The cryptocurrency Ethereum and its plans beyond just money


#1

I notice over in the thread Cracker’s Work Log, that he’s talking about cryptocurrencies being addressable in HiFi, but there was no mention of one particular cryptocurrency I’ve heard much talk about lately that has grander ambitions than merely being a virtual currency… which make me wonder how that might effect the direction HiFi goes in with stuff like hooks to bolt services onto under the hood.

I have heard that Ethereum has some really interesting plans for the future that go well beyond currency. So I gather, they also intend to create a decentralized means of distributing video content, sorta like Youtube but without the central server, but also a ways to distribute audio (music?) or just about any other kind of content, while also providing private IM services, private voicechat, and other things.

I don’t see anything on their official website about it, the only place I’ve heard about these plans is secondhand from some guy’s weblog where he mentions them in passing (it sounds like this stuff is mainly mentioned in their mailing lists or something), so I have to take it with a grain of salt, but if it’s true, things could get VERY interesting for the future of cyberspace,

Anyway, their website is here: https://www.ethereum.org/


#2

After more thought on this… it’s interesting that Ethereum have their build a decentralized application thingy, which among other things it now occurs to me me might wind up building in-world apps and games, such as tabletop chessgames playable against someone elsewhere on the Net (who might not be playing it in HiFi but with a desktop app)…

What would it take, I wonder, to incorporate their app-making API into HiFi’s in-world system? Not so much to build the apps themselves in world (tho that would be interesting, too), but to make it easy to interface with an app made with that system.

(BTW, that list of their projects is a third party listing, not affiliated with Ethereum. I have no connection with them either, I just like how interesting that whole project looks from outside.)


#3

I have a working Bitcoin/Litecoin/Doge wallet in hifi now. It is still in development and using testnets though. Don’t have a beta date in mind but should be soonish.


#4

Will you make an announcement about this? Do you need vendor testing; preferably one whom you know is savvy with crypto-currency?

cc: @Triplelexx


#5

24 hours later, still puzling where’s the normal currency people can use bitcoins is so rare payment methode that most not have it. including me.

Or is this only a coin you mabye cannot use on marketplace to pay server resources ? Get lundry flashbacks. If LL is already hyper on it. Then have more currencies that need to be possible to exchange betenn different ones to buy some. Sounds messy.

In other words, missing some clue.


#6

Yes everything will need testing. I’ll post a beta signup page soon.

Richard I would say Bitcoins are probably easier to get and more common than Linden dollars. There are tons of places on the internet to buy cryptocurrencies and a lot of places that accept it as payment.

Right now Thrall uses Bitcoin, Litecoin and Dogecoin. There is no special use for any of them and it is really just a matter of preference for users and merchants. Eventually we want merchants to be able to issue their own tokens (smart assets attached to their wallet) they can use for things such as coupons, reward points, voting/ownership points, or their own “currency” such as in-game gold.

The only special cryptos I can think of are maybe Ethereum (ethereum uses “gas”) and DeOS tokens (they claim these tokens will be used for server resources). I guess if everybody insists on having their own cryptocoins for their own services it could get confusing but really it’s not much different than a store offering its own charge card (for instance Wal-Mart offers a Wal-Mart card where you can buy things from their store but nowhere else).


#7

Hmm…Cash in a Flash with Zcash

What is Zcash?

If Bitcoin is like http for money, Zcash is https. Zcash offers total payment confidentiality, while still maintaining a decentralized network using a public blockchain. Unlike Bitcoin, Zcash transactions can be shielded to hide the sender, recipient, and value of all transactions on the blockchain. Only those with the correct view key can see the contents. Users have complete control and can opt-in to provide others with their view key at their discretion. Zcash transactions do not depend on the cooperation of other parties.
How does it work?

Zcash encrypts the contents of shielded transactions. Since the payment information is encrypted, the protocol uses a novel cryptographic method to verify their validity.

Zcash uses a zero-knowledge proof construction called a zk-SNARK, developed by our team of experienced cryptographers. These constructions allow the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Instead of publicly demonstrating spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is cheating or stealing.


#8

Right… it is basically Bitcoin but supposed to be more anonymous.

Although it is likely just another ICO money grab.

I will stick with the more established cryptos myself… for now.

We thought about implementing a new currency just for HiFi to go along with BTC, LTC and DOGE for Thrall.


#9

I’m interested in talking about the scammer by bitcoins. In this article - Bitcoinbestbuy write about scam schemes. This is what for example?


#10

There are a lot of cryptocoin scams. There has been everything from fake wallet software to very elaborate ICO schemes.

The main problem with these sorts of scams is criminals frequently get away with it because it seems like law enforcement is more interested in enforcing laws that make them money rather than protecting consumers who lose money.

Here is a good example of a ICO scam.


#11

Ohh…Thanks for the link


#12

One thing about these cryptocurrencies it has made it almost impossible to inexpensively buy new parts to build a system to run High Fidelity.

What used to cost $600 now costs $1300 because of miners.


#13

buy new parts

You mean stock of year old cards still sold, after all the scalpers increased price after manufacturing slowed down as moved onto the newer cards comming out this year.

The new cards comming out this year will be at their MSRP again until they move on again. But right now, its wiser to wait until the new cards are out, because they will be cheaper than the scalped components.

I think that wafer price will not much increase for consumers though, because they have a hardware sellers have overhead to the price of the components vs sale price to remain competative. After all, the wafers are the cheapest components which back in 2014 cost 3 dollars for a square inch which can be used to create 3-9 hardware components So most you would see is probably around 1-3% increase in total price if such occurs.

Here is a good explination of microchips and wafers


#14

I will open a new thread tonight for more robust discussion in response to your thoughts as well as providing detailed analysis of my own in a topic.

Sans to not jump the rails on Nathans topic.