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Blockchains by number of nodes/validators

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Re: Blockchains by number of nodes/validators

#61

Post by mjmj »

dbv1 wrote: post #42
1024wq wrote: post #19

Earlier quoted context omitted.

Chia currently has 123398 full nodes https://dashboard.chia.net/d/em15uQ47k/peer-info?orgId=1

Massive premine on Chia, didn’t know that. I have a hard time believing that many nodes are reachable, there are probably about that many users in general, if that. Looking at the latest dozen blocks right now, they’re completely empty.

Their software runs a full node and a wallet, so most users are a node by default (if I’m not mistaken) and rewards are double for the first couple years. You can run their software and just about anything, low powered CPU’s, pi’s, NAS, etc. So I don’t doubt their numbers are too far from the truth, esp considering how much China supports them. Nodes have been slowly dropping over time as the crypto boom cycle has died down.

As far as real transactions, they’ve got a way to go. Just releasing NFT support a few months ago.

Re: Blockchains by number of nodes/validators

#64

Post by meltedcapacitor »

fogof wrote: post #46
mbesto wrote: post #35

Earlier quoted context omitted.

Answer (0 yr crypto dev & veteran): I start a new coin call $FOO. I release 1,000,000 coins. I sell one coin to a friend for $1,0000, and keep the remaining 999,999 coins for myself. The market cap is now $100M. > Number of nodes is a poor metric that is easily gamified (pumped up), presenting an artificial picture. You can game either one.

This is why I think network fees are a good metric. As long as anyone can become a block creator, you can’t pump it without losing money.

Only works on congested networks, or those that burn fees: in original bitcoin style, without congestion, generating dummy transactions is free for miners (the fees come back in block reward).

Re: Blockchains by number of nodes/validators

#65

Post by swivelmaster »

Can someone explain to me why any of these values truly matter?

My background is in game development both on Facebook and mobile, and I spent a lot of time paying close attention to the growth of the web and its various startups. Number of nodes and market cap both look a lot like vanity metrics to me - numbers that sound good in a market/tech-specific way but don't actually reflect the true value or growth potential from a business perspective.

Cryptocurrency, AFAIK, has network effects, so the true value should likely be measured in common KPI's like DAU, MAU, and some kind of replacement for ARPU - likely average transaction volume per daily/monthly user.

The numbers I've seen for crypto games - DAU in the tens of thousands - are absolutely laughable compared to the numbers on Facebook and mobile games even in the first year or two of the platforms. If crypto was truly going to be a revolutionary mass-market phenomenon, I would expect to see hundreds of thousands to millions of DAU on any individual currency and AFAIK that's just not happening.

Re: Blockchains by number of nodes/validators

#66

Post by [deleted] »

throw101010 wrote: post #56
mbesto wrote: post #35

Earlier quoted context omitted.

Answer (0 yr crypto dev & veteran): I start a new coin call $FOO. I release 1,000,000 coins. I sell one coin to a friend for $1,0000, and keep the remaining 999,999 coins for myself. The market cap is now $100M. > Number of nodes is a poor metric that is easily gamified (pumped up), presenting an artificial picture. You can game either one.

Firstly I don't understand who you are "answering" to, the GP didn't talk about Market Cap as a relevant metric. Secondly, Market Cap is only relevant when reported by popular metrics websites which vet their data sources a little... nobody relevant is listing your coin anywhere, sorry if it disappoints you. Thirdly, I'm sure that in your first year as a veteran you will learn to care for coins/token which have liqui…

[deleted]

Re: Blockchains by number of nodes/validators

#67

Post by 1024qw »

mjmj wrote: post #61
dbv1 wrote: post #42

Earlier quoted context omitted.

Massive premine on Chia, didn’t know that. I have a hard time believing that many nodes are reachable, there are probably about that many users in general, if that. Looking at the latest dozen blocks right now, they’re completely empty.

Their software runs a full node and a wallet, so most users are a node by default (if I’m not mistaken) and rewards are double for the first couple years. You can run their software and just about anything, low powered CPU’s, pi’s, NAS, etc. So I don’t doubt their numbers are too far from the truth, esp considering how much China supports them. Nodes have been slowly dropping over time as the crypto boom cycle has di…

In the beginning everyone had to run a full node even if they weren’t farming (in Chia instead of mining it’s 2 stages, first plotting and then farming) but earlier this year Chia released a new light wallet which doesn’t run a full node. Now it should be mostly actual farmers that run full nodes. Chia currently has 22 EiB of netspace which would be more than 1.5 million of 14 TB hard drives.

Re: Blockchains by number of nodes/validators

#68

Post by latchkey »

ahtihn wrote: post #51
Taek wrote: post #20

Earlier quoted context omitted.

Yes, its not genuine to say Eth has 400,000 validators as many of them are the same entity. It's a similar story for nodes as well. A ton of the reported nodes are actually running on AWS and ultimately its a fairly worthless metric. For a while the crypto community valued node count as a meaningful number for measuring decentralization, and naturally from that moment forward people have been fully shameless about ru…

> A ton of the reported nodes are actually running on AWS So? That doesn't mean anything, Amazon doesn't control the nodes just because they are running on its infra.

Because, tomorrow, they could decide to make it against the ToS if they wanted to. Hetzner has already done this.

https://news.ycombinator.com/item?id=32607728

Re: Blockchains by number of nodes/validators

#69

Post by latchkey »

password1 wrote: post #37
TakeBlaster16 wrote: post #32

Earlier quoted context omitted.

> estimated cost of 51% attack Someone already built that one here: https://www.crypto51.app/

These numbers are really low, I think I'm missing something otherwise I don't understand why 51% aren't a common issue.

It is a common issue. ETC was 51'd 3 times in a month not too long ago... that said, with the upcoming merge, it'll soon be the largest hash GPU/ASIC coin.

https://www.coindesk.com/markets/2020/08/29/ethereum-classic...

Re: Blockchains by number of nodes/validators

#70

Post by 1024qw »

dbv1 wrote: post #42
1024wq wrote: post #19

Earlier quoted context omitted.

Chia currently has 123398 full nodes https://dashboard.chia.net/d/em15uQ47k/peer-info?orgId=1

Massive premine on Chia, didn’t know that. I have a hard time believing that many nodes are reachable, there are probably about that many users in general, if that. Looking at the latest dozen blocks right now, they’re completely empty.

Chia Network explains the reason for the prefarm and how it’s going to be used in their whitepaper https://www.chia.net/assets/Chia-Business-Whitepaper-2022-02...

Also worth checking about Chia Network projects with WorldBank and InternationalFinanceCorporation for carbon credits market https://www.chia.net/2022/08/17/bringing-transparency-and-ef... about some real use that is launching very soon.

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