So I mined a block, but why would other nodes accept my mined block?

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Radix is a little different from other DLT technology. This documentation should help clarify points. Below you’ll find the FAQ, a discussion of attack vectors, and a glossary to help you learn about Radix. Radix is a high-throughput platform to build and distribute decentralized applications. In research and development since 2011, Radix DLT is the first, infinitely scalable, Distributed Ledger Protocol for trustless systems.

It is an eventually consistent distributed database, with absolute ordering of related events and n-1 fault detection. The Radix platform will enable developers to create, distribute and manage highly scalable, efficient and secure distributed applications for both public and private networks. The Radix Public Network is a modular, general-purpose, global computer for decentralised applications that enables inexpensive and scalable transactions at incredible speeds with near-instant finality. It enables resource-restricted devices to run a full Radix node on as little as 16MB of memory and a 100 Mhz processor. This enables inexpensive, scalable transactions at incredible speeds with near-instant finality. To achieve speed, scalability, security, and efficiency, Radix has created a combined distributed database architecture and consensus algorithm called Tempo.

It is the core module of the Radix platform. It uses vector clocks for generating a partial ordering of events in a distributed system  to detect and prevent causality violations. Tempo does this by preserving the total order of events, allowing for the trustless transfer of value, timestamping and other functionality. It is a semi-structured, shardable architecture that limits state transfer information to only those members of the network that need it.

This reduces overhead and increases performance. It is suitable for both public and private deployments, without modification, and requires no special hardware or equipment. Combined with a huge, overlapping shard space, the scalability of Radix is only constrained by the number of Nodes operating within the network. The aim of Tempo is to create a trustless, decentralized consensus algorithm that can work reliably as a public network. Asynchronous – any process on the network can start or end whenever it needs to – e.

Highly concurrent – many processes can be done simultaneously, without bottlenecks – e. Scalable – there is not an upper limit restricting the total throughput of the network, such as the limits CAP Theorem puts on Blockchains and DAGs. A logical clock is a counter that is incremented by 1 every time something new happens. Node speaks to another in the Radix network. This gives every Node their own relative time, based on network activity, and one they can use to create a simple order of events.

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Gossip protocols are well established in computer science and are one of the fastest ways in which information can be reliably shared across a network. It works simply by a Node choosing a couple of other Nodes to tell something new to, and they, in turn, tell two other Nodes, and so on and so on. This causes information to spread at an exponential rate. On Tempo, we add the Node logical clocks, signed by the Nodes in question, to the gossip they are spreading around the network.

This allows everyone to see both new information, and at what logical clock time that information was seen by other members of the network. To allow high scalability a Tempo ledger is split into a very large shard space, allowing a huge degree of concurrency. To avoid a double spend across any of the shards, the shard a wallet lives on is determined by its public key. This makes sure that any spend from a wallet will always start on the same shard. When combined with the logical clocks and gossip, this Tempo to always find the total ordering of related events, allowing double spends to be quickly detected and ignored. In 2011 Dan Hughes, the founder of Radix, discovered Bitcoin and was instantly hooked by the underlying elegance of its distributed protocol.

He dedicated his time developing a highly scalable distributed ledger technology platform. Who is in the core team? Mass adoption of cryptocurrencies is impossible without a means of achieving both transactional scalability and price stability – Radix is designed to solve these issues. Cryptocurrencies such as Bitcoin and Ethereum are beginning to attract the attention of mainstream media thanks largely to their massive rise in value over the past year. The world is starting to realize the potential of blockchains. It has become increasingly evident that decentralized networks, running on distributed ledgers and token economics, will radically change industries over the coming decades. Despite these innovations, the low scalability of the current breed of technology, and the high volatility of their value have delayed adoption, either for mainstream applications or as a useful currency.

This is because they are vertical architectures where all nodes participating in the network are required to have the complete global state of the system. Blockchain Sharding – you still need a coordination layer across all shards to stop double spends. This coordination layer has the same CAP Theorem limit that the sub shards do – you do gain throughput, but still, have an upper scalability limit and it comes at the cost of much greater complexity. It is fast, efficient and trustless. Unfortunately, once this limit is reached, sharding a DAG to increase throughput is very difficult without causing a massive degree of centralisation.

DAGs, a node would need to maintain all the DAGs simultaneously. At scale, these super nodes would be very large and very costly to maintain. Radix provides a solution for reaching consensus, across a distributed ledger, that can scale limitlessly in an efficient, unbounded, linear fashion, without consuming a huge amount of computer resources or capital to secure it. It has a semi-structured, shareable architecture that limits state transfer information to only members of the network that need it, reducing overhead and increasing performance. Central to this security is the consensus method used, as well as the way in which the platform rewards the nodes that do useful work for the network. Every ten minutes, bitcoin miners compete with each other to mine the next block of transactions.

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The first miner to do so wins and gets all of the block rewards. Work done by every other miner is wasted. This eventually leads to the re-centralization of the network, where only very large miners have any chance of earning mining rewards. At the extreme end, this leaves the possibility of collusion, abuse, and censorship.

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While success in Proof of Work is determined by who has the most hashing power, Proof of Stake is determined by whoever holds the most coins. This essentially means that the network is available to be purchased by the highest bidder. With a very small group already holding a majority of coins on many Proof of Stake networks, this puts the control of the network immediately into the hands of a small, rich elite. The alternative would be for smaller stakeholders to pool together and move all of their wallets to a central service to share running costs reducing the per unit cost of the operation. This introduces significant security risk not only to hacking but to outside jurisdictional forces such as censorship, regulation, and taxation. One way or the other, PoS will lead to centralization the same way PoW does due to economies of scale where the rich get richer, faster. Although PoS reduces the energy cost to run the network to a fraction of what PoW requires, it does not solve the centralization problem.

This addition of trusted parties can give a significant performance boost, but at the cost of making the network far more vulnerable than it would otherwise be. Proof of Work is an incredibly expensive and inefficient way of reaching consensus and creating security in a trustless network. This process already consumes more electricity than the entire power consumption of Ireland. It is wasteful, and at a time when we are looking for ways to save energy and decrease the environmental impact we have on the world, it is a definite step in the wrong direction. This is because each Node on the network is required to execute every line of code in every Smart Contract submitted with sufficient gas. As more Nodes join the network the lower the chances any given Node has to be rewarded with the gas fee for executing a Smart Contract. This means that each Node must anticipate needing to run a larger and larger number of Smart Contract before successfully earning a reward.

As a result, it is likely that as the network grows, the higher the gas fee is likely to become once the mining rewards are taken into account. Although DLT technology has enabled trustless transactions over the internet, volatility has delayed their adoption as a medium of exchange and a unit of account. For cryptocurrencies to be adopted widely, they must equal or better the certainty of future purchasing power that fiat currently offers. It will sit as a module on top of the Radix Tempo protocol and will be controlled by an algorithmic monetary policy of expanding and contracting coin supply. Full details will follow in a future white paper. Network participants can support more modules to earn tokens proportional to work done for supporting them.

Limitless scalability means that each additional node added to the network increases the overall throughput capacity of the network. Increasing the amount of nodes have little to no detrimental effects on pre-existing Nodes and thus the scalability is deemed linear and unbounded. 2 seconds and finalize in 5 seconds or less. It is stabilized in a decentralized manner autonomously by the network itself.

Critically, this enables performance-constrained IoT devices to participate as first-class citizens in the distributed network. Debit cards make it easy for consumers to spend cryptocurrencies and create cold-wallets. More information will follow regarding the software development kit and the Radix API as we get closer to the launch. This will provide a gateway to onboard early adopters of decentralized applications creating additional utility for the tokens.

It distributes work between participating nodes according to their available resources. The  Radix Public Network is set for launch in Q4 of 2018. We will be launching various developer betas ahead of this for testing. Radix enables merchants to accept cryptocurrencies without worrying about wild price swings.

So I mined a block, but why would other nodes accept my mined block?

It helps developers to build applications that demand transaction rates beyond today’s blockchains. It will provide merchants the ability to accept payments globally without friction. The Radix token is a stable cryptocurrency specifically designed to help protect merchants from wild price swings and incentivize them to accept and use Radix in their everyday business. The more of it they help to run, the larger the rewards they receive. Why should I choose Radix for developing a decentralized application? Radix is ideal for decentralized applications that demand blazing fast transactions with near-instant finality. Decentralized payment networks, communication networks and marketplaces are some examples to name a few.

Radix has come into being due to the hard work and dedication of Dan and a hard core of community supporters and investors. However, most tokens will be available to anyone to buy from the integrated Radix Decentralised Exchange, and we have no wish to be the majority holder of our tokens either now or in the future. No, Radix is not open-source yet. It will be open-sourced to support further development of the Radix Public Network in the future. Additionally, we are actively working with individuals and institutions to audit and peer-review the code. Who controls the Radix Public Network? Once live, the public Radix network will be distributed.

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No single entity, organization or group will own the Radix network much like nobody owns the internet. But unlike the Internet, Radix is collectively maintained by its network participants who are incentivized to maintain it. Can Radix scale to become a major payment network? As such, Radix can scale beyond existing major payment networks such as VISA and Alipay.

I am looking for a copy of todays cryptoquote as it appeared in the todays paper…

Yes, the Radix Public Network will have the native low-volatile token which we see as key to mass adoption of cryptocurrencies in general. More details on the price-stable cryptocurrency will be released in our upcoming economics white paper. We currently do not plan to do a public token offering ahead of the launch of a public network. The Radix technology platform is already in an advanced stage of development, so a large raise to build the foundational technology is not necessary.

How many tokens are available for presale? There is no pre-sale for the Radix tokens. Will the Radix team pre-mine tokens? The Radix team believes in fair distribution and will not pre-mine Radix tokens for personal gain. Radix is capable of supporting various types of crypto economic token supply models. These include fixed, linear, pegged and inflationary. Radix Stable Value tokens follow a dynamic inflationary supply, so there is no hard cap.

Why is there no hard cap? Supply follows the Quantitative Theory of Money, with the objective of value stability over time. This means that instead of supply being fixed and value being variable, value is stabilized by fluctuating supply. How do Radix tokens derive value? As demand for the currency increases, the total circulation of Radix low-volatile coin will also be increased. If demand reduces, the system has a few mechanisms in place to burn tokens in circulation as well. The full details of this system will be outlined in the upcoming economics white paper.

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How much will Radix token cost? Value is not pegged to the dollar and will free float according to demand. How can I buy Radix tokens? There will be opportunities to either purchase or earn tokens for use on the live network after launch of the main network. Radix tokens will mainly be traded on the integrated decentralized exchange. Radix Stable Tokens through this integrated decentralized exchange. Centralized exchanges will also offer the Radix Stable Token if they decide to support it.

So I mined a block, but why would other nodes accept my mined block?

How can I earn Radix tokens? Once launched, you can earn Radix Tokens by running Radix Nodes on the public network. Participating Nodes receive a share of both fees paid by users of the network as well as a portion of new supply. The network incentivizes participating Nodes by rewarding tokens in proportion to the amount of work done. In simple terms, the more transactions you process on the network, the more you are able to earn. For the Radix Stable Value token, balance holders also share in new supply.

Note: When the demand is less than supply, the network burns tokens to stabilize the token price. It does not burn tokens from customer wallets. Instead other methods are used to burn and achieve price stability. How many Radix tokens can I earn?