[Version 0.1]

August 10, 2017

Existing cryptocurrencies and smart contract platforms are known to have scalability issues, i.e., the number of

transactions they are capable of processing per second is limited,

usually less than 10. As the number of applications utilizing

public cryptocurrencies and smart contract platforms grow, the

demand for processing high transaction rates in the order of

hundreds and thousands of Tx/s is increasing.

In this work, we present ZILLIQA— a new blockchain platform

that is designed to scale in transaction rates. As the number of

miners in ZILLIQA increases, its transaction rates are expected to

increase. At Ethereum’s present network size of 30,000 miners,

ZILLIQA would expect to process about a thousand times the

transaction rates of Ethereum. The cornerstone in ZILLIQA’s

design is the idea of sharding — dividing the mining network

into smaller shards each capable of processing transactions in

parallel.

ZILLIQA further proposes an innovative special-purpose smart

contract language and execution environment that leverages the

underlying architecture to provide a large scale and highly

efficient computation platform. The smart contract language in

ZILLIQA follows a dataflow programming style which makes it

ideal for running large-scale computations that can be easily

parallelized. Examples include simple computations such as

search, sort and linear algebra computations, to more complex

computations such as training neural nets, data mining, financial

modeling, scientific computing and in general any MapReduce

task.

So in order to understand Zilliqa blockchain we have to get a little bit technical...

**SYSTEM SETTING AND ASSUMPTIONS
**

*Entities in ZILLIQA. There are two main entities in
*

*ZILLIQA: users and miners. A user is an external entity
*

*who uses ZILLIQA’s infrastructure to transfer funds or run
*

*smart contracts. Miners are the nodes in the network who
*

*run ZILLIQA’s consensus protocol and get rewarded for their
*

service.

*ZILLIQA’s mining network is further divided into several
*

*smaller networks referred to as a shard. A miner is assigned
*

*to a shard by a set of miners called DS nodes. This set of DS
*

*nodes is also referred to as the DS committee. Each shard and
*

*the DS committee has a leader. The leaders play an important
*

*role in the ZILLIQA’s consensus protocol and for the overall
*

*functioning of the network.
*

*Each user has a public, private key pair for a digital signature scheme and each miner in the network has an associated
*

IP address and a public key that serves as an identity

ZILLIQA has an intrinsic token called

Zillings or ZILs for short. Zillings give platform usage rights

to the users in terms of using it to pay for transaction

processing or run smart contracts

We assume that the mining network at

any point of time has a fraction of byzantine nodes/identities

with a total computational power that is at most f < ¼ of the

complete network, where 0 ≤ f < 1 and n is the total size

of the network. The factor ¼ is an arbitrary constant bounded

away from 1/3 selected as such to yield reasonable constant

parameters.

CRYPTOGRAPHIC LAYER

The cryptographic layer defines the cryptographic primitives used in ZILLIQA. Similar to several other blockchain

platforms, ZILLIQA relies on elliptic curve cryptography for

digital signatures and a memory-hard hash function for proof-of-work (PoW).

*ZILLIQA employs Elliptic Curve Based Schnorr Signature

*

*Algorithm (EC-Schnorr) as the base signing algorithm.

*

*We instantiate the scheme with secp256k1 curve.The

*

*same curve is currently used in Bitcoin and Ethereum but for

*

a different signing algorithm called ECDSA.

***ZILLIQA uses EC-Schnorr based multi-signatures to reduce
***

***the signature size when multiple signatures are required on a
***

***message. Smaller signatures are particularly important in our
***

***consensus protocol where multiple parties need to agree on a
***

data by signing it

***NETWORK LAYER

***

ZILLIQA *has been designed to scale in transaction rates. The
*

*main idea is that of sharding, i.e., dividing the mining network
*

*into small shards, each capable of processing transactions in
*

*parallel. In this section, we present the idea of network and
*

*transaction sharding.
*

Network Sharding

*Network sharding, i.e., dividing the mining network into
*

*smaller shards is a two-step process. First, a dedicated set of
*

*nodes called the directory service committee (or DS committee) are elected which then shard the network and assign nodes
*

to their shard.

****Public Channel
****

The DS nodes publish certain information on the public

channel, including the identities and connection information

of the DS nodes, the list of nodes in each shard, as well as

the sharding logic for transactions.

In January 2018 the team open sourced the alpha version of their Durian code. And on March 31 2018 ZILLIQA released a testnet with 1 000 nodes (4 shards) that runs on AWS.

on Jan 31, 2019

**Zilliqa Mainnet: The Launch and Beyond
**

**Xinshu Dong
**

**Dear community,
**

We are excited to announce that the Zilliqa mainnet *has now been launched. You may visit the block*

*explorer at*

and the Zilliqa story just started unfolding...

The token, ZILLIQA participants use to pay for transaction processing or run smart contracts, is called Zilling (ZIL). The supply is 21 billion ZILs.

Zilliqa is a high-performance, high-security blockchain platform for enterprises and next-generation applications. In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla. Zilliqa is all set to enable a financially inclusive world, and drive mass adoption of blockchain.

This Lizard told me the price

Tuesday, September 22, 2020

Market Cap

$156,290,392

24 Hour Trading Vol

$36,329,232

24h Low / 24h High

$0.01347693 / $0.01435291

Circulating Supply

11,203,418,445 / 21,000,000,000

Before we take a deep dive would like to mention people behind this project!!!

Zilliqa Team

The Zilliqa team is a great mix of individuals with expertise in computer science, business and Marketing communication.

Team that values excellence but with humility.

*Ecosystem Team

*

The Ecosystem Team leads the blockchain education and growth initiatives, conducting market research and identifying opportunities to drive adoption of the Zilliqa platform.

*Han Wen Chua
*

*SVP, Ecosystem Development
*

*Michael Conn
*

*Head of Corporate Development
*

*Arnav Vohra
*

*Developer Evangelist
*

*Madison Tang
*

*Growth Analyst
*

*Mervin Ho
*

Growth Analyst

*Marketing Communications Team

*

The Marcom Team makes sure that Zilliqa's value, identity, and story is highlighted to all our stakeholders and across all prominent platforms.

*Colin JG Miles [CJGM]
*

*Chief Commercial Officer
*

*Aparna Narayanan [AN]
*

*Communications Manager
*

*Milan Shoukri
[MS]
*

*Marketing Manager
*

*Madhav Khandelwal [MMK]
*

*Brand and Product Designer
*

*Ashley Wang
[AW]
*

*Marketing and Operations Executive
*

*Platform Team

*

The Platform Team designs, constructs, and manages the main infrastructure of the Zilliqa platform.

*Antonio Nicolas Nunez
*

*Senior VP, Release Management & Platform Engineering
*

*Jun Hao Tan
*

*Senior VP, Security & Platform Engineering
*

*Haichuan Liu
*

*Core Developer
*

*Sandip Bhoir
*

*Core Developer
*

*Kaustubh Shamshery
*

*Core Developer
*

*Joel Lim
*

*DevOps Engineer
*

*Renjie Cai
*

DevOps Engineer

*Language Team

*

The Language Team designs and maintains our safe-by-design Smart Contract language, Scilla.

*Ilya Sergey
*

*Lead Language Designer
*

*Jacob Johannsen
*

*Compiler Engineer
*

*Vaivaswatha Nagaraj
*

*Compiler Developer
*

*Anton Trunov
*

Research Engineer

Zilliqa Platform

*The first of its kind
*

Zilliqa is the world's first public blockchain built entirely on a sharded architecture.

***Scalable
***

Zilliqa solves the prevailing issue of scalability using its own unique sharding technique, which allows the blockchain to scale in a linear fashion as the network grows in size. Its ability to handle a large volume of transactions makes it suitable to meet enterprise needs.

Secure

In addition to using well-studied and established mechanisms to validate transactions, Zilliqa is powered by the first peer-reviewed and safe-by-design smart contract language called Scilla. This programming language addresses several known security vulnerabilities that are still prevalent in other languages.

Decentralised

Utilising its subdivided networks, Zilliqa is able to process transactions in a decentralised manner without a trusted coordinator. Its network architecture allows the platform to remain decentralised as it continues to grow and expand.

Curious about what sets Zilliqa apart from other blockchains? Let`s begin. . .

Safety first.

Smart contracts often handle and store hundreds of millions worth of digital assets. Once a contract is deployed, it cannot be changed. It is thus imperative to have a contract that is written with safety in mind. Our safe-by-design smart contract language Scilla helps developers write safe contracts.

Blockchains can easily be made to scale by trading off security and decentralisation. With sharding at its core, Zilliqa's architecture maintains a good balance between security, decentralisation and scalability. Additionally, our smart contract platform's application-level security plays a vital role. To this end, Zilliqa relies on our own safe-by-design smart contract language, Scilla.

By implementing network sharding, Zilliqa is able to divide the network into multiple groups. Each group is able to process transactions in parallel. For instance, if 6 shards (each with 600 nodes) process transactions individually, then all the shards will collectively be able to process around 2828 transactions per second. The sharded network architecture also allows the throughput of the platform to increase almost linearly as the network expands.

Scalability – or lack thereof – in legacy blockchains has a direct impact on the transaction fees to be paid to the network. Spikes in fees are correlated with network congestion and transaction backlogs. The fee market in legacy chains can push the costs to as high as a few dollars. Due to the scaling ability, fees on Zilliqa are extremely low, even allowing micro-payments to be processed.

One of the biggest issues with the Bitcoin and Ethereum blockchains is that each transaction needs several confirmations for it to be considered valid. Confirmations come in the form of new blocks. Thanks to Zilliqa's consensus protocol, once a transaction gets processed by the network, it becomes final and hence no confirmation is required.

Scilla () is a smart contract language developed for the Zilliqa blockchain.

Smart contracts make it possible for mutually distrusting parties to execute an agreement with efficiency and transparency without the need of an arbitrator.

***4 Things You Should Know About Scilla
***

Rooted in science

Scilla is a peer-reviewed smart contract language created by academics from the ground up. It has been designed as a principled language with smart contract safety in mind.

Identifies security risks

An extensible static analysis framework and an automated scanner is provided to help developers identify generic security vulnerabilities directly at the language level.

Easier to write safe contracts

Scilla provides developers with more sanity-checkers in addition to static type-checkers. This makes comprehensive testing much easier.

Mathematical proof of safety

Scilla is amenable to formal verification, meaning you can write mathematical proofs to prove that a given contract satisfies certain safety properties.

Research and Development

Research and Development is at the heart of every successful and growing project. At Zilliqa, R&D has contributed to our constant growth, our sustainability as a platform, and kept us abreast of blockchain innovation in a competitive market. Our team is currently working on 14 projects as part of our 2020 R&D Roadmap.

Project Lifecycle

Each R&D project undergoes different phases that involve defining the problem statement, conducting research, writing the specifications, and implementing it.

***1.Problem statement and objectives defined
***

Problem or feature addition has been identified and the objective has been defined.

***2.Research and ideation
***

In-depth research and feasibility study has been completed. The research or engineering solution has been architected.

***3.Proposal drafted
***

A formal specification of the feature or architecture is being drafted to be later proposed as a Zilliqa Improvement Proposal (ZIP).

***4.Proposal under review
***

The first version of the draft is published in the public domain for review.

***5.Approved for implementation
***

The proposal has been approved for implementation. Any change, suggestion, or recommendation has been addressed. The specification is ready for implementation.

***6.Implementation in progress
***

Solution based on the approved formal specification is being implemented at the moment.

***7.Live on testnet
***

Implementation has been deployed on the Zilliqa Testnet.

***8.Live on mainnet
***

Implementation has been deployed on the Zilliqa Mainnet.

This 8 step verification process for each project gives Zilliqa power to implement new updated projects to its mainnet with full confidence that project will have blossoming future.

Zilliqa has a long way to go,building on top of it and beeing implemented in many use cases.

That only means one thing,owning zilliqa in 2020 you are early as you can be to party,they are still setting up the tables and cables.

*Zilliqa Ecosystem*

**Collaborations
**

We're working with industry leaders to bring enterprise use cases all around the globe.

Aqilliz is the world’s first technology company that enables a more connected marketing environment, rooted in the pillars of unification, discovery, and engagement.

Differentially private secure unification of data at source

Federated querying and trusted analytics of key KPIs

Provenance on an immutable distributed ledger

(fun fact Aqilliz is Zilliqa if you mirror it)

Xfers is a Major Payment Institution licensed by the Monetary Authority of Singapore for the provision of e-money issuance services.

Founded in 2015, Xfers is Southeast Asia’s leading Fintech platform for digital businesses. It’s been our focus to provide the last-mile financial access to the rising digital economy in our region.

Hg Exchange (HGX) powers cross-border listing and trading of both digital and non-digital capital market products, through an alliance of leading capital market intermediaries.

Hg Exchange founding members possess deep domain expertise and a network of 500,000 investors — the culmination of 70 years of experience — to bring a new realm of distinct opportunities from around the globe.

Southeast Asia’s First Member-Driven Private Exchange

CHAINSECURITY is monitoring offers an additional layer of protection to end users and platform operators by helping detect potential malicious or anomaly behaviors on smart contracts early.

*Blockchain Security
*

Security Audits and Services

Swiss security experts from ETH Zurich, #1 ranked university in Europe. Trusted by 75+ major clients.

$1B+ SECURED

*ChainSecurity have secured complex systems for top blockchain clients
*

(e.g. stable coins and decentralized exchanges) and multinational organizations (e.g. banks)

Dapps built on Zilliqa

Several dapps are currently live on our mainnet and ...

UnstoppableDomains are ***providers of Blockchain Domain Names
***

their goal is to change bunch of letters and numbers to email looking like address to receive and send money

for Ethereum ETH blockchain they are using .crypto

for Zilliqa ZIL blockchain they are using .zil

(as dot com ERA had it uprise,i tend to belive .crypto and .zil will see their boom) personal speculations`

Krypton***
is Blockchain game eco-level entrance
***

Zero threshold, super fun, cross-chain support

Since its launch in May 2018, it has accumulated nearly 1.4 million users, with independent wallets, NFT wallets, NFT Mall, and has a variety of fun Games.Krypton and Ethereum planet can be switched in the app, and the Zilliqa mainnet planet developed based on the Krypton function has been officially launched.

Zilliqa Planet App

Zilliqa's first main network built-in mainnet wallet and browser application, support play zilliqa application by using zils. The world's first Roguelike game super player, super fun barrage shooting game starts here!

OceanRumble is a game where Minions are stored securely on blockchain and in player’s wallet. You can freely trade them with anyone. Despite that, as long as you want them in your team, they happily belong to you forever.

AUG 2019

Presale

Q3-Q4 2019

- Summoning minions (COMPLETED)

- Arena Open Beta (COMPLETED)

Q1 2020

- Arena Official (COMPLETED)

- Arena 1-4 (COMPLETED)

Q2 2020

- Trophy Road (Phase 1 COMPLETED)

- New Store System (COMPLETED)

Q3 2020

- Achievements (on-going)

- Minion Upgrade & Skin (on-going)

Q4 2020

- Challenge Mode

Depos

**First USD-pegged stablecoin which:

**

**- is fully collateralized by digital assets

**

**- provides instantly redeemable collateral

**

- incentivizes distributors with interest rate

....many more are in development.

Brightree

Mintable

SoundArio

Hydra X

Zilliqa Multisig Wallet

Hybridverse Blockchain

CommX

$ZIL is the token that powers the Zilliqa blockchain. The tokens can be used for smart contract execution, to reward miners, to cover transaction fees, and more.

Exchanges that support Zilliqa

STORE your ZILLIQA

My personal wallet for keeping my Zilliqa would be Ledger ,if you can`t afford it...Moonlet

Until Moonlet start staking program i will be staking ZIL on Bitrue 6.8%APR

I am keeping my ZIL currently at Bitrue due to their flexible staking program.

No lock up period and daily payouts 6.8% on ZIL

Bitrue Exchange

IT is LIVE!!!

Or Cex.Io

CexIO is Cex IO is European exchange operating since 2013

They offer staking reward of high APY of 18-25%

They reward monthly

Click HERE and start getting rewards for your crypto

Ledger A hardware wallet is a cryptocurrency wallet which stores the user's private keys (critical piece of information used to authorise outgoing transactions on the blockchain network) in a secure hardware device. The main principle behind hardware wallets is to provide full isolation between the private keys and your easy-to-hack computer or smartphone.

Moonlet is a non-custodial cryptocurrency wallet that allows you to manage, stake and send effortless different crypto assets, being handy for any long-term investors or “HODLers”.

ZilPay is decentralized wallet, local storage of private key, physical insulation, multi-layer algorithm encryption – ensuring data security. Support free node switch and breakpoint reconnection – ensuring node stability and reliability.

(like metamask for eth)

Zilliqa has it`s own set of products

Developers

Zilliqa is very friendly to Developers and strongly encourage to build on Zilliqa

**Learn more about our tools, features, and resources to start building on top of our platform.
**

Scalablity

*Zilliqa can handle higher traffic volumes while maintaining strong security and decentralisation.
*

Low Fees

*Transaction costs are exceptionally low in comparison to other blockchain platforms.
*

Security

*Build a safe smart contract by leveraging Zilliqa's safe-by-design language Scilla.
*

Dev Tooling

Zilliqa offers a rich array of tools for developers to write contracts and test them.

Tools and Resources

Developer tools and resources that make the process of developing dapps faster, easier, and more secure.

Neo Savant IDE

A new version of our standalone web-based IDE that allows you to quickly write and test Scilla contracts in a simulated blockchain environment, deploy smart contracts to the Testnet and Mainnet, and contains useful tools like unit calculator and address convertor.

Zilliqa-JS Library

A Javascript library to interact with the Zilliqa network nodes – create wallets, deploy contracts, and invoke transitions to interact with smart contracts.

*GoZilliqa Library
*

A Golang library to interact with the Zilliqa network nodes – create wallets, deploy contracts, and invoke transitions to interact with smart contracts.

*API Documentation
*

JSON-RPC APIs for developing dapps.

*Explorer
*

Zilliqa Explorer allows you to search the Zilliqa blockchain for transactions, addresses, tokens, and check network statistics.

*Testnet Wallet and Faucet
*

The testnet wallet allows developers to create accounts, transfer $ZIL, and request $ZIL from the wallet's faucet.

Miners

Zilliqa is very friendly to Miners and inviting all miners to join our network as a public node.

A Different Approach To Mining

***Mining $ZIL is quite different from mining other cryptocurrencies – here's why.
***

Eco-friendly

You can mine for short periods of time to cut massive energy costs, while paving the way for a green and sustainable future.

Dual mining

You can switch from other coins to mine $ZIL automatically for just 1 minute out of every 1-2 hours, while having constant mining costs and receiving high aggregated fees.

More than 1 winner

You receive rewards based on the contributions of valid signatures, allowing for a much more equal distribution of tokens.

Mining Guide

Discover how the Zilliqa mining process works and how to setup the entire process step-by-step.

Mining Proxy Software

Find out how to create a cluster of validating nodes and setup a proxy mining to this cluster via a proxy server. (Credit: Gully Chen)

Mining Discussion

We encourage you to share your doubts or suggestions via our forum.

Join Forum

Be sure to follow me on twitter @cryptolink5

for any discussion,tweet ,news or anyother update

Hope you enjoyed this Zilliqa Edition of Earthly News

from

Any donation is greatly appreciated

or give me a follow here on Coil

Here is my ZIL address in case you want to make contribution

for my effort

zil10939yxt8alc3tayvqsh5z2x0ajkqfruw57xhdh

Follow me on MG.Social @CryptoSpace

Follow me on CinnamonVideos @CryptoSpace
Follow me on Coil @CryptoSpace
Follow me on Twitter @CryptoSpace123

Cheers until next post

Article is HUGE! 167 pages.

**follow me on twitter** **@cryptolink5**[](https://twitter.com/cryptolink5)

I WILL POST FULL LINK ON BOTTOM OF ARTICLE lll

**Definitions**

1. For the purpose of this Regulation, the following definitions apply:

(a) ‘distributed ledger technology’ or ‘DLT’ means a class of technologies which

support the distributed recording of encrypted data;

(b) ‘crypto-asset’ means a digital representation of value or rights, which may be

transferred and stored electronically, using distributed ledger or similar

technology;

© ‘asset-referenced tokens’ means a type of crypto-assets whose main purpose is

to be used as a means of exchange and that purports to maintain a stable value

by referring to the value of several fiat currencies, one or several commodities

or one or several crypto-assets, or a combination of such assets;

(d) ‘electronic money token’ or ‘e-money token’ means a type of crypto-assets

whose main purpose is to be used as a means of exchange and that purports to

maintain a stable value by being denominated in (units of) a fiat currency.

(e) ‘significant electronic money token’ means a type of electronic money tokens

that has been classified as significant in accordance with Article XX;

(f) ‘significant asset-referenced token’ means a type of asset-referenced tokens that

has been classified as significant in accordance with Article 14;

(g) ‘utility token’ means a type of crypto-assets which are intended to provide access

digitally to an application, services or resources available on a distributed ledger

and that are accepted only by the issuer of that token to grant access to such

application, services or resources available;

(h) ‘issuer of crypto-assets’ means a person who offers crypto-assets to third parties;

(i) ‘issuer of asset-referenced tokens’ means a person who offers asset-referenced

tokens to third parties;

(j) ‘issuer of significant asset-referenced tokens’ means a person who offers

significant asset-referenced tokens to third parties;

(k) “issuer of electronic money tokens’ means a person who publicly offers

electronic money tokens to third parties;

(l) ‘issuer of significant electronic money tokens’ means a persons who publicly

offers significant electronic money tokens to third parties;

(m) ‘offering to the public’ means an offering to acquire a crypto-asset in exchange

for fiat currency or other crypto-assets;

(n) ‘crypto-asset service provider’ means any person whose occupation or business

is the provision of one or more crypto-asset services to third parties on a

professional basis;

(o) ‘crypto-asset service’ means any of the services and activities listed below

relating to any crypto-assets:

(a) the custody and administration of crypto-assets on behalf of third parties;

(b) the operation of a trading platform for crypto-assets;

© the exchange of crypto-assets for fiat currency;

(d) the exchange of crypto-assets for other crypto-assets;

(e) the execution of orders for crypto-assets on behalf of third parties;

(f) the placement of crypto-assets;

(g) the reception and transmission of orders for crypto-assets on behalf of

third parties;

(h) the advice on crypto-assets;

(i) the execution of payment transactions in asset-referenced tokens.

(p) ‘the custody and administration of crypto-assets on behalf of third parties’ means

safekeeping or controlling, on behalf of third parties, crypto-assets or the means

of access to such crypto-assets, where applicable in the form of private

cryptographic keys;

(q) ‘the operation of a trading platform for crypto-assets’ means managing one or

more crypto-assets trading platforms, within which multiple third-party buying

and selling interests for crypto-assets can interact in a manner that results in a

contract, either by exchanging one crypto-asset for another or a crypto-asset for

currency that is legal tender;

® ‘the exchange of crypto-assets for fiat currency’ means concluding purchase or

sale contracts concerning crypto-assets with third parties against currency that is

legal tender, by using proprietary capital;

(s) ‘the exchange of crypto-assets for other crypto-assets’ means concluding

purchase or sale contracts concerning crypto-assets with third parties against

other crypto-assets, by using proprietary capital;

(t) ‘the execution of orders for crypto-assets on behalf of third parties’ means

concluding agreements to buy, sell or subscribe for one or more crypto-assets on

behalf of third parties;

(u) ‘the placement of crypto-assets’ means the marketing of newly-issued cryptoassets or of crypto-assets that are already issued, but not admitted to trading on

a trading platform for crypto-assets, to specified purchasers and which does not

involve an offering to the public or an offering to existing holders of the issuer’s

crypto-assets;

(v) ‘the reception and transmission of orders for crypto-assets on behalf of third

parties’ means the reception from a person of an order to buy, sell or subscribe

for crypto-assets and the transmission of that order to a third party for execution;

(w) ‘the advice on crypto-assets’ means ‘the act of offering, giving or agreeing to

give personalised or specific recommendations to a third party, either at the third party’s request or on the initiative of the crypto-asset service provider providing

the advice, concerning the acquisition or the sale of one or more crypto-assets,

or the use of crypto-asset services;

(x) ‘payment transactions in asset-referenced tokens’ means the activity, conducted

on behalf of one or several natural or legal persons, of transferring an assetreferenced token from one address or registered position used to receive cryptoassets to another, irrespective of any underlying obligations between the sender

and the recipient;

(y) ‘management body’ means the body or the bodies of an issuer of assetreferenced tokens or significant asset-referenced tokens, of an issuer of e-money

tokens or significant e-money tokens, or of a crypto-asset provider, which are

appointed in accordance with national law, and which are empowered to set the

entity’s strategy, objectives, the overall direction and which oversee and monitor

management decision-making and include persons who directly direct the

business of the entity.

(z) ‘credit institution’ means a credit institution as defined in point (1) of Article

4(1) of Regulation (EU) No 575/201335;

(aa) ‘qualified investors’ means ‘qualified investors’ within the meaning of Article

2(e) of Regulation (EU) 2017/112936

.

(bb) ‘reserve assets’ means the basket of fiat currencies, commodities or cryptoassets, backing the value of an asset-referenced tokens, or the investment of such

assets.

(cc) ‘home Member States’ means:

(a) where the issuer of crypto-assets has its registered office or a branch in the

EU, the Member States where the issuer of crypto-assets has its registered

office or a branch;

(b) where the issuer of crypto-assets with no registered office in the EU has

two or more branches in the EU, the home Member State is determined at

the choice of the issuer among those of the Member States where the issuer

has branches. This choice is definitive.

© for issuers of crypto-assets established in a third country with no branch in

the EU, the Member State where the crypto-assets are intended to be

offered to the public for the first time or where the first application for

admission to trading on a trading platform for crypto-assets is made, at the

choice of the issuer. This choice is definitive.

(d) for issuers of asset-referenced tokens, the Member States where the issuer

of crypto-assets has its registered office;

(e) for issuers of electronic money tokens, the Member States where such an

issuer of electronic money tokens is authorised as a credit institutions or

as a e-money institution under Directive 2009/110/EC;

(f) for crypto-asset service providers, the Member States where the issuer of

crypto-assets has its registered office;

(dd) ‘host Member States’ means the Member State where an offering of cryptoassets to the public is made or an admission to trading on a trading platform on

a trading platform for crypto-assets is sought, or where a crypto-asset service is

provided, when different from the home Member State;

(ee) ‘competent authority’ means:

- the authority, designated by each Member State in accordance with Article

74 for issuers of crypto-assets, issuers of asset-referenced crypto-assets and

crypto-asset service providers;

- the authority, designated by each Member State, for the application of

Directive 2009/110/EC.

(ff) ‘commodity’ means ‘commodity’ under Article 2(6) of the Commission

Delegated Regulation (EU) 2017/56537;

(gg) ‘qualifying holding’ means any direct or indirect holding in an issuer of assetreferenced tokens or in a crypto-asset service provider which represents at least

10% of the capital or the voting rights, as set out in Articles 9 and 10 of Directive

2004/109/EC of the European Parliament and of the Council38

, taking into

account the conditions regarding aggregation thereof laid down in Article 12(4)

and (5) of that Directive, or which makes it possible to exercise a significant

influence over the management of the investment firm in which that holding

subsists.

2. The Commission shall be empowered to adopt delegated acts in accordance with

Article 109 to specify technical elements of the definitions laid down in paragraph 1,

to adjust them to market developments, technological developments and experience of

behaviour that is prohibited under Title V and to ensure the uniform application of this

Regulation.

This was just Article number 3, this is just definition of what they meant to say when they used specific terms they did not want to disclose...if you can read between lines this is all you need..more or less.

big thanks to **@xrpyoda** on twitter

FULL Article:

https://www.politico.eu/wp-content/uploads/2020/09/CLEAN-COM-Draft-Regulation-Markets-in-Crypto-Assets.pdf

Chainlink is a general-purpose framework for building decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs.

Each decentralized oracle network consists of a collection of independent node operators, a method for aggregating data, and pre-made “Chainlinks” (also called external adaptor) that act as middleware to give you access to any API you want to leverage for data and/or external services.

To put it simple;

ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.

ChainLink is the digital asset token used to pay for services on the network.

Highly decentralized and secure infrastructure

Independent and geographically distributed teams of security-reviewed node operators run decentralized infrastructure.

High-quality data sources that avoid manipulation

Market data sourced from premium APIs provides full market coverage with rigorous validation before triggering your smart contracts.

Prove your smart contracts' end-to-end security to users

Easily verifiable and immutable on-chain data provides unique reliability guarantees of provable end-to-end security.

A well maintained shared data resource

An open source community builds and funds the on-chain reference data resources for the long-term viability of your smart contracts.

To understand the benefits of ChainLink and how it functions, you need to understand some fundamental, interconnected concepts. Let’s start with smart contracts.

Smart contracts

Smart contracts are pre-specified agreements on the blockchain that evaluate information and automatically execute when certain conditions are met.

Because smart contracts exist on a blockchain, they are immutable (can’t be changed) and verifiable (everyone can see them), guaranteeing a high level of trust among parties that they accurately reflect the stated parameters of the agreement and will execute if, and only if, those parameters are met.

For smart contracts to craft agreements beyond those that pertain to data found on the blockchain, they require off-chain data in an on-chain format. The difficulty in connecting outside information sources to blockchain smart contracts in a language that they both understand is one of the main limitations in how widely smart contracts can be used.

The Value of a Smart Contract

Smart contracts offer several advantages over current digital agreements.

Security – Running the contract on decentralized infrastructure ensures there is no central point of failure to attack, no centralized intermediary to bribe, and no mechanism for either party or a central admin to tamper with the outcome.

Reliability – Having the contract logic redundantly processed and verified by multiple independent nodes gives users strong manipulation resistance and network uptime guarantees that the contract will always execute on time according to its terms.

Equitable - Using a peer-to-peer based decentralized network to host and enforce the terms of the agreement reduces the amount of value being siphoned off by centralized for-profit intermediaries.

Efficiency – Automating the backend processes of the agreement—escrow, maintenance, execution, and settlement—means neither party has to wait for manual data to be entered, the counterparty to fulfill their obligations, or a middleman to process the transaction.

Oracles

This is where oracles come into play. An oracle is software known as ‘middleware’ that acts as an intermediary, translating data from the real world to smart contracts on the blockchain and back again.

Before you get any more confused with the oracle problem, let’s define it. You see, smart contracts are coding instructions that self-execute under specified conditions on blockchain networks. The sources from where these smart contracts derive their data from are called “oracles.” The auto-enforcing ability, immutable nature, cost effectiveness & self-execution of these smart contracts make them a perfect agent for automating transactions with transparency and almost a zero chance of failure.

Ironically though, smart contracts are only as smart as the oracles that feed into them. On their own, they are just ‘dumb’ instructions of code – remember the old acronym GIGO (Garbage In Garbage Out). If you feed malicious code or bad data, the smart contract processes the information as is, producing an incorrect & unpredictable outcome, thus creating the ‘oracle problem’.

This is where Chainlink steps in – A decentralized blockchain (figure above) that acts as a bridge between the oracles (data sources, APIs, etc.) and the smart contracts they feed (on blockchains like Ethereum). The individual nodes on Chainlink act as smart contracts on their own – their job is to perform independent & decentralized computations to verify the correctness & accuracy of the data being fed into the smart contracts. Additionally, the middleware also ensures the privacy of the data between the smart contracts & blockchains. Chainlink offers various useful features like:

Connectivity – Integrating smart contracts on various networks to existing applications & external data (Bloomberg etc.)

Payments – Sending payments from your smart contracts to existing bank accounts & popularly used payment networks (PayPal etc.)

Interoperability – Creating secure cross-chain connectivity between your smart contract & any other public (Ethereum) or private network (Hyperledger).

Recap

Smart contracts are immutable and verifiable contracts that automatically execute in an IF/THEN framework when conditions are met.

The data that defines these conditions has traditionally come from the blockchain.

Recently, oracles have been introduced into the crypto ecosystem to bring off-chain data to on-chain smart contracts.

But, centralized oracles diminish the benefits of on-blockchain smart contracts because they may be untrustworthy or faulty.