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      "body": "The blog post [https://attractgroup.com/blog/what-is-poc-in-software-development/](https://attractgroup.com/blog/what-is-poc-in-software-development/) on Attract Group provides a comprehensive overview of Proof of Concept (POC) in software development. It effectively highlights the importance of POC in minimizing risks and validating ideas before full-scale development. The real-world examples showcased illustrate how a well-executed POC can lead to innovation and streamlined project planning. Overall, this article is a valuable resource for developers and entrepreneurs looking to enhance their project strategies.",
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      "title": "Kyber the network",
      "body": "Brief introduction:\n\ndecentralizsed finance or defy is one of the hottest sectors on the market so hot in fact that it can sometimes be hard to keep up, flash loans, Dex's, derivatives and portfolio management the list goes on, every day sees the launch of a project just trying to take your breath away now I'm not one to be swayed but I have to say that defi is here to stay and if this is the case then the kyber network is perhaps one of the project's best positioned to take advantage, in this article I'll be taking about at where the kyber network stands today as well as exploring some of the most exciting things yet to come finally I'll be giving you my personal take on where I see Kyber and KNC going this year so be sure to stick around till the very end now I'm raring to go but before I get ahead of myself this is not investment advice and I sure hope that you are not using it as such please do your own research it's definitely not overrated let's get cracking with Kyber before I can take a look at what Kyber is up to I need to give you a brief intro into what the Kyber network is?\n\nwhat is kyber?\n\nit's a decentralized exchange protocol that provides on chain liquidity what do I mean by that well it basically gives users the ability to exchange ERC20 tokens with one another on the ethereum blockchain in one seamless transaction through the use of smart contracts\nthe Kyber Protocol offers a single interface for the best available token exchange rates to be taken from an aggregated liquidity pool across diverse sources I won't go into the exact mechanics of how this works right now but to give you a short overview,\n\nHow kyber works?\n\n\n![image.png](https://images.hive.blog/DQmXzBUzr1AP3R8xQz5SoisHVfMRirWMvCQtoKDXxMgAcBi/image.png)\n\nthe Kyber network consists of takers that remove liquidity from the protocol by calling the Kyber's core smart contract, basically they are initiating a token swap from one to another, these takers can be end-users exchanges wallets or dapps \n![1.png](https://images.hive.blog/DQmfZZbeyBDCwFBvLBNsHSgjd5JWwR7LfjFJoAVwJg4GYF2/1.png)\n\nthen on the other side of the market you have your reserves which you can think of as your makers they all provide the liquidity to the network in terms of both token inventory and prices these reserves will interact with the reserve interface contract when Kyber is trying to match a trade all of these reserves will be queried through an interactive process to find the best trading conditions this is all done in a decentralized automated and instantaneous fashion pretty cool right anyways these reserves are usually liquidity pools token holder projects etc \n\n\n![2.png](https://images.hive.blog/DQmbXtivGiqFa3jNcpoWupFUyNgze5zJdbrnAa4dQA1Gdzy/2.png)\noh you also have the maintainers on the network which is basically any entity that has the permissions to access the functions in this case it is the kyber network team now that is a short overview of how the kyber network functions.\n\n![3.png](https://images.hive.blog/DQmZZomaojA6vJ7RdWwJ2E8LxRRGbGx5YVDmutjc6rgWCxP/3.png)\n\n four primary features of using kyber\n\n![4.png](https://images.hive.blog/DQmUQvKTvgyDWTxi2VMQVNbYnvSS7fWPWh1rKJJcHZ3at1e/4.png)\n\n\n\nbut what benefits does this have well there are four primary features of using Kyber's on chain liquidity protocol firstly you have that instant trade settlement we don't have to wait for any sort of order fulfillment settlement and matching is done in a single on chain transaction secondly there is no concept of partially executed orders like you get on centralized exchanges or other Dex's the trade is either fully executed or is reverted another great feature of the kyber protocol is the transparency of it anyone can verify the rates that are being offered by the reserves so they can make sure that they are indeed getting the best rates finally the kyber network protocol remains one of the easiest to integrate with through their smart contracts api's and widgets other applications can use them to seamlessly exchange tokens and this point is part of the reason why I think that the kyber network is best positioned to take advantage of the defi boom by offering a seamless integration solution numerous exchanges wallets and defi projects are using kyber \n\n![5.png](https://images.hive.blog/DQmXYgjJDBbdvqTAqp4h91pfZD3BSbodMy7yaN6KPk8utV8/5.png)\n\nnow let's explore this a bit more firstly you have the crypto wallets the ability to be able to swap tokens right there on the wallet is a great feature now although you may be able to do this with some wallets\n\n\n![6.png](https://images.hive.blog/DQmbnApTfAFbVTe2kEa7gUCXtkefGFpnPZWdEKDz9jhDBP3/6.png)\n\nit's important to note the difference between an off chain and an on chain exchange many wallets including coinomi, atomic walletn guarda etc offer off chain non-custodial conversions through services including shape-shift changelly etc these come with fees and are not done in a single on chain protocol swap centralized so to speak however when a wallet integrated with kyber they are using the protocol to exchange tokens with the reserves or makers quickly and with no fees here are some wallets that have already integrated with the kyber network \n\n\n![7.png](https://images.hive.blog/DQmeQU1jHyswiCcdS4YC6178pjehZTVqqhkNGnabdXsAk4f/7.png)\n\nCoinbase, myether wallet, trust wallet etc moving on to another kyber network integration use case you have decentralized ecommerce payments how cool would it be if you could accept payments in any token and have it converted into your preferred one all done instantaneously and in an automated fashion someone could buy that item in your online store with ethereum and have it instantly converted into DAI stable coin\n\n\n![8.png](https://images.hive.blog/DQmTTjWve2Ktm3YKS2guQp7bmZZbSFreLv8Mo8nDoSgNVRq/8.png)\n this could bring more certainty to commerce you won't have to first sell the tokens in order to secure the Fiat value here are some of the projects are they using kyber to do \n\n\n![9.png](https://images.hive.blog/DQmSVxDAnfBeyf26XZLf8iSz1qm9MiKALvHnx8H3pV6XghB/9.png)\n\njust that another really cool integration that was recently announced was that of the AxieIinfinity which is using Kyber's liquidity protocol to accept ERC 20 payments for non fungible tokens or NFT's this is a sector that I'm also really bullish on and it's great to see that kyber is the go-to solution for Unchained payments, one of the most compelling use cases for kyber is for those much vaunted defi projects how are they using the kyber network well they take advantage of the onchain liquidity a Kyber network to liquidate assets or rebalance crypto portfolios for example you have SET which is a portfolio optimization dapp it uses kyber in order to automatically rebalance your crypto portfolio to desired percentage allocations you also have FULCRUM which is a defi platform for tokenized lending and margin trading they use the kyber protocol in order to provide swapping services and create the margin positions there are of course a host of other Defi projects that are using the kyber Network I won't go into them here but you can see a full list on their website \n\n\n![10.png](https://images.hive.blog/DQmbovhjiRkUUMyA4E6rSfu7tFRSjM9kmds2hydYs6GTU3s/10.png)\nand you also have one of Kyber's owned apps in Kyber swab this is basically Kyber's own unique decentralized exchanged app that uses the kyber protocol to exercise its trades it has a pretty slick and user-friendly interface that allows you to exchange over 70 different tokens.\n\n\n![11.png](https://images.hive.blog/DQmYC8nszDUBgCj3AMXBfnv4ikyTapCRLiyCtmz1T5yNgLs/11.png)\n\nall of these integrations show the immense use cases for the Kyber a Network and the numbers don't lie take a look at the kyber defi volumes here indeed the entire kyber ecosystem is seeing a great deal of growth across a number of use cases here are a number of the quarterly trades that have been completed the number of unique addresses and the dollar volume it's also not just the kyber network that is keeping tabs in Binance 2019 defi report they list the kyber as the most used project in defi \n![12.png](https://images.hive.blog/DQmVWfmLAwRDCUzRxj1WZvZEbrXtTJXfPSLTCgVCvKif2Qx/12.png)\n\n![13.png](https://images.hive.blog/DQmWAWL919fpkkbCPynqSQ7yrVjTeTA7NbYajncsiWrTD23/13.png)\n\n![14.png](https://images.hive.blog/DQmPu9RmDuNu3cs93VQV2XUmyokctYhUhnVa75z6up7DhBd/14.png)\n\n![15.png](https://images.hive.blog/DQmR7ry43mD4vfDLDdo7FYiFnnksRDAaoNfKTx4rnFfYyi2/15.png)\n![16.png](https://images.hive.blog/DQmTpd3sRf1UDcuawVu7ikaHQLVZ6PZJZEBMfMxEYbSePGn/16.png)\nokay so it's pretty clear that kyber is one of the go-to protocols in the space but what can we expect looking forward well firstly is the work that is taking place on cross chain interoperability one that I want to take a look at is the EOS ethereum bridge called Waterloo \n![17.png](https://images.hive.blog/DQmUY9p8DtwXt4psbKu6oeofKRG5ErvDSCo8Phm2BQVuVTQ/17.png)\nthis was first proposed in February of last year and it is Kyber's solution to communication across these chains once the implementation goes live it will allow for the transfer of value between these two eco systems the exact mechanics of how this bridge will work are beyond the scope of this article but I have linked to some resources below that should make things a bit clearer the main thing to understand is that this bridge will open up the entire EOS ecosystem to those whose Ethereum it will allow for decentralized trading and price discovery in unchain markets that you've never seen before pretty exciting now I should of course caveat that this is still in development the developers did complete a proof of concept in July\n![18.png](https://images.hive.blog/DQmbqnLEEVwNdj35AyzEVZgrHLSmdYiZcJwhwZoNQjezLdA/18.png)\nbut there is still a lot that has to be done before Waterloo can be made a production level working bridge either way I'll be keeping my eyes closely on that moving on another really important update that you need to know about is katalyst with a k' \nnow what the hell is that well basically katalyst is an upgrade to the core Kyber protocol that will not only increase liquidity but also increased general stake holder participation for example they plan to change the way that fees are distributed on the protocol \n![20.png](https://images.hive.blog/DQmS565dj9yUTEtGQB5LouY41KFJZ8Q9dGitbA1foV98pEi/20.png)\nyou may know that in the current Kyber protocol design fees are either burned or they are paid over to the dapp integrations however there is no fee reward paid to those that are providing the liquidity this means that you don't really have an incentive for the makers in the reserves to provide said liquidity these reserve operators or makers also have to hold a significant amount of KNC tokens if they want to integrate with Kyber this has often been a barrier to entry for many however with the katalyst upgrade this minimum balance requirement will be removed this will hopefully reduce the barrier to integration there will also be a new fee distribution model that will see fees be given to these market makers as rebates use to great effect on centralized exchanges in addition to rewarding liquidity providers in the reserves some of these fees will also go towards KNC takers who vote on protocol parameters\n![21.png](https://images.hive.blog/DQmQieNcXKjygYRquAtfaC5ihZ4pMDqmnpBve9gnjWDZ1xA/21.png)\n this is actually called the kyber DAO it's Kyber's attempt to strengthen the broader governance of the eco system essentially this DAO will bring in a wide array of KNC stagers including the dapps VC's wallets etc not only will they vote on protocol improvements that I mentioned before but they'll also vote on issues like protocol fees listing tokens, reserve approvals etc \n![22.png](https://images.hive.blog/DQmcF7q9VUgFnqLbcJjTEhpRVexg1yPunq7TTnx2L8FDk6P/22.png)\nso what does all this mean well all of those defi daps wallets and partners I mentioned before will be able to have a say on how the kyber network progresses oh and there's one more thing that katalyst is doing that will encourage more dapp developers and that is giving them the ability to charge their own price spread previously kyber worked on a fee sharing program with the developers with the new model they have more control over their own finances and pricing they can select a price commensurate with their own promotional models \n![23.png](https://images.hive.blog/DQma2UN7x2nKfdy6Zxg9B1tMAd9r6L9UtCfyfABUNfw7SJy/23.png)\nso if you have a dapp and you wanted to provide razor-thin spreads you didn't have much freedom previously however with the upgrade you can choose the spreads most applicable to your business model okay okay I know what you're thinking what does all this mean for Kyber's KNC well quite a bit as it happens so let's take a look into that shall we currently the dynamics of the kyber network.\n![24.png](https://images.hive.blog/DQmSnm414FMJqJdoWS8Zz3hcXiTjthhsA3N8iX7f1sq3a6F/24.png)\nis such that burning was one of the only ways that KNC holders would directly benefit from network growth 70% of the network fees were taken out of circulation which would of course drop supply and lead to long-term capital growth while this does have benefits for those who hoddle longterm it did not encourage active participation by those in the network in reality the only way that a protocol really gains adoption is if more people want to actively participate not just huddle this is set to change with the release of the kyber DAO and the reserve incentives \n![25.png](https://images.hive.blog/DQme2WkLbPZbw9k3BQuuRYnJSUf6uWjx8KbsjPheDPx5aWV/25.png)\nburning will still take place on the protocol but holders will also have an opportunity to earn more KNC for example with the release of the kyber DAO staking will be introduced on the kyber network for the first time the amount of rewards will be proportional to the amount state so not only will those who stake see along-term application through the burning of KNC but they will also have the opportunity to earn more KNC through the participation process\n![26.png](https://images.hive.blog/DQmYwMaCL8D7rhoDNb4QqfP7rbG2qa66t6H9usYLi6RYPt3/26.png)\nthen of course you have those reserve incentives that I talked about before they will be rewarded for providing liquidity to the system and making markets of course this has broader positive benefits for the entire kyber network as it leads togreater liquidity deeper markets and more trading opportunities I can actually see a kind of positive feedback loop happening here \n![27.png](https://images.hive.blog/DQmNzrqoMRNvxewCLwBBzzS9ydBk3sY49wzwkEXA9SiybQh/27.png)\nmore liquidity sees greater benefit to the dapp integration which sees more takers and users which 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      "author": "amrsaeed",
      "permlink": "flash-loans-conceptual-design",
      "title": "flash loans conceptual design",
      "body": "In this article we are going to dive more inside flash loans as a Defi product/service and why it differs from any service/product banking system offers , flash loans qualities over real world banking sector services/products, Defi world actors and their cross interactions during a flash loan exectution, , flash loans real world use cases.\n_**Introduction:**_\nthe most interesting thing about flash loans as product/service is that there is no real world example for it in the banking business side like other defi products (e.g. lending, borrowing, exchanging,…) its more defined as an inherited property of the atomicity of the blockchain itself and that’s brings us to the qualities of flash loans and how it differs completely from any other banking services/products \n_**Qualities of flash loans over real world financial services**_\n_**No debt default risk:**_\nWhat if it were possible to offer credit, without managing the risk that the borrower does not pay back the debt? Such a concept appears impossible and impractical in the traditional banking system. No matter how small the debt, and how short the loan term is, the risk remains but in case of _**flash loans**_ its bossible as A lender offering a flash loan bears no risk that the borrower defaults on its debt because the transaction is transacted atomically on the the blockchain \n_**No need for collateral:**_\nAs a consequence Because the lender is guaranteed to be paid back, the lender can issue credit without upfront collateral from the borrower: a flash loan is non-collateralized because in reality the transaction is excuted atomically and that’s why there is no need for collateral\n_**Loan size:**_\nFlash loans are taken from a public smart contract-governed liquidity pool. Any borrower can borrow the entire pool at any point in time, two of the biggest pools exceeding 20M each are Aave and dydx\n\n_**DeFi Actors interacting with flash loans**_\nIn the following, we define the on-chain actors that we consider within this article and focus on a single blockchain. \n_**DEFI:**_\nDecentralized Finance (DeFi) Decentralized Finance is a combination of financial cryptocurrency-related protocols build by open-source smart contracts. These protocols for instance allow to lend and borrow assets _**MakerDao**_ and _**Compound**_, exchange _**Uniswap, dydx**_ margin trade _**dydx, Bzx**_ short and long _**Bzx**_, and allow to create derivative assets _**Compound**_ At the time of writing the article, the DeFi space accounts for over 1bn USD in smart contract locked capital among different providers. The majority of the DeFi platforms operate on the Ethereum blockchain, governed by the Ethereum Virtual Machine (EVM)\n_**Trader:**_\nA trader controls a private/public key pair and is responsible for signing and sending transactions towards other accounts and smart contracts. \n_**Flash loan Provider:**_\nA trader with capital may chose to offer this capital to other traders, e.g. as collateral within a lending platform or within a DEX. \n_**Flash loan Taker:**_ \nA trader which is taking advantage of liquidity provider with fees in exchange to accessing the available capital\n_**DeFi Platforms**_\nHere in this article we briefly provide an overview of some of  DeFi platforms where flash loans plays a huge role, such as exchanges _**Kyber and Uniswap**_, margin trading platforms _**DyDx and Bzx**_, credit/lending platforms _**Maker Dao and Compound**_. \n_**Exchanges**_\n_**Limit order book (LOB) DEX**_: An order book is a collection of bid and ask orders. Traders post buy/bid or sell/ask orders for an asset of the market to a LOB Several blockchain exchanges operate a LOB within a smart contract like _**MakerDao , Aurora and Kyber**_\n_**Automated market maker (AMM) DEX**_: An alternative exchange design is to collect funds within a liquidity pool like _**MakerDao, Uniswap**_\n_**Margin trading**_\nTrading on margin helps traders to borrow assets from the trading platform and trade with these borrowed assets e.g. _**Bzx and DyDx**_\n_**Credit and lending**_\nWith over 900M USD locked capital, credit represents one of the most significant recent usecases for blockchain based DeFi systems _**e.g. Compound**_\n_**Flash loans use cases**_\nWe provide a comprehensive overview of how and where the technique of flash loans can and is utilized\n\n_**Arbitrage**_\nIn case of flash loans, trader can operate arbitrage on different DEXs, without the need to hold sufficient funds or being exposed to volatility risks as the trade held in one block. The trader can simply open a flash loan, perform an arbitrage trade and pay back the loan plus the fees\n_**Arbitrage example:**_ On 18th Jan 2020, \n•\ta flash loan borrowed 3, 137.41 DAI from Aave to make an arbitrage trade on the AMM DEX Uniswap (transaction address: https://etherscan.io/tx/0x4555a69b40fa465b60406c4d23e2eb98d8aee51def21faa28bb7d2b4a73ab1a9) . To prepare the arbitrage, \n•\tDAI is converted to 3137.41 SAI using MakerDAO’s migration contract (transaction address : https://etherscan.io/address/0xc73e0383F3Aff3215E6f04B0331D58CeCf0Ab849) . \n•\tThe arbitrage converts SAI for 18.16 ETH using SAI/ETH Uniswap,\n•\timmediately converts 18.16 ETH back to 3, 148.39 DAI using DAI/ETH Uniswap. \n•\tAfter the arbitrage, 3, 148.38 DAI is transferred back to Aave to pay the loan plus fee. This transaction costs 0.02 ETH of gas (about 5.63 USD at the time of writing). Note that even though the transaction sender gains 3.29 DAI from the arbitrage, this particular transaction is not profitable. rbitrage example\n_**Wash Trading**_\nTrading volume of a coin indicates the popularity of that asset the most traded asset is the most popular Malicious exchanges or traders can mislead other traders by artificially inflating the trading volume of an asset to attract interests In centralized exchanges operators can easily and freely create fake trades in the backend, while decentralized exchanges settle trades onchain. Wash trading on DEX thus requires wash traders to hold and use real assets. Flash loans can remove this “obstacle” and wash trading comes at a cost of the loan interest, trading fees, and (blockchain) transaction fees\n_**Wash trading example:**_ On March 2nd, 2020, a flash loan of 0.01 ETH borrowed from dYdX performed two back-and-forth trades (first converted 0.01 ETH to 122.1898 LOOM and then converted 122.1898 LOOM back to 0.0099 ETH) on Uniswap ETH/LOOM market (transaction id: https://etherscan.io/tx/0xf65b384ebe2b7bf1e7bd06adf0daac0413defeed42fd2cc72a75385a200e1544) . The 24-hour trading volume of the ETH/LOOM market increased by 25.8% (from 17.71 USD to 22.28 USD) as a result of the two trades\n_**Collateral Swapping**_\nThere are two types of defi platforms as follows: (i) a DeFi system where a new asset is minted and backed-up with userprovided collateral (e.g. MakerDAO’s Aave DyDx) and (ii) a DeFi system where long-term loans are offered and assets are aggregated within liquidity pools (e.g. margin trading Bzx or long term loans Aave). Once a collateral position is opened, DeFi platforms store the collateral assets in a vault until the new/borrowed asset are destroyed/returned. Because cryptocurrency prices fluctuate, this asset lock-in bears a currency risk. With flash loans, it is possible to replace the collateral asset with another asset, even if a user does not possess sufficient funds to destroy/return the new/borrowed asset. A user can close an existing collateral position with borrowed funds, and then immediately open a new collateral position using a different asset\n_**Collateral swapping example:**_\nOn February 20th, 2020, a flash loan borrowed 20.00 DAI (from Aave) to perform a collateral swap (on MakerDAO) (transaction id: https://etherscan.io/tx/0x5d5bbfe0b666631916adb8a56821b204d97e75e2a852945ac7396a82e207e0ca) . Before this transaction, the transaction sender used 0.18 WETH as collateral for instantiating 20.00 DAI (on MakerDAO). The transaction sender first withdraws all WETH using the 20.00 DAI flash loan, then converts 0.18 WETH for 178.08 BAT (using Uniswap). Finally the user creates 20.03 DAI using BAT as collateral, and pays back 20.02 DAI (with fee to Aave). This transaction converts the collateral from WETH to BAT and the user gained 0.01 DAI, with an estimated gas fee of 0.86 USD\n_**Flash Minting**_\nCryptocurrency assets are commonly known as either inflationary (further units of an asset can be mined) or deflationary (the total number of units of an asset are finite). Flash minting is an idea to allow an instantaneous minting of an arbitrary amount of an asset — the newlymined units exist only during one transaction. It is yet unclear where this idea might be applicable to, the minted assets could momentarily increase liquidity. Flash minting example: A flash mint function can be integrated into an ERC20 token, to mint an arbitrary number of coins within a transaction only. Before the transaction terminates, the minted coins will be burned. If the available amount of coins to be burned by the end of the transaction is less than those that were minted, the transaction is reverted (i.e. not executed). An example ERC20 flash minting code could take the following form\n\n![image.png](https://cdn.steemitimages.com/DQmbCpBiyznuvxzwn7TgqMFj4exddikb96X8fC6Lga9Mnoo/image.png)",
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      "title": "Flash loans 101 (conceptual design)",
      "body": "![image.png](https://images.hive.blog/DQmRRQZKSmudUaCtN3KrcaBRe35dhBMD3yRLvsmQtauT3Ne/image.png)\n\nIn this article I'm going to show you how some people borrow millions of dollars in cryptocurrency with zero collateral, so how they can do this? well with something called a flash loan this is a brand new technique that's sweeping the cryptocurrency and defi space and it's creating endless new possibilities for blockchain technology flash loans have also caused a lot of drama recently because they've been the source of some recent exploits\n\nWe're going to look at flash loans from a conceptual point of view, are they bad? And how can you perform one?\n\n_**So as always remember this is not financial advice**_\n\nSo what is a flash loan? Well basically it's a way of borrowing cryptocurrency with zero money, no collateral, but there's one catch you have to payback all of the money you just borrowed as soon as you borrow it.\n\nSo in technical terms this means that you have to payback all the money that you borrowed in the same transaction so I know that it's probably pretty confusing\n\n_**So I'm going to pull an example here and try to explain this better**_\n\nwhenever you are working on the blockchain you're dealing with transactions, like in really simple terms I just want to send money to you, if I send cryptocurrency to you that's one single transaction, and it's a very simple transaction, I get over my cryptocurrency well like metamasks that I have and you enter in your etherium address and send you a cryptocurrency, _**just in a single transaction**_,that's what's happening on the blockchain right, _**so transactions can be actually**_ _**much more complicated than this you can perform more operations inside of a single transaction**_  _**than just sending money to one person for example it can have**_ \n\n*Multiple steps like step one operation A step2 operation B and then step three operation C*\n\n\n![2.png](https://images.hive.blog/DQmXxWSPxBDWT9zGWrMRmNhvb5zX1U9qt8xyNQTNMgH5UAf/2.png)\n \nall those can happen in one go on the blockchain that's what a more complex transaction looks like all right so let's actually put some flesh on these bones instead of these abstract and your concepts operation ABC in the case of a flash loan it basically looks like\n\n_*step one borrow money step two you do something with the money and then step three is pay back money*_\n\n\n![2.png](https://images.hive.blog/DQmXt7s9f5oqvjzenucWKcNGQNhF6Cqx3Af3EaUdB9BWSyD/2.png)\n\nand there's all kinds of stuff that you can do in this second step here whenever you borrow the money as long as you pay it back in the same transaction, so this is what a complex transaction would look like inside of a flash loan.\n\n_**what are kinds of stuff you can do with flash loans?**_\n\n**flash loans usage distribution:**\n\n\n\n![2.png](https://images.hive.blog/DQmTPHr8V3FmpExcHX5P51u7SBpv7CcjaxA1aXb6jdFy3Zd/2.png)\n\n1.\tDexes arbitrage is usually a much more frequent event compared to liquidations\n2.\tCollateral swap has only been recently built and it’s still very experimental.\n\nSource : (https://medium.com/aave/flash-loans-one-month-in-73bde954a239)\n\n_**Arbitrage trading**_\n\nso let's just get a little clearer picture about one of the most used application of flash loans **arbitrage trading**, I'm going to explain this over and show you what it looks like in terms of all the people involved in the flash loan operation and how they use it in arbitrage trading, so basically there is a borrower and a lender and then you have  some sort of exchange operation let's say it's an DEX  for example so the borrower can take money from the lender and then  go do something with these funds **over DEXs platform** they can put it on an exchange and trade it  for arbitrage and then they get the funds back and pay back the lender, the money can move around in this triangle as long as it happens all in one transaction that's how a arbitrage trading works.\n\n\n![2.png](https://images.hive.blog/DQmWmzKZvTcwjJ5MX8GMftdABo9ggV3iAG42BohAntfyrmt/2.png)\n \nand the reason you can do this with zero money with no collaterals that the transaction will fail if the lender doesn't receive all their money back inside the transaction so for example if you borrowed $1,000 from the lender and did something with it on an exchange and then didn't pay the lender back in the transaction none of this would actually happen the _**blockchain wouldn't allow it**_.\n\n_**so why arbitrage are profitable?**_\n\nyou can actually automate arbitrage with one of these flash loans if you have to just borrow all this money and pay it back in one go, well there are a few different use cases popping up but the main what I'm going to focus on right now is _**arbitrage trading**_ basically it means taking advantage of price differences on cryptocurrency exchanges, so imagine a cryptocurrency sells for $100 on exchange A and then it sells for 101dollars on exchange B all right, there's an arbitrage opportunity here because you can basically buy it on exchange A and sell it on exchange B and making a $1.00 in profit so now that may not sound super appealing for you to take a hundred dollars out and then just go sell somewhere else to make $1.00 in profit minus fee yeah maybe you're talking about a few cents at that point right but imagine if you did this at scale what if you took a million dollars with a cryptocurrency and took advantage of this $1 price difference then the profit gets way bigger and that's _**where the value of a flash loan comes into play**_ it allows you to take much bigger sums _**in some cases millions of dollars**_ and do these kinds of trades basically anybody can become _**a cryptocurrency whale**_ without needing any money in the first place and this is creating just endless possibilities of what you can do with these flash loans as long as you pay the money back in the same transaction.",
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      "body": "![image.png](https://cdn.steemitimages.com/DQmQAx2mTwFBLcpEcbsSJk1TxBE5UPFbyyi5RBYPc7MNQJ8/image.png)\n\n\nSynthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX. (Source : https://www.synthetix.io/uploads/synthetix_litepaper.pdf)\n\n![image.png](https://cdn.steemitimages.com/DQmPbDLRQBbWAxBk9ZoudDjtGWNGyXtuZx7JFsZUL9rbXxk/image.png)\nSynthetix offers a variety of synths varies from crypto (BTC, ETH, ADA…) AND commodities (gold, silver…) and forex synths (USD, GBP…) index synths (TSLA, AAPL…) and inverses ( of all assets)\n\n![image.png](https://cdn.steemitimages.com/DQmYSEuk8Xe7RxXyZkvtbD5Qmj4p77C4W42xX3c1UNJrwmu/image.png)\nThe Synthetix Network Token (SNX) contract address which when locked in the contract enables the issuance of synthetic assets (Synths)\n\n\n\n![2.png](https://cdn.steemitimages.com/DQmR1oRYP653ku3fnCWuSkcah8v1S83ZBf6twNAbPHb5Bn2/2.png)\nYou can get the Ethereum contract address for any asset, a whole list asset provided here.\n\n![2.png](https://cdn.steemitimages.com/DQmX7Q8JdamWv6P3VMoeNwBzU7pS72y6nFe86ocu8WpxUmp/2.png)\n\n![2.png](https://cdn.steemitimages.com/DQmUpURm5Aw3LxqrcUuxNV3ANR1daKK7JGMiA3WE9E2nPK1/2.png)\n\nHere you can find a whole list of available markets\n\n\n![2.png](https://cdn.steemitimages.com/DQmNQ3FyEygh2kvvPXiawBMGPdfBhNfTDvGaPaGbhhBvZ9Y/2.png)\n\nFirst you have to connect your wallet in order to interface with the desired Ethereum contract as you can see there a whole list of wallets provided from (metamask,trezor,ledger,coinbase and WalletConnect).\n\n![2.png](https://cdn.steemitimages.com/DQmUTT6MnP7cQQsmgXTba21swmkTj629B3opkawKdoJzWy2/2.png)\nYou can overview both the biggest gainers and the biggest losers from this page and chose which market you are trade in\n\n![2.png](https://cdn.steemitimages.com/DQmdLyb7KkoiJPpysmXVawQifJmEkckb2REtw1xpoVbzvrT/2.png)\nBy clicking on the trade button next to your favorite market you transferred to the correspondent exchange page\n\n![2.png](https://cdn.steemitimages.com/DQmaJhzmn7ioo5ZkGngT34AE6aPJu4mkcApfdtesMPAyuKD/2.png)\nBy clicking on the trade button next to your favorite market you transferred to the correspondent exchange page",
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      "title": "Synthetix 101 On-chain exposure to any asset",
      "body": "![image.png](https://cdn.steemitimages.com/DQmQAx2mTwFBLcpEcbsSJk1TxBE5UPFbyyi5RBYPc7MNQJ8/image.png)\n\n\nSynthetix is a decentralised synthetic asset issuance protocol built on Ethereum. These synthetic assets are collateralized by the Synthetix Network Token (SNX) which when locked in the contract enables the issuance of synthetic assets (Synths). This pooled collateral model enables users to perform conversions between Synths directly with the smart contract, avoiding the need for counterparties. This mechanism solves the liquidity and slippage issues experienced by DEX’s. Synthetix currently supports synthetic fiat currencies, cryptocurrencies (long and short) and commodities. SNX holders are incentivised to stake their tokens as they are paid a pro-rata portion of the fees generated through activity on Synthetix.Exchange, based on their contribution to the network. It is the right to participate in the network and capture fees generated from Synth exchanges, from which the value of the SNX token is derived. Trading on Synthetix.Exchange does not require the trader to hold SNX. (Source : https://www.synthetix.io/uploads/synthetix_litepaper.pdf)\n\n![image.png](https://cdn.steemitimages.com/DQmPbDLRQBbWAxBk9ZoudDjtGWNGyXtuZx7JFsZUL9rbXxk/image.png)\nSynthetix offers a variety of synths varies from crypto (BTC, ETH, ADA…) AND commodities (gold, silver…) and forex synths (USD, GBP…) index synths (TSLA, AAPL…) and inverses ( of all assets)\n\n![image.png](https://cdn.steemitimages.com/DQmYSEuk8Xe7RxXyZkvtbD5Qmj4p77C4W42xX3c1UNJrwmu/image.png)\nThe Synthetix Network Token (SNX) contract address which when locked in the contract enables the issuance of synthetic assets (Synths)\n\n\n\n![2.png](https://cdn.steemitimages.com/DQmR1oRYP653ku3fnCWuSkcah8v1S83ZBf6twNAbPHb5Bn2/2.png)\nYou can get the Ethereum contract address for any asset, a whole list asset provided here.\n\n![2.png](https://cdn.steemitimages.com/DQmX7Q8JdamWv6P3VMoeNwBzU7pS72y6nFe86ocu8WpxUmp/2.png)\n\n![2.png](https://cdn.steemitimages.com/DQmUpURm5Aw3LxqrcUuxNV3ANR1daKK7JGMiA3WE9E2nPK1/2.png)\n\nHere you can find a whole list of available markets\n\n\n![2.png](https://cdn.steemitimages.com/DQmNQ3FyEygh2kvvPXiawBMGPdfBhNfTDvGaPaGbhhBvZ9Y/2.png)\n\nFirst you have to connect your wallet in order to interface with the desired Ethereum contract as you can see there a whole list of wallets provided from (metamask,trezor,ledger,coinbase and WalletConnect).\n\n![2.png](https://cdn.steemitimages.com/DQmUTT6MnP7cQQsmgXTba21swmkTj629B3opkawKdoJzWy2/2.png)\nYou can overview both the biggest gainers and the biggest losers from this page and chose which market you are trade in\n\n![2.png](https://cdn.steemitimages.com/DQmdLyb7KkoiJPpysmXVawQifJmEkckb2REtw1xpoVbzvrT/2.png)\nBy clicking on the trade button next to your favorite market you transferred to the correspondent exchange page\n\n![2.png](https://cdn.steemitimages.com/DQmaJhzmn7ioo5ZkGngT34AE6aPJu4mkcApfdtesMPAyuKD/2.png)\nBy clicking on the trade button next to your favorite market you transferred to the correspondent exchange page",
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      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "amrsaeed",
      "permlink": "skynet-adecentralized-platform-of-nano-communication-satellites-in-leo-orbit-to-extend-off-chain-networks-physical-topology",
      "title": "Skynet: adecentralized platform of “Nano” Communication Satellites in LEO-orbit to extend Off-chain networks Physical topology",
      "body": "Skynet: adecentralized platform of “Nano” Communication Satellites in LEO-orbit to extend Off-chain networks Physical topology\n\nAbstract \n\nSolving an efficient routing path in the Lighting Network or any of future’s off-chain layers that tries to afford scalability on-chain within its blockchain and with concerningsource-routing schemewould eventually produce a solution its abstraction becomes thefirst general solution for mesh networking, under the current computing architecture (von Neumann’s),and as quantum computing is still in its theoretical and early experimental phases,unfortunately it would be near impossible to solve such problem, especially when blockchain’s developers relaying solely on software vector, it isnot feasible now or in the near future until 2050 when quantum computing would be reality, without even mentioning theconcepts and requirements imposed by the Blockchain community,which adds a new level of complexity to develop a propriety solution to such problem, parallel to the fast pace of changes at the economic side wherecryptocurrenciessuffers the most and specially Bitcoin from being mainstreamed, a huge need emerged to the surface to find a solution fast enough for cryptocurrencies to avoid economical relapses and losing its current momentum at the time of writing this paper, The philosophy behind This paper is to set the foundations ofbuilding a platform of hardware components in space as a Blockchain network’s backhaul and inheriting Blockchain’s special characteristics of decentralization and distribution of its ownership to the community, extending Blockchain’s networks physical topology out of the reach of any centralized institution on the planetwhile introducing scalability will be the final frontier under von Neumann’s computing architecture, the paper tries to find the suitable placement of such network in Blockchain’s ecosystem shadow, and it specially targetsCryptocurrencieswhich by its role drives Blokchain’s community financially towards developing the technology.\n\n\nIntroduction \nPhysical topology an important playground\nPhysical topology of a network is definedsimply as the placement of the various components of that network in geographic locations (e.g., device location and cable installation) to extend the reach of the network, in the light of recent advancments in cryptocurrency fields, specially in routing agorithims (e.g., Flare algorithim) that has been proposed to be applied in lighting network a problem faces  \n\nSkynet a Nano-satellite communication network:\nIn conclusion Skynet is a constellation of custom-designed Nano satellites “Cubesats” that works as an orbital vector for Lighting Network as both proactive & reactive  LN nodes out in space, it works in the context of Flare algorithm a hybrid routing algorithm, forming a global network map for LN nodes with specific goal of decentralization Lighting Network routing and such network mechanisms paving the way for Blockchain’s applications to get rid of centralized internet backhaul on the planet and reaching broader access for all Blockchain applications users worldwide, On a border sense the paper goal is to Harness Network routing to simulates as the core solution for different Blockchain’s networks as the solely  practical distributed and decentralized solution for circulation of currency whether its crypto or fiat as a medium of exchange, by providing the opportunity to open payment channels or form micro decentralized exchanges among different nodes which by its role can play in different modes depending on their placements in the network physically and/or logically, Emerging of new technology the (Cubesat) Concepthelps to build a decentralized hardware network by public (Crypto community): modularity of Cubesats (1U, 2U, etc..., easy to design), (COTS) commercial of theshelf components (availability), (P-POD) launched and deployed using a common deployment system (avoiding launching bottleneck), classified in different categories (variety of designs and available capabilities).  \nWhy a decentralized network of hardware to work as internet is essential for cryptocurrency ecosystem now?\n-\tRecent developments in building internet networks in space as SpaceX plans to launch first internet-providing satellites in 2019The Company will launch additional satellites in phases until 2024, at which point the network should have reached full capacity, with the craft operating on the Ka- and Ku-band frequencies.\n\n\n\n\n\nLighting network protocol \nWe know that lightning is at least technically feasible. We don’t know if it’s economically feasible or even a desirable alternative. Will it be a decentralized peer-to-peer payment layer or will it end up as a quasi-centralized payment network similar modern banking?\nTHE ANSWEAR CAMES OUT LIGHTING NETWORK PAPER\nPayment Routing\nIt is theoretically possible to build a route map implicitly from observing 2-of-2 multisigs on the blockchain to build a routing table. Note, however, this is not feasible with pay-to-script-hash transaction outputs, which can be resolved out-of-band from the bitcoin protocol via a third party routing service. Building a routing table will become necessary for large operators (e.g. BGP, Cjdns). Eventually, with optimizations, the network will look a lot like the correspondent banking network, or Tier-1 ISPs. Similar to how packets still reach their destination on your home network connection, not all participants need to have a full routing table. The core Tier-1 routes can be online all the time —while nodes at the edges, such as average users, would be connected intermittently. Node discovery can occur along the edges by pre-selecting and offering partial routes to well-known nodes.\nDifferent settings for the lighting network routing:\n•\tHub-and-Spoke network topology: As a hub-and-spoke payment layer, there would be very few hubs and the network would be quasi-centralized and a regulatory sitting duck\n•\tOrganic, wallet-to-wallet routing:Bitcoin Core developers have bet the house on it\nBut there is a catch…..\nRouting paths are much harder to find when values are considered.\n1.\tWe could end up making more on-chain transactions……\n2.\tThe vast majority of users will be offline…..\n3.\tChannels cannot be created on-the-fly…..\n4.\tRecipients have to be online.\n\n\n\n\nFlare algorithm:\nHybrid routing protocol\nTable-driven (proactive) protocol: maintain up-to-date routing information about all the nodes in the network in the form of routing table weather if they are neighborhood, beacon and orbital nodes \nOn-demand (reactive) protocol: on-demand protocols execute the path-finding only when a path is required and it accomplish that by gathering quickly changing information of the network graph, information that is essentially to nodes in order to open a payment channel with other nodes like:  status of nodes, distribution of funds within payment channels and fees for using a channel.\nTable-driven (proactive) protocol:\nProactive node (neighborhood node)\nIn certain radius node can very quickly gather information on channels/opening closing, thus having up to date picture, but it is not scalable to have radius too big.\na.\tEach node propagates information on its channels closing and opening in certain radius.\nb.\tThis allows each node to have up to date picture of all open channels (with their total capacity) in certain radius.\nProactive node (Beacon node)\nTo enhance long range visibility node finds paths to distant nodes (beacons) which can help to find route to receiver if he is not in the neighborhood\na.\tEach node finds paths to nodes whose addresses are closest to the one’s (claiming those beacons). \nb.\tOn reactive stage this allows to search for longer paths iterating over known nodes in DHT like manner.\nOn-demand (reactive) protocol: \nWhen node E wants to send money to D: \n1. E and D find path candidates on the graph of their routing tables\nFinding candidates once joint routing table is created one may find k paths using approaches like breadth-first search\n2. If no candidates are found E requests tables from nodes whose addresses are closest to D and so on…\n3. When several candidates are found E collects dynamic information on them\n4. If the one is found E creates HTLC and sends money to D\nDisjoint paths\nBy adding vertex weights to network graph one may find shortest paths that are most different from previous found.\nDynamic data \n• Found candidates are paths that potentially can route the payment\n• To tell if there is the path that we can use to route the payment we need to gather dynamic data for candidates (funds, fees)\n• The simple solution - probing onion messages that traverse through candidate paths and quickly collect dynamic information graph one may find shortest paths that are most different from previous found\nDynamic data\nBut how do we know which candidates to check first? Need ranking.\n• Distribution of funds in the channel - uniform if know nothing.\n• Probability that channel with capacity C would be able to route the payment x is equal to max (0,1-x/c).\n• Probability payment X would make it through is P(x|path) = max(0,1-x/C)\n• After we get the probabilities we can start sending probes through the candidates whith highest chance of success.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Ring Road concept\n\nan infrastructure proposal: a constellation of Nano-satellites using delay-tolerant networking to provide low-cost access to lighting network.\n\n\n![image.png](https://cdn.steemitimages.com/DQmbY98bu6EZpACAP4psstBJjssneJNMqPMLkipPBYoqGgU/image.png)\n\n \nWhy?....\n\nEconomic obstacles: Access to fixed broadband in some countries costs almost 40 times the national average income.Even in wealthy countries, affordability limits broadband access in impoverished communities.Geographic obstacles: Some communities are too far from population centers to make the extension of infrastructure — fiber, cell towers — cost-effective.Political obstacles: Some nations restrict citizens' network access and/or restrict the content that can be carried by the network.\n\nCommunication satellites: Earth-orbiting satellites can relay radio communications among sites on Earth can be visible from all points on Earth's surface, removing the geographic and political obstacles.\nNot a new idea…(examples)\n\nGeostationary (GEO): Exede (ViaSat), HughesNet (EchoStar), WildBlue, StarBand, Intelsat, Inmarsat, Thuraya\nLow-Earth Orbiting (LEO): Globalstar, Iridium, Orbcomm, Teledesic.\n\nSo the problem solved:\nMaintaining Internet connections with satellites isn't easy.\n•\tGEO satellites do this by ensuring continuous radio contact with ground stations and customer equipment. But:\n-\tThey are costly, on the order of $300 million (manufacture & launch).\n-\tEach one provides communication to a limited part of Earth's surface.\n-\tEach one is a single point of failure.\n-\tWhile data rates are high, round-trip latencies are also high.\n•\tLEO constellations do this by constantly switching connections among moving satellites.\n-\tBroad coverage areas, low latencies.\n-\tBut data rates are lower than for GEO, more satellites are needed, and\n-\tThey’re still expensive: $150-$200 million (manufacture and launch).\nAn emerging answer\n\n•\tA capable Nano-satellite, such a Cube-Sat, can be fabricated and launched into low-earth orbit for .1% of the cost of a LEO communication satellite. \n•\tAn inexpensive Nano-satellite constellation in LEO would have a broad coverage area, no single point of failure.\n\nThere's a catch, though....\n\n“Nano” Communication Satellites\n•\tNano-satellites are inexpensive in part because they are simple.\n-\tManeuverability is limited.\n-\tNormally only single radio (UHF or S-band).\n•\tThis means the constant connection switching among cross-linked satellites that normally enables LEO constellations is not feasible.\n•\tSo we can’t expect a constellation of low-cost Nano satellites to be able to sustain thousands or millions of continuous end-to-end internet connections.\n\nSolving the catch\n•\tBut maintaining continues end-to-end internet connections are not the only possible network service. \n•\tDelay-Tolerant networking (DTN) technology, emerging over the past decade, enables a different model:\n-\tAt each moment, each satellite’s radio points only at the ground station directly below it (when there is one).\n-\tWhile the satellites and ground station are in contact, they exchange network traffic. The satellites function as a router.\n-\tWhen contact is broken, the router satellite retain out-band message in local storage while it continues on its orbital.\n-\tWhen contact with the next ground station begins, network traffic exchange resumes.\n\nProposed Constellation size\n•\tCouriers are in near-circular low-Earth orbits at inclination of about 50 degrees (so the coverage area is from 50 degrees South Latitude to 50 degrees North); altitude about 500 km.\n•\tRadius of satellite visibility is somewhat greater than 1000 km,\n•\tMaximum separation of satellites is at the equator, which is about 40000 km, so 10 orbital planes are needs: each satellites crosses the equator twice per orbit, covering a circle of 2000 km circumference at each point,\n•\tCoverage per satellite at the equator is 18 degrees of longitude; 12 satellites per orbital plane would allocate 18 degree of latitude coverage (out of 200) to each satellite, but say 15 to ensure some overlap. So 150 spacecraft in all.\n\nNetwork capacity\n•\tSatellites at 500 km altitude travel at about 7.8 km per second, an orbital period of 90 minutes; 16 orbits per day. Any single satellite will be in view of any single ground station for about 128 seconds per orbit, the maximum contact length.\n•\tS-band transceivers can transmit at 230 kbps, could upload up to 3.6 MB during a single satellite contact of maximum length.\n•\tUp to 42 contacts of max. Length per orbit, 150 MB could be inserted into the network per satellite per orbit, 2.4 GB per satellite per day.\n•\tFor 150 satellites, 360 GB per day. This is about 4 MB per second, 32 Mbps. But maximum upload is impossible because each satellite is often over open sea; figure 16 Mbps.\nDeployment cost\n•\tEstimated assembly cost per satellite: $100,000.\n-\tTotal satellite assembly cost per network: $15 million.\n•\tEstimated launch cost per group of three Cube-Sats: $200,000.\n-\tTotal launch cost for network: $10 million.\n•\t20 contacts per orbit (40,000 km Earth circumference, 2000 km diameter per contact) for 150-satellites would require 3000 base stations; 1500 if one-half of the covered surface is unoccupied. Estimated cost per base station, including S-band radio modem: $2000.\n-\tTotal base station cost for network: $3 million.\n\nIncremental deployment\n•\tThe network would function with only a single satellite, but with very low capacity and terrible round-trip latency (days).\n•\tAs satellites are added, network capacity increases and round-trip latency drops in proportion.\n•\tCorrespondingly, loss of any satellite causes an incremental drop in capacity and increase in latency. Graceful degradation, no single point of failure.\n•\tReplacing satellite with one that has greater capacity-more memory, higher radio data rate – likewise provides an incremental increase in network capacity and drop in round-trip latency. \n\nService Cost Estimate \n•\tSuppose network lifetime is 5 years and operating cost is $1 million per year. Total lifetime of the network is $15 + $10 + $3 + $5 = $33 million.\n•\tAt 16 Mbps, total lifetime traffic is about 300 TB. Mean cost of transmission is less than $0.11 per MB.\n•\tCommercial satellite services (as of September 2013):\n-\tIridium pilot: $7.41 per MB.\n-\tInmarsat BGAN shared services: $6.49 per MB.\n-\tThurayaGmPRS NOVA: $5.00 per MB.\nLatency\n•\tTotal network capacity and data rate to subscribers could be increased 100-fold or more by using C-band or K-band radios, not currently available for Cube-Sats.\n•\tBut higher data rate can’t solve the end-to-end round-trip time problem; latency in communication between satellites and ground stations in negligible, but round-trip latency in the network is extremely variable and can be very high.\n\nSuppose a subscriber is on Seram Island in Indonesia. The preceding hot spot on the Ring Road track is, say, Manado (800 km distant) and the next one is perhaps Darwin, 1200 km distant. Total round-trip time for an internet database query is then 18000 / 7.3 = 164 seconds plus 800 / 7.3 = 110 seconds, a total of 4.6 minutes. \n\n\nA Perspective on Using a Network\n\n \n![image.png](https://cdn.steemitimages.com/DQmbY98bu6EZpACAP4psstBJjssneJNMqPMLkipPBYoqGgU/image.png)\n\n\nCaveats\n•\tOperations:the core DTN protocol implementations are mature, but supporting software is needed.\n-\tRoute computation can be based on Contact Graph Routing.\n-\tScalable network management protocols and tools will be needed.\n•\tSecurity:\n-\tBasic network security measures (authentication, integrity, confidentiality) are supported by Bundle Security Protocol.\n-\tA scalable key distribution system will be needed.\n•\tThe elephant in the room: where will the funding come from?\n\nOutlook \n•\tDTN satellites in low-earth orbit are already a well-proven concept: Change Request 013799, authorizing deployment of two permanent DTN on the international space station, well approved on 10 September 2013.\n•\tThe Ring Road network concept has some clear advantages:\n-\tSurmounts geographic obstacles.\n-\tNot disabled by earthquake, storm, flood, fire.\n-\tDifficult to disabled intentionally.\n-\tGraceful degradation in the event of satellite loss.\n-\tLow barrier to entry.\n-\tLow operating cost.\n•\tAn opportunity to extend network service worldwide.\n\nIt would be a high-latency network, unsuitable for some applications. But for many applications it could work as well as the internet. Perhaps even better.\nImplications on Bitcoin protocol & the currency\nWhat does Bitcoin protocol offers to global currency concept?\nProblems face globalization “mainstreaming “of Bitcoin& the Differences between globalization and mainstreaming of Bitcoin currency?\nIs there a break point at which fiat currencies “backed by central banks” defeated facing Bitcoin?\nExisting Bitcoin critiques and commentary\n-\tBitcoin suffering deflationary spiral  tracked by Grinberg\n-\tGrinberg also touches legal problems; such as exchanges, potential failure of anonymity, denial of service attacks and violation of the stamp act\n-\tHoarding is tracked by Ron and Shamir Mieklejohn, as well as Sergio\n-\tMieklejohn, et al make an attempt to track circulation of bitcoins, claiming that roughly half circulate rapidly, However, since this occurs at gambling and trading sites, that activity does not represent buying and selling of goods and services.\n-\tTyler and Moore show that patrons of bitcoin exchanges run significant risk of loss due to failure of the exchange.\n-\tThe irony of bitcoin’s decentralized design being subsumed into dependency on a small number of exchanges.\n-\tSelgin is intrigued about a bitcoin type of crypto-currency within a fiat currency system as a way to provide a perfectly elastic currency supply that could be targeted by algorithm to various monetary schemes, Selgin and Grinberg are both aware of issues inherent in an inelastic money supply. But the intractable nature of bitcoin’s inelastic design is not connected by them with this issue.\n-\tPlassaras is concerned about the IMF being able to stabilize bitcoin, and states that bitcoin:\n…poses a serious threat to the economic stability of the foreign currency exchange if it continues to grow in both value and usage. Any other digital currency that entered widespread use would pose similar problems.\n-\tEyal and Sirer point out a serious technical vulnerability of Bitcoin as Bitcoin depends on the longest block-chain being the honest one this requires that the majority of nodes are honest However, Eyal and Sirer describe a vulnerability that begins at 33% of computing resources. An implication is that a government (or wealthy private party) can take control of a cryptocurrency with this design (which is all cryptocurrencies now in existence) by applying superior computing resources, Even if the bitcoin algorithm is modified, it is evident that bitcoin will always be vulnerable to brute force application of sufficient computing resources to overwhelm the system.\n-\tBitcoin’s purported capacity for expansion is not credible.\n-\tA Bitcoin financial system is a losing zero-sum game for investors, A system where the amount of money is fixed is a zero-sum game – for every winner, there must be a loser, because new money is not created that allows interest or investment return payouts.",
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      "parent_permlink": "lightining",
      "author": "amrsaeed",
      "permlink": "lightining-network-watch-towers-trampoline-routing-rendevouz-rounting-huddle-invoices-turbo-channels-and-submarine-payments",
      "title": "Lightining network Watch Towers, Trampoline Routing, Rendevouz Rounting, Huddle Invoices, Turbo Channels and Submarine Payments",
      "body": "![image.png](https://cdn.steemitimages.com/DQmXrrMJrUZDb9gW16cvBqYy61QXwePaun8EszAQ3Yiv8MA/image.png)\n\n\n\n***Watchtowers*** one of the most exciting and useful features that are being worked on for the Lightning Network there seem to be a lot of different upgrades to the Lightning Network being proposed such as for example Watchtower as an example is one of the things that we've seen being introduced into the Lightning Network, and what towers are basically they are a third party service that you can subscribe to, that protects your channels when you're offline, the problem in the first iteration of the Lightning Network due to the way in which the channels are constructed, it is possible to broadcast the prior state which means a different mix of local versus remote balance, that would disadvantage one of the parties in the channel, basically what that means is when you sent some money to harold for example over your both common payment channel, and you want that to never happen is that the state of the channel before you sent that money showed more balance on your sides which is advantageous to you, that state should be invalidated when you send the new state to Harold, but you can cheat by sending the old state in the norm protocol if you do that, harold has a period of time in which he can punish you by sending a penalty transaction out that not only gets the state back to the correct state but actually takes away your balance, to punish you which means that you lose all of the money in the channel, and if you try to cheat by keeping more of the balance now that penalty transaction has to be broadcast within a period of time and if harold is offline you can cheat or he is offline and as a result keep a bigger percentage of the balance and close the channel to prevent that harold has to be online all the time, solution with watch towers harold can outsource that, he can say watch this channel and if someone tries to broadcast the prior state please punish them on my behalf, by broadcasting this penalty transaction, watchtower can charge a fee for that and their services that are operated according to a new standard that is implemented than the number of the clients on the Lightning Network, so that's one development a couple of others is ***Trampoline Routing*** is an interesting one so this is where instead of your client,  your lightening wallets needing to know how to construct a route that connects the payment channels that you have and then further payment channels that gets to a recipient somewhere out there on the Lightning Network, instead you outsource that function to an intermediary node called the trampoline nodes and it's called the trampoline nodes because essentially what you do is you bounce the payments off that trampoline node and the trampoline node does the routing from there, so all you need to know how to route to that trampoline node, it doesn't have to be a node that you have a payment channel to, it could be several hops down but you only need to know the routes to that trampoline node, and then the trampoline node finds the routes to your recipients, this is a great service because that means you can now run a lightweight lightning wallet let's say on mobile device, that does a keep a full map of the channels that are available on the entire Lightning Network in order to construct routes, instead it relies on the trampoline nodes to keep a full map and therefore find routes and that makes things a lot easier, but of course there are some downsides that's because the trampoline node gets a construct route it has the ability to deny service to you or sensor, unless you use another lightning trampoline node and it also leads to a small reduction in privacy because the trampoline node knows the ultimate destination, another mechanism for routing is ***Rendezvous Routing*** where the recipient of a lightning payment tells you to route the payments to a specific node that isn't that node effectively a node further away, and then uses either private channels that are not advertised or another route that it communicates the rendezvous node to route it, for the final few hops now think about it for a bit the advantage of that is that you can increase the privacy by hiding behind an intermediary nodes, and using private unpublished channels to routes the last few hops and you can combine the techniques we just talked about, so you could use trampoline and rendezvous theoretically to have the trampoline node routes to a rendezvous node from where the routing is hidden to the final destination take back some of your privacy, ***Huddle Invoices*** are another very interesting innovation are invoices that do not expire and where the payment doesn't have to be claimed immediately instead the payment is established, but then held for a while and the recipient nodes can leave it so you can do a number of interesting tricks if you have that kind of delayed payments with huddle invoices, another interesting one is ***Turbo Channels*** or using push to push balance when you open a channel in the first place, so this is a way to send money to a node without receiving an invoice and it's also a way to establish inbound liquidity for your own lightning nodes for a fee, so in this case what you do is let's say you wanted to send money to Carol and Carol has not given you an invoice, you can open a channel to Carol and push an amount so that when the channel is initialized some of the money is actually on her end of the channel as her balance from the very beginning and effectively you paid her that money by establishing that channel and you can also do that with the service provider that can open a channel to you to create embalm liquidity and also push some of that as a payment to you you can use a number of other tricks like that another interesting development is development the ***Submarines Swaps*** or submarine payments and this is where you do an on chain transaction to a Bitcoin address that also funds a lightning channel so pay this Bitcoin address so I can open a channel or the opposite pay this lightning payment so you can make an on chain Bitcoin transactions so this is effectively an atomic swap between on chain and off chain payments so that they can occur atomically and trustless and so you can move money essentially from on to off chain or from off chain to on chain these are just some of the developments and these are just other things that have emerged to fulfill specific needs and reduce complexity and the use of the Lightning Network just over the last year and a half in its development and these developments are coming very very fast from all corners of the developer ecosystem and lightning",
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      "permlink": "lightining-network-watch-towers-trampoline-routing-rendevouz-rounting-huddle-invoices-turbo-channels-and-submarine-payments",
      "title": "Lightining network Watch Towers, Trampoline Routing, Rendevouz Rounting, Huddle Invoices, Turbo Channels and Submarine Payments",
      "body": "![image.png](https://cdn.steemitimages.com/DQmXrrMJrUZDb9gW16cvBqYy61QXwePaun8EszAQ3Yiv8MA/image.png)\n\n\n\n***Watchtowers*** one of the most exciting and useful features that are being worked on for the Lightning Network there seem to be a lot of different upgrades to the Lightning Network being proposed such as for example Watchtower as an example is one of the things that we've seen being introduced into the Lightning Network, and what towers are basically they are a third party service that you can subscribe to, that protects your channels when you're offline, the problem in the first iteration of the Lightning Network due to the way in which the channels are constructed, it is possible to broadcast the prior state which means a different mix of local versus remote balance, that would disadvantage one of the parties in the channel, basically what that means is when you sent some money to harold for example over your both common payment channel, and you want that to 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node effectively a node further away, and then uses either private channels that are not advertised or another route that it communicates the rendezvous node to route it, for the final few hops now think about it for a bit the advantage of that is that you can increase the privacy by hiding behind an intermediary nodes, and using private unpublished channels to routes the last few hops and you can combine the techniques we just talked about, so you could use trampoline and rendezvous theoretically to have the trampoline node routes to a rendezvous node from where the routing is hidden to the final destination take back some of your privacy, ***Huddle Invoices*** are another very interesting innovation are invoices that do not expire and where the payment doesn't have to be claimed immediately instead the payment is established, but then held for a while and the recipient nodes can leave it so you can do a number of interesting tricks if you have that kind of delayed payments with 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      "permlink": "skynet-adecentralized-platform-of-nano-communication-satellites-in-leo-orbit-to-extend-off-chain-networks-physical-topology",
      "title": "** Skynet: adecentralized platform of “Nano” Communication Satellites in LEO-orbit to extend Off-chain networks Physical topology **",
      "body": "Skynet: adecentralized platform of “Nano” Communication Satellites in LEO-orbit to extend Off-chain networks Physical topology\n\nAbstract \n\nSolving an efficient routing path in the Lighting Network or any of future’s off-chain layers that tries to afford scalability on-chain within its blockchain and with concerningsource-routing schemewould eventually produce a solution its abstraction becomes thefirst general solution for mesh networking, under the current computing architecture (von Neumann’s),and as quantum computing is still in its theoretical and early experimental phases,unfortunately it would be near impossible to solve such problem, especially when blockchain’s developers relaying solely on software vector, it isnot feasible now or in the near future until 2050 when quantum computing would be reality, without even mentioning theconcepts and requirements imposed by the Blockchain community,which adds a new level of complexity to develop a propriety solution to such problem, parallel to the fast pace of changes at the economic side wherecryptocurrenciessuffers the most and specially Bitcoin from being mainstreamed, a huge need emerged to the surface to find a solution fast enough for cryptocurrencies to avoid economical relapses and losing its current momentum at the time of writing this paper, The philosophy behind This paper is to set the foundations ofbuilding a platform of hardware components in space as a Blockchain network’s backhaul and inheriting Blockchain’s special characteristics of decentralization and distribution of its ownership to the community, extending Blockchain’s networks physical topology out of the reach of any centralized institution on the planetwhile introducing scalability will be the final frontier under von Neumann’s computing architecture, the paper tries to find the suitable placement of such network in Blockchain’s ecosystem shadow, and it specially targetsCryptocurrencieswhich by its role drives Blokchain’s community financially towards developing the technology.\n\n\nIntroduction \nPhysical topology an important playground\nPhysical topology of a network is definedsimply as the placement of the various components of that network in geographic locations (e.g., device location and cable installation) to extend the reach of the network, in the light of recent advancments in cryptocurrency fields, specially in routing agorithims (e.g., Flare algorithim) that has been proposed to be applied in lighting network a problem faces  \n\nSkynet a Nano-satellite communication network:\nIn conclusion Skynet is a constellation of custom-designed Nano satellites “Cubesats” that works as an orbital vector for Lighting Network as both proactive & reactive  LN nodes out in space, it works in the context of Flare algorithm a hybrid routing algorithm, forming a global network map for LN nodes with specific goal of decentralization Lighting Network routing and such network mechanisms paving the way for Blockchain’s applications to get rid of centralized internet backhaul on the planet and reaching broader access for all Blockchain applications users worldwide, On a border sense the paper goal is to Harness Network routing to simulates as the core solution for different Blockchain’s networks as the solely  practical distributed and decentralized solution for circulation of currency whether its crypto or fiat as a medium of exchange, by providing the opportunity to open payment channels or form micro decentralized exchanges among different nodes which by its role can play in different modes depending on their placements in the network physically and/or logically, Emerging of new technology the (Cubesat) Concepthelps to build a decentralized hardware network by public (Crypto community): modularity of Cubesats (1U, 2U, etc..., easy to design), (COTS) commercial of theshelf components (availability), (P-POD) launched and deployed using a common deployment system (avoiding launching bottleneck), classified in different categories (variety of designs and available capabilities).  \nWhy a decentralized network of hardware to work as internet is essential for cryptocurrency ecosystem now?\n-\tRecent developments in building internet networks in space as SpaceX plans to launch first internet-providing satellites in 2019The Company will launch additional satellites in phases until 2024, at which point the network should have reached full capacity, with the craft operating on the Ka- and Ku-band frequencies.\n\n\n\n\n\nLighting network protocol \nWe know that lightning is at least technically feasible. We don’t know if it’s economically feasible or even a desirable alternative. Will it be a decentralized peer-to-peer payment layer or will it end up as a quasi-centralized payment network similar modern banking?\nTHE ANSWEAR CAMES OUT LIGHTING NETWORK PAPER\nPayment Routing\nIt is theoretically possible to build a route map implicitly from observing 2-of-2 multisigs on the blockchain to build a routing table. Note, however, this is not feasible with pay-to-script-hash transaction outputs, which can be resolved out-of-band from the bitcoin protocol via a third party routing service. Building a routing table will become necessary for large operators (e.g. BGP, Cjdns). Eventually, with optimizations, the network will look a lot like the correspondent banking network, or Tier-1 ISPs. Similar to how packets still reach their destination on your home network connection, not all participants need to have a full routing table. The core Tier-1 routes can be online all the time —while nodes at the edges, such as average users, would be connected intermittently. Node discovery can occur along the edges by pre-selecting and offering partial routes to well-known nodes.\nDifferent settings for the lighting network routing:\n•\tHub-and-Spoke network topology: As a hub-and-spoke payment layer, there would be very few hubs and the network would be quasi-centralized and a regulatory sitting duck\n•\tOrganic, wallet-to-wallet routing:Bitcoin Core developers have bet the house on it\nBut there is a catch…..\nRouting paths are much harder to find when values are considered.\n1.\tWe could end up making more on-chain transactions……\n2.\tThe vast majority of users will be offline…..\n3.\tChannels cannot be created on-the-fly…..\n4.\tRecipients have to be online.\n\n\n\n\nFlare algorithm:\nHybrid routing protocol\nTable-driven (proactive) protocol: maintain up-to-date routing information about all the nodes in the network in the form of routing table weather if they are neighborhood, beacon and orbital nodes \nOn-demand (reactive) protocol: on-demand protocols execute the path-finding only when a path is required and it accomplish that by gathering quickly changing information of the network graph, information that is essentially to nodes in order to open a payment channel with other nodes like:  status of nodes, distribution of funds within payment channels and fees for using a channel.\nTable-driven (proactive) protocol:\nProactive node (neighborhood node)\nIn certain radius node can very quickly gather information on channels/opening closing, thus having up to date picture, but it is not scalable to have radius too big.\na.\tEach node propagates information on its channels closing and opening in certain radius.\nb.\tThis allows each node to have up to date picture of all open channels (with their total capacity) in certain radius.\nProactive node (Beacon node)\nTo enhance long range visibility node finds paths to distant nodes (beacons) which can help to find route to receiver if he is not in the neighborhood\na.\tEach node finds paths to nodes whose addresses are closest to the one’s (claiming those beacons). \nb.\tOn reactive stage this allows to search for longer paths iterating over known nodes in DHT like manner.\nOn-demand (reactive) protocol: \nWhen node E wants to send money to D: \n1. E and D find path candidates on the graph of their routing tables\nFinding candidates once joint routing table is created one may find k paths using approaches like breadth-first search\n2. If no candidates are found E requests tables from nodes whose addresses are closest to D and so on…\n3. When several candidates are found E collects dynamic information on them\n4. If the one is found E creates HTLC and sends money to D\nDisjoint paths\nBy adding vertex weights to network graph one may find shortest paths that are most different from previous found.\nDynamic data \n• Found candidates are paths that potentially can route the payment\n• To tell if there is the path that we can use to route the payment we need to gather dynamic data for candidates (funds, fees)\n• The simple solution - probing onion messages that traverse through candidate paths and quickly collect dynamic information graph one may find shortest paths that are most different from previous found\nDynamic data\nBut how do we know which candidates to check first? Need ranking.\n• Distribution of funds in the channel - uniform if know nothing.\n• Probability that channel with capacity C would be able to route the payment x is equal to max (0,1-x/c).\n• Probability payment X would make it through is P(x|path) = max(0,1-x/C)\n• After we get the probabilities we can start sending probes through the candidates whith highest chance of success.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe Ring Road concept\n\nan infrastructure proposal: a constellation of Nano-satellites using delay-tolerant networking to provide low-cost access to lighting network.\n\n\n![image.png](https://cdn.steemitimages.com/DQmbY98bu6EZpACAP4psstBJjssneJNMqPMLkipPBYoqGgU/image.png)\n\n \nWhy?....\n\nEconomic obstacles: Access to fixed broadband in some countries costs almost 40 times the national average income.Even in wealthy countries, affordability limits broadband access in impoverished communities.Geographic obstacles: Some communities are too far from population centers to make the extension of infrastructure — fiber, cell towers — cost-effective.Political obstacles: Some nations restrict citizens' network access and/or restrict the content that can be carried by the network.\n\nCommunication satellites: Earth-orbiting satellites can relay radio communications among sites on Earth can be visible from all points on Earth's surface, removing the geographic and political obstacles.\nNot a new idea…(examples)\n\nGeostationary (GEO): Exede (ViaSat), HughesNet (EchoStar), WildBlue, StarBand, Intelsat, Inmarsat, Thuraya\nLow-Earth Orbiting (LEO): Globalstar, Iridium, Orbcomm, Teledesic.\n\nSo the problem solved:\nMaintaining Internet connections with satellites isn't easy.\n•\tGEO satellites do this by ensuring continuous radio contact with ground stations and customer equipment. But:\n-\tThey are costly, on the order of $300 million (manufacture & launch).\n-\tEach one provides communication to a limited part of Earth's surface.\n-\tEach one is a single point of failure.\n-\tWhile data rates are high, round-trip latencies are also high.\n•\tLEO constellations do this by constantly switching connections among moving satellites.\n-\tBroad coverage areas, low latencies.\n-\tBut data rates are lower than for GEO, more satellites are needed, and\n-\tThey’re still expensive: $150-$200 million (manufacture and launch).\nAn emerging answer\n\n•\tA capable Nano-satellite, such a Cube-Sat, can be fabricated and launched into low-earth orbit for .1% of the cost of a LEO communication satellite. \n•\tAn inexpensive Nano-satellite constellation in LEO would have a broad coverage area, no single point of failure.\n\nThere's a catch, though....\n\n“Nano” Communication Satellites\n•\tNano-satellites are inexpensive in part because they are simple.\n-\tManeuverability is limited.\n-\tNormally only single radio (UHF or S-band).\n•\tThis means the constant connection switching among cross-linked satellites that normally enables LEO constellations is not feasible.\n•\tSo we can’t expect a constellation of low-cost Nano satellites to be able to sustain thousands or millions of continuous end-to-end internet connections.\n\nSolving the catch\n•\tBut maintaining continues end-to-end internet connections are not the only possible network service. \n•\tDelay-Tolerant networking (DTN) technology, emerging over the past decade, enables a different model:\n-\tAt each moment, each satellite’s radio points only at the ground station directly below it (when there is one).\n-\tWhile the satellites and ground station are in contact, they exchange network traffic. The satellites function as a router.\n-\tWhen contact is broken, the router satellite retain out-band message in local storage while it continues on its orbital.\n-\tWhen contact with the next ground station begins, network traffic exchange resumes.\n\nProposed Constellation size\n•\tCouriers are in near-circular low-Earth orbits at inclination of about 50 degrees (so the coverage area is from 50 degrees South Latitude to 50 degrees North); altitude about 500 km.\n•\tRadius of satellite visibility is somewhat greater than 1000 km,\n•\tMaximum separation of satellites is at the equator, which is about 40000 km, so 10 orbital planes are needs: each satellites crosses the equator twice per orbit, covering a circle of 2000 km circumference at each point,\n•\tCoverage per satellite at the equator is 18 degrees of longitude; 12 satellites per orbital plane would allocate 18 degree of latitude coverage (out of 200) to each satellite, but say 15 to ensure some overlap. So 150 spacecraft in all.\n\nNetwork capacity\n•\tSatellites at 500 km altitude travel at about 7.8 km per second, an orbital period of 90 minutes; 16 orbits per day. Any single satellite will be in view of any single ground station for about 128 seconds per orbit, the maximum contact length.\n•\tS-band transceivers can transmit at 230 kbps, could upload up to 3.6 MB during a single satellite contact of maximum length.\n•\tUp to 42 contacts of max. Length per orbit, 150 MB could be inserted into the network per satellite per orbit, 2.4 GB per satellite per day.\n•\tFor 150 satellites, 360 GB per day. This is about 4 MB per second, 32 Mbps. But maximum upload is impossible because each satellite is often over open sea; figure 16 Mbps.\nDeployment cost\n•\tEstimated assembly cost per satellite: $100,000.\n-\tTotal satellite assembly cost per network: $15 million.\n•\tEstimated launch cost per group of three Cube-Sats: $200,000.\n-\tTotal launch cost for network: $10 million.\n•\t20 contacts per orbit (40,000 km Earth circumference, 2000 km diameter per contact) for 150-satellites would require 3000 base stations; 1500 if one-half of the covered surface is unoccupied. Estimated cost per base station, including S-band radio modem: $2000.\n-\tTotal base station cost for network: $3 million.\n\nIncremental deployment\n•\tThe network would function with only a single satellite, but with very low capacity and terrible round-trip latency (days).\n•\tAs satellites are added, network capacity increases and round-trip latency drops in proportion.\n•\tCorrespondingly, loss of any satellite causes an incremental drop in capacity and increase in latency. Graceful degradation, no single point of failure.\n•\tReplacing satellite with one that has greater capacity-more memory, higher radio data rate – likewise provides an incremental increase in network capacity and drop in round-trip latency. \n\nService Cost Estimate \n•\tSuppose network lifetime is 5 years and operating cost is $1 million per year. Total lifetime of the network is $15 + $10 + $3 + $5 = $33 million.\n•\tAt 16 Mbps, total lifetime traffic is about 300 TB. Mean cost of transmission is less than $0.11 per MB.\n•\tCommercial satellite services (as of September 2013):\n-\tIridium pilot: $7.41 per MB.\n-\tInmarsat BGAN shared services: $6.49 per MB.\n-\tThurayaGmPRS NOVA: $5.00 per MB.\nLatency\n•\tTotal network capacity and data rate to subscribers could be increased 100-fold or more by using C-band or K-band radios, not currently available for Cube-Sats.\n•\tBut higher data rate can’t solve the end-to-end round-trip time problem; latency in communication between satellites and ground stations in negligible, but round-trip latency in the network is extremely variable and can be very high.\n\nSuppose a subscriber is on Seram Island in Indonesia. The preceding hot spot on the Ring Road track is, say, Manado (800 km distant) and the next one is perhaps Darwin, 1200 km distant. Total round-trip time for an internet database query is then 18000 / 7.3 = 164 seconds plus 800 / 7.3 = 110 seconds, a total of 4.6 minutes. \n\n\nA Perspective on Using a Network\n\n \n![image.png](https://cdn.steemitimages.com/DQmbY98bu6EZpACAP4psstBJjssneJNMqPMLkipPBYoqGgU/image.png)\n\n\nCaveats\n•\tOperations:the core DTN protocol implementations are mature, but supporting software is needed.\n-\tRoute computation can be based on Contact Graph Routing.\n-\tScalable network management protocols and tools will be needed.\n•\tSecurity:\n-\tBasic network security measures (authentication, integrity, confidentiality) are supported by Bundle Security Protocol.\n-\tA scalable key distribution system will be needed.\n•\tThe elephant in the room: where will the funding come from?\n\nOutlook \n•\tDTN satellites in low-earth orbit are already a well-proven concept: Change Request 013799, authorizing deployment of two permanent DTN on the international space station, well approved on 10 September 2013.\n•\tThe Ring Road network concept has some clear advantages:\n-\tSurmounts geographic obstacles.\n-\tNot disabled by earthquake, storm, flood, fire.\n-\tDifficult to disabled intentionally.\n-\tGraceful degradation in the event of satellite loss.\n-\tLow barrier to entry.\n-\tLow operating cost.\n•\tAn opportunity to extend network service worldwide.\n\nIt would be a high-latency network, unsuitable for some applications. But for many applications it could work as well as the internet. Perhaps even better.\nImplications on Bitcoin protocol & the currency\nWhat does Bitcoin protocol offers to global currency concept?\nProblems face globalization “mainstreaming “of Bitcoin& the Differences between globalization and mainstreaming of Bitcoin currency?\nIs there a break point at which fiat currencies “backed by central banks” defeated facing Bitcoin?\nExisting Bitcoin critiques and commentary\n-\tBitcoin suffering deflationary spiral  tracked by Grinberg\n-\tGrinberg also touches legal problems; such as exchanges, potential failure of anonymity, denial of service attacks and violation of the stamp act\n-\tHoarding is tracked by Ron and Shamir Mieklejohn, as well as Sergio\n-\tMieklejohn, et al make an attempt to track circulation of bitcoins, claiming that roughly half circulate rapidly, However, since this occurs at gambling and trading sites, that activity does not represent buying and selling of goods and services.\n-\tTyler and Moore show that patrons of bitcoin exchanges run significant risk of loss due to failure of the exchange.\n-\tThe irony of bitcoin’s decentralized design being subsumed into dependency on a small number of exchanges.\n-\tSelgin is intrigued about a bitcoin type of crypto-currency within a fiat currency system as a way to provide a perfectly elastic currency supply that could be targeted by algorithm to various monetary schemes, Selgin and Grinberg are both aware of issues inherent in an inelastic money supply. But the intractable nature of bitcoin’s inelastic design is not connected by them with this issue.\n-\tPlassaras is concerned about the IMF being able to stabilize bitcoin, and states that bitcoin:\n…poses a serious threat to the economic stability of the foreign currency exchange if it continues to grow in both value and usage. Any other digital currency that entered widespread use would pose similar problems.\n-\tEyal and Sirer point out a serious technical vulnerability of Bitcoin as Bitcoin depends on the longest block-chain being the honest one this requires that the majority of nodes are honest However, Eyal and Sirer describe a vulnerability that begins at 33% of computing resources. An implication is that a government (or wealthy private party) can take control of a cryptocurrency with this design (which is all cryptocurrencies now in existence) by applying superior computing resources, Even if the bitcoin algorithm is modified, it is evident that bitcoin will always be vulnerable to brute force application of sufficient computing resources to overwhelm the system.\n-\tBitcoin’s purported capacity for expansion is not credible.\n-\tA Bitcoin financial system is a losing zero-sum game for investors, A system where the amount of money is fixed is a zero-sum game – for every winner, there must be a loser, because new money is not created that allows interest or investment return payouts.",
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