{
  "trx_id": "7a2fbe0503214192bbe83d0db6099284fd77df14",
  "block": 43197282,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-05-08T12:52:54",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "mholdmann",
      "vesting_shares": "1953.311140 VESTS"
    }
  ]
}

{
  "trx_id": "3c0f9044656b6f45dae712d030b0654a2c07ee7c",
  "block": 38954238,
  "trx_in_block": 41,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-12-11T21:23:03",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "mholdmann",
      "vesting_shares": "9848.486451 VESTS"
    }
  ]
}

{
  "trx_id": "d5924db83df44f9bee8f919844ae434321eb9755",
  "block": 38507651,
  "trx_in_block": 12,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-11-26T08:32:27",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "mholdmann",
      "vesting_shares": "29572.971230 VESTS"
    }
  ]
}

{
  "trx_id": "ac9ad962605c96339420e2b0fcf0c33f1373cf7a",
  "block": 36598352,
  "trx_in_block": 36,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-20T22:16:54",
  "op": [
    "transfer",
    {
      "from": "dtube",
      "to": "mholdmann",
      "amount": "0.001 STEEM",
      "memo": "DTube Coin Round #1 is live! Visit https://token.d.tube for more information"
    }
  ]
}

{
  "trx_id": "0d388801efb4420a5a5157354cbc53235f1a0f50",
  "block": 36590230,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-20T15:29:48",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"leluma\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "d2973cf54934d9bb2f04d942fab14d06c50a6cfa",
  "block": 36561048,
  "trx_in_block": 19,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-19T15:07:45",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"deadlyblow32\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 36537520,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 4,
  "timestamp": "2019-09-18T19:29:06",
  "op": [
    "author_reward",
    {
      "author": "mholdmann",
      "permlink": "how-can-you-build-a-digital-economy-when-when-you-base-it-on-external-metrics-of-others",
      "sbd_payout": "0.000 SBD",
      "steem_payout": "0.645 STEEM",
      "vesting_payout": "1276.913893 VESTS"
    }
  ]
}

{
  "trx_id": "c59e4061f8f08da19c99f9de096b18b67483c02f",
  "block": 36360500,
  "trx_in_block": 13,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-12T15:38:27",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"clyns\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "33b14f8fe6275f7a91a4dbd3327a8f261e8f6d6f",
  "block": 36338807,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-11T21:30:39",
  "op": [
    "vote",
    {
      "voter": "glitterfart",
      "author": "mholdmann",
      "permlink": "how-can-you-build-a-digital-economy-when-when-you-base-it-on-external-metrics-of-others",
      "weight": 1000
    }
  ]
}

{
  "trx_id": "8dd358c595eb74f2f5449f5a9e2827f4578d7e11",
  "block": 36336469,
  "trx_in_block": 30,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-11T19:33:18",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"janyasai\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "90aff3ef43476912fdc2f804616da294816f52df",
  "block": 36336469,
  "trx_in_block": 21,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-11T19:33:18",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"maxway\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "7b746418cc19d03c19e8b9be8456697a5bcb2091",
  "block": 36336385,
  "trx_in_block": 13,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-11T19:29:06",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "mholdmann",
      "permlink": "how-can-you-build-a-digital-economy-when-when-you-base-it-on-external-metrics-of-others",
      "title": "How Can You Build a Digital Economy When When You Base It On External Metrics of Others",
      "body": "<html>\n<h2>Overview of Digital GDP and Crypto Tracking of World GDP……. a continuation on <a href=\"https://medium.com/altcoin-magazine/can-any-current-crypto-commodity-ever-be-used-as-a-general-currency-fbac6d9065a3?source=friends_link&amp;sk=fe68bf262739add57f97ff7b21cd77bc\">Can Any Current Crypto Commodity Ever Be Used As A General Currency?</a></h2>\n<p><img src=\"https://miro.medium.com/max/2048/1*zgi3gHw04ryVZ1k-ryFEXQ.jpeg\" width=\"1024\" height=\"768\"/></p>\n<p><a href=\"https://slideplayer.com/slide/16328086/\">Module 28/31- The Money Market and the Equation of Exchange</a>, Published by <a href=\"https://slideplayer.com/user/18721129/\">Jarmila Štěpánková</a></p>\n<h3>&nbsp;&nbsp;<strong>Goals </strong>&nbsp;</h3>\n<p>There are two opposing goals for the value of the DataGrid Token (DGT):&nbsp;</p>\n<ul>\n  <li>The first is the desire to create a usable currency. For this it needs to be stable and related to externalities, such as national economies reflected in currency exchange rates. If the DGT is stable it can see adoption for use as a means of commerce for a decentralized global economy. &nbsp;&nbsp;&nbsp;</li>\n  <li>The second is the desire for the DGT to gain in value against other currencies so we can exchange some of it (i.e. USD or EUR) during an initial phase. That is, the DGT should have a lower inflation rate than other currencies during an initial phase, and a negative internal price inflation rate. &nbsp;&nbsp;</li>\n</ul>\n<p>To accomplish either of these goals a means of currency supply management of the DGT is needed.&nbsp;</p>\n<p>&nbsp;&nbsp;<strong>Existing Cryptocurrency Supply Management</strong>&nbsp;</p>\n<p>Existing cryptocurrency supply management approaches consist of three solutions:&nbsp;</p>\n<ul>\n  <li>Incentive rewards for performing the block mining algorithm (i.e. proof-of-work). The amount of reward per block received diminishes over time, eventually reducing to zero. This is the Bitcoin model. Eventually all of the Bitcoin tokens[1] that will ever exist will be mined. The token supply is fixed in the longterm. &nbsp;&nbsp;</li>\n  <li>Similarly, incentive rewards for performing the block mining algorithm, except the amount of reward per block is fixed and never diminishes. In this case the token supply increases forever. However, the percentage of increase per incentive reward as related to the total token continuously decays. &nbsp;&nbsp;</li>\n  <li>A token generation event (TGE), which creates a fixed supply of tokens. These tokens are then distributed to accounts via some mechanism (i.e. “airdrops). Although theoretically there can be multiple TGE’s for a given token, in general such designs envision a single TGE, or at most predetermined periodic TGE’s. &nbsp;</li>\n</ul>\n<p>In summary 2 out of the 3 solutions are essentially a fixed supply of tokens, and the 3rd ‘s rate of change of the token supply drops to negligible amounts over time, thus effectively making it also a fixed supply. In short currency supply management does not exist in the blockchain and cryptocurrency implementations.&nbsp;</p>\n<p><br></p>\n<h3>&nbsp;&nbsp;<strong>Volume of Token Exchange</strong>&nbsp;</h3>\n<p>The measurement of volume of exchange of a specific token can be found on crypto exchange listing such as CoinMarketCap. This measurement shows the relationship between the token and other currencies, usually the USD. A higher volume indicates a higher demand for the token. Since the supply of any specific token is essentially fixed, as described above, the price of the token marked to other currencies increases. That is, the token itself becomes a rare commodity, resulting in large price fluctuations. Although this satisfies the second goal above, that of increasing value of the token during an initial phase, it doesn’t satisfy the first and primary goal, a usable currency. &nbsp;</p>\n<h3><strong>Digital GDP</strong>&nbsp;</h3>\n<p>The measurement of exchange pricing of a token with other currencies, as described above does not measure any pricing of that token used directly as a currency. If we consider a token on a blockchain used directly for instances of commerce either B2B, B2C or any other form, the token and the associated blockchain can be thought of as forming their own economy. The measurement of this economy can be thought of in similar terms to any economy as having a gross domestic product (GDP). To distinguish this from a national, regional or other geographically defined economy, we are introducing the term “Digital GDP”. Thus, the more commerce, the more things traded directly on the token’s blockchain, the larger the digital GDP of that blockchain.&nbsp;</p>\n<h3><strong>Digital GDP and Token Value with Fixed Token Supply</strong>&nbsp;</h3>\n<p>The demand for a token as determined by the volume of currency exchange on an exchange listing, does not take into account demand for that token within the economy of its blockchain. As the digital GDP grows within that token’s economy, the demand for the token will increase. This has the effect of reducing the amount of token available for currency exchange since the token supply is fixed as described above, and in increasing use within the token’s blockchain economy. This simultaneously has the effect of internal price deflation within the token’s blockchain economy, while increasing the exchange rate pricing. The most notorious example of this is the “$800 million dollar pizza”.[2]&nbsp;</p>\n<p>Thus, with a fixed token supply, the internal price deflates continuously and becomes more valuable externally making it unattractive to use as a currency of exchange. Instead it becomes more of a store of value. Mining dominates over use of currency, which in the short term is very attractive and lucrative for the miners. But in the longer term, and in the extreme with dropping usage, a collapse can occur. When a large majority of the tokens are being held and not used for commerce on the blockchain, and the volume of exchange starts to drop off, hyperinflation sets in, making the coin worthless to exchange. &nbsp;<br>\n</p>\n<h3>&nbsp;&nbsp;<strong>Digital GDP and Token Supply Management</strong>&nbsp;</h3>\n<p>To create a stable token with respect both to internal pricing within its digital GDP and to external exchange pricing, the supply of the token must be managed. That is, using any of the three fixed token supply models described above cannot result in a stable usable token for general commerce. Although this may be good for speculators and the initial blockchain developers, it doesn’t satisfy the first primary goal for the DGT. &nbsp;</p>\n<p>In general, a well-managed economy[3] needs a money supply management approach that controls the money supply in a manner that reflects the change in the size of the economy. As the economy is measured in GDP (nominal and real), the money supply, as measured in supply and volume, must reflect such changes. If this is accomplished than pricing, such as measured by the CPI, remains stable, and our primary goal of a stable currency is achieved.&nbsp;</p>\n<p>Therefore, a decision to inflate the money supply would reflect an increasing GDP, and conversely a decision to deflate the money supply would reflect a decreasing GDP. Since it is hard to track GDP growth exactly in national economies, the usual objective is to have moderate price inflation instead. The theory is that this essentially keeps the money supply growing in line with a generally growing GDP. This makes the value of the money stable in the long run. &nbsp;<br>\n&nbsp;</p>\n<p>Relating this to the DGT in the DataGrid Blockchain economy, to realize a stable token usable for general commerce, the supply management of the DGT must reflect the digital GDP on the DGB blockchain. If this is accomplished, the phenomenon of the “$800 million pizza” is eliminated creating both internal stable pricing, and external exchange rates. This accomplishes the primary goal above. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>\n<p>As described above, the two goals are in opposition to each other. Since we want there to be a growth in store of value for the DGT at least in the short term, DGT supply management tracking the internal economy to eliminate price inflation and deflation (assuming we have that metric) means there would be minimal increase in the DGT value with respect to currency exchange rates. That would eliminate accumulation of value in the DGT as an investment opportunity. &nbsp;</p>\n<p>What we want is a high initial growth of the DGT value, that slows down eventually to match digital GDP growth of the internal economy, and eventually targets zero internal price inflation. The initial growth satisfies the secondary goal making the DGT an investable entity, while the target of zero internal price inflation satisfies the primary goal of a cryptocurrency usable for general commerce.&nbsp;</p>\n<p>Given that national economies such as the US, target a continuous price inflation, an eventual zero internal price inflation for the DGT would enable an exchange rate that increases slowly in value against other economies, (USD and EUR in particular). Stated another way, the DGT supply growth needs to reflect the growth of the internal economy as time goes on, instead of a fixed supply (either as a TGE or over time). Most people in the crypto world will not accept this concept currently, given the influence of the current success of Bitcoin as valued on crypto exchanges, focusing exclusively on deflation and store-of-value. &nbsp;&nbsp;&nbsp;&nbsp;</p>\n<h3>&nbsp;&nbsp;<strong>Managing the DataGrid Token Supply for Value Accumulation and Currency Usability </strong>&nbsp;</h3>\n<p>So, the question and challenge, is how to come up with a mix that satisfies short term ROI for us early investors and early adopters, while making sure in the long run that the DGT stabilizes and becomes a general, usable, currency.</p>\n<p>The answer is that the money supply inflation initially must be less than the digital GDP growth, which will cause DGT deflation and thus accumulation in value, then allow for some sort of price stabilization, and adjust money supply against digital DGP resulting in longer term DGT price stability and usability as a general currency.&nbsp;</p>\n<p>Now, the question is, how to come up with a mix that satisfies short term value accumulation and thus an ROI for us, early investors and early adopters, while making sure in the long run that the DGT stabilizes.&nbsp;</p>\n<p>The way to do this is to combine the experience of both the cryptocurrency models and the national economy models. &nbsp;The cryptocurrency models, typified by the Bitcoin model for initial coin incentive rewards give us the deflationary model and the value accumulation and ROI desired, but add a second term in DGT supply management equation that inflates and/or deflates for digital GDP which is initially has no weighting in the supply management decision, but becomes heavier weighted over time, eventually completely dominating the supply management decision.</p>\n<h2>&nbsp;&nbsp;<strong>GDP</strong>&nbsp;</h2>\n<h3><strong>External GDP</strong>&nbsp;</h3>\n<p>There are two fundamental GDP questions: what is digital GDP; and how do we measure the GDP of the rest of the world economies; Note: We’re assuming that fiat currency economies remain dominant and do not go away (e.g. USD and EUR).<br>\n</p>\n<p>For external GDP, we pick several indices, meaning GDP measurements not things like the DOW. Thus, we want both a real GDP and a nominal GDP measurement of world economies. Those type of statistics are available. &nbsp;</p>\n<p>Note that since the accuracy and availability of such measurements may change over time, the DGT supply management algorithms support changing and replacing such sources of statistics under governance.&nbsp;</p>\n<h3><strong>Digital GDP</strong>&nbsp;</h3>\n<p>Measuring GDP in a sector can be reduced to taking total sales, dividing by average unit price, and adjusting for inflation against a baseline. So, we have to ask, how do we measure total sales and units on the blockchain. &nbsp;</p>\n<p>A blockchain such as Bitcoin does not directly have any concept of sale of units of anything, which makes the concept of internal digital GDP unmeasurable. Bitcoin is kind of like having a bank account ledger where you can see the debits and credits but you can’t see what any of them were for.</p>\n<p>&nbsp;Smart contracts as implement on blockchains such as Ethereum, create a separate token for each smart contract. Although it may be possible to categorize each smart contract into a market sector and determine the number of units of an entity that each token represents, then use exchange listings to come up with a measurement of internal GDP, this does not lend itself to a general token supply management solution. Further, such smart contracts do not have any common structure between them which makes any such evaluation extremely difficult. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>\n<p>If there is a means for internal digital GDP measurement, then there is a means to look at the P*Y side of the monetary equation for DGT supply management. If not, we can only go with an arbitrary money supply inflation model ever, just like any other cryptocurrency. That would mean the primary goal above is likely never to be fulfilled.</p>\n<p>We are proposing as a solution that our initial incentive model is a decaying model like Bitcoin but coupled with a digital GDP inflation/deflation tracking model that dominates in the long run. We can write a function in the DataGrid Blockchain for this fairly easily, using the DGB smart object model. We would target an objective that the deflationary incentive model dies off after more like 10 years instead of the longer Bitcoin model. We believe that the digital GDP concept is a critical missing component of crypto in general.</p>\n<h3>&nbsp;&nbsp;<strong>Smart Objects[4] Supporting Digital GDP Measurement</strong>&nbsp;</h3>\n<p>We can easily design smart object classes that enable measuring digital GDP. This would include fields that specify units, price, and market segment minimally. As all transactions are recorded on the DGB, and are priced in DGT, a digital GDP measurement may be derived directly. &nbsp;The issue is how to make sure such smart object classes get used. Further, if we mandate the use of such classes, do we cut off other unforeseen uses, which makes the DataGrid Blockchain (DGB) become less useful functionally. And, how do we make sure such a contract can't be manipulated.&nbsp;</p>\n<p>Do we consider non-smart object wallet-to-wallet exchanges as part of the Digital GDP? Foreign currency exchange essentially looks like a wallet-to-wallet exchange. This can impact velocity, independent of digital GDP. Our current thinking is that only smart contracts measure digital GDP. Wallet-to-wallet require transaction fees (i.e. “gas): Manipulating the velocity this way is likely to be a short run event.</p>\n<p>Assuming there is a smart object class model that enables reporting units sold and price, do we mandate its use, or make it optional? If optional, then a non-reporting smart object still impacts money supply and velocity. Thus, such smart objects could cause the money supply adjustment to increase inflation. If we do make it optional, are there market forces or a Schelling point that will cause all rational users to use the smart object classes anyway?</p>\n<p>Put another way is there a gain in doing a digital \"underground economy\" by not using such smart object classes? If so, can we come up with a way to abstractly measure any smart contract regardless of format against a digital GDP measurement.</p>\n<p>We could also use a very macro scale measurement and consider a short-term smart object as a unit of measurement.</p>\n<h3>&nbsp;&nbsp;<strong>Some assumptions for Digital GDP enabled Smart Objects:</strong> &nbsp;&nbsp;</h3>\n<ul>\n  <li>We allow for a mix of smart objects classes that provide measurements and those that are arbitrary transfers of DGT. &nbsp;</li>\n  <li>We define \"one shot\" exchanges which are often wallet-to-wallet, versus multipayment which are usually instances of commerce of some kind. &nbsp;</li>\n  <li>We use the smart object class concept to create “buckets” of types of commerce similar to sectors in economies.</li>\n</ul>\n<ol>\n  <li>&nbsp;These can be distinguished as oneshot and multi-payment only. &nbsp;</li>\n  <li>They are prorated for the digital GDP based on their volume in units where a unit equals the oneshot, or a transaction for the multipayment times average price, against total DGB volume.&nbsp;</li>\n  <li>Their contribution to digital GDP is then weighted by this.</li>\n</ol>\n<p>&nbsp;&nbsp;These are essentially then \"virtual units\" and are figured in to the total digital GDP. &nbsp;</p>\n<p>We couple this with a first type of smart object classes specifically for the IoT data markets as a first example. Using the XBOM smart object model, any Dapp designer can inherit the means for recording the metrics for digital GDP by using the smart object classes in the foundation classes of the DataGrid Blockchain.</p>\n<p>Given the significant improvement in ease of use with the XBOM smart objects, and the expected Dapps that depend on them, it is expected that they will become part of standard usage and thus digital GDP measurement will become increasing more accurate as the usage of the DGB increases.</p>\n<h3>&nbsp;&nbsp;<strong>Decentralized DGT Supply Management with Digital GDP Metrics</strong>&nbsp;</h3>\n<p>The Digital GDP metrics derived from the DGB are calculated locally be each node given the current consensus state of the blockchain. The metrics are input to the DGT supply management function and result in changes of rate of increase or decrease of the DGT using the incentive reward and token burning mechanisms implemented in the DGB monetary policy. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>\n<h3>&nbsp;&nbsp;&nbsp;<strong>Creating Digital GDP Metrics for non-conforming Smart Object Classes</strong>&nbsp;</h3>\n<p>As described above, we have 3 sectors: one-shot; multipayment; and wallet-to-wallet. To determine their digital GDP, we sum the number of transactions of each type, and divide by total transactions to get their weighting. We then come up with the average unit price as total for each divided by the transaction count. We could then compare the change in transaction count against a baseline developed historically. We consider a positive change times average unit price as a weighted increase in GDP. This gives us a usage metric.</p>\n<p>Wallet-to-wallet transfers imply token utility, but we don't know of what. Let’s say we call all basic ledger transfers of DGT a form of general commerce. Thus wallet-to-wallet is under general commerce. We could do something like take some sort of global average of \"unit price of goods\", as a measurement for general commerce measurements. The unit price of goods would be taken across all sectors defined by all smart object classes.&nbsp;</p>\n<p>The implication is that something of value must have changed hands for the instances of general commerce as well. This works reasonably well if the conforming smart object classes dominate the transactions overall. Or more specifically if, the smart object classes track the average unit price of goods reasonably well. We make the assumption that this will be the case based both on ease-of-use of the smart object classes, and a Schelling point hypothesis.</p>\n<h3>&nbsp;&nbsp;<strong>Digital GDP Metrics and Conforming Smart Object Classes</strong>&nbsp;</h3>\n<p>We think what we do is create initial smart contracts that include all the categories of commerce defined by the US, Europe (or something like the G20). That way we have some means to try to establish a common set of metrics. Given that initially we are using a decaying incentives model, we can establish tracking before we use it. This allows for the establishment of long term money supply goals used as the token management supply transitions from DGT value accumulation to price stability. &nbsp;&nbsp;</p>\n<p>The XBOM foundation classes implemented on the DGB shall include the categories of commerce defined by the US, Europe (and/or whatever is appropriate such as the G20). Using that as a basis, creates a means to establish a common set of metrics that can be understood both with the internal DGB economy and external economies. As the DGT token supply management initially is using a deflationary decaying incentives reward model, that essentially ignores all GDP metrics during the initial phase, the initial phase will be used to establish baselines for tracking.</p>\n<h3>&nbsp;&nbsp;<strong>External Economies and “Oracles”</strong>&nbsp;</h3>\n<p>Although the Digital GDP metrics can be determined locally and independently by all DGB nodes, and thus are decentralized by design, the metrics of national economies are centralized and reported by often a single source. By definition, such sources are reported as oracles with respect to the DGB. The smart objects that implement the token supply management on the DGB shall initially define the oracle sources for all such external reporting. These smart objects include methods to replace the oracle sources if/when such a need arises. A voting body shall be established consisting of stake holders in the DGB, defined as owning sufficient DGT, and/or certification of authentic identification for the purposes of controlling changes to all parameters to the DGT supply management implementation, as the form of governance. The XBOM Smart Objects can enable complete security against any unauthorized changes through the use of threshold multiple signature designs.&nbsp;</p>\n<h3>&nbsp;&nbsp;<strong>Prasaga Foundation</strong>&nbsp;</h3>\n<p>Note that changes to the parameters of the DGT supply management functions does not impact the functionality, but it does allow the governance body to perhaps manipulate the money supply by manipulating the source oracles for external economy metrics. Thus, the value of the DGT could become hostage to such a governance body. If confidence is lost in the governance body, then a malicious governance body might change the GDP measurements, causing either hyperinflation or stagnation. We can't mandate that the Prasaga Foundation always controls this. That would substitute centralization in the Foundation creating the concern that the Foundation would engage in similar manipulations.&nbsp;</p>\n<p>&nbsp;&nbsp;The Prasaga Foundation shall perform at least the following functions: &nbsp;</p>\n<ol>\n  <li>Running a root chain permanently. &nbsp;This is a continuity requirement to protect against catastrophic global network failures.&nbsp;</li>\n  <li>Running full backup nodes -- these may be used for downloading by new joining nodes optionally&nbsp;</li>\n  <li>supporting the DGB and XBOM source code and the Foundation Institute &nbsp;</li>\n</ol>\n<p>For consideration, the Foundation could include a charter to also provide structure for a DGT supply management governance body. Such that, if the governance body fails to elect members, the Foundation will continue to operate as a stand-in it until such seats are filled again, with some minimum quorum before the Foundation steps aside. (A discussion of how to “bootstrap” the DGB is under development.) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>\n<p>[1] The terms “token”, “coin”, and “cryptocurrency” are used interchangeably in this paper &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>\n<p>[2] https://interestingengineering.com/bitcoin-pizza-day-celebrates-guy-who-spent-800-million-dollars-on-supreme-pies</p>\n<p>[3] Note that we are not considering political motivations that affect supply management, which have often less than optimal results.&nbsp;</p>\n<p>[4] Smart Objects are an aspect of the Extensible Blockchain Object Model implemented in the DGB. For the purposes of this paper consider them as roughly equivalent to smart contracts. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>\n</html>",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"economics\",\"monetarypolicy\",\"gdp\"],\"image\":[\"https://miro.medium.com/max/2048/1*zgi3gHw04ryVZ1k-ryFEXQ.jpeg\"],\"links\":[\"https://medium.com/altcoin-magazine/can-any-current-crypto-commodity-ever-be-used-as-a-general-currency-fbac6d9065a3?source=friends_link&sk=fe68bf262739add57f97ff7b21cd77bc\",\"https://slideplayer.com/slide/16328086/\",\"https://slideplayer.com/user/18721129/\",\"https://interestingengineering.com/bitcoin-pizza-day-celebrates-guy-who-spent-800-million-dollars-on-supreme-pies\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}"
    }
  ]
}

{
  "trx_id": "267f8385da9853899742de60e9fc73885388fc72",
  "block": 36248352,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T17:47:51",
  "op": [
    "comment",
    {
      "parent_author": "mholdmann",
      "parent_permlink": "smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-mholdmann-20190908t174753000z",
      "title": "",
      "body": "Congratulations @mholdmann! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :\n\n<table><tr><td><img src=\"https://steemitimages.com/60x60/http://steemitboard.com/img/notifications/firstpayout.png\"></td><td>You got your First payout</td></tr>\n</table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@mholdmann) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=mholdmann)_</sub>\n<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>\n\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "0f4b04ff1b53b6e37ae67671948a1baebb3cf413",
  "block": 36247158,
  "trx_in_block": 14,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T16:47:54",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"matildapurse\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "5835fd6d9c82d7e9346d4542faf7661e56ff0afa",
  "block": 36247143,
  "trx_in_block": 26,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T16:47:09",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "mholdmann",
      "permlink": "smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts",
      "title": "Smart Object Assets. — Visualizing the Next Evolution Beyond Smart Contracts.",
      "body": "@@ -133,16 +133,124 @@\n /h3%3E%0A%3Cp%3E\n+%3Cimg src=%22https://miro.medium.com/max/1374/1*tfgTTLPM3dnASXpc5JPRWQ.png%22 width=%22687%22 height=%22377%22/%3E%3C/p%3E%0A%3Ch3%3E\n Sheet An\n@@ -256,17 +256,18 @@\n nalogy%3C/\n-p\n+h3\n %3E%0A%3Cp%3EIn \n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"smartcontracts\",\"ethereum\",\"bitcoin\"],\"image\":[\"https://miro.medium.com/max/1374/1*tfgTTLPM3dnASXpc5JPRWQ.png\",\"https://miro.medium.com/max/2132/1*oui95pVaSpXunPSEaPzl7Q.png\",\"https://miro.medium.com/max/2350/1*OqaYisu1mThLFip2Rh15VA.png\",\"https://miro.medium.com/max/2190/1*KjrlF5jIaOY7FtEjLEl8rg.png\"],\"links\":[\"https://medium.com/@michael_11858/smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts-8af0fa530b75#_ftn1\",\"https://medium.com/@michael_11858/smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts-8af0fa530b75#_ftnref1\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}"
    }
  ]
}

{
  "trx_id": "6ada83b5f05d3c4e2ded036fc784c3e8aec5f96b",
  "block": 36247110,
  "trx_in_block": 24,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T16:45:30",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "mholdmann",
      "permlink": "rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput",
      "title": "Rethinking Sharding and Smart Contracts For Maximizing Blockchain Throughput",
      "body": "@@ -1875,32 +1875,33 @@\n %0A%3Cp%3E  \n+ \n   &nbs\n@@ -1906,595 +1906,8 @@\n bsp;\n-                                                                                %3Ca href=%22https://wikimedia.org/api/rest_v1/media/math/render/svg/5704c5d1949dcb3e9f130c974acb3a742e2cf4be%22%3E\n Amda\n@@ -1912,28 +1912,24 @@\n dahl's Law%3C/\n-a%3E%3C/\n p%3E%0A%3Cp%3EThis &\n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"smartcontracts\",\"ethereum\",\"bitcoin\"],\"image\":[\"https://miro.medium.com/max/624/1*7lPqS-TiJCON71R1p4enfQ.png\"],\"links\":[\"https://medium.com/u/a4ebb701fd4d?source=post_page-----acb7f5d32063----------------------\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn1\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn2\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn3\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn4\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref1\",\"https://en.wikipedia.org/wiki/Amdahl%27s_law\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref2\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref3\",\"https://medium.com/@dbeberman/rethinking-the-blockchain-account-concept-6c94748f8021\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref4\",\"https://medium.com/@dbeberman/extensible-smart-object-assets-smart-object-asset-ownership-and-fractional-smart-object-asset-995c259a8508\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}"
    }
  ]
}

{
  "trx_id": "002b307b8d0caa7b3086c866ef689261f8921d6d",
  "block": 36247091,
  "trx_in_block": 44,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T16:44:33",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "mholdmann",
      "permlink": "rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput",
      "title": "Rethinking Sharding and Smart Contracts For Maximizing Blockchain Throughput",
      "body": "@@ -1765,22 +1765,16 @@\n p; \n- \n %3Cimg src\n@@ -1787,96 +1787,60 @@\n s://\n-wikimedia.org/api/rest_v1/media/math/render/svg/5704c5d1949dcb3e9f130c974acb3a742e2cf4be\n+miro.medium.com/max/624/1*7lPqS-TiJCON71R1p4enfQ.png\n %22 wi\n@@ -1844,19 +1844,19 @@\n  width=%22\n-194\n+312\n %22 height\n@@ -1857,17 +1857,18 @@\n height=%22\n-9\n+15\n 6%22/%3E%3C/p%3E\n",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"smartcontracts\",\"ethereum\",\"bitcoin\"],\"image\":[\"https://miro.medium.com/max/624/1*7lPqS-TiJCON71R1p4enfQ.png\"],\"links\":[\"https://medium.com/u/a4ebb701fd4d?source=post_page-----acb7f5d32063----------------------\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn1\",\"https://wikimedia.org/api/rest_v1/media/math/render/svg/5704c5d1949dcb3e9f130c974acb3a742e2cf4be\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn2\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn3\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn4\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref1\",\"https://en.wikipedia.org/wiki/Amdahl%27s_law\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref2\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref3\",\"https://medium.com/@dbeberman/rethinking-the-blockchain-account-concept-6c94748f8021\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref4\",\"https://medium.com/@dbeberman/extensible-smart-object-assets-smart-object-asset-ownership-and-fractional-smart-object-asset-995c259a8508\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}"
    }
  ]
}

{
  "trx_id": "3c4f91c6c665ee3d61b1a9a35b91513fb1e37d2f",
  "block": 36246377,
  "trx_in_block": 26,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T16:08:39",
  "op": [
    "vote",
    {
      "voter": "matildapurse",
      "author": "mholdmann",
      "permlink": "smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts",
      "weight": 2500
    }
  ]
}

{
  "trx_id": "7f9a08ca57592e1b5a404cf4c1e70d1d1906473c",
  "block": 36245804,
  "trx_in_block": 6,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T15:39:57",
  "op": [
    "comment",
    {
      "parent_author": "mholdmann",
      "parent_permlink": "smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts",
      "author": "cheetah",
      "permlink": "cheetah-re-mholdmannsmart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts",
      "title": "",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://medium.com/@michael_11858/smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts-8af0fa530b75",
      "json_metadata": ""
    }
  ]
}

{
  "trx_id": "daf0ed63236cdbb65023f4c9b9f11d08a5508de9",
  "block": 36245803,
  "trx_in_block": 1,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T15:39:54",
  "op": [
    "vote",
    {
      "voter": "cheetah",
      "author": "mholdmann",
      "permlink": "smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts",
      "weight": 8
    }
  ]
}

{
  "trx_id": "fff89b2bad00b19ceaf977c925cdfbd50918008d",
  "block": 36245797,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T15:39:36",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "mholdmann",
      "permlink": "smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts",
      "title": "Smart Object Assets. — Visualizing the Next Evolution Beyond Smart Contracts.",
      "body": "<html>\n<h3><strong>Evolving from the Smart Contract Blockchain Platform to the Extensible Blockchain Object Model Platform</strong></h3>\n<p>Sheet Analogy</p>\n<p>In &nbsp;an attempt to understand the difference between a Smart Contract &nbsp;Blockchain Platform and an Extensible Blockchain Object Model Platform &nbsp;we have chosen an analogy, which we believe is widely understood at a &nbsp;high level: That is, Sheets and workbooks as an explanatory model.</p>\n<p>For this exercise let’s assume three types of Sheet architectures</p>\n<p>1. Single sheets, external input and references between cells on a single sheet only.</p>\n<p>2. &nbsp;Workbooks with multiple sheets, limited such that all external input &nbsp;and internal sheet references, are within each individual Sheet. No &nbsp;references or relations are allowed between or across multiple Sheet in &nbsp;the workbook.</p>\n<p>3. &nbsp;Workbooks with multiple sheets, both external input and internal &nbsp;references between cells within and across Sheets in the workbook are &nbsp;fully supported.</p>\n<h3>Bitcoin Blockchain an Example of a Single Sheet</h3>\n<p>In the first analogy, <em>Single sheets, external input and references between cells on a single sheet only,</em> &nbsp;we have Bitcoin. All transactions happening in the single Sheet are &nbsp;initiated and completed from/to user accounts. A user account is a row &nbsp;in the Sheet. You can only reference different rows within the single &nbsp;sheet.</p>\n<p>• A Bitcoin blockchain represented as a single Sheet.</p>\n<p>• No explicit account state tracking.</p>\n<p>• No asset ownership tracking, only bitcoin transfer transactions</p>\n<p>• Any and all “asset” transfers happen outside of the blockchain</p>\n<p><img src=\"https://miro.medium.com/max/2132/1*oui95pVaSpXunPSEaPzl7Q.png\" width=\"1066\" height=\"597\"/></p>\n<h3>Smart Contract Blockchain Platforms (Ethereum) as an Example of a Sheet Workbook</h3>\n<p>The Second Sheet analogy, <em>Workbooks &nbsp;with multiple sheets, limited such that all external input and internal &nbsp;sheet references, are within each individual Sheet. No references or &nbsp;relations are allowed between or across multiple Sheet in the workbook</em>, &nbsp;represents the Smart Contract Platform: Whereas the smart contract is a &nbsp;separate Sheet within the workbook. Each smart contract Sheet acts &nbsp;somewhat analogous to a standalone Bitcoin Sheet, all contained within &nbsp;one workbook, which is the blockchain. In the Smart Contract model, each individual Sheet may complete only one transaction at a time serially &nbsp;on the underlying blockchain.</p>\n<p>Commonly &nbsp;smart contracts are used for tokenization. Each smart contract manages a &nbsp;completely separate and unrelated token. Thus, with the Sheet model, &nbsp;each smart contract is a separate Sheet that manages a single token, &nbsp;keeping track of the accounts and balances. All token transfers are &nbsp;represented as changes in account balances in the smart contract Sheet. &nbsp;Each account can be thought of as a row in the Sheet with its current &nbsp;balance and any other associated data. Again, using the Sheet analogy, &nbsp;all such transactions must be ordered and serialized, as though you were &nbsp;manually entering data and updating a Sheet.</p>\n<p>• A smart contract blockchain platform represented as a Sheet workbook</p>\n<p>• Each smart contract represented by a separate Sheet</p>\n<p>• A single underlying blockchain completes all transactions serially</p>\n<p>• Account state explicitly tracked</p>\n<p>• A smart contract Sheet tracks a token as single asset</p>\n<p>• User accounts contain smart contract token balances or any other assets</p>\n<ul>\n  <li>Only 1 transaction at a time per smart contract</li>\n</ul>\n<p><img src=\"https://miro.medium.com/max/2350/1*OqaYisu1mThLFip2Rh15VA.png\" width=\"1175\" height=\"637\"/></p>\n<h3>Extensible Blockchain Object Model (“XBOM”) Platform DataGrid Blockchain (DGB) with XBOM™</h3>\n<p>The DGB is the reference for the third example, <em>Workbooks &nbsp;with multiple sheets, both external input and internal references &nbsp;between cells within and across Sheets in the workbook are fully &nbsp;supported.</em>In &nbsp;the Extensible Blockchain Object Model Platform we have the blockchain &nbsp;represented as a Sheet workbook with each account as a separate Sheet &nbsp;within the workbook. The Extensible Smart Object Asset (“XSOA™”) Model built on the XBOM evolves the Smart Contract Model from a Sheet as a token smart contract to each account’s Sheet containing multiple assets &nbsp;of varying types represented as Smart Objects™<a href=\"https://medium.com/@michael_11858/smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts-8af0fa530b75#_ftn1\">[1]</a> .</p>\n<p>The &nbsp;XBOM eliminates the limitations of the Smart Contract Model such that &nbsp;Smart Objects may be referenced across multiple account Sheets. This can &nbsp;be thought of as referencing cells between Sheets in a workbook of &nbsp;Sheets. Each Smart Object is represented as a cell on a user accounts, &nbsp;Sheet which establishes ownership of the Smart Object. A Smart Object &nbsp;can represent virtual assets (e.g. title to property, vehicles, Stocks, Bonds, Electronic Medical Records (EMR) etc.).</p>\n<p>Smart Objects are transferred between user accounts. This is analogous to &nbsp;deleting a cell on one Sheet and adding a new cell to another Sheet. &nbsp;Unlike the Smart Contract Model, transactions between accounts do not &nbsp;need to be serialized with a common smart contract account. Perhaps, &nbsp;think of this as several people editing separate workbook Sheets &nbsp;simultaneously on a shared workbook. Provided the editing does not &nbsp;overlap, all edits can be directly merged together.</p>\n<h1>What &nbsp;this leads to is a global system where all assets are under control of &nbsp;the user account that owns them represented as Smart Objects.</h1>\n<p>• An extensible blockchain object model represented as a Sheet workbook</p>\n<p>• Each user account represented by a separate Sheet</p>\n<p>• User accounts contain Smart Objects (assets), analogous to cells in each Sheet</p>\n<p>• &nbsp;Transactions are directly between user accounts, analogous to &nbsp;transferring cell contents between Sheet. No smart contract account &nbsp;needed.</p>\n<ul>\n  <li>Multiple simultaneous Smart Object (asset) transactions supported, instead of serialized per smart contract</li>\n</ul>\n<p><br></p>\n<p><img src=\"https://miro.medium.com/max/2190/1*KjrlF5jIaOY7FtEjLEl8rg.png\" width=\"1095\" height=\"837\"/></p>\n<p>We &nbsp;hope this post visually reveals some advantages enabled in the DGB and &nbsp;XBOM architecture over current approaches taken in the industry. The DGB &nbsp;allows developers to use live code, reducing instances of bugs and &nbsp;malicious code. It creates individual Sovereignty, as all assets are in &nbsp;control of each account on the blockchain. Additionally, DGB reduces &nbsp;time to market for Smart Business to open on the blockchain for services &nbsp;such as exchanges, marketplaces, etc. We look forward to receiving &nbsp;comments on the overview we shared over the previous 5 Medium posts and &nbsp;working with the community on making this project reality.</p>\n<p><a href=\"https://medium.com/@michael_11858/smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts-8af0fa530b75#_ftnref1\">[1]</a> XBOM, XSOA, Smart Object are trademarks of Prasaga, LLC, all rights reserved.</p>\n</html>",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"smartcontracts\",\"ethereum\",\"bitcoin\"],\"image\":[\"https://miro.medium.com/max/2132/1*oui95pVaSpXunPSEaPzl7Q.png\",\"https://miro.medium.com/max/2350/1*OqaYisu1mThLFip2Rh15VA.png\",\"https://miro.medium.com/max/2190/1*KjrlF5jIaOY7FtEjLEl8rg.png\"],\"links\":[\"https://medium.com/@michael_11858/smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts-8af0fa530b75#_ftn1\",\"https://medium.com/@michael_11858/smart-object-assets-visualizing-the-next-evolution-beyond-smart-contracts-8af0fa530b75#_ftnref1\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}"
    }
  ]
}

{
  "trx_id": "c29e2845fb7de5ca08f44fcd7a32e35a63c8a5fa",
  "block": 36245510,
  "trx_in_block": 40,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T15:25:12",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"andreikuleev\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "15cf1aac23bcef28448e4a583071389afdcb827a",
  "block": 36245433,
  "trx_in_block": 8,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T15:21:21",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"onire19\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "67c83dcdadd2307afec5a7449a607cc2178e06cc",
  "block": 36245427,
  "trx_in_block": 38,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-08T15:21:03",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"annalussiaa\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "6817174fd738ea978f1f224216ca9f522d358893",
  "block": 36199493,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-07T00:55:39",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"fredwisee\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "774a0e429e44e05d1ec9725a32589c5401a9fe59",
  "block": 36199491,
  "trx_in_block": 8,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-07T00:55:33",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"dknkyz\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 36132161,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 3,
  "timestamp": "2019-09-04T16:33:18",
  "op": [
    "author_reward",
    {
      "author": "mholdmann",
      "permlink": "blockchain-s-private-enclaves-sovereignty-and-value-of-a-nation",
      "sbd_payout": "0.000 SBD",
      "steem_payout": "0.592 STEEM",
      "vesting_payout": "1173.001596 VESTS"
    }
  ]
}

{
  "trx_id": "2a7e4ee03bcfa43e569d94f598737a0457cd464a",
  "block": 36104069,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T16:57:48",
  "op": [
    "transfer",
    {
      "from": "dtube",
      "to": "mholdmann",
      "amount": "0.001 STEEM",
      "memo": "Final call to claim your DTube account! It takes only 5 minutes. Go now to https://d.tube"
    }
  ]
}

{
  "trx_id": "ec25472d89b613faa560dd306d5177fb6e88356b",
  "block": 36102044,
  "trx_in_block": 55,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T15:15:27",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"gijoge\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "70a5bc47f5a5ff6c1a43ce62784ab8a8cc8ac6c1",
  "block": 36102043,
  "trx_in_block": 39,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T15:15:24",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"sp-group\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "342d7abf61138e375bcaa1566b0d7928128340b7",
  "block": 36102042,
  "trx_in_block": 55,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T15:15:21",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"modelcoinmc\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "91ff33bc083c49c7cdb7c97f03f2fdf4ca4b01cf",
  "block": 36102041,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T15:15:18",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"socky\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "de914022b1e65cadc5c78d63a4f34f9679cc56ae",
  "block": 36102039,
  "trx_in_block": 61,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T15:15:12",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"senseicat\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "6024a461989c175844f7342eb3e3d2442a15cb34",
  "block": 36101075,
  "trx_in_block": 41,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T14:26:30",
  "op": [
    "vote",
    {
      "voter": "team",
      "author": "mholdmann",
      "permlink": "rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput",
      "weight": 1000
    }
  ]
}

{
  "trx_id": "6fb73b280f7568796b72227874f73ff2dbc09a3c",
  "block": 36101050,
  "trx_in_block": 12,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-09-03T14:25:15",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "mholdmann",
      "permlink": "rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput",
      "title": "Rethinking Sharding and Smart Contracts For Maximizing Blockchain Throughput",
      "body": "<html>\n<p>Taking a break from our series, <a href=\"https://medium.com/u/a4ebb701fd4d?source=post_page-----acb7f5d32063----------------------\">David Beberman</a> wrote this post after viewing the Scaling Ethereum 2019 LIVE — Day Two presentation.</p>\n<p>A &nbsp;lot of research has gone into how to make blockchains scale through &nbsp;sharding. From what I can tell, the main concept is to enable parallel &nbsp;execution of multiple transactions on separate shards, without &nbsp;compromising the immutability and security of the blockchain, including &nbsp;all the shards. Most of the research I’ve been able to find focuses on &nbsp;algorithms for consensus on shards. Although all of this research looks &nbsp;very promising, I want to take a look at sharding from a different &nbsp;angle.</p>\n<p>For &nbsp;the sake of argument, let’s say that a consensus algorithm for sharding &nbsp;exists. Further, let’s say that this algorithm runs on an open &nbsp;permissionless blockchain, and is available today. My question is, even &nbsp;with this, do we get the scaling that is hoped for with sharding. To get &nbsp;a feel for this, lets take a quick look at Amdahl’s Law<a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn1\">[1]</a>:</p>\n<p><br></p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<img src=\"https://wikimedia.org/api/rest_v1/media/math/render/svg/5704c5d1949dcb3e9f130c974acb3a742e2cf4be\" width=\"194\" height=\"96\"/></p>\n<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href=\"https://wikimedia.org/api/rest_v1/media/math/render/svg/5704c5d1949dcb3e9f130c974acb3a742e2cf4be\">Amdahl's Law</a></p>\n<p>This &nbsp;shows that the theoretical speedup of the execution of the whole task &nbsp;increases with the improvement of the resources of the system and that &nbsp;regardless of the magnitude of the improvement, the theoretical speedup &nbsp;is always limited by the part of the task that cannot benefit from the &nbsp;improvement.<a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn2\">[2]</a> This essentially states that the &nbsp;throughput of a system, once all the parallelizable portions are &nbsp;maximized, is limited to the throughput of the serialized portions.</p>\n<p>For blockchain sharding, I interpret this as meaning that the &nbsp;potential increase in throughput is currently limited to the quantity &nbsp;of transactions that can be executed simultaneously on separate shards. That is, if a transaction on a shard needs data from another shard it has to synchronize the transfer of the data from the other shard. This is a point of serialization and given a large pool of shards, according to Amdahl’s Law dominates the throughput.</p>\n<p><strong>Individual Native Coin Transactions</strong></p>\n<p>A &nbsp;transaction between two accounts limited explicitly to only &nbsp;transferring coin balances between the accounts, such as sending coin &nbsp;between two accounts, does not need data from any other account. &nbsp;Therefore, provided the data for both accounts is available on a &nbsp;particular shard, the transaction can be executed asynchronously with &nbsp;other transactions on other accounts. This scales with the number of &nbsp;shards and the number of disjoint transactions between pairs of &nbsp;accounts. As the number of accounts grows, one would expect that the &nbsp;opportunity for sharding such independent transactions grows as well. In &nbsp;the limit the throughput is dominated by the time it takes to execute a &nbsp;single transaction regardless of how many transactions are being &nbsp;executed at any given point in time. This is exactly the situation we &nbsp;want for improving blockchain throughput.</p>\n<p><strong>Smart Contracts For Sharding</strong></p>\n<p>Things &nbsp;do not workout so well for smart contracts. A smart contract is &nbsp;implemented on the blockchain as a single ledger account with data state &nbsp;associated with the program code. Each transaction runs through the &nbsp;code changing the data state. Each change is recorded on the blockchain &nbsp;and verified with a hash representing the state. To maintain a &nbsp;deterministic, consistent state of the blockchain, each smart contract &nbsp;can only be executed on one shard at a time, unless the state of the &nbsp;smart contract account itself can be sharded. In general, this makes the &nbsp;smart contract account execution the limiting factor for all of the &nbsp;accounts that are sending transactions to the smart contract. As smart &nbsp;contracts are used for tokenization, it is highly likely that as a given &nbsp;token increases in circulation, its smart contract becomes a bottleneck &nbsp;for throughput, regardless of how many shards exists, as predicted by &nbsp;Amdahl’s Law.</p>\n<p>With the current implementation model for smart contracts I see only two possible ways for scaling with sharding:</p>\n<p>· Use multiple smart contracts segregated on shards</p>\n<p>· Use deterministic multi-threaded smart contracts, (aka SIMD)</p>\n<p>Multiple &nbsp;smart contracts can take advantage of sharding. &nbsp;For example, if each &nbsp;smart contract representing a token is assigned to a separate shard, &nbsp;then transactions for a given token do not affect transactions on other &nbsp;tokens. Although each individual token’s transactions are limited to the &nbsp;throughput of the smart contract on its specific shard, with a large &nbsp;and growing number of tokens, the number of shards can grow linearly &nbsp;with them. This doesn’t solve the problem of the throughput of an &nbsp;individual smart contract, but it is an improvement over all the smart &nbsp;contracts on a single blockchain without sharding. Even with this &nbsp;approach, issues crop up if any state is needed from a user account that &nbsp;is shared among the shards (e.g. native coin to pay for the &nbsp;transactions).</p>\n<p>A &nbsp;technique from supercomputing called vectorization enables a program to &nbsp;execute sections of its code in parallel. This is known as single &nbsp;instruction multiple data (“SIMD”). Programs written for SIMD are &nbsp;written to be deterministic. In essence SIMD machines, which today are &nbsp;general purpose graphics processor units (“GPGPU”), shard their data &nbsp;across an array of processors. This works very well for certain classes &nbsp;of applications, such as matrix operations for graphics and similar.</p>\n<p>This &nbsp;technique could be applied to blockchain smart contracts theoretically. &nbsp;That is, a smart contract could be written explicitly to support &nbsp;parallel execution of transactions in some manner. I don’t know exactly &nbsp;how this would be implemented. Perhaps blockchain researches will come &nbsp;up with something innovative in this area. However, even with such a &nbsp;solution, writing a smart contract that is SIMD capable becomes &nbsp;significantly more complex, one would expect.</p>\n<p>Neither &nbsp;multiple smart contracts nor SIMD smart contracts are ideal solutions, &nbsp;although both may provide some opportunity for scale.</p>\n<p><strong>Smart Object Assets Help Enable Sharding</strong></p>\n<p>Limiting &nbsp;points for sharding with smart contracts is both sharding of state and &nbsp;code execution. If there were a means to avoid transactions serializing &nbsp;on a single smart contract state and code execution, sharding could &nbsp;increase throughput scaling. To put this another way, if there was a &nbsp;means for multiple instruction multiple data (“MIMD”) execution, the &nbsp;opportunity for blockchain sharding would be significantly improved.</p>\n<p>As was described in “Rethinking The Blockchain Account Concept”<a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn3\">[3]</a>, &nbsp;if each user account had its own state, instead of using separate smart &nbsp;contracts, then each user account could contain objects that represent &nbsp;assets, whether as tokens or other types of entities. As described in &nbsp;“Extensible Smart Object Assets, Smart Object Asset Ownership and &nbsp;Fractional Smart Object Asset Ownership With the DataGrid Blockchain Extensible Blockchain Object Model”<a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn4\">[4]</a>, &nbsp;(XSOA)’s and references to XSOA’s could be used to transfer ownership &nbsp;between accounts with transactions directly between the account states.</p>\n<p>For &nbsp;example, given two sets of transactions, where each transaction is &nbsp;between different accounts, that is: one transaction is from account A &nbsp;to account B; and another transaction is between account C to account D, &nbsp;then the transactions can be executed on different shards &nbsp;simultaneously. Further, because the code for the XSOA’s is independent &nbsp;of any of the accounts, and may be different code for each of the &nbsp;transactions we can realize sharding for a MIMD model. That is different &nbsp;code on each shard and different data on each shard.</p>\n<p>The &nbsp;limiting point for scale here is the number of transactions that can &nbsp;take place simultaneously between disjoint account sets. We would expect &nbsp;that as the quantity of accounts grows, the opportunity for disjoint &nbsp;account sets within any group of transactions grows as well, which in &nbsp;turn would result in a growing opportunity for sharding.</p>\n<p><strong>Conclusion</strong></p>\n<p>Using &nbsp;as a given the availability of a sharding consensus algorithm, an &nbsp;outstanding question is how to make use of such technology. Smart &nbsp;contracts inherently serialize transactions and other than a complex &nbsp;SIMD type solution, only offer scaling by using multiple separate &nbsp;isolated smart contracts. Even with that, each smart contract’s &nbsp;throughput is limited to a single shard’s throughput. By rethinking the &nbsp;user account to include state information, and using the XBOM model, the &nbsp;DataGrid Blockchain offers a solution to sharding scalability that &nbsp;scales with the number of accounts and disjoint transactions among the &nbsp;accounts. In addition to enabling inheritance and live code reuse, we &nbsp;believe that this is a significant solution to the blockchain scaling &nbsp;problem.</p>\n<p><a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref1\">[1]</a> <a href=\"https://en.wikipedia.org/wiki/Amdahl%27s_law\">https://en.wikipedia.org/wiki/Amdahl%27s_law</a></p>\n<p><a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref2\">[2]</a> ibid</p>\n<p><a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref3\">[3]</a> <a href=\"https://medium.com/@dbeberman/rethinking-the-blockchain-account-concept-6c94748f8021\">https://medium.com/@dbeberman/rethinking-the-blockchain-account-concept-6c94748f8021</a></p>\n<p><a href=\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref4\">[4]</a> <a href=\"https://medium.com/@dbeberman/extensible-smart-object-assets-smart-object-asset-ownership-and-fractional-smart-object-asset-995c259a8508\">https://medium.com/@dbeberman/extensible-smart-object-assets-smart-object-asset-ownership-and-fractional-smart-object-asset-995c259a8508</a></p>\n</html>",
      "json_metadata": "{\"tags\":[\"blockchain\",\"cryptocurrency\",\"smartcontracts\",\"ethereum\",\"bitcoin\"],\"image\":[\"https://wikimedia.org/api/rest_v1/media/math/render/svg/5704c5d1949dcb3e9f130c974acb3a742e2cf4be\"],\"links\":[\"https://medium.com/u/a4ebb701fd4d?source=post_page-----acb7f5d32063----------------------\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn1\",\"https://wikimedia.org/api/rest_v1/media/math/render/svg/5704c5d1949dcb3e9f130c974acb3a742e2cf4be\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn2\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn3\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftn4\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref1\",\"https://en.wikipedia.org/wiki/Amdahl%27s_law\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref2\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref3\",\"https://medium.com/@dbeberman/rethinking-the-blockchain-account-concept-6c94748f8021\",\"https://medium.com/swlh/rethinking-sharding-and-smart-contracts-for-maximizing-blockchain-throughput-acb7f5d32063#_ftnref4\",\"https://medium.com/@dbeberman/extensible-smart-object-assets-smart-object-asset-ownership-and-fractional-smart-object-asset-995c259a8508\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}"
    }
  ]
}

{
  "trx_id": "c76157696ba57c15c72c379f4fabc82c2a92b532",
  "block": 35995955,
  "trx_in_block": 27,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-30T09:11:03",
  "op": [
    "transfer",
    {
      "from": "crypto.piotr",
      "to": "mholdmann",
      "amount": "0.001 STEEM",
      "memo": "Dear @mholdmann. I hope you don't mind this little memo. Every week I'm trying to help and promote content published by few selected authors and today I would like to share with you post published by my friend @honarparvar: \"WARNING: This might not be a trend!\". I'm curious if you believe in TA and what's your opinion on using indicators while trading crypto. Share your opinion, I read all valuable comments. Piotr // LINK: https://steemit.com/trading/@honarparvar/warning-this-might-not-be-a-trend"
    }
  ]
}

{
  "trx_id": "db2492aaf520d9616480b119ac99c56ec2bc6671",
  "block": 35989548,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-30T03:48:15",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"alexzoid333\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "e6c46b6d97a2167a37009b8fa6e5d9fed58ee4ca",
  "block": 35956751,
  "trx_in_block": 14,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-29T00:13:51",
  "op": [
    "comment",
    {
      "parent_author": "mholdmann",
      "parent_permlink": "blockchain-s-private-enclaves-sovereignty-and-value-of-a-nation",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-mholdmann-20190829t001353000z",
      "title": "",
      "body": "Congratulations @mholdmann! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :\n\n<table><tr><td><img src=\"https://steemitimages.com/60x60/http://steemitboard.com/img/notifications/firstpost.png\"></td><td>You published your First Post</td></tr>\n<tr><td><img src=\"https://steemitimages.com/60x60/http://steemitboard.com/img/notifications/firstvoted.png\"></td><td>You got a First Vote</td></tr>\n</table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@mholdmann) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=mholdmann)_</sub>\n<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>\n\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "e734aeeec2406540b8747c942e964b3e90681ebd",
  "block": 35953903,
  "trx_in_block": 21,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-28T21:50:21",
  "op": [
    "vote",
    {
      "voter": "glitterfart",
      "author": "mholdmann",
      "permlink": "blockchain-s-private-enclaves-sovereignty-and-value-of-a-nation",
      "weight": 1000
    }
  ]
}

{
  "trx_id": "5580c54ea2be9f3f753939547e96694d4ad6fa9e",
  "block": 35949748,
  "trx_in_block": 18,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-28T18:20:39",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"raise-me-up\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "857ef3db93edee38e03c6b9260f93caa2eb1d0ae",
  "block": 35949743,
  "trx_in_block": 30,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-28T18:20:24",
  "op": [
    "custom_json",
    {
      "required_auths": [],
      "required_posting_auths": [
        "mholdmann"
      ],
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"mholdmann\",\"following\":\"marcusmalone\",\"what\":[\"blog\"]}]"
    }
  ]
}

{
  "trx_id": "188b0bda25bfc6bbec8fa2402189c87753baea93",
  "block": 35947673,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-28T16:35:57",
  "op": [
    "account_update",
    {
      "account": "mholdmann",
      "memo_key": "STM76tYcgUx3BecGHKu5vKxj1nuKT7geghd11PRw2n7FBuzJj46Em",
      "json_metadata": "{\"profile\":{\"name\":\"Michael Holdmann\",\"about\":\"Founder and CEO, Prasaga\",\"website\":\"https://prasaga.com\",\"location\":\"Las Vegas, NV USA\",\"cover_image\":\"https://cdn.steemitimages.com/DQmXANP6zFYJCKX5myYxjz7UVUgZsN5jqMxZyGaAtoNTcYU/Prasaga.png\",\"profile_image\":\"https://cdn.steemitimages.com/DQmUoAoQFybb91fLDNpvMHsekxVACxj4ZZn1pPaQQhAxDMF/michael.jpg\"}}"
    }
  ]
}

{
  "trx_id": "46b6e016d6b8ff6ea59d28f8f11b845ecd344f10",
  "block": 35947621,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-28T16:33:18",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "blockchain",
      "author": "mholdmann",
      "permlink": "blockchain-s-private-enclaves-sovereignty-and-value-of-a-nation",
      "title": "Blockchain’s Private Enclaves;  Sovereignty and Value of a Nation",
      "body": "<html>\n<p>Is it the Method of Exchange Used for Transfer of Assets Between Parties that Defines a Sovereign Nations Strength?&nbsp;</p>\n<p>By: Michael Holdmann &nbsp;&nbsp;</p>\n<p>When the DataGrid project first started in November 2017 we were just looking to clip a blockchain onto our Internet of Things Message Bus and offer real-time data from physical world devices for sale through a multi-sided market, commodities type exchange. &nbsp;&nbsp;</p>\n<p>Yada, yada, yada, almost 2 years later we are now ready to start publishing the formalized patent applications of our provisional patents we discovered and filed over the 16 months of R&amp;D. &nbsp;&nbsp;</p>\n<p>As we are writing the final commercial white paper in an attempt to explain the very technical papers that have been written, we are also preparing/anticipating what we believe could be FUD from some sectors of the market. &nbsp;&nbsp;</p>\n<p>The latest FUD conversation was regarding the newest enablement capability on the DataGrid Blockchain (DGB) of setting up private permissioned “enclaves” within the DGB that still allows the hash power to be shared and beneficial to entire open DGB chain. This is enabled by our patent pending distributed PoW consensus and parallelization protocols, and systemic Extensible Object Model Technology.&nbsp;</p>\n<p><em>Each account is essentially its own infinite virtual RAM. That is what we mean by account state. A private permissioned shard will have all the accounts that are part of it, encrypt in their state space, their RAM. All objects, whether classes, meta-classes or objects are stored (again virtually) in that state space, the RAM of each account. Thus, if the state space for each account is encrypted, and only those mining nodes that are part of this enclave can decode them to perform operations, validate, and re-encode, they are effectively their own world.</em> &nbsp;&nbsp;</p>\n<p>The concern then comes up regarding the ability for criminal activity such as money laundering on the DGB<em>……. If, by chance, a criminal group is using our open source code and whatever encryption schemes they want, and perhaps their own classes which might be encrypted and their own object instances which also might be encrypted, it is no different than running their own chain.</em> &nbsp;&nbsp;</p>\n<p><em>When it comes to DGB however, accounts will have to function as bridge accounts, where everything has to balance. We are not going to allow incentives, transactions, or anything internal to such enclaves but, we can use their PoW hash power. The bridge accounts will provide in a sense, an onramp/offramp between the opened DGB and the private DGB enclaves, which will make them much easier to track for law enforcement. Thus, it is less likely that criminals will use the DGB over other tools.</em> ‪&nbsp;</p>\n<p><em>So, if there is concern that we could be building a blockchain for a new “silk road”? Bitcoin is a far better answer for that, its original idea is to make anonymous cash, it still does that. The only means of tracking is essentially the onramp/offramps. Further, things like “ring” accounts that merge multiple streams of coins together and then resend them make it very hard to track money laundering on Bitcoin. Can you do the same thing with DGB, probably. However, we hope that anonymous accounts stand out on the DGB, using the KYC certificate concept. That should limit DGB’s usefulness for criminal activity.</em> &nbsp;&nbsp;</p>\n<p><em>With respect to protected “enclaves” that encrypt their own operations on designated shards, but get to share the PoW hash power, we do not know how this would help criminal activity. By sharing the hashes, immutability for their encrypted shard(s) is maintained. This means that any single defector will deliver the shared key to decrypt, and all of the activities are permanently recorded. This creates a shared trust relationship, rather than an untrusted relationship. Not particularly criminal-friendly. However, very useful for Businesses or Sovereign Nations.</em> &nbsp;&nbsp;</p>\n<p><em>The enclave function will allow Enterprises and Sovereign Nations to use DGB and XBOM under a restricted single use binary license and migrate over time from the permissioned closed state to the open chain as they gain trust in the technology.</em> &nbsp;&nbsp;</p>\n<p>So, now that the background is done let’s get to the subject matter around the subtitle. Back to spring/summer of 2018, one of the questions I had for the team was “can we create micro-economies (sovereign nations currencies DGT-USA, DGT-CHINA, DGT-EURO etc.) that feed to the macro-economy of the global DGB and DataGrid Token (DGT)”. The answer was no. &nbsp;&nbsp;</p>\n<p>What led to the writing of this post and underlying thesis? If we can now enable each Sovereign Nation to have their own enclave, combined with another of our XBOM enablement features, an enclaves real-time GDP can be measured and contribute to the internal value of the enclave and to the global DGT, the question then comes about, is there necessity for a Sovereign Nation to utilize their own currency as a method of exchange? Or, can a global, opened, decentralized currency which utilizes along with other metrics, the Equation of Exchange to determine monetary supply be accepted as a Global Currency? &nbsp;&nbsp;</p>\n<p>The argument first will be that Central Banks will lose all their power, so what, civilization advances as time goes on and technology has rendered them obsolete to all civilization outside of their immediate benefactors. &nbsp;&nbsp;</p>\n<p>Then we have the entire Banking, Forex and other Intermediary industries, again, so what, how many industries have become extinct to advancements over the history of civilization. Also, there is nothing stopping an entity from opening a service on the DGB, people will still need a loan to make large purchases i.e. home, car, etc.&nbsp;</p>\n<p>If the governments of nations were represented on a governing body that was established for purpose of making recommendations on monetary supply policy, which would be put to vote to the general community for final implementation approval, can we satisfy the archaic views of yesteryear for acceptance of a more fair and decentralized monetary future? &nbsp;&nbsp;</p>\n<p>What we need to ask is, what does give the Sovereign Nation its ultimate economic strength? Is it a sovereign method of exchange, or is the assets it owns, its natural resources and the Price Index and GDP of its producers the proper measure of an economy? &nbsp;&nbsp;The ability, through digitalization, for externalities also be included into an economic equation is immense. Imagine if we could measure environmental conditions within any sovereign borders allowing its “green health” to be included in the overall value? &nbsp;&nbsp;</p>\n<p>Interestingly, the governor of the Bank of England made a statement during G7 this past weekend regarding currencies. <em>“A central bank-supported digital currency could replace the dollar as the global hedge currency”</em>, said Bank of England governor Mark Carney. &nbsp;&nbsp;</p>\n<p>The problem is that the central banks still have control, with key word being central. If they made a global currency how would that change the status quo? They don’t care about the third world underdeveloped countries currently, how would their attitude change towards them under this proposal? Would they favor the large economies that their pay and benefits depend on, allowing the continued corruption and manipulation of individual sovereign currencies? &nbsp;&nbsp;</p>\n<p>It is time to change to a decentralized mechanism for a global economy and currency. It is time to change to an immutable system, where all metrics are measured in real-time and all decisions and changes are fully transparent and again immutable. It is time to ensure that few ordained elites are not the ones whom control all the potential to your future through their personal agendas of wealth and prosperity for them and their friends. &nbsp;&nbsp;</p>\n<p>Now, this is just one individual’s thoughts, one which has not had an economics class since ECON102 in 1983, but hell neither has any of the plethora of young coders that are now self-proclaimed computer scientists and think using monetary policy from 100 B.C. is a great idea. &nbsp;&nbsp;</p>\n<p>As Economist Stephen Moore told me, “economics are not rocket science”. I agree, however it must be studied to be understood. Economics is only a single, albeit primary gear in the structure of what is required for a global financial foundation. And yes, parts of the foundation can be considered rocket science, as we will reveal over the next few weeks. &nbsp;&nbsp;</p>\n</html>",
      "json_metadata": "{\"tags\":[\"blockchain\",\"monetarypolicy\",\"cryptocurrency\",\"sovereignty\",\"centralbanks\"],\"app\":\"steemit/0.1\",\"format\":\"html\"}"
    }
  ]
}

{
  "trx_id": "7ee0851124bd74018c63147650090675a18014d4",
  "block": 35350810,
  "trx_in_block": 50,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-07T18:20:39",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "mholdmann",
      "vesting_shares": "29770.163397 VESTS"
    }
  ]
}

{
  "trx_id": "fabb0893f3b70d6d78ea79a3b6c850e9aee7cd3f",
  "block": 35350728,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-07T18:16:30",
  "op": [
    "delegate_vesting_shares",
    {
      "delegator": "steem",
      "delegatee": "mholdmann",
      "vesting_shares": "30300.000000 VESTS"
    }
  ]
}

{
  "trx_id": "fabb0893f3b70d6d78ea79a3b6c850e9aee7cd3f",
  "block": 35350728,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-08-07T18:16:30",
  "op": [
    "create_claimed_account",
    {
      "creator": "steem",
      "new_account_name": "mholdmann",
      "owner": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM4y3KAFWWsYCV7CMzMyKVZh4RXhD2S6J84dwF7RXDco4PwJex6X",
            1
          ]
        ]
      },
      "active": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM53qnKExTpYwtjKULo6GuJvLD6oy1pUF52vATWGoT6JRVAJs5si",
            1
          ]
        ]
      },
      "posting": {
        "weight_threshold": 1,
        "account_auths": [],
        "key_auths": [
          [
            "STM7Z96Lk9YMJWaVvsZwLcaebp6nUkgPxt2njkAkGms2uBNvEe8ko",
            1
          ]
        ]
      },
      "memo_key": "STM76tYcgUx3BecGHKu5vKxj1nuKT7geghd11PRw2n7FBuzJj46Em",
      "json_metadata": "{}",
      "extensions": []
    }
  ]
}