pooltogether-community-ui
bolts
pooltogether-community-ui | bolts | |
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20 | 81 | |
45 | 2,025 | |
- | 0.8% | |
2.2 | 7.1 | |
12 months ago | 5 days ago | |
JavaScript | Markdown | |
MIT License | - |
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pooltogether-community-ui
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Smart Contract Security Field Guide
First off, wanted to say thanks very much for posting this, primarily because I think it is an example that is straightforward and easy to understand. That said, I'm also thinking "if this is one of the best, straightforward examples people are talking about when referring to 'the value of smart contracts', then smart contracts are just nowhere near the important tech its boosters believe." (To be clear mteigers, not directing this at you, just saying this because what you've posted is probably the best example of a real-world use case I've seen).
In summary, what PoolTogether (https://pooltogether.com/) does is basically act like a normal savings account, except instead of you getting 4% interest a year or whatever, that interest is all pooled and then given out in big chunks at random - most people get nothing, but "winners" will get what is essentially everyone else's interest. Some notes:
1. I'm not clear what activity they're engaging in that actually generates interest (e.g. who they're lending to in order to generate a spread), but in fairness I didn't spend much going into the details. That said, if they really are generating income by lending, then I'm very curious how they can't suffer from some of the same negative edge-cases inherent in fractional reserve banking, like a run on the bank. If they are not generating real income from lending, I'm very suspect about how they can really be generating interest. Again, I didn't look much into this, so totally admit I could just not be understanding the details here.
2. I see absolutely no real benefit that comes from doing this as a smart contract vs. just doing this as any other kind of normal software (e.g. what core banking software provides), despite what their blurbs on the website say.
So still just dumbfounded by the lack of real utility in any of these smart contract examples I've seen.
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New Landing Page is live! 📣
Take a look: https://pooltogether.com
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Unlocking Direct Engagement: How Innovative DeFi Companies Harness Push Protocol in the Web3 Revolution
PoolTogether: Transforming Savings Games and Lotteries
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PBS Crypto Decoded | NOVA (2023) [00:53:32]
How about defend a prize-linked savings program from an individual that placed around $12 into the protocol before immediately filing a lawsuit?
- Last day before next draw at moneropot.org
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DEFI is not the place where you can increase your deposit
Have you checked out PoolTogether. You earn yield in the form of prizes and if you deposit on optimism you also earn OP tokens. It’s like a DeFi savings account for USDC. Worth looking into if you haven’t already.
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Tell me about your DAO
Pooltogether uses their token for governance but you absolutely do not need to have it to use the product or participate in anything. It’s strictly used for voting in governance. No blockers
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Show HN: Web3 is not community-led, as much as they try to claim they are
There's literally one project that I've seen being truly useful: https://pooltogether.com/
It's cool because it's not possible to do this without crypto (in terms of trust). But because it uses a smart contract you can be sure that when you put your money into it, it won't steal it.
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'Predatory gambling' has helped the lottery reach sky-high jackpot, critics say
We could easily incentivize no-loss lotteries like https://pooltogether.com/ I wonder how that affects problem gamblers? If there's no opportunity to actually lose anything do problem gamblers choose other options?
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Favourite 1-100 Million M/Cap Sleepers?
POOL - PoolTogether https://pooltogether.com/ Open source pooled savings account/lottery with twice weekly draws
bolts
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Smart Contract Security Field Guide
True although I'm not talking about Ethereum smart contracts, I'm talking about Bitcoin ones which are very limited and not Turing complete. The lightning smart contract is like 20 lines and has been live since 2018, I feel the probability of the contract getting hacked is very low(famous last words!) https://github.com/lightning/bolts/blob/master/03-transactio...
- Is there any Bitcoin layer (eg. Bitcoin = L1, Lightning = L2, etc.) on which the satoshi (SAT) is divisible?
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Does Lightning Network have its own hard forks?
LN is a protocol for sending signed txns around, keeping track of balances locally, and broadcasting channel open/close/justice txns. All the rules are outlined in the foundational BOLTs https://github.com/lightning/bolts/blob/master/00-introduction.md
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What's LNURL and BOLT12?
BOLT12 offers an attempt to achieve some of the core functionality that LNURL provides without requiring the use of a web server. An offer encodes the data necessary to reach a node to request an invoice to make a payment, either a node_id, or a blinded path (the last few hops in an onion route, pre-computed and encrypted) to that node using onion messages. It also can encode a minimum amount for a payment, the currency being paid in, an expiry time and minimum/maximum quantity numbers (for purchasing multiple items).
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Safe Lightning Transactions Without The Need for Watch Towers or Continuous Network Connectivity
In practice, I do not know if this is possible. I am quite unfamiliar with Bitcoin OpCode scripting and if the revocation tree of the channel state (which is just an unpublished Bitcoin contract) is expressive enough to allow inputting an arbitrary address to recieve the attacker's funds. I am attempting to use this documentation as a clue to whether or not, and how this might be possible: https://github.com/lightning/bolts/blob/master/03-transactions.md.
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Chainalysis: The $8.6B Startup That Helps Governments Trace Crypto
No they can't, that's the whole point of onion routing. The next hop doesn't know if the packet started with you or if you're just another node in the payment path.
Reference: https://github.com/lightning/bolts/blob/master/04-onion-rout...
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Negative fees
There is a discussion to add to the lightning BOLT specification for 'inbound fees' which essentially enables a 'rebate' for using a particular channel to route through your node.
- Lightening Network Links and Resources
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An important message to this community: We can do better!
Basis Of Lightning Technology BOLT specificiations
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Is sending BTC over the lightning network private and anonymous?
tbh i have a text file with definitions of many of these because I constantly confuse them, most of which were pulled from using search at https://github.com/lightning/bolts and similar