FAQs

What will I need to trade on the Ethereum network after Genesis Block?

You will need 3 things.

  1. AMIS ERC20 Token (1 or more)
  2. A working computer/mobile
  3. Working internet

When is mainnet launching?

The launch of Mainnet has, from the outset, been at the mercy of two main factors - internal testing, and external auditing. Internal testing has to be completed on both the private testnet, and the public testnet. Once that is secure, we will submit our code for external auditing. Once the external audit has been passed, we are confident in our own internal testing protocols, and will schedule the exact release date of Mainnet.

What is AMIS ?

Right now AMIS is trading as an ERC20 token on the Ethereum / bitshares blockchains while we develop other AMIS side-blockchains. It will be exchanged at a ratio of 1:1 at mainnet. The process is simple, easy, and articulated when it comes time.

Upon release of mainnet, the Asset Management Instrument Solution (AMIS) will be a first of its kind, future-proof fast moving transactional vehicle which tackles intermediation paradigm in the digital era. Also included will be:

  • A webwallet for a no-batteries-needed experience to use (just a browser like MEW)
  • Desktop Apps (windows, mac, linux)

Why even have an AMIS ? Can’t Bitcoin and other projects just add in AMIS later?

A change from ECDSA-based addresses to quantum-safe addresses would be no small fork, and would potentially require disabling active addresses for a period of time while a fork was implemented, regardless of the specific cryptocurrency. This could have significant deleterious effects on a cryptocurrency-powered blockchain network, and, as we have experienced in creating our own blockchain, could also require the changing of significant sections of the cryptocurrency’s code to accommodate the new security features, drawing into question the feasibility of implementation.

Additionally, one cannot always (or, one could argue, ever) predict when and where technological innovation will rapidly progress. This is especially true of emergent technology, and both blockchain and Quantum Computers would qualify as such. There is potential for an unforeseen/unpublicized advance in Quantum Computing leading to an attack on a cryptocurrency network, and the market-wide realization of the sudden vulnerability of cryptocurrencies that are based on ECDSA signature methods. This would likely cause a “run on the banks” scenario and crash the value of many-if-not-most cryptocurrencies that were secured by ECDSA.

What can I expect my exchange rewards to be like?

We cannot directly estimate how much any given exchange wallet would receive over any given amount of time. However, as we employ a directly-proportional model of exchange rewards, we can say that you will be rewarded with approximately the same percentage of the incoming AMIS as you own of the staking population for any given period of time.

For example (JUST AN EXAMPLE): If you exchange 100 AMIS, and there is 1,000 AMIS total at stake across all exchange wallets, then you make 10% profit during the transaction. For any given block during the period of time while you are offering bids/asks, you will have a 10% chance to create the next valid trading transaction, and in turn gain the exchange reward.

How do I get started with Testnet?

We have a number of guides related to testnet features, and you are always welcome to come check out our #testnet channel on our Discord or submit a bug report to our GitHub! Guide to get started with testnet: https://github.com/amisolution/ERC20-AMIS/#

NOTE: If one of the above links does not work it is because we have updated Testnet but not our FAQ page yet. The updated links and information will be present in #alpha-testers. Thank you for your patience.

How is the AMIS secure?

Several important algorithms in public-key cryptography (such as ECDSA used in Bitcoin) base their security on the assumption that the discrete logarithm problem over carefully chosen groups has no efficient solution. It has however been shown that a quantum computer of sufficient power can use Shor’s algorithm to effectively compute a private key generated using ECDSA by ‘scanning’ all possible solutions to a given public key (address) in superposition simultaneously.

AMIS plans to implement one of a series of peer-reviewd post-quantum secure algorithms: XMSS (eXtended Merkle Signature Scheme) XMSS uses a OTS (One Time Signature Scheme) that can only sign one message with one key. OTS signature keys are generated as needed, making XMSS unforgeable under chosen message attacks.

Are decentralized exchange safe?

In cryptocurrency systems, keeping your private key(s) hidden is the most important thing in securing your funds. Exchanging AMIS on the Ethereum network does not require you to share any secret information with anybody. Our sourcecode is open, so anyone can verify this. Additionally, we will offer a means for ‘secure online decentralized exchange’ whereby users are able to exchange without ever having to expose their private key(s) to the world wide web.

What distributed consensus model does the AMIS follow?

The AMIS ERC20 Token uses the Ethereum algorithm to reach consensus about the finality of transactions on the network.

Why shouldn't you use the same OTS (One-Time Signature) key to sign different messages?

AMIS plans to using a digital signature algorithm called XMSS (eXtended Merkle Signature Scheme). XMSS is used to sign transaction messages in order generate valid transactions. XMSS uses a One Time Signature (OTS) scheme that can only sign one message with one key. If you use the same One Time Signature (OTS) key to sign two different messages, an attacker could generate a valid signature for a third message you had never signed before. This might allow an attacker to generate a valid transaction you had never approved. Which is why it is important to keep track of which OTS keys have been used already, so you can use a different OTS key for each message.

What is ECDSA?

ECDSA (Elliptic Curve Digital Signature Algorithm) is a digital signature algorithm standard that is using elliptic curve cryptography to generate and verify digital signatures. ECDSA is used in cryptocurrencies such as Bitcoin to secure financial transactions.

In order to generate a valid Bitcoin transaction the private key is needed to sign the transaction and generate the ECDSA digital signature. The corresponding public key is published after the transaction is generated, because it is needed to verify that the transaction was signed correctly using the private key.

The security of ECDSA relies on the assumption that it is hard to compute the private key when the public key is given.

The security of ECDSA is broken when the private key can be computed from the public key, because when the private key is known signatures can be forged and there would be no difference between an authentic signature and a forged signature.

This private key can be computed when the public key is given by solving the Elliptic Curve Discrete Logarithm Problem (ECDLP), which can be stated as follows:

Given the public key that is represented by point ‘Q’ on the elliptic curve and a standardised base point ‘P’ on the elliptic curve, find the private key that is represented by the integer ‘a’, such that Q=a*P.

In which ‘*’ represents an elliptic curve point multiplication.

This Elliptic Curve Discrete Logarithm Problem (ECDLP) can be solved efficiently using Shor’s algorithm on a large quantum computer, which would then break the security of ECDSA.