Hi guys ! Today, we are very honored to invite one of the community contributor of Nyzo, Snipe, to come to our exclusive livestreaming event in our official Telegram channel and bring all of our users with further in-depth information of Nyzo. At the same time, there are also prize-winning questions and answers, come and join us! Please let Mr. Snipe @Snip_e say hello to everyone first!
Hello! I’m excited to be a part of this community Q&A.
Thanks for presence Mr. Snipe😄
Here is our online interaction session today:
Online text interview, a total of 10 questions, let everyone know more about Nyzo
There are prizes and answers online, there will be 12 questions in total. All our users have 30 seconds to answer each question. The top three users who manage to provide the correct answers to each question(10 question s in total) within 30 seconds in our official Telegram channel will receive 30NYZO as rewards(the top three users users who answer any of the questions correctly within 30 seconds during the live stream event are required to contact the host of the event after the event finishes).
Each Hotbit account may claim as much as 90 Nyzo as reward.
Everyone should listen carefully! The answer is likely to be hidden in today’s interview!
Below we are ready to start! Mr. Snipe, are you ready?
Great! Here comes the first question: Many friends in our community may not know much about Nyzo, can you briefly introduce what is Nyzo for us?
Nyzo is a blockchain/cryptocurrency that runs on a new consensus system called “Proof of diversity.”
On the technical side, we think that Nyzo can be the first blockchain that scales to meet whatever demand anyone throws at it without sacrificing security or decentralization. On the non-technical side, we think that the fee structure will allow Nyzo to be indefinitely sustainable in a way that works for both the verifiers and the users.
For positioning, I hope that Nyzo becomes a truly native digital currency, providing opportunities and solutions that aren’t possible with conventional systems or other cryptocurrencies.
In contrast with basing your project on something which someone else has built, the developers went out of their way to start from scratch. It may be foreign to someone who doesn’t code that this is no simple task. Nyzo does not rely on any libraries beyond Java and every core element of the system has been carefully architected into the whole.
Q2: Can you dive a bit deeper into what proof of diversity is and how it differs from traditional POW/POS coins?
All in-cycle verifiers come to their own conclusion as to the current state of the network, the cycle candidates, block votes, cycle size, block rewards and so on. It’s important to have a decentralized system work in this manner, as it does not rely on any form of authoritative entity.
What’s most exciting about Proof of Diversity is that the way the consensus mechanism is designed allows for a lot of the classical problems ‘to be solved’ at once. Everything in the system is based on the democratic voting by the in-cycle verifiers. Most of the voting processes are automated and enforce the blockchain rules.
The mesh represents the entirety of the network.
In the mesh, nodes are separated into two groups: cycle candidates & in-cycle verifiers. The majority of the verifiers in the mesh are cycle candidates awaiting to become an in-cycle verifier.
The blockchain rules depict when new cycle candidates are allowed to join the cycle, how often blocks are allowed to be produced, which cycle candidates are allowed to join, and so on.
Thanks for the fast reply☺️ The next question is : Most blockchains rely on nodes or similar systems to secure the network. Nyzo relies on so-called “Verifiers” which produce blocks in every “mesh” (cycle). Please enlighten us, how does this work?
The cycle consists of a fixed structure of nodes, who each, in turn, produce a block. This makes block production faster than PoW or PoS systems, with a block time of 7 seconds.
All in-cycle verifiers vote every 7 seconds to approve the production of the proposed block by the producing verifier.
The verifiers solely earn rewards from transaction fees. If you are able to join the cycle as a verifier, you get 10% of the transaction fees for each block you verify and 10% of transaction fees for each of the next 9 blocks in the chain. In terms of block rewards, this is how to earn coins in the beginning, and this is how you will continue to earn coins as more people join the system.
Until a lot of people have a lot of coins, organic transaction volume will not be high enough to make transaction verification worthwhile.
To remedy this, 27 million seed transactions have been created: one transaction per block for the first six years that the system will be in operation.
Q4: How to become a Nyzo verifier? Is It permanent?
Nyzo doesn’t need specialized mining equipment and large amounts of processing power like others, only unique IP address and always on Linux VPS is required.
As mentioned before, every new Nyzo verifier first becomes a cycle candidate, it resides in the queue along with other candidates whom are looking to join the network. After an initial waiting period of 30 days (which helps against maliciously funded nodes) - a cycle candidate has a small chance of making it into the cycle along with the other in-cycle verifiers.
Once the verifier makes it into the cycle, it is earning block rewards and can vote for Nyzo community fund proposals.
While it may initially take a while for a node to join the network, many people are hoping to join the network, as is evident from the 24,000 cycle candidates eagerly waiting to become part of the cycle.
You can find a guide here: https://bit.ly/2O9kSBR
Q5: Why is Nyzo having a time vector, the longer the time, the safer it is?
As more cycle candidates eventually make it into the cycle, the time in between new verifier additions to the cycle increases. This is a linear increase and is based upon the amount of verifiers actively in cycle.
Attacks need to control more than 50% of Nyzo verifiers in cycle.
As the amount of cycle candidates fluctuates over time, such an attack would require a large amount of funds, a predictable amount of competition and a long period of time.
Current estimates indicate that initiating a 51% attack today would cost millions of dollars and take years of close monitoring and persistence to complete. This stands in contrast with nascent altcoins, whom are susceptible to the weaknesses associated with Proof of Work or Proof of Stake systems.
Q6: Can you give a summary of what a micropayment system is/does for those who may not be familiar with the term?
The Nyzo developers have created a barebones Micropay system which can be used to pay-wall content on webpages. It would be best to describe the current Micropay system as being in BETA, where it is fully functional but requires a lot of technical knowledge to set up and use.
This is expected to change over time and the idea of having a browser extension or mobile application to approve expenditures is realistically feasible to develop, it just has to happen yet.
The micropay system would allow for easy payments to take place on websites.
Q7: Being such a different project with its own novelties, how are you guys driving adoption of your blockchain?
The manual aspect of the democratic unity, which is Nyzo, is used to vote for Nyzo community fund proposals (NCFP’s).
If one gets approved by the network, the proposed amount can be escrowed by a trusted middleman or entity which ensures the proposal’s goals are met, or handed over directly to the person if the amount is low enough or the person/business has built a reputation with respect to the Nyzo community.
There is already interest in this mechanism and extensively detailed proposals are accessible on the forum. Feel free to add your own and become a part of the community.
77%+ of the total supply has been allocated in the cycle fund, which means that there’s a tremendous amount of coins available for those whom are willing to write and execute a proposal.
Q8: Can you introduce the circulation and supply of Nyzo？
Let’s start with the in-cycle verifiers whom earn block rewards.
As previously mentioned, verifiers earn rewards for including transactions into blocks.
While this is a good mechanism, it lacks of organic transaction volume to be successful in the early stages of the project.
Luckily for us, the Nyzo developers noticed this and decided to include pre-signed seed transactions for the first 5 years of the blockchain’s existence. This is 20 million coins, of which around 8,5 million has currently been mined by the verifiers.
Next up, there’s the community fund, which is controlled exclusively by the in-cycle verifiers through proposals. (51% approval required) During the early stages of the project, the amount (80 million) - was solely in the hands of the developers. After much deliberation about the purpose of the funds, and after paying multiple people for reporting security bugs hidden in the Nyzo verifier codebase, 77 million remained and was locked so that only through the democratic voting on proposals by in-cycle verifiers, funds can be released.
This brings us to a total supply of 100 million: 20 million set aside for mining rewards in the first 5 years of the blockchain’s existence, around 3 million used to pay for security bugs and 77 million transferred to a locked cycle fund, governed by the network.
Q9: What can you tell us about Nyzo’s community？What do you want to say to the fans of the community?
It’s been great seeing the social media channels of the project grow to great proportions.
There are many talented people involved whom have found their way to Proof of Diversity.
Any and all help in making Nyzo a success is appreciated, and these efforts don’t go by unnoticed, as anyone can write a Nyzo community fund proposal and be rewarded by the network for executing said plan.
Now here comes to the last question that ALL of us are interested in: In the long run, what kind of goals does Nyzo want to achieve?
In my opinion, the developers have been focusing on making the Nyzo codebase reliable and resilient. Network stability was a big problem in the early stages of the project, but through the invention of sentinels (shadow nodes) – DDoS problems are reduced to the smallest scale possible. There’s a lot of small intricacies which had to be carefully architected and adjusted by the developers. In my opinion, they did a great job, and that’s an understatement.
The future of Nyzo is bright, as the community fund allows for people to build for and on the network, and to get rewarded for their work. This means that dapps, games, marketing, … can all be created and paid for by the network to build.
Where communities are struggling to turn their decentralized projects into fully decentralized governed money (to pay for development and adoption in a decentralized fashion) - Nyzo doesn’t have this problem due to the novel consensus mechanism it uses
Governance is at the core of the project and solving some of the classical problems in consensus systems opened the door for decentralized governance of the cycle funds mentioned above. I have seen no other projects who can brag about being able to control funds in a fully decentralized manner.
Ok!Thank you very much for sharing from Snipe.Below we will carry out the second part of this online interaction - the prize question and answer. There are 12 small questions at this time. Each question is limited to be replied within 30 seconds. The top three users who manage to provide the correct answers to each question(12 question s in total) within 30 seconds in our official Telegram channel will receive 30NYZO as rewards.Go!
Q1: What is the name of Nyzo Consensus mechanism
1.PoD (Proof of Diversity) 2.PoW(Proof of Power) 3.PoS(Proof of Stake)
A:1.PoD (Proof of Diversity)
Q2: How many Nyzo verifiers in cycle?
Q3: How many Candidate nodes in the queue?
Q4: Do Nyzo candidate nodes need to stake coins?
1.Yes 2.No, not needed.
A:2.No, not needed.
Q5: What is Powers and obligations of Nyzo verifiers
1.Earn block rewards.
- all of above
A:4. all of above
Q6: What’s the name of the last candidate node which joined the cycle?
Q7: What’s the block time of Nyzo?
Q8. How many years does the seed account provide block rewards?
Q9: How much coins are reserved for community proposals? (Rough estimate)
Q10. How many nodes need to vote for a community proposal to approve it? (%)
1.At least 51%. 2. 10% 3. 45%
A: 1.At least 51%.
Q11. Is there a limit on the amount of in-cycle verifiers?
Q12. When will Nyzo be opened for trading in Hotbit?