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IRS needs congressional authority to handle crypto, says chief

“Most crypto, virtual currencies are designed to stay off the radar screen,” said Charles Rettig.

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Internal Revenue Service chief Charles Rettig called out lawmakers for not taking the initiative on addressing the problem of many U.S. residents not paying taxes on crypto.

In a Tuesday senate hearing on the IRS’ fiscal year 2022 budget, Rettig said that the agency would likely require a “clear dictate from Congress” to regulate crypto. The IRS has listed $32 million in its budget for “crypto-related enforcement operations” as well as $41 million related to cybercrime in its attempts to address the issue of non-reporting or underreporting taxpayers.

“The authority for us to collect that information is critical,” said Rettig. “The most recent market cap in that world — in the crypto world — exceeded $2 trillion and more than 8,600 exchanges worldwide, and by design most crypto, virtual currencies are designed to stay off the radar screen, so we will be challenged.”

Rettig was responding to Ohio Senator Rob Portman, who in April said he intended to introduce a bipartisan bill aimed at addressing the problem of many crypto users in the U.S. not paying taxes. The IRS chief added that “non-filer virtual currency” would be one area in which the agency would be focusing to close the tax gap in the future, and he “would appreciate the opportunity” to work with lawmakers on the issue.

Last month, officials at the Treasury Department called for crypto exchanges and custodians to report transactions greater than $10,000 to the IRS as part of a tax proposal for President Joe Biden’s American Families Plan. The agency currently has no independent verification of such transactions, potentially leading to a widening tax gap.

Rettig added at the hearing:

“We do need additional tools, and we absolutely need additional resources.”

According to data from the IRS in October 2020, 83.6% of taxes were paid “voluntarily and on time” from 2011 to 2013. However, the Treasury Department has projected that the tax gap could reach roughly $7 trillion total over the next decade should the government fail to take action.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/irs-needs-congressional-authority-to-handle-crypto-says-chief

Blockchain

Ethernity Chain Price Prediction 2021-2025: ERN Can Hit $250 by 2025

Ethernity Chain reached an ATH of $74 this year. Its price is expected to hit $250 by 2025. Find out Ethernity Chain Price Prediction 2021-2025.

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Table of Contents

Rate this post

Bitcoin, Ethereum, and Dogecoin have all reached new highs that only a few investors could have expected a year ago. Besides, excess money from stimulus packages targeted at helping the poorest people pay their rent has ended up in brokerage accounts that enable free trading. Meanwhile, as the pandemic shut down companies around the world, individuals have spent more time at home and in front of screens, finding alternative ways to earn money. 

Perhaps, stock trading restrictions imposed by brokerage firms earlier this year may have pushed some Reddit day traders to crypto. And top names and institutions embracing cryptocurrencies, the listing of cryptocurrency exchange Coinbase Global Inc. in the U.S., has been a surplus to the rally.

And this craze is beyond Bitcoin, Dogecoin, or the mainstream crypto tokens. The demand for non-fungible tokens, or NFTs, has sparked a surge in activity on Ethereum, the blockchain-based computer network that underpins the majority of NFTs. Generally, NFTs are bitcoin-like tokens that are linked to a digital work of art or other physical object and sold as a one-of-a-kind digital asset. NFTs enable the creation of digital scarcity, which has never been done before. When a commodity is in short supply, its value rises. NFTs make it easier to monetize services and experiences by providing a mechanism to tokenize them. 

And with that, cryptos associated with NFTs have boomed their way into the market. Ethernity Chain (ERN) is one such token. The token crossed the $69 mark on 27th March this year, and the price came down during the major market-wide correction last month. The token is currently trading at $9, with a market cap of $88 million. Ethernity Chain is a blockchain-based platform that allows users to take advantage of non-fungible tokens’ growing popularity. The token has increased by 12.86% in the last 24 hours, at the time of writing. 

Ethernity Chain Chart

Hence, if you’re considering investing in ERN Token, then knowing what others have to say about it can be a helpful insight. This article will provide you a quick overview of the price projection for the ERN Token in 2021 and beyond (up to 2025). The goal is to assist you in determining whether ERN Token is a viable investment.

What is the Ethernity Chain?

ERN is an ERC-20 proof-of-stake (PoS) token based on the Ethereum network, and as such, it is secured by its blockchain. Ethernity Chain was funded through a public sale on the Polkastarter platform on March 8, 2021. To increase the value of its ERN coin, the project aims to establish beneficial conditions for all active members of the community. Ethernity received a round of strategic investments from Black Edge Capital, Morningstar Ventures, Spark Digital Capital, Woodstock, and Genesis Block Ventures before launching ERN. The project’s creators describe it as a hybrid DeFi/NFT solution with authenticated NFTs. All NFTs can be bought and traded on-chain in the Ethernity Chain ecosystem. 

Users can own unique digital artifacts and artwork that are tokenized and traded on the blockchain with Ethernity Chain. The gaming, music, sports, and real estate businesses will all benefit from it. The potential for NFTs, on the other hand, is unprecedented. Moreover, authenticated non-fungible tokens (ANFTs) are used by Ethernity Chain to address the potential.

The Ethernity Chain ecosystem has deep relationships with major musicians and crypto influencers, all with the common objective of bringing NFT mainstream adoption while contributing to charity causes. Furthermore, Ethernity Chain artists can donate a portion of their NFT sales earnings to a charity of their choice.

How Does Ethernity Chain Work?

Ethernity Chain blends the usefulness of DeFi with NFTs to offer an exclusive conduit to rare, collectible content from well-known figures and renowned digital artists. Ethernity Chain creates limited edition non-fungible coins that are blockchain authenticated. The physics of Ethernity, on the other hand, are not especially complicated: 

  • First, an artist creates a piece of digital art.
  • The digital artwork is then validated on Ethernity and displayed as an icon.
  • Following that, an auction is held in which a restricted number of the artwork is purchased.
  • The non-fungible tokens are minted by the accounts that win the auction.
  • A portion of the auction revenues, as well as future purchases, are donated to organizations.
  • Since this owner of the digital artwork owns the ANFT on the blockchain, they can auction off the work themselves.

READ  NFTs and Digital Collectibles Selling for Thousands of Dollars, Celebrities Cashing in

Ethernity follows a for-profit business model to continue developing and expanding its offerings. However, its primary focus is on philanthropic causes. Users may contribute up to 90% of the funds used to purchase digital art to charity, with the remaining 10% split between marketplace/gas fees and Ethernity.

What is the ERN Token?

On March 8, 2021, Ethernity Chain’s token was released in an initial decentralized exchange offering. The IDO was held on the Polkastarter platform and sold out in minutes, raising $275,000 in total. On cryptocurrency exchanges, Ethernity Chain Token is denoted by the symbol ERN and is used to give liquidity to ERN pools, where holders can farm unique authenticated non-fungible tokens. ANFTs obtained through farming can be traded for profit or donated to charity.

ERN is also a governance token because it lets users vote on proposals that could fundamentally modify the platform in a decentralized method. The ERN token is essential to the project’s community-centric ethos and helps to preserve a degree of decentralization.

What happens to the tokens purchased with aNFTS?

  1. ERN is used to purchase aNFTS (“authenticated NFTs”).
  2. When Ethernity Chain receives ERN tokens as payment for NFTs (this includes NFT auctions, direct NFT sales, and NFT packs), 75% of the ERN tokens are locked in the Ethernity Chain Reserve smart contract for two years.
  3. They’ll periodically unlock tokens and replenish the Staking & Rewards Pool for Liquidity Providers after two years.
  4. Because the more NFTs sold, the fewer tokens are in circulation, the loop creates organic scarcity.

Users can either buy ERN directly or use their LP stakes to gain ERN, which they may then use to buy aNFTs.

Price Analysis for Ethernity Chain Token

ERN Token Price History

At the moment, Ethernity Chain is one of the most popular NFT platforms. In March, the value of its utility token, ERN, increased dramatically. It was advertised for $0.275 when it first launched on March 8, 2021, however, this amount quickly soared to $3.50 once its IDO on Polkastarter concluded. It was trading at $33 within five days, and on March 27, 2021, it hit an all-time high of close to $74. Although the price has now decreased to $9, its price trajectory in less than a month indicates that it has a lot of promise.

Factors Affecting the Price of ERN Token

Ethernity is pursuing its goal of popularising NFT-based digital art and helping good causes by forming connections with key people in the blockchain, music, and entertainment industries. Celebrities can use Ethernity Chain to promote artwork or custom card tokens while also earning funds for organizations. Ethernity Chain makes selling NFTs on the network simple for artists, brands, and influencers.

Ethernity just took a giant step toward transforming the licensing industry by teaming up with Jason Hauser, a well-known digital artist. This is consistent with Ethernity’s theme of collaborating closely with top musicians to appropriately promote them. This can have a major effect on the price of the ERN token. More high-profile Community Drops with high-profile digital artists are projected to occur as time goes on.

Price Prediction of ERN Token in 2021

You can generate a relatively accurate Ethernity Chain price prediction for 3, 6, and 12 months ahead of time using support/resistance, trendlines, moving averages, and simple indicators like the RSI. In the following few months, one can believe the price will be somewhere around $75. We believe ERN has a strong possibility of reaching $75 in 2021 based on current trends, investor attitude, and the overall direction of the cryptocurrency market, as long as the trend continues and the team continues to work on their products and relationships.

Price Prediction of ERN Token in 2022

The ERN Token will be used to back and manage the Ethernity Chain ecosystem. ERN Staking will be a part of this initiative, with stakers traveling to farm unique NFT editions in exchange for prizes. The ERN pool will be provided with liquidity by the community. Holders of ERN tokens will be able to vote in the Ethernity ecosystem governance for future proposals and progress. Therefore, with everything falling into place, and given that no bulls hit the market yet again, the price of the token is expected to reach the $166 mark. 

Price Prediction of ERN Token for the Next 5 Years

From 2023 to 2025, we expect the price of ERN to range between $250 and $450, as the team continues to develop their products and the target audience adopts them. This ERN price forecast is based on various data sets and predictive modeling, with the assumption that the present long-term trend driving the price of ERN continues to rise with no notable setbacks.

Given the foundations of the Ethernity Chain and historical price data of the ERN token, an ERN price projection of roughly $250-$450 is what our analysis reveals to be attainable in 2023-2025 based on prior pricing history, predictive modeling, and investor sentiment scraped from multiple sources online.

ERN Token Price Prediction by the Market

Ethernity Chain and the ERN token appear primed to drive the already thriving NFT market with Authenticated non-fungible tokens, according to endorsements from Ellio Trades, Olive Allen, and other prominent influencers in the NFT market (ANFTs). With a large internet following before introduction, many people anticipate that this platform will be widely used. 

Therefore, most of the predictions about this token are in favor of it. However, some well-known market analysts say otherwise. Given below are some of them. We are putting them down for you so that you can have views from all sides. 

Wallet Investor

If you’re seeking a high-returning virtual currency, ERN may be a terrible, high-risk 1-year investment alternative. The price of Ethernity Chain is 9.211 as of June 15, 2021, but your present investment may be depreciated in the future.

Gov Capital

As of June 15, 2021, the current price of ERN is $9.430, (at the time of writing) and their data shows that the asset price has been rising over the last year (or since its inception). Because Ethernity Chain has been on the rise, we believe that related market segments were quite popular throughout the period in question. Their website employs a unique Deep Learning-based algorithm that assists customers in determining whether ERN is a good portfolio addition for the future. These forecasts take into account a variety of variables such as volume changes, price changes, market cycles, and comparable currencies. According to our prediction engine, the asset’s future price will be $0 (-100%) after a year. This suggests that this asset is not suitable as a new addition to your portfolio because trading in bear markets is always more difficult, especially for inexperienced traders.

Digital Coin Price

According to the site’s forecasted data, the price of ERN will rise in the future. Based on their forecasts, ERN is a rewarding investment. In one year, the price of one ERN could rise to $17.6, nearly doubling the current Ethernity Chain price. According to their forecast, the price of ERN will not fall. 

Conclusion 

NFT, Digital Arts, and Digital Assets are the next big thing with the potential to break all records in terms of value. Everyone is joining the NFT party, and Ethernity will be a massive undertaking in the coming months. Ethernity recently auctioned off an NFT in honor of Muhammad Ali, and Tony Hawk is now auctioning off an Ollie 540. According to the report, Ethernity has already surpassed the open-sea NFT marketplace platform in terms of market valuation, which continues to increase as more investors hold or stake tokens for the long term. As a result, the value of the ERN token will continue to rise in the future, and Ethernity may become the most valuable project on the NFT project list.

The crypto market is highly unpredictable and difficult to forecast in the long term, so researching the fundamentals and progress of the Ethernity Chain is a must before deciding to invest any amount of money in the long term to hold for months or years.

#ERN Token #Ethernity Chain #Ethernity Chain Price Prediction #NFTs

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/ethernity-chain-price-prediction-2021-2025-ern-can-hit-250-by-2025

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Blockchain

Ethernity Chain Price Prediction 2021-2025: ERN Can Hit $250 by 2025

Ethernity Chain reached an ATH of $74 this year. Its price is expected to hit $250 by 2025. Find out Ethernity Chain Price Prediction 2021-2025.

Published

on

Table of Contents

Rate this post

Bitcoin, Ethereum, and Dogecoin have all reached new highs that only a few investors could have expected a year ago. Besides, excess money from stimulus packages targeted at helping the poorest people pay their rent has ended up in brokerage accounts that enable free trading. Meanwhile, as the pandemic shut down companies around the world, individuals have spent more time at home and in front of screens, finding alternative ways to earn money. 

Perhaps, stock trading restrictions imposed by brokerage firms earlier this year may have pushed some Reddit day traders to crypto. And top names and institutions embracing cryptocurrencies, the listing of cryptocurrency exchange Coinbase Global Inc. in the U.S., has been a surplus to the rally.

And this craze is beyond Bitcoin, Dogecoin, or the mainstream crypto tokens. The demand for non-fungible tokens, or NFTs, has sparked a surge in activity on Ethereum, the blockchain-based computer network that underpins the majority of NFTs. Generally, NFTs are bitcoin-like tokens that are linked to a digital work of art or other physical object and sold as a one-of-a-kind digital asset. NFTs enable the creation of digital scarcity, which has never been done before. When a commodity is in short supply, its value rises. NFTs make it easier to monetize services and experiences by providing a mechanism to tokenize them. 

And with that, cryptos associated with NFTs have boomed their way into the market. Ethernity Chain (ERN) is one such token. The token crossed the $69 mark on 27th March this year, and the price came down during the major market-wide correction last month. The token is currently trading at $9, with a market cap of $88 million. Ethernity Chain is a blockchain-based platform that allows users to take advantage of non-fungible tokens’ growing popularity. The token has increased by 12.86% in the last 24 hours, at the time of writing. 

Ethernity Chain Chart

Hence, if you’re considering investing in ERN Token, then knowing what others have to say about it can be a helpful insight. This article will provide you a quick overview of the price projection for the ERN Token in 2021 and beyond (up to 2025). The goal is to assist you in determining whether ERN Token is a viable investment.

What is the Ethernity Chain?

ERN is an ERC-20 proof-of-stake (PoS) token based on the Ethereum network, and as such, it is secured by its blockchain. Ethernity Chain was funded through a public sale on the Polkastarter platform on March 8, 2021. To increase the value of its ERN coin, the project aims to establish beneficial conditions for all active members of the community. Ethernity received a round of strategic investments from Black Edge Capital, Morningstar Ventures, Spark Digital Capital, Woodstock, and Genesis Block Ventures before launching ERN. The project’s creators describe it as a hybrid DeFi/NFT solution with authenticated NFTs. All NFTs can be bought and traded on-chain in the Ethernity Chain ecosystem. 

Users can own unique digital artifacts and artwork that are tokenized and traded on the blockchain with Ethernity Chain. The gaming, music, sports, and real estate businesses will all benefit from it. The potential for NFTs, on the other hand, is unprecedented. Moreover, authenticated non-fungible tokens (ANFTs) are used by Ethernity Chain to address the potential.

The Ethernity Chain ecosystem has deep relationships with major musicians and crypto influencers, all with the common objective of bringing NFT mainstream adoption while contributing to charity causes. Furthermore, Ethernity Chain artists can donate a portion of their NFT sales earnings to a charity of their choice.

How Does Ethernity Chain Work?

Ethernity Chain blends the usefulness of DeFi with NFTs to offer an exclusive conduit to rare, collectible content from well-known figures and renowned digital artists. Ethernity Chain creates limited edition non-fungible coins that are blockchain authenticated. The physics of Ethernity, on the other hand, are not especially complicated: 

  • First, an artist creates a piece of digital art.
  • The digital artwork is then validated on Ethernity and displayed as an icon.
  • Following that, an auction is held in which a restricted number of the artwork is purchased.
  • The non-fungible tokens are minted by the accounts that win the auction.
  • A portion of the auction revenues, as well as future purchases, are donated to organizations.
  • Since this owner of the digital artwork owns the ANFT on the blockchain, they can auction off the work themselves.

READ  Binance US CEO Says Crypto Adoption Can Make Businesses Pandemic Resilient

Ethernity follows a for-profit business model to continue developing and expanding its offerings. However, its primary focus is on philanthropic causes. Users may contribute up to 90% of the funds used to purchase digital art to charity, with the remaining 10% split between marketplace/gas fees and Ethernity.

What is the ERN Token?

On March 8, 2021, Ethernity Chain’s token was released in an initial decentralized exchange offering. The IDO was held on the Polkastarter platform and sold out in minutes, raising $275,000 in total. On cryptocurrency exchanges, Ethernity Chain Token is denoted by the symbol ERN and is used to give liquidity to ERN pools, where holders can farm unique authenticated non-fungible tokens. ANFTs obtained through farming can be traded for profit or donated to charity.

ERN is also a governance token because it lets users vote on proposals that could fundamentally modify the platform in a decentralized method. The ERN token is essential to the project’s community-centric ethos and helps to preserve a degree of decentralization.

What happens to the tokens purchased with aNFTS?

  1. ERN is used to purchase aNFTS (“authenticated NFTs”).
  2. When Ethernity Chain receives ERN tokens as payment for NFTs (this includes NFT auctions, direct NFT sales, and NFT packs), 75% of the ERN tokens are locked in the Ethernity Chain Reserve smart contract for two years.
  3. They’ll periodically unlock tokens and replenish the Staking & Rewards Pool for Liquidity Providers after two years.
  4. Because the more NFTs sold, the fewer tokens are in circulation, the loop creates organic scarcity.

Users can either buy ERN directly or use their LP stakes to gain ERN, which they may then use to buy aNFTs.

Price Analysis for Ethernity Chain Token

ERN Token Price History

At the moment, Ethernity Chain is one of the most popular NFT platforms. In March, the value of its utility token, ERN, increased dramatically. It was advertised for $0.275 when it first launched on March 8, 2021, however, this amount quickly soared to $3.50 once its IDO on Polkastarter concluded. It was trading at $33 within five days, and on March 27, 2021, it hit an all-time high of close to $74. Although the price has now decreased to $9, its price trajectory in less than a month indicates that it has a lot of promise.

Factors Affecting the Price of ERN Token

Ethernity is pursuing its goal of popularising NFT-based digital art and helping good causes by forming connections with key people in the blockchain, music, and entertainment industries. Celebrities can use Ethernity Chain to promote artwork or custom card tokens while also earning funds for organizations. Ethernity Chain makes selling NFTs on the network simple for artists, brands, and influencers.

Ethernity just took a giant step toward transforming the licensing industry by teaming up with Jason Hauser, a well-known digital artist. This is consistent with Ethernity’s theme of collaborating closely with top musicians to appropriately promote them. This can have a major effect on the price of the ERN token. More high-profile Community Drops with high-profile digital artists are projected to occur as time goes on.

Price Prediction of ERN Token in 2021

You can generate a relatively accurate Ethernity Chain price prediction for 3, 6, and 12 months ahead of time using support/resistance, trendlines, moving averages, and simple indicators like the RSI. In the following few months, one can believe the price will be somewhere around $75. We believe ERN has a strong possibility of reaching $75 in 2021 based on current trends, investor attitude, and the overall direction of the cryptocurrency market, as long as the trend continues and the team continues to work on their products and relationships.

Price Prediction of ERN Token in 2022

The ERN Token will be used to back and manage the Ethernity Chain ecosystem. ERN Staking will be a part of this initiative, with stakers traveling to farm unique NFT editions in exchange for prizes. The ERN pool will be provided with liquidity by the community. Holders of ERN tokens will be able to vote in the Ethernity ecosystem governance for future proposals and progress. Therefore, with everything falling into place, and given that no bulls hit the market yet again, the price of the token is expected to reach the $166 mark. 

Price Prediction of ERN Token for the Next 5 Years

From 2023 to 2025, we expect the price of ERN to range between $250 and $450, as the team continues to develop their products and the target audience adopts them. This ERN price forecast is based on various data sets and predictive modeling, with the assumption that the present long-term trend driving the price of ERN continues to rise with no notable setbacks.

Given the foundations of the Ethernity Chain and historical price data of the ERN token, an ERN price projection of roughly $250-$450 is what our analysis reveals to be attainable in 2023-2025 based on prior pricing history, predictive modeling, and investor sentiment scraped from multiple sources online.

ERN Token Price Prediction by the Market

Ethernity Chain and the ERN token appear primed to drive the already thriving NFT market with Authenticated non-fungible tokens, according to endorsements from Ellio Trades, Olive Allen, and other prominent influencers in the NFT market (ANFTs). With a large internet following before introduction, many people anticipate that this platform will be widely used. 

Therefore, most of the predictions about this token are in favor of it. However, some well-known market analysts say otherwise. Given below are some of them. We are putting them down for you so that you can have views from all sides. 

Wallet Investor

If you’re seeking a high-returning virtual currency, ERN may be a terrible, high-risk 1-year investment alternative. The price of Ethernity Chain is 9.211 as of June 15, 2021, but your present investment may be depreciated in the future.

Gov Capital

As of June 15, 2021, the current price of ERN is $9.430, (at the time of writing) and their data shows that the asset price has been rising over the last year (or since its inception). Because Ethernity Chain has been on the rise, we believe that related market segments were quite popular throughout the period in question. Their website employs a unique Deep Learning-based algorithm that assists customers in determining whether ERN is a good portfolio addition for the future. These forecasts take into account a variety of variables such as volume changes, price changes, market cycles, and comparable currencies. According to our prediction engine, the asset’s future price will be $0 (-100%) after a year. This suggests that this asset is not suitable as a new addition to your portfolio because trading in bear markets is always more difficult, especially for inexperienced traders.

Digital Coin Price

According to the site’s forecasted data, the price of ERN will rise in the future. Based on their forecasts, ERN is a rewarding investment. In one year, the price of one ERN could rise to $17.6, nearly doubling the current Ethernity Chain price. According to their forecast, the price of ERN will not fall. 

Conclusion 

NFT, Digital Arts, and Digital Assets are the next big thing with the potential to break all records in terms of value. Everyone is joining the NFT party, and Ethernity will be a massive undertaking in the coming months. Ethernity recently auctioned off an NFT in honor of Muhammad Ali, and Tony Hawk is now auctioning off an Ollie 540. According to the report, Ethernity has already surpassed the open-sea NFT marketplace platform in terms of market valuation, which continues to increase as more investors hold or stake tokens for the long term. As a result, the value of the ERN token will continue to rise in the future, and Ethernity may become the most valuable project on the NFT project list.

The crypto market is highly unpredictable and difficult to forecast in the long term, so researching the fundamentals and progress of the Ethernity Chain is a must before deciding to invest any amount of money in the long term to hold for months or years.

#ERN Token #Ethernity Chain #Ethernity Chain Price Prediction #NFTs

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/ethernity-chain-price-prediction-2021-2025-ern-can-hit-250-by-2025

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Blockchain

What is the Recurring Payments PoC and How Does it Work?

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@liskLisk

We empower developers with a software development kit for blockchain applications written in JavaScript.

In the Moosty team, we learn by doing. By building proof of concepts we learn about blockchain technology & the creation of network dynamics. We work together with communities (online & offline), knowledge institutes and organizations and have a strong link with the Lisk community, the LCU community & local businesses in Utrecht. Would you like to join this innovation journey with us? Let’s build a proof of concept together.

Project Introduction

Recurring Payments is a proof of concept made with the Lisk SDK. It shows a relatively simple technical solution utilizing custom transactions to build a deterministic contract between two parties (peer to peer). It allows you to set up a contract with anyone who creates an account (wallet) in the system. The accounts, the contract, all of its changes, and all the activities are stored on the blockchain, which was specifically created for this PoC.

The project has acquired a Lisk Builders grant. Hereafter we elaborate on the proof of concept. 

Use Case “Subsidy by governmental organisation”

Current situation

An organisation (A) applies for a subsidy from the government (B). This is currently paid in one amount for a period of 1 year. The receiving party must meet certain conditions during this period. If the recipient has not fulfilled the conditions at the end of the year, the grant must be fully or partially repaid.

Why should it work differently?

In the situation whereby party A has not complied with the conditions and the subsidy has to be repaid in whole or in part, you run into the problem that in most cases the entire amount has already been spent. This ensures that the subsidy provider (party B), is not assured of the amount to be recovered and that party A may run into financial problems.

How does the recurring payment work?

Party A draws up the contract with the terms of payment, including how often, when and the amount. Party B fills the safe with tokens to meet the contract conditions. Any period whereby party A is entitled to tokens from the contract, party A can execute a transaction to receive the tokens for that period.

If party B wants to terminate the contract prematurely, the preset fee must be paid to party A, and party B will receive the remaining tokens from the safe. This can be compared to the premature termination of a contract.

Future

“In the future you are able to create a contract between yourself and your neighbour who happens to be a guitar teacher. You set up a contract for 1 year, whereby you pay him an agreed amount every month. You then deposit one months payment in advance, and if either party terminates the contract, the last month will be provided to the teacher. Once established the contract is immutable and it creates a transparent readable agreement between the two parties.”

A flexible service infrastructure

Today the tool uses only a handful of custom transactions. With these six custom transactions we have the potential to build a powerful blockchain application that creates a flexible contracting solution between two parties. It gives you the possibility to create the following:

  • A monthly payout mechanism.
  • Provide a subsidy whereby the money is automatically unlocked after 3 (or more) months, unless someone terminates the contract.
  • A subscription where you pay the full amount upfront (to receive a discount).
  • A service contract where you pay 2 periods in advance.
  • Set aside pocket money for your children.
  • Schedule monthly donations up to a maximum amount.

There will be a multitude of possibilities when we extend the functionality of these transactions, or when new custom transactions are added and we incorporate 10 or maybe 20 different transactions.

For example: Create a crowdfund with a (maximum) monthly payout to the crowdfunder. 

Let us know if you have even better ideas! 

Technical details

This section contains an introduction to the technical details and provides an overview of the different frameworks used, the custom transactions created, and finally our experience from working with the Lisk SDK.

Components of the PoC

  • Back-end: Working custom transactions that can run on a blockchain.
  • An extended HTTP API connecting the back & front-end.
  • Front-end: A ReactJS front-end wallet to manage contracts (interact with the transactions).

Custom Transactions

“Transactions are an essential part of blockchain applications that are created using the Lisk SDK, as they define the set of actions that can be performed by users in the network. Each transaction belongs to a specific transaction type that is registered in the network.”  Lisk SDK Documentation.

This proof of concept uses six different custom transactions. Different transactions can interact with contract wallets as listed below:

  • Create – making the contract.
  • Review/accept – review & validate the contract.
  • Fund contract – deposit tokens in the contract.
  • Withdraw – get tokens from the contract. 
  • Terminate – Premature termination of contract. 
  • Faucet transaction – provides the wallet with tokens and username registration.

Note: transactions will work with units of minutes in this proof of concept to simulate contracts faster.

See the Open Lisk Transaction Type Registration repository for a list with all registered Lisk transaction types. Everyone can make a pull request to add new or update existing registrations, and also reuse the registered custom transactions in order to quickly set up your own blockchain app.

Contract

A contract is made with different rules that must be adhered to as shown below:

  • Unit: time unit [daily, weekly, monthly, yearly].
  • Unit price: how many tokens each unit can retrieve from the safe.
  • Prepaid units: how many units * price must be in the safe.
  • Start: when the contract starts.
  • Total units: how many units do the contract contain.
  • Termination fee: how much of a fee is paid with the premature cancellation of the contract.
  • Recipient: what address can each unit take time tokens from the safe (lot A).
  • Contractee: what address may the safe fill (lot B).
  • Description: description contract.
  • Name: name of the contract. 

How does it work?

A contract can be made by either the future sender or the recipient of a contract. This contract can be approved or modified by the other party through the validation transaction.

If the contract is modified, the first party must approve or reject this modification. This process can be repeated until both parties are in agreement. A vault can be filled by the sender (party B), with a custom fund transaction which uses complete payment amounts and activates the contract.

The receiving party (A) can retrieve tokens from the vault with a transaction if the contract allows it at that time. If prepaid conditions are not met, then the contract will not be activated.

Both parties can prematurely terminate the contract with a termination transaction in which the remaining amount is returned to party (B), after a deduction of the short fee, and subsequently, the short fee is then paid to party A.

SDK 4.0

This PoC uses the Lisk SDK 4.0. This provides Dynamic Fees and Chain State. The chain state store is used to determine the time of the transaction and can determine from the contract state how many tokens are unlockable. In this version of the SDK the timestamp is removed from the base transaction and a nonce is introduced.

Due to the incremental nature of the nonce, the front-end retrieves the account nonce from the blockchain every time, just before a transaction is signed. 

// slotTypes = [minutes, hours, days, months] in seconds
export const getPastSlots = ( start, now, type, length, unit
) => { const slot = slotTypes[type] * length; return Math.floor((now - start) / slot) - unit;
}
const unitsAvailable = getPastSlots( contract.asset.start, store.chain.lastBlockHeader.timestamp, contract.asset.unit.type, contract.asset.unit.typeAmount, contract.asset.payments
);

Dynamic Fees solution

Dynamic fees work like a charm. Due to missing documentation (as we started using v4 too early), it took some time to work out how to calculate them. We solved it in the following manner described below:

const tx = new FundContractTransaction({ nonce: nonce.toString(), senderPublicKey: publicKey, asset: { ...data }
}); tx.fee = (tx.minFee + BigInt(65000)).toString();
tx.sign(config.networkIdentifier, passphrase);

BigInt

For the front-end we had a problem with BigInt (issue), because BigInt uses a Buffer library for js in the browser which has not yet completed the integration of

`buffer.readBigUint64BE()`

. This function is used in the Lisk SDK and is needed for signing transactions.

The pull request for this function is in the pipeline but has not yet been accepted at the time of writing. We fixed it by forking the buffer repository and merging it with the pull request to make it work for now.

HTTP API

The default Lisk HTTP API has been extended with an extra API module to make it possible to search for partial usernames, contract specific asset fields and transaction specific assets fields.

For example, every contract has transactions belonging to itself but the account is never the sender of any transactions.

To collect all transactions belonging to a contract, the API will receive the transactions from the transaction entity by adding a

`asset_contains`

filter to the Transaction entity. This makes it possible to search on

`.asset.contractPublicKey`

===

`contract.publicKey`

Front-end

The creation of custom transactions in the back-end is relatively easy when you start getting the hang of it. The most time consuming element is the front-end, depending on the UI requirements, and connecting the two together. Gathering data from the blockchain can be optimised further, however it is outside the scope of this proof of concept. 

The undoAsset() method 

In addition, the

UndoAsset()

method in a custom transaction can be difficult to create with static nominal data. We are looking forward to the new solution to create custom transactions without the UndoAsset() method, which has already been planned in a later version of the SDK. Solving this will ensure the review transaction sends a lot less data, and hence uses less network resources, which in turn results in lower dynamic fees.

Resources

If you feel inspired and want to build your own proof of concept blockchain application, check out the Lisk Builders program. More information about the program and the application procedure can be found on the Lisk webpage for the Lisk Builders program.

Disclaimer: This blog post was written by our community member, Jurre (Lisk.chat username: Jurre | Moosty) as part of his participation in the Lisk Builders program.

by Lisk @lisk. We empower developers with a software development kit for blockchain applications written in JavaScript.Visit us

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Blockchain

What is the Recurring Payments PoC and How Does it Work?

Published

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Lisk Hacker Noon profile picture

@liskLisk

We empower developers with a software development kit for blockchain applications written in JavaScript.

In the Moosty team, we learn by doing. By building proof of concepts we learn about blockchain technology & the creation of network dynamics. We work together with communities (online & offline), knowledge institutes and organizations and have a strong link with the Lisk community, the LCU community & local businesses in Utrecht. Would you like to join this innovation journey with us? Let’s build a proof of concept together.

Project Introduction

Recurring Payments is a proof of concept made with the Lisk SDK. It shows a relatively simple technical solution utilizing custom transactions to build a deterministic contract between two parties (peer to peer). It allows you to set up a contract with anyone who creates an account (wallet) in the system. The accounts, the contract, all of its changes, and all the activities are stored on the blockchain, which was specifically created for this PoC.

The project has acquired a Lisk Builders grant. Hereafter we elaborate on the proof of concept. 

Use Case “Subsidy by governmental organisation”

Current situation

An organisation (A) applies for a subsidy from the government (B). This is currently paid in one amount for a period of 1 year. The receiving party must meet certain conditions during this period. If the recipient has not fulfilled the conditions at the end of the year, the grant must be fully or partially repaid.

Why should it work differently?

In the situation whereby party A has not complied with the conditions and the subsidy has to be repaid in whole or in part, you run into the problem that in most cases the entire amount has already been spent. This ensures that the subsidy provider (party B), is not assured of the amount to be recovered and that party A may run into financial problems.

How does the recurring payment work?

Party A draws up the contract with the terms of payment, including how often, when and the amount. Party B fills the safe with tokens to meet the contract conditions. Any period whereby party A is entitled to tokens from the contract, party A can execute a transaction to receive the tokens for that period.

If party B wants to terminate the contract prematurely, the preset fee must be paid to party A, and party B will receive the remaining tokens from the safe. This can be compared to the premature termination of a contract.

Future

“In the future you are able to create a contract between yourself and your neighbour who happens to be a guitar teacher. You set up a contract for 1 year, whereby you pay him an agreed amount every month. You then deposit one months payment in advance, and if either party terminates the contract, the last month will be provided to the teacher. Once established the contract is immutable and it creates a transparent readable agreement between the two parties.”

A flexible service infrastructure

Today the tool uses only a handful of custom transactions. With these six custom transactions we have the potential to build a powerful blockchain application that creates a flexible contracting solution between two parties. It gives you the possibility to create the following:

  • A monthly payout mechanism.
  • Provide a subsidy whereby the money is automatically unlocked after 3 (or more) months, unless someone terminates the contract.
  • A subscription where you pay the full amount upfront (to receive a discount).
  • A service contract where you pay 2 periods in advance.
  • Set aside pocket money for your children.
  • Schedule monthly donations up to a maximum amount.

There will be a multitude of possibilities when we extend the functionality of these transactions, or when new custom transactions are added and we incorporate 10 or maybe 20 different transactions.

For example: Create a crowdfund with a (maximum) monthly payout to the crowdfunder. 

Let us know if you have even better ideas! 

Technical details

This section contains an introduction to the technical details and provides an overview of the different frameworks used, the custom transactions created, and finally our experience from working with the Lisk SDK.

Components of the PoC

  • Back-end: Working custom transactions that can run on a blockchain.
  • An extended HTTP API connecting the back & front-end.
  • Front-end: A ReactJS front-end wallet to manage contracts (interact with the transactions).

Custom Transactions

“Transactions are an essential part of blockchain applications that are created using the Lisk SDK, as they define the set of actions that can be performed by users in the network. Each transaction belongs to a specific transaction type that is registered in the network.”  Lisk SDK Documentation.

This proof of concept uses six different custom transactions. Different transactions can interact with contract wallets as listed below:

  • Create – making the contract.
  • Review/accept – review & validate the contract.
  • Fund contract – deposit tokens in the contract.
  • Withdraw – get tokens from the contract. 
  • Terminate – Premature termination of contract. 
  • Faucet transaction – provides the wallet with tokens and username registration.

Note: transactions will work with units of minutes in this proof of concept to simulate contracts faster.

See the Open Lisk Transaction Type Registration repository for a list with all registered Lisk transaction types. Everyone can make a pull request to add new or update existing registrations, and also reuse the registered custom transactions in order to quickly set up your own blockchain app.

Contract

A contract is made with different rules that must be adhered to as shown below:

  • Unit: time unit [daily, weekly, monthly, yearly].
  • Unit price: how many tokens each unit can retrieve from the safe.
  • Prepaid units: how many units * price must be in the safe.
  • Start: when the contract starts.
  • Total units: how many units do the contract contain.
  • Termination fee: how much of a fee is paid with the premature cancellation of the contract.
  • Recipient: what address can each unit take time tokens from the safe (lot A).
  • Contractee: what address may the safe fill (lot B).
  • Description: description contract.
  • Name: name of the contract. 

How does it work?

A contract can be made by either the future sender or the recipient of a contract. This contract can be approved or modified by the other party through the validation transaction.

If the contract is modified, the first party must approve or reject this modification. This process can be repeated until both parties are in agreement. A vault can be filled by the sender (party B), with a custom fund transaction which uses complete payment amounts and activates the contract.

The receiving party (A) can retrieve tokens from the vault with a transaction if the contract allows it at that time. If prepaid conditions are not met, then the contract will not be activated.

Both parties can prematurely terminate the contract with a termination transaction in which the remaining amount is returned to party (B), after a deduction of the short fee, and subsequently, the short fee is then paid to party A.

SDK 4.0

This PoC uses the Lisk SDK 4.0. This provides Dynamic Fees and Chain State. The chain state store is used to determine the time of the transaction and can determine from the contract state how many tokens are unlockable. In this version of the SDK the timestamp is removed from the base transaction and a nonce is introduced.

Due to the incremental nature of the nonce, the front-end retrieves the account nonce from the blockchain every time, just before a transaction is signed. 

// slotTypes = [minutes, hours, days, months] in seconds
export const getPastSlots = ( start, now, type, length, unit
) => { const slot = slotTypes[type] * length; return Math.floor((now - start) / slot) - unit;
}
const unitsAvailable = getPastSlots( contract.asset.start, store.chain.lastBlockHeader.timestamp, contract.asset.unit.type, contract.asset.unit.typeAmount, contract.asset.payments
);

Dynamic Fees solution

Dynamic fees work like a charm. Due to missing documentation (as we started using v4 too early), it took some time to work out how to calculate them. We solved it in the following manner described below:

const tx = new FundContractTransaction({ nonce: nonce.toString(), senderPublicKey: publicKey, asset: { ...data }
}); tx.fee = (tx.minFee + BigInt(65000)).toString();
tx.sign(config.networkIdentifier, passphrase);

BigInt

For the front-end we had a problem with BigInt (issue), because BigInt uses a Buffer library for js in the browser which has not yet completed the integration of

`buffer.readBigUint64BE()`

. This function is used in the Lisk SDK and is needed for signing transactions.

The pull request for this function is in the pipeline but has not yet been accepted at the time of writing. We fixed it by forking the buffer repository and merging it with the pull request to make it work for now.

HTTP API

The default Lisk HTTP API has been extended with an extra API module to make it possible to search for partial usernames, contract specific asset fields and transaction specific assets fields.

For example, every contract has transactions belonging to itself but the account is never the sender of any transactions.

To collect all transactions belonging to a contract, the API will receive the transactions from the transaction entity by adding a

`asset_contains`

filter to the Transaction entity. This makes it possible to search on

`.asset.contractPublicKey`

===

`contract.publicKey`

Front-end

The creation of custom transactions in the back-end is relatively easy when you start getting the hang of it. The most time consuming element is the front-end, depending on the UI requirements, and connecting the two together. Gathering data from the blockchain can be optimised further, however it is outside the scope of this proof of concept. 

The undoAsset() method 

In addition, the

UndoAsset()

method in a custom transaction can be difficult to create with static nominal data. We are looking forward to the new solution to create custom transactions without the UndoAsset() method, which has already been planned in a later version of the SDK. Solving this will ensure the review transaction sends a lot less data, and hence uses less network resources, which in turn results in lower dynamic fees.

Resources

If you feel inspired and want to build your own proof of concept blockchain application, check out the Lisk Builders program. More information about the program and the application procedure can be found on the Lisk webpage for the Lisk Builders program.

Disclaimer: This blog post was written by our community member, Jurre (Lisk.chat username: Jurre | Moosty) as part of his participation in the Lisk Builders program.

by Lisk @lisk. We empower developers with a software development kit for blockchain applications written in JavaScript.Visit us

Tags

Join Hacker Noon

Create your free account to unlock your custom reading experience.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://hackernoon.com/what-is-the-recurring-payments-poc-and-how-does-it-work-6ql323i?source=rss

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