THORChain Weekly Dev Update for Week 12–18 Nov 2019
Some recent updates to the protocol:
Update to Emission
The first iteration of the block reward scheme was announced in the previous weekly update. An immediate concern raised from the community was that the emission was too aggressive in the initial year and rewards dropped off fast beyond the 5 year mark. Taking Bitcoin’s emission as an example, the emission curve has been updated to target 2% emission after 10 years.
The Block Reward equation is given by the following recurrence equation: g(n+2) = ((R - (g(n+1) + g(n))) / x) / y Which evaluates to: !(https://miro.medium.com/max/1624/1*ttpsRd7HUs2-7hvDGO6elg.png
) where: R = Reserve, x = 6 (Arbitrary Emission Factor) y = (seconds per day / seconds per block) / days per year y = (86400 / 5) * 365.2425 The final curve thus has a Day 0 emission of 25%, Year 1 emission of 20% and Year 10 emission of 2%.
The original plan for BEPSwap (prior to the Yggdrasil liquidity breakthrough) was to have it as a separate mainnet before launching the real THORChain in 2020 with cross-chain support. Now THORChain has in-built cross-chain support and a clear roadmap to 99 nodes. This means the mainnet launch will have public, community-run nodes at the start. The community has been fielding many questions about how to run a node, and the mechanics in doing so. Since the THORChain team will not be running any nodes, it is necessary to have a full-rehearsal with the community at launch. As such, the plan is for a public ChaosNet on 03 January 2020. ChaosNet will have the following key differences: * Minimum bond of 100k RUNE. * Maximum of 12 Nodes. * Churn cycle of 1 day. * Maximum stake amount of 600k RUNE total. * 2.7m RUNE Protocol Reserve to emit Bond and Stake rewards. * Hard-coded Ragnorök at 6 weeks.
Any member who wishes to join ChaosNet to get accustomed to running a node can do so, and will receive Block Rewards roughly equivalent to mainnet (25%). They will be setting up nodes, churning in, servicing the network and earning rewards. The system will hold up to 600k Rune, at which point it will refund any additional staked amount. The community can stake small amounts of real assets, prepare arbitrage bots, set up telegram alert bots and more. In short, it is a public rehearsal with the entire community across all facets (nodes, stakers, traders) so that everyone will have access to the same information and not unfairly benefit when the real mainnet launches. Additionally, the system will be hard-coded to perform a Ragnorök 6 weeks later, which will refund all the remaining reserve as well as bonded and staked assets. This will go a long way in re-assuring the community that the system can tolerate all levels of risk, including black-swan events, and that funds are safe at all times.
A new feature will be launched that will allow users to use internal arbitrage. This is an asymmetrical withdrawal to Rune, then immediately followed by a asymmetrical stake of Rune in another pool. A trader may want to do this instead of doing transactional arbitrage in order to exploit price differences between two pools the fastest way possible. Instead of an outgoing transaction being processed, followed by another incoming transaction, Rune balances and stakeUnits are swapped internally, being completed inside of a few seconds.
Fee-based Transaction Prioritisation
Currently there is no prioritisation to the order of transactions, all transactions are simply processed in order of time received. In moments of high demand of network resources (such as when there are large arbitrage opportunities and users are racing to exploit them), transactions will queue in the mempool. If the system cannot respond fast enough, then the reason for high demand will persist (the large arbitrage opportunity). The solution is to remove the reason for high demand in the first place, which is the large arbitrage opportunity, at the same time as collecting the maximum revenue for the system. As such, in the checkTx method (which can triage the mempool), transactions will be sorted and ordered in the value of the fee of the swap transaction. Assuming rational actors, the following transactions will then be prioritised over all others: * A transaction from an impatient swapper who is willing to pay a large fee. * A transaction from a trader who is able to arbitrage out a price discrepancy (and still make a gain).
This then means the system can collect as much income as possible (good for the stakers) at the same time as prioritising transactions that can arbitrage out large price discrepancies quickly. This then means swaps from transient swappers will experience a market price that accurately matches the reference price at all times.
The team are working on 4 parallel streams of effort. Cross-chain infrastructure has now been merged into a single repo called “THORNode”. * THORChain * Midgard Public API * Threshold Signature Scheme implementation * Front-end Integration for BEPSwap
Bug fixes, refactoring, as well as more logic around Yggdrasil funding. Additionally, node churn and the first part of block rewards PR was merged. * Add admin config event, fix tx out events https://gitlab.com/thorchain/bepswap/thornode/merge_requests/255
* Resolve “Select a satellite pool to swap out” https://gitlab.com/thorchain/bepswap/thornode/merge_requests/253
* Include the thorcli volume for the signer. https://gitlab.com/thorchain/bepswap/thornode/merge_requests/261
* Rune Reserves, block rewards, bond units, oh my! https://gitlab.com/thorchain/bepswap/thornode/merge_requests/258
* Add mechanism to slash a node account bond or rewards https://gitlab.com/thorchain/bepswap/thornode/merge_requests/264
* Add add event https://gitlab.com/thorchain/bepswap/thornode/merge_requests/262
* Issue198 node churn https://gitlab.com/thorchain/bepswap/thornode/merge_requests/270
* Issue199 — fix signer doesn’t process multiple txout item https://gitlab.com/thorchain/bepswap/thornode/merge_requests/271
* issue194: only rune get refund for invalid memo https://gitlab.com/thorchain/bepswap/thornode/merge_requests/272
* Outbound — mark txout item out hash based on the coin as well https://gitlab.com/thorchain/bepswap/thornode/merge_requests/273
Midgard Public API
Database ported from influxdb to timescaledb (more maturity, better developer tooling). Endpoints built out include/pools and /stakers. * Feature/new endpoint format, refactors and general clean ups
The OpenApi Schema can be reviewed here: https://testnet-api.bepswap.net/v1/doc
Threshold Signature Scheme
TSS was successfully implemented into the Genesis ceremony, with the focus now being on the key-gen and key-sign ceremonies. Multi-cast DNS was switched out for a distributed hash table to facilitate node discovery. * Issue4 — docker images and ci https://gitlab.com/thorchain/tss/multi-party-ecdsa-dockemerge_requests/5
* Fix a docker bug https://gitlab.com/thorchain/tss/multi-party-ecdsa-dockemerge_requests/6
A proof-of-concept is being prepared using BinanceChain TSS library, which was recently launched in order to make a decision whether to switch libraries. A go-based implementation is better for THORNode, since it is also written in Go. https://github.com/binance-chain/tss-lib
Bug-fixes and tweaks from community feedback. The frontend is now ready for implementation with the latest Midgard API. * Resolve “Write cypress e2e test for pool stake list view” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/164
* Resolve “Update rune token icon” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/165
* Resolve “Update confirmation modal” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/166
* Resolve “Update wallet view” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/167
* Resolve “Add tooltip for wallet connection” https://gitlab.com/thorchain/bepswap/bepswap-react-app/merge_requests/168
The team are working for these milestones: * Feature Freeze: 20 November 2019 on-time * Audit: 20 December 2019 on-time * ChaosNet: 03 January 2020 on-time
To keep up to date, please monitor community channels, particularly Telegram and Twitter: Twitter: https://twitter.com/thorchain_org
Telegram Community: https://t.me/thorchain_org
Telegram Announcements: https://t.me/thorchain
https://preview.redd.it/709g6p8g54011.jpg?width=1920&format=pjpg&auto=webp&s=5864cddf06cdfa93596983647faba08cf1e050c1 submitted by
Hello everyone, we hosted the AMA (ask me anything) in our community yesterday. The co-founder Mason answered the questions of the group members one by one. Due to limited time, we only answered some typical questions. Please understand. After the event, we organized all the questions in the group into articles for you to review.
Of course, if your question is not in this article, please send an email to [[email protected]
](/). 1.How long has the project been going on? And when can we expect the launch of the mainnet?
When we were in the form of the company Dianrong.com
, we started the development and open source it on GitHub after 2yrs. In the end, we decided to raise money in an ICO form. The most crucial part of the project is building a network that support’s DApp’s, and that’s something we’ve already achieved. For more information regarding this, please visit the following article we wrote: https://medium.com/@hero_node/hero-node-dashboard-is-officially-launched-taking-a-big-leap-in-dapp-development-8ccd28f60c64
Also, our own public chain will be published at the end of 2019! 2. When can we expect a detailed roadmap?
The roadmap in the whitepaper contains our complete roadmap, this will be added to the website soon! 3. Why do you have two Telegram groups?
Because of high interest, our first group reached the maximum amount of members, to give everyone a chance we decided to create a second group! But, we will try to see if we could emerge everything back into one group! 4. What is the nature of the partnership between Hero Node & Qtum?
We have a technical cooperation with public chain investors such as Qtum, ITC and BTM. Hero Node plans to support a number of public chains including Zilliqa. We believe that Hero Node can help them on expanding their markets /eco-system by integrating the public chain services, besides that we also require a variety of public chains to solve different challenges. 5. How can we verify your investment from Fenbushi and Qtum?
For Qtumm please go to: https://qtumeco.io/dapps
and for Fenbushi, please check the images below: https://preview.redd.it/9my79za954011.jpg?width=1080&format=pjpg&auto=webp&s=81f028ce542dcf9b0a0c36c6dec84502036475ce 6. Why didn’t Hero Node choose to support the price?
We just started and are really in the beginning stage of this amazing project, we don’t want to manipulate currency prices. We believe that with the development of the project the price will rise! 7. Do you have your own public chain?
As stated in the first question we will publish our own public chain at the end of 2019. For more information regarding our public chain please read the whitepaper. The project was divided into three phases:
During the first two phases, we’ll be making use of the tokens based on ERC-20. When we enter the last phase the tokens will be generated by our own blockchain consensus algorithm. 8. I think the code on GitHub is not so crucial?
That’s because we only publish the code of the reward and consensus mechanism. We do have plans to publish the complete code after we’ve fully tested and verified everything.
9. Why can the refund be done only during specific times? and why is it mandatory that you can only refund if you haven’t traded the tokens?
We’ve chosen to open refunds at specific times to give our investors some time to think about the refund program. Regarding the second questions, we have implemented this policy to prevent investor using the refund for arbitrage which can have an impact on the market. 10. Who are Hero Node’s direct competitors? Why is Hero Node better than others, for example, EOS, FileCoin, IPFS?
Both Hero Node and EOS are trying to serve the Dapp development, but as you can see we’ve taken a completely different approach. Hero Node prefers to be completely decentralized, so it integrates some public chains rather than create an all-round chain. In frontend decentralization, Hero Node and IPFS are very similar, but we are not Dweb, but help developers to deliver the real Dapp. Also regarding the incentives part, we are not the same with FileCoin. If interested in that, I recommend everyone to read the posts I wrote on Medium about EOS and IPFS: https://medium.com/@hero_node/solution-to-the-impossible-trinity-talking-from-the-trend-of-ipfs-web-player-56f28a0abcc6 https://medium.com/@hero_node/attention-eos-could-really-be-a-cancer-cell-9420d7ea8c16 11. How can I get in contact with your recruitment team?
Please send your resume to [[email protected]
](/) 12. How many tokens do we need for running a node?
Running nodes won’t consume your tokens, but developers need to lock the tokens to get more resources, such as storage, bandwidth, etc. 13. Which kind of consensus mechanism is Hero Node based on? PoS or PoW?
It will be similar to PoW but different with Bitcoin, our public chain will use a creative algorithm which is different with PoW/PoS.
For a more in-depth description of our consensus, please read the article: https://medium.com/@hero_node/talking-about-the-proof-of-existence-consensus-mechanism-9e90b7e8f4b7 15. What is the main focus of the team at the moment?
We are currently focusing on development & marketing! 16. Why are you listed on the Dapp page of Qtum? Are you their Dapp?
No, but we can help them with their ecosystem, their developers can use Hero Node to easily develop a Dapp based on Qtum chain. 17. Why do you have a refund policy?
Because we want to protect our investors. 18. How big is the team? And how many of them are developers?
Our team consists of 14 people, 8 of them are developers. We have many part-time developers and are still hiring. 19. A lot of people are wondering when will Hero Node be listed on the next exchange, could you please shed some light on the Binance rumors regarding certain transactions
There is this reliable ethscan service that informs about the listing of coins on exchanges, and more than often they are genuinely reliable. But we planned listing on exchanges within one month after ICO and of course there could be some top ones, but due to NDA we can’t say more about it until it’s finalized. Please keep an eye on our announcement channel, because that’s where we’ll be announcing it: https://t.me/HeroNodeChannel 20. Your advisory team seems more like finance people than blockchain experts, can you tell us more about the team?
At the moment, Hero Node has 3 advisors:
Kevin Guo is chairman of CBAC, which is the top organization of blockchain application in China
Richard Wang, the partner of DFJ, many experience on blockchain investment such as Vechain. Also, he has many resources in the area.
Jerry Liu, the professor from Stanford University. 21. Why is the contract of the crowd-sale, not open source?
Because of security reasons, we’ll be open sourcing the contract after the refund is finished. Also because there could be some bugs for the Ethereum and smart contract written by Solidity. Although we’ve tested the contract many times, for security reasons we will keep it closed until the refund is finished. 23. When will the code of the node be open source?
We will open source the code at the end of this year! 24. Compared to other cross-chain projects, what are the differences between Hero Node and others?
Please read the following article: https://medium.com/@hero_node/liu-guoping-founder-of-hero-node-talked-about-blockchains-cross-chain-506b2d3f90f084 25. In what stage of development is Hero Node now?
We’ve had some demo’s for DApps and have almost finished the integration parts of some public chains. If you’re interested you could take a look at our visualization map our node: http://22.214.171.124/dashboard/geo 26. What do you think about the crypto market? Is it a bubble? And do you think that blockchain technology is overvalued?
We believe that blockchain is the future. 27. What did Hero Node do to help develop Dapp?
In short, we did the following:
Integration of public chains and distributed storage services.
Cross-platform dev framework called Hero Mobile.
The fully decentralized network and DApp eco-system 28、Do you have plan for integrating NEO?
We’re considering a cooperation with them. 29. Can you tell us something about the deployment of nodes?
At the moment we have ~10 nodes running all over the world, please check our visualization map: http://126.96.36.199/dashboard/geo 30. With which projects have you established a partnership?
At the moment we have a partnership with Qtum, IoT, and much more is on the way! We plan to support a number of public chain including Zilliqa. 31. Where is Hero Node registered and where are you based?
Singapore, but currently a part of the team is working from China. 32. Is the command “npm install” available?
Yes, you can use the command to add ETH and IPFS service and welcome your contributions 33.How do you ensure that your team’s token are locked for 2 years, and will you be able to cash out in advance? Why not use smart contracts?
We will announce the team’s address. 34.Don’ t we need a minimum amount of Her to setup a node ?
No. 37. Why does the Hero Node team prefer to work with IPFS instead of Stroj for example?
Our developers have more than 2 years of experience working with IPFS, we also did compare IPFS with other distributed storage services and IPFS came out as the most mature one at this moment 38. What is the lock plan for pre-sale tokens?
Pre-sale tokens will be locked for 3 months including base and bonus. Every month 1/3 of the tokens will be unlocked. 39. Could you please tell us more about the partnership with Ziliqa?
We’ve met them several times and are currently testing on their testnet. 40. How come HeroMobile is not updated frequently?
HeroMobile is already a relatively mature project. But we’re definitely improving it. 41. How to run a node without having to stake any tokens?
Running a node is like running a Bitcoin or Ethereum node. It does not require tokens, but it needs to provide hardware resources such as CPU, storage, and bandwidth. 42. How can we run nodes and is there an incentive structure to do so?
Yes, we will have a mining mechanism similar to the mining algorithm of POW, refer to this article please: https://medium.com/@hero_node/talking-about-the-proof-of-existence-consensus-mechanism-9e90b7e8f4b7 43. Will the official decentralized Dapp still be launched in June ?
Yes it will be at end of June. 44. When can we run nodes?
At the beginning stage, we will provide partners with nodes to run and test. According to the roadmap, we will push it to everyone in early 2019. 45. Are the main target users of Hero Dapp developers? What’s the plan for adoption after the official launch?
Not only developers, but also node providers, even ordinary users can use dapp developed based on HeroNode.
We will first improve the node, and improve the tools and SDK at the end of this year. The next step will be to conduct a lot of testing, and all developers are welcome to join in the test. After the entire system has matured, we will hold many hackathon activities to attract more developers. Of course, there will be many token incentives. 46. When will you guys start focusing on marketing?
We have already focused on marketing and are planning to do so even more. We welcome everyone to give us suggestions. 47. What is the next major milestone and when will that be reached?
Next milestone is the first Dapp releasing at end of June. 48. The hereditary idiots who wanted to refund or have refunded where will those HER tokens go? Will they be burnt or added to the ecosystem?
They will be reserved for partnerships. 49. Would you say you are in direct competition to EOS? If yes, how do differ? What is your edge for the adoption?
We have the same goal. We hope to solve the problem of developing Dapp, but EOS wants to obtain a balance in high tps, security and stability. Hero Node adopts the advantages of many public chains and pays more attention to ecological construction. 50. EOS is a cancer. I saw this post on Reddit. What does it mean?
EOS draws a lot of resources and it spreads like a cancer cell, affecting other ecologies. But in the end let’s see what it can give developers or if it is just a capitalist capital chase? 51. Dapp uses resources of Hero nodes that support both IPFS nodes and underlying blockchain nodes or are they the same?
Hero Node will integrate public chain resources and IPFS resources to form a complete ecosystem for developers to use 52. Will you recruit more developers ? While you compare to EOS, you know they have a very big team.
For sure, we will recruit more full-time and part-time workers. Development is our backbone. 53. Would you explain the difference between Hero Node and Filecoin model as they both consume resources by Dapps?
Filecoin is also an ecosystem of IPFS, but we are not just focusing on the storage part. We focus on the entire Dapp development cycle. 54. I appreciate the NDA clauses but as parting gift from this AMA — Can we get any juicy information that we can share with others and help bring the price up more.
At this stage we really could not share anything regarding our NDAs. Please be patient. There is lots of exciting news to come in the future. 55. Can someone please elaborate on the marketing efforts the team is doing?
56. What does “lock token” mean by developers?
- Recruiting more operators
- Some activities and development progress in China will also be synchronized to overseas media
- We are planning meetups in various countries.
This is a kind of behavior similar to the lease of resources. It can prevent resources from being abused, and it can positively cycle the entire ecosystem. 57. What’s the link on Medium of Hero? I want to read the articles about EOS and IPFS. https://medium.com/@hero_node 58. Which gas limit i should use to make refund?
100,000 59. Already 3.5M tokens got refunded (technically out of circulation for now)？
Actually the number is 5.7M 60. Can you provide several examples on how someone will use your project and why your project is the best for this?
For example, when you place order an order on Amazon but use Paypal to fulfill the payment. These are two different companies with different processes. This is very difficult between the two public chains, at least for now it is difficult, Hero Node hopes to solve this problem by integrating the public chain and IPFS resources and creating a whole ecosystem. In the near future, you can use QTUM to place orders, but you will pay with ETH. 61. Seems to be the majority of people have no clue what they buy or why its unique I gotta be honest myself I don’t know the method behind coding for blockchain what do you use for coding and how do you test the code?
Our code structure is divided into Hero Aggregate Layer, Hero Node Gateway, Hero Mobile Protocol, Hero Kit and so on. We will have unit testing for each function in each structure. After each unit runs tests, we will perform process testing and carry out a large number of tests before delivering the software. 62. What you think about Morpheus labs? Are they your competitors?
Sorry, we don’t know much about them.
In an open world, Hero Node welcomes any and all feedback. Especially helpful feedback will be rewarded!
Talk to us:
Email: [[email protected]
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