Hector Quintanilla: How can I start a company with no capital?

Think about this: coding skills, expertise, and creativity helped “Satoshi Nakamoto” to create Bitcoin — from nothing! Nakamoto is believed to hold up …

We‘re always brainstorming ideas, yet we frequently find ourselves with limited resources to execute our “extraordinary” dreams, don’t we?

Believe me, I know everything about the “no-money” mindset. For years I struggled with this painful scarcity, in my head.

It took me multiple years to realize that this “no-money” mindset was just another excuse to avoid potential failure. Ultimately, I was evading taking accountability for my entrepreneurial success.

I remember how I found myself regularly absorbed by the “blame game” in my brain:

“I hate it; we’re forever stuck in this bad economy; when will this change?”

“It’s impossible to compete in this marketplace; those competitors don’t play by the rules!”

“My professors aren’t teaching the classes correctly. I don’t understand anything!”

“My parents don’t support my dreams; how can I ever do this alone?”

We’ve got to be careful when we fall into these victim-mode thoughts. I have discovered that these are very commonly a subconscious state of mind. These excuses become the perfect way to justify society and the world around us, our failure to overcome challenges in life.

My challenge for you today:

“If lack of capital is what’s holding you back, wake up! You just have a BAD idea!”

How long, my friend? How long will you keep waiting to find the capital your startup idea needs? Be honest, are you making daily progress? Do you even have a business plan? A sales pitch? Or are you simply sitting there “licking your wounds?”

I can help with some good ideas! Over the years I developed an honorary Ph.D. in “excusitis.” Let me share with you a good one: Blame COVID-19! I mean, really, that’s just a perfect way to explain your defeat, isn’t it?

So, what’s next? Give up? Game over? Ask yourself, could you possibly be playing the “blame game,” just like I was?

What’s behind your lack of action? What’s the real cause for you remaining stuck? Self-awareness is needed here!

Feel uncomfortable? That’s great news because you could stay stuck in this “blame game”forever!

There’s a popular fable that tells how a frog, when put suddenly in boiling water, will instinctively jump out, but if the water is brought slowly to a boil, the frog will not perceive the danger and will be cooked to death.

Move on!

“But, Hector, you don’t understand! I have the perfect billion-dollar idea. I know this will be the next unicorn. I just need someone to introduce me to Elon Musk.”

Ok, maybe you do have the next billion-dollar idea, but recognize that if you’re not able to execute your marvelous idea, you MUST move on until the right time comes.

To answer your question, how can I start a company with no capital?

  1. Creativity is free! No money needed to invent something. Intellectual property and trade secrets can be very valuable. Patents, trademarks, copyrights, etc.
  2. Discipline is free! No money needed to create your personal brand. Educate yourself. Share your ideas with the world through social media. Write a book. Create videos. Work your way into the thought leader space. Eventually, your name will be valuable.
  3. Excellence is free! No money needed to standout. What are you known for?Michael Phelps’ net worth is estimated to be around $55 million. Gold medals and lucrative endorsements helped build his wealth.
  4. Self-Education is free! No money needed to grow your expertise in one of the many present-day technological shifts. The power of self-education is all over the web.

    Think about this: coding skills, expertise, and creativity helped “Satoshi Nakamoto” to create Bitcoin — from nothing! Nakamoto is believed to hold up to one million bitcoins, with an estimated value of approximately $12 billion USD (as of August 2020.)
  5. Coaching is free! There’sno money needed to do consulting gigs. Your life experiences and experience can be very lucrative to you for many people who are willing to pay for it.
  6. Thinking is free! No money needed to solve problems.
  7. The use of your knowledge is free! Knowledge is of more value than gold in the Digital Age. Rememberthe story of the technician who walks into a factory, replaces a screw, and charges $1,000 for the job?

    Why?” the manager asked. “One thousand dollars for a screw?”

    The technician answered, “Yes, that was one dollar for the screw and $999 for knowing WHICH screw to replace.”

Late in life, I concluded what my problem was: Hard work is needed!

Thomas A. Edison said it best:

“Opportunity is missed by most people because it is dressed in overalls and looks like work.”

My friend, nothing ever happens without action. No action, no progress. No progress, no growth. Get started today. Stop blaming the chaotic world we live in. I’ll let you in on a secret: it won’t get any better anytime soon.

It’s entirely up to you and me to take life by the horns and make it better!



Hector Quintanilla is an Entrepreneur and a published writer. Founder of BeBusinessSmart.com and has an Executive MBA from IPADE Business School Graduated 2001

All you’ll want to find out about investing in Bitcoin

In 2008, Satoshi Nakamoto, a cryptographer whose actual identification stays a thriller, revealed a whitepaper titled Bitcoin: A Peer-to-Peer Digital …
Bitcoin has been one of the crucial trending investments within the final 10 years. (Rawpixel pic)

One of the crucial trending investments within the final decade has been Bitcoin, the “digital gold” of the 21st century.

This information explains every little thing one must find out about investing in Bitcoin.

The world’s first cryptocurrency

Bitcoin is the primary cryptographic digital asset that’s constructed and exchanged on a decentralised peer-to-peer community utilizing distributed ledger know-how often called the blockchain.

In 2008, Satoshi Nakamoto, a cryptographer whose actual identification stays a thriller, revealed a whitepaper titled Bitcoin: A Peer-to-Peer Digital Money System the place he described the mechanisms of the primary fully decentralised digital cost system and its native foreign money Bitcoin.

Within the nadir of the worldwide monetary disaster and the US stock market crash, crypto fanatics noticed Bitcoin as a much-needed various to the fiat currencies issued and managed by governments and as the way forward for an outdated monetary system.

To create shortage and stop inflation sooner or later, Nakamoto arduous capped the whole Bitcoin provide to 21 million BTC.

As we speak, over 85% has been mined, however specialists predict that the remaining Bitcoins received’t be mined earlier than 2140 as a result of the problem of mining retains growing. Afterwards, there might be no new bitcoins.

Blockchain know-how and Bitcoin mining

Nakamoto was not the primary software program developer to attempt to design a useful digital cost system or a type of digital cash.

Nevertheless, he was the primary to seek out the answer to the double-spending drawback and create a cost system based mostly on cryptographic proof as an alternative of belief in intermediaries (learn: banks).

In his whitepaper, Nakamoto described a revolutionary new know-how known as blockchain, a public ledger that consists of chained blocks of information (therefore the title).

Blockchain know-how is a public ledger that consists of chained blocks of information. (Pixabay pic)

The ledger shops each Bitcoin transaction and prevents third events from making any adjustments or eradicating knowledge.

Blockchain can also be the place mining Bitcoins takes place. That is performed by “miners”, volunteers who function the community’s nodes and spend nice quantities of computational energy to run the incoming knowledge via a hash operate and resolve a fancy algorithmic drawback.

When nearly all of the nodes settle for the answer, the transaction is verified and enters the brand new block. The fortunate miner wins a Bitcoin reward for the job.

The place can Bitcoin be purchased?

Cryptocurrency exchanges: The commonest platforms for Bitcoin purchases are the crypto exchanges.

The Securities Fee Malaysia has authorized three Bitcoin exchanges which are recognised as registered digital marketplaces: Luno Malaysia, SINEGY Applied sciences, and Tokenize Know-how.

Luno is a dependable buying and selling platform free deposits and withdrawals and may be made and Bitcoin may be purchased and offered for cheap charges.

It applies 2FA and chilly storage to guard buyer funds. Safety is the No 1 precedence when in search of crypto exchanges. Simply bear in mind what occurred to Mt. Gox.

On a worldwide stage, Coinbase and Binance are the 2 most generally used buying and selling platforms. US-based Coinbase presents outstanding cryptos at an business common payment of 1.49% and three.99% for card funds or PayPal. Coinbase is unavailable in Malaysia, however Binance is and has a better option of altcoins and reasonably priced charges.

Conventional Stockbrokers – Robinhood: Followers of conventional stockbrokers, could be pleased to know that some, equivalent to Robinhood, eToro, and TradeStation help Bitcoin purchases.

The fee-free stock brokerage, Robinhood, has allowed Bitcoin trades since 2018. Primarily designed for use on cellphones, it not too long ago launched a desktop platform.

Bitcoin ETFs: An exchange-traded fund intently tracks and mimics the price of an asset. A Bitcoin ETF would imply not directly buying Bitcoin with an ETF of the value of Bitcoin with out worrying about safety points or digital wallets. Furthermore, if the investor thinks that the price of Bitcoin is about to fall, they’ll quick promote shares of the ETF.

Bitcoin futures: Futures are contracts that enable Bitcoin buyers to take a position on the long run Bitcoin price. That is much like commodities or stock futures. TradeStation and Binance are among the many platforms that help Bitcoin futures.

Bitcoin ATMs: Another choice to purchase or promote Bitcoin is to make use of a Bitcoin ATM, however do remember that almost all of them settle for card funds solely. There are not any authorized crypto ATM in Malaysia at this time limit.

Peer-to-Peer Platforms: P2P platforms are a well-liked choice for getting Bitcoin. Exchanges like LocalBitcoins checklist 1000’s of Bitcoin presents with consumers and sellers that settle for totally different cost strategies. One may even discover somebody within the neighborhood and agree to satisfy in individual and pay cash.

The place can Bitcoin be saved?

Bitcoins must be safeguarded in a correct digital pockets that doesn’t retailer the precise cash (they’re intangible and digital, after all) however the personal key, the encrypted pockets deal with that provides entry to the steadiness.

There are three widespread forms of Bitcoin wallets:

  • cloud-based,
  • software program
  • {hardware} wallets
As soon as the Bitcoin account has been opened, there are a number of storage choices. (Rawpixel pic)

Cloud-based and software program wallets are designed by crypto exchanges or third-party suppliers and may be accessed on-line by way of a pc or cell phone.

Though handy, these wallets are liable to cyberthreats and malware, which is why they’re advisable for non permanent use solely.

{Hardware} wallets are transportable USB-like units that retailer the personal key offline, which considerably reduces the probabilities of hacking assaults and malware.

Widespread and reasonably priced {hardware} wallets embody Ledger Pockets Nano S, Ledger Pockets Blue, and Trezor.

Earlier than investing in Bitcoin

As soon as the proper platform has been recognized, making a Bitcoin account is sort of easy and easy. Earlier than beginning the registration course of, it is very important have all paperwork at hand.

Each registered exchange has to adjust to worldwide anti-money laundering insurance policies that require them to carry out know-your-customer checks on all prospects.

One might want to present private data, a replica of a government-issued ID, utility invoice, and hyperlink one’s bank account or debit card to fund the account.

Utilizing a bank card to make crypto purchases will not be advisable as borrowing cash to spend money on a dangerous asset has confirmed to be a foul thought.

This could simply result in overspending, which is why it’s higher to speculate with financial savings solely.

When investing on-line, make sure that the web connection is safe and personal. Keep away from making purchases by way of public WiFi networks when on the go.

Lastly, pay attention to potential market schemes. One such instance is the “pump and dump” scheme, when skilled buyers attempt to mislead novices into investing in a sure cryptocurrency with a view to increase its price and promote its positions.

So long as one is cautious and does thorough analysis of the cryptocurrency market upfront, whether or not one engages in day buying and selling or holds onto digital currencies long-term, Bitcoin investments have the potential to offer extremely profitable returns.

Different widespread cryptocurrencies to contemplate investing in are Ethereum, bitcoin cash, Ripple, and Litecoin.

This text first appeared in MyPF. Comply with MyPF to simplify and develop your private funds on Fb and Instagram.

‘Magic Mushroom’ Company Goes Mainstream, Jumps 38% Post-IPO

Angermayer brought in Thiel as an investor, who owns 7.5% ahead of the IPO, as well as Galaxy Investment Partners’ Michael Novogratz.

(Bloomberg) — Compass Pathways Plc, the U.K. company that has patented a synthetic version of the active ingredient in so-called magic mushrooms for use in treatment-resistant depression, went public on Friday.

Shares jumped 71% to $29 in New York after an initial public offering of 7.5 million shares priced at $17 each. Pricing was increased from 6.7 million shares at an expected value of $14 to $16 each, according to an earlier Securities & Exchange Commission filing. At current prices, Compass Pathways’ 34 million shares outstanding are worth almost $1 billion.

Compass owes its success to psilocybin, a psychedelic compound found in magic mushrooms that has shown promise in treatment for post-traumatic stress disorder and other mental health conditions. Backed by investors include Peter Thiel, co-founder of PayPal and early Facebook Inc. investor, and German entrepreneur Christian Angermayer, the company’s listing on Nasdaq is expected to raise $127.5 million.

Some of the funds will go to research and clinical trials, as well as to develop digital technologies to pair with Compass therapies, according to the SEC filing. It comes at the tail end of a week that has been the busiest for new listings on the U.S. stock exchanges in more than five years, according to data compiled by Bloomberg.

Compass was founded in 2016 by George Goldsmith and Ekaterina Malievskaia. Angermayer’s family office, Apeiron Investment Group, provided the initial funding in 2017. He has a pre-IPO stake of 29% that he controls through the psychedelic medicine company he founded, ATAI Life Sciences AG.

Angermayer brought in Thiel as an investor, who owns 7.5% ahead of the IPO, as well as Galaxy Investment Partners’ Michael Novogratz. Other investors include Founders Fund, Moore Capital Management and Japan’s Otsuka Pharmaceutical Co.

In October, 2018, Compass received “breakthrough therapy” status from the U.S. Food and Drug Administration, which sped up the drug development process. The company is currently running a Phase IIb trial. Approval from the FDA is expected in the next two to three years, according to sources familiar with the company.

Of the more than 322 million people who suffer major depressive disorder worldwide, some 100 million have treatment-resistant depression (TRD), the company said in its regulatory filing. Compass estimates the “economic burden” of major depression in the U.S. at more than $200 billion annually, and that TRD has an even greater cost.

It’s not exactly clear how psilocybin works in alleviating TRD. The treatment Compass envisions would take place in a therapeutic setting, with hours of counseling before and after the six- to eight-hour psilocybin experience.

(Updates share price in second paragraph.)

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

an Innovation or a Faith?

That is principally as a result of it’s the authentic undertaking of Satoshi Nakamoto, which most closely fits his imaginative and prescient of a …

The textual content beneath is an advertorial article that was not written by Cryptonews.com journalists.

Bitcoin is at this time the most secure and most strong cryptocurrency in the marketplace. That is principally as a result of it’s the authentic undertaking of Satoshi Nakamoto, which most closely fits his imaginative and prescient of a decentralized person-to-person financial system. Likewise, a number of of probably the most influential figures within the crypto house belief and help this undertaking’s high quality, a incontrovertible fact that covers Bitcoin with a seal of assure:

“When I got into Bitcoin, I realized that the most important thing is censorship resistance. It is a new currency that cannot be controlled in any way. That’s what gave Bitcoin value (…) It was great back then, the fees were low and the transactions were very fast. But that’s not why Bitcoin is valuable.” – Charlie Lee, Founding father of Litecoin.

“Each time somebody is censored, increase … they turn out to be followers of Bitcoin”, “Bitcoin is for safeguarding their wealth, bitcoin (layer 2) is for espresso.”- Nick Szabo, a pc scientist, authorized knowledgeable, and cryptographer identified for his analysis on digital contracts and digital foreign money.

“Bitcoin is an important invention within the historical past of the web.” – Roger Ver, the world’s first investor in Bitcoin startups.

Discover out in regards to the Bitcoin Revolution and The way it Will Form Our Future.

Nonetheless, and regardless of this, there may be one truth that can’t be omitted. Bitcoin doesn’t measure as much as a number of components, particularly once we speak about its flexibility, scalability, and financial system.

These are weaknesses that Bitcoin at present has. Not even the Lightning Community represents a definitive resolution, as a result of it’s in a testing section. The inventors of Lightning Community even advocate that it needs to be used prudently.

Try the article on Bitcoin’s Lightning Community, What Is it and The way it Works.

This truth is so true that lately by way of analysis on the Hebrew College of Jerusalem, two researchers, Jona Harris and Aviv Zohar, concluded that the Lightning Community is weak to assault.

The potential assault places the funds of individuals utilizing the LN in danger, making the most of a vulnerability within the fee channels on this community. Attackers would benefit from the congestion of the Bitcoin community to stop the closure of the channels and steal the compromised funds.

This investigation known as “Flood and loot: a systemic assault on the Lightning Community,” was revealed on June 15 on the servers of Cornell College, in the US.

Shifting ahead, the Bitcoiners neighborhood should proceed to satisfy and talk about the subsequent steps to take if they need bitcoin to be scalable, the one means for it to be the digital foreign money of the longer term.

Nonetheless, immersed on this controversy that dialogue ought to have as a premise, it’s powerfully hanging that when sure personalities of the crypto-cosmo make a self-criticism the Bitcoin, a big a part of this neighborhood that faithfully believes within the mom cryptocurrency as the one possibility, is proven on the defensive and even on the offensive, a incontrovertible fact that leads us to assume that Bitcoin is not only an Innovation like a automobile model, a smartphone or PayPal can be, apparently for a lot of, Bitcoin unconsciously or consciously is known as a faith.

Proof of that is that ShapeShift CEO Erik Voorhees made an enchanting reflection by way of his Twitter social community account on June 17 of this yr:

Erik Voorhees Bitcoin maximalistsErik Voorhees Bitcoin maximalists

An announcement is honest and correct. Have a look and choose for your self. Erik Voorhees made this reflection with out offending, as a substitute to mediate between two factors of view; the Bitcoin maximalists who oppose altcoins and the minimalist who embrace altcoins. Nonetheless, from the responses he acquired from fanatic customers and Bitcoin maximalist influencers, it grew to become clear that criticism or self-criticism just isn’t nicely accepted within the Bitcoiners neighborhood. Moreover, the aggressive angle with which the Bitcoin maximalists responded revealed that we’re not speaking about innovation, however a few cult, an ideology, a faith incapable of questioning its personal perception.

Many individuals responded in opposition to Erik Voorhees tweet. Public figures similar to Peter McCormack, Yan Pritzker, and Udi Wertheimer made the harshest criticisms, however most of those might be synthesized with the response of the software program engineer Vijay Boyapati, who was probably the most forceful:

“I’m sincerely saddened that the once-great maximalist has turn out to be a multicoiner, it’s nearly as disheartening as for those who deserted your libertarianism and have become a statist”.

To which Erik Voorhees replied:

“I used to be absolutely a maximalist. However, as I watched the ecosystem development in many directions, and thought deeply about the issue of decentralization, and became increasingly confident in the future of Bitcoin, I was able to emerge from the dark and narrow cave of Maximalism”.

If we analyze it nicely, till then Erik Voorhees continued to reply with ethics and composure, till the creator of the Lightning Torch, Hodlnaut, broke with the little diplomacy that Voorhees had left:

hodlonaut on maximallistshodlonaut on maximallists

At this level, Voorhees responded with what might be a abstract of how the remainder of the neighborhood defines the poisonous Maximalism of Bitcoin in comparison with different cryptocurrencies. This, for Voorhees, has usually been a brake on innovation.

“Maximalism is a tribal faith. We’re good, the others are unhealthy. A sort of simplistic mindset that permits for the worst habits in human society. Bitcoin is a part of a decentralized tapestry of experimentation and innovation. Centralizing it below a monolithic totem is for dummies.”

Already up to now, antecedents of this kind have been raised, which reinforce the speculation of Bitcoin’s Maximalism in comparison with different alternate options, that hurtful and spiritual habits to which Voorhees refers:

  • Galaxy Digital Holdings CEO Mike Novogratz stated about altcoins, “they’re plenty of rubbish.”
  • Arthur Hayes, the CEO of BitMex, one of many world’s main exchanges, referred to Ripple’s foreign money XRP as “canine excrement” in disdain that it’s no less than worth greater than zero. Though it’s clear that XRP just isn’t an excellent instance as a result of it’s a centralized cryptocurrency. But, the remark was derogatory and misplaced, giving it a horrible picture.

    Arthur Hayes XRPArthur Hayes XRP
  • “BCH and BSV are nugatory bullshit, says Bitcoin.org founder.”

Does bitcoin have the deserves to be the perfect cryptocurrency within the crypto-cosmo?

Bitcoin is the unique undertaking of Satoshi Nakamoto and the primary cryptocurrency on the planet. Certainly, it’s the basis for different cryptocurrencies, probably the most reliable and credible, and has probably the most important market cap. However does BTC actually should be primary?

To catalog the management of expertise, the very first thing to do is determine and analyze the deserves that scientifically inform us why this innovation is the perfect of all, such because the most secure automobile on the planet, the perfect Smartphone, and many others.

Nonetheless, this isn’t one thing that we are able to admire with Bitcoin, since if we delve and analyze every of the components that ought to make it worthy of first place, we are able to see that many of those deserves don’t exist.

An instance of that is that many cryptocurrencies far exceed Bitcoin in numerous standpoint:

Transaction pace:

  • Bitcoin: Roughly 1 hour (relying on the speed).
  • XRP: 3-5 seconds.
  • Stellar: 3-5 seconds.
  • IOTA: 3-5 seconds.

Transaction price:

  • Bitcoin: $ 5-6 USD (common).
  • XRP: $ 0.0000020 USD.
  • Stellar: $ 0.0000009 USD.
  • IOTA: $ Zero USD.

Transactions / second:

  • Bitcoin: 7
  • XRP: 1500
  • Stellar: 1000
  • IOTA: 1000

Safety and decentralization have been nearly the one two components through which Bitcoin was once superior. Nonetheless, that is already in query, since at present, the Proof of Work protocol begins to be questioned in numerous methods. It’s accused of monopolizing crypto mining as a result of swimming pools and mining corporations (farms) focus energy.

Safety can also be questioned when even one of the influential characters within the crypto-cosmo, similar to Vitalik Buterin, calls such safety into query.

Buterin believes that though the Proof of Work is taken into account secure, below this situation, solely the danger of an alleged assault is taken into account from the investment-reward enterprise perspective. Nonetheless, influential and infamous events similar to governments, should not being thought-about, or beginner hackers who should not solely on the lookout for cash however an illustration of energy and energy.

“What about attackers who’ve a very massive additional protocol incentive, or simply need to watch the world burn? It might be the federal government. Or hackers who need to have enjoyable. The criticism right here says that we’re assuming that we have now these contributors motivated by monetary incentives. What if there are individuals who simply need to break the factor regardless?”

Concerning the migration of Ethereum from Proof of Work to Proof of Stake, Buterin provides:

“Proof of Stake will make Ethereum far more safe and scalable.”

Learn the article on Good Contracts, the Ethereum Powered Innovation That Will Change the World.

Buterin closed with a press release that solutions the entire query of the battle between the non secular maximalists of Bitcoin and multi cash:

“Satoshi created a very cool, and now we are able to construct nice issues on high of that.”

This final reflection by Vitalik Buterin appears probably the most wise of all, it acknowledges how fantastic Bitcoin has been and all of the historical past it has introduced with it. It additionally displays how the world of finance has modified, displaying humanity a libertarian path and a philosophy decentralized, however the identical time recognizing that Bitcoin can’t stay stagnant.

Options that would nicely adapt to Bitcoin, or higher but, the crypto-community, particularly the maximalists, may enable the diversification of the market in decentralized cryptocurrencies. Adoption won’t hurt bitcoin because it encourages wholesome competitors between initiatives inside the crypto-cosmo, one thing that may solely be transformed into enhancements in any respect ranges because it occurs in all markets on the planet.

Simply as PayPal competes with Western Union and Payoneer, or Chevrolet with Toyota or Volkswagen, or Apple with Samsung or Huawei, this competitors, removed from hurt, would consequence within the strengthening of a market and innovation that’s optimized every day.

In distinction, a Bitcoin that isn’t optimized as a result of it’s blindly thought-about “the omnipotent”, solely permits for technological stagnation, a truth that may solely lead to Bitcoin not having enough scientific deserves to be successfully the perfect cryptocurrency on the planet. This truth solely clarifies that the one factor that retains it because the primary cryptocurrency on the planet is: the religion of its followers.

Listed here are the reflections and alter of imaginative and prescient of Erik Voorhees, from going from being a non secular maximalist of Bitcoin to an altcoin advocate that values the advantages and virtues of different decentralized initiatives. He tried to make all members of the crypto-community see that the crypto-markets energy and future are in Bitcoin, and within the growth of significant initiatives known as Altcoins.

Ethereum 2.0 Moves Closer But Hoskinson Raises Doubts Over its Security

Ethereum co-founder, Vitalik Buterin was heavily criticized for saying Phase 0 should launch even if it isn’t ready. With that, IOHK CEO Charles …

Phase 0 of Ethereum 2.0 took a step forward today following the submission of EIP 2982. Phase 0, also known as the “beacon chain,” refers to the transition from proof-of-work to proof-of-stake.

More specifically, in Phase 0, the goal is to lay the groundwork for staking and the operation of sharding chains.

“At first, the beacon chain will be responsible for registering validators and coordinating everyone’s staked ETH. This is foundational to the rest of Eth2 and lays the groundwork for the shard chains.”

Product Marketing Manager at Set Labs, Anthony Sassano, tweeted news of the GitHub submission, much to the delight of his followers.

ITSHAPPENING.GIF@dannyryan has submitted an EIP for eth2 phase 0 👀https://t.co/eqvEDiT3FTpic.twitter.com/NHM3DJ8i4D

— Anthony Sassano | sassal.eth 👨‍🌾 🏴 (@sassal0x) September 16, 2020

Following months of delays and uncertainty, this finally gave Ethereum holders something to cheer about. As yet, no date for the Phase 0 rollout has been given.

However, Ethereum developer Afri Schoedon previously stated that a November 2020 rollout is likely, barring the discovery of critical issues.

“The Ethereum 2.0 beacon chain will launch in November unless we find severe bugs in clients or protocol. I’m in-between Vitalk and Justin with my estimation here, I don’t think that we necessarily need to delay Ethereum 2.0 into 2021 unless we find critical issues. We are well on track for a late 2020 launch.”

Taking into account the submission of EIP 2982, Schoedon’s rollout date does look likely.

Ethereum is up 4% on the day having broken key resistance at the $370 level.

Ethereum daily chart

Ethereum daily chart

Ethereum daily chart with volume. (Source: tradingview.com)

Hoskinson Raises Doubts Over Ethereum’s Security

Throughout this period, many have questioned whether the Ethereum team can deliver the goods under time pressure.

Ethereum co-founder, Vitalik Buterin was heavily criticized for saying Phase 0 should launch even if it isn’t ready.

With that, IOHK CEO Charles Hoskinson tweeted his concerns over the rush to finish. In particular, Hoskinson drew attention to the Gasper finality protocol used in Ethereum 2.0.

Referencing a Stanford University research paper titled “Ebb-and-Flow Protocols: A Resolution of the Availability-Finality Dilemma,” Hoskinson requested Buterin’s response to the findings.

Great paper and difficult security questions for Ethereum 2 to address. Very excited to see Vitalik’s reponse: https://t.co/TgLeuqrHQr

— Charles Hoskinson (@IOHK_Charles) September 16, 2020

Finality refers to the point at which transactions are final. In other words, once a transaction reaches finality no-one can change, reverse, or cancel it.

All cryptocurrency ledgers go through a process of the finalized ledger lagging the full ledger until network partitions catch up. The latency level of a chain will affect the chain’s finality rate and vice versa.

However, researchers simulated an attack on the Gasper protocol and discovered it was insecure under standard conditions.

“However, we discovered an attack in the standard synchronous network model, highlighting a general difficulty with existing finality-gadget-based designs.”

Hoskinson clarified the findings by saying, under Gasper, it’s possible for attackers to delay the syncing process between the finalized ledger and the full ledger. Meaning, an attacker could potentially change, reverse, or cancel a transaction during that extended latency period.

In particular, we discovered a liveness attack on Gasper in the standard synchronous model where messages can be delayed arbitrarily by the adversary up to a known network delay bound….

Buterin has yet to respond to the claims.