao’s accusations are, in fact, true.
The reasoning behind the actions of the Humanity DAO team are understandable, however, they do go completely against the transparent nature for which blockchain was intended.
Since the incident Humanity DAO have released a statement on their blog which explains they will compensate those who were kicked with: 12 DAI, 500 HUM and their ETH gas fees.
You can read it here: https://medium.com/@mcateer/humanitydao-community-update-7390c58d7d47
Peace, love and happiness.
Original article: https://somethingdecent.co.uk/news/blockchain/humanity-dao-seeks-to-solve-the-issue-of-unique-addresses-on-ethereum/
Yesterday, May 21st 2019, the British FCA released a statement containing figures related to currency and ‘crypto asset’ scams.
It states the total amount of money lost through said scams tops £27 million and represents an average loss of over £14,000 per person affected.
The report highlights online trading platforms which have a “get rich quick”theme as the main culprit. It also states that said schemes often use fake celebrity endorsements to legitimise their brand in the eyes of consumers.
“Fraudsters often use social media to promote their ‘get rich quick’ online trading platforms. Posts often use fake celebrity endorsements and images of luxury items like expensive watches and cars. These then link to professional-looking websites where consumers are persuaded to invest.”
It goes on to state when people invest they’ll tricked into thinking they have “made a profit” then be convinced to reinvest and/or introduce friends/family.
Eventually the victim’s account on the platform is closed and the scammer moves on.
Some Safety Advice
Nobody wants to get scammed, so I thought I would give some safety tips for any newcomers in the crypto-space. A lot of this will be ingrained in most of your minds with other basic information like “the sky is blue”.
However, if you don’t know your hot wallet from your hot pocket this is for you.
Rule #1: Never Share Your Keys!
The first rule of crypto is a very simple one but it is the most important. Do not share your private key with anyone.
Your private key is your metaphorical key to your existence in the crypto-verse. No legitimate website will ever ask for your private key as a result of this.
A solid rule to go by is this: if a site asks for your private key it is not a site you want to be visiting. The only people you should ever share your key with, are people you would give access to your bank account.
Rule #2: Invest What You’re Comfortable Losing
Although this rule might well be a cliche, it is an important one. Never invest more money than you are able to lose. If your investment is using money which you need for the rent, pay the rent.
The volatile nature of the cryptocurrency industry means even legitimate projects have a high chance of losing you money. While the industry is still finding its feet it is hard to accurately predict what tomorrow’s price will be.
If you look at the bitcoin charts you will see that the price can change hundreds of dollars in a matter of hours. This type of swing has the ability to cripple new investors.
This brings me to my next point…
Rule #3: No One Can Guarantee a Profit
If a project is guaranteeing that you will earn a profit, avoid it. It is more than likely a scam and will take your money.
We have all had bad experiences in the crypto-space and let our greed cloud the judgement of our mind. It’s a hard lesson to learn but an important one.
You’ve heard the saying about things which are too good to be true. Well, the same rule applies here. If something is guaranteeing you a profit on your investment run for the hills.
Rule #4: Do Your Own Research
Again, a pretty basic rule but important none-the-less. People take random internet personalities all too seriously in all walks of life. Don’t do the same with your investments.
Just because Bob, the famous internet blogger with a million fans, says something is a good project to invest in doesn’t mean it is.
A lot of the time famous internet bloggers/vloggers are being paid to push a product. Again, crypto is no different.
On top of this you also need to factor in the possibility of the online personality trying to get a bit of attention to a coin they wish to dump.
Rule #5: If You’re on the Ropes, Bail
This is a rule I try to employ in all walks of life. If you are not 100% sure in the prospect of investing in a project, don’t.
As humans, when we are on the metaphorical ropes about something we tend to make brash decisions which we may regret. This is why I would advise to always lean on the side of caution when you are unsure.
Better safe than sorry.
Love, peace and happiness.
Original article: https://somethingdecent.co.uk/news/cryptocurrency/british-fca-warn-of-27m-scams-in-currencies-and-crypto-assets-last-year/
Matched with 758.9286ENU:
Because of the manual claim I've managed to burn yesterday's stake as well 🙂. It's all good for the big picture:
[2019-05-20 08:42:55] BP: dragosvlaicu
[2019-05-20 08:42:55] ENU used: [379.4643] TX: https://enumivo.qsx.io/transactions/c025d195bdbef6e227f053c7c4f6f08b286da18197bdbc9b5e23da685e4df4f9
[2019-05-20 08:42:55] ELN burned: [22471.5302] TX: https://enumivo.qsx.io/transactions/db85e6caf896b38b8b5837797c7e705b0e38f26caa7857fda3228561b6a6786a
I thought that I've started gaining more, that's why I had to check 😄
I want to start this article by warning all who use this service that it is a custodial one. I am in no way vouching for the legitimacy of it, or its owners. Simply that I have used it and it worked. As always, you should practice caution and do your own research when your BTC is concerned.
Sat2.io is a website which provides the ability to connect to the BlueWallet app and let you send BTC to anybody with no more than their phone number. I first saw this service pop up in a Reddit thread about another BTC app and thought it sounded interesting.
Having recently discovered the BlueWallet app I wanted to explore some of its features and this seemed like the perfect opportunity.
I decided the best way for me to test the Sat2.io service was to simply send myself a few satoshis. So that is what I did.
The entire experience is extremely easy to understand and the user interface is seamless. When you enter the site you will be presented with two input bars. One is for the amount you wish to send, and one for the phone number of the recipient.
Once you have done that you will be presented with a Lightning invoice in the form of a QR code. You will then need to log into your Lightning wallet and pay the invoice. Once the digital bill has been settled you will see instant confirmation on the Sat2.io page which previously held the invoice.
If everything went correctly the number you entered should now get a text message with a link inside it. When they click the link they will be directed to a page on sat2.io which contains information about the transaction. The page will automatically seek to open or download BlueWallet.
Once BlueWallet is downloaded clicking the link will request the user opens the app. After opening the app they will see a notice which informs them they have received a some satoshis and asks whether they wish to claim them. When the user agrees to receive the satoshis the process is complete. You successfully sent someone some BTC with their phone number.
Love, peace and happiness.
Original article: https://somethingdecent.co.uk/news/cryptocurrency/sat2-io-lets-you-send-btc-to-a-friend-via-their-phone-number/