1/ Cross-chain transfers on @kadena_io deserve a more detailed explanation. As I've discussed previously, Kadena scales by using multiple chains connected together. Each chain behaves as a standalone blockchain. This has several ramifications.
2/ Nothing can happen on a blockchain without someone sending in a transaction. Smart contracts cannot "go out to the internet" to get more data. They can only access what's already on the blockchain and in the transaction itself.
3/ This means that to do a cross-chain transfer, you have to do two transactions: one to burn the coins on the sending chain, and a second to reconstitute those coins on the target chain. Because of the above criteria, there's no way around this. It's essential complexity.
4/ The cross-chain transfer procedure has three distinct steps. First you initiate the transfer using the transfer-crosschain function.
5/ After the transaction goes through, you have to wait a few blocks (currently no more than 3, the diameter of our current 2-chain graph) for the evidence of the transfer to make its way through the chain graph and become available to the target chain.
6/ Once you have waited for those few blocks to go by, you query the blockchain with the transaction hash and it gives you back some data that is the proof that you initiated the cross-chain transfer.
7/ Then, in the third and final step, you submit that proof in a new transaction to the target chain. This step doesn't have to be done by you. Anyone can do it! And the money will still show up in your account!
8/ One consequence of this is that someone has to have coins on the target chain to pay the gas for the transaction to finish the cross-chain transfer. But never fear! Kadena has a gas station for that and a tool available at transfer.chainweb.com that can finish it for you.
9/ All this may seem annoying but it's absolutely essential for scalability. I anticipate that as Kadena gets more use the ecosystem will develop better and better tools for dealing with these things and that eventually you won't have to think about it.
10/ Until then, I think it's a small price to pay in exchange for having a scalable blockchain that eliminates exorbitant gas fees and makes digital currency affordable for the everyman. @kadena_io
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), you need to store them safely. The most secure way to store private keys is on a device that is not connected to the internet. This is what we call "cold storage".
3/ Cold storage of your private keys gives you better security because people have to have physical access to the key to attack you. This rules out billions of people from attacking you over the internet by hacking into your computer.
1/ The only way to scale Proof of Work is to scale block production. This is why @kadena_io has emphasized how many blocks the network has mined. Let's examine the technical details of why this is the case...
2/ There's a limit to how many transactions you can fit into a block and there's also a limit to how low you can make the block time. Improvements in the network efficiency can help you do more within these limits, but at the end of the day there's only so much you can do.
3/ First let's look at the limit on the number of transactions in a block. This is driven by two factors: space and time. Every transaction uses some space because you have to store at least the sender, receiver, and amount
1/ A few weeks ago I did a survey and more than 50% of responders said that they had lost money due to a mistake in entering public keys. With @kadena_io you can do what I call a Safe Transfer which makes it impossible to lose coins. Here's how they work...
2/ If we take a step back and think about the #cryptocurrency safe transfer problem, what we really need is some way of guaranteeing that someone has a private key corresponding to the public key to which we're sending.
3/ There's an obvious way to do this...sign the transaction with the *receiver's* private key! Signing something is the definitive way to prove possession of a private key.