SuperNET Weekly No. 14

CORE and CORE Media were birthed out of the community which formed around the SuperNET project launched by jl777 in 2014. Now that many aspects of the project are finally coming together in fantastic form and usable products are just around the bend, we couldn’t be more pleased to help spread the word and keep our audience up to date on the latest happenings with this revolutionary project and its technology. Welcome to SuperNET Weekly!

CORE Magazine Featuring SuperNET Report

Mark81 asks “Could iguana become wallet of the wallets? Meaning that could it be hosting wallet for exchanges? Like you just “add” coin like plugin and it is there?”

“It will be the wallet of wallets for InstantDEX. The lite nodes (basilisk) will rely on the full nodes (iguana), so it can remain decentralized.” – Jl777

Mark81 asks “Do you think if there would be any benefits for centralized exchanges to run their wallets on iguana? Or basilisk?”

“Basilisk/iguana is designed to be a scalable and decentralized system, so anybody can run a full node. Each full node will be getting some fees from the basilisk nodes, so it will be self-financing.” – Jl777

Why is Iguana good for BTCD?

  1. BTCD will be needed to run iguana/basilisk.

  2. Iguana/basilisk will be needed to use the SuperNET services.
  3. BTCD + iguana/basilisk will be needed to create private chains.
  4. BTCD + iguana/basilisk will be needed to run a full node, that can earn fees by providing services to the basilisk nodes.
  5. Iguana/basilisk will be needed for interfacing to the non-bitcoin protocol coins.
  6. BTCD will be needed to lock PAX pegs.
  7. BTCD + iguana/basilisk will be needed for running asset chains.
  8. Basically iguana/basilisk is my Dapp platform and it is in BTCD.
  9. I am making a hybrid BTC + BTCD architecture so the BTC chain can be used for high security needs and BTCD for time sensitive. Feeding into them will be the privatechains, which might be standalone chains or a virtualized chain running on top of the supernet peers.

If to look inside any tech that makes things easy for users, it will be complicated. Jumblr, pangea, etc will all need BTCD and iguana/basilisk.” – JL777

Mirrax asks So for end user, just keeping BTCD in wallet and staking is ok, but the wallet have to be iguana, right?

You dont have to run iguana, it is backward compatible with the existing network. For BTCD 2.0, there will likely be a server version, in addition to the iguana full node and basilisk lite nodes. The server version can be run by anybody (ie fully decentralized), but I wont even try to make it run on low resource computers. This will allow to have a set of high performance nodes for the rest of the full nodes.” – Jl777

First asks Hi James! Is the Gui making progress to? Have not seen anything from the Gui guys in a while.

“They are in the process of expanding the SuperNET Lite GUI with iguana API and bitcoin RPC. So the user facing side will be similar to SuperNET lite. It will operate in an iguana mode that will talk directly to the coin networks instead of using MGW assets. The chrome app will be basilisk node only, not a full iguana. And the GUI can run as chrome app, or standalone HTML. supernet lite is an HTML GUI” – Jl777

InstantDEX Update

“I made a serial blockchain sync for the virtual chains, it is radically easier than parallel sync! It is only doing it locally, but I wanted to make sure the overhead is low. Looks like about 8 seconds per bundle in the fastest mode, which is 250 blocks per second. That is on my blazing slow laptop, so probably more like 1 millisecond overhead on servers per block, including the time to mine.

Since the fastest real chain will have a 1 second blocktime, the bottleneck will be the network ping times. I made a faster adaptive diff adjuster, which seemed to get to +/- 50% of desired blocktime for the most part.

Now it is making the bundles, next step is to actually have a mempool of tx for it to put into the blocks. then to initialize existing chains properly and at that point all the RPC that works for the normal coins will automatically work for the virtual chains, thus saving an immense amount of time.

Not bad to go from concept to almost working chains in a week. And once the basic bitcoin clone level virtual chains are working, I can add the enhancements needed for it to be DEX for real. Another good thing about his approach is that each custom chain is testing the iguanacore from a different angle and find bugs/inefficiencies.

It was a week extra work, but now DEX can easily get a global orderbook via the blockchain and since there is no actual cost for using the DEX chain, I can use it to coordinate all the atomic swaps, which will create a complete audit trail for finding any nodes that misbehave, in fact all the nodes can find out in realtime what nodes are misbehaving, the pending trades (prices), etc.

I also might have a solution to allow a virtual chain to run virtually (within just the iguana full nodes) and on dedicated peers using a network port, at the same time. Its coded, but very tricky so maybe it wont work, will find out next week. This weekend I should be able to get virtual chains from the works in one test case, to works in most cases.

If you want to see it in action, just run the iguana/tests/new script. that will create a local DEX chain. BTCD needs to be already initialized first.” – Jl777

“Being able to spawn a single purpose blockchain allows massive scaling as there is no need to entangle each chain with the tx from all the other chains. Instead of having a single centralized blockchain for everything, this approach decentralizes the decentralization. The problem is that the security for these small chains would be low, except the delayed PoW method will allow BTC hashrate to secure all of these chains, creating a common heartbeat clock. That also allows all chains to atomic swap, knowing the boundaries are aligned.

Yes, it is a big breakthrough, even by my standards as it appears to fully solve the scalability issues. I do have to add support for subchains so we can create an arbitrary depth hierarchy of custom chains and of course and easy to specify way for adding customizations.

And instead of creating yet another non-standard protocol, all these chains speak bitcoin protocol and will be compatible with the existing industry infrastructure.” – Jl777

JL777 on WAVES

“I think a floor of 2x LISK is a reasonable guess, just due to double the ICO demand. But WAVES is much more upside, so the high end could easily be like what LISK did (10x ICO price), just without the massive correction.

Opening day range of 3x to 10x ICO seems likely. The question is where it stabilizes. But that is just the starting point. Like ETH it gradually decayed over time, but when it was released it went up 20x from the ICO multiple it was trading at.

With the very real possibility of mainstream recognizable partners, that could make the upside higher than expected from normal crypto projects. However, the key is for real usage and not just speculative speculations by speculators.

For trading advice, I can say that if you can sell 10% to 20% of original investment and get all the capital back, then you are foolish if you don’t do that.

That means at 5x to 10x ICO price, sell 20% to 10% to recoup what you put in. Maybe a bit more if at 10x. Then you cant possibly lose money from WAVES no matter what happens and then if it does correct back down, you have funds ready to buyback.

I doubt the price will be falling anywhere close to ICO price anytime soon.” – Jl777

How much did SuperNet invest in waves?

“77.7 BTC -> 210,778 WAVES” – Jl777

How much did SuperNet invest in IOTA?

“18 million original IOTA – Jl777

For more information on SuperNET and the work of jl777 and his team, please refer to previous SuperNET Weekly articles and our monthly CORE Magazine and be sure to follow the progress via SuperNET Slack or the SuperNET website.