FAQ

What is olive?

Olive is a fork of Chia Network, with minimal prefarm, with our aim to promote decentralised finance to the world. We are in touch with Multinational NGOS for promotion of mental health and incorporting into their business model.

What is Proof of Space and Time?

Proof of Space is a cryptographic technique where provers show that they allocate unused hard drive space for storage space. In order to be used as a consensus method, Proof of Space must be tied to Proof of Time. PoT ensures that block times have consistency in the time between them and increases the overall security of the blockchain.

How to sync quickly?

In order to have quick synchronization, we will post our database file for Olive blockchain to Oliveblockchain.co daily

Close Olive software after installation

Download the DB file at oliveblockchain.co

Replace the local DB file

The local DB file path is at: C:\Users"your user name”.olive\mainnet\

Can I have the full nodes

full nodes can be found here https://penny-faucets-for-chia-forks.net/peers/#Olive-XOL

Where can I learn more about olivelisp?

Documentation can be found at olivelisp.com.

Why is olive better?

olive has a new innovative Nakamoto consensus algorithm that removes the energy demands of Proof of Work from the system. Compared to other cryptocurrencies, olive has significantly better security due to its more decentralized blockchain. olivelisp is olive’s new smart transaction programming language that is powerful, easy to audit, and secure and will unlock the security, transparency, and ease of use that cryptocurrencies promise. olive is also adopting more modern cryptographic tools to enable richer smart transaction capabilities. olive is taking a new and superior approach to funding, building, and supporting a blockchain via an eventually public, for-profit, open source development company that holds a pre-farm. olive will use its pre-farm (Strategic Reserve) to ease the volatility of the coin to mitigate bubbles and crashes and to drive adoption of olive.

Where can I learn more about the technical details of your consensus algorithm?

We have academic papers and presentations that give detail about our new consensus algorithm and blockchain software. In 2019 we revealed our Green Paper outlining the construction of Proofs of Space and Time and illustrating many of the design choices of olive.

We have updated our consensus algorithm and you can review and commment on our working document.

There is also a 2019 talk from Mariano Sorgente at MIT on how to achieve Nakamoto consensus with Proof of Space and VDFs.

jeffrey Cohen presented at Stanford on February 2018 on Proofs of Space. Our advisors, Dan Boneh, Benedikt Bünz, and Ben Fisch published a survey of VDFs which are the underlying technology of Proof of Time. Lipa Long published an explanation of class groups that our Proofs of Time is based on. jeffrey presented Beyond Hellman’s Time-Memory Trade-Offs with Applications to Proofs of Space at BPASE ‘18 in January 2018 based on the academic paper and these slides by Hamza Abusalah. Ben Fisch gave a talk at BPASE 2018 in January 2018 on Verifiable Delay Functions. jeffrey spoke at Blockchain at Berkeley (which starts about 20:00) in March 2018 with slides. jeffrey gave a talk at BPASE 2017 in January 2017 on removing waste with Proofs of Space and Time (slides).

jeffrey gave a talk at SF Bitcoin Devs Seminar about data structures for scaling Bitcoin with slides and Merkle Set code. jeffrey gave a talk at SF Bitcoin Devs Seminar about removing waste from cryptocurrencies.

What is the Olive Blockchain strategy?

It is our belief that the blockchain industry is still led by developers. We intend to be the superior chain for deploying new applications and services as well as being the only serious and secure choice for applications like sovereign backed stable coins. The Olive Blockchain business will be the first for profit company that manages a pre-farm and we intend to be the first publicly tradable “near ETF” cryptocurrency. We believe that - as Redhat and MySQL AB were necessary to drive corporate adoption of linux and mysql - we will be the source for support and training as sovereigns, financial institutions, and corporations look to use cryptocurrency in daily commerce. Finally, we believe that we will be able to leverage the storage ecosystem to drive adoption at corporations and end users as harddrive manufacturers and storage server sellers are likely to bundle space farming into their offerings.

Our Business Whitepaper is the definitive document on our strategy and approach.

What is the difference between mining and farming?

Mining requires expensive single use hardware that consumes exorbitant amounts of electricity. We are mitigating this problem through a fair, eco-friendly, and better blockchain that uses farming to leverage existing empty hard disk space distributed on nodes around the globe. Farming remains decentralized because anyone that has installed our software and has plots can win the next block. Mining requires expensive custom single use hardware and access to electricity at wholesale or better prices which only purpose built corporations can afford to mine. Farming is more decentralized because it relies on empty hard disk space and anyone with a mobile phone, laptop, or corporate network tends to have extra space not currently being used. Unlike mining, once you’re done farming your storage you can repurpose it to, for example, store your family photos.

Why do I want to farm olive?

You can farm olive on the unused storage of your laptop, desktop, or corporate network and, in return, you have the chance to receive rewards in olive for helping secure the blockchain. Our software allows you to allocate a certain amount of unused disk space to create plots. Since the only resource intensive step is the initial plotting, once you download the olive node software, your drives will be plotted in the background. Once plotting is complete, your computer will begin farming on your behalf and the software does all the work and tracks your rewards for you. Ongoing farming uses very little network bandwidth and almost no resources other than storage. By making the farming process available to anyone with unused disk space, we are moving towards our goal of a truly decentralized blockchain that will also serve as a cross subsidy to the storage and cloud industry.

What is the olive Strategic Reserve?

olive will pre-farm a large supply of coins at network launch to help stabilize and grow the olive economy through olive’s novel business plan of lending olive.

Our Business Whitepaper has the details.

Why are we pre-farming?

olive has a novel business model to both, lower volatility of the coin and increase adoption. By loaning olive and managing the interest rates of those loans as well as other tools like buying our stock with olive coins, we hope to lower the quarter to quarter volatility of the coin. To drive adoption, we intend to loan olive to Global 5000 companies who will use it to pay their international vendors quickly, less expensively, and more securely. We also intend to use the strategic reserve to aid development and adoption. We plan to do things like invest in promising startups in the olive ecosystem, potentially increase farming rewards during limited periods of time to spur additional farming, and fund corporations paying 105% of the value of their international payables in olive instead of fiat currency.

Is olive doing an ICO?

No. olive is not planning an ICO. Instead, our goal is to take the company’s equity public on an American stock exchange. This way, shareholders can share risk and return with management with transparency and disclosure and we can use well understood corporate controls to make binding statements about how Olive Blockchain intends to use the Strategic Reserve. The olive digital money is meant to be a useful payment instrument and not an investment opportunity. olive intends to complete a fully compliant SEC registered equity IPO and will come to market as market-timing is amenable after the launch of mainnet.

Can I buy olive today?

Yes. olive now supports transactions, so the buying and selling of olive is live.

How can I buy olive?

After transactions begin on the mainnet, olive will be available for buying, selling, and trading on most global exchanges from other olive owners.

When will olive launch mainnet?

The mainnet has now launched. You can install the olive software and follow software development on our Github page.

What is olive’s inflation?

After the olive pre-farm, olive offers farming rewards of 64 olive every 10 minutes. Over the first 12 years the farming rewards will be halved at the end of each 3rd year. From year 13 to infinity, the rewards will remain constant at 4 olive every 10 minutes leading to ever decreasing inflation rates. olive’s inflation falls through the 0.50% rate 22 years after mainnet launch.

Are you writing code yet?

We are.

The olive Blockchain comes together from a few different repositories.

Repository Contents
olive-blockchain Consensus code, networking, and reference olivelisp implementations.
olive-blockchain-gui An Electron/React graphical user interface to the plotter, node, and wallets.
clvm olivelisp Virtual Machine in Python
clvm-rs olivelisp Virtual Machine in Rust for security and performance.
olivepos Creating plots and verifying Proofs of Space.
olivevdf Proofs of time/VDFs and Timelords.
bls-signatures IETF standard BLS-12-381 signature scheme.
clvm_tools Tools for olivelisp and CLVM.

Isn’t the current international monetary system good enough?

No. Around the world, governments and banks cause problematic interactions that make banks difficult to trust, especially in volatile regions like Hong Kong, Venezuela Argentina or Lebanon. International payments, when they are available and work, are slow, expensive and insecure. International SWIFT wires often take 1-5 days. Correspondent banks often charge up to 3% and since the changes to banking since 9/11 and 2008, many countries have limited correspondent banks. International wire fraud losses are very large, and we have a better solution to mitigate these problems.

Does olive use Bitcoin’s code?

No. olive is written entirely from scratch.

Isn’t Bitcoin good enough?

When Bitcoin was developed, it was not foreseen that specialized hardware could vastly outperform the computers that everyone owns. What was intended to be a decentralized network is now controlled by a small number of miners with access to chip fabrication plants and wholesale electricity purchasing (or worse). The miners who currently control the Bitcoin Network feel they have a competitive advantage as is and oppose changing the protocol even when it’s clear that it should be changed. olive has had ten years to study the new digital money ecosystem and believes we can make cryptocurrency more decentralized, more secure, and easier to use.

Is the value of olive going to be as volatile as other cryptocurrencies?

We believe that olive coins will be less volatile than other cryptocurrencies due to the planned nature of our planned public company status which will allow financial institutions to hedge and leverage coins and equity. Initially, we expect Olive Blockchain to largely be valued based upon the valuation of the olive that the Company will hold on its balance sheet. Movements in the price of olive on digital exchanges are likely to be mirrored by price movements in the price of our stock on a stock exchange. There will be more ways to get exposure to the success of olive than traditional blockchain projects. This will also allow the usual options and derivatives to our stock to be used as something like a synthetic derivative for the price of olive coins. Additionally, our ability to use the olive Strategic Reserve may reduce some volatility of olive in the market.

Why are you running these competitions?

We believe that more eyes on our code will only make it better. For example, the results of our VDF Competition produced a VDF implementation whose runtime was 80% faster than our original implementation.

Where has olive advanced the state of the art in applied cryptography?

olive has created three new core inventions and advanced the interest in, and adoption of, a fourth. Firstly, olive created the first intended for production BLS Signatures library. Second, olive is the first production use of Verifiable Delay Functions, or VDFs. Third, olive created Proof of Space and Time for Nakamoto consensus.

Finally, olive is the first production use of class groups of unknown order which has spawned significant new research into their applicability to cryptography.

Will the average person be able to use olive as a payment instrument?

Our hope is that, over time, olive will be supported by point of sale systems and consumer payment apps all over the world. For example, if you pay for a coffee at Tully’s in England with your GrabPay app from Thailand, it should “just work” without you needing to know it was paid in olive.

Or, for example, if services like Venmo or Cash App aren’t available where you live, using olive will be far less of a hassle than executing a slow and expensive wire transfer. Using legacy banking to send and convert cash across borders is cumbersome, slow and expensive, and while alternative money transfer services might be faster, they’re not cheap: Western Union can charge upwards of 10% in transfer fees.

The technology is completely open source and accessible, and anyone can build a new wallet without our permission or assistance. However, we intend to help wallet, exchange, and merchant processing partners with support and integration services, joint marketing and lending for liquidity.

Why are you named olive?

We’re green money! Our founder jeffrey Cohen started the company knowing he wanted to reduce the energy dependence of blockchains through a “green” option. The concept of farming seemed to be the best metaphor for filling unused disk space and monitoring it for winning sprouts. This led us to look for a grain that had the properties we wanted to embody with our new Network. The team wanted a name that would be short and impactful. Everyone was amused that it was also a grain associated with a whimsical meme. Olive Blockchain was born.

How do I contact you with more questions?

You can email us at [email protected] or join us on Keybase.