DiscoverCup of Crypto - Blockchain, Bitcoin, Litecoin, Ethereum
Cup of Crypto - Blockchain, Bitcoin, Litecoin, Ethereum
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Cup of Crypto - Blockchain, Bitcoin, Litecoin, Ethereum

Author: Tony | Blockchain & Cryptocurrency enthusiast

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Where the average Joe comes to learn about Blockchain and Crypto. How to invest in cryptocurrencies such as bitcoin, litecoin, ethereum, and other coins. Learn about the underlying blockchain technology and it's place in our future

39 Episodes
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Despite recent price action there is no doubt crypto is alive and well.  Let's talk about today and the future of cryptoVisit CupOfCrypto to hear more
Successful youtubers have built their career on technology.  They are in an excellent position to take advantage of the benefits of cryptocurrency.Listen to learn why you should accept cryptocurrency for your youtube channel.Follow me @cryptocup
I first want to thank PimpMastaFunk for the review below.  Honestly, I really do appreciate constructive criticism and the time that was taken to write this.I'd like to and address each point and make it clear who I am, how the podcast is evolving, and what you can and should expect from it.Positive pieces.  Honestly, I can't say anything more than thank you.How the podcast started and how it has evolved.  When I started learning about blockchain and crypto I found lots of people talking about what coins to buy.  The entire space felt very scammy and I thought I could bring a different spin to it.I spend every waking moment dealing with technology from my professional to personal life and thought I could bring a different vibe to this space, so the podcast was born.  It's tough to be honest.  I have a more than full time job a family and not a lot of time to spare, yet I stay up late nights learning about new things and sharing it with you.I'm a huge advocate of blockchain and cryptocurrency and firmly believe it is our future, so I don't mind investing my time into it.  I believe it will pay off in the long run and short term I get to analyze different projects, work on my speaking skills, and learn new things.  Win Win Win as far as I'm concerned.Price is something I try my best to stay away from and at first I really didn't want to talk about specific coins, rather focus on blockchain.  Unfortunately people want to hear about specific coins and what they should buy.  My compromise is to focus on some of the underlying tech of the tokens and/or coins and stay away from price.Detrimental to the space - EOS episode. Familiarity with the project Bitraged YouTube video on EOS Tone and positive attitude All new projects in this space are scamsFeedback I will work onFocus on the objective details and facts and move away from vague marketing hypeApproach projects objectively and from a critical starting point
This is part two of privacy coins and this time I'll talk about Zcash, however the founders prefer not using the term privacy.  Would you call your paycheck a privacy check?Purpose of privacy coinBitcoin and many other cryptocurrencies expose your entire payment history on the public blockchain.  Coins like zcash pickup an important part of where bitcoin left off and that is to protect the information between receipients.What is Zcash?Zcash is the first open, permissionless cryptocurrency that can fully protect the privacy of transactions using zero-knowledge cryptography.Introduced in the fall of 2016.Clone of Bitcoin with the addition of encryptionZero knowledge proofs - ability to prove a transaction without revealing detailsJP Morgan taking encryption component and adding it to their own blockchainThe CompanyPeople Leading scientists from some of the world's most prominent universities Zooko part of DigiCash in the late 90's and another company focused on privacy Strong technical team with diverse background Crypto elite advisorsYou can tell a lot about a company based on their hiring standards.  Here are a few snippets from Zcash Every line of code is a business decision. Understand the nature of the business challenge really well. Think long term Siloed knowledge is bad The biggest pattern we follow is to reduce complexity. A prime objective of systems architecting is to simplify, simplify, simplify. Design for the simple case first.HistoryZeroCoin (2013)- Originally the team was interested in implementing into Bitcoin blockchain.  Due to overhead and latency it wasn't acceptedBitcoin conference met with others that had developed zk-SNARKsJoined forces to create ZcashGot Zooko onboard.  With long history in digital currencies and business experienceInvestment capital How does Zcash work?Ability to send private or public transactionPublic behave similar to bitcoinPrivate are encrypted using Zk-Snarks where only sender and receiver can see the transaction.  The public blockchain records the encrypted transaction What I like Zooko long history with digital currencies Strong technical teams Binance listing >1B Market Cap Small number of tokens ~3m JP Morgan legitimizing Zk-Snarks Github very active Easy to buy on a large number of exchanges Just added to Circle as a payment option Very long term strategic company Security audit finding and resolving several issues.  Planned future audits with upcoming releases Recent hires include marketing directorWhat I don't like Premine or initial distribution of 10% of coin to founders, investors, devs Native wallet on linux.  Requires 3rd party for most users High valuation at such an early stage without native wallets, major merchant integration, and adoption The company behind it released the code to the community and working on projects that are not directly related to the project (JP Morgan example)CloakCoin Resourceshttp://zerocash-project.org/http://zerocoin.org/https://eprint.iacr.org/2013/507.pdf
A listener recently asked to have some episodes about privacy coins.  I decided to kick off this series with the focus on one of the lesser known privacy coins called CloakCoin.Before diving into CLOAK let's talk about why privacy coins exist in the first placeWhy would you want a privacy coin?When most people first hear about privacy coins their minds automatically think it's for criminals.  Well, it's not.Why would you want to hide anything?  Ask yourself the following questions.  Do you have curtains on your windows at home?  Do you leave your bank account balance laying around at work for everyone to see?The answer is no for most and that's because we like privacy and it's not because we are criminals.Here are a few other scenarios that are possible in the near future. Hackers gather data from public blockchains and publish the history of everything you have ever purchased What if your workplace decides to fire you for shopping at a store that sells medical marijuana You donate money to a political cause and other services you want to use discriminate against you because of the purchaseI think you probably get the point and will probably agree this information is nobody's business.Many coins don't provide sufficient privacy, which is why coins like Monero, Zcash, Verge, Dash, and Cloak were created.What is CloakCoin?CloakCoin is another cryptocurrency that has been around since 2014.  It was started from a clone of Bitcoin and the Cloak team created several features on top of it to build what is known as Enigma and CloakShield.In layman terms Enigma is the underlying system to mix the transactions and CloakShield is the encryption layer.  Combined these are the technologies that Cloak uses to create a private, secure, untraceable, and decentralized cryptocurrency.POS, Staking, Cloaking, MixingIt uses (POS) Proof of Stake rather than Proof of Work (mining) to secure the network and validate the transactions.By having CLOAK coins (Staking) y0u earn 6% of your total number of coins annually.As a coin holder also known as a Cloaker.  You can be part of the network (mixer node) that cloaks the transactions and receive 1.8% of the transaction fees as a result.How does CLOAK work?When you send a transaction to another person it gets routed through Cloakers to mix your transaction.  I guess the best analogy would be that person A needs to pay person B $100.  Instead of person A handing person B $100, person A gives out $1 bills to a bunch of people he/she doesn't know, but can trust since they are rewarded by doing so.  They all are guaranteed to deliver the total $100 to person B.In this situation person B receives the total amount and has no idea who sent it.Security AuditThe big question remains does it really live up to the hype.  Well, the Cloak team had an audit done of their system by a third party auditor.  The link is below to the full audit.  To summarize they didn't audit everything, but did prove some things worked as expected.Other issues were found and Cloak teams resolved some already.  I really really like the fact that this was done and it brings transparency and credibility to the project.What I like Open Source Security Audit Resolved some issues from security audit only a few months ago Binance listing <100m Market Cap Small number of tokens ~5m Been around since 2014What I don't like Previously missed timelines, initially identified as scam Git repository has limited updates Reddit Commuity (1,273) rather small (this is both a pro and a con) Old fork of Bitcoin therefore inherited some vulnerabilities No Mobile Wallet (It is part of their roadmap) Unclear communicationUser Problems Not minting because you don't have mature coins Unclear payout for Staking, Cloaking, Minting.  In wallet, on exchange, when moving coins it resets. What is a good coin weight.
How many blockchains is enough?Do we really need all of these new projects that keep popping up?  I believe the answer is yes and I'll tell you why.First things first.  Blockchain is not cryptocurrency and cryptocurrency is not blockchain.  You can have a cryptocurrency not based on blockchain and a blockchain without a currency attached.Having said that the most common applications of blockchain technology are cryptocurrencies.  It's just a use case that makes sense.As of today there are 1,569 cryptocurrencies listed on CMC website.  Most of them are based on blockchain technology and I would be willing to bet a large part is almost an exact clone of Bitcoin.CMC only lists coins and tokens available for purchase, however this is only the tip of the iceberg.Many people download the Bitcoin and Ethereum code and work on projects completely independent of their famous market names.There are projects like HyperLedger where you won't find any tokens for sale or an ICO, but just an open source project to help push forward adoption of Blockchain technology.I'm running several blockchains myself to better understand the technology and capabilities.  I am probably not alone and there are probably millions of test blockchains alive and well.What's the purpose and do we really need so many?In order to answer the question it's best to go back to the early days of the internet.  There were developers that learned how to create websites and started launching the early version of the world wide web.  I was one of them and remember doing the exact same thing then.Creating different test websites, launching a few, making lots of mistakes, and learning along the way.    The average person had no idea what a website was, how to access it, and those initial sites were used by a small population.As time passed the developers improved, the technology improved, more people became aware, more access was available, and viola overnight we have the internet as we know it.  Actually it was more than 20 years in the making, but it started the same exact way as blockchain based projects.Right now Bitcoin is 9 years old and maturing as it should.  It continues to grow and develop along with everything around it.  The thousands of other coins and who knows how many blockchain projects are the test beds, this is the early internet, and it's how we all learn, get exposed, and eventually develop our tomorrow.Do we need all of these different blockchain based projects?Do we need 1,569 cryptocurrencies?   You bet we do.  If there were only one or two we would have something to worry about.  Sure most of them are junk and buyer should be aware.  It's just part of the ecosystem.  You get the bad with the good.Here is a snapshot of Amazon from October of 1999.  No such thing as Amazon Prime, No streaming music, No Alexa, No streaming movies, you get the point.  We needed this version of Amazon before getting the version we have today.Setup private ethereum blockchainInstalling Hyperledger blockchain
Show NotesNic from Montreal is taking a grass roots effort to push Crypto adoption in Montreal restaurants.We chat about crypto adoption, Litecoin, and GroestlcoinGroestlcoin Binance listingGRSBithumb launching crypto kiosks in restaurant
Ethereum is by far the most popular blockchain platform for developing applications.  EOS blockchain is another up and coming platform providing many of the same features and filling some voids where Ethereum fell short.What is EOS blockchain? EOS.io is an open source platform for building blockchain apps or Dapps that aims to resolve a few shortcomings of Ethereum.  Cost, Scalability, and ease of use. They want to solve the scalability issues commercial customers need and provide an easy to develop platform for other businesses. (think bluehost for websites)  EOS blockchain is being developed by a company called Block.One Decentralization is a concept that is thrown around a lot, but does anyone really care?  With recent examples of Facebook data scandal you might.  Chances are you are still using these platforms. What is important to most people are the features of the platforms and not the tech underneath them.  EOS understands that and intends on solving the issues that plague blockchain and allow new more modern apps to be developed. Many blockchain based applications require users to hold tokens and spend them to use the platform.  EOS does not.The team behind EOS.io Dan Larimer has been in the cryptocurrency space for a long time and founded some very successful blockchain based projects including BitShares, steemit.com, with this being his latest project. Since building blockchain based applications is not easy and this guy has some real world experience, he has taken the experience from doing it and created a platform to solve the common issues.EOS can't stop raising money The largest ICO launch to date raising over $700 million dollars by selling EOS tokens. Mike Novogratz and Derek Rundell partnered with EOS to give 1 Billion USD for projects being developed on EOS.IOHow does EOS.io work? Making it more decentralized utilizing delegated proof of stake algorithm vs proof of work that both ETH and BTC use - Dan explaining DPOS Incentivized voting for candidates block producers and locking up tokens (Smart participation, a lot to lose, and put money where their mouth is according to Thomas Cox) CPU, Disk, and Memory are the basic elements needed to run applications.  The relative amount of tokens you own determines the amount of network resources you are able to consume Separation of token cost from utilityWhen does EOS launch? EOS Dawn the 2.0 Testnet is now available.  That is just a test network, which means a place for developers to start getting their hands dirty.  The production launch date is planned for June and will not be done by Block.One.  The community itself will take the open source software and launch the EOS.  The EOS Go community is one of the communities rallying behind this initiative.BitFinex building on EOS blockchain BitFinex to launch Decentralized exchangeHow to buy EOS token?It's available on Binance, Kraken, or buy via Shapeshift or Exodus.  If you are in the U.S. be very cautious and do some research before buying.What I like Backed by a guy that has been around crypto and blockchain since the early days with many successful projects under his belt This translates into a lot of experience, struggle, and overcoming obstacles Very active Git repository.  When the updates are from hours ago rather than days or months it's clear that this is an active project Block.one has been excellent at marketing by pulling off such a huge ICO Strong partnerships is an understatement I love the mindset about there will be bugs and issues and we will resolve them.  This is a reality with software.  Some people just don't admit itWhat I don't like Difficulty to buy the tokens in the U.S. Trying to solve scalability for commercial and ease of use for regular businesses (making it as easy as building a website). Solving each is a challenge on it's own,
Current state of the cryptocurrency market Are you a short term trader or a long term believer in crypto? People are making money on the market while it is going up and when it is going down When someone sells others buy and vice versa Never invest more than you can afford to lose Have a plan rather than trading with emotions Circle Jobs Recently acquired by Goldman Sachs and they have more than 50 jobs available right now.  Everything from blockchain engineers, mobile developers, project managers.  There are positions around the world in the crypto space.Lightning labs jobs The company behind the lightning network working to make blockchains faster, better, and cheaper.  Recently raised $2.5 million from nearly a dozen investors including Twitter CEO Jack Dorsey, Square Capital executive Jacqueline Reses, litecoin creator Charlie Lee and former PayPal COO David Sacks.CoinBase jobs Over 70 global job listings including design, security, engineeringBlockStream A company built to extend the functionality of bitcoin using sidechains.  They currently have 9 positions around the globe focused on software engineering, blockchain, bitcoinAbra A few blockchain engineer positionsEthercast Job board based on Ethereum.  39 active listings including blockchain developers and smart contract engineersVisa Currently hiring for a Blockchain Engineer.  Think Blockchain is not going mainstream?  Why is one of the largest payment processing companies hiring then?BitPay Hiring senior software engineerEthlance the freelancer alternative Find a job or hire a freelancer.  A new platform based on blockchain offering similar services to companies like freelancerXBTFreelancer Hire freelancers and pay them in bitcoin or become a freelancer and get paid in bitcoinIndeed Cryptocurrency Jobs Over 600 Cryptocurrency jobs currently listedIndeed Blockchain Jobs 1,500 Jobs listed for Blockchain
Smart Contracts

Smart Contracts

2018-03-2600:19:59

The idea of Smart contracts was first proposed back in  1994 b y Nick Szabo.  Smart Contracts are also known as Crypto Contracts.  The term contract might be confusing because it doesn't need to be a legal document.  Contract is just an agreement to do something if specific criteria is met.Smart Contract are self-executing contracts using a If then concept If you are a developer this concept is very familiar.  If not then you probably don't know what that means.  See what I did there? There is a website not related to blockchain called IFTTT.  Check it out if you are interested in home automation.  It has some really cool stuff and it will get you comfortable with If-Then concepts.  This is the core of Smart Contracts Many things that you interact with today are already using If/Then concepts RedBox Pay at pump discounts Grocery store discountsWhat is different between Smart Contract and just regular If/Then statements? Blockchain transparency and immutability Code + Currency tied togetherSmart Contract Examples Rock Paper scissors example I used in a previous episode about dApps Toll Roads.  If one of your vehicles passes then deduct the amount from your account Website ownership transfers.  Currently done with escrow or trusting the other person Automobile ownership transferWhy use Smart contracts? Bring trust where trust does not exist Automation - No Middleman Reduce costs, Reduces time, guaranteed outcomesWhere do Smart Contract run? Just like you download an app on your phone or computer.  The app needs a specific OS.  Windows runs windows, iPhone runs IOS, Android, etc Smart Contracts are created and built to run on a specific platform.  Ethereum is one of the platforms using Solidity as the programming language.Smart Contract Platforms Ethereum is the most popular platform utilizing smart contracts. Neo is also known as the Chinese Ethereum EOS - Security of Bitcoin and smart contracts of Ethereum ChainLink - Brings Oracles (Data from outside sources) to Smart Contracts
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