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Monday, August 20, 2018
ZCash-coin: Defined in CryptoCurrency
How Zcash creators works:
Since the payment
information is encrypted, the protocol uses a novel cryptographic method
to verify their validity.
To Live Another Day!
Ontology-Coin: Defined in CryptoCurrency
Ontology (ONT):
Introduction:
What is Ontology Network is a public infrastructure chain project and distributed trust collaboration platform.
The blockchain/distributed ledger network combines distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, smart contract system support, and various industry-specific modules.
Previously an NEO-based token, the ONT has now launched his mainnet. It will serve as the utility token within the platform.
What is Ontology (ONT):
Ontology is a new high-performance public blockchain project & a distributed trust collaboration platform.
Ontology provides new high-performance public blockchains that include a series of complete distributed ledgers and smart contract systems.
Ontology blockchain framework supports public blockchain systems and is able to customize different public blockchains for different applications.
Ontology supports collaboration amongst chain networks with its various protocol groups.
Ontology will constantly provide common modules on the underlying infrastructure for different kinds of distributed scenarios, such as those for the distributed digital identity framework, distributed data exchange protocol, and so on.
Based on specific scenario requirements, Ontology will continue to develop new common modules.
Important: Ontology [ONT]:
There will be no presale/public sale of ONT. Those who registered to our newsletter will receive 1,000 ONT for free (details and date of which will later be confirmed). Please read this article before asking any related questions.
Ontology Network (Blockchain Service):
Ontology Network is a blockchain/distributed ledger network which combines distributed identity verification, data exchange, data collaboration, procedure protocols, communities, attestation, and various industry-specific modules.
To Live Another Day!
Sunday, August 19, 2018
Cardano-Coin: Defined in CryptoCurrency
Cardano-Coin [ADA]:
Introduction:
Cardano is known as a technology platform of Ada cryptocurrency which is more than just a crypto. It is used to send & receive funds that are secure through cryptography.
Cardano has ha digital cash which depicts the future of digital funds and their transfer mechanism.
The whole platform is in developing the process where each layer has its own function and flexibility in regard to adaptation and modification to current needs.
This is the only crypto project which is developed on the basis of scientific philosophy and compromises on the research from academics & engineers around the globe.
Influencers:
Cardano was founded by the co-founder of Ethereum in 2015.
Charles Hoskinson – Founder - https://twitter.com/iohk_charles
Jeremy Wood – Co-Founder - https://twitter.com/iohk_jeremy
Technology:
There are 3 generations of blockchain in the market now where all crypto projects are being developed.
Generation 1: Bitcoin and Money Transfer
Generation 2: Ethereum and Smart Contracts And the most recent one is:
Generation 3: Cardano
It’s founder Hoskinson wanted to stay a step ahead from the world because of few mostly addressed problems including Scalability, Interoperability. And Sustainability.
Advantages:
More reliable than other crypto platforms.
Proof of stake validation eliminates the need for extra machines.
It is a two-layered system where each layer is responsible for a complete task.
Working more on interoperability of different crypto platforms.
Disadvantages:
Flaw in Proof of Stak.
Unproven & Untested Platform.
To Live Another Day!
Stellar-[XLM]: Defined in CryptoCurrency
Stellar-Coin [XLM]:
Introduction:
Stellar is a non-profit payment network based on blockchain which eliminates the need for the bank by giving substitute of any bank institution. It is a distributed blockchain ledger that provides cross-asset transfers in no time along with its robust database system. Its digital asset is Lumens (XLM).
Influencers:
This project is influenced by significantly major names of blockchain industry.
Nicolas Barry - CTO
Bartek Nowotarski- Developer
David Mazières - Chief Scientist
Boris Reznikov - Partnerships
Ella Qiang - Partnerships China
Technology:
Stellar has presented its own Stellar Consensus Protocol(SCP) which makes no assumptions about attackers. It has surpassed both existing consensus proof-of-stake & proof-of-work algorithms and opened a new door to modest computing & finances. By the use of SCP barriers to enter and open financial system is lessened.
Advantages:
A very little fee of any transaction which is about 0.00001 XLM ($0. 000005).
Instant transaction within 0-5 seconds.
A non-profit organization, community owned.
Big partners like IBM and DELOITTE.
Disadvantages:
It is a pre-mined coin.
A limited number of XLM are available.
XLM lower price.
What is Stellar Lumens:
Stellar Lumens is a Ripple-based cryptocurrency (created in 2014) that was designed for quick, extremely inexpensive transactions.
It’s a trustless system that gives users the ability to send money across countries and currencies inexpensively and instantly.
Like OmiseGo, Stellar Lumens aims to provide the whole world with inexpensive, decentralized financial services.
Every user of the Stellar Lumens network will benefit from this, but users living in poverty-stricken and underbanked regions will benefit the most.
The fact that Stellar is open source and geared toward developers also supports their mission as a sort of “people’s coin”.
Stellar Lumens Value, Market Cap and Volume:
[September-03-2018@11:21]: There are over 4.31 billion XLM tokens currently in circulation.
There is a total coin surplus and distributed at: 103,432,382,849 XLM coins.
There is currently privately owned coins at: 18,431,982,740 XLM coins that
The Stellar XLM coins can ever be mined to set value of 103,432,382,849 and no greater than.
This may point toward some difficulty in raising the value of the individual tokens.
Generally, coins with lower supply caps have an easier time gaining in value. However, if Stellar can manage to seat itself as the most usable coin for its purpose, the large supply of coins may not be such a hinderance.
The fact that Stellar is taking steps to form a good relationship with the developers’ community is a good sign that it is well-positioned to be adopted for wider use as a currency for everyday transactions.
For the first three years of its life, Stellar Lumens hovered between $0.02 and $0.04.
Then, in May of this year, it saw a sharp increase–at its height, a single XLM token was worth just over $0.06.
It has since fallen to around $0.02, but is likely to keep growing.
How Does Stellar Work?
To use the Stellar Lumens network, you must create an account.You make a deposit on the network in your country’s currency, which is then credited to your account in the form of XLM tokens.
When you withdraw from Stellar Lumens (using an “anchor”), your money is converted back into your currency (or the currency of whomever you sent your XLM to).
“Anchors” on the Stellar network are entities “that people trust to hold their deposits and issue credits into the Stellar network for those deposits”.
In other words, anchors can be banks, farmers’ coops, or other mobile money operators that can issue credits, accept deposits, and can process withdrawals.
In order to qualify as an anchor, an entity must fit certain legal criteria.
Anchors on the Stellar Lumens “act as a bridge between existing currencies and the Stellar network”.
As a user of Stellar, you can go to a Stellar anchor and withdraw money into the “real world”.
Stellar, Low Fees, Fast Transactions:
Stellar is a “platform that connects banks, payment systems, and people”.The Stellar platform can be used to send money across the globe in seconds, for literally a fraction of a fraction of a cent (0.00001 XLM).
By comparison, the average Bitcoin transaction fee has recently risen to over $8. The fees are among the lowest in the world of cryptocurrency.
Other than the tiny transaction fee, there are no other fees associated with using Stellar’s network.
The fee serves the purpose of preventing malicious users from “spamming” the network with hundreds or thousands of fake transactions (this is called a “Denial of Service”, or DoS, attack).
Essentially, DoS attacks “clog up” the blockchain, preventing regular users from accessing the network and causing a host of problems, including failed transactions.
In order to be a user of the Stellar transactional network, you must hold a minimum of 20 XLM, which amounts to a little less than $0.30.
This ensures that each of the accounts on the network is authentic, which also prevents fake transactions and DoS attacks from happening.
Micropayments for Humans:
Stellar’s low fees and lightning-fast transaction times make it a good candidate for micropayments, although other coins, like IOTA-coin may be able to achieve this even more efficiently.However, since IOTA was designed more for m2m (machine-to-machine use), Stellar Lumens may be the best “human-use” equivalent.
Stellar also seems to be committed to serving the interests of its individual users rather than larger corporate entities (banks, for example).
Interestingly, Stellar has made moves to make anchor partnerships in Nigeria.
Many in the technological world view Nigeria as the land of hackers and online scammers, but the Stellar Lumens team sees the untapped potential of the creativity that lays in the Nigerian “cypherpunk” community.
To Live Another Day!
Tether [USDT]: Defined in CryptoCurrency
Tether [USDT]:
Introduction:
Tether is bitcoin-based cryptocurrency which allows users to send, receive and store digital tokens by mirroring the value of the actual currency. Initially, it allowed only the USD but later on added Euro and Yen in the list. The main idea behind this project was to bless the world with a stable currency.
Stable Currency:
Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.The digital currency/coin serves as an alternate of actual money in any supported currency. For example, if anyone can buy 1 Tether for 1USD and store it as the actual value of its amount. That is the reason why Tether token price is never assumed to be increased.
100% Backed:
Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD.Transparent:
Our reserve holdings are published daily and subject to frequent professional audits. All tethers in circulation always match our reserves.Blockchain Technology:
The Tether platform is built on top of open blockchain technologies, leveraging the security and transparency that they provide.Widespread Integration:
Tether is the most widely integrated digital-to- fiat currency today. Buy, sell, and use tethers at Bitfinex, Shapeshift, GoCoin, and other exchanges.Secure:
Tether’s blockchain-enabled technology delivers world-class security while meeting international compliance standards and regulations.Money built for the internet:
Whatever you can do with digital currencies, you can now do with digital cash.Blockchain Companies:
- Offer your services in a variety of digital currencies.
- Price goods and services in a currency your customers are familiar with.
- Reduce operating costs and times by bypassing financial institutions.
Exchanges:
- Use tether as an alternative to traditional currency deposit and withdrawal methods.
- Secure and manage customer assets purely through crypto-processes, including multi-sig.
- Settle fiat balances between exchanges much easier and in real-time.
Individuals/Traders:
- Seamlessly move currency between exchanges and wallets.
- Enhance your cross-exchange and currency arbitrage strategy.
- Be the custodian of your own funds and eliminate exchange custodial risk .
Influencers:
A list of high profile technical people is influencing Tether’s growth.
JL VAN DER VELDE: - Chief Executive Officer.GIANCARLO DEVASINI: - Chief Financial Officer.
PHILIP G. POTTER: - Strategy Officer.
MATTHEW TREMBLAY: - Chief Compliance Officer.
STUART HOEGNER: - General Counsel.
In Depth Research:
Tether (USDT) that 10 largest “coin” according to Market Capitalization, has excess dollars in its bank accounts that the USDT in the circulation as on June 1, 2018, concluding USDT is completely backed. Tether which is considered a stable coin claims that its 1 USDT = 1 USD.The coin has been in controversy as its name surfaced, along with BitFinex, in a report which claimed that the USDT was used to manipulate the Bitcoin prices in December 2017, which lead to the rise in bitcoin hovering over USD 20000:
- BANK 1: $1,968,538,584.82 USD (unencumbered)
- BANK 2: $576,528,652.00 USD (unencumbered)
- TOTAL: $2,545,067,236.82 USD"
The report also noted that, According to Tether’s transparency page (https://wallet.tether.to/transparency), the amount of fully-backed USD Tethers in circulation as of June 1st, 2018 was equal to $2,538,090,823.52 USD Tethers This meant that the company had a cushion of around USD 7 million in excess.
Although the report was in favour of Tether, it was taken up controversially by the community as skeptics stated that since tether had hired Freeh Sporkin & Sullivan LLP(FSS) to conduct this investigation, the complete legitimacy and transparency of the report was questioned, even though FSS stated had they had not given any advance notice to the company regarding their investigation date.
Founded in early 2015, Tether is objectively a far less volatile “investment” relative to other cryptocurrencies.
The Purpose of Tether is to: “[convert] cash into digital currency”.
Tether is a “pegged” token, which means that each Tether token is equivalent to the unit of currency that it is tied to on a 1-to-1 ratio–for example, 1 USD₮ is always equal to US$1.
Tether was built on the Bitcoin blockchain through the Omni Layer Protocol. Essentially, Tether acts as a means of payment and wallet safe storage with the security and versatility of blockchain technology.
Tristan D’Agosta, CEO and Founder of the Poloniex Exchange, said that ““Tether’s growing adoption and careful attention to legal compliance have made it the leader in solutions for fiat on the blockchain.”
Tether can be used as a means-of-payment in online businesses in applications, as an easy way to invest in other cryptocurrencies, and as a secure way for crypto traders to store their money in crypto format without losing its value.
Because of the nature of its value, Tether is, in many ways, better suited to a variety of uses than other coins with more volatile token values.
Tether can act as a user-friendly bridge between the world of cryptocurrency and other financial services, including payment processors, ATMs, and even banks.
Tether’s conversion fees are extremely low, and the Tether network charges no commissions for sending or receiving transactions.
Tether Value, Market Cap and Volume:
Tether is not a cryptocurrency that should be thought of as an investment in the same way that other cryptocurrencies, like Bitcoin.The dollar-value of coins like Bitcoin is highly volatile, and changes over time. Bitcoins that cost US$0.01 at the very beginning of their lives now cost over US$10,000. Tether is always 1-to-1, which makes it suited to a variety of practical purposes, but it shouldn’t be viewed as an investment that anyone expects to get a return from.
Even though Tether is less volatile than other cryptocurrencies, it shouldn’t necessarily be thought of a “safer” way to invest or store money. Tether’s legal policy essentially says that Tether has no legal responsibility to guarantee that users will have access to their funds, and Tether has no liability if anything happens to the funds (even if it’s Tether’s fault).
However, Tether is a reputable entity that has been deemed trustworthy by a number of leaders in the cryptocurrency industry. Tether currently offers tokens “pegged” to three currencies: the USD, the Euro, and the Yen. It plans to expand its range in the future.
How Does Tether Work?
Each “Tether Dollar” is backed up by an actual dollar in a “real world” bank. The Tether Proof of Reserves system allows users to check the amount of USDT in circulation (omnichest.info). The amount of physical USDs held in reserves is proved by regular audits and public publishing of information regarding the Tether bank account. To view the bank balance, visit the Tether website’s “Transparency” page.Buying and Storing Tether:
The easiest way to buy and store is through Tether’s website, Tether.to. On the website, you can create an account. There are two kinds of accounts–one for individuals and one for corporations. Using your account to deposit and withdraw cash, however, does require that you verify your identity–a deterrent for users who wish to remain anonymous.Tether is widely used, and is therefore available for purchase on all of the world’s major exchanges (and many of its minor ones, too). You can purchase USDT at Omni, Bitfinex, Poloniex, ShapeShift, Ambisafe, GOCoin, HolyTransaction, expresscoin, RChange, CCEx, Kraken, Bittrex, Liqui, Cryptopia, MegaChange, and HitBTC.
Tether can be stored on the Tether online platform or in any Omni Layer-enabled wallet, one example of which can be found at omnilayer.org.
Tether for Businesses and Developers:
Tether has been designed to be easily integrated into pre-existing online business and applications as a means-of-payment. Tether allows the businesses and applications to easily change their conventional transactional systems to blockchain-based networks. Tether can be integrated using an API interface, and the Tether team offers “full infrastructure support” to its adoptees.History of Tether:
Due to some technical issues on the part of the Taiwanese bank that Tether uses to store its “real world” backing, there was a point in its history when a single USDT was actually worth US$0.93. Currently, a single USDT is trading at $1.01. Users who bought up the cheaper Tether dollars were able to sell them for a decent profit.Tether Controversies:
On Tether’s “Legal” page, the following is published:
“There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money.We do not guarantee any right of redemption or exchange of Tethers by us for money.
There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.” ~ tether.to/legal
What this means is that Tether is not legally obligated to allow you to redeem USDT for USD once you convert USD to USDT. This raises a serious red flag for many members of the cryptocurrency community, as it should. The legal page also includes an extensive Limitation of Liability and Release clause that essentially says that the Tether company is never responsible for what happens to your USDT, even if it is technically their fault.
By nature, Tether is a very centralized platform. Unlike Bitcoin, Ethereum, or most other cryptocurrencies, which are “trustless”, Tether requires its users to put their faith in the company to be good stewards of their money. While Tether has proved itself to be reliable, the level to which Tether is centralized may be enough to send some potential users running.
That being said, Tether is a network and company with a reputation to uphold. Additionally, many other cryptocurrency “all-stars” have publicly supported its use. Essentially, it has been adopted for widespread use for a reason. Tether has proven itself to be trustworthy, at least up until this point. Tether also takes a number of steps to be as transparent as it possibly can.
To Live Another Day!
Litecoin-Coin: Defined in CryptoCurrency
Litecoin-[LTC]:
About LiteCoin:
Litecoin LTC - provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have which are its main differentials to Bitcoin.
The Litecoin network is scheduled to produce 84 million currency units with a halving in reward every four years just like bitcoin. The coin was created by a Google employee, Charles Lee. Litecoin is in second spot to Bitcoin and has spawned numerous clones - however it has a solid base of support and dedicated development team.
The Litecoin project is currently maintained by a core group of 6 software developers, led by Charles Lee, with a large community that is growing in support.
In May 2017, Litecoin became the first of the Top 5 (By Market Cap) cryptocurrencies to implement the SegWit scaling solution. Later in May of the same year, the first Lightning Network transaction was completed through litecoin, transferring 0.00000001 LTC from Zurich to San Francisco in under one second.
Introduction:
Introduced as the “silver” to Bitcoin´s “gold” (don´t get confused with BCG - the "gold" in this case is just a likening to precious metals in the world of cryptocurrencies, and "gold" definitely means the original Bitcoin BTC).
Litecoin began as a hardfork of Bitcoin. It was released as an open-source code on Github in October 2011 by Charlie Lee, a former Google employee.
Right from the start, Litecoin had a different approach to block sizes and their generation speed (2.5 minutes), therefore achieving faster transaction confirmation times compared to Bitcoin.
Another major difference of Litecoin compared to Bitcoin is the use of scrypt as its proof of work algorithm. Litecoin’s scrypt hashing algorithm is memory-demanding, which encouraged GPU mining.
It was an attempt to resist the development of application specific integrated circuits (ASICs) which dominated Bitcoin mining in 2013 and exponentially increased its mining difficulty. However, first ASIC miners for Litecoin’s scrypt were introduced in 2014.
The main advantage of Litecoin seems to be its agile development. Although Litecoin is among the TOP 5 cryptocurrencies in terms of market capitalization, there’s less politics involved and less conservatism needed. Therefore Litecoin was the first of the TOP5 cryptos to activate the Segregated Witness (SegWit) protocol, already in May 2017.
The team behind Litecoin has been showing dedication since Litecoin’s introduction in 2011. Much of the 2017 Roadmap has been implemented, including the SegWit adoption and creation of the Litecoin Foundation which spearheads and organizes the development of the Litecoin cryptocurrency.
Influencers: Charlie Lee
Also known as coblee, the creator and main proponent of Litecoin. Charlie has a broad love for cryptocurrencies in general, and seems to be doing anything in his power to keep them growing. Former Google employee, and ex-Director of Engineering at Coinbase, Charlie is now the managing director of the Litecoin Foundation.
Technology:
Litecoin is a decentralized currency with quick transaction times and close-to-zero transaction costs. Its total mineable amount is 84 million, which is 4X times the number of bitcoins. This makes Litecoin the “silver” currency, suitable for everyday smaller transactions.
Lightning Network:
Litecoin’s development team have always been progressive and they have been working closely with the developers of the Lightning Network. It’s very likely that Litecoin will be among the first crypto coins to adopt this feature.
Lighting network enables super fast payments with exceptionally low transaction costs by bundling and settling transactions off-blockchain and therefore removing the need to wait for confirmation. The security of these transactions is enforced by smart-contract-like rules. The developers boast millions to billions of transactions per second possible.
Advantages:
- Quick block creation (2.5 minutes) and transaction times
- Ability to process 8X more transactions than Bitcoin in a 10-minute window
- Good liquidity and stable market price
- Somewhat ASIC-mining resistant due to the Scrypt algorithm
- Great community with high consensus for changes
Disadvantages:
- Entirely based on BTC.
- Lags behind Bitcoin core and runs on obsolete code.In the shadow of BTC and doesn’t offer that much novelty.
- Could be knocked-over by modern altcoins.
To Live Another Day!
Ethereum Classic [ETC]: Defined in CryptoCurrency
About:
Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction.The Ethereum Classic mission statement is:
"We believe in decentralized, censorship-resistant, permissionless blockchains.We believe in the original vision of Ethereum as a world computer you can't shut down, running irreversible smart contracts.
We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests.
We believe in censorship-resistant platform that can be actually trusted - by anyone."
Our block explorer data by Gas-Tracker:
Total coins supply, total network hash rate, last block number and total difficulty are freely provided by Gas-Tracker.In 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb.
Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic.
Introduction:
In massively increasing crypto words “Ethereum” is a well-known name after Bitcoin. Ethereum classic is certainly not a totally new cryptocurrency but a modified form of the existing Ethereum.Both “Ethereum” & “Ethereum classic” hold the same list of features i.e. smart contracts, decentralized applications, and rewards.
In mid 2016, the hacker(s) found a place in the DAO (Decentralized Autonomous Organization) token and sneaked out $50 million dollars out Ether worth.
After this attack, the community took action where some of them moved to Soft Fork and some towards Hard Fork.
The soft fork is where after the update software can be downgraded again to the previous version, whereas in Hard fork backward compatibility is not available.
Influencers:
[Twitter] - Vitalik Buterin: Vitalik is a programmer based in Toronto; who first dreamed of developing a platform inspired by bitcoin. He is also the co-founder of the Bitcoin Magazine.He first started writing a huge list of blogs about blockchain technology and cryptocurrencies but later presented his own idea of the Ethereum platform.
[Twitter] - Dr. Gavin Wood:
Gavin is the co-founder of the Ethereum platform, he also contributed by writing yellow papers which specially described the technical depth including the Ethereum Virtual Machine (EVM), smart contracts, and the Ledger and etc.
[Twitter] - Joseph Lubin:
He is the co-founder of Ethereum and has also initiated a startup CONSENSYS which is purely working on building smarter decentralized apps (DApps).
Technology:
Same as other crypto platforms; the Ethereum ecosystem is also based on smart contracts which are automated and speed up the transaction time.
Despite bitcoin, Ethereum is programmable which provides its users to play how they want to.
Users are not obliged to use the pre-defined set of operations, but they can create and use their own operations at any level of complexity and integrity they want.
EVM is being used to execute code and logic of decentralized apps in a more-friendly programming language. Most market-present languages are supported, i.e. JavaScript & python. Ethereum is said to be a blank canvas ready to be used by anyone for their desired operation.
DAO was aimed to be used so that all future decentralized apps are developed on the Ethereum ecosystem. It was considered to be a complex smart contract which remains in the line of revolution.
Advantages:
- A promising future in terms of new evolution in the overall Ethereum eco-system.
- Back on feet with smarter teams.
- A dedicated team of young people has the vision to pursue.
- Closely follows the immutability philosophy of blockchain network.
- Has recently got the backing of a few big players.
- Recently announced great investments are raising high hopes.
- Fast transactions confirmed in max. 30 seconds.
- High level of transactions security.
- Smart contracts.
- DAPPS Framework for development upon Ethereum Virtual Machine the original Ethereum PoW technology.
Disadvantages:
- Lesser trust because of the 2016 DAO attack.
- A large group shifted to other platforms; faced a sudden drop.
- Communities called it scammers hub.
- The lack of backward compatibility.
- Not as popular and widespread compared to ETH.
- Not backwards compatible with ETH
To Live Another Day!
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