More on NFTs & Art
xuanling11
3 years ago
Reddit NFT Achievement
Reddit's NFT market is alive and well.
NFT owners outnumber OpenSea on Reddit.
Reddit NFTs flip in OpenSea in days:
Fast-selling.
NFT sales will make Reddit's current communities more engaged.
I don't think NFTs will affect existing groups, but they will build hype for people to acquire them.
The first season of Collectibles is unique, but many missed the first season.
Second-season NFTs are less likely to be sold for a higher price than first-season ones.
If you use Reddit, it's fun to own NFTs.
middlemarch.eth
3 years ago
ERC721R: A new ERC721 contract for random minting so people don’t snipe all the rares!
That is, how to snipe all the rares without using ERC721R!
Introduction: Blessed and Lucky
Mphers was the first mfers derivative, and as a Phunks derivative, I wanted one.
I wanted an alien. And there are only 8 in the 6,969 collection. I got one!
In case it wasn't clear from the tweet, I meant that I was lucky to have figured out how to 100% guarantee I'd get an alien without any extra luck.
Read on to find out how I did it, how you can too, and how developers can avoid it!
How to make rare NFTs without luck.
# How to mint rare NFTs without needing luck
The key to minting a rare NFT is knowing the token's id ahead of time.
For example, once I knew my alien was #4002, I simply refreshed the mint page until #3992 was minted, and then mint 10 mphers.
How did I know #4002 was extraterrestrial? Let's go back.
First, go to the mpher contract's Etherscan page and look up the tokenURI of a previously issued token, token #1:
As you can see, mphers creates metadata URIs by combining the token id and an IPFS hash.
This method gives you the collection's provenance in every URI, and while that URI can be changed, it affects everyone and is public.
Consider a token URI without a provenance hash, like https://mphers.art/api?tokenId=1.
As a collector, you couldn't be sure the devs weren't changing #1's metadata at will.
The API allows you to specify “if #4002 has not been minted, do not show any information about it”, whereas IPFS does not allow this.
It's possible to look up the metadata of any token, whether or not it's been minted.
Simply replace the trailing “1” with your desired id.
Mpher #4002
These files contain all the information about the mpher with the specified id. For my alien, we simply search all metadata files for the string “alien mpher.”
Take a look at the 6,969 meta-data files I'm using OpenSea's IPFS gateway, but you could use ipfs.io or something else.
Use curl to download ten files at once. Downloading thousands of files quickly can lead to duplicates or errors. But with a little tweaking, you should be able to get everything (and dupes are fine for our purposes).
Now that you have everything in one place, grep for aliens:
The numbers are the file names that contain “alien mpher” and thus the aliens' ids.
The entire process takes under ten minutes. This technique works on many NFTs currently minting.
In practice, manually minting at the right time to get the alien is difficult, especially when tokens mint quickly. Then write a bot to poll totalSupply() every second and submit the mint transaction at the exact right time.
You could even look for the token you need in the mempool before it is minted, and get your mint into the same block!
However, in my experience, the “big” approach wins 95% of the time—but not 100%.
“Am I being set up all along?”
Is a question you might ask yourself if you're new to this.
It's disheartening to think you had no chance of minting anything that someone else wanted.
But, did you have no opportunity? You had an equal chance as everyone else!
Take me, for instance: I figured this out using open-source tools and free public information. Anyone can do this, and not understanding how a contract works before minting will lead to much worse issues.
The mpher mint was fair.
While a fair game, “snipe the alien” may not have been everyone's cup of tea.
People may have had more fun playing the “mint lottery” where tokens were distributed at random and no one could gain an advantage over someone simply clicking the “mint” button.
How might we proceed?
Minting For Fashion Hats Punks, I wanted to create a random minting experience without sacrificing fairness. In my opinion, a predictable mint beats an unfair one. Above all, participants must be equal.
Sadly, the most common method of creating a random experience—the post-mint “reveal”—is deeply unfair. It works as follows:
- During the mint, token metadata is unavailable. Instead, tokenURI() returns a blank JSON file for each id.
- An IPFS hash is updated once all tokens are minted.
- You can't tell how the contract owner chose which token ids got which metadata, so it appears random.
Because they alone decide who gets what, the person setting the metadata clearly has a huge unfair advantage over the people minting. Unlike the mpher mint, you have no chance of winning here.
But what if it's a well-known, trusted, doxxed dev team? Are reveals okay here?
No! No one should be trusted with such power. Even if someone isn't consciously trying to cheat, they have unconscious biases. They might also make a mistake and not realize it until it's too late, for example.
You should also not trust yourself. Imagine doing a reveal, thinking you did it correctly (nothing is 100%! ), and getting the rarest NFT. Isn't that a tad odd Do you think you deserve it? An NFT developer like myself would hate to be in this situation.
Reveals are bad*
UNLESS they are done without trust, meaning everyone can verify their fairness without relying on the developers (which you should never do).
An on-chain reveal powered by randomness that is verifiably outside of anyone's control is the most common way to achieve a trustless reveal (e.g., through Chainlink).
Tubby Cats did an excellent job on this reveal, and I highly recommend their contract and launch reflections. Their reveal was also cool because it was progressive—you didn't have to wait until the end of the mint to find out.
In his post-launch reflections, @DefiLlama stated that he made the contract as trustless as possible, removing as much trust as possible from the team.
In my opinion, everyone should know the rules of the game and trust that they will not be changed mid-stream, while trust minimization is critical because smart contracts were designed to reduce trust (and it makes it impossible to hack even if the team is compromised). This was a huge mistake because it limited our flexibility and our ability to correct mistakes.
And @DefiLlama is a superstar developer. Imagine how much stress maximizing trustlessness will cause you!
That leaves me with a bad solution that works in 99 percent of cases and is much easier to implement: random token assignments.
Introducing ERC721R: A fully compliant IERC721 implementation that picks token ids at random.
ERC721R implements the opposite of a reveal: we mint token ids randomly and assign metadata deterministically.
This allows us to reveal all metadata prior to minting while reducing snipe chances.
Then import the contract and use this code:
What is ERC721R and how does it work
First, a disclaimer: ERC721R isn't truly random. In this sense, it creates the same “game” as the mpher situation, where minters compete to exploit the mint. However, ERC721R is a much more difficult game.
To game ERC721R, you need to be able to predict a hash value using these inputs:
This is impossible for a normal person because it requires knowledge of the block timestamp of your mint, which you do not have.
To do this, a miner must set the timestamp to a value in the future, and whatever they do is dependent on the previous block's hash, which expires in about ten seconds when the next block is mined.
This pseudo-randomness is “good enough,” but if big money is involved, it will be gamed. Of course, the system it replaces—predictable minting—can be manipulated.
The token id is chosen in a clever implementation of the Fisher–Yates shuffle algorithm that I copied from CryptoPhunksV2.
Consider first the naive solution: (a 10,000 item collection is assumed):
- Make an array with 0–9999.
- To create a token, pick a random item from the array and use that as the token's id.
- Remove that value from the array and shorten it by one so that every index corresponds to an available token id.
This works, but it uses too much gas because changing an array's length and storing a large array of non-zero values is expensive.
How do we avoid them both? What if we started with a cheap 10,000-zero array? Let's assign an id to each index in that array.
Assume we pick index #6500 at random—#6500 is our token id, and we replace the 0 with a 1.
But what if we chose #6500 again? A 1 would indicate #6500 was taken, but then what? We can't just "roll again" because gas will be unpredictable and high, especially later mints.
This allows us to pick a token id 100% of the time without having to keep a separate list. Here's how it works:
- Make a 10,000 0 array.
- Create a 10,000 uint numAvailableTokens.
- Pick a number between 0 and numAvailableTokens. -1
- Think of #6500—look at index #6500. If it's 0, the next token id is #6500. If not, the value at index #6500 is your next token id (weird!)
- Examine the array's last value, numAvailableTokens — 1. If it's 0, move the value at #6500 to the end of the array (#9999 if it's the first token). If the array's last value is not zero, update index #6500 to store it.
- numAvailableTokens is decreased by 1.
- Repeat 3–6 for the next token id.
So there you go! The array stays the same size, but we can choose an available id reliably. The Solidity code is as follows:
Unfortunately, this algorithm uses more gas than the leading sequential mint solution, ERC721A.
This is most noticeable when minting multiple tokens in one transaction—a 10 token mint on ERC721R costs 5x more than on ERC721A. That said, ERC721A has been optimized much further than ERC721R so there is probably room for improvement.
Conclusion
Listed below are your options:
- ERC721A: Minters pay lower gas but must spend time and energy devising and executing a competitive minting strategy or be comfortable with worse minting results.
- ERC721R: Higher gas, but the easy minting strategy of just clicking the button is optimal in all but the most extreme cases. If miners game ERC721R it’s the worst of both worlds: higher gas and a ton of work to compete.
- ERC721A + standard reveal: Low gas, but not verifiably fair. Please do not do this!
- ERC721A + trustless reveal: The best solution if done correctly, highly-challenging for dev, potential for difficult-to-correct errors.
Did I miss something? Comment or tweet me @dumbnamenumbers.
Check out the code on GitHub to learn more! Pull requests are welcome—I'm sure I've missed many gas-saving opportunities.
Thanks!
Read the original post here
Abhimanyu Bhargava
3 years ago
VeeFriends Series 2: The Biggest NFT Opportunity Ever
VeeFriends is one NFT project I'm sure will last.
I believe in blockchain technology and JPEGs, aka NFTs. NFTs aren't JPEGs. It's not as it seems.
Gary Vaynerchuk is leading the pack with his new NFT project VeeFriends, I wrote a year ago. I was spot-on. It's the most innovative project I've seen.
Since its minting in May 2021, it has given its holders enormous value, most notably the first edition of VeeCon, a multi-day superconference featuring iconic and emerging leaders in NFTs and Popular Culture. First-of-its-kind NFT-ticketed Web3 conference to build friendships, share ideas, and learn together.
VeeFriends holders got free VeeCon NFT tickets. Attendees heard iconic keynote speeches, innovative talks, panels, and Q&A sessions.
It was a unique conference that most of us, including me, are looking forward to in 2023. The lineup was epic, and it allowed many to network in new ways. Really memorable learning. Here are a couple of gratitude posts from the attendees.
VeeFriends Series 2
This article explains VeeFriends if you're still confused.
GaryVee's hand-drawn doodles have evolved into wonderful characters. The characters' poses and backgrounds bring the VeeFriends IP to life.
Yes, this is the second edition of VeeFriends, and at current prices, it's one of the best NFT opportunities in years. If you have the funds and risk appetite to invest in NFTs, VeeFriends Series 2 is worth every penny. Even if you can't invest, learn from their journey.
1. Art Is the Start
Many critics say VeeFriends artwork is below average and not by GaryVee. Art is often the key to future success.
Let's look at one of the first Mickey Mouse drawings. No one would have guessed that this would become one of the most beloved animated short film characters. In Walt Before Mickey, Walt Disney's original mouse Mortimer was less refined.
First came a mouse...
These sketches evolved into Steamboat Willie, Disney's first animated short film.
Fred Moore redesigned the character artwork into what we saw in cartoons as kids. Mickey Mouse's history is here.
Looking at how different cartoon characters have evolved and gained popularity over decades, I believe Series 2 characters like Self-Aware Hare, Kind Kudu, and Patient Pig can do the same.
GaryVee captures this journey on the blockchain and lets early supporters become part of history. Time will tell if it rivals Disney, Pokemon, or Star Wars. Gary has been vocal about this vision.
2. VeeFriends is Intellectual Property for the Coming Generations
Most of us grew up watching cartoons, playing with toys, cards, and video games. Our interactions with fictional characters and the stories we hear shape us.
GaryVee is slowly curating an experience for the next generation with animated videos, card games, merchandise, toys, and more.
VeeFriends UNO, a collaboration with Mattel Creations, features 17 VeeFriends characters.
VeeFriends and Zerocool recently released Trading Cards featuring all 268 Series 1 characters and 15 new ones. Another way to build VeeFriends' collectibles brand.
At Veecon, all the characters were collectible toys. Something will soon emerge.
Kids and adults alike enjoy the YouTube channel's animated shorts and VeeFriends Tunes. Here's a song by the holder's Optimistic Otter-loving daughter.
This VeeFriends story is only the beginning. I'm looking forward to animated short film series, coloring books, streetwear, candy, toys, physical collectibles, and other forms of VeeFriends IP.
3. Veefriends will always provide utilities
Smart contracts can be updated at any time and authenticated on a ledger.
VeeFriends Series 2 gives no promise of any utility whatsoever. GaryVee released no project roadmap. In the first few months after launch, many owners of specific characters or scenes received utilities.
Every benefit or perk you receive helps promote the VeeFriends brand.
Recent partnerships are listed below.
MaryRuth's Multivitamin Gummies
Productive Puffin holders from VeeFriends x Primitive
Pickleball Scene & Clown Holders Only
Pickleball & Competitive Clown Exclusive experience, anteater multivitamin gummies, and Puffin x Primitive merch
Considering the price of NFTs, it may not seem like much. It's just the beginning; you never know what the future holds. No other NFT project offers such diverse, ongoing benefits.
4. Garyvee's team is ready
Gary Vaynerchuk's team and record are undisputed. He's a serial entrepreneur and the Chairman & CEO of VaynerX, which includes VaynerMedia, VaynerCommerce, One37pm, and The Sasha Group.
Gary founded VaynerSports, Resy, and Empathy Wines. He's a Candy Digital Board Member, VCR Group Co-Founder, ArtOfficial Co-Founder, and VeeFriends Creator & CEO. Gary was recently named one of Fortune's Top 50 NFT Influencers.
Gary Vayenerchuk aka GaryVee
Gary documents his daily life as a CEO on social media, which has 34 million followers and 272 million monthly views. GaryVee Audio Experience is a top podcast. He's a five-time New York Times best-seller and sought-after speaker.
Gary can observe consumer behavior to predict trends. He understood these trends early and pioneered them.
1997 — Realized e-potential commerce's and started winelibrary.com. In five years, he grew his father's wine business from $3M to $60M.
2006 — Realized content marketing's potential and started Wine Library on YouTube. TV
2009 — Estimated social media's potential (Web2) and invested in Facebook, Twitter, and Tumblr.
2014: Ethereum and Bitcoin investments
2021 — Believed in NFTs and Web3 enough to launch VeeFriends
GaryVee isn't all of VeeFriends. Andy Krainak, Dave DeRosa, Adam Ripps, Tyler Dowdle, and others work tirelessly to make VeeFriends a success.
GaryVee has said he'll let other businesses fail but not VeeFriends. We're just beginning his 40-year vision.
I have more confidence than ever in a company with a strong foundation and team.
5. Humans die, but characters live forever
What if GaryVee dies or can't work?
A writer's books can immortalize them. As long as their books exist, their words are immortal. Socrates, Hemingway, Aristotle, Twain, Fitzgerald, and others have become immortal.
Everyone knows Vincent Van Gogh's The Starry Night.
We all love reading and watching Peter Parker, Thor, or Jessica Jones. Their behavior inspires us. Stan Lee's message and stories live on despite his death.
GaryVee represents VeeFriends. Creating characters to communicate ensures that the message reaches even those who don't listen.
Gary wants his values and messages to be omnipresent in 268 characters. Messengers die, but their messages live on.
Gary envisions VeeFriends creating timeless stories and experiences. Ten years from now, maybe every kid will sing Patient Pig.
6. I love the intent.
Gary planned to create Workplace Warriors three years ago when he began designing Patient Panda, Accountable Ant, and Empathy elephant. The project stalled. When NFTs came along, he knew.
Gary wanted to create characters with traits he values, such as accountability, empathy, patience, kindness, and self-awareness. He wants future generations to find these traits cool. He hopes one or more of his characters will become pop culture icons.
These emotional skills aren't taught in schools or colleges, but they're crucial for business and life success. I love that someone is teaching this at scale.
In the end, intent matters.
Humans Are Collectors
Buy and collect things to communicate. Since the 1700s. Medieval people formed communities around hidden metals and stones. Many people still collect stamps and coins, and luxury and fashion are multi-trillion dollar industries. We're collectors.
The early 2020s NFTs will be remembered in the future. VeeFriends will define a cultural and technological shift in this era. VeeFriends Series 1 is the original hand-drawn art, but it's expensive. VeeFriends Series 2 is a once-in-a-lifetime opportunity at $1,000.
If you are new to NFTs, check out How to Buy a Non Fungible Token (NFT) For Beginners
This is a non-commercial article. Not financial or legal advice. Information isn't always accurate. Before making important financial decisions, consult a pro or do your own research.
This post is a summary. Read the full article here
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Jano le Roux
3 years ago
Never Heard Of: The Apple Of Email Marketing Tools
Unlimited everything for $19 monthly!?
Even with pretty words, no one wants to read an ugly email.
Not Gen Z
Not Millennials
Not Gen X
Not Boomers
I am a minimalist.
I like Mozart. I like avos. I love Apple.
When I hear seamlessly, effortlessly, or Apple's new adverb fluidly, my toes curl.
No email marketing tool gave me that feeling.
As a marketing consultant helping high-growth brands create marketing that doesn't feel like marketing, I've worked with every email marketing platform imaginable, including that naughty monkey and the expensive platform whose sales teams don't stop calling.
Most email marketing platforms are flawed.
They are overpriced.
They use dreadful templates.
They employ a poor visual designer.
The user experience there is awful.
Too many useless buttons are present. (Similar to the TV remote!)
I may have finally found the perfect email marketing tool. It creates strong flows. It helps me focus on storytelling.
It’s called Flodesk.
It’s effortless. It’s seamless. It’s fluid.
Here’s why it excites me.
Unlimited everything for $19 per month
Sends unlimited. Emails unlimited. Signups unlimited.
Most email platforms penalize success.
Pay for performance?
$87 for 10k contacts
$605 for 100K contacts
$1,300+ for 200K contacts
In the 1990s, this made sense, but not now. It reminds me of when ISPs capped internet usage at 5 GB per month.
Flodesk made unlimited email for a low price a reality. Affordable, attractive email marketing isn't just for big companies.
Flodesk doesn't penalize you for growing your list. Price stays the same as lists grow.
Flodesk plans cost $38 per month, but I'll give you a 30-day trial for $19.
Amazingly strong flows
Foster different people's flows.
Email marketing isn't one-size-fits-all.
Different times require different emails.
People don't open emails because they're irrelevant, in my experience. A colder audience needs a nurturing sequence.
Flodesk automates your email funnels so top-funnel prospects fall in love with your brand and values before mid- and bottom-funnel email flows nudge them to take action.
I wish I could save more custom audience fields to further customize the experience.
Dynamic editor
Easy. Effortless.
Flodesk's editor is Apple-like.
You understand how it works almost instantly.
Like many Apple products, it's intentionally limited. No distractions. You can focus on emotional email writing.
Flodesk's inability to add inline HTML to emails is my biggest issue with larger projects. I wish I could upload HTML emails.
Simple sign-up procedures
Dream up joining.
I like how easy it is to create conversion-focused landing pages. Linkly lets you easily create 5 landing pages and A/B test messaging.
I like that you can use signup forms to ask people what they're interested in so they get relevant emails instead of mindless mass emails nobody opens.
I love how easy it is to embed in-line on a website.
Wonderful designer templates
Beautiful, connecting emails.
Flodesk has calm email templates. My designer's eye felt at rest when I received plain text emails with big impacts.
As a typography nerd, I love Flodesk's handpicked designer fonts. It gives emails a designer feel that is hard to replicate on other platforms without coding and custom font licenses.
Small adjustments can have a big impact
Details matter.
Flodesk remembers your brand colors. Flodesk automatically adds your logo and social handles to emails after signup.
Flodesk uses Zapier. This lets you send emails based on a user's action.
A bad live chat can trigger a series of emails to win back a customer.
Flodesk isn't for everyone.
Flodesk is great for Apple users like me.
Chritiaan Hetzner
3 years ago
Mystery of the $1 billion'meme stock' that went to $400 billion in days
Who is AMTD Digital?
An unknown Hong Kong corporation joined the global megacaps worth over $500 billion on Tuesday.
The American Depository Share (ADS) with the ticker code HKD gapped at the open, soaring 25% over the previous closing price as trading began, before hitting an intraday high of $2,555.
At its peak, its market cap was almost $450 billion, more than Facebook parent Meta or Alibaba.
Yahoo Finance reported a daily volume of 350,500 shares, the lowest since the ADS began trading and much below the average of 1.2 million.
Despite losing a fifth of its value on Wednesday, it's still worth more than Toyota, Nike, McDonald's, or Walt Disney.
The company sold 16 million shares at $7.80 each in mid-July, giving it a $1 billion market valuation.
Why the boom?
That market cap seems unjustified.
According to SEC reports, its income-generating assets barely topped $400 million in March. Fortune's emails and calls went unanswered.
Website discloses little about company model. Its one-minute business presentation film uses a Star Wars–like design to sell the company as a "one-stop digital solutions platform in Asia"
The SEC prospectus explains.
AMTD Digital sells a "SpiderNet Ecosystems Solutions" kind of club membership that connects enterprises. This is the bulk of its $25 million annual revenue in April 2021.
Pretax profits have been higher than top line over the past three years due to fair value accounting gains on Appier, DayDayCook, WeDoctor, and five Asian fintechs.
AMTD Group, the company's parent, specializes in investment banking, hotel services, luxury education, and media and entertainment. AMTD IDEA, a $14 billion subsidiary, is also traded on the NYSE.
“Significant volatility”
Why AMTD Digital listed in the U.S. is unknown, as it informed investors in its share offering prospectus that could delist under SEC guidelines.
Beijing's red tape prevents the Sarbanes-Oxley Board from inspecting its Chinese auditor.
This frustrates Chinese stock investors. If the U.S. and China can't achieve a deal, 261 Chinese companies worth $1.3 trillion might be delisted.
Calvin Choi left UBS to become AMTD Group's CEO.
His capitalist background and status as a Young Global Leader with the World Economic Forum don't stop him from praising China's Communist party or celebrating the "glory and dream of the Great Rejuvenation of the Chinese nation" a century after its creation.
Despite having an executive vice chairman with a record of battling corruption and ties to Carrie Lam, Beijing's previous proconsul in Hong Kong, Choi is apparently being targeted for a two-year industry ban by the city's securities regulator after an investor accused Choi of malfeasance.
Some CMIG-funded initiatives produced money, but he didn't give us the proceeds, a corporate official told China's Caixin in October 2020. We don't know if he misappropriated or lost some money.
A seismic anomaly
In fundamental analysis, where companies are valued based on future cash flows, AMTD Digital's mind-boggling market cap is a statistical aberration that should occur once every hundred years.
AMTD Digital doesn't know why it's so valuable. In a thank-you letter to new shareholders, it said it was confused by the stock's performance.
Since its IPO, the company has seen significant ADS price volatility and active trading volume, it said Tuesday. "To our knowledge, there have been no important circumstances, events, or other matters since the IPO date."
Permabears awoke after the jump. Jim Chanos asked if "we're all going to ignore the $400 billion meme stock in the room," while Nate Anderson called AMTD Group "sketchy."
It happened the same day SEC Chair Gary Gensler praised the 20th anniversary of the Sarbanes-Oxley Act, aimed to restore trust in America's financial markets after the Enron and WorldCom accounting fraud scandals.
The run-up revived unpleasant memories of Robinhood's decision to limit retail investors' ability to buy GameStop, regarded as a measure to protect hedge funds invested in the meme company.
Why wasn't HKD's buy button removed? Because retail wasn't behind it?" tweeted Gensler on Tuesday. "Real stock fraud. "You're worthless."
Isaac Benson
3 years ago
What's the difference between Proof-of-Time and Proof-of-History?
Blockchain validates transactions with consensus algorithms. Bitcoin and Ethereum use Proof-of-Work, while Polkadot and Cardano use Proof-of-Stake.
Other consensus protocols are used to verify transactions besides these two. This post focuses on Proof-of-Time (PoT), used by Analog, and Proof-of-History (PoH), used by Solana as a hybrid consensus protocol.
PoT and PoH may seem similar to users, but they are actually very different protocols.
Proof-of-Time (PoT)
Analog developed Proof-of-Time (PoT) based on Delegated Proof-of-Stake (DPoS). Users select "delegates" to validate the next block in DPoS. PoT uses a ranking system, and validators stake an equal amount of tokens. Validators also "self-select" themselves via a verifiable random function."
The ranking system gives network validators a performance score, with trustworthy validators with a long history getting higher scores. System also considers validator's fixed stake. PoT's ledger is called "Timechain."
Voting on delegates borrows from DPoS, but there are changes. PoT's first voting stage has validators (or "time electors" putting forward a block to be included in the ledger).
Validators are chosen randomly based on their ranking score and fixed stake. One validator is chosen at a time using a Verifiable Delay Function (VDF).
Validators use a verifiable delay function to determine if they'll propose a Timechain block. If chosen, they validate the transaction and generate a VDF proof before submitting both to other Timechain nodes.
This leads to the second process, where the transaction is passed through 1,000 validators selected using the same method. Each validator checks the transaction to ensure it's valid.
If the transaction passes, validators accept the block, and if over 2/3 accept it, it's added to the Timechain.
Proof-of-History (PoH)
Proof-of-History is a consensus algorithm that proves when a transaction occurred. PoH uses a VDF to verify transactions, like Proof-of-Time. Similar to Proof-of-Work, VDFs use a lot of computing power to calculate but little to verify transactions, similar to (PoW).
This shows users and validators how long a transaction took to verify.
PoH uses VDFs to verify event intervals. This process uses cryptography to prevent determining output from input.
The outputs of one transaction are used as inputs for the next. Timestamps record the inputs' order. This checks if data was created before an event.
PoT vs. PoH
PoT and PoH differ in that:
PoT uses VDFs to select validators (or time electors), while PoH measures time between events.
PoH uses a VDF to validate transactions, while PoT uses a ranking system.
PoT's VDF-elected validators verify transactions proposed by a previous validator. PoH uses a VDF to validate transactions and data.
Conclusion
Both Proof-of-Time (PoT) and Proof-of-History (PoH) validate blockchain transactions differently. PoT uses a ranking system to randomly select validators to verify transactions.
PoH uses a Verifiable Delay Function to validate transactions, verify how much time has passed between two events, and allow validators to quickly verify a transaction without malicious actors knowing the input.