[2024] February & March Updates

Navigators,

Happy end of Q1 to all of you!

Let’s start this off with some exciting news: Proof-of-Private-Stake (PoPS) staking is ready to be tested.

As the new chain is currently in its beta phase, we are looking for people to try out the staking feature and give us feedback via Discord.

Step 1

Clone the the blsct-pos branch of https://github.com/navcoin/navcoin and build it using the following commands (appropriate for Ubuntu, check documentation in the repository for other OS):

git clone https://github.com/navcoin/navcoin --branch blsct-pos
sudo apt-get install build-essential libtool autotools-dev automake pkg-config bsdmainutils python3 libevent-dev libboost-dev libsqlite3-dev libminiupnpc-dev libnatpmp-dev
./autogen.sh
./configure
make -j$(nproc)

Step 2

Once the build is complete, launch an instance of the daemon:

./src/navcoind --blsctregtest --printtoconsole

Step 3

For testing purposes, we will create one wallet:

./src/navcoin-wallet -blsct -chain=blsctregtest -wallet=wallet1 create

And then load it:

./src/navcoin-cli --blsctregtest loadwallet wallet1

Step 4

As the chain is empty, you will need to generate the first blocks, and stake some balance:

./src/navcoin-cli --blsctregtest -rpcwallet=wallet1 generatetoblsctaddress 101 $(./src/navcoin-cli --blsctregtest -rpcwallet=wallet1 getnewaddress "" "blsct")
./src/navcoin-cli --blsctregtest -rpcwallet=wallet1 stakelock 1000
./src/navcoin-cli --blsctregtest -rpcwallet=wallet1 generatetoblsctaddress 1 $(./src/navcoin-cli --blsctregtest -rpcwallet=wallet1 getnewaddress "" "blsct")

Step 5

Now the staker process can be started:

./src/navcoin-staker --blsctregtest -wallet=wallet1

Welcome to the new and exciting world of Proof-of-Private-Stake. Following the aforementioned instructions you will run a local blockchain which is secured by the new protocol. You can play with it and add more nodes if you like. The implementation is in an initial stage and many things still need to be polished, we expect some bugs to show. We are looking forward to your feedback!

The specifications are a 1-minute block spacing time with a block reward equivalent to the current chain; 4 NAV per block. This and other values are subject to change through out the testing phase which starts now.

In tandem with the opening of the testing phase, we are also looking for input about our upcoming rebrand. We’ve opened up two polls to decide on a new slogan for our project and to see if there is a better alternative to the “PePoS” abbreviation. Join in and cast your vote.

Meanwhile, CR1337 ist preparing a new look for our website to match. Here’s a sneaky preview:

In privacy news, Dutch prosecutors seek a 64-month jail sentence for Tornado Cash dev Alexey Pertsev. This is 64 months too much and for someone who has done nothing illegal, and we hope that on the 14th of May the verdict will be innocent to show the world that writing code is not a crime.

The Monero blockchain fell victim to a spam attack. At the time of writing this, the attack has now stopped but the reasons behind it still remain unclear. One hypothesis is that this was an attempt to test the limits of the blockchain or prod the anonymity of the ring signatures during such an increase in transaction volume.

Bitcoin maxis are always a good example as to why closing yourself of to an echo chamber is damaging. X user @DontTraceMeBruh seems to have been banned from r/bitcoin for merely stating the fact that BTC is not fungible. Just another day in crypto.. ;)

You thought scanning your eyeball was a privacy nightmare? Well think again because the new Humanity Protocol (HP) is looking to implement a palm-based global ID. It has successfully finished its first investment round and will launch its testnet soon. No thank you.

Lastly, there has been a lot of talk about the new EU law regulating anonymous crypto self-custody.

Perhaps cryptocurrency payments are the most contentious aspect of the new AML package. Under the new laws, any crypto payments made using unidentified self-custody wallets will become illegal. This applies to any digital wallet, be it mobile, desktop, or browser-based, not operated by a licensed provider.

As this is such an important topic and a lot of misinformation has been circulating, a detailed article about this laws implication will be released on the PFS Substack very soon.

Until the next one.

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