The following questions were asked in our Telegram:t.me/ptokens Q: What is the minimum amount of BTC that can be deposited into the pTokens DApp? A: The bare minimum that can be pegged in/out is currently 0.00005 btc. Q: I have BTC now. How do I get pBTC? A: You can deposit your BTC and mint the correspondent amount of pBTC via the pTokens dApp: https://dapp.ptokens.io Or you can exchange another erc20 token for pBTC on Kyber and Bancor. You can also swap through Paraswap, 1inchExchange, or Eidoo Wallet, MyEtherWallet, Trust Wallet, and Argent, all of which offer interfaces to these platforms. Q: Are you listed on exchanges yet? A: Yes. You can find pBTC on Kyber, Bancor, Uniswap V2, and soon to be Bitfinex. Q: Which pBTC pair has the highest liquidity on Kyberswap? A: All Kyber reserves are against ETH and so the pair with liquidity is pBTC/ETH. But Kyber auto-routes any other reserves as needed in case you want to exchange pBTC against something different than ETH. Q: Why should I buy pBTC on an exchange when I can peg in and peg out on my own in the DApp? A: Users may buy pBTC on exchanges for interoperability with other DeFi platforms or for convenience in case they prefer to stay on Ethereum. Though, as mentioned, you can easily peg in/out with no fee and zero slippage from the ptokens DApp (for example withdrawing btc straight from an exchange to your peg-in address). Q: Do I have to generate a new address for each transaction in the pTokens DApp? What happens if I send my BTC to an old generated address. A: Old addresses can safely be reused but keep in mind that they are 1:1 linked to the Eth address you have specified when generating them. So any deposit to that BTC pegin address will always result in the issuance of pBTC on the specific ETH address. Q: How do you pay network fees for BTC? A: We subsidize that cost during the current phase0, In phase1 the fee will be chosen by the DAO and enforced by validators (the fee will be distributed among them as a reward for their work). At that point you can expect the fee to be similar to the ones applied by competing projects, which is normally between 0.1 and 0.2% (conceptually similar to the "trading fee" being applied by exchanges). Q: How many nodes will there be? A: This will be different in phase1 and phase2. Specifically, phase1 will be focused on introducing a network, therefore moving the system from a single node to multiple nodes. At this stage there will be a limited number of validators. The next upgrade (phase2) will be focused on making the network permissionless, expanding the number of validators and enabling anyone to join. Q: What will the governance tokens be able to govern? A: The governance token will be used to vote on a variety of improvement proposals. For example, which pTokens bridges to develop, how to implement fees, and other improvements for the system. We have not decided on a specific set of topics the community will contribute to, but we anticipate this will evolve over time based on what the DAO wants. Q: What's the business model for pTokens? is the plan to generate revenue by being liquidity providers on Uniswap, Kyber, Bancor, etc. for all the pTokens users will mint? A: The validators get rewarded with the peg-in/peg-out fees (the DAO will be in charge of potentially changing that fee so that the p.Network can balance the incentives for the validators best. Q: Will Provable be creating all the token bridges for assets from various chains or is there a way for anyone to create a bridge and have it hooked into your system? A: There will be a DAO where everyone will be able to vote and decide what bridges should be started by validators. In phase0, Provable has significant control over the system, while from phase1 on, the development team gives up governance choices to the DAO and validation gets taken over by the pNetwork. Q: Would it be possible to transfer pBTC (ETH) <> pBTC (EOS) and not have to withdraw/deposit into BTC during this process? A: Yes, that is possible. In the background the system would go through BTC, but you as a user wouldn’t see it because of the feature automating it. This is useful if you want to arbitrage across EOS and ETH DEXs. Q: How are BTC transaction fees handled when transferring pBTC between Ethereum and EOS networks? Are costs translated to the users? A: Because the BTC is not transacted on the Bitcoin blockchain, you don’t have to pay network fees on Bitcoin. When you peg in or out for pBTC you are just un-wrapping the asset from its EOS tokenized form and wrapping it in its ETH tokenized form (and vice versa). Q: How do I know you won’t shut down your project similar to how tBTC did? A: Keep Network paused its tBTC system after two days after detecting a bug. pBTC on Ethereum has been live for over three months. If there is ever a security issue that requires pTokens to be suspended we will intervene, but we are committed to keeping it running safely. From phase1, the running of the network will not be under our control so risk of availability will go down significantly. We’re currently in phase0, so please keep in mind that you should proceed with caution while the system isn't decentralized yet. Q: Can you explain Oraclize and Provable’s relationship? A: Oraclize (now rebranded into Provable) is a different project on which Provable Things has worked on. It is still operating and is currently being used in production by hundreds of smart contracts on the Ethereum mainnet every month (and if you look on github, thousands of open source public repositories have integrations with the Oraclize oracle service). It is also being used in production on EOS and other chains. The Provable team bootstrapped pTokens. Q: Can you explain how I can get pBTC to fiat? A: If you’re in the US, you can try an off-ramp to USD from Coinbase. Visit Kyber or your preferred Dex Aggregator (1inchexchange, or Dex ag) to trade your pBTC to USDT then in Binance (or your preferred Dex aggregator) trade USDT to USDC. Once you have USDC, you can sell it for USD on Coinbase. If you're in the EU or UK, you can work through the transaction flow above, and end with a wallet that supports a fiat off-ramp to Euros or British Pounds. Eidoo Wallet, for example, supports conversions of DAI, USDT, or USDC to Euros.
Protonmail Disabled My Binance Cryptocurrency Exchange Email Account | €500 Worth of Bitcoin Lost
On 10th November I have created a new account on the Binance cryptocurrency exchange. Binance accounts need to be associated with an email account and I created a free ProtonMail account for this purpose. The reason for choosing ProtonMail over say Gmail or Yahoo is due to the fact that Protonmail is more secure. Basically, I thought that my Binance account would be safer if it was associated with a ProtonMail email account as was any Bitcoin or any other cryptocurrency deposited in the same Binance account. My internet connection does not use a fixed IP address and in order to login into this new Binance account, I need to open my new ProtonMail email account, open an email that is sent from Binance and click on a confirmation link in the email to confirm that the IP address indicated in the email is mine. Without clicking the confirmation link, I cannot access the Binance account. Email confirmation is also required for withdrawing funds from Binance, as is probably the case with any other major cryptocurrency exchange. In other words, if one loses access to the email account that is associated with a cryptocurrency exchange account, that person can no longer withdraw any cryptocurrencies from the account. This practically means that both the account and any Bitcoin and/or other cryptocurrencies in the account will become useless. Anyway, to continue with my story, on 18th November I tried to log in into my new Binance account. I entered my email/username and password, inputted the 2FA code from Google Authenticator and I got the usual pop-up message from Binance stating that I need to confirm my IP address by clicking the confirmation link in an email sent from Binance. So I opened the ProtonMail site and I entered my email address, password and 2FA code. To my surprise, I was unable to log in successfully as I got a message stating that my ProtonMail account has been disabled for abuse or fraud. I immediately sent an email to [[email protected]](mailto:[email protected]) as indicated in the message and asked for my account to be unblocked. The next day, I received the following reply from ProtonMail: “The account was automatically disabled by our anti-spam system due to a suspicious activity. The account will not be enabled.” I wrote to ProtonMail again and explained to support that I did not use the email account for any illicit purposes. I also explained to the ProtonMail staff that I need to access the email account because it is tied to a Binance account. However, the next day ProtonMail's support replied in the following manner: “Your account cannot be enabled since we believe that it is for abuse.” I send another email to the ProtonMail abuse team and explained to them that without access to the ProtonMail account I will lose access to the Bitcoin and other cryptocurrencies worth €500 that are stored in the Binance account that is associated to the disabled email account. I also asked the ProtonMail staff if they could escalate the ticket to management or if they will be willing to help me if I become a paid ProtonMail customer. I received no reply to my email so the next day I sent another email to the abuse team and pleaded for help. I told ProtonMail’s support that I do not even need to send emails from the deactivated account. I explained to support that the only reason why I need to access the email account is to be able to read emails from Binance and click on any confirmation links. ProtonMail’s next reply was the following: “Our team has examined your account once again and it will not be enabled. You will not be able to access your messages anymore or reuse the account.” I really cannot understand why ProtonMail’s staff have treated me in this manner. My disabled account was just a few days old when it was deactivated. I only had a few, maybe six or seven emails, in the inbox folder with three emails coming from ProtonMail and the rest coming from Binance. The thing is that, as far as I know, I did not even send a single email before the account was disabled. How did ProtonMail 's staff come to the conclusion that I wanted to use the email account for abuse? I am not stupid so if I wanted to use an email account to spam somebody, I surely would not use an email account that is tied to a cryptocurrency exchange account! Not knowing what to do, I did a Google search to see if other people have been burnt by ProtonMail’s support after getting their accounts disabled. Not surprisingly, it seems that there are many other ProtonMail users who had their accounts disabled because of some “faulty” anti-spam filter. Apparently many users got their accounts suspended because they were using a VPN service while using their ProtonMail account. I too have a subscription to a VPN service and I would not exclude that ProtonMail’s spam filter flagged my account as suspicious due to the fact I was using the VPN service at the time. While I can understand that no anti-spam filter is perfect, the real problem is that ProtonMail does not seem to care about its existing customers and potential future customers. I doubt that ProtonMail’s staff have done any effort to examine my mailbox and those of other disabled accounts. Anyway, it is unfortunate that I had to learn the hard way the mistake I made in thinking that I would be better off in using ProtonMail to secure my Binance exchange account instead of Google, Yahoo or some other email service provider. While ProtonMail might be more secure, I am not aware that Google and Yahoo deactivate accounts for accessing the email accounts over a VPN network or for no other valid reason. What is the use of using a more secure email service if there is a high risk of getting email accounts disabled without doing anything wrong? Although I will probably never get hold of my €500 worth of Bitcoin again, I hope that at least anyone thinking of using ProtonMail for cryptocurrency exchange accounts, work related accounts, bank related correspondence or even for personal use will find my story useful and will consider all pros and cons before taking a decision. The fact that my ProtonMail account was disabled is kind of having my €500 worth of Bitcoin being held hostage by ProtonMail. ProtonMail does not have access to the cryptocurrencies in my Binance account but neither do I at this point. It is like I had two different keys to unlock the repository where the cryptocurrencies are stored and ProtonMail confiscated one of the keys. There is no need to say that I have worked hard for those €500, but what if I had €5,000 or even €50,000 worth of cryptocurrencies in that Binance account? How many cryptocurrencies and cryptocurrency exchange accounts will be lost forever because of ProtonMail’s actions? ProtonMail’s “faulty” anti-spam filter is probably doing the company more harm than good. However, it is only ProtonMail’s fault for not doing anything about the issue, playing the bullies game, pretending to examine disabled accounts while providing no real evidence of abuse and being insensitive to the fact that disabled accounts can lead to loss of money, loss of business or loss of personal data. UPDATE on 26th November: After providing proof that I am not a spammer, ProtonMail's abuse team contacted me this morning to inform me that my account has been enabled. I can confirm that the email account is working fine again. Thank you ProtonMail for your understanding.
Hi, for everyone looking for help and support for IOTA you have come to the right place. Please read this information, the FAQ and the side bar before asking for help.
IOTA is an open-source distributed ledger protocol launched in 2015 that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’. The IOTA Tangle is a quantum-resistant Directed Acyclic Graph (DAG), whose digital currency 'iota' has a fixed money supply with zero inflationary cost. IOTA uniquely offers zero-fee transactions & no fixed limit on how many transactions can be confirmed per second. Scaling limitations have been removed, since throughput grows in conjunction with activity; the more activity, the more transactions can be processed & the faster the network. Further, unlike blockchain architecture, IOTA has no separation between users and validators (miners / stakers); rather, validation is an intrinsic property of using the ledger, thus avoiding centralization. IOTA is focused on being useful for the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT), data integrity, micro-/nano- payments, and other applications where a scalable decentralized system is warranted.
Contrary to traditional blockchain based systems such as Bitcoin, where your wallet addresses can be reused, IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore. The reason for this is, by making an outgoing transaction a part of the private key of that specific address is revealed, and it opens the possibility that someone may brute force the full private key to gain access to all funds on that address. The more outgoing transactions you make from the same address, the easier it will be to brute force the private key. It should be noted that having access to the private key of an address will not reveal your seed or the private key of the other addresses within your seed / "account". This piggy bank diagram can help visualize non reusable addresses. imgur link
When a new address is generated it is calculated from the combination of a seed + Address Index, where the Address Index can be any positive Integer (including "0"). The wallet usually starts from Address Index 0, but it will skip any Address Index where it sees that the corresponding address has already been attached to the tangle.
Private keys are derived from a seeds key index. From that private key you then generate an address. The key index starting at 0, can be incremented to get a new private key, and thus address. It is important to keep in mind that all security-sensitive functions are implemented client side. What this means is that you can generate private keys and addresses securely in the browser, or on an offline computer. All libraries provide this functionality. IOTA uses winternitz one-time signatures, as such you should ensure that you know which private key (and which address) has already been used in order to not reuse it. Subsequently reusing private keys can lead to the loss of funds (an attacker is able to forge the signature after continuous reuse). Exchanges are advised to store seeds, not private keys.
Sending a transaction will move your entire balance to a completely new address, if you have more than one pending transaction only one can eventually be confirmed and the resulting balance is sent to your next wallet address. This means that the other pending transactions are now sent from an address that has a balance of 0 IOTA, and thus none of these pending transactions can ever be confirmed.
As previously mentioned, in IOTA there are no miners. As such the process of making a transaction is different from any Blockchain out there today. The process in IOTA looks as follows:
Signing: You sign the transaction inputs with your private keys. This can be done offline.
Tip Selection: MCMC is used to randomly select two tips, which will be referenced by your transaction (branchTransaction and trunkTransaction)
Proof of Work: In order to have your transaction accepted by the network, you need to do some Proof of Work - similar to Hashcash, not Bitcoin (spam and sybil-resistance). This usually takes a few minutes on a modern pc.
After this is completed, the trunkTransaction, branchTransaction and nonce of the transaction object should be updated. This means that you can broadcast the transaction to the network now and wait for it to be approved by someone else.
How do I to buy IOTA?
Currently not all exchanges support IOTA and those that do may not support the option to buy with fiat currencies. One way to buy IOTA is to buy with bitcoin (BTC) or Ether (ETH), first you will need to deposit BTC/ETH onto an exchange wallet and you can the exchange them for IOTA. You can buy BTC or ETH through coinbase. And exchange those for IOTA on Binance or Bitfinex (other exchanges do exist, some linked in the side bar). A detailed guide to buying can be found here.
What is MIOTA?
MIOTA is a unit of IOTA, 1 Mega IOTA or 1 Mi. It is equivalent to 1,000,000 IOTA and is the unit which is currently exchanged. We can use the metric prefixes when describing IOTA e.g 2,500,000,000 i is equivalent to 2.5 Gi. Note: some exchanges will display IOTA when they mean MIOTA.
Can I mine IOTA?
No you can not mine IOTA, all the supply of IOTA exist now and no more can be made. If you want to send IOTA, your 'fee' is you have to verify 2 other transactions, thereby acting like a minenode.
Where should I store IOTA?
It is not recommended to store large amounts of IOTA on the exchange as you will not have access to the private keys of the addresses generated. However many people have faced problems with the current GUI Wallet and therefore group consensus at the moment is to store your IOTA on the exchange, until the release of the UCL Wallet, or the Paper Wallet.
What is the GUI wallet?
What is the UCL Wallet?
What is a seed?
A seed is a unique identifier that can be described as a combined username and password that grants you access to your wallet. Your seed is used to generate the addresses linked to your account and so this should be kept private and not shared with anyone. If anyone obtains your seed, they can login and access your IOTA.
How do I generate a seed?
You must generate a random 81 character seed using only A-Z and the number 9. It is recommended to use offline methods to generate a seed, and not recommended to use any non community verified techniques. To generate a seed you could:
All seeds should be 81 characters in random order composed of A-Z and 9.
Do not give your seed to anyone, and don’t keep it saved in a plain text document.
Don’t input your seed into any websites that you don’t trust.
Is this safe? Can’t anyone guess my seed? What are the odds of someone guessing your seed?
IOTA seed = 81 characters long, and you can use A-Z, 9
Giving 2781 = 8.7x10115 possible combinations for IOTA seeds
Now let's say you have a "super computer" letting you generate and read every address associated with 1 trillion different seeds per second.
8.7x10115 seeds / 1x1012 generated per second = 8.7x10103 seconds = 2.8x1096 years to process all IOTA seeds.
Why does balance appear to be 0 after a snapshot?
When a snapshot happens, all transactions are being deleted from the Tangle, leaving only the record of how many IOTA are owned by each address. However, the next time the wallet scans the Tangle to look for used addresses, the transactions will be gone because of the snapshot and the wallet will not know anymore that an address belongs to it. This is the reason for the need to regenerate addresses, so that the wallet can check the balance of each address. The more transactions were made before a snapshot, the further away the balance moves from address index 0 and the more addresses have to be (re-) generated after the snapshot.
Why is my transaction pending?
IOTA's current Tangle implementation (IOTA is in constant development, so this may change in the future) has a confirmation rate that is ~66% at first attempt. So, if a transaction does not confirm within 1 hour, it is necessary to "reattach" (also known as "replay") the transaction one time. Doing so one time increases probability of confirmation from ~66% to ~89%. Repeating the process a second time increases the probability from ~89% to ~99.9%.
What does attach to the tangle mean?
The process of making an transaction can be divided into two main steps:
The local signing of a transaction, for which your seed is required.
Taking the prepared transaction data, choosing two transactions from the tangle and doing the POW. This step is also called “attaching”.
The following analogy makes it easier to understand:
Step one is like writing a letter. You take a piece of paper, write some information on it, sign it at the bottom with your signature to authenticate that it was indeed you who wrote it, put it in an envelope and then write the recipient's address on it. Step two: In order to attach our “letter” (transaction), we go to the tangle, pick randomly two of the newest “letters” and tie a connection between our “letter” and each of the “letters” we choose to reference.
The “Attach address” function in the wallet is actually doing nothing else than making an 0 value transaction to the address that is being attached.
How do I reattach a transaction.
Reattaching a transaction is different depending on where you send your transaction from. To reattach using the GUI Desktop wallet follow these steps:
Click 'Show Bundle' on the 'pending' transaction.
Click 'Rebroadcast'. (optional, usually not required)
Wait 1 Hour.
If still 'pending', repeat steps 1-5 once more.
What happens to pending transactions after a snapshot?
How do I recover from a long term pending transaction?
How can I support IOTA?
You can support the IOTA network by setting up a Full Node, this will help secure the network by validating transactions broadcast by other nodes. Running a full node also means you don't have to trust a 3rd party in showing you the correct balance and transaction history of your wallet. By running a full node you get to take advantage of new features that might not be installed on 3rd party nodes.
How to set up a full node?
To set up a full node you will need to follow these steps:
Download the full node software: either GUI, or headless CLI for lower system requirements and better performance.
Get a static IP for your node.
Join the network by adding 7-9 neighbours.
Keep your full node up and running as much as possible.
A detailed user guide on how to set up a VTS IOTA Full Node from scratch can be found here.
How do I get a static IP?
To learn how to setup a hostname (~static IP) so you can use the newest IOTA versions that have no automated peer discovery please follow this guide.
How do I find a neighbour?
Are you a single IOTA full node looking for a partner? You can look for partners in these place:
I have about 50,000 Iota on binance. I want to transfer them to my Iota wallet. I am limited to "2 bitcoins" worth to withdraw per day due to not showing ID. That's fine cause I don't want to. However Iota is apparently different in that you should not withdraw from the same wallet multiple times. From the main site: "So again in short: It is safe to receive any number of transactions to a given address until an outgoing transfer (a "send" transfer) is made. After that, this address should no longer be re-used!" My question is if I have to 5 or so withdrawals from binance will this put my binance iota private key in danger? Also if I buy more Iota in the future on binance do they just reuse the same wallet?
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CZ Binance interview – What to expect from crypto in 2020
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