I thought it would be really cool to have an ultimate guide for those new to crypto currencies and the terms used. I made this mostly for beginner’s and veterans alike. I’m not sure how much use you will get out of this. Stuff gets lost on Reddit quite easily so I hope this finds its way to you. Included in this list, I have included most of the terms used in crypto-communities. I have compiled this list from a multitude of sources. The list is in alphabetical order and may include some words/terms not exclusive to the crypto world but may be helpful regardless. 2FA
Two factor authentication. I highly advise that you use it. 51% Attack:
A situation where a single malicious individual or group gains control of more than half of a cryptocurrency network’s computing power. Theoretically, it could allow perpetrators to manipulate the system and spend the same coin multiple times, stop other users from completing blocks and make conflicting transactions to a chain that could harm the network. Address (or Addy):
A unique string of numbers and letters (both upper and lower case) used to send, receive or store cryptocurrency on the network. It is also the public key in a pair of keys needed to sign a digital transaction. Addresses can be shared publicly as a text or in the form of a scannable QR code. They differ between cryptocurrencies. You can’t send Bitcoin to an Ethereum address, for example. Altcoin (alternative coin):
Any digital currency other than Bitcoin. These other currencies are alternatives to Bitcoin regarding features and functionalities (e.g. faster confirmation time, lower price, improved mining algorithm, higher total coin supply). There are hundreds of altcoins, including Ether, Ripple, Litecoin and many many others. AIRDROP:
An event where the investors/participants are able to receive free tokens or coins into their digital wallet. AML:
Defines Anti-Money Laundering laws**.** ARBITRAGE:
Getting risk-free profits by trading (simultaneous buying and selling of the cryptocurrency) on two different exchanges which have different prices for the same asset. Ashdraked:
Being Ashdraked is essentially a more detailed version of being Zhoutonged. It is when you lose all of your invested capital, but you do so specifically by shorting Bitcoin. The expression “Ashdraked” comes from a story of a Romanian cryptocurrency investor who insisted upon shorting BTC, as he had done so successfully in the past. When the price of BTC rose from USD 300 to USD 500, the Romanian investor lost all of his money. ATH (All Time High):
The highest price ever achieved by a cryptocurrency in its entire history. Alternatively, ATL is all time low Bearish:
A tendency of prices to fall; a pessimistic expectation that the value of a coin is going to drop. Bear trap:
A manipulation of a stock or commodity by investors. Bitcoin:
The very first, and the highest ever valued, mass-market open source and decentralized cryptocurrency and digital payment system that runs on a worldwide peer to peer network. It operates independently of any centralized authorities Bitconnect:
One of the biggest scams in the crypto world. it was made popular in the meme world by screaming idiot Carlos Matos, who infamously proclaimed," hey hey heeeey” and “what's a what's a what's up wasssssssssuuuuuuuuuuuuup, BitConneeeeeeeeeeeeeeeeeeeeeeeect!”. He is now in the mentally ill meme hall of fame. Block:
A package of permanently recorded data about transactions occurring every time period (typically about 10 minutes) on the blockchain network. Once a record has been completed and verified, it goes into a blockchain and gives way to the next block. Each block also contains a complex mathematical puzzle with a unique answer, without which new blocks can’t be added to the chain. Blockchain:
An unchangeable digital record of all transactions ever made in a particular cryptocurrency and shared across thousands of computers worldwide. It has no central authority governing it. Records, or blocks, are chained to each other using a cryptographic signature. They are stored publicly and chronologically, from the genesis block to the latest block, hence the term blockchain. Anyone can have access to the database and yet it remains incredibly difficult to hack. Bullish:
A tendency of prices to rise; an optimistic expectation that a specific cryptocurrency will do well and its value is going to increase. BTFD:
Buy the fucking dip. This advise was bestowed upon us by the gods themselves. It is the iron code to crypto enthusiasts. Bull market:
A market that Cryptos are going up. Consensus:
An agreement among blockchain participants on the validity of data. Consensus is reached when the majority of nodes on the network verify that the transaction is 100% valid. Crypto bubble:
The instability of cryptocurrencies in terms of price value Cryptocurrency:
A type of digital currency, secured by strong computer code (cryptography), that operates independently of any middlemen or central authoritie Cryptography:
The art of converting sensitive data into a format unreadable for unauthorized users, which when decoded would result in a meaningful statement. Cryptojacking:
The use of someone else’s device and profiting from its computational power to mine cryptocurrency without their knowledge and consent. Crypto-Valhalla:
When HODLers(holders) eventually cash out they go to a place called crypto-Valhalla. The strong will be separated from the weak and the strong will then be given lambos. DAO:
Decentralized Autonomous Organizations. It defines A blockchain technology inspired organization or corporation that exists and operates without human intervention. Dapp (decentralized application):
An open-source application that runs and stores its data on a blockchain network (instead of a central server) to prevent a single failure point. This software is not controlled by the single body – information comes from people providing other people with data or computing power. Decentralized:
A system with no fundamental control authority that governs the network. Instead, it is jointly managed by all users to the system. Desktop wallet:
A wallet that stores the private keys on your computer, which allow the spending and management of your bitcoins. DILDO:
Long red or green candles. This is a crypto signal that tells you that it is not favorable to trade at the moment. Found on candlestick charts. Digital Signature:
An encrypted digital code attached to an electronic document to prove that the sender is who they say they are and confirm that a transaction is valid and should be accepted by the network. Double Spending:
An attack on the blockchain where a malicious user manipulates the network by sending digital money to two different recipients at exactly the same time. DYOR:
Means do your own research. Encryption:
Converting data into code to protect it from unauthorized access, so that only the intended recipient(s) can decode it. Eskrow:
the practice of having a third party act as an intermediary in a transaction. This third party holds the funds on and sends them off when the transaction is completed. Ethereum:
Ethereum is an open source, public, blockchain-based platform that runs smart contracts and allows you to build dapps on it. Ethereum is fueled by the cryptocurrency Ether. Exchange:
A platform (centralized or decentralized) for exchanging (trading) different forms of cryptocurrencies. These exchanges allow you to exchange cryptos for local currency. Some popular exchanges are Coinbase, Bittrex, Kraken and more. Faucet:
A website which gives away free cryptocurrencies. Fiat money:
Fiat currency is legal tender whose value is backed by the government that issued it, such as the US dollar or UK pound. Fork:
A split in the blockchain, resulting in two separate branches, an original and a new alternate version of the cryptocurrency. As a single blockchain forks into two, they will both run simultaneously on different parts of the network. For example, Bitcoin Cash is a Bitcoin fork. FOMO:
Fear of missing out. Frictionless:
A system is frictionless when there are zero transaction costs or trading retraints. FUD:
Fear, Uncertainty and Doubt regarding the crypto market. Gas:
A fee paid to run transactions, dapps and smart contracts on Ethereum. Halving:
A 50% decrease in block reward after the mining of a pre-specified number of blocks. Every 4 years, the “reward” for successfully mining a block of bitcoin is reduced by half. This is referred to as “Halving”. Hardware wallet:
Physical wallet devices that can securely store cryptocurrency maximally. Some examples are Ledger Nano S**,** Digital Bitbox and more**.** Hash:
The process that takes input data of varying sizes, performs an operation on it and converts it into a fixed size output. It cannot be reversed. Hashing:
The process by which you mine bitcoin or similar cryptocurrency, by trying to solve the mathematical problem within it, using cryptographic hash functions. HODL:
A Bitcoin enthusiast once accidentally misspelled the word HOLD and it is now part of the bitcoin legend. It can also mean hold on for dear life. ICO (Initial Coin Offering):
A blockchain-based fundraising mechanism, or a public crowd sale of a new digital coin, used to raise capital from supporters for an early stage crypto venture. Beware of these as there have been quite a few scams in the past. John mcAfee:
A man who will one day eat his balls on live television for falsely predicting bitcoin going to 100k. He has also become a small meme within the crypto community for his outlandish claims. JOMO:
Joy of missing out. For those who are so depressed about missing out their sadness becomes joy. KYC:
Know your customer(alternatively consumer). Lambo:
This stands for Lamborghini. A small meme within the investing community where the moment someone gets rich they spend their earnings on a lambo. One day we will all have lambos in crypto-valhalla. Ledger:
Away from Blockchain, it is a book of financial transactions and balances. In the world of crypto, the blockchain functions as a ledger. A digital currency’s ledger records all transactions which took place on a certain block chain network. Leverage:
Trading with borrowed capital (margin) in order to increase the potential return of an investment. Liquidity:
The availability of an asset to be bought and sold easily, without affecting its market price.
of the coins. Margin trading:
The trading of assets or securities bought with borrowed money. Market cap/MCAP:
A short-term for Market Capitalization. Market Capitalization refers to the market value of a particular cryptocurrency. It is computed by multiplying the Price of an individual unit of coins by the total circulating supply. Miner:
A computer participating in any cryptocurrency network performing proof of work. This is usually done to receive block rewards. Mining:
The act of solving a complex math equation to validate a blockchain transaction using computer processing power and specialized hardware. Mining contract:
A method of investing in bitcoin mining hardware, allowing anyone to rent out a pre-specified amount of hashing power, for an agreed amount of time. The mining service takes care of hardware maintenance, hosting and electricity costs, making it simpler for investors. Mining rig:
A computer specially designed for mining cryptocurrencies. Mooning:
A situation the price of a coin rapidly increases in value. Can also be used as: “I hope bitcoin goes to the moon” Node:
Any computing device that connects to the blockchain network. Open source:
The practice of sharing the source code for a piece of computer software, allowing it to be distributed and altered by anyone. OTC:
Over the counter. Trading is done directly between parties. P2P (Peer to Peer):
A type of network connection where participants interact directly with each other rather than through a centralized third party. The system allows the exchange of resources from A to B, without having to go through a separate server. Paper wallet:
A form of “cold storage” where the private keys are printed onto a piece of paper and stored offline. Considered as one of the safest crypto wallets, the truth is that it majors in sweeping coins from your wallets. Pre mining:
The mining of a cryptocurrency by its developers before it is released to the public. Proof of stake (POS):
A consensus distribution algorithm which essentially rewards you based upon the amount of the coin that you own. In other words, more investment in the coin will leads to more gain when you mine with this protocol In Proof of Stake, the resource held by the “miner” is their stake in the currency. PROOF OF WORK (POW)
The competition of computers competing to solve a tough crypto math problem. The first computer that does this is allowed to create new blocks and record information.” The miner is then usually rewarded via transaction fees. Protocol:
A standardized set of rules for formatting and processing data. Public key / private key:
A cryptographic code that allows a user to receive cryptocurrencies into an account. The public key is made available to everyone via a publicly accessible directory, and the private key remains confidential to its respective owner. Because the key pair is mathematically related, whatever is encrypted with a public key may only be decrypted by its corresponding private key. Pump and dump:
Massive buying and selling activity of cryptocurrencies (sometimes organized and to one’s benefit) which essentially result in a phenomenon where the significant surge in the value of coin followed by a huge crash take place in a short time frame. Recovery phrase:
A set of phrases you are given whereby you can regain or access your wallet should you lose the private key to your wallets — paper, mobile, desktop, and hardware wallet. These phrases are some random 12–24 words. A recovery Phrase can also be called as Recovery seed, Seed Key, Recovery Key, or Seed Phrase. REKT:
Referring to the word “wrecked”. It defines a situation whereby an investor or trader who has been ruined utterly following the massive losses suffered in crypto industry. Ripple:
An alternative payment network to Bitcoin based on similar cryptography. The ripple network uses XRP as currency and is capable of sending any asset type. ROI:
Return on investment. Safu:
A crypto term for safe popularized by the Bizonnaci YouTube channel after the CEO of Binance tweeted
“Funds are safe." “the exchage I use got hacked!”“Oh no, are your funds safu?” “My coins better be safu!”
The smallest fraction of a bitcoin is called a “satoshi” or “sat”. It represents one hundred-millionth of a bitcoin and is named after Satoshi Nakamoto. Satoshi Nakamoto:
This was the pseudonym for the mysterious creator of Bitcoin. Scalability:
The ability of a cryptocurrency to contain the massive use of its Blockchain. Sharding:
A scaling solution for the Blockchain. It is generally a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds. Shitcoin:
Coin with little potential or future prospects. Shill:
Spreading buzz by heavily promoting a particular coin in the community to create awareness. Short position:
Selling of a specific cryptocurrency with an expectation that it will drop in value. Silk road:
The online marketplace where drugs and other illicit items were traded for Bitcoin. This marketplace is using accessed through “TOR”, and VPNs. In October 2013, a Silk Road was shut down in by the FBI. Smart Contract:
Certain computational benchmarks or barriers that have to be met in turn for money or data to be deposited or even be used to verify things such as land rights. Software Wallet:
A crypto wallet that exists purely as software files on a computer. Usually, software wallets can be generated for free from a variety of sources. Solidity:
A cryptocoin with an extremely low volatility that can be used to trade against the overall market. Staking:
Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards. Surge:
When a crypto currency appreciates or goes up in price. Tank:
The opposite of mooning. When a coin tanks it can also be described as crashing. Tendies
For traders , the chief prize is “tendies” (chicken tenders, the treat an overgrown man-child receives for being a “Good Boy”) . Token:
A unit of value that represents a digital asset built on a blockchain system. A token is usually considered as a “coin” of a cryptocurrency, but it really has a wider functionality. TOR:
“The Onion Router” is a free web browser designed to protect users’ anonymity and resist censorship. Tor is usually used surfing the web anonymously and access sites on the “Darkweb”. Transaction fee:
An amount of money users are charged from their transaction when sending cryptocurrencies. Volatility:
A measure of fluctuations in the price of a financial instrument over time. High volatility in bitcoin is seen as risky since its shifting value discourages people from spending or accepting it. Wallet:
A file that stores all your private keys and communicates with the blockchain to perform transactions. It allows you to send and receive bitcoins securely as well as view your balance and transaction history. Whale:
An investor that holds a tremendous amount of cryptocurrency. Their extraordinary large holdings allow them to control prices and manipulate the market. Whitepaper:
A comprehensive report or guide made to understand an issue or help decision making. It is also seen as a technical write up that most cryptocurrencies provide to take a deep look into the structure and plan of the cryptocurrency/Blockchain project. Satoshi Nakamoto was the first to release a whitepaper on Bitcoin, titled “Bitcoin: A Peer-to-Peer Electronic Cash System” in late 2008.
And with that I finally complete my odyssey. I sincerely hope that this helped you and if you are new, I welcome you to crypto. If you read all of that I hope it increased, you in knowledge.
my final definition: Crypto-Family:
A collection of all the HODLers and crypto fanatics. A place where all people alike unite over a love for crypto.
We are all in this together as we pioneer the new world that is crypto currency. I wish you a great day and Happy HODLing.
feel free to comment words or terms that you feel should be included or about any errors I made.
Edit1:some fixes were made and added words.
boldninja submitted by
i think i'm gonna forget about bitbay and keep it dr10
hi brendan brendaneich
nice to have you here :smile: boldninja
hi Brendan - thanks for joining us today brendaneich
happy to be here @boldninja tranzer
hi @brendaneich , I have a question regarding BAT. Will you have limited number of tokens or will you have inflation? When do you plan to start ICO? (edited) michaelthecryptoguy
Hello Brendan. Nice to have you in the ark community slack channel mward
the ironies of old age. you can afford the sports car you dreamed of as a kid, but your back hurts too much to sit in it. dr10
Will Mozilla- and Chrome-Plugins be usuable for Brave browser? Will Brave Browser be able to sync bookmarks? mike
hi brendan cannabanana
is the BAT token just an ETH asset or will it be a new blockchain technology? if the first, why ETH instead of your own block chain? :smile: (edited) brendaneich
@dr10 two questions, first one first jonathansampson
@dr10 Chrome extensions are supported today
, I wrote a short walkthrough on how we (I'm an engineer on Brave) test extensions before adopting for official support. https://blog.brave.com/loading-chrome-extensions-in-brave/
Happy to answer any questions you may have. (edited) brendaneich
1. Brave on laptop/desktop uses chromium and we support chromium extensions, but curate them into our own S3 from the Chrome Web Store ah, there is @jonathansampson on to second q jakethepanda
@brendaneich How will Brave detect bots designed to give fake attention? (edited) brendaneich
2. Brave's client-encrypted sync is in beta now, if you use iOS i can connect you with the devs to get a beta build. it works between laptop/desktop systems already, and is coming up in Android too @cannabanana BAT is an ERC20 token on Ethereum. we need smart contracts and benefit from multiple token launches proving the tech and approach no desire to do our own blockchain mward
The BAT wallet will be implemented in Brave browser as a plug-in? brendaneich
we are pragmatists, use bitcoin already in Brave for auto-microdonations cannabanana
will you only accept ethereum for the ICO or will you also be accepting bitcoin? brendaneich
@jakethepanda please see https://www.reddit.com/BATProject/comments/61kw7f/question/dfxkuus/
reddit Question • BATProject
We have answers, you may not be surprised by them: 1. Rate-limiting. Bots can fake human ad viewing (see https://whiteops.com/methbot
), but we'll... @mward no, deeper integration than an extension (plugin still is overloaded for old-style stuff like Flash) can have brendaneich
@cannabanana ETH only, as BAT is an ERC20 token -- we are not launching a new exchange or anything, so other currencies have to be exchanged to buy BAT boldninja
When do you plan to start your initial token offer, will there be any hard cap? jakethepanda
@brendaneich Is this right? Users opt into the BAT system and get paid for their attention. Advertisers pay for ads with BAT. Through a smart contract, BAT is unlocked as users give the ad attention. The unlocked BAT is split up between users, Brave, and publishers. brendaneich
@mward we have BitGo provided bitcoin wallet integration in Brave already, ofc the wallet is on the blockchain not in Brave but the deeper integration is for the private, "chartbeats in your browser" auto-microdonation analytics, and the anonize.org-based ZKP protocol over VPN to communicate your donations w/o loss of anonymity or fingerprinting via the list of your top sites
@jakethepanda that is the goal but doing it with real-time BAT flow is in the future, the "Apollo" (or Mars mission) space program phase; we're in "Mercury Redstone" rn, monkeys in buckets on parabolic paths nt91
When is ico brendaneich
@boldninja @nt91 we haven't announced the date but will very (very) soon, just getting logistics and final audits done
@boldninja cap is $15M of ETH so we have to pin the ratio close to launch given recent vol. dr10
How will you get Brave Browser to the masses? Any marketing campaign you like to sum up? Any bigger announcement or plan? jakethepanda
How is the split determined between users, publishers and Brave? brendaneich
@dr10 we are growing, mostly organically right now, under 1M MAU but we will (in best case of crowdsale) spend more to growth-hack, which is advertising + funnel analytics / retention analysis loop tranzer
@brendaneich don't know if you have been following tokencard ICO, but they had kind of a fuckup with their smart contract, also they didn't give their address of contract literally before it started. How will you go about this? Will smart contract, address be known beforehand? brendaneich
an important point: if we hit cap we will found a trade group for attention apps and get other apps on board to use BAT and help us get to scale faster with buy side of ad-tech system, also with bigger donor cohorts via membership in trade association nt91
Once launched how quickly isit likely to join the exchange brendaneich
@tranzer we followed that closely, it was Not Good. we are using a super-simple contract based on FirstBlood, Golem, StandardToken mward
How will you make the crowdsale? Like Gnosis? (Dutch action) The BAT token wil have fixed price at the time of ico? brendaneich
@nt91 can't say, not our biz and we are building the "in game" economics first so exchanges can come any time brendaneich
@mward fixed ratio of BAT for ETH fixcrypt
@brendaneich will all the tx recorded on eth blockchain, or will you manage some sort of payment channels? dr10
Do you plan to integrate decentralized VPN or Tor-Like stuff? Your browser is really fast, will these things slow it down? Or didnt plan any of this? brendaneich
@fixcrypt all on chain, no preselling, no funny stuff -- we believe in simplicity first, given all the experience in this space mike
would you be interested in using a different blockchain to eliminate all the overhead of paying such a huge network of computers on ethereum to each process every single contract on each computer? (edited) cannabanana
I hope you guys will reconsider accepting more than just eth for the ICO. I have not been able to invest in any of the past like 5 good ones. There's a whole segment of people who wont touch ETH. tranzer
@brendaneich how many tx are we talking about? 1 each time there is a basic attention detected? (edited) brendaneich
@dr10 we are going to do Tor private tabs, see https://github.com/brave/browser-laptop/wiki/Brave-Tor-Support
GitHub brave/browser-laptop browser-laptop - Brave browser for Desktop and Laptop computers running Windows, OSX, and Linux
we will make it possible to pick a region for exit node from Tor relay network -- so you can unlock region-locked videos, e.g.
yes, Tor slows things down and Tor private tabs turn on fingerprinting protection, turn off most JS, etc. -- that's a good thing michaelthecryptoguy
Very Nice!! brendaneich
@mike i'm a pragmatist and will use whatever blockchain is big enough, robust enough, has functionality we need (smart contracts, ZKP anonymity coming along, etc.). Zcash adding token support this fall, i hear. we don't multiply risk by jumping on bandwagons whose wheels are still off :wink:. we do not try 10 hard things at once -- space program from monkey in can to moon
@cannabanana we are launching an ERC20 token on Ethereum, you buy with ETH, we are not an exchange
the few launches whose contracts hardcoded a bitcoin address were launching exchange-like projects, so could take the risk
we are not doing that
@tranzer i heard :wink: twitchard
What do you think the adoption function for BAT looks like. Do you think there's a critical mass at which adoption will drastically speed up? Or do you think it is more gradual brendaneich
@fixcrypt no, in early phases of BAT program we cannot put each attention event on chain
obv. the chain is too costly, also: not anonymous! big tracking prob fixcrypt
we build in hybrid fashion
Brave already has anonize.org v2 ZKP integrated
requires centralized but open source accounting server fixcrypt
ah yes make sense brendaneich
we'd like someone else to run that (escrow, also could add exchange to fiat as publishers like being paid in fiat) dr10
Can I visit websites, that block Users, that use addblock? Is there a way to work around this? Currently I use brave browser and some pages block me, because of using addblock. What is your solution to this or do you think these website will change their behaviour? brendaneich
if we can do server to client remote attestation (see https://www.npmjs.com/package/secureworker
@dr10 That's a bug; let us know which sites are detecting Brave as an ad-blocker, and we'll file Issues on GitHub. We're constantly making improvements in this space, and recalibrating as necessary :slightly_smiling_face: brendaneich
eventually it should all decentralize but that requires the blockchain (a
blockchain; could be red-headed lovechild of Ethereum and Zcash lol) to do anonymity and microtransactions both very well fixcrypt
so payment are done on blockchain, but it basically validates on a daily basis a centralised payment channel between all stakeholders mike
like the chart on ad percentages of sites in the whitepaper. I've noticed for a long time the mainstream news sites are the worst to go to, a literal assault on the browser visiting them - have avoided going to them as a result, think you're on to something to mitigate this. dr10
I visited a german boulevard magazine www.bild.de brendaneich
bild.de makes my eyes bleed dr10
so normally this wouldnt be the case?
yeah its just an example lol
because I know they block addblock people jonathansampson
@dr10 I'll file an issue immediately! brendaneich
@dr10 we get around forbes, wired, latimes, many other anti-adblockers michaelthecryptoguy
Will these be done on a multi - channel? brendaneich
publishers who put up such user-hostile dialogs tend to lose alexa/comscore share
gotta catch up on the Qs
tell me if i missed you fixcrypt
no pb tranzer
Haven't used Brave yet, might try after today, but is it same memory hungry as Chrome is? twitchard
concerning the ICO - will there only be one? meaning all 700m coins will be distributed through this initial $15m ICO (meaning $1 will net you about 46BAT)? sorry if I'm misunderstanding some of the info you've put out in asking this dr10
What if I want to support Live-Streams (twitch) or youtube videos by watching their ad (which is not part of the brave system) Can I still turn off this mechanism? brendaneich
@fixcrypt yes, we buffer automicrodonations over 30 days of your uptime (varies by user; if you go on vacation those days don't count) and send Anonize ZKP votes (one per voting session, all over VPN) to our accounting server, along with the total bitcoin per 30 days you pledged. this goes into settlement wallet, the votes go into accounting db
we want to decentralize this as noted, just repeating in case anyone missed fixcrypt
decentralize this will be hard, maybe when segwit is enabled on bitcoin, but ETH, i have no idea (edited) brendaneich
@michaelthecryptoguy sorry, what did you mean by multi-channel? jonathansampson
@dr10 You can track the bild.de issue here: https://github.com/brave/browser-laptop/issues/6758
(Thank you again for reporting) (edited) fixcrypt
i think decentralizing everything is not always the best solution brendaneich
@tranzer we use less memory than chrome by virtue of ad and tracker blocking but we have some bugs to fix pre-1.0 (which i think will be in june) -- i use brave on all OSes, also use a bit of other browsers to keep up with joneses but i've cut back and tried to live in brave. on macOS i am still bugged by mem use (i'm a tab hoarder) and some lag bugs but we are on them -- will fix this month! michaelthecryptoguy
one blockchain ledger with multiple transactions, instead of being signed one at a time (edited) brendaneich
@1nfinite yes, selling 700M, floating 300M on side for user growth pool (100M), trade association, team, and future reserve 1nfinite
so 70% to ICO and 30% for team / user growth? Sounds reasonable (more than gnosis :joy: ) moobox
this is great to talk to brave devs - pls to make websites look like this: http://i.imgur.com/00mQ8mc.png
@fixcrypt you could be right, centralization or let's say trusted third parties have existed since at least agriculture (10K years?) so we as pragmatists must consider some -- but we don't like "trust me" / "don't be evil", we prefer "trust Math" / "can't be evil" michaelthecryptoguy
then the last transaction is added to the blockchain dafty
what failsafes are planned to stop bots (eg, running selenium) from mocking a real human and gaining bat tokens? how do you know a user is actually a user? jonathansampson
@moobox We will support themes in a future release, as well as extensions to modify page presentation. If you have any favorites, please let us know :slightly_smiling_face: moobox
thank you sir michaelthecryptoguy
to improve the cost of using eth network dr10
There are lot of small companies, Twitch/Youtube content creators which live by ads. These ads aren't yet part of the Brave-System. Will there be a smooth transition? Can I still turn off the brave-mechanism and watch these ordinairy ads, to support individuals or are they forced to switch over to Brave? fixcrypt
@brendaneich trust the code that can be hacked, or trust the people that can be evil… Make your choice. DAO vs Banks brendaneich
@michaelthecryptoguy yes, we must batch -- at first in-browser. auditable open source required, verified builds if OS/toolchain support them. there is a level of endpoint software trust in any attention ecosystem but part of the trade association idea is to standardize stuff, including ZKP and VPN rules for submitting the private ledger to the blockchain or equivalent, also auditing requirements to use BAT cannabanana
I trust bitcoin but I don't trust bitmain is not evil brendaneich
@moobox are you just asking for a dark theme? on our roadmap moobox
well this is a plugin for firefox that swaps out all website colors - nothing like it for chrome yet except an ugllly one brendaneich
@tranzer yeah, GNO didn't sell enough IMHO but i'm not on team so won't throw stones -- just sayin' as observer mward
Why only 15M$ max? Don't you think the ico will end very fast? moobox
i am just hoping maybe some person sees it and says "i want that too" tranzer
@dafty did you see the reddit link above? besides real (costs money, boots on ground; we're evaluating Blockscore rn) KYC, we have rate limits in mind based on humans, and flow limits so a compromised real user or convincing fraudster can't get $MMs of BATs from friends and family and then pass KYC to send off to a mixer cannabanana
:trollbounce: not to mention two of us are in the bay area brendaneich
start with in-game economics, no exchanges 1nfinite
any chance you'll incorporate certain requirements for investments above xx number of Eth for the crowdsale? to prevent 20 big players from buying up the whole thing? axente
How are you guys legally setup? Swiss foundation? jonathansampson
@moobox We have heard similar requests from other users, and are eagerly working towards a release that supports both theming of the browser, and styling of the content. Let us know if you have any other ideas/requests :slightly_smiling_face: brendaneich
add KYC on publishers getting donations (done in prototype form in Brave using bitcoin rn)
add KYC for users wanting to withdraw -- this also means rate/flow controls fixcrypt
@tranzer well the only point would be to use ark as the payment network, instead of ETH, i don’t see any other interaction. Also maybe make brave agnostic enough so people can choose their network payment brendaneich
but for many users the opt-in zero-knowledge ad revenue is not enough to withdraw and they'll donate it
you can net-zero your monthly spend: make ad rev on non-top-20 sites, donate to top 20
I should add we want to start with user-private ad channels, like WeChat
we won't put ads on publishers's slots without their consent and partnership
some will come fast but bigs will be slow
so we're looking for user private ads: in separate tab, wechat-like bot, fullscreen channel, etc.
these can pay most rev share to user
still rate limited, no couch potato as a service lol dr10
what about the twitch/youtube question? How could this work out? brendaneich
@dr10 we've always had a design that denotes payee with URL including path to youtube/twitch account, not just domain name
but we start with domain name for beta/MVP
will get team on twitch/youtube in coming months, it's hot topic
everyone wants it, we're just busy (24 people now)
crowdsale will help
can hire more to parallelize a bit dr10
so you are working on a solution to pay off individuals within the brave-system, right?
@ yt / twitch brendaneich
@mward we debated cap on basicattentiontoken.slack.com and consensus was to keep at $15M -- but a few still suggest raising or no cap, much concern about fast sell-out and whales buying too much mward
yes, that is my concern.
look at gnosis distribution.. brendaneich
@tranzer yes, i'm on Ecma TC39 and still active / consulted mward
you need a lot of small investors, not whales dr10
When you implement Tor-like stuff. Can I also Download stuff via ToVpn? just using the Tor-Tab to download brendaneich
@1nfinite we aren't going to change the contracts, in third audit currently. we can't really limit whales who have tools to buy from lots of addresses
@axente we are not swiss but looking at tax optimization structures pre-launch; brave is delaware (US) c corp; trade group would be 501c6, need to pass IRS muster so that is many months after launch axente
Oke thanks 1nfinite
got it, thanks. So will there be a cap for how much can be donated per address? brendaneich
@fixcrypt code is hacked, security never done; no silver bullets. but people are easier to hack and hack themselves lol dr10
Is the brave browser running in a sandbox like chrome? dafty
how are inappropriate ads handled on the network, is there some form of reputation system for advertisers? brendaneich
@mward GNO sold too little, cetaceans eat too much agreed. GNT sold more and we can't find on-chain huge buys
@dr10 use Tor private tab, yeah jonathansampson
@dr10 That is correct. brendaneich
btw does everyone know Brave supports magnet: and .torrent now via WebTorrent integration?
@dr10 yes, we use chromium with the same sandbox -- had to fork electron hard (twice) to do this, btw. Slack uses unsandboxed chromium renderer processes :disappointed: tranzer
I think I'm sold on brave today will definately try it out jonathansampson
@tranzer Awesome. Let us know if you have any feedback! brendaneich
@dafty we haven't taken any ads at all yet so start from clean slate. no exchanges, ads bearing malware get thru, also https://whiteops.com/methbot
fraud on sell side steals revenue by putting real ads into fake slots clicked by fake users whiteops.com Methbot | White Ops Digital Advertising Security. Enterprise Security Solutions. Bots are bad for business; we're bad for bots. (4kB)
our plan is to go direct to agencies who get ads from brands
our ads are opt in
no surprises for our users who want and expect baseline Brave to block djselery
@brendaneich what are your feelings about IPFS? dr10
Will the Paying/receiving of tokens in the brave system be easy to understand for non-tech people? Is there some kind of tutorial or easy buttons or something like that? This is a total new environment for people. You have any plans for "educating" people or making it easy to use. Like a browser-integrated Balance? Easy overviews? brendaneich
if you opt in, you can start with light touch but to get BAT out you must KYC
@dr10 have you used Brave Payments (beta) yet? the support is built in
usable UX tranzer
will you need to do KYC also if you transfer to Brave and after that decide to put it out on exchange? brendaneich
we are moving (with new name, not "Payments") to second beta with Stripe as partner for users to fund automicrodonation wallet without seeing bitcoin dr10
I have it installed and browse with it, but it is not taking me by the hand. I wouldnt know whats going it. I will look deeper into it. brendaneich
@djselery juan DMed me and we chatted about their JS implementation following WebTorrent into Brave -- it could happen. couldn't take the Go impl :wink:
@tranzer if you buy BATs as investor, no KYC -- just send ETH to token contract once launched, get BAT back dr10
Maybe implementing something like a tutorial when starting brave browser would be nice. I am thinking of people who dont know any of this stuff and are not interested into researching it a whole lot alexius89
@brendaneich are there partnerships with any exchanges (Bittrex, Bitshares etc.) planned or already confirmed after the crowdfund has ended? geezee
@brendaneich you should accept ARK :smile: :smile: brendaneich
@tranzer if you are a user of Brave after we launch BAT and have it integrated, and want to opt into ads, no KYC at first but the funds (to which you will have multisig custody, similar to bitcoin setup with BitGo wallet today in Brave for donations) flow in API-keyed and browser-automated fashion toward the accounting server that settles donations behind the anonize barrier
@tranzer if you want to send BATs from your wallet to other destinations then KYC needed
@dr10 go to Preferences / Payments; the Coinbase buy widget integration is US-only and a bit much for average users, wherefore our Stripe partnership
if you have BTC already, you can just fund your wallet and start
we have pinning (Patreon in the browser) in 0.15.2 now
so you can support sites with x% of your monthly budget whether you browse there or not dr10
Will I earn more then I pay, when I chose to accept to watch these ads? brendaneich
@dr10 you don't have to pay at all, you can just earn
both donations (currently and in future) and ads (still to come, after BAT launch) are opt-in and separate dr10
so basically what you say... the average dude can earn money just by browsing? It will be of couse small amounts, but better then nothing fixcrypt
@brendaneich on a business model side, is Brave team earning directly from this (ie part of the revenue redirected to the team for further development)? tranzer
Will bat have finitive coins and nothing added after few years or is there some subsection where you can increase token numbers via smart contract in the future ? brendaneich
@fixcrypt we are selling 70% and 30% floats on side. 10% is user growth pool. remaining 20% is reserves for team, bat.org (shorthand for basicattentiontoken.org; also have attentiontoken.org, attentioneconomics.org) and poss. user growth reserve dr10
what if nobody choses to donate to pay money to the ad-publishers/BAT. doesnt the concept break down? I mean many people just want to earn. They watch these ads and get money. brendaneich
@fixcrypt biz model for Brave is not fundraising, though -- that's mostly burned down as non-recurring engineering, marketing (ads and growth hacking), etc.
biz model is small percentage (currently 5%) of automicrodonation gross, and larger (maybe 15%) off gross ad spend
these will be public numbers, we want transparency
if we do user-private ads, 85% of rev could go to user
part of Brave's brand is a set of promises: your data only on your devices in clear; we don't track, or store cleartext; rev share to you for opt-in ads at least as our share. fixcrypt
@brendaneich i see some maintenance with regular upgrades from chrome and advertisers relationship, so it needs a regular funding from transations i agree. brendaneich
@dr10 if everyone free-rides then system collapses; note this is risk today on Web, without Brave (which is small-share browser)
on Web today you can use a strong ad blocker like Brave, or Chrome+uBO+Disconnect.me fixcrypt
also will the revenue from donations will be contractual on the blockchain? cannabanana
do you have a contingency plan in case of critical ETH failure in the future? brendaneich
@tranzer contract is super-simple, we are making 1e9 BATs, no plans for more. can subdivide, expect appreciation but then use mostly as medium of exchange and unit of account, not store of value. don't want everyone hoarding. as with real world economies if everyone saved the system would collapse michaelthecryptoguy
for example the double spend issue like bitcoin had dr10
What are your arguments for people donating for ads/keeping the money circulated. Why shouldn't they just cash-out their money?
Can you tell me an example of how much I would earn by browsing an hour? What is it depending on? Is there a good example to tell to people? tranzer
How are you going to counter exchange BAT price fluctuations? We all know tokens are highly volatile can go up 200% in a day or fall 50% in a day. How will you determine how much is someone paid ? Will you use USD value at time of contract with publisher / advertiser? cannabanana
@brendaneich wouldn't it be better to have a better distribution of BAT tokens during the ICO? currently in our environment with ICOs which have been selling out instantly is that there are like 10 whale ETH investors who get all the coins and hoard leaving out like 99.5% of the people who would have invested. (edited) dr10
Dont know if I missed it. How much BAT will I get for 1 ETH? fixcrypt
@tranzer agree volatility is something advertisers don’t like (edited) brendaneich
@fixcrypt good q about transactional on blockchain, we do it all on bitcoin blockchain currently. we want transparency
have i mentioned ad tech is full of non-transparency, price gouging, etc.?
Digiday ‘A proverbial black box’: Open-exchange auctions have a transparency problem - Digiday Demand-side platforms are unclear about how supply-side platforms charge their publisher partners, and they can't tell if a bid price is inflated. (199kB) Yesterday at 6:00 AM
@dr10 we haven't pinned the ratio and won't till close to launch date in view of ETH volatility
we are raising $15M equiv dr10
tranzers question is good
like to know that too brendaneich
@cannabanana global war, giant meteor impact, etc. -- "exiguous circumstances" -- leave us with no good alternative, i mean this in deep civilizational sense. BAT launch will be least of our concerns. Short of these, the risk to Ethereum is low. could have primal flaw in design exposed. would have to rebase on another blockchain -- would be hard, tons of risk
catching up... cannabanana
do you guys even believe in blockchain? tranzer
Rebase to Ark :trollbounce: cannabanana
ok, nm. brendaneich
@tranzer can't volatility hedge yet (gamma hedge) as far as i know -- anyone know diff?
@cannabanana i believe in blockchain -- as with standards, the great thing about blockchains is there are so many :stuck_out_tongue:
@cannabanana we see no whalesign in GNT; if you mean GNO, see above. they sold too little cannabanana
well I also believe but not in ETH so you are basically only allowing ETH believers to partake in your project michaelthecryptoguy
Wow!! You are doing great @ brendaneich :goodjob: In the dedication and effort department! ::ghostfaceuk_node: (edited) mward
@cannabanana you can simply exchange btc to eth for ico. After ico ends and you have tokens, sell them for profit :trollbounce: cannabanana
and many projects recently "sold out" within minutes by 2m equivalent single transactions
@mward I wont ever buy any eth ever brendaneich
@cannabanana we are not religious about it, as noted above: tokens on Ethereum are proven tech (still young, mistakes and latent bugs, risk for sure but less than alternative token/smart-contract platforms). we are using Ethereum for smart contract based tokens and that's it cannabanana
that's not the point
you still must believe in it if you are only accepting eth brendaneich
@cannabanana did you actually check "many projects" to prove whalesign? we looked at some and aside from GNO couldn't find it cannabanana
:slightly_smiling_face: g/l brendaneich
@cannabanana we believe stuff, yes; have to believe to get up in morning, do anything cannabanana
i've been following altcoins since 2013
yes, i've seen them sell out in minutes brendaneich
but we are not Ethereum true believers in some zealot sense cannabanana
then why not accept bitcoin for the ICO
because of hte risk you said. brendaneich
i will say ETH price rise is scary; but EEA (JP Morgan -- federal reserve founder!) backing Ethereum is huge mike
i had a very bad experience with HEAT using Ethereum, still have to pursue it to track it down - time consuming so have put it off. Used an online wallet, jaxx, i think, since installing and waiting days for blockchain was a lot more than i wanted to deal with. Maybe there are better alternatives now. cannabanana
sorry man, didnt mean to hijack your ama brendaneich
@cannabanana accept bitcoin how?
hardcode a bitcoin address in the token contract?
Zooko's XCAT scheme?
it's cool but no thanks
we will not multiply risk (odds ratios) of independent events
that's a good way to die cannabanana
wow you are a jerkoff man
I just wanted to invest in your project
but wont touch eth brendaneich
i was at a startup before Netscape (MicroUnity), talked to Jim Clark when I got to Netscape. said "we were doing ten hard things at once that all had to work for success" and Clark said "odds were 1e-10!" cannabanana
good god, good for you man 1nfinite
way to be respectful @cannabanana - just because of some feud you have with ETH, too brendaneich
@cannabanana i'm not the one calling names here techbytes
let's not digress... stay on topic please brendaneich
i do like XCAT, check it out. cross chain atomic transactions 1nfinite
thanks for the transparency here and taking the time to answer our questions @brendaneich brendaneich
i think i'm over time
did i miss anyone's q? dr10 dr10
What are your arguments for people donating for ads/keeping the money circulated. Why shouldn't they just cash-out their money?
Can you tell me an example of how much I would earn by browsing an hour? What is it depending on? Is there a good example to tell to people? brendaneich
@dr10 thanks dr10
np :smile: tranzer
Thanks brendan for answering all of my questions - good luck with the project I'll be sure to participate brendaneich
if people see ads and cash out, the ad business is working and perhaps it dominates moobox
thank you for answering my questions also brendaneich
today's web relies mostly on ads, few paywalls and they convert poorly
i have a feeling with automatic, anonymous microdonations and payments we will see more of that and less reliance on ads
but cannot count ads out, for sure mike
any chance of eliminating the KYC so people can just withdraw their BAT and trade it? brendaneich
@dr10 comScore had a figure of 100 page views per user per day devin
Bitcoin is to slow mike
i don't see where kyc adds any value for the users. tranzer
@mike you won't need KYC if you are just going to trade as far as I got this (edited) brendaneich
assume we partner on one ad per page (just for easy math; i don't like this model and think user-private ad channel with one ad per day
might be much better)
100 ad impressions per day, 3000/month, if $3CPM that is $9/month twitchard
Is there some way/what do you think would be the best way for developers interested in advancing your mission to contribute? brendaneich
if we put the ads in user private channel and share 85% to user, that is $7.65/month to user
$3CPM is low figure dr10
CPM means? mike
like the idea very much over all. noslawxtrafries
cost per impression I believe brendaneich
it's an ad cost model: Cost Per Mille (Mille from Latin for 1000 impressions)
video ads pay more; not just CPM but CPX for X = watch a video by quartiles; watch to end; click on download promotion after end (usually game ad) mike
so KYC is just to withdraw to fiat, but to withdraw to an exchange or another wallet is unrestricted? brendaneich
@devin yes, bitcoin too slow; no privacy either (edited) devin
I want a project that accepts both brendaneich
@mike KYC is required or fraud kills the system faster than regulators (who will kill it too) (edited)
@devin there are projects doing this but they are "upstream" of ours dr10
What are your 3 major arguments for mass adoption of Brave Browser. - Some Slogan you would give to magazines, etc. brendaneich
Fast (3-7x, see next link), Private, and you get paid for your attention
but remember we want the 501c6 trade association if we sell out. BAT is for multiple apps mike
have you looked at Blockstack for ID as an alternative to KYC? brendaneich
more than Brave
@mike yes (I know founders and saw them recently); that doesn't help dr10
yeah but Brave will be the flagship of BAT token, right? Or any other big vision planned? (edited) brendaneich
@dr10 Brave will be first, yes
eventually everything here should be a standard
nothing's proprietary twitchard
Could BAT be implemented as a plugin/extension to other browsers? (Would it be more practical to fork?) (edited) dr10
good question mike
or is KYC just needed for a threshold to withdraw above. it does seem there would be a pratical limit of how much organic ad traffic a user would be exposed to. brendaneich
blockchain, ZKP, even functional specs for KYC, definitely payments -- all should be standards used by lots of apps and services and people
@mike please find "rate" and "flow" above ryano
Dpos is probably the best consensus approach for things like this devin
@brendaneich thanks brendaneich
@twitchard BAT in extension is unclear as extensions have limited APIs, and often must be loaded from a store that has rules
kik got thrown out of iOS app store for doing its own payments some years back
CWS kicked out Ad Nauseum mike
i can see where someting is needed to mitigate clickfarms in low wage regions. brendaneich
i'm half hour overtime so have to go soon
@mike yes, and sybil attacks to route funds to a mule
stuff like that ryano
Thanks for your time Brendan twitchard
Thank you brendaneich
np, it was fun (except for the jerkoff thing :-/) tranzer
Thanks good luck dr10
thank you very much ryano
Let me guess canna ? cannabanana
man I asked a legit question and got shit on
so fuck it jakethepanda
Hi everyone. As Brendan mentioned, he will be wrapping up the AMA. @brendaneich Thank you for your time. 1nfinite
thanks @brendaneich , learned a lot just from the terminology you've been using. Will spend time looking into all this, but your project sounds great ryano
Still dude, it's not good if you are predictably the one causing trouble brendaneich
@dr10 here's the "Fast" money shot cannabanana
well some people can't all be agreeable brendaneich
uploaded this image: Pasted image at 2017-05-09, 10:33 AM Add Comment ryano
You are the only one where this is an ongoing issue
It's bad for our community cannabanana
no, it's not. it's good because I give a different perspective on things. I'm not like you and I don't agree.
you think the success of ark has been on the backs of all the "good" ones? brendaneich
@cannabanana us taking ETH and me giving the reasons why we won't multiply risk is not me shitting on you -- we will have to just miss out on you this time. i wish we could take multiple currencies but it's an exchange problem at this point. maybe XCATs help in future cannabanana
I asked a legit question about what if it fails. what about hte investors?
is that not a legit question? 1nfinite
WHAT ABOUT CONSUMERS???? cannabanana
if you want me to put money in, I want to put in something I believe in
not something I dont mike
yes, if they want to stick with ETH, it's their call. Obviously plenty of ICOs have been successful with it, so it will continue in the future. cannabanana
consumers too, it's the same thing if it fails then the system is gone then the peopel who bought the bat to use are all out too. brendaneich
@cannabanana that's (https://arkecosystem.slack.com/archives/C41QFMCKH/p1494351381880292
) fair and it means in a market, sometimes you don't make a deal -- you hold out for better product later (edited)
calling names and getting mad because someone won't do what you demand -- not fair. my 2 cents anyway ryano
You can't be calling guests jerk offs and trolls every time they don't tell you what you want. This is an ongoing issue with you. Nobody else here is lashing out at people except you and there are nearly 2000 people here.
jamiec79 oh lordy... jamie exits the room quietly cannabanana
you know what nm techbytes
@brendaneich appreciate you stopping by today. Will put AMA on Reddit for others to find out more about your project. brendaneich
@techbytes thanks for having me ryano
Thanks Brendan nt91
Brendan thank you for coming ominous.shark
Yeah, thanks for the AMA! @brendaneich ARK community appreciates it! mike
thanks for taking the time to talk with us about BAT, good luck with it. michaelthecryptoguy
:goodjob: Brendan and :goodluck: with the BAT ICO (edited) boldninja
Thanks @brendaneich - good luck with BAT brendaneich
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Can I use custom flags/change intensity? Yes, you can put in whatever custom flags/parameters/arguments you want. Edit the "resources/intensity.txt" file. Put in whatever you want, like for GPU mode: "--intensity 12 --shaders 1024" or for CPU mode (number of threads): "-t 32"
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