Decentr ($DEC) - foundational cross-chain and cross-platform DeFi protocol
Decentr is a protocol designed to make blockchain/DLT mainstream by allowing DeFi applications built on various blockchains to “talk to each other”. Decentr is a 100% secure and decentralised Web 3.0 protocol where users can apply PDV (personal data value) to increase APR on $DEC that users loan out as part of of our DeFi dLoan features, as well as it being applied at PoS when paying for stuff online. Decentr is also building a BAT competitor browser and Chrome/Firefox extension that acts as a gateway to 100% decentralised Web 3.0
Allows DeFi Dapps to access all Decentr’s dFintech features, including dLoan, dPay. Key innovation is that the protocols is based on a user’s ability to leverage the value of their data as exchangeable “currency”.
Decentr is building foundational chain-agnostic protocols that will support “true” 100% DeFi Dapps, a 100% secure and decentralised, user-centric alt economy. DeFi dApps inter-connected by Decentr can talk to each other and share PDV (personal data value) of their users. PDV is best described as a personalized “exchange rate” (in a sense social reputation where more effort leads to more rewards and NOT more capital to more rewards. ) between currencies that users apply at point-of-sale to make the cost of goods and services cheaper online. PDV is applied to the APR users earn on $DEC (native token) that they hold that they loan out as part of the investing pool. PDV will also allow uncollateralized loans on their dLoan platform, and also on platforms like Aave and Compound.
Decentr will implement ZKsync to get super cheap and super fast transactions across the ETH network. It is also working with HoloChain and Tomochain to allow connect their DeFi ecosystem to the Ethereum DeFi ecosystem. Decentr has DEEP TIES and a PARTNERSHIP with Holochain: https://medium.com/@DecentrNet/decentr-holochain-ama-29d662caed03
Decentr is also building a browser and Chrome/Firefox extension - a gateway that “transitions” Web 2.0 into a 100% decentralised Web 3.0 via their suite of decentralised dFintech and dCommunications features. The browser adds a 100% decentralised “user layer” to current blockchain protocols so that applications built on blockchain can actually “talk to each other”. The browser uses encryption all the time and the power of blockchain to keep private keys safe. Browser will offer a more robust and innovative type of blockchain storage and caching that is much faster than VPN or TOR. It will allow surfing .onion addresses as well as the regular ones. >>BAT browser 400m marketcap, DEC marketcap 4m<<
Decentr is researching a hardware application, powered by Decentr software, that would greatly enhance current IoT networks. It’s called a “Smart Chip Node” (SCN) and will adhere to 4G LTE standards (with in-built 5G capability), which means connectivity between devices will match or exceed current speed and connectivity, dramatically improving stability and coverage of standalone devices, such as a laptop or tablet, as well as IoT devices, such as home routers and modems.
Decentr uses Coinbase API to optimise integrated implementation of the user layer and Blockchain as a Service (BaaS) to allow users to leverage cloud-based solutions to build, host and use their own blockchain apps. Tierion’s technological infrastructure, the Chainpoint Proof protocol, will come into play whenever a user adds something in Tierion’s data store. Hyperledger Fabric and R3 Corda private blockchains are used as an immutable transaction database for data transfers, including the following tech: R3 Corda, Hyperledger Fabric, Ansible, Bitbucket Pipelines, AWS, Node.JS, GoLang, Kotlin and CouchDB.
Implements a system of layered security protocols based on a radically-new software architecture that combines Elliptic Curve Cryptography (ECC)4 and Sobol sequencing with a n-dimensional chain as part of AI-enhanced, platform-wide community consensus mechanism — a mechanism that assigns mutually agreed value to data and user security protocol upgrades (further encouraging enhanced data integrity) by deploying a Delegated Proof of Stake (DPoS) protocol.
Bank of England has reached out to Decenr to discuss the potential of a UK CBDC upon hearing about the potential of their tech. Decentr is consistent with their own R&D into a "dGBP" and they requested a top-level document for review >> Decentr created this proposal: https://decentr.net/files/Decentr_Consultancy_Doc_UK_CBDC.pdf
A fee is charged for every transaction using dPay whereby an exchange takes place between money (fiat and digital) and data, and vice versa, either as part of DeFi features or via a dApp built on Decentr. They are launching pilot programmes in the following industries:
Banking/PSP Industry: On Product launch, due to Decentr’s powerful PSP connections (including the worlds #2 PSP by volume), a medium-scale pilot program will be launched, which will seed the network with 150,000 PSP customers in primarily the Spanish/LAC markets, generating revenue from day one.
“Bricks and Mortar” Supermarket/Grocery Industry: Decentr aims to ensure the long-term competitiveness of “bricks and mortar” supermarkets against online-only grocery retailers, such as Amazon, by a) building secure tech that allows supermarkets to digitise every aspect of their supply chains and operational functions, while b) allowing supermarkets to leverage this incredibly valuable data as a liquid asset class. Expected revenue by Year 5: $114Mn per year.
Online Advertising Industry: Decentr’s 100% decentralised platform credits users secure data with payable value, in the form of PDV, for engaging with ads. The Brave browser was launched in 2012 and in 8 years has reached over 12 million monthly active users, accented by as many as 4.3 million daily active users.
TOKEN $DEC AND SALE
Decentr recently complete their token sale on a purchase portal powered by Dolomite where they raised $974,000 in 10 minutes for a total sale hardcap of 1.25M. The $DEC token is actively trading on multiple exchanges including Uniswap and IDEX. Listed for free on IDEX, Hotbit, Hoo, Coinw, Tidex, BKex. Listed on CoinGecko and Coinmarketcap. Listed on Delta and Blockfolio apps. ➡️ Circulating supply: 61m $DEC. ➡️ Release schedule and token distribution LINK -> NO RELEASE UNTIL 2021.
A tradeable unit of value that is both internal and external to the Decentr platform.A unit of conversion between fiat entering and exiting the Decentr ecosystem.A way to capture the value of user data and combines the activity of every participant of the platform performing payment (dPay), or lending and borrowing (dLend), i.e a way to peg PDV to tangible/actionable value.Method of payment in the Decentr ecosystem.A method to internally underwrite the “Deconomy.
Hey all, I've been researching coins since 2017 and have gone through 100s of them in the last 3 years. I got introduced to blockchain via Bitcoin of course, analyzed Ethereum thereafter and from that moment I have a keen interest in smart contact platforms. I’m passionate about Ethereum but I find Zilliqa to have a better risk-reward ratio. Especially because Zilliqa has found an elegant balance between being secure, decentralized and scalable in my opinion.
Below I post my analysis of why from all the coins I went through I’m most bullish on Zilliqa (yes I went through Tezos, EOS, NEO, VeChain, Harmony, Algorand, Cardano etc.). Note that this is not investment advice and although it's a thorough analysis there is obviously some bias involved. Looking forward to what you all think!
Fun fact: the name Zilliqa is a play on ‘silica’ silicon dioxide which means “Silicon for the high-throughput consensus computer.”
This post is divided into (i) Technology, (ii) Business & Partnerships, and (iii) Marketing & Community. I’ve tried to make the technology part readable for a broad audience. If you’ve ever tried understanding the inner workings of Bitcoin and Ethereum you should be able to grasp most parts. Otherwise, just skim through and once you are zoning out head to the next part.
Technology and some more:
The technology is one of the main reasons why I’m so bullish on Zilliqa. First thing you see on their website is: “Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications.” These are some bold statements.
Before we deep dive into the technology let’s take a step back in time first as they have quite the history. The initial research paper from which Zilliqa originated dates back to August 2016: Elastico: A Secure Sharding Protocol For Open Blockchains where Loi Luu (Kyber Network) is one of the co-authors. Other ideas that led to the development of what Zilliqa has become today are: Bitcoin-NG, collective signing CoSi, ByzCoin and Omniledger.
The technical white paper was made public in August 2017 and since then they have achieved everything stated in the white paper and also created their own open source intermediate level smart contract language called Scilla (functional programming language similar to OCaml) too.
Mainnet is live since the end of January 2019 with daily transaction rates growing continuously. About a week ago mainnet reached 5 million transactions, 500.000+ addresses in total along with 2400 nodes keeping the network decentralized and secure. Circulating supply is nearing 11 billion and currently only mining rewards are left. The maximum supply is 21 billion with annual inflation being 7.13% currently and will only decrease with time.
Zilliqa realized early on that the usage of public cryptocurrencies and smart contracts were increasing but decentralized, secure, and scalable alternatives were lacking in the crypto space. They proposed to apply sharding onto a public smart contract blockchain where the transaction rate increases almost linear with the increase in the amount of nodes. More nodes = higher transaction throughput and increased decentralization. Sharding comes in many forms and Zilliqa uses network-, transaction- and computational sharding. Network sharding opens up the possibility of using transaction- and computational sharding on top. Zilliqa does not use state sharding for now. We’ll come back to this later.
Before we continue dissecting how Zilliqa achieves such from a technological standpoint it’s good to keep in mind that a blockchain being decentralised and secure and scalable is still one of the main hurdles in allowing widespread usage of decentralised networks. In my opinion this needs to be solved first before blockchains can get to the point where they can create and add large scale value. So I invite you to read the next section to grasp the underlying fundamentals. Because after all these premises need to be true otherwise there isn’t a fundamental case to be bullish on Zilliqa, right?
Down the rabbit hole
How have they achieved this? Let’s define the basics first: key players on Zilliqa are the users and the miners. A user is anybody who uses the blockchain to transfer funds or run smart contracts. Miners are the (shard) nodes in the network who run the consensus protocol and get rewarded for their service in Zillings (ZIL). The mining network is divided into several smaller networks called shards, which is also referred to as ‘network sharding’. Miners subsequently are randomly assigned to a shard by another set of miners called DS (Directory Service) nodes. The regular shards process transactions and the outputs of these shards are eventually combined by the DS shard as they reach consensus on the final state. More on how these DS shards reach consensus (via pBFT) will be explained later on.
The Zilliqa network produces two types of blocks: DS blocks and Tx blocks. One DS Block consists of 100 Tx Blocks. And as previously mentioned there are two types of nodes concerned with reaching consensus: shard nodes and DS nodes. Becoming a shard node or DS node is being defined by the result of a PoW cycle (Ethash) at the beginning of the DS Block. All candidate mining nodes compete with each other and run the PoW (Proof-of-Work) cycle for 60 seconds and the submissions achieving the highest difficulty will be allowed on the network. And to put it in perspective: the average difficulty for one DS node is ~ 2 Th/s equaling 2.000.000 Mh/s or 55 thousand+ GeForce GTX 1070 / 8 GB GPUs at 35.4 Mh/s. Each DS Block 10 new DS nodes are allowed. And a shard node needs to provide around 8.53 GH/s currently (around 240 GTX 1070s). Dual mining ETH/ETC and ZIL is possible and can be done via mining software such as Phoenix and Claymore. There are pools and if you have large amounts of hashing power (Ethash) available you could mine solo.
The PoW cycle of 60 seconds is a peak performance and acts as an entry ticket to the network. The entry ticket is called a sybil resistance mechanism and makes it incredibly hard for adversaries to spawn lots of identities and manipulate the network with these identities. And after every 100 Tx Blocks which corresponds to roughly 1,5 hour this PoW process repeats. In between these 1,5 hour, no PoW needs to be done meaning Zilliqa’s energy consumption to keep the network secure is low. For more detailed information on how mining works click here. Okay, hats off to you. You have made it this far. Before we go any deeper down the rabbit hole we first must understand why Zilliqa goes through all of the above technicalities and understand a bit more what a blockchain on a more fundamental level is. Because the core of Zilliqa’s consensus protocol relies on the usage of pBFT (practical Byzantine Fault Tolerance) we need to know more about state machines and their function. Navigate to Viewblock, a Zilliqa block explorer, and just come back to this article. We will use this site to navigate through a few concepts.
We have established that Zilliqa is a public and distributed blockchain. Meaning that everyone with an internet connection can send ZILs, trigger smart contracts, etc. and there is no central authority who fully controls the network. Zilliqa and other public and distributed blockchains (like Bitcoin and Ethereum) can also be defined as state machines.
Taking the liberty of paraphrasing examples and definitions given by Samuel Brooks’ medium article, he describes the definition of a blockchain (like Zilliqa) as: “A peer-to-peer, append-only datastore that uses consensus to synchronize cryptographically-secure data”.
Next, he states that: "blockchains are fundamentally systems for managing valid state transitions”. For some more context, I recommend reading the whole medium article to get a better grasp of the definitions and understanding of state machines. Nevertheless, let’s try to simplify and compile it into a single paragraph. Take traffic lights as an example: all its states (red, amber, and green) are predefined, all possible outcomes are known and it doesn’t matter if you encounter the traffic light today or tomorrow. It will still behave the same. Managing the states of a traffic light can be done by triggering a sensor on the road or pushing a button resulting in one traffic lights’ state going from green to red (via amber) and another light from red to green.
With public blockchains like Zilliqa, this isn’t so straightforward and simple. It started with block #1 almost 1,5 years ago and every 45 seconds or so a new block linked to the previous block is being added. Resulting in a chain of blocks with transactions in it that everyone can verify from block #1 to the current #647.000+ block. The state is ever changing and the states it can find itself in are infinite. And while the traffic light might work together in tandem with various other traffic lights, it’s rather insignificant comparing it to a public blockchain. Because Zilliqa consists of 2400 nodes who need to work together to achieve consensus on what the latest valid state is while some of these nodes may have latency or broadcast issues, drop offline or are deliberately trying to attack the network, etc.
Now go back to the Viewblock page take a look at the amount of transaction, addresses, block and DS height and then hit refresh. Obviously as expected you see new incremented values on one or all parameters. And how did the Zilliqa blockchain manage to transition from a previous valid state to the latest valid state? By using pBFT to reach consensus on the latest valid state.
After having obtained the entry ticket, miners execute pBFT to reach consensus on the ever-changing state of the blockchain. pBFT requires a series of network communication between nodes, and as such there is no GPU involved (but CPU). Resulting in the total energy consumed to keep the blockchain secure, decentralized and scalable being low.
pBFT stands for practical Byzantine Fault Tolerance and is an optimization on the Byzantine Fault Tolerant algorithm. To quote Blockonomi: “In the context of distributed systems, Byzantine Fault Tolerance is the ability of a distributed computer network to function as desired and correctly reach a sufficient consensus despite malicious components (nodes) of the system failing or propagating incorrect information to other peers.” Zilliqa is such a distributed computer network and depends on the honesty of the nodes (shard and DS) to reach consensus and to continuously update the state with the latest block. If pBFT is a new term for you I can highly recommend the Blockonomi article.
The idea of pBFT was introduced in 1999 - one of the authors even won a Turing award for it - and it is well researched and applied in various blockchains and distributed systems nowadays. If you want more advanced information than the Blockonomi link provides click here. And if you’re in between Blockonomi and the University of Singapore read the Zilliqa Design Story Part 2 dating from October 2017. Quoting from the Zilliqa tech whitepaper: “pBFT relies upon a correct leader (which is randomly selected) to begin each phase and proceed when the sufficient majority exists. In case the leader is byzantine it can stall the entire consensus protocol. To address this challenge, pBFT offers a view change protocol to replace the byzantine leader with another one.”
pBFT can tolerate ⅓ of the nodes being dishonest (offline counts as Byzantine = dishonest) and the consensus protocol will function without stalling or hiccups. Once there are more than ⅓ of dishonest nodes but no more than ⅔ the network will be stalled and a view change will be triggered to elect a new DS leader. Only when more than ⅔ of the nodes are dishonest (66%) double-spend attacks become possible.
If the network stalls no transactions can be processed and one has to wait until a new honest leader has been elected. When the mainnet was just launched and in its early phases, view changes happened regularly. As of today the last stalling of the network - and view change being triggered - was at the end of October 2019.
Another benefit of using pBFT for consensus besides low energy is the immediate finality it provides. Once your transaction is included in a block and the block is added to the chain it’s done. Lastly, take a look at this article where three types of finality are being defined: probabilistic, absolute and economic finality. Zilliqa falls under the absolute finality (just like Tendermint for example). Although lengthy already we skipped through some of the inner workings from Zilliqa’s consensus: read the Zilliqa Design Story Part 3 and you will be close to having a complete picture on it. Enough about PoW, sybil resistance mechanism, pBFT, etc. Another thing we haven’t looked at yet is the amount of decentralization.
Currently, there are four shards, each one of them consisting of 600 nodes. 1 shard with 600 so-called DS nodes (Directory Service - they need to achieve a higher difficulty than shard nodes) and 1800 shard nodes of which 250 are shard guards (centralized nodes controlled by the team). The amount of shard guards has been steadily declining from 1200 in January 2019 to 250 as of May 2020. On the Viewblock statistics, you can see that many of the nodes are being located in the US but those are only the (CPU parts of the) shard nodes who perform pBFT. There is no data from where the PoW sources are coming. And when the Zilliqa blockchain starts reaching its transaction capacity limit, a network upgrade needs to be executed to lift the current cap of maximum 2400 nodes to allow more nodes and formation of more shards which will allow to network to keep on scaling according to demand. Besides shard nodes there are also seed nodes. The main role of seed nodes is to serve as direct access points (for end-users and clients) to the core Zilliqa network that validates transactions. Seed nodes consolidate transaction requests and forward these to the lookup nodes (another type of nodes) for distribution to the shards in the network. Seed nodes also maintain the entire transaction history and the global state of the blockchain which is needed to provide services such as block explorers. Seed nodes in the Zilliqa network are comparable to Infura on Ethereum.
The seed nodes were first only operated by Zilliqa themselves, exchanges and Viewblock. Operators of seed nodes like exchanges had no incentive to open them for the greater public. They were centralised at first. Decentralisation at the seed nodes level has been steadily rolled out since March 2020 ( Zilliqa Improvement Proposal 3 ). Currently the amount of seed nodes is being increased, they are public-facing and at the same time PoS is applied to incentivize seed node operators and make it possible for ZIL holders to stake and earn passive yields. Important distinction: seed nodes are not involved with consensus! That is still PoW as entry ticket and pBFT for the actual consensus.
5% of the block rewards are being assigned to seed nodes (from the beginning in 2019) and those are being used to pay out ZIL stakers. The 5% block rewards with an annual yield of 10.03% translate to roughly 610 MM ZILs in total that can be staked. Exchanges use the custodial variant of staking and wallets like Moonlet will use the non-custodial version (starting in Q3 2020). Staking is being done by sending ZILs to a smart contract created by Zilliqa and audited by Quantstamp.
With a high amount of DS; shard nodes and seed nodes becoming more decentralized too, Zilliqa qualifies for the label of decentralized in my opinion.
Generalized: programming languages can be divided into being ‘object-oriented’ or ‘functional’. Here is an ELI5 given by software development academy: * “all programs have two basic components, data – what the program knows – and behavior – what the program can do with that data. So object-oriented programming states that combining data and related behaviors in one place, is called “object”, which makes it easier to understand how a particular program works. On the other hand, functional programming argues that data and behavior are different things and should be separated to ensure their clarity.” *
Scilla is on the functional side and shares similarities with OCaml: OCaml is a general-purpose programming language with an emphasis on expressiveness and safety. It has an advanced type system that helps catch your mistakes without getting in your way. It's used in environments where a single mistake can cost millions and speed matters, is supported by an active community, and has a rich set of libraries and development tools. For all its power, OCaml is also pretty simple, which is one reason it's often used as a teaching language.
Scilla is blockchain agnostic, can be implemented onto other blockchains as well, is recognized by academics and won a so-called Distinguished Artifact Award award at the end of last year.
One of the reasons why the Zilliqa team decided to create their own programming language focused on preventing smart contract vulnerabilities is that adding logic on a blockchain, programming, means that you cannot afford to make mistakes. Otherwise, it could cost you. It’s all great and fun blockchains being immutable but updating your code because you found a bug isn’t the same as with a regular web application for example. And with smart contracts, it inherently involves cryptocurrencies in some form thus value.
Another difference with programming languages on a blockchain is gas. Every transaction you do on a smart contract platform like Zilliqa or Ethereum costs gas. With gas you basically pay for computational costs. Sending a ZIL from address A to address B costs 0.001 ZIL currently. Smart contracts are more complex, often involve various functions and require more gas (if gas is a new concept click here ).
So with Scilla, similar to Solidity, you need to make sure that “every function in your smart contract will run as expected without hitting gas limits. An improper resource analysis may lead to situations where funds may get stuck simply because a part of the smart contract code cannot be executed due to gas limits. Such constraints are not present in traditional software systems”.Scilla design story part 1
Some examples of smart contract issues you’d want to avoid are: leaking funds, ‘unexpected changes to critical state variables’ (example: someone other than you setting his or her address as the owner of the smart contract after creation) or simply killing a contract.
Scilla also allows for formal verification. Wikipedia to the rescue: In the context of hardware and software systems, formal verification is the act of proving or disproving the correctness of intended algorithms underlying a system with respect to a certain formal specification or property, using formal methods of mathematics.
Formal verification can be helpful in proving the correctness of systems such as: cryptographic protocols, combinational circuits, digital circuits with internal memory, and software expressed as source code.
“Scilla is being developed hand-in-hand with formalization of its semantics and its embedding into the Coq proof assistant — a state-of-the art tool for mechanized proofs about properties of programs.”
Simply put, with Scilla and accompanying tooling developers can be mathematically sure and proof that the smart contract they’ve written does what he or she intends it to do.
Smart contract on a sharded environment and state sharding
There is one more topic I’d like to touch on: smart contract execution in a sharded environment (and what is the effect of state sharding). This is a complex topic. I’m not able to explain it any easier than what is posted here. But I will try to compress the post into something easy to digest.
Earlier on we have established that Zilliqa can process transactions in parallel due to network sharding. This is where the linear scalability comes from. We can define simple transactions: a transaction from address A to B (Category 1), a transaction where a user interacts with one smart contract (Category 2) and the most complex ones where triggering a transaction results in multiple smart contracts being involved (Category 3). The shards are able to process transactions on their own without interference of the other shards. With Category 1 transactions that is doable, with Category 2 transactions sometimes if that address is in the same shard as the smart contract but with Category 3 you definitely need communication between the shards. Solving that requires to make a set of communication rules the protocol needs to follow in order to process all transactions in a generalised fashion.
There is no strict defined roadmap but here are topics being worked on. And via the Zilliqa website there is also more information on the projects they are working on.
Business & Partnerships
It’s not only technology in which Zilliqa seems to be excelling as their ecosystem has been expanding and starting to grow rapidly. The project is on a mission to provide OpenFinance (OpFi) to the world and Singapore is the right place to be due to its progressive regulations and futuristic thinking. Singapore has taken a proactive approach towards cryptocurrencies by introducing the Payment Services Act 2019 (PS Act). Among other things, the PS Act will regulate intermediaries dealing with certain cryptocurrencies, with a particular focus on consumer protection and anti-money laundering. It will also provide a stable regulatory licensing and operating framework for cryptocurrency entities, effectively covering all crypto businesses and exchanges based in Singapore. According to PWC 82% of the surveyed executives in Singapore reported blockchain initiatives underway and 13% of them have already brought the initiatives live to the market. There is also an increasing list of organizations that are starting to provide digital payment services. Moreover, Singaporean blockchain developers Building Cities Beyond has recently created an innovation $15 million grant to encourage development on its ecosystem. This all suggests that Singapore tries to position itself as (one of) the leading blockchain hubs in the world.
Zilliqa seems to already take advantage of this and recently helped launch Hg Exchange on their platform, together with financial institutions PhillipCapital, PrimePartners and Fundnel. Hg Exchange, which is now approved by the Monetary Authority of Singapore (MAS), uses smart contracts to represent digital assets. Through Hg Exchange financial institutions worldwide can use Zilliqa's safe-by-design smart contracts to enable the trading of private equities. For example, think of companies such as Grab, Airbnb, SpaceX that are not available for public trading right now. Hg Exchange will allow investors to buy shares of private companies & unicorns and capture their value before an IPO. Anquan, the main company behind Zilliqa, has also recently announced that they became a partner and shareholder in TEN31 Bank, which is a fully regulated bank allowing for tokenization of assets and is aiming to bridge the gap between conventional banking and the blockchain world. If STOs, the tokenization of assets, and equity trading will continue to increase, then Zilliqa’s public blockchain would be the ideal candidate due to its strategic positioning, partnerships, regulatory compliance and the technology that is being built on top of it.
What is also very encouraging is their focus on banking the un(der)banked. They are launching a stablecoin basket starting with XSGD. As many of you know, stablecoins are currently mostly used for trading. However, Zilliqa is actively trying to broaden the use case of stablecoins. I recommend everybody to read this text that Amrit Kumar wrote (one of the co-founders). These stablecoins will be integrated in the traditional markets and bridge the gap between the crypto world and the traditional world. This could potentially revolutionize and legitimise the crypto space if retailers and companies will for example start to use stablecoins for payments or remittances, instead of it solely being used for trading.
Zilliqa also released their DeFi strategic roadmap (dating November 2019) which seems to be aligning well with their OpFi strategy. A non-custodial DEX is coming to Zilliqa made by Switcheo which allows cross-chain trading (atomic swaps) between ETH, EOS and ZIL based tokens. They also signed a Memorandum of Understanding for a (soon to be announced) USD stablecoin. And as Zilliqa is all about regulations and being compliant, I’m speculating on it to be a regulated USD stablecoin. Furthermore, XSGD is already created and visible on block explorer and XIDR (Indonesian Stablecoin) is also coming soon via StraitsX. Here also an overview of the Tech Stack for Financial Applications from September 2019. Further quoting Amrit Kumar on this:
There are two basic building blocks in DeFi/OpFi though: 1) stablecoins as you need a non-volatile currency to get access to this market and 2) a dex to be able to trade all these financial assets. The rest are built on top of these blocks.
So far, together with our partners and community, we have worked on developing these building blocks with XSGD as a stablecoin. We are working on bringing a USD-backed stablecoin as well. We will soon have a decentralised exchange developed by Switcheo. And with HGX going live, we are also venturing into the tokenization space. More to come in the future.”
Additionally, they also have this ZILHive initiative that injects capital into projects. There have been already 6 waves of various teams working on infrastructure, innovation and research, and they are not from ASEAN or Singapore only but global: see Grantees breakdown by country. Over 60 project teams from over 20 countries have contributed to Zilliqa's ecosystem. This includes individuals and teams developing wallets, explorers, developer toolkits, smart contract testing frameworks, dapps, etc. As some of you may know, Unstoppable Domains (UD) blew up when they launched on Zilliqa. UD aims to replace cryptocurrency addresses with a human-readable name and allows for uncensorable websites. Zilliqa will probably be the only one able to handle all these transactions onchain due to ability to scale and its resulting low fees which is why the UD team launched this on Zilliqa in the first place. Furthermore, Zilliqa also has a strong emphasis on security, compliance, and privacy, which is why they partnered with companies like Elliptic, ChainSecurity (part of PwC Switzerland), and Incognito. Their sister company Aqilliz (Zilliqa spelled backwards) focuses on revolutionizing the digital advertising space and is doing interesting things like using Zilliqa to track outdoor digital ads with companies like Foodpanda.
Zilliqa is listed on nearly all major exchanges, having several different fiat-gateways and recently have been added to Binance’s margin trading and futures trading with really good volume. They also have a very impressive team with good credentials and experience. They don't just have “tech people”. They have a mix of tech people, business people, marketeers, scientists, and more. Naturally, it's good to have a mix of people with different skill sets if you work in the crypto space.
Marketing & Community
Zilliqa has a very strong community. If you just follow their Twitter their engagement is much higher for a coin that has approximately 80k followers. They also have been ‘coin of the day’ by LunarCrush many times. LunarCrush tracks real-time cryptocurrency value and social data. According to their data, it seems Zilliqa has a more fundamental and deeper understanding of marketing and community engagement than almost all other coins. While almost all coins have been a bit frozen in the last months, Zilliqa seems to be on its own bull run. It was somewhere in the 100s a few months ago and is currently ranked #46 on CoinGecko. Their official Telegram also has over 20k people and is very active, and their community channel which is over 7k now is more active and larger than many other official channels. Their local communities also seem to be growing.
Moreover, their community started ‘Zillacracy’ together with the Zilliqa core team ( see www.zillacracy.com ). It’s a community-run initiative where people from all over the world are now helping with marketing and development on Zilliqa. Since its launch in February 2020 they have been doing a lot and will also run their own non-custodial seed node for staking. This seed node will also allow them to start generating revenue for them to become a self sustaining entity that could potentially scale up to become a decentralized company working in parallel with the Zilliqa core team. Comparing it to all the other smart contract platforms (e.g. Cardano, EOS, Tezos etc.) they don't seem to have started a similar initiative (correct me if I’m wrong though). This suggests in my opinion that these other smart contract platforms do not fully understand how to utilize the ‘power of the community’. This is something you cannot ‘buy with money’ and gives many projects in the space a disadvantage.
Zilliqa also released two social products called SocialPay and Zeeves. SocialPay allows users to earn ZILs while tweeting with a specific hashtag. They have recently used it in partnership with the Singapore Red Cross for a marketing campaign after their initial pilot program. It seems like a very valuable social product with a good use case. I can see a lot of traditional companies entering the space through this product, which they seem to suggest will happen. Tokenizing hashtags with smart contracts to get network effect is a very smart and innovative idea.
Regarding Zeeves, this is a tipping bot for Telegram. They already have 1000s of signups and they plan to keep upgrading it for more and more people to use it (e.g. they recently have added a quiz features). They also use it during AMAs to reward people in real-time. It’s a very smart approach to grow their communities and get familiar with ZIL. I can see this becoming very big on Telegram. This tool suggests, again, that the Zilliqa team has a deeper understanding of what the crypto space and community needs and is good at finding the right innovative tools to grow and scale.
To be honest, I haven’t covered everything (i’m also reaching the character limited haha). So many updates happening lately that it's hard to keep up, such as the International Monetary Fund mentioning Zilliqa in their report, custodial and non-custodial Staking, Binance Margin, Futures, Widget, entering the Indian market, and more. The Head of Marketing Colin Miles has also released this as an overview of what is coming next. And last but not least, Vitalik Buterin has been mentioning Zilliqa lately acknowledging Zilliqa and mentioning that both projects have a lot of room to grow. There is much more info of course and a good part of it has been served to you on a silver platter. I invite you to continue researching by yourself :-) And if you have any comments or questions please post here!
Attention incoming interns! Here's a list of TIPS I WISH I KNEW starting my intern year, some things you can start working on now and some less commonly discussed but very important parts of your job
It’s that time of year and yet again I’ve seen plenty of incoming interns asking what they can do to prepare. I wrote this post to share some tips for all of the not-exactly-medical stuff I wish I knew before I started intern year and to share a few things that interns can do before they start to feel like they’re well prepared for the long white coat. As a quick background, I was a surgery intern in the first half of the 2010s and much of this is informed by my notes and memories from that time in addition to everything I’ve learned since, particularly about professionalism both in medicine and in the business world with work I’ve done in the healthcare startup arena. I’m also not perfect and very much a work in progress myself and, outside the intern-specific items here, I try to do most of these things myself—sometimes more successfully than others. So take what you think are good ideas here, leave what you don’t think would be useful, and if anyone else has anything to add, please feel free to chime in. TL;DR: Intern year is hard. Here are some not-so-commonly-disucussed tips that may help.
1. Being an effective intern is, at its core, about being responsible, effective and reliable.
Your day to day responsibilities are nearly always dominated by the need to get things done and to do so in a manner that lets your other team members focus on their own roles and responsibilities. What about learning clinical medicine? You'll learn plenty and fast. Don't worry. When reading through these tips below, view them from an angle of “would this help me develop an effective system for making sure everything gets done and nothing falls through the cracks?”
2. For your in-the-hospital life as well as your outside-the-hospital life, remember this one thing: you will forget.
You will be busy and have responsibilities in a way you likely have never experienced before. This will naturally make the day-to-day things in life more difficult than you’re used to so developing ways to outsmart your forgetful brain will pay off.
3. You are a professional now. This is your career. You’re in it.
It’s easy to view your life as a trainee as a sort of advanced student or something in between a student and a “real doctor”. But that’s not true. View yourself as a professional building your career. Your intern year is just the first step of that career. You’re a real doctor as much as any other now.
4. One of the hardest things about being an intern or resident is dealing with feelings of isolation. It will take work to actively manage and overcome those feelings.
Imposter syndrome, feeling like you don’t know what you’re doing or that you don’t belong, feeling like you’re not the person you used to be, that you don’t have time to do all the “normal” things that other people do, thinking your co-residents or attendings think you’re dumb, feeling that you don’t have time for friends/family/hobbies, ruminating on “what if I screw this up and hurt a patient?”, or “this doesn’t matter -- the patient is going to XX or YY anyway” etc are all common feelings and they all share the same undercurrent of feeling isolated in one way or another. You need to actively work to find ways to confront and overcome these feelings or else they will control you. When they control you, you’re burned out. It may not seem like it at first, but nearly every single tip below is geared towards avoiding feelings of isolation. Feeling like you’re not in control of your finances will make you feel isolated. Feeling like you’re losing a handle on your relationships will make you feel isolated. Feeling like you’re behind on your email and haven’t done all the little things in life you need to do will make you feel isolated. Read these tips through that lens.
What you can do before you start
1. Organize and update your contacts. Seriously.
Here are some ways it can help you maintain and grow your relationships.
Use the ‘Notes’ feature in your contacts for everyone important in your life and all the new people meet.
You will forget your friends’ kids names and ages. Every time you get a birth announcement or see a post on social media, go to your friend’s contact, edit the notes and put in the info. Then, when you reach out to your friends, ask about their kids...by name.
You will forget your friends’ boyfriend/girlfriend/wife/husband/partner’s name, especially if you’ve never met them or haven’t seen them for a long time. Put their name in your friends’ card with a note like “Started seeing Sam in June 2020, he/she’s a software engineer”. Someone you know gets married? Add their wedding date to their card.
You will forget how you knew people in your contacts. Met at a conference? Was a medical student on your heme onc service? Friend-of-a-friend you met at a wedding? Someone shares an interest you have? Make a note in their contact card. Tip: these notes are for you, not them. So if someone reminds you of an actor, or didn’t stop talking about bitcoin, make a note. It will help because you will forget.
Tag your contacts or add them to lists and use those tags/lists to your advantage.
Make lists or tags for your family, your medical school friends, your undergrad friends, your coresidents, your attendings, your medical students, the hospitals you’ll be working at, etc. Put those lists or tags to use like this:
You will forget to stay in touch with people important to you. Set reminders in your phone for every week / two weeks / month, etc to pull up a list (family, medical school friends, etc), pick someone on that list you haven’t chatted with in a while and text them and ask them how they’re doing. Aim to start a conversation, ask about what’s happening in their life. Texts are more personal and meaningful than liking a post on social media or sharing a meme. Initiating conversations with your friends and family will help you feel connected and will increase the likelihood they reach out to you.
Don’t label your medical students like “MS3 Laura” or “Sub-I Juan”, etc. Label them with their full name and treat them like the colleagues they are. Put them on a list, clear it out next year if you want, but don’t treat them as “MS3 XXX“ or “MS4 YYY”. I’m sure you remember feeling like a nameless/faceless medical student at times in school and I’m sure you didn’t love it. So don’t repeat that behavior. Add a note or two about them while you’re at it. Take enough interest in your medical students to treat them well. You never know when or how you’ll cross paths with them again.
If you rotate through different hospitals, you will forget which “ED” or “PACU” or “nursing station 3rd floor” numbers are which. Tag them or put them on a list. It’ll make finding them when you need them much easier.
2. Use a good note taking app and a good task manager app to help with both your in-hospital life and your outside-of-the-hospital life.
Here are some ways to use a notes app.
Make a note for each rotation you’re on. Add in any unstructured tips as they come up, like “Send all of Dr. X’s patients home with Y”, “Use the call room in the basement outside of the locker room, passcode 1234”, “Park in the X lot on the weekends”, “Dr. A likes to manage Z with Y”, “The case manager, NAME, usually sits at the computer behind the 2nd floor nurses station”, etc. Don't overthink them, just write them down when they come up. Review those notes the next time you rotate through because you will forget all those little things and they will help you in the future.
Create a master grocery list of all things you typically get at the grocery store. Share it with a roommate/partner so they can keep it updated too. That way if you ever stop to pick something up, you can review the list to make sure there’s nothing you’ll forget.
Make master lists for other things in your life too like “packing for a conference”, “packing for a family trip”, “Target/Wal-Mart household master list” so you can quickly review anytime something comes up so you minimize the chance of forgetting something
Make notes for all of the other stuff you have to manage in your life like your car, your apartment/house, your loans, etc and update them every time you work on that thing. Change your loan repayment? Add it to the note. Have to get your brakes fixed? Add to the note where you got it done, how much it cost, etc. Talk to your landlord about fixing the shower? Add it to the note. Have to call the medical board to sort something out with a license? Add it to the note.
I like two note apps on iOS: Bear for personal notes since it’s fast and has great tagging and Apple’s Notes app for shared notes
Pick a good task manager app and use it for all the things in your life that aren’t your day-to-day work
Cousin getting married and you can go to the wedding? Make tasks to ensure your time off, book your travel, buy a gift, rent a hotel room, etc. Then put all the relevant info into your note because...you will forget.
Pandemic is over and you get to present a poster at a conference? Make tasks to review your draft with your coauthors, print your poster, book your travel, submit your reimbursement, etc. Then put all the relevant info into a note. Otherwise, you’ll forget.
I like Things and have also liked OmniFocus. There is a ton of content on how to set one of these things up for productivity so review it and use it YouTube search
3. Take charge of your finances
When I was an intern, I figured all I had to do was pay my loans and not go into more debt. I wish I had done the following instead:
Read these two books: The White Coat Investor and I Will Teach You To Be Rich. Both are very good and have different strengths. The WCI is directly applicable to you and will help educate you in ways medical school didn’t about your financial future. IWTYTBR is much more of a “millennial” book but it’s very good for explaining big concepts and for providing a system to set yourself up for success. They’re both easy and relatively quick reads and don’t require any financial background. WCI is fine as an e-book but IWTY has a bunch of dialog boxes that make the e-book a poor experience, get a physical new or used copy.
Set up a budget. I use and swear by You Need A Budget. It’s the best money I spend every year. Their system is easy and straightforward and it doesn’t take long to get the hang of it. I can’t recommend it highly enough.
4. Update your CV now and keep it updated regularly
You will no doubt have to share your CV with someone at some point whether it’s for fellowship or a research project or any number of things. The time to work on it is not when someone says “can you share your CV?” -- that’s a recipe for omissions, typos and mistakes. The only thing you should be doing every time you share your CV is giving it a quick once-over to make sure you don’t spot any mistakes and to make sure it’s up to date There are plenty of templates online and your training institution may even have a preferred format somewhere on their website. Your ERAS application will give you a good head start but most of your medical school CV lines will either be condensed or removed all together unless something was particularly notable. You can almost always find example CVs online from senior people in your department or institution with a quick web search -- use a few as a guide Set a reminder / task to update your CV at regular intervals. Quarterly is good, yearly at least. Save new versions of it each time so you can refer to the old ones if you need to and name them in a way to let you know you’re always sharing the most recent version, e.g., LASTNAME_FIRST NAME_CV_2020-06. You will forget if the one marked “CV” only is the right one you want to share.
5. Subscribe to a couple of newsletters to stay up to date with the world outside of your hospital
For general news, your preferred newspaper probably has a daily email briefing. Otherwise, Axios AM/PM and Politico’s Playbook are both very good quick reads to stay up to date with current events.
Keep up with healthcare news so you know what’s going on in the healthcare system broadly
Politico’s Pulse and Morning eHealth are both very good and have quick facts at the beginning if you just want to skim
Rock Health’s Rock Weekly is a decent summary of each week in the healthcare startup and technology world
Pick a few of these and aim to get through them each day. If you can’t get through them, unsubscribe to the ones you think are least relevant to you so you never feel “behind” in staying up with the news. You can breeze through the few you pick in a few minutes here and there throughout the day -- don’t make it any harder than that to feel like you’re “up to date” on the news.
General tips for maintaining relationships
For any romantic relationship, do these things if you don’t already:
1. Make a rule: no phones at the table. * Don’t put your phone on the table face-up. Don’t put your phone on the table face-down. Keep your phone off the table and set to silent. * Focus on the person in front of you and show them you care about them by paying attention to them. We all know what it feels like to be with someone more interested in their screen than in interacting with you. If you’re on call, say “sorry, I’m on call, I may have to check something here and there”, apologize if you do check it and then put your phone away. 2. Make another rule: no phones in bed * Same principle as at the table. Want to feel like two strangers just passing through life who just so happen to share the same bed? Wake up, reach for your phone and scroll through your feeds like a zombie before getting out of bed. Same idea before bed. Your phone can wait. 3. If you’re at the point where you share finances, set a regular meeting to review how you’re doing. * Ideally, this is a “red, yellow or green” meeting and should only take a few minutes. Money can be a big conflict issue for relationships and avoiding talking about money is a surefire way to eventually turn to conflict. If you have a budget and shared goals, this should be quick. * A monthly check-in is good. Create a recurring calendar event, attach the shared notes or spreadsheet document you use, add your goals for the meeting and honor the meeting when it comes around.
Eat with people who are important to you, if you can.
There’s something about sharing a meal that’s special in human nature. Friends who are important to you? Partners? Mentors you’re looking to get to know better after you’ve had a few chats? Try to eat with them when you can. And keep your phone off the table.
The same idea works with your coresidents and teams in the hospital. Eat with them if you can. Eating with others builds, strengthens and maintains relationships. Keep your phone off the table if you can.
Think about it this way: who would you consider a better mentor, the person you’ve met with a few times in their office where they sit behind their desk and you in front of them while they glance at their computer screen every time it pings or the person who’s invited you to get coffee or food and they kept their phone away the whole time? Now turn that around and realize the power of the message you can send to people you care about by trying to eat with them and show them they have your full attention.
1. Learn to think about tasks as a continuum from start to finish instead of as a binary 'done/not done'.
Let’s say you have to order a CT for a patient of yours.
Instead of marking the task as complete the second you place the order for the CT, recognize that the whole task is not just placing the order, but also knowing when your patient is going down to the scanner, when they’re back, when the CT is up in the system, when the report is up and also that you’ve looked at the CT yourself and have read the report.
When your senior or attending asks you, “Did patient X get their CT?”, a not-so-great answer is “Yes” or “No”. A better answer is “they’re down at the scanner now” or “the scan’s done but it hasn’t been read yet. Want to look at it?” or “Yes, it’s negative for XXX but did show YYY”.
Whatever system you eventually adopt for your day-to-day task management in the hospital, whether it’s a list or index cards or a printed signout sheet, make sure you’re tracking both when orders go in, when they’re complete, when they’re cancelled, etc. Just marking things as complete once you place the order isn’t enough.
2. Signout is taken, not given.
What I mean by this is that when you take signout, that means you’re accepting responsibility for those patients. They might be your patients, you might be cross-covering, it doesn’t matter. What matters is that when those patients are your responsibility, it’s your responsibility to get what you need to know to take care of them. Is someone signing out to you in a hurry and not giving you what you need? Ask them for that relevant past medical history, those exam findings, and so on. It’s not enough for the person handing off to say “we’re worried about x or y”, you’ve got to follow that up with “in case of x or y, is there a plan for what the team wants me to do?”. Get the answers you need. A lot of covering patients on call is playing defense whereas the primary team generally plays offense. But that doesn’t mean you can play defense in isolation. The last thing you want is for the primary team to feel surprised by your choices.
* Here’s two ways for the above example to go when turning the patients you were covering back over the next day or whatever: 1. You: “For patient so-and-so, you said you were worried about x or y. Y happened.” Them: “What did you do?”. You: “Z”. Them: “Shit, my attending’s not gonna like that”. 2. You “Y happened so I did A like you said, it went fine and here’s the current status”. Them: “Great, thanks” * See the difference?
Along the lines of taking responsibility for those patients, that means that if you couldn’t get the information you needed at signout then you have to go and see those patients and get the information you need yourself.
You’ll hear this idea said a bunch of different ways like “trust but verify”, “trust no one” and your comfort level will change over the year as you become more confident and comfortable. But always error on the side of going to see the patient and getting your own information at the start.
3. If you will be miserable without something when you’re in the hospital, bring it with you. You won’t reliably be able to find it at the hospital every time you need it.
Need coffee otherwise you turn into a demon? Bring it with you. You never know when you’ll get caught doing something and won’t be able to run to the cafeteria for your fix.
On call overnight and know you need food so you don’t go insane? Bring it with you. Here’s a hospital food rule: never rely on the hospital's ability to feed you. The hospital will let you down sooner or later, I guarantee it.
Know you always get cold on call? The day you forget your jacket/sweatshirt is the day you won’t be able to find a spare blanket in the hospital to save your life. Put a backup in your locker (if your hospital respects you enough to give you one).
Miscellaneous productivity, professionalism and lifestyle tips
1. Aim to “touch” everything only once
Example: your physical mail. You know, the stuff made of dead trees that accumulates in that box you check every once in a while. For every piece of mail you get, you should either trash it, file it, or act on it. Don’t touch it until you’re ready to do one of those things.
Example: your email. Either delete it, archive it, reply to it or do the thing it’s telling you to do right away. Don’t fall into the trap of using your inbox as a to-do list -- that’s a recipe to get burned. Use a task manager for your to-do list and aim to keep your inbox at zero. Realize that email’s true power is communication and use it as a communication tool and nothing else.
I’ll use the example of going to a wedding again as something to “touch once”. Aim to accomplish all the tasks at once or at least create tasks and reminders to complete those tasks all in one go. Respond to the RSVP, create the calendar invite with all the information from the invitation, share the calendar event with your date, book your travel, book your hotel, book your rental car, buy your gift from the registry and set a reminder to get your suit/dress cleaned a few weeks ahead, etc.
2. Lean to use your calendar as a tool
Professionals in the “real world” tend to live and die by their calendars. Some people, especially many senior people in medicine, don’t manage their own calendars. But you manage yours. With it you can:
Make sure all events—even small ones like dates or errands you want to run—have locations so all you have to do is click the location for directions
Send invites to friends / family / coworkers for anything you talk about doing that has the relevant info
Make reminders for yourself to prepare for upcoming events, i.e.., don’t count on seeing your parents’/spouses’/whomever’s birthday “coming up” to remind you to get a gift or send a card. Create an event two weeks before their birthday that says “Buy Mom a birthday card”, set it to repeat yearly and buy a card when it comes up, send it a few days later and don’t worry that it won’t get there in time.
3. Learn to use email well
Ever get an email from someone and feel their tone was terse, condescending or rude? Don’t be that person. Error on the side being polite and professional and writing in complete sentences without textspeak. It’s not hard — you type fast, even with your thumbs, I’m sure of it.
Learn to communicate effectively. Keep it short but not terse. State why you’re writing to someone, be clear if you’re asking a question, and think about it this way: “How am I making it as easy as possible for this person to understand why I’m emailing them and do what I’m asking them to do?
Don’t use a canned salutation like “Best, NAME” or even worse: “Best, INITIALS”. Use your salutation to continue to communicate your message and remember that politeness and professionalism extend through your signature.
I don’t know why “Best,” is so common in medicine but it’s meaningless, unthoughtful, inherently passive aggressive and I seriously read it as if the person writing it were signing off by saying “Go f*ck yourself,”. Same thing for “Regards,” and its ilk, any abbreviation like “vr,” or any form of cutesy quote.
Write your salutation fresh each time. Did you ask someone for something? Say “Thank you for your help”. Are you writing someone senior to you and want to sound somewhat formal? “Sincerely,” never goes out of style. Are you sharing information and essentially writing a memo? Use “Please let me know if you have any questions”. Your salutation is communication, treat it that way.
Sign with your name, not your initials. Signing with initials is a common way senior people will try to remind you they’re senior to you. If you do it, it’s like you’re trying to prove you’re a Cool Guy Big Shot too. It never comes across well -- even for those senior people. Initials are terse. Lowercase initials are even terser. Although they may look different at first glance, all initial signatures functionally come across as ‘FU’. Write your name.
If it’s a few rounds back and forth of email, it’s normal drop salutations and signatures and treat email more like texting. Keep using complete sentences without textspeak, though. I promise you’ll come across better that way.
Use the ‘signature’ feature of your email client to share your professional details and contact information
Your institution (not department) will hopefully have a format for this that’s standardized and includes minimal or no graphics. If it doesn't, then I feel sorry for all the inevitable IT headaches you will eventually endure at your institution since they clearly underfund and undervalue contemporary IT and professional services. It’s the wild west out there so find some good examples of clean, professional signature formats and make one for yourself.
Note: this signature lives below your salutation and sign off. It’s essentially the letterhead for your email that lets your recipient fill in the details you may not otherwise provide like your department, mailing address or fax number. It’s not a replacement for signing off of your communication professionally.
Never use bold, italics, underlines or different font sizes in your emails. They only make emails harder to read and jumble your message.
If you want to highlight something, put it in a numbered or bulleted list.
If you can’t communicate what you want with 2-3 bulleted points, then email is not the right medium to use. Do you like reading long emails? Of course you don’t. Write a memo, attach it as a PDF or shared doc and use the email to tell your recipients to review the attachment.
You will eventually, in some way or another, ask someone to introduce you to one of their contacts and or refer you for something. Learn how to write a good forwardable email that utilizes the double opt-in concept and how to make it easy on the person doing you the favor. Read more here, here and here.
While you’re at it, understand the power of using CC and BCC to communicate effectively.
Aim to answer all emails written directly to you within 24 hours.
If you can’t respond fully right away, respond briefly saying you got the note and that you’ll work on it and get back to them. Set a reminder or create a task to do or review the thing and get back to them once you’ve done it.
Do you hate being left on read in text? You do it in email every time you don’t respond to someone in a timely fashion. It’s better to share a quick, “I got it and I’m working on it message” then not replying until days or weeks later.
4. Don’t let someone else’s negative energy and/or anxiety transfer to you
You will frequently experience things like this in the hospital:
A co-resident disagrees with a management decision made at rounds and mentions that so-and-so is an idiot. So-and-so probably isn’t an idiot. Your co-resident probably isn’t an idiot either. Form your own opinions from your own experiences.
A nurse pages you with a tone that says “THIS IS REALLY BAD”. It might be, go and see. And on your way, stay calm and go over the steps in your head of what you’d do if it is, in fact, REALLY BAD. But don’t freak yourself out before you even get to the room. You won’t be able to make decisions with a clear head if you’re already worked up.
You’re a surgery intern and all your patients are normally on the med-surg floor. Every once in a while, one goes somewhere like heme-onc if the med-surg floor is full. Someone on your team says something like “great, now they’re going to screw up our patient”. Recognize that that floor isn’t full of terrible nurses and may just have less experiences with lines and drains and that the best thing you can do is go down there, talk to the nurse and say “here’s what we want to be called about” and “this thing may look bad but it usually isn’t and we don’t need to be called, here’s why”, and so on. Doing things like this will mean you get fewer calls. Fewer calls are good.
Your attending is having a bad day and you’re not enjoying your interactions with them. Don’t let that make you have a bad day too. Medicine is hard enough as it is, stick to your own bad days instead adopting other people’s. Then pull up your friend list, text a buddy and feel better.
5. Don’t neglect your physical health. Trying to eat well and stay active are even more important when you’re insanely busy.
The #1 thing you can do to help your waistline is cook your own food and pack your own meals. It doesn’t matter what you cook or how good of a cook you are, as long as you’re aiming to pack meals that an adult would eat, it will be healthier than takeout and cafeteria food. It’s better for portion control, you control all the ingredients and you get a sense of satisfaction for being on the ball. It’s better in every way. I know it’s not realistic to always prep and pack your own food on the busiest of services but you should try to hit at least a percentage like 25% or 50% of your meals. There are no lost causes in your own health. It will be hard to exercise and work out. You should still try to do it anyway. You will go long stretches without exercising at times. Don’t beat yourself up about it. Every day is a chance to do the thing you want to do so get back out there.
6. If your social profiles are private, consider doing some housekeeping and making them public.
Instead of thinking about them as a liability to be that needs to be hidden, think about them as a narrative you can control. Nothing is private on the internet. Even your private profile. You never know who knows someone you know or what may get screenshotted and shared down the line. It’s natural to run a web search on anyone you’re meeting for a date, interviewing with for a job, or researching in general. When you search your own name, what comes up? What do you think when you’re searching for someone and they have a private page? Do you ever click on a few links to see professional stuff from LinkedIn, and then some social pages to see what else you learn? So does everyone else. Use your social pages to put forward a version of you that shows who you are, shows some interests true to yourself, makes you seem like a totally normal and reliable person (which is exactly what any potential date, partner, fellowship director or hiring manager is asking themselves about you) and doesn’t share enough information to let a patient show up at your door. Medicine lags behind other industries with people still commonly hiding behind private pages. In the tech world, it’s more strange to not have a public page. A private page says more about you that you might want to hide red flags whereas a public page says “go ahead and look, you won’t find any red flags”. One is much more powerful than the other.
Closing and something to read
When you view your professional life, it’s natural to view your professional relationships as being a binary one between patient and physician. That’s certainly essential and certainly important, but as a professional you now have relationships to consider with so many more types of people: co-residents, faculty in your department, faculty in other departments, administrators, support staff, medical students, and so on. Just as you had to learn how to work with patients, you will have to learn to work with all of the other people in your professional life. Truly effective professionals will treat all interactions importantly and give thought and consideration to each one. All these interactions and relationships will all affect your day-to-day experience, your well-being and, ultimately, your professional experience. You will find yourself being not just responsible for your patients, but also for yourself, your career and your relationships. It takes effort to succeed in all of those areas. And even with effort, sometimes you’ll be winning in an area and losing in others. And in a few months it will be different -- that’s just life. I want you to consider looking outside of books and resources written specifically for physicians when you’re trying to tackle these issues inside the hospital and out. Medicine is a much-smaller-than-you-realize bubble with a long history of personality-driven examples of “that’s just the way we do it” or “that’s how we’ve always done it”. There are good books about medicine out there, to be sure, but you’ll benefit more professionally by learning from the wide world outside of hospitals since there are quite simply many more successful and accomplished people who’ve written great resources for all aspects of professional life that medicine tends to ignore. I’d recommend you start with this book: Andy Grove’s High Output Management (a review by another Valley titan here). Andy escaped communist Hungary, taught himself English and rose to be CEO of Intel and went on to be a sage of Silicon Valley before he passed. This book is a how-to guide for how to be an effective professional in an organization (hint: you're now a professional in an organization) and if you’ve enjoyed this post at all, you’ll love this book. You may think that this book applies to ‘managers’ and ‘business’ and not medicine but you couldn’t be more wrong. Although it was probably written around the time you were born, nearly everything in this book is a lesson that directly applies to your professional life in medicine and when you start seeing it, you’ll feel like you’re in The Matrix. Congratulations! You've worked hard to get here. Be proud of yourself, your degree, your long white coat and be the best doctor you can be.
Testing the Tide | Monthly FIRE Portfolio Update - June 2020
We would rather be ruined than changed. -W H Auden, The Age of Anxiety This is my forty-third portfolio update. I complete this update monthly to check my progress against my goal. Portfolio goal My objective is to reach a portfolio of $2 180 000 by 1 July 2021. This would produce a real annual income of about $87 000 (in 2020 dollars). This portfolio objective is based on an expected average real return of 3.99 per cent, or a nominal return of 6.49 per cent. Portfolio summary Vanguard Lifestrategy High Growth Fund – $726 306 Vanguard Lifestrategy Growth Fund – $42 118 Vanguard Lifestrategy Balanced Fund – $78 730 Vanguard Diversified Bonds Fund – $111 691 Vanguard Australian Shares ETF (VAS) – $201 745 Vanguard International Shares ETF (VGS) – $39 357 Betashares Australia 200 ETF (A200) – $231 269 Telstra shares (TLS) – $1 668 Insurance Australia Group shares (IAG) – $7 310 NIB Holdings shares (NHF) – $5 532 Gold ETF (GOLD.ASX) – $117 757 Secured physical gold – $18 913 Ratesetter (P2P lending) – $10 479 Bitcoin – $148 990 Raiz app (Aggressive portfolio) – $16 841 Spaceship Voyager app (Index portfolio) – $2 553 BrickX (P2P rental real estate) – $4 484 Total portfolio value: $1 765 743 (+$8 485 or 0.5%) Asset allocation Australian shares – 42.2% (2.8% under) Global shares – 22.0% Emerging markets shares – 2.3% International small companies – 3.0% Total international shares – 27.3% (2.7% under) Total shares – 69.5% (5.5% under) Total property securities – 0.3% (0.3% over) Australian bonds – 4.7% International bonds – 9.4% Total bonds – 14.0% (1.0% under) Gold – 7.7% Bitcoin – 8.4% Gold and alternatives – 16.2% (6.2% over) Presented visually, below is a high-level view of the current asset allocation of the portfolio. [Chart] Comments The overall portfolio increased slightly over the month. This has continued to move the portfolio beyond the lows seen in late March. The modest portfolio growth of $8 000, or 0.5 per cent, maintains its value at around that achieved at the beginning of the year. [Chart] The limited growth this month largely reflects an increase in the value of my current equity holdings, in VAS and A200 and the Vanguard retail funds. This has outweighed a small decline in the value of Bitcoin and global shares. The value of the bond holdings also increased modestly, pushing them to their highest value since around early 2017. [Chart] There still appears to be an air of unreality around recent asset price increases and the broader economic context. Britain's Bank of England has on some indicators shown that the aftermath of the pandemic and lockdown represent the most challenging financial crisis in around 300 years. What is clear is that investor perceptions and fear around the coronavirus pandemic are a substantial ongoing force driving volatility in equity markets (pdf). A somewhat optimistic view is provided here that the recovery could look more like the recovery from a natural disaster, rather than a traditional recession. Yet there are few certainties on offer. Negative oil prices, and effective offers by US equity investors to bail out Hertz creditors at no cost appear to be signs of a financial system under significant strains. As this Reserve Bank article highlights, while some Australian households are well-placed to weather the storm ahead, the timing and severity of what lays ahead is an important unknown that will itself feed into changes in household wealth from here. Investments this month have been exclusively in the Australian shares exchange-traded fund (VAS) using Selfwealth.* This has been to bring my actual asset allocation more closely in line with the target split between Australian and global shares. A moving azimuth: falling spending continues Monthly expenses on the credit card have continued their downward trajectory across the past month. [Chart] The rolling average of monthly credit card spending is now at its lowest point over the period of the journey. This is despite the end of lockdown, and a slow resumption of some more normal aspects of spending. This has continued the brief period since April of the achievement of a notional and contingent kind of financial independence. The below chart illustrates this temporary state, setting out the degree to which portfolio distributions cover estimated total expenses, measured month to month. [Chart] There are two sources of volatility underlying its movement. The first is the level of expenses, which can vary, and the second is the fact that it is based on financial year distributions, which are themselves volatile. Importantly, the distributions over the last twelve months of this chart is only an estimate - and hence the next few weeks will affect the precision of this analysis across its last 12 observations. Estimating 2019-20 financial year portfolio distributions Since the beginning of the journey, this time of year usually has sense of waiting for events to unfold - in particular, finding out the level of half-year distributions to June. These represent the bulk of distributions, usually averaging 60-65 per cent of total distributions received. They are an important and tangible signpost of progress on the financial independence journey. This is no simple task, as distributions have varied in size considerably. A part of this variation has been the important role of sometimes large and lumpy capital distributions - which have made up between 30 to 48 per cent of total distributions in recent years, and an average of around 15 per cent across the last two decades. I have experimented with many different approaches, most of which have relied on averaging over multi-year periods to even out the 'peaks and troughs' of how market movements may have affected distributions. The main approaches have been:
An 'adjusted income' approach - stripping out the capital gains components of Vanguard funds to reach an estimate of underlying income generation, both across the entire investment period, and during the sharpest low of the Global Financial Crisis
A long-term asset class approach - relying on long-term historical data on averages of the income produced by various asset classes
A 'tax method' approach - this derives an income estimate as a percentage of the portfolio by drawing on taxable investment income totals from tax return records
Simple historical rolling average - this is a rolling three-year measure, based on the actual distributions record of the portfolio
Average distribution rate approach - this method uses a long-term average of annual distributions received as a percentage of the total portfolio since 1999
Each of these have their particular simplifications, advantages and drawbacks. Developing new navigation tools Over the past month I have also developed more fully an alternate 'model' for estimating returns. This simply derives a median value across a set of historical 'cents per unit' distribution data for June and December payouts for the Vanguard funds and exchange traded funds. These make up over 96 per cent of income producing portfolio assets. In other words, this model essentially assumes that each Vanguard fund and ETF owned pays out the 'average' level of distributions this half-year, with the average being based on distribution records that typically go back between 5 to 10 years. Mapping the distribution estimates The chart below sets out the estimate produced by each approach for the June distributions that are to come. [Chart] Some observations on these findings can be made. The lowest estimate is the 'adjusted GFC income' observation, which essentially assumes that the income for this period is as low as experienced by the equity and bond portfolio during the Global Financial Crisis. Just due to timing differences of the period observed, this seems to be a 'worst case' lower bound estimate, which I do not currently place significant weight on. Similarly, at the highest end, the 'average distribution rate' approach simply assumes June distributions deliver a distribution equal to the median that the entire portfolio has delivered since 1999. With higher interest rates, and larger fixed income holdings across much of that time, this seems an objectively unlikely outcome. Similarly, the delivery of exactly the income suggested by long-term averages measured across decades and even centuries would be a matter of chance, rather than the basis for rational expectations. Central estimates of the line of position This leaves the estimates towards the centre of the chart - estimates of between around $28 000 to $43 000 as representing the more likely range. I attach less weight to the historical three-year average due to the high contribution of distributed capital gains over that period of growth, where at least across equities some capital losses are likely to be in greater presence. My preferred central estimate is the model estimate (green) , as it is based in historical data directly from the investment vehicles rather than my own evolving portfolio. The data it is based on in some cases goes back to the Global Financial Crisis. This estimate is also quite close to the raw average of all the alternative approaches (red). It sits a little above the 'adjusted income' measure. None of these estimates, it should be noted, contain any explicit adjustment for the earnings and dividend reductions or delays arising from COVID-19. They may, therefore represent a modest over-estimate for likely June distributions, to the extent that these effects are more negative than those experienced on average across the period of the underlying data. These are difficult to estimate, but dividend reductions could easily be in the order of 20-30 per cent, plausibly lowering distributions to the $23 000 to $27 000 range. The recently announced forecast dividend for the Vanguard Australian Shares ETF (VAS) is, for example, the lowest in four years. As seen from chart above, there is a wide band of estimates, which grow wider still should capital gains be unexpectedly distributed from the Vanguard retail funds. These have represented a source of considerable volatility. Given this, it may seem fruitless to seek to estimate these forthcoming distributions, compared to just waiting for them to arrive. Yet this exercise helps by setting out reasoning and positions, before hindsight bias urgently arrives to inform me that I knew the right answer all along. It also potentially helps clearly 'reject' some models over time, if the predictions they make prove to be systematically incorrect. Progress Progress against the objective, and the additional measures I have reached is set out below. Measure Portfolio All Assets Portfolio objective – $2 180 000 (or $87 000 pa) 81.0% 109.4% Credit card purchases – $71 000 pa 98.8% 133.5% Total expenses – $89 000 pa 79.2% 106.9% Summary The current coronavirus conditions are affecting all aspects of the journey to financial independence - changing spending habits, leading to volatility in equity markets and sequencing risks, and perhaps dramatically altering the expected pattern of portfolio distributions. Although history can provide some guidance, there is simply no definitive way to know whether any or all of these changes will be fundamental and permanent alterations, or simply data points on a post-natural disaster path to a different post-pandemic set of conditions. There is the temptation to fit past crises imperfectly into the modern picture, as this Of Dollars and Data post illustrates well. Taking a longer 100 year view, this piece 'The Allegory of the Hawk and Serpent' is a reminder that our entire set of received truths about constructing a portfolio to survive for the long-term can be a product of a sample size of one - actual past history - and subject to recency bias. This month has felt like one of quiet routines, muted events compared to the past few months, and waiting to understand more fully the shape of the new. Nonetheless, with each new investment, or week of lower expenditure than implied in my FI target, the nature of the journey is incrementally changing - beneath the surface. Small milestones are being passed - such as over 40 per cent of my equity holdings being outside of the the Vanguard retail funds. Or these these retail funds - which once formed over 95 per cent of the portfolio - now making up less than half. With a significant part of the financial independence journey being about repeated small actions producing outsized results with time, the issue of maintaining good routines while exploring beneficial changes is real. Adding to the complexity is that embarking on the financial journey itself is likely to change who one is. This idea, of the difficulty or impossibility of knowing the preferences of a future self, is explored in a fascinating way in this Econtalk podcast episode with a philosophical thought experiment about vampires. It poses the question: perhaps we can never know ourselves at the destination? And yet, who would rationally choose ruin over any change? The post, links and full charts can be seen here.
It has been shared on multiple subreddits so I have no idea where to even post this. But I'd like to come up with a follow-up thread with some more information. The internet is the most powerful tool that mankind has ever invented. You have the ability to reach thousands, millions and even billions of people with just a computer and some internet access.
If you're on this subreddit, chances are you're already playing Tibia and you already have a computer and internet access. It doesn't need to be the best internet, but as long as websites will load (eventually) you are good to go.
In this topic I will go more in-depth on web development and software engineering. If you have a very slow internet connection, you may want to look into web development instead of software development. An application/software is much heavier (larger file size) than a website. And most developer jobs require that you send and download files, back and forth, between you and your company's server. So if you feel like your internet is too slow to send a lot of files - do not worry! There are plenty of jobs.
First, I will go through some more details on how to learn web development and software development. After that, I will list a few other kinds of jobs that you can do remotely. These types of jobs can be done from anywhere in the world as long as you have internet access.
Part 1: Some languages you should learn
What is web development? Well, it can be a lot of things. You perhaps make websites for shops/restaurants/hair dressers/dentists, or you work for a big company and work on their web application, like Outlook, Discord or Spotify (which can all be accessed via a browser: their web app). You can also work with design and user experience, instead of programming. Being a web developer can mean so many different things, it's impossible to name them all. But most web developers are just developers: they program. They make websites, and they either sell the websites to companies (as a consultant) or you work full/part-time for a company.
I can not provide in-depth information about every single thing, but I can give you some pointers. The very basics any web developer should know is this:
HTML (HyperText Markup Language) - it's what almost all websites use as a foundation. This is not a programming language, but it is a markup language. If you want to build websites, you pretty much have to know this language. Don't worry though, it is easy. Not so much to learn. You can learn all about it in a few weeks.
CSS (Cascading Style Sheets) - it's what will add colors and shapes to your website. If you want to focus more on design (also known as front end development) then this is where you want to gain a lot of knowledge.
Python - A very simple language to learn. This language is very often the first programming language that developers start using. You can use it for a lot of things. This language is used in the back of a lot of websites. Google has been using Python for years and still is. It's great for web scraping and making web requests. If you want a language to practice your algorithms, then this language is awesome.
PHP - This used to be a very popular language, but not so much these days. However, it is very good to know how this works because it's very simple to learn and also very functional in some cases. If you want to transmit or withdraw information from a database to your website, then this (in combination with SQL) is a great way to do so. Whenever you make a login system or a contact form, the data must be sent somehow to a recipient or a database. PHP will help you do that. It is a server-side language, which means it will run in the back of the website.
SQL - To be able to communicate with databases (for example: save data, update data, or insert data) you can use different languages for that. But SQL is probably the most widely used language for this. It is basically just a bunch of commands that you tell your website or app to do. If you have a web shop for example, you will need a database to store all your product information in. You can for example use MySQL as your database and then use the SQL language to extract data from your database and publish it as a list of products on your website.
Java - This is pretty much 90% identical to C# as I wrote above. Widely used, relatively easy to learn the basics and there's plenty of jobs. If you like making android apps, this language is for you.
Part 2: Technologies and useful tools
To become a web developer you will need a few tools. You need a text editor, a FTP client, a SSH client and some other things. Also a good browser.
Text editor: Visual Studio Code, Atom, Sublime Text, Brackets - There are many different text editors but at the moment, I highly recommend Visual Studio Code. It has so many built-in features it's honestly the only thing you may need.Don't forget to install Notepad++ as well - this very basic editor is so handy when you just quickly need to edit some files.
File archiving: WinRar, 7-Zip - You need some way of archiving projects and send it to your customer or employer. These are basic tools anyone should use. I personally use Winrar.
FTP (File Transfer Protocol): FileZilla - This tool will allow you to connect to your website's file manager and upload your files to it. There are many tools for connecting to an FTP server but this is the most popular one, it's simple and it works great.
VPS (Virtual Private Server): Amazon Web Services, Google Cloud - If you want to practice building web applications or want to host your own website as a fun project, it's great to use a VPS for that. Both Amazon and Google offers 365 days of free VPS usage. All you need is a credit card. However, they will not charge you, as long as you stay below the free tier limit. A VPS is basically a remote computer that you can connect to. I highly recommend that, if you have a slow internet connection. Those VPS-servers (by Amazon and Google) usually have 500mbit/s internet speed, which is faster than most countries in the world. You simply connect to them via Remote Desktop, or by SSH. Depending on what type of server you are using (Windows or Linux).
SSH (Secure Shell): Solar-PuTTY, PuTTY - If you for example have a web server where you store applications and files, a great way to connect to it is by using SSH. PuTTY is pretty much the standard when it comes to SSH clients. But I really love the version created by SolarWinds. When you download that one, do not enter your personal details. Their sales people will call you and haunt you! Haha.
File Searching: Agent Ransack - When you have many files and try to locate a specific document or file, you may want to use something like Agent Ransack. Much faster than the traditional search feature in Windows and it is much more accurate.
IDE / Code Editor: Visual Studio - Great tool to use when you want to create applications in C# for example. Do not confuse this with Visual Studio Code. These are two very different tools. This tool (Visual Studio) is more designed for Windows applications. Not just websites. I only recommend getting it if you plan to make programs for Windows.
Web host & domain: NameCheap, Epik, SiteGround - If you develop websites on your own, or maybe want to create a portfolio website, you will need a domain name and web hosting. I have personally used all of these 3 and they are very cheap. NameCheap has some of the cheapest domains and great web hosting for a low price. Their support is also great. Same with SiteGround. And if you want to buy a domain anonymously (with Bitcoin for example), then you can use Epik. Low prices and great customer service on all these 3 websites.
Web Browser: Mozilla Firefox, Microsoft Edge Insider, Google Chrome - You need one of the latest web browsers to create websites these days. Since I prefer privacy over functionality, I've always loved Firefox. But recently, Microsoft has been improving its new version of Edge a lot (based on Chromium) and it's also very popular. If you want all your personal details to be saved and have good tools for web development, then use Google Chrome. Don't forget to utilize the built-in developer tools. You can access it in any of these browsers by pressing F12.
Other things you may want to look into:
Web services, SSL certificates, Search Engine Optimization, Databases, API, Algorithms, Data Structures
If you want to learn in-depth about algorithms, data structures and more. Then you can take a look at the curriculum of the top-tier universities of USA. Such as: UC Berkeley, Harvard and MIT. These courses are very hard and are specifically for people who want to become experts in software engineering. You can enroll some of them for free, like the one on Harvard. And by having a such diploma (which costs $90 extra) can get you a lot of job opportunities. You can enroll those courses if you want, but it can have a fee. But just take a look at what they are studying and try do their exercises, that is 100% free. Get the knowledge. It's mostly on video too! These course below are the very same courses that many of the engineers at Facebook, Google, Amazon, Apple, Netflix, Uber, AirBnb, Twitter, LinkedIn, Microsoft, etc. has taken. It's what majority of people in Silicon Valley studied. And it's among the best classes that you can take. These course are held by some of the world's best professors in IT.
Two Roads Diverge | Monthly FIRE Portfolio Update - May 2020
Two roads diverged in a yellow wood, And sorry I could not travel both And be one traveler, long I stood And looked down one as far as I could To where it bent in the undergrowth Robert Frost, The Road Not Taken This is my forty-second portfolio update. I complete this update monthly to check my progress against my goal. Portfolio goal My objective is to reach a portfolio of $2 180 000 by 1 July 2021. This would produce a real annual income of about $87 000 (in 2020 dollars). This portfolio objective is based on an expected average real return of 3.99 per cent, or a nominal return of 6.49 per cent. Portfolio summary Vanguard Lifestrategy High Growth Fund – $727 917 Vanguard Lifestrategy Growth Fund – $42 128 Vanguard Lifestrategy Balanced Fund – $78 569 Vanguard Diversified Bonds Fund – $110 009 Vanguard Australian Shares ETF (VAS) – $187 003 Vanguard International Shares ETF (VGS) – $39 987 Betashares Australia 200 ETF (A200) – $225 540 Telstra shares (TLS) – $1 726 Insurance Australia Group shares (IAG) – $7 741 NIB Holdings shares (NHF) – $5 652 Gold ETF (GOLD.ASX) – $117 714 Secured physical gold – $18 982 Ratesetter (P2P lending) – $11 395 Bitcoin – $159 470 Raiz app (Aggressive portfolio) – $16 357 Spaceship Voyager app (Index portfolio) – $2 492 BrickX (P2P rental real estate) – $4 477 Total portfolio value: $1 757 159 (+$62 325 or 3.7%) Asset allocation Australian shares – 41.4% (3.6% under) Global shares – 22.2% Emerging markets shares – 2.3% International small companies – 3.0% Total international shares – 27.4% (2.6% under) Total shares – 68.8% (6.2% under) Total property securities – 0.3% (0.3% over) Australian bonds – 4.4% International bonds – 9.7% Total bonds – 14.1% (0.9% under) Gold – 7.8% Bitcoin – 9.1% Gold and alternatives – 16.9% (6.9% over) Presented visually, below is a high-level view of the current asset allocation of the portfolio. [Chart] Comments This month featured a further recovery in the overall portfolio, continuing to effectively reduce the size of the large losses across the first quarter. The portfolio has increased by around $62 000, leading to a portfolio growth of 3.7 per cent. This means that around half of the large recent falls have been made up, and the portfolio sits around levels last reached in October of last year. [Chart] Leading the portfolio growth has been increases in Australian shares - particularly those held through the Betashares A200 and Vanguard VAS exchange traded funds, with both gaining over four per cent. Most other holdings remained steady, or fell slightly. Markets appear to be almost entirely disconnected from the daily announcements of the sharp effects of the global coronavirus pandemic and the resulting restrictions. Bond and equity markets seem to have different and competing expectations for the future, and equity markets - at best - are apparently intent on looking through the immediate recovery phase to a new period of strong expansion. [Chart] On some metrics, both major global and Australian equity markets can be viewed as quite expensive, especially as reduced dividends announced have largely yet to be delivered. Yet if historically low bond yields are considered, it can be argued that some heightening compared to historical equity market valuations may be sustainable. Reflecting this moment of markets holding their breath before one of two possible futures plays out, gold and Bitcoin remain elevated, and consequently above their target weightings. Perhaps the same contending forces are in evidence in a recent Australian Securities and Investment Commission study (pdf) which has found that average Australian retail investors have reacted to uncertainty by activating old brokerage accounts, trading more frequently, and holding securities for shorter periods. My own market activity has been limited to purchases of Vanguard Australian shares ETF (VAS) and the international share ETF (VGS), to bring the portfolio closer to its target allocations. Will Australia continue to be lucky through global slow downs? Despite this burst of market activity in the retail market, it is unclear how Australian markets and equities will perform against the background of a global economic slowdown. A frequently heard argument is that a small open trade exposed commodities provider such as Australia, with a more narrowly-based economy, may perform poorly in a phase of heightened risk. This recent Bank of England paper (pdf) makes the intriguing suggestion that this argument is not borne out by the historical record. In fact, the paper finds that industrial production in Australia, China and a mere handful of other economies has tended to increase following global risk shocks. A question remaining, however, is whether the recovery from this 'risk shock' may have different characteristics and impacts than similar past events. One key question may be the exact form of government fiscal and monetary responses adopted. Another is whether inflation or deflation is the likely pathway - an unknown which itself may rely on whether long-term trends in the velocity of money supply continue, or are broken. Facing all uncertainties, attention should be on tail risks - and minimising the odds of extreme negative scenarios. The case for this is laid out in this moving reflection by Morgan Housel. For this reason, I am satisfied that my Ratesetter Peer-to-Peer loans have been gradually maturing, reducing some 'tail risk' credit exposures in what could be a testing phase for borrowers through new non-bank lending channels in Australia. With accrued interest of over $13 000, at rates of around 9 per cent on average, over the five years of the investment, the loans have performed relatively well. A temporary sheltering port - spending continues to decline This month spending has continued to fall even as lockdown and other restrictions have slowly begun to ease. These extraordinary events have pushed even the smoothed average of three year expenditure down. [Chart] On a monthly basis credit card spending and total expenses have hit the lowest levels in more than six years. Apparently, average savings rates are up across many economies, though obviously individual experiences and starting points can differ dramatically. Total estimated monthly expenditure has also fallen below current estimates of distributions for the first time since a period of exceptionally high distributions across financial year 2017-18. The result of this is that I am briefly and surprisingly, for this month, notionally financially independent based on assumed distributions from the FIRE portfolio alone - at least until more normal patterns of expenditure are resumed. Following the lines of drift - a longer view on progress made Yet taking a longer view - and accounting for the final portfolio goal set - gives a different perspective. This is of a journey reaching toward, but not at, an end. The chart below traces in purely nominal dollar terms the progress of the total portfolio value as a percentage of the current portfolio goal of $2.18 million over the last 13 years. It also shows three labels, with the percentage progress at the inception of detailed portfolio data in 2007, at the start of this written record in January 2017, and as at January 1 of this year. [Chart] Two trend lines are shown - one a polynomial and the other exponential function - and they are extended to include a projection of future progress out to around 18 months. The line of fit is close for the early part of the journey, but larger divergences from both trend lines are evident in the past two years as the impact of variable investment returns on a larger portfolio takes hold. There are some modest inaccuracies introduced by the nominal methodology adopted - such as somewhat discounting early progress. A 2007 dollar had greater 'real' value and significance than is assigned to it by this representation. The chart does demonstrate, however, the approximate shape and length of the early journey - with it taking around 5 years to reach 20 per cent of the target, and 10 years to reach around half way. Progress Progress against the objective, and the additional measures I have reached is set out below. Measure Portfolio All Assets Portfolio objective – $2 180 000 (or $87 000 pa) 80.6% 108.4% Credit card purchases – $71 000 pa 98.3% 132.3% Total expenses – $89 000 pa 78.8% 106.0% Summary With aspects of daily life slowly and incrementally adjusting to a 'new normal', the longer-term question for the portfolio remains around how markets and government actions interact in a recovery phase. The progress of the portfolio over the past 13 years has seemed, when viewed from afar as in chart above, predictable, and almost inevitable. Through the years it has felt anything but so smoothly linear. Rather, tides and waves have pushed and pulled, in turn stalling progress, or pushing it further ahead than hopes have dared. It is possible that what lays ahead is a simple 'return leg', or more of the same. That through simple extrapolation around 80 per cent of the challenges already lay behind. Yet that is not the set of mind that I approach the remainder of the journey with. Rather, the shortness of the distance to travel has lent an extra focus on those larger, lower probability, events that could delay the journey or push it off-course. Those 'third' risks types of tail risks which Morgan Housel points out. In one sense the portfolio allocation aims to deal - in a probabilistic way - with the multiple futures that could occur. Viewed in this way, a gold allocation (and also Bitcoin) represents a long option on an extreme state of the economic world arising - as it did in the early 1980s. The 75 per cent target allocation to equities can be viewed as a high level of assurance around a 'base case' that human ingenuity and innovation will continue to create value over the long term. The bond portfolio, similarly, can be seen as assigning a 15 per cent probability that both of these hypotheses are incorrect, and that further market falls and possible deflation are ahead. That perhaps even an experience akin to the lengthy, socially dislocating, post-bubble phase in Japan presided over by its central bank lays in store. In other interesting media consumed this month, 'Fire and Chill', the brand new podcast collaboration between Pat the Shuffler and Strong Money Australia got off to an enjoyable start, tackling 'Why Bother with FIRE' and other topics. Additionally, investment company Incrementum has just published the latest In Gold We Trust report, which gives an arrestingly different perspective on potential market and policy directions from traditional financial sources. The detailed report questions the role and effectiveness of traditionally 'risk-free' assets like government bonds in the types of futures that could emerge. On first reading, the scenarios it contains appear atypical and beyond the reasonable contemplation of many investors - until it is recalled that up to a few years ago no mainstream economics textbook would have entertained the potential for persistent negative interest rates. As the paths to different futures diverge, drawing on the wisdom of others to help look as far as possible into the bends in the undergrowth ahead becomes the safest choice. The post, links and full charts can be seen here.
The FBI has launched an investigation after hackers hijacked Twitter accounts of a number of high-profile US figures in an apparent Bitcoin scam. "The accounts appear to have been compromised in order to perpetuate cryptocurrency fraud," said the bureau, urging the public to be vigilant. Elon Musk, Bill Gates and Joe Biden were among those hit in what Twitter said was a "co-ordinated" attack. Their official accounts requested donations in the cryptocurrency. "Everyone is asking me to give back," said a tweet from the account of Mr Gates, the Microsoft founder. "You send $1,000, I send you back $2,000."
The US Senate Commerce committee has demanded Twitter brief it about Wednesday's incident by 23 July. Twitter said the hackers had targeted its employees "with access to internal systems and tools". "We know they [the hackers] used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf," the company said in a series of tweets. It added that "significant steps" had been taken to limit access to such internal systems and tools while the company's investigation continues. The tech firm has also blocked users from being able to tweet Bitcoin wallet addresses for the time being. The UK's National Cyber Security Centre said its officers had "reached out" to the tech firm. "We would urge people to treat requests for money or sensitive information on social media with extreme caution," it said in a statement. US politicians also have questions. Republican Senator Josh Hawley has written to the company asking if President Trump's account had been vulnerable. President Trump's account was not compromised, the White House said. The chair of the Senate Commerce committee has also been in contact with Twitter. "It cannot be overstated how troubling this incident is, both in its effects and in the apparent failure of Twitter's internal controls to prevent it," Senator Roger Wicker wrote to the firm. One cyber-security expert said that the breach could have been a lot worse in other circumstances. "If you were to have this kind of incident take place in the middle of a crisis, where Twitter was being used to either communicate de-escalatory language or critical information to the public, and suddenly it's putting out the wrong messages from several verified status accounts - that could be seriously destabilising," Dr Alexi Drew from King's College London told the BBC.
Twitter earlier had to take the extraordinary step of stopping many verified accounts marked with blue ticks from tweeting altogether. Password reset requests were also being denied and some other "account functions" disabled. By 20:30 EDT (00:30 GMT Thursday) users with verified account started to be able to send tweets again, but Twitter said it was still working on a fix. Dmitri Alperovitch, who co-founded cyber-security company CrowdStrike, told Reuters news agency: "This appears to be the worst hack of a major social media platform yet." On the official account of Mr Musk, the Tesla and SpaceX chief appeared to offer to double any Bitcoin payment sent to the address of his digital wallet "for the next 30 minutes". "I'm feeling generous because of Covid-19," the tweet added, along with a Bitcoin link address. The tweets were deleted just minutes after they were first posted. But as the first such tweet from Mr Musk's account was removed, another one appeared, then a third. Others targeted included:
reality TV star Kim Kardashian West
former US President Obama
media billionaire Mike Bloomberg
the ride-sharing app Uber
the iPhone-maker Apple
The campaign of Joe Biden, who is the current Democratic presidential candidate, said Twitter had "locked down the account within a few minutes of the breach and removed the related tweet".
The BBC can report from a security source that a web address - cryptoforhealth.com - to which some hacked tweets directed users was registered by a cyber-attacker using the email address [email protected]. The name "Anthony Elias" was used to register the website, but may be a pseudonym - it appears to be a play on "an alias". Cryptoforhealth is also a registered user name on Instagram, apparently set up contemporaneously to the hack. The description of the profile read "It was us", alongside a slightly smiling face emoticon. The Instagram profile also posted a message that said: "It was a charity attack. Your money will find its way to the right place." In any case, the real identities of the perpetrators are as yet unknown. Cameron Winklevoss, who was declared the world's first Bitcoin billionaire in 2017 along with his twin brother Tyler, tweeted a message on Wednesday warning people not to participate in the "scam". In the short time it was online, the link displayed in the tweets of targeted accounts received hundreds of contributions totalling more than $100,000 (£80,000), according to publicly available blockchain records. The Twitter accounts targeted have millions of followers. Last year, Twitter chief executive Jack Dorsey's account was hacked, but the company said it had fixed the flaw that left his account vulnerable. Dr Drew recently co-authored a paper warning about the potential of Twitter being used to sow disinformation. She said the latest incident highlighted the need for all major social media platforms to check their security measures, particularly in the run up to the US presidential vote in November. "Social media companies such as Twitter and, Facebook all have a duty to consider the damage and influence their platforms can have on the 2020 election, and I think some companies are taking that more seriously than others," she told the BBC. "Twitter actually has a good history of being forward-thinking and proactive in this space. But whatever the source of this attack [it seems they have] still not done enough."
Today we will briefly open the curtain on a secret that we have kept secret for more than 2.5 years. Fascinating, isn’t it? Yes, it was a difficult burden for us to keep secret the trumps that we wanted to tell about. Getting criticized, misunderstood by investors while making a very global financial infrastructure. And we can understand all those who did not understand our strategy because due to the confidentiality of the infrastructure, which will be available soon, we had to keep secret all the advantages of the TKEY platform, all the development processes, and make various strategies to calmly finish what we started.
What is this mysterious infrastructure?
When we created the first concept of Tkeycoin — we clearly understood that a system should be developed that will provide users around the world with easy and fast work with finances. Here we are not only talking about the user segment, but we are also talking about more global segments, such as the global financial system, which can be used by millions of people and corporations around the world. At the same time, we clearly understood and understand that there are many different tools in the world, and all of them are good in their way, including SWIFT or Bitcoin, they all have their advantages and scope. But, TKEY is not about Bitcoin or SWIFT. Remember our words?
To create something more than a cryptocurrency, you need time, money, knowledge, experience, and radically different views of the world. We are here to create an infrastructure for working with Finance. Based on this system, we can provide people with investment tools, rapid exchange of assets around the world, provide our users with new revenue generation mechanisms, offer the corporate segment effective use of their assets, and the public sector — improve data exchange. That’s why we developed — TkeyNet.
TkeyNet is a new branch in the world of financial technologies
First of all, TkeyNet is an infrastructure based on which you can create various microservices, applications, financial instruments, exchanges, investment products, work with smart contracts, create your assets in various branches of TkeyNet, and much more. Second of all, TkeyNet is a set of solutions focused on payment systems and operations with instant currency exchange in an international format. TkeyNet software solutions allow you to make instant money transfers to any point in the world, as well as act as a reliable storage of amounts of various denominations. TkeyNet was conceived from the beginning of 2018 — the project was kept in the strictest secrecy and its development was carried out by a separate team of developers together with foreign programmers. In 2018, the necessary funding was received to develop the entire TkeyNet system. The development period set for us was at least 2.5–3 years. Taking into account the long development period of TkeyNet, we have drawn up an internal roadmap and decided to release the intermediate Core 1.0 Protocol with subsequent release to the exchange in 2019. The plan was as follows:
Core 1.0 release — listing on the stock exchange in 2019 to attract a new audience and create liquidity for the TKEY digital asset.
Updates from Core 1.0 to Core 2.0 for a smooth transition to TkeyNet when the TKEY digital asset is already being traded on the exchange.
The transition to TkeyNet to strengthen market position and scale the project.
In simple words, the full version of Core 2.0-would allows us to switch to TkeyNet during trading, without further stopping the entire network.
The first references to TkeyNet were presented by us in 2018 on the platform’s websites and in the first editions of the “white paper”, and the first presentation took place in the period from April 18–21, 2019 at the Asian parliamentary Assembly (APA), where TKey’s management presented the TkeyNet system during closed presentations.
In 2019, we actively tested the system and held closed meetings with representatives of large businesses. The system was known only to the management of some of the major companies and trusted persons. This helped keep all the company’s plans completely secret.
Given the current situation and the almost complete completion of work on TkeyNet, as well as the upcoming listing, we made an operational decision to quickly switch to the new system. After all, the more users in the project, the more difficult it is to implement global changes, and even more so when assets are already traded on the exchange. But this is not the most important thing — these are only indirect reasons that affected the upgrade to TkeyNet. The FINTECH market is developing at a tremendous speed, with products that are already embedded in TkeyNet and its technical characteristics — we will actively stand out in the market. TkeyNet already has built-in features that make it easy to compete with other projects, also, the following products based on TkeyNet will be available this year, which will further strengthen our position in the digital market. Yes, this is a chance that should not be missed. Why not switch to TkeyNet now? Only forward! “that’s our motto. Since last week, we have been working on active and final work to fully launch TkeyNet, so it takes time to debug all the processes. We ask all users to adhere to our recommendations and wait for a little, because it’s worth the wait, and you will see for yourself when TkeyNet is launched. After the release of TkeyNet — we will tell you in detail what it can do, how it works, but most importantly, you will see how it works. TkeyNet — will is available to all users in Mainnet\* and Testnet\*.
Mainnetis a complete product, ready to use.Testnetis an alternative blockchain (test network) that is used for testing.
After the launch of TkeyNet and integration with the exchange, there will be a long-awaited listing of Tkeycoin.
Hi, everyone! 👋🏻 Today we will tell you a little bit about the PYRK ecosystem. As many of you might know, blockchain ecosystems are the groups of actors who interact with one another within the world of blockchain and with the surrounding off-chain world. You can ask why do we need that? This is why. First of all, it helps to build many technical and technological solutions. It provides an ability to build partnerships. Joining the network you’ll be able to enter the international market. And, of course, environmental development helps you to improve your business reputation and your status. 📌 PYRK is a privacy-centric cryptographic currency based on the work of Bitcoin, Dash, and Digibyte. 📌 Many modern cryptocurrencies use a single algorithm Proof-of-Work mechanism, which can lead to 51% attack avenues on currencies. Instead of trying to use algorithms which are ASIC resistant, we propose to use algorithms which have had ASIC miners for quite some time. These are: SHA256, Scrypt, and X11. Thus, there is a far less chance of any single person gaining a majority hash rate share. 📌 Moreover, PYRK uses the Multishield difficulty adjustment algorithm to prevent difficulty spike issues resulting from burst mining. MultiShield is designed to let the difficulty "fall" very fast, in order that the chain doesn't freeze. 💡 A future improvement planned for Pyrk is Simple Tokens. This is similar to the SLP (Simple Ledger Protocol) used by Bitcoin Cash. 💪🏻 As you can see, the system is growing and developing very fast. Become a part of our community! Take advantage of our inventive and growing ecosystem! Check out PYRK website to know more about the project: https://www.pyrk.org Read the Whitepaper to learn more about PYRK ecosystem: https://www.pyrk.org/Pyrk-Whitepaper.pdf https://preview.redd.it/zdxbw99zpk051.png?width=1200&format=png&auto=webp&s=6f759439a58bcf5aaaad074dc20f870ce204dd05
An Introduction to Cryptocurrencies and the Technology that Powers Them. Author: Antony Lewis; Publisher: Mango Media Inc. ISBN: 163353801X Category: Business & Economics Page: 200 View: 7971 DOWNLOAD NOW » Understand Bitcoin, blockchains, and cryptocurrency with this clear and comprehensible guide Learn the history and basics of cryptocurrency and blockchains: There’s a lot of information PDF | The Bitcoin scheme is a rare example of a large scale global payment system in which all the transactions are publicly accessible (but in an... | Find, read and cite all the research you "[Bitcoin] is a techno tour de force." - Bill Gates, Founder of Microsoft Bitcoin Internals will guide you through the inner workings of the Bitcoin system, exposing its brilliant design and all the underlying technologies that make it possible. Bitcoin is the first successful decentralized global digital cash system. Usefulness of the mining process requiring a lot of computational resources to be wasted, though, remains disputable. Undocumented Internals of the Bitcoin, Ethereum and Blockchain More information View images . Description. In the year 2017, Bitcoin touched a market capitalization of over 100 billion dollars. In the year 2014, one Bitcoin could buy about 500 dollars, just three years later one Bitcoin buys 5,000 dollars. The Initial Coin offering is
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