Just wanted to highlight the latest The Cardano Effect episode 33, which I was a guest on. We discussed the differences between Ethereum and Ethereum Classic, talked about the vision we have for Saturn Network, how decentralized exchanges are evolving, and of course what we thought of Cardano. Along with a lot more cryptocurrency topics, enjoy!
The Saturn Network team, DEXes, and future collaboration Episode 33 - YouTube
We have recently made some user interface updates, which aim to vastly improve your trading experience - for new users and experienced traders alike. The aim was to add in notifications and messages to our UI that will help onboard new users and also provide some features that regular traders will enjoy.
We are now generating OHLCV charts for every token marketplace, these appear once you open the order book. Here is an example for Saturn Classic:
We have also improved how the on-site flow works if you needed to submit an ERC20 Approve transaction. If you are trading an ERC20 token for the first time, you will now be greeted with the following screen:
ERC20 Approval process
Which will walk you through the ERC20 approval process before sending you on to the order page. We believe this will help with the confusion around needing to submit two transactions when you are trading an ERC20 token for the first time.
The order page itself has also received some little tweaks, it now resembles the interface we use for our HODL dApp.
New Order Page
Which allows you to either enter the amount of tokens you would like to buy or simply enter the amount of coin you wish to spend. And it also helps you understand what our Trade Mining Reward is with a handy link.
The new interface goes along nicely with the warning messages you will receive if you are on the wrong network. For example, if you access an ETC token's order book while connected to Ethereum we now display a helpful message on what you need to do.
Notification to switch network
These updates will really improve a first time user's trading experience, and will help minimise the number of people that just give up in frustration. A great test you could do is ask a friend or family member who is not familiar with Saturn Network or even if they are not familiar with cryptocurrency, and see if they can figure out how to make a trade. And then, let us know the outcome!
Our Airdrop Tool now supports both ERC223 and ERC20 tokens on Ethereum and Ethereum Classic networks. This is a feature various projects have been asking us to implement, as most tokens on Ethereum still follow the outdated ERC20 token standard.
Happy to say that Team Saturn has delivered! Airdrop-tool version 0.3.0 is now live. Which means you can easily setup and automate an ERC20 token airdrop to thousands of wallets, in just a couple of minutes.
To celebrate 3400 GST1 tokens have been airdropped amongst 340 wallets that have been actively trading on Saturn Network!
ERC20 Token AirdropWant to use Airdrop tool for your project?
Market Maker bot is our first trading bot written in typescript. I am hoping to see some community versions in the near future! Typescript is a widely used programming language, so if you have been using our Market Maker Bot and have had an idea for an extra feature I recommend posting about it on our forum.
We can always start announcing developer bounties for interesting ideas to be implemented.
Another Milestone Completed
18,530,110 SATURN sold on ETC, over 59% of this session's allocation.
1,873,287 SATURN sold on ETH, over 29% of this session's allocation.
Happy that we have reached this second milestone together! Thank you for the massive push we have seen on social media since Neuron published theWake Up People! article. I believe this has really helped our crowdsale move forward, and bring new eyes onto our project.
We have seen new members joining our community and immediately get to work on helping Saturn DAO grow, just today Rick from Digital Fortress published an introduction video.
Saturn Network and Ethereum Classic Quick Look - YouTube
Ideas for Bounties?
I have also seen many ideas thrown around our chat on what more we could be doing to keep promoting and raising our outreach, be it bounties for translating some of our key articles or to simply keep our threads on other forums active.
Today, Kin is a fork of Stellar (XLM). Stellar is already a pseudo-decentralized scam - a real blockchain cannot go down when two nodes crash. But Kin decided that this is perhaps too decentralized for them and they want tighter control.
Most recently Kin has resurfaced in the news after the SEC has filed a lawsuit against them, claiming they are guilty of conducting an unregistered security sale. Let's address two points here: the role of SEC in investments, including cryptocurrency projects, and whether Kin was an unregistered security.
Role of SEC
You've been told scary things about the SEC by your paid group leaders on telegram, celebrity liars on twitter and even Elon Musk. But if you think about it, SEC is a beautiful force for decentralization. SEC is here to ensure that status quo with respect to investment rules and securities remains - accredited investors only, full KYC, all the good stuff. If your coin is a security (read: centralized bullshit) they will find you, sue you and shut down your company, attempting to return as much to investors as possible.
And that is a good thing! This way SEC prevents the crypto ecosystem from profiting on making fake-decentralized apps like EtherDelta and Kin. In case of Saturn, for example, they have no claim - everything is on-chain.
By making it harder to run scam fake-decentralized ICOs, SEC is actually helping truly decentralized projects to flourish.
If anything, we hope that SEC will turn their eyes to even more ICOs and will sue even more projects.
Is KIN an unregistered security?
Kin was created by the company behind Kik messenger. After having raised $200M from venture capitalists they were still bleeding money and were not getting any closer to monetization. Luckily, it was summer 2017 and their leadership decided to save the company: Let's sell a shitcoin like everybody else!
They sold an ERC20 token, only to later realize that it was a bad choice. Then, they announced that they simply needed more performance so they're moving to XLM. Then they forked XLM.
Today, apparently one can use KIN to purchase sticker packs within the app (wow, decentralization is so cool!). And even the target audience of KIN, people who actually use this app to chat, don't know about this feature, and neither do they care.
So, they lied to investors originally (by saying it'll be a decentralized token on Ethereum), then centralized the whole thing, and now developed a product that is not useful.
I'll let you decide whether it is a decentralized cryptocurrency project or centralized fraud.
How is an incompetent team raising $50,000,000 while real technology wizards like us are scrapping month-to-month? And now they dare to tell you to give money to them so they can #DefendCrypto? They have nothing to do with crypto!
The best thing that can happen to cryptocurrency ecosystem is SEC winning the case in court and bankrupting KIN. Maybe this will deter 100% marketing 0% innovation projects from our industry.
Universal Basic Income. Fair voting. Philanthropic fund matching that maximizes support for useful but underfunded projects. All great ideas, right? Dan Larimer of EOS, Vitalik Buterin of Ethereum Foundation and Glen E Weyl of Princeton University must truly be the most wonderful people, working for the benefit of the free people of Earth, transforming our society. Well, transforming they are, but in a very dangerous direction.
UBI is a relatively new idea that instead of providing welfare and unemployment benefits to those who cannot be employed, taxpayers should instead pay a living minimum to both the non-working and working population. Basically, if you don't work and want to pursue art, research, or smoke weed every day, the government will pay you a bare minimum that should let you get some food and shelter and potentially dissuade you from crime. Unlike unemployment benefits, if you do decide to find a job though you won't lose this money - you'll get both the government paycheck and whatever your job or business pays you.
The idea recently became so popular that US presidential candidate Andrew Yang has UBI as part of his program. Yes, the same Andrew Yang that is into crypto.
In the crypto universe, the most active proponent of UBI is EOS's Dan Larimer. This video summarizes Dan's bullshit vision for UBI on EOS.
EOS Universal Basic Income - Free Money For Everyone - YouTube
Most recently Block One, the company behind EOS (totally decentralized btw), has launched Voice - a twitter clone with built-in EOS token for content monetization (read: ad spending). Interestingly enough, the only way to get an account on Voice, a so-called decentralized social media, is to pass full KYC with Block.One.
Why would they need to do that? They say the answer is bots, but keep reading to find out the real reason.
Quadratic Voting (QV)
Political economist Glen E Weyl has been working on the economic theory for decision-making processes. How can various stakeholders, such as corporation's board of directors or members of parliament, make decisions that use the company's or state's resources more efficiently for the greater good and make sure that every voice is heard?
His answer is quadratic voting. The idea behind it is that the stronger you feel about an idea, the more you should pay to vote for it. Payment can be denominated in some sort of voting tokens that participants are given out and that they need to spend wisely on multiple votes. This way, underrepresented ideas get a larger chance to be heard, and it is supposedly economically sound (in theory, obviously, as all economic results are). Quadratic voting specifically removes power from one powerful/wealthy individual and spreads it across all voters. The powerful individual can still push his agenda - he'll just have to pay exponentially more for it, and the public will easily overwrite bad ideas.
Most recently, Vitalik Buterin has befriended Glen and together they're working on adopting Mr. Weyl's ideas to the blockchain world. In particular, the focus lies on governance of both blockchain foundations, such as the dysfunctional Ethereum Foundation, as well as on-chain DAOs. Let's ignore for a second that Mr. Weyl has a patent on quadratic voting and thus may at any point in time use the might of the United States enforcement system to demand royalties. He is clearly a good guy, nothing bad is going to happen, he says.
Ignoring the patent concern, which for a truly decentralized project is non-enforceable anyway, QV sounds like another great idea, right? Keep reading.
In this paper, the dynamic duo adapts the mechanism behind quadratic voting to funding of public projects. Imagine Ethereum Foundation would commit to donate funds to ICO projects in order to grow its ecosystem (which they should do). What would be the most efficient way to do that?
A naive way of fund matching would be dollar-for-dollar (or ETH-for-ETH). Popular projects should be able to raise more ETH, and the foundation would send i.e. another 10% of collected funds. A smarter approach would be to look at who were the backers of these projects. If there are only one or two funds backing the project it might be a VC pump and dump scam that just wants to get easy money from EF. But a project like Saturn, for example, that collected a little bit of money from a lot of unique investors, should get a proportionally bigger share of the EF bonus.
Let’s try a tweetstorm tl;dr since this is doing the rounds on crypto twitter.
1/6 Quadratic Funding (CLR) solves the question of: how should we provision funding for public goods? Answer: aggregate individual interests algorithmically from the public.#RadicalxChangehttps://t.co/9EdqKfGMoM
This is a good quick explanation of V's and Glen's ideas
Another great idea, and one we would certainly benefit from financially! So what's the catch?
What do all these ideas have in common
They are incompatible with online privacy.
Bitcoin was designed to be sybil-resistant. In Bitcoin, I don't care if you are one person who runs thousands of blockchain nodes and uses hundreds of wallets. We all have our kinks and fetishes and I'm ok with that. As long as you send me the BTC and I receive it in my wallet we're cool. This design is what fundamentally allows people to keep their privacy online, and be able to selectively reveal their identity to their counterparts (or not, up to you).
Universal basic income, quadratic voting, and liberal radicalism are fundamentally incompatible with online privacy. If you implement UBI as airdrops to active blockchain addresses I'll just make more addresses. For quadratic voting, I'll just pretend I'm not one, but thousand people voting for the same results, also by creating multiple addresses. And for liberal radicalism, I'll just donate the same amount of money but in smaller transactions spread across many addresses.
Being able to create indefinitely many addresses is the key feature of decentralized technology and the key enabler of digital privacy. But if creating multiple addresses breaks Dan's, Glen's and Vitalik's ideas, how would they solve this problem? How do they bring their genius ideas to the world?
There's only one answer to this question: full mandatory on-chain KYC. Mandatory perhaps not in a sense that you must do it, like Voice. Perhaps the network will simply be unusable unless you KYC, i.e. certain features will be locked, or people who passed KYC will receive economic preference.
And yet nobody seems to talk about this issue, like it never existed. Like everybody is cool with being tracked online at a new, unprecedented scale, previously unavailable to Google, Facebook, and even the NSA.
Keep wanking your freedom away while your leaders build this dystopian future. Or share this blog to make sure this nightmare doesn't happen. Let's nip this disaster in the bud before it is too late.
Arbitrage trading within the cryptocurrency ecosystem works by simultaneously buying and selling across several markets (or exchanges) in order to make a profit from the price differences that can be found across different markets.
Our Arbitrage Trading Bots will engage in arbitrage trading between multiple different Ethereum token markets, looking for price fluctuations on various cryptocurrency exchanges. This means that you will be able to automatically take advantage of any price slippage to maximize your profit.
What is arbitrage trading?
If you are a little lost on how an arbitrage trading strategy works, here is an easy to follow example of what a current arbitrage opportunity looks like for Saturn Classic, if you consider our HODL program to be a different market:
Buy SATURN via our HODL dApp with a maximum bonus, this would make the effective price 0.00004 ETC.
Sell SATURN on the exchange for a profit.
You can tell by looking at Saturn Classic's sell history that this is currently a popular strategy, notice how sell-offs happen near immediately whenever the price goes above 0.00004 ETC. You can even automate the selling part with our Pricewatch Bot.
Now, this strategy will work perfectly fine manually because it is a strategy that works exclusively on our platform. Token markets on ETC are brand new and for many of them, Saturn Network is the only available exchange - which is why we developed market making bots that look at the internal order book dynamics and are engineered to provide healthy token order books.
Ethereum tokens are traded across numerous exchanges
On ETH, we find a lot of tokens that are traded across centralized and decentralized exchanges. Which is why for tokens that Saturn Network is not a dominant exchange, if we want these markets to grow we need to offer market making and arbitrage bots.
Effectively, people who run arbitrage trading bots will be providing an important service to Saturn Ecosystem: they will inject liquidity and allow our users to buy any token at a competitive price. And people who run arbitrage trading bots will be able to set their fee to ensure they are always paid for providing this service.
For example, you would be able to set your price threshold at 10% and this would ensure that every successful trade would make you 10% profit. Competition between people running our arbitrage bot will ensure that fees are driven down to an optimal level, consequently, Saturn users will enjoy the most friendly experience for buying any ETH token wallet to wallet in one transaction.
Multiple exchanges will be supported
We are currently looking to create arbitrage bots for the following exchanges:
In the spirit of decentralization, the bot will be open source and available to everyone, ensuring that even our arbitrage service will be decentralized. We will document our development progress so stay tuned for more updates!
And if you would like to see more exchanges supported, please come let us know in the comments what other exchanges we should consider.
Just wanted to quickly share some good news today! Saturn Network has been bookmarked in Enjin Wallet in its dApp browser's Exchanges section. This will help our exchange be discovered by their users who are looking to trade Ethereum tokens.
Here is how it looks inside the wallet
Saturn Network bookmarked in Enjin Wallet
Enjin Wallet markets itself as one of the world's most secure cryptocurrency wallets and advises that it turns your smartphone into a hardware-like wallet. Currently, it supports Bitcoin, Ethereum, Binance Chain and Litecoin.
It also provides you with a dApp browser that supports Ethereum, enabling you to trade tokens on Saturn Network or access our ETH HODL program easily while you are on the go with your mobile phone.
From a UI point of view, compared to some of the alternatives, I find this mobile wallet extremely easy to use and did not get lost at all from the first install.
I could definitely see it becoming an extremely popular way to manage your crypto safely across multiple chains, especially given that Enjin is in a partnership with Samsung - which means we could see Enjin Wallet being pre-installed on numerous smartphone devices. All in all, I am pretty happy we have secured this bookmark early on.