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Multicurrency Wallet DEXs will be the standard of the 2020s. The present status quo is an absolute joke.
Before I begin, I'd like to ask you a question. Why are so many of the most established people in crypto among the most closed-minded when it comes to talking about new ideas? Why is the crypto space more concerned with what a clown from Australia is lying about or petty figurehead drama than the hard work and effort of the good and lesser-known among them? Let's talk about altcoins for a minute. It'd be a very tough job to count every single alt that's come in on a hypetrain and died in obscurity. If I were to guess that 95% of them failed, I wouldn't be surprised to hear that it was a conservative estimate and that the number is even higher. Indeed, it would be much easier to count the exceptions to the rule. To name a few - ETH, LTC, XMR, and (quite amusingly) DOGE. Should the stubbornly high failure rate of alts justify writing them all off as garbage? Businesses have an incredibly high failure rate too. It would be foolish - outright silly, even - to say that the grocery store is a fraud and a scam because the aqua-saxophone jazzercise laundromat failed to live up to it's expectations. Maybe not, because this is exactly the way the crypto space is right now. That line of thinking is the de facto standard in the cryptocurrency space right now - "guilty (of being a shitcoin) until proven innocent (by some central authority figure or big exchange who can validate it for us so we don't have to do it ourselves)". To be fair, there was an aggressive torrent of these "goofy laundromats" in 2017 and people are either hungover or shell-shocked from all the broken pipedreams and costly fiction. You'd think that the titans of this industry, particularly those who care more about the cypherpunk essence of Bitcoin than how rich they can get off of it, would be more receptive to the legitimate projects that are working in obscurity to harden the crypto space and it's infrastructure. Unfortunately, that does not seem to be the case. All too many seem to think that everything that needed to be built has already been built. Considering that all the Bitcoin titans are somewhat newly-minted, the irony is remarkable. No one used to take Bitcoin seriously. The further back in time you go, the more it took lonely effort and independent research to truly grasp its ideas. This is still the case today. Most have heard of it but have no idea what it is or why it's important. Many who are fervently in PMs or traditional investments like stocks and bonds continue to deride it, even though it will go down as the best performing asset of the 2010s by far. Others are a little more aggressive and, despite a lack of knowledge, call it anything from a scam to "rat poison squared". Like anything else, it's foolish to make bold claims atop little to no education. You'd think that treatment would make Bitcoin maximalists do some reflecting. Instead, a sizable number of them decided to emulate the ones who beat up on Bitcoin when it was small and irrelevant. "All you need is Bitcoin. Everything else is trash. I know what I'm talking about because I bought the top of the 2013 bubble and I'm probably immune to future dumps for life". Now let's talk about where cryptocurrency infrastructure falls short. Bitcoin still retains the same cypherpunk essence that it's always had. The same can be said for Bitcoin wallets. They're secure. They allow for anonymous transactions. They run on an immutable blockchain. There is no central authority between a key-holder and their funds. Enter the exchanges. In a way, they were a necessary evil. Without them, adoption would be severely throttled. With them, Bitcoin is compromised. For many, the privacy and anonymity that BTC is supposed to offers has been tossed out. It was the only way it could be retrofitted into a tightly-controlled system that demands KYC. While this has helped to spread adoption, Bitcoin has become more and more traceable. Quite ironically, many of these same exchanges that adopted KYC policies to "ensure accountability from their customers" had no trouble exit scamming. They come and go. The old one gets hacked, or it exit scams, or proves itself to be corrupt and suspicious. A new one comes. This time it will be different. Then the cycle repeats itself. Mt. Gox. Bitfinex. Polo. Bittrex. Binance. They all had their time in the Sun. These exchanges are in many ways the antithesis of the cypherpunk manifesto - vulnerable honeypots directly controlled by a centralized figurehead. Unsurprisingly, they cause a lot of unneeded trouble and give Bitcoin a ton of bad publicity. Example:
Me: "What do you think of Bitcoin?" Co-worker: "Didn't that thing get hacked last week?" Me: "Bitcoin didn't, but a place where it was exchanged was." Co-worker: "I don't trust it. It's only a matter of time til they find out how to type in some numbers to make more show up on a screen blah blah blah."
You've all likely met someone like this and brushed them off as closed-mined, but they're exactly the type of person this industry needs to convince to further adoption. It will be next to impossible to do so with the way things are right now. In order for Bitcoin to survive, it needs exchanges that are built to the same code that it was. The solution, therefore, is to "port" the cypherpunk essence of Bitcoin to the exchanges. Immutability. Anonymity. Privacy. No central authority of figurehead. With all that said, let's talk about DEXs. I started a thread on here a few months back when Binance announced that they were giving Americans the boot. I got a ton of answers. It shows that, among the hardcore at least, there is a desire to go in a new direction. Loopring, IDEX, and Bisq were among the more popular choices. It's a step in the right direction. However, these DEXs are still rather inaccessible - especially to outsiders. Performance wise, they're on the slower side of things. Due to these setbacks, they suffer from low volume. This is where some recent developments in multicurrency wallets with embedded DEXs from lesser-known projects will come out of obscurity and catch everyone by surprise. Among them - I'd like to mention Stakenet Wallet and KMD's Atomic DEX. Both of them, now seemingly weeks away from launch, will allow for atomic swaps between a wide variety of coins directly from a private wallet. Stakenet goes a step further by offering atomic swaps running atop Lightning Network. Why does this matter? These two platforms will be to exchanges what the inception of Bitcoin was to currency. Finally, after almost 9 years, Bitcoin not only has an exchange that truly honors its essence, but it's starting to see healthy competition between them. To elaborate further on why this is very important.. No KYC. No accounts. No sending Bitcoin to an exchange and waiting around for it to show up. No downloading multiple wallets. No exchange figureheads. No withdrawal freezes. In Stakenet's case, the decentralized MN network that runs it's DEX will also act as a massive LN payment processor (routing, watchtowers) that provides a ton of liquidity for it while allowing Bitcoin to scale. "Lightning swaps" will provide every LN-based coin the ability to be instantly swapped to purchase anything in BTC. Stakenet will also feature a DEX aggregator that will pool together the orderbooks of numerous DEXs into one easily-accessible spot, boosting traffic to the many DEXs that are harder to reach and furthering their adoption along. Simply download a wallet like you would any other app and you're ready to get started. It's so much easier and more convenient. I don't see how or why CEXs and all their ilk (figurehead drama, geoblocking, exchange hacks, wash trading, currency manipulation, exit scams, etc) could remain relevant in the environment to come. Regulation will not save us. Decentralization will. As long as one person learned something from this, it was all worth it. I welcome the opinions of everyone in this space.
Emerging Technologies by 2020 As we come to approach a new era of technological revolution this coming year 2020, the rise of artificial intelligence (AI), Fifth Generation Cellular Technology (5G), Internet of Things (IOT) and Blockchain technology, these technological innovations would undoubtedly disrupt most of our traditional Industries here in the Philippines as we know it. (Hold that thought for a minute.) Current Situation of the Crypto Industry in the Philippines Facebook, Twitter, and Instagram are among the top picks where most people get their news. It is then obvious, that most marketers, journalists, and influencers, take advantage of these mainstream social media channels as the perfect medium to promote their digital currency of choice or ads to reach a larger target audience compared to the traditional newspapers or postal mail. These have its pros and cons. As the cryptocurrency space is gaining popularity at a rapid rate, more and more Filipinos are enticed to seek refuge to the promises of guaranteed and instant returns “get rich quick schemes” from networking companies to Ponzi schemes, and cyber scamming sites, just to name a few. The innovation of the blockchain technology using cryptocurrencies especially bitcoins has also been a godsend for criminals. Money laundering through various casinos in prominent cities in the Philippines has been rampant, as transactions through Bitcoin is easy and convenient while tracking the original money is near impossible. Extortion also play a major role. We may have no major reports of extortion here in the Philippines that involves crypto (AFAIK) but just recently, Binance a big player and the top cryptocurrency exchange by far with an average of 13–15 million users worldwide (according to a recent interview with CZ), has been in the social media radar due to an extortion attempt to their company, on an alleged Binance Know Your Customer (KYC) data leak. With all the fear, uncertainty and doubt, it is obvious that the common response of most Filipinos, when asked about cryptocurrency in general (especially when asked about Bitcoin), is that it is a scam, a Ponzi, a bubble, and the most convenient medium of exchange for drugs, terrorism, pornography, human trafficking etc etc. which is (IMHO) partly true. Mainstream adoption of cryptocurrencies in the Philippines A study made last January 2019 by Napoleoncat reveals a total of 74,850,000 Facebook users in the Philippines. That accounts for roughly 68.6% of the country’s entire population. What does social media demographics have to do with cryptocurrency in the Philippines as you may ask? As Facebook recently announced its development and launch of its Libra coin by 2020, along with the deployment of 5G, IOT, AI and the continued improvements of the blockchain technology. Imagine the 68.6% population of Filipino Facebook users that will be exposed to the convenience of this technology. There is a good chance that this will pave the way for Filipinos to finally get involved and adopt cryptocurrencies for day-to-day transactions. Aside from the internet usage, remittances from Overseas Filipino Workers (OFW) would certainly play a major role as remittances have a proven track record of being the top dollar earner among all financial sectors for the last 2 decades. It is also a proven fact that OFW remittances is currently the biggest economic lifeline of the Philippines apart from the BPO Industry. Let us say cryptocurrencies get adopted in a year or two, thanks to social media and Facebook as a common past time of Filipinos (no pun intended). Everyone would enjoy a safer, more efficient transactions, with zero to minimal transaction costs, instant cross-border money transfers or payments, transparent transaction history and the coolest thing, this could all be done with just a few swipes on a smartphone. Compare this to the current traditional remittance transactions which usually takes days to transact, staggering 10–20% transaction fee, heavily centralized, meaning you have to spend a few minutes to hours just to find the nearest remittance center (pera padala center) to execute your transaction, think about it, think about how inefficient and unfair that is in our current technological state. We are coming to the point that these major financial intermediaries like banks, remittance centers, and financial companies will be eradicated and replaced by smartphones. Sure, the idea seems overrated but it is already happening. Just take a look at some of the countries that are currently experiencing hyperinflation, where their currency is losing value at an alarming rate. The people of these countries no longer trust their banks, nor their government. Instead, relying on the use of smartphones to transact and convert their money through various crypto-coins has been the only proven way that works to hedge their financial assets, their life savings, from hyperinflation. In conclusion: It is no longer a question of “will cryptocurrencies be adopted” in the Philippines, but a question as to when. I firmly believe, with the growing community of Filipino crypto enthusiasts, surfacing in various social mainstream Media, promoting the use case of blockchain technology, we are going to be an influential part of this financial technological revolution sooner than expected. People want freedom, the freedom to transact anywhere, anytime, with no limits. People want something that is efficient, transparent and safe with fair transaction costs and seamless that it happens in an instant. People want full control of their finances, and these technologies we have is the key. The key that will promote a decentralized system that will eliminate the traditional financial problems of transparency, corruption and economy unevenness here in our country.
You may think I'm exaggerating, but those who have met Atomic wallet before are understanding and smiling. Let me tell you my story from the beginning. When I first met blockchain technology, I was dazzled by what extraordinary technology could do. I was very impressed with revolutionary innovations such as P2P, distributed ledger technology, artificial intelligence algorithms, smart contracts, Internet of Things (IoT) and Big Data. I believe that digital money is our future, like everyone else affected by blockchain technology. I also wanted to buy crypto-money and be a crypto-money investor. Then don't ask — a real disappointment. As a user of crypto living in Turkey, it is almost impossible to buy crypto-money from one of the well-known Turkish sites with your debit card. It was also a nightmare to buy, and trade any digital currency with your traditional lira. 📷 https://preview.redd.it/4kynmkyozkx21.jpg?width=276&format=pjpg&auto=webp&s=44182dbae6c05c81ab86f9ab1b496b7d258be2f0 There were many blockchains such as Bitcoin, Ethereum, EOS, and Stellar. Many projects were launched every day. Almost every project opened its wallet. It was hard to go to the stock markets to trade with these coins and tokens, to make crypto-money that I wanted to save, to keep tens of public and private keys of the wallets. It was supposed to be a computer programmer, not a computer user. This is my complaint about the difficulty of handling and the complexity of the process. Besides, many stock markets don't give you your private key. You deliver all your personal information and the private key of your wallet to the stock exchange authorities. Hacking events or the negligence of the stock market workers can cause you to suffer a lot of damage at a time. Central stock markets are spooky. Finally, the commissions they receive during the transaction will cause you to get 20% more expensive each coin. I'm sure those of you who haven't studied computer technology like me have understood me. I can write a book enough to tell me what happened to a coin I want to invest in. But it's not what I want to say to you. I want to talk about Atomic wallet, the one I just met today, who saved me from these troubles. Today I want to write a few words for the atomic wallet I encountered while researching to buy bitcoin. I'il tell you about the bitcoin purchase experience I've been through. 📷 https://preview.redd.it/huplw4ru0lx21.png?width=640&format=png&auto=webp&s=11e8888a69effb3295b778bd843d213640e6986a
I'm not making investment recommendations for this project. However, I would recommend that you use our atomic friend. Atomic on the Binance DeX stock market. Whether Atomic Wallet's the iOS or Android app for your phone, or the desktop app, you can always experience the atomic wallet. You will understand that you have encountered one of the most robust projects. Written By: N.ipek Celik naz14: 0x3b19a4a034fd3687ba803a18f677927893dfeff 1.Note: As soon as you start trading in your wallet, there's an online help box that offers help from the bottom right corner of your screen, which is very comforting. 2.Note: I am adding links to guide you to download the wallet below and purchase the most preferred coins. I wish you all plenty of earnings.
Hello! My name is Inna Halahuz, I am a sales manager at Platinum, the largest listing service provider for the STO and ICO projects. We know all about the best and most useful STO and ICO marketing services. By the way, we developed the best blockchain platform: [Platinum.fund] (https://platinum.fund/sto/) We also created the UBAI, the unique educational project with the best and most useful online courses. We not only share our knowledge but also help the best graduates to find a job! After finishing our courses you will know all about crypto securities, ICO and STO advertizing and best blockchain platforms. What a Blockchain Wallet is? What is its purpose? Find the answer after reading this article. Public/Private Key The public key is the digital code you give to someone that wants to transfer ownership of a unit of cryptocurrency to you; and a private key is what you need to be able to unlock your own wallet to transfer a unit of a cryptocurrency to someone else. The encoding of information within a wallet is done by the private and public keys. That is the main component of the encryption that maintains the security of the wallet. Both keys function in simultaneous encryption systems called symmetric and asymmetric encryption. The former, alternatively known as private key encryption, makes use of the same key for encryption and decryption. The latter, asymmetric encryption, utilizes two keys, the public and private key, wherein a message-sender encrypts the message with the public key, and the recipient decodes it with their private key. The public key uses asymmetric algorithms that convert messages into an unreadable format. A person who possesses a public key can encrypt the message for a specific receiver. Accessing wallets Methods of wallet access vary depending on the type of wallet being used. Various types of currency wallets on an exchange will normally be accessed via the exchange’s entrance portal, normally involving a combination of a username/password and optionally, 2FA (Two factor authentication, which we explain in more detail later). Whereas hardware wallets need to be connected to an internet enabled device, and then have a pin code entered manually by the user in possession of the hardware wallet in order for access to be gained. Phone wallets are accessed through the device on which the wallet application has been downloaded. Ordinarily, a passcode and/or security pattern must be entered before entry is granted, in addition to 2FA for withdrawals. Satoshi Nakamoto built the Satoshi client which evolved into Bitcoin in 2009. This software allowed users to create wallets and send money to other addresses. However, it proved to be a nightmarish user experience, with many transactions being sent to incorrect addresses and private keys being lost. The MtGox (Magic the Gathering Online exchange, named after the original intended use of the exchange) incident, which will be covered in greater detail later, serves as a reminder of the dangers present in the cryptosphere regarding security, and the need to constantly upgrade your defenses against all potential hacks. The resulting loss of 850k BTC is a still unresolved problem, weighing heavily on the victims and the markets at large. This caused a huge push for a constantly evolving and improving focus on security. Exchanges that developed later, and are thus considered more legitimate and secure, such as Gemini and Coinbase, put a much greater emphasis on vigilance as a direct result of the MtGox hacking incident. We also saw the evolution of wallet security into the physical realm with the creation of hardware wallets, most notable among them the Ledger and Trezor wallets. Types of Wallets & Storage Methods The simplest way to sift through the dozens of cryptocurrency storage methods available today, is to divide them up into digital and non-digital, software and hardware wallets. There are also less commonly used methods of storage of private keys, like paper wallets and brain wallets. We will examine them all at least briefly, because in the course of your interaction with cryptocurrencies and Blockchain technology, it is essential to master all the different types of hardware and software wallets. Another distinction must be made between hot wallets and cold wallets. A hot wallet is one that is connected to the internet, and a cold wallet is one that is not. Fun fact: The level below cold storage, deep cold storage has just recently been implemented by the Regal RA DMCC, a subsidiary of an internationally renowned gold trading company licensed in the Middle East. After having been granted a crypto trading license, Regal RA launched their “deep cold” storage solution for traders and investors, which offers the ability to store crypto assets in vaults deep below the Almas Tower in Dubai. This storage method is so secure that at no point is the vault connected to a network or the internet; meaning the owners of the assets can be sure that the private keys are known only to the rightful owners. Lets take a quick look at specific features and functionality of varieties of crypto wallets. Software wallets: wallet applications installed on a laptop, desktop, phone or tablet. Web Wallets: A hot wallet by definition. Web Wallets are accessible through the web browser on your phone or computer. The most important feature to recognize about any kind of web wallet, is that the private keys are held and managed by a trusted third party. MyEtherWallet is the most commonly used non-exchange web wallet, but it can only be used to store Ethereum and ERC-20 tokens. Though the avenue of access to MEW is through the web, it is not strictly speaking a web wallet, though this label will suffice for the time being. The MEW site gives you the ability to create a new wallet so you can store your ETH yourself. All the data is created and stored on your CPU rather than their servers. This makes MEW a hybrid kind of web wallet and desktop wallet. Exchange Wallets: A form of Web Wallet contained within an exchange. An exchange will hold a wallet for each individual variety of cryptocurrency you hold on that exchange. Desktop Wallets: A software program downloaded onto your computer or tablet hard drive that usually holds only one kind of cryptocurrency. The Nano Wallet (Formerly Raiwallet) and Neon wallet for storage of NEO and NEP-5 tokens are notable examples of desktop wallets Phone Wallets: These are apps downloaded onto a mobile phone that function in the same manner as a desktop wallet, but actually can hold many different kinds of cryptocurrency. The Eidoo Wallet for storing Ethereum and its associated tokens and Blockchain Wallet which currently is configured to hold BTC, ETH and Bitcoin Cash, are some of the most widely used examples. Hardware wallets — LedgeTrezoAlternatives Hardware wallets are basically physical pathways and keys to the unique location of your crypto assets on the Blockchain. These are thought to be more secure than any variety of web wallet because the private key is stored within your own hard wallet, an actual physical device. This forcibly removes the risk your online wallet, or your exchange counter party, might be hacked in the same manner as MtGox. In hardware wallet transactions, the wallet’s API creates the transaction when a user requests a payment. An API is a set of functions that facilitates the creation of applications that interact and access features or data of an operating system. The hardware then signs the transaction, and produces a public key, which is given to the network. This means the signing keys never leave the hardware wallet. The user must both enter a personal identification number and physically press buttons on the hardware wallet in order to gain access to their Blockchain wallet address through this method, and do the same to initiate transfers. Paper Wallets Possibly the safest form of cryptocurrency storage in terms of avoiding hacking, Paper Wallets are an offline form of crypto storage that is free to set up, and probably the most secure way for users, from beginners to experts, to hold on to their crypto assets. To say it simply, paper wallets are an offline cold storage method of storing cryptocurrency. This includes actually printing out your public and private keys on a piece of paper, which you then store and save in a secure place. The keys are printed in the form of QR codes which you can scan in the future for all your transactions. The reason why it is so safe is that it gives complete control to you, the user. You do not need to worry about the security or condition of a piece of hardware, nor do you have to worry about hackers on the net, or any other piece of malware. You just need to take care of one piece of paper! Real World Historical Examples of Different Wallet Types Web Wallet: Blockchain.info Brief mechanism & Security Blockchain.info is both a cryptocurrency wallet, supporting Bitcoin, Ethereum and Bitcoin cash, and also a block explorer service. The wallet service provided by blockchain.info has both a Web Wallet, and mobile phone application wallet, both of which involve signing up with an email address, and both have downloadable private keys. Two Factor Authentication is enabled for transfers from the web and mobile wallets, as well as email confirmation (as with most withdrawals from exchanges). Phone Wallet: Eidoo The Eidoo wallet is a multi-currency mobile phone app wallet for storage of Ethereum and ERC-20 tokens. The security level is the standard phone wallet level of email registration, confirmation, password login, and 2 factor authentication used in all transfers out. You may find small volumes of different varieties of cryptocurrencies randomly turning up in your Eidoo wallet address. Certain projects have deals with individual wallets to allow for “airdrops” to take place of a particular token into the wallet, without the consent of the wallet holder. There is no need to be alarmed, and the security of the wallet is not in any way compromised by these airdrops. Neon Wallet The NEON wallet sets the standard for web wallets in terms of security and user-friendly functionality. This wallet is only designed for storing NEO, Gas, and NEP-5 tokens (Ontology, Deep Brain Chain, RPX etc.). As with all single-currency wallets, be forewarned, if you send the wrong cryptocurrency type to a wallet for which it is not designed, you will probably lose your tokens or coins. MyEtherWallet My Ether Wallet, often referred to as MEW, is the most widely used and highly regarded wallet for Ethereum and its related ERC-20 tokens. You can access your MEW account with a hardware wallet, or a different program. Or you can also get access by typing or copying in your private key. However, you should understand this method is the least safe way possible,and therefore is the most likely to result in a hack. Hardware: TrezoLedger Brief History Mechanism and Security A hardware wallet is a physical key to your on-chain wallet location, with the private keys contained within a secure sector of the device. Your private key never leaves your hardware wallet. This is one of the safest possible methods of access to your crypto assets. Many people feel like the hardware wallet strikes the right balance between security, peace of mind, and convenience. Paper Wallet Paper wallets can be generated at various websites, such as https://bitcoinpaperwallet.com/ and https://walletgenerator.net/. They enable wallet holders to store their private keys totally offline, in as secure a manner as is possible. Real World Example — Poor Practices MtGox Hack history effects and security considerations MtGox was the largest cryptocurrency exchange in the world before it was hacked in 2014. They were handling over 70% of BTC transactions before they were forced to liquidate their business. The biggest theft of cryptocurrency in history began when the private keys for the hot wallets were stolen in 2011 from a wallet.dat file, possibly by hacking, possibly by a rogue employee. Over the course of the next 3 years the hot wallets were emptied of approximately 650000 BTC. The hacker only needed wallet.dat file to access and make transfers from the hot wallet, as wallet encryption was only in operation from the time of the Bitcoin 0.4.0 release on Sept 23rd 2011. Even as the wallets were being emptied, the employees at Mt Gox were apparently oblivious to what was taking place. It seems that Mt Gox workers were interpreting these withdrawals as large transfers being made to more secure wallets. The former CEO of the exchange, Mark Karpeles, is currently on trial for embezzlement and faces up to 5 years in prison if found guilty. The Mt Gox hack precipitated the acceleration of security improvements on other exchanges, for wallets, and the architecture of bitcoin itself. As a rule of thumb, no small-to-medium scale crypto holders should use exchange wallets as a long-term storage solution. Investors and experienced traders may do this to take advantage of market fluctuations, but exchange wallets are perhaps the most prone to hacking, and storing assets on exchanges for an extended time is one of the riskiest ways to hold your assets. In a case strikingly similar to the MtGox of 2011–2014, the operators of the BitGrail exchange “discovered” that approximately 17 million XRB ($195 million worth in early 2018) were missing. The operators of the exchange were inexplicably still accepting deposits, long after they knew about the hack. Then they proceeded to block withdrawals from non-EU users. And then they even requested a hard fork of the code to restore the funds. This would have meant the entire XRB Blockchain would have had to accept all transactions from their first “invalid” transaction that were invalid, and rollback the ledger. The BitGrailexchange attempted to open operations in May 2018 but was immediately forced to close by order of the Italian courts. BitGrail did not institute mandatory KYC (Know your customer) procedures for their clients until after the theft had been reported, and allegedly months after the hack was visible. They also did not have 2 factor authentication mandatory for withdrawals. All big, and very costly mistakes. Case Study: Good Practice Binance, the Attempted Hack During the 2017 bull run, China-based exchange Binance quickly rose to the status of biggest altcoin exchange in the world, boasting daily volumes that surged to over $4 billion per day in late December. Unfortunately, this success attracted the attention of some crafty hackers. These hackers purchased domain names that were confusingly similar to “binance.com”. And then they created sufficiently convincing replica websites so they could phish traders for their login information. After obtaining this vital info, the scammers created API keys to place large buy orders for VIAcoin, an obscure, low volume digital currency. Those large buy orders spiked VIA’s price. Within minutes they traded the artificially high-priced VIA for BTC. Then they immediately made withdrawal requests from the hacked BTC wallets to wallets outside of the exchange. Almost a perfect fait accompli! But, Binance’s “automating risk management system” kicked in, as it should, and all withdrawals were temporarily suspended, resulting in a foiled hacking attempt. Software Wallets Web/Desktop/Phone/Exchange Advantages and Limitations As we said before, it is inadvisable to store crypto assets in exchange wallets, and, to a lesser extent, Web Wallets. The specific reason we say that is because you need to deliver your private keys into the hands of another party, and rely on that website or exchange to keep your private key, and thus your assets, safe. The advantages of the less-secure exchange or web wallets, are the speed at which you can transfer assets into another currency, or into another exchange for sale or for arbitrage purposes. Despite the convenience factor, all software wallets will at some point have been connected to the internet or a network. So, you can never be 100% sure that your system has not been infected with malware, or some kind of keylogging software, that will allow a third party to record your passwords or private keys. How well the type of storage method limits your contact with such hazards is a good way to rate the security of said variety of wallet. Of all the software wallets, desktop and mobile wallets are the most secure because you download and store your own private key, preferably on a different system. By taking the responsibility of private key storage you can be sure that only one person has possession of it, and that is you! Thereby greatly increasing the security of your crypto assets. By having their assets in a desktop wallet, traders can guard their private key and enjoy the associated heightened security levels, as well keep their assets just one swift transfer away from an exchange. Hardware Wallets Advantages and Limitations We briefly touched on the features and operation of the two most popular hardware wallets currently on the market, the Ledger and Trezor wallets. Now it will be helpful to take a closer look into the pros and cons of the hardware wallet storage method. With hardware wallets, the private keys are stored within a protected area of the microcontroller, and they are prevented from being exported out of the device in plain text. They are fortified with state-of-the-art cryptography that makes them immune to computer viruses and malware. And much of the time, the software is open source, which allows user validation of the entire performance of the device. The advantages of a hardware wallet over the perhaps more secure paper wallet method of crypto storage is the interactive user experience, and also the fact that the private key must at some stage be downloaded in order to use the paper wallet. The main disadvantage of a hardware wallet is the time-consuming extra steps needed to transfer funds out of this mode of storage to an exchange, which could conceivably result in some traders missing out on profits. But with security being the main concern of the vast majority of holders, investors and traders too, this slight drawback is largely inconsequential in most situations. Paper Wallets Advantages and Limitations Paper wallets are thought by some to be the safest way to store your crypto assets, or more specifically, the best method of guarding the pathways to your assets on the Blockchain. By printing out your private key information, the route to your assets on the Blockchain is stored 100% offline (apart from the act of printing the private key out, the entire process is totally offline). This means that you will not run the risk of being infected with malware or become the victim of keylogging scams. The main drawback of using paper wallets is that you are in effect putting all your eggs in one basket, and if the physical document is destroyed, you will lose access to your crypto assets forever. Key things to keep in mind about your Wallet Security: Recovery Phrases/Private Key Storage/2FA/Email Security Recovery phrases are used to recover the on-chain location for your wallet with your assets for hardware wallets like ledgers and Trezors that have been lost. When you purchase a new ledger for example, you just have to set it up again by entering the recovery phrase into the display and the lost wallets will appear with your assets intact. Private key storage is of paramount importance to maintain the safety of your on-chain assets! This should be done in paper wallet form, or stored offline on a different computer, or USB device, from the one you would typically use to connect to the 2 Factor Authentication (2FA) sometimes known as “two step authentication”. This feature offers an extra security layer when withdrawing funds from cryptocurrency wallets. A specialized app, most commonly Google Authenticator, is synced up to the exchange to provide a constantly changing code. This code must be entered within a short time window to initiate transfers, or to log into an exchange, if it has also been enabled for that purpose. You must always consider the level of fees, or the amount of Gas, that will be needed to carry out the transaction. In times of high network activity Gas prices can be quite high. In fact, in December 2017 network fees became so high that some Bitcoin transactions became absolutely unfeasible. But that was basically due to the anomalous network congestion caused by frantic trading of Bitcoin as it was skyrocketing in value. When copying wallet addresses, double check and triple check that they are correct. If you make a mistake and enter an incorrect address, it is most likely your funds will be irretrievably lost; you will never see those particular assets again. Also check that you haven’t input the address of another one of your wallets that is designed to hold a different variety of cryptocurrency. You would similarly run the very great risk of losing your funds forever. Or, at the very least, if you have sent the wrong crypto to a large exchange wallet, for example on Coinbase, maybe you could eventually get those funds back, but it would still entail a long and unenjoyable wait. How to Monitor Funds There are two ways to monitor you funds and your wallets. The first is by searching for individual wallet addresses on websites specifically designed to let you view all the transactions on a particular Blockchain. The other is to store a copy of your wallet contents on an application that tracks the prices of all cryptocurrencies. Blockchain.info is the block explorer for Bitcoin, and it allows you to track all wallet movements so you can view your holdings and all the historical transactions within the wallet. The Ethereum blockchain’s block explorer is called Ether scanner, and it functions in the same way. There is a rival to Ether scanner produced by the Jibrel Network, called JSearch which will be released soon. JSearch will aim to offer a more streamlined and faster search method for Ethereum blockchain transactions. There are many different kinds of block explorer for each individual crypto currency, including nanoexplorer.io for Nano (formerly Rai Blocks) and Neotracker for NEO. If you simply want to view the value of your portfolio, the Delta and Blockfolio apps allow you to easily do that. But they are not actually linked to your specific wallet address, they just show price movements and total value of the coins you want to monitor. That’s not all! You can learn how to transfer and monitor the funds in and out of your wallet by clicking on the link. To be continued! UBAI.co Contact me via Facebook, Instagram and LinkedIn to learn more about the best online education: LinkedInFacebookInstagram
A Blockchain to Connect All Blockchains, Cosmos Is Officially Live
Cosmos, a highly anticipated blockchain itself designed to improve the interoperability between any number of other blockchains, has officially released a live software. With the mining of its first block at 23:00 UTC, the project has launched Cosmos Hub, the first in a series of proof-of-stake (PoS) blockchains that will be created in the Cosmos ecosystem. At present, users of the network will not be able to swap tokens between blockchains or otherwise connect to Cosmos Hub with existing blockchain networks until validators officially vote to activate what is called the Inter-Blockchain Communication (IBC) protocol. The first phase of today’s Cosmos network launch comes after nearly three years of planning and development. Having debuted the concept for the blockchain interoperability platform back in summer 2016, Cosmos later raised over $16 million in an initial coin offering (ICO) in 2017. Since then, Tendermint Inc. – a for-profit entity behind the core technology of the Cosmos network – has been releasing preliminary developer-focused products. Speaking to CoinDesk, Tendermint Inc director Zaki Manian explained:
“We want to take the blockchain development cycle from idea to implementation down from years to months. This is how we’re trying to transform the blockchain space.”
As such, Manian said that the Cosmos Software Development Kit (SDK), which debuted back in February 2018, is already being used by high-profile crypto companies such as the Binance exchange. In addition, Tendermint Core – the blockchain networking and consensus mechanism underlying the Cosmos Hub – is another key tool that Manian envisions will help “fundamentally remove barriers to innovation” in the blockchain space and ultimately help “compose an entirely new system of finance.” “Out of all these building blocks, [you’ll be able to compose] an entire … open system of finance that operates to scale and can be composed of individual, specialized chains that do different things,” Manian said.
Today’s launch was a significant step toward that broader, expansive vision – one that Manian points out will “take years to fully manifest.” The main purpose of Cosmos Hub launch is to establish the broader ecosystem of validators, entities that stake tokens on the network, while Manian’s team continues to work toward cross-blockchain capabilities. “In order to make this whole vision of connecting blockchains work, there needs to be a set of operators who have skin in the game to coordinate this blockchain network,” said Manian. Normally, in a proof-of-work (PoW) system similar to bitcoin or ethereum, these validators are miners who compete for block rewards by operating computer servers and expending large amounts of electricity. Validators in a PoS system, on the other hand, are “selected” by the system based on a separate metric of staked tokens in order to participate in block creation and transaction finalization. “In proof-of-stake, the costs and rewards [of the system] are internal,” said Manian. “So, we had to come up with a very sophisticated system of distributing rewards, of distributing the speculator taxation system, of punishing people for malicious behavior, of punishing people for going offline.” He added:
“All of it has to be internal to the system and that’s why proof-of-stake is such a significant engineering feat over proof-of-work.”
And while Cosmos participants successfully tested this system of validation with roughly 200 computer servers called nodes in a former dummy environment called Game of Stakes, there had never been real value at stake by participants before today. “[Today’s launch] is about unleashing those live economic incentives and having value at risk for the first time and then letting this set of economic incentives that we’ve designed select who the [validators] are,” said Manian. According to Manian, this is a crucial foundational step that Cosmos developers are cautious about getting right. He told CoinDesk: “Building interoperability. Establishing mechanisms for workers of some kind to custody bitcoin or ether or ERC-20 assets and manifest synthetic versions of them in [the Cosmos] environment. If you don’t know who your validators are none of this is possible.”
For now, Cosmos users are not allowed to transfer their holdings of the native network currency – ATOM tokens – just yet. Since ATOM tokens are intended to act as “the collateral that people put at risk to be [validators] in the system” according to Manian, these tokens will be strictly used as the “mechanism for selecting membership into the system.” But once both the system and the validator set are deemed to be in stable condition, token holders will vote on when to enable live ATOM transfers. Thereafter, a secondary vote will be held to connect new blockchains also called “zones” to the Cosmos Hub and begin swapping heterogeneous cryptocurrencies and non-fungible tokens (NFTs). “In these early days, we can expect to have issues, updates, and bugs,” the InterChain Foundation – a non-profit organization dedicated to support Cosmos network development – warned in a blog post, adding:
“The existing tools require advanced technical skills and involve risks which are outside of the control of the Interchain Foundation and/or the Tendermint team. … Please exercise extreme caution!”
Staking as a service
Manian told CoinDesk there are 70 validators at Cosmos Hub launch committed to securing the network. Some of these validators are focused on staking tokens as a service to wider ATOM holders. In a sense, this is almost like leasing out crypto assets in order to earn returns and may encourage new users to flock to the Cosmos ecosystem. Shayne Coplan, founder of the Union Marketplace for such service providers scheduled to launch in April, told CoinDesk that over the next few months a “cross-network layer of reputation” for these validators will emerge. “If you look at these different staking service providers, a lot of them are performing on several networks at any given time,” Coplan said, referring to other staking networks such as Tezos and the Tendermint-based network Loom. “Now with Cosmos being another very valuable chain with staking and delegation, it’s going to place a major emphasis on cross-network reputation for validators.” The rewards these stakers and holders gain are generally earned in the ATOM token but in future may also be earned in wrapped forms of alternative cryptocurrencies such as bitcoin and ether. While Union Marketplace has quietly collected around 230 validators across all its various staking networks as it gears up for launch, Coplan expects the Cosmos launch, in particular, will inspire more players to experiment with these types of services. “There’s a huge range of people interested in these types of staking services, from retail investors to investment funds,” Hendrik Hofstadt, co-founder of the validator startup Certus One, told CoinDesk. “Quite a few larger funds have reached out to us.” Plus, Certus One’s Telegram group for retail ATOM users signed on 60 members within the first 24 hours of opening, Hofstadt added. Meanwhile, Joe Pindar, co-founder of the validator startup Block3, told CoinDesk this type of ecosystem opens up a new type of investment opportunity. Speaking to how Cosmos rewards stakers on a continual basis, which he compared to income investing, Pindar added:
“You actually start getting revenue or income from those rewards and start to appreciate more and more ATOMs, which I think is a different investing model and I’m excited to see how that plays out.”
Thermodynamics & Silent Weapons for Secret Wars or Crypto Anarchy 101: Statists Failing & Anarchists Thriving
Crypto Anarchy 101: Statists Failing & Anarchists Thriving The black-market, the free-market, is what kept people alive throughout the worst of oppressions. The black market has been the art of surviving amidst all types of tyrannies and slaveries. The black market, aka System D, is something that everyone in the world will need to start getting comfortable with. CryptoAnarchy is the ultimate manifestation of complete market freedom, and it is here to stay. Libertarians are beginning to finally realize their incredible advantage within this new market environment. The unfortunate statist masses have been programmed to feel uncomfortable with the mere idea of complete market freedom. Keep in mind that as of 2009, half of the world’s workers- around 1.8 billion – were employed by System D. The black market is only expected to grow even more so with the incentive structures being built out in order to advance the technological advancements of cryptography. Humanity has never experienced a true free-market until now. For the first time in history one is beginning to take shape. The traditional business sector is beginning to realize that they are not even mentally equipped for the implications of having applied cryptography that is powered by market incentives. This is evident in their trite attempts at integrating these new technologies with traditional banking and financial systems. Their lack of creativity, and dependence on government, is a clear testament to how much they will be hurt in the coming future. Statists Double Down after Failure: Tether and Stablecoins Many within the crypto space have attempted to bridge the gap between legacy banking and cryptocurrencies. Amongst the various attempts at capitalizing with these new technologies, the idea of a stablecoin entered the space via Tether (USDT). A stable coin is a cryptocurrency that is pegged on a 1 to 1 ratio to the US dollar, or any other asset- like gold- or fiat. Tether operated as a stable coin pegged to the US dollar on a 1 to 1 ratio. The biggest attribute behind stablecoins resided in their ability to provide stability in an otherwise volatile market. For a long time many within the crypto space were curious about Tether’s means of operating with USD. Earlier this year TDV was the first entity to exclusively reported to its subscribers the origin of Tether’s “secret sauce;” fractional reserve banking. The laws of fractional reserve banking allowed the Noble Bank of Puerto Rico to provide Tether with the legal means of operating as a stable coin pegged to the US dollar. The Noble Bank recently went bankrupt due to being insolvent. Noble Bank was the bank of Bitfinex and Tether. As a result, Tether and Bitfinex ended their relationship with Noble Bank. It is important that you as a subscriber move your crypto out of Bitfinex. You should never keep your cryptoin exchanges. When you do this you don’t actually control the private keys of your coins. (If you are an active trader, please consider using Bisq. Bisq is an open source decentralized exchange that does not control your private keys while trading. It is the most Anarchist exchange in the market right now.) After losing its partnership with Noble Bank, Bitfinex began banking with HSBC. On October 15th, Bitfinex tweeted that their fiat deposit system was re-enabled. Overall, Bitfinex is still in the midst of reorganizing itself as an exchange with proper banking liquidity. For this reason we are of the opinion that it is best to stay away from Bitfinex until they are more solvent in their banking partnerships. Tether (USDT) on the other hand is suffering from a lack of proper banking structures. Binance paused all USDT withdrawals and KuCoin, the exchange, also paused USDT deposits and withdrawals. Tether is currently at around 2.1bn dollar market cap. Tether holders are having a difficult time cashing out of their Tether for USD. It is expected that unless Tether gets its banking situation sorted out, we will see movement out of Tether. This situation has caused the price of Tether to hit a low of $0.90 to the USD. As of writing this, Tether is trading at around $0.97 to the dollar. The situation for Tether is dire at the present moment. We expect to see many Tether holders drop their Tether for Bitcoin, or other more cryptographically secure cryptocurrencies. This will more than likely be one of the main strategies that will be implemented in order to cash out of Tether. This overall situation is once again showing us how unstable things are when dealing with fiat. We hope for the market to realize that there is more security in cryptocurrencies than there is in fiat backed stablecoins. Stablecoins will always have the instability of the fiat currencies that they are pegged to. The time will eventually come when people will realize that cryptocurrencies are a better store of value than stablecoins. In spite of all of the issues circulating Tether, statist entrepreneurs are doubling down on their desire for stablecoins. We are seeing the beginning of what we believe will be a trend in the upcoming future; that is, stable coins pegged to various countries’ fiat and assets like precious metals. The new USD stablecoins recently announced to the market are GeminiUSD, TrueUSD, and Paxos Standard. Volatility as a Sign of Life in the Market Contrary to the statist perception on volatility, one can also view volatility in crypto as proper to a market that is fully alive. Crypto, for the first time in history, freed the market from bankster manipulation. Arguably, volatility is to be expected in an unregulated free-market where everyone in the world is for the first time welcomed to participate. In comparison to the legacy financial system, crypto is fully alive while the former is handicapped by regulations, coercion, and disconnected from true free-market signals. That is, volatility signals of a free-market that breathes freely for the first time. Volatility is indicative of a market that is fully alive. The desire for individuals to attach crypto to the legacy financial system, under the pretense of “less volatility,” is indicative of individuals that will have a hard time operating outside the bounds of regulation and government coercion. As long as we have statists uncomfortable with Anarchy, we will have stablecoins pegged to fiat. Various Libertarian entrepreneurs are also beginning to dabble with the idea of a stablecoin that is pegged to precious metals. The challenge of these projects will be the same regulation that oversees fiat. Remember that the difference offered to the world by cryptocurrencies resides in crypto’s ability to operate freely within System D, without regulation. It is this new market, the true free-market, that for the first time is unstoppable. Bitfinex’s Effect on EOS Bitfinex is one of the entities that holds the greatest amount of votes for EOS Block Producers (BPs). For this and other reasons, we are currently expecting a shakeup of votes for selected top BPs. It is important that you remain attentive to the happenings within EOS and move your votes accordingly. We will soon be coming out with more details on our perceptions regarding various BPs. There are various discussions regarding BPs pending arbitration. This is a good thing. All shakeups lead us closer to more transparency and accountability. This should not directly affect the price of EOS, aside from what will result from the expected FUD of future BP shake-ups. The Resilience of CryptoAnarchy after Blockstream’s Fake Sidechain Amongst the various innovations within Bitcoin, sidechains have- for the past 5 years- existed as one of the holy grails of innovation. Blockstream, as a company, was put together to manifest sidechains. They sold us the concept of a sidechain as they were sourcing capital during their first rounds of investment; this was in October of 2014. Sidechains were supposed to be delivered by Blockstream as a way to make Bitcoin innovation competitive to that of altcoin innovation. Sidechains were supposed to be “the Altcoin killer.” After all of this time, Blockstream only delivered Liquid - which is not a sidechain- and called it a “sidechain.” That is, Liquid is not a sidechain when properly defined. Liquid is a multi-signature layer that allows for multiple exchanges to pool their money together to transfer funds amongst themselves. Liquid is not a true sidechain, it is more precisely a multi-signature wallet. Calling Liquid a “sidechain” was just a marketing scheme by Blockstream in order to impress the illusion that they had delivered what they had promised. They didn’t. Blockstream gave up in attempting to create a true sidechain and created a multi-signature wallet instead. Keep in mind that Liquid is a “private sidechain.” Note that a proper sidechain ought to be made with open-source innovation in mind. Many of us see the actions of Blockstream as a bait and switch marketing scheme. (For the rest of this article I will use the words “Drivechains” and “sidechains” interchangeably as synonyms. Drivechains are what sidechains originally were supposed to be- according to the original Blockstream Sidechain white paper. Blockstream’s bait and switch marketing scheme led to them calling “sidechain” a multisignature wallet that is not at all what they promoted on their white paper. Paul Sztorc, in an attempt to differentiate himself from the Blockstream perversion of the word “sidechains,” called his development of true sidechains “Drivechains.”) Drivechain Sidechains Paul Sztorc, the creator of decentralized prediction markets, was very much looking forward to Blockstream’s creation of sidechains. It was his hope that his decentralized prediction market would run as a Bitcoin sidechain. At about the end of 2015 Sztorc was done with BitcoinHiveMind, his decentralized predictions market (previously known as TruthCoin). After realizing that Blockstream was not going to deliver on sidechains, as promised, Sztorc felt he needed to build it himself. The creation of his Drivechains started off as a means to an end for Sztorc; he needed true Sidechains for his decentralized predictions market- so he build it himself. On September 24, 2018 Paul Sztorc announced the launch of the first Drivechain release. This release was accompanied with fervent followingof old-school Bitcoiners that immediately jumped into experimenting with Drivechains on the testnet known as “Testdrive.” The Drivechain protocol is an alternative to the sidechain project originally proposed by Blockstream. It is a simpler design that enables blockchain compatibility in which the system still utilizes the same 21 million bitcoin ruleset- the Nakamoto consensus. Drivechains are intended to allow for permissionless innovation without diluting or challenging the value of the main cryptocurrency. Contrary to other means of innovation within crypto, any innovation that comes from a Drivechain sidechain actually adds value to the Bitcoin protocol- for it does not dilute the main cryptocurrency. Satoshi vaguely discussed the importance of the ideas of sidechains and multi-blockchain connectivity on June 17, 2010. This creation, of providing varied market options, make infighting and political discourses regarding consensus upgrades now seem infantile. Drivechains will provide the market with ongoing competitive solutions for blockchain development. Investors will now be exposed to options that would otherwise have been shunned in a less free environment. The strategic advantage of Drivechain sidechains is that they will offer investors various options in the form of alternative chains. It is important to keep in mind that Drivechains are available for blockchains with the same UTXO set. That is, Drivechains are available for both BitcoinCore (BTC) and BitcoinCash (BCH). How Drivechains work Namecoin was the vision of early Bitcoin adopters of creating a DNS and identity infrastructure based on Bitcoin; that is, .bit DNS. This technology piggy backed on top of Bitcoin mining. That is, if you so chose you could merged-mined Namecoin alongside BTC or BCH. Namecoin can absorb hashrate from BTC or BCH without needing its own miners. Merge-mining with BTC or BCH is also the process of validating and safeguarding Drivechain sidechains. Unlike Namecoin, Drivechain sidechains don’t require miners to run special software. For Drivechain sidechains miners implement what is known as blind-merge-mining. In blind-merge-mining the nodes of the sidechain run the software, not the miners. This operates under the assumption that the nodes running the software also hold BTC or BCH. A payment fee is paid to miners to blind-merge-mine the sidechain, in a similar way that Namecoin merge-mining pays a fee. In this process, miners don’t have to run any software- they just passively make money for blind-merge-mining blocks with sidechains. The main difference with sidechains is that you are not mining another coin like Namecoin, but rather you are mining the same BTC or BCH in another sidechain when you do the blind-merge-mining. Miners don’t get paid with the sidechain, they receive payment from the mainchain that they already trust when they blind-merge-mine. Miners are also economically benefited by always getting paid in the superior coin that they are already intentionally mining; BTC or BCH. As BTC or BCH moves in and out from the mainchain to a sidechain, there might be claims of ownership that may cause disputes. Drivechain prevents this by emphasizing the superiority of the mainchain over sidechains. Sidechains have to report on exactly what it is doing- at all times- to the main chain. Whenever a sidechain wants to transfer money back to the mainchain it has to do it very slowly. This safeguards the network from theft. The slow movement of funds from the sidechain to the mainchain can be arbitrage by individuals who will be willing to purchase sidechain receipts for BTC or BCH coming from sidechains at a discount. People will also be able to do atomic swaps between chains in the near future. (Atomic swaps, or atomic cross chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need of trusting a third-party). It is the intent of Drivechains to create the interaction of miners with sidechains as seamless as possible. However, it is still important to have guarantee that money ends up in the right place. This is the reason for the slow movement of funds from sidechains to the mainchain. The movement of a certain amount of transactions coming from a sidechain to the mainchain is batched up into one transaction with its own transaction ID. This transaction is frozen in place where miners and developers can examine it for at least a month (there are talks of even making this process longer between 3 to 6 months). During this time miners vote on whether to allow the payment to go through or not. Upon receiving enough upvotes, the batched up transactions are released unto the mainchain. The slowing down of movement of BTC or BCH from sidechains to mainchain decreases the threat of miners stealing BTC or BCH from a sidechain. The sidechains are always watching the mainchain, so they know to credit people immediately when the mainchain sends money to it. Sidechains also know when the miners have accepted the release of batched up locked funds that are released unto the mainchain. Once the sidechain receives notification of the miners acceptance of funds in the mainchain, the sidechain destroys the funds that were frozen awaiting miner upvotes. It is overall acknowledged that sidechains increase the value of BTC and BCH, which eventually make mining more profitable. It would be counterproductive for miners to attack and steal funds from sidechains. That is, miners acting maliciously decreases the value of their own equipment. In spite of this fact, it is good that Drivechains make it increasingly more difficult for theft to occur. Miners, through their voting process, also get to punish bad sidechain actors. Any malicious sidechain will be cleaned out by miners. This is the opposite of the Ethereum model where anyone can code anything into the Ethereum blockchain, to the point that it could become a detriment to the Ethereum mainchain itself. That is, anyone can create a new ERC20 or ERC721 token without any vetting from the network. Coins are moved from the mainchain to the sidechain by means of sending coins to an address that represents the sending of funds from the mainchain to the sidechain. Anyone running the given sidechain software will recognize that funds were sent to the sidechain- this will automatically credit the person with the same amount of BTC or BCH on the sidechain. Also, the sidechain is programmed to recognize the reception of funds unto the mainchain address from where it will automatically credit the user the same amount of BTC or BCH unto a sidechain wallet. People on the mainchain don’t have to know anything about this particular address. As far as they know, it is just another address. Embrace the Spontaneous Order of Market Anarchy It is important that people within BTC and BCH take on a more Hayekian approach to entrepreneurship. Many within crypto are uncomfortable with the mere notion of spontaneous order. It is important that we as Ancaps lead the way in motivating people to experiment with their entrepreneurship. In the past few years, the desire of individuals to covet the development of crypto has become more apparent. These people need to be ignored. No one is the leader of Bitcoin or crypto development. The best innovators within crypto are those that create tools that empower other entrepreneurs to create more options. It is this spontaneous order that we should welcome and promote at all times. Many within BTC and BCH will not accept or feel comfortable with the radical spontaneous order enabled by Drivechains. This is good reasonto brush up on your Austrian Economics in order to properly confront minds that are fearful of human freedom. The Ancap entrepreneurs who are most comfortable with spontaneous order will be the same ones who will produce the greatest amount of value. The development of CryptoAnarchy is guided by the science of praxeology and Austrian Economics. Drivechains are testament to the augmentation of our libertarian order are necessary for CryptoAnarchy to thrive. Drivechains and Investment Strategy The philosophical and economic advantage of sidechain innovation is that it enables the development of BTC and BCH with an investor-centric intention. It is the market’s investment that now decides the best means for scaling and development. Politics and propaganda take an almost insignificant backseat to that of market forces. The technology is now readily available for investors to test drive with their BTC or BCH on any given proposed sidechain. That is, you actually get to experience the value, or lack of value of a new innovation without jeopardizing your position as an investor. All investment decisions are about strategy. Sidechains empower the investor’s strategy by allowing the investor to survey all of the possible value propositions of his/her original investment without having to incur any actual costs. In a similar way, sidechains also provide developers with quick market feedback on the aspects of development that are most favored by the market. Drivechains are a pivotal step in maturing the crypto space into becoming more conscientious in considering the investment strategy of those buying the coins. It is important for innovators to start taking the investor’s strategy into account. Drivechains force developers to consider what is best for the investor, not just what is desired by a given team of developers. Here we have not only a better proposition for investors, but also an incentive for developers to use Drivechains in future crypto experimentation. When experimenting with an altcoin, the measure of success is contingent on this new altcoin gathering a new pool of investors to literally buy into the project. With a sidechain you are already dealing with a more seasoned group of investors that will provide you with more accurate market feedback, being that their investment is now fortified by all other sidechain experimentations that they have already tested at no cost. Altcoins will soon no longer be the locus of innovation within crypto. All future innovation will be offered the option to experiment within BTC or BCH via sidechains. Keep in mind that all previous innovations, already tested in the market by successful altcoins, are now easily adopted by BTC or BCH. It is also important to note that creative experimentation on sidechains do not at all jeopardize the mainnets of BTC or BCH. On the contrary, sidechains will make BTC and BCH much more valuable. When the Drivechain craze begins we will see a BTC and BCH bull run. Don’t be surprised if sidechains are the main reason for the next all time highs. Statists Failing & Anarchists Thriving It is important that we understand that the legacy banking system is completely dead. They are barely adopting simulations of cryptocurrencies unto their banking structures to stay alive. Stablecoins are a manifestation of this bankster angst to remain current. True market innovation is found in the embrace of Market Anarchy. CryptoAnarchy is growing exponentially with tools that are beyond the reach of state megalomaniacs. Drivechains are an example of the CryptoAnarchist tools that will result in further anti-fragility of this new crypto free-market. Proper Austrian Economic incentive structures coupled with applied cryptography is our lethal weapon against nation states and central banks. Arguably, our Ancap philosophy is what guides applied cryptography in the market towards success. For this reason it is important that we keep revisiting the texts of Rothbard, Mises, Hayek, and Konkin throughout our crypto endeavors. Peace! by Rafael LaVerde Source TL;DR: How familiar are you with thermodynamics and silent weapons for secret wars? How familiar are you with the Brave New World Order?
https://preview.redd.it/709g6p8g54011.jpg?width=1920&format=pjpg&auto=webp&s=5864cddf06cdfa93596983647faba08cf1e050c1 Hello everyone, we hosted the AMA (ask me anything) in our community yesterday. The co-founder Mason answered the questions of the group members one by one. Due to limited time, we only answered some typical questions. Please understand. After the event, we organized all the questions in the group into articles for you to review. Of course, if your question is not in this article, please send an email to [[email protected]](/). 1.How long has the project been going on? And when can we expect the launch of the mainnet? When we were in the form of the company Dianrong.com, we started the development and open source it on GitHub after 2yrs. In the end, we decided to raise money in an ICO form. The most crucial part of the project is building a network that support’s DApp’s, and that’s something we’ve already achieved. For more information regarding this, please visit the following article we wrote: https://medium.com/@hero_node/hero-node-dashboard-is-officially-launched-taking-a-big-leap-in-dapp-development-8ccd28f60c64 Also, our own public chain will be published at the end of 2019! 2. When can we expect a detailed roadmap? The roadmap in the whitepaper contains our complete roadmap, this will be added to the website soon! 3. Why do you have two Telegram groups? Because of high interest, our first group reached the maximum amount of members, to give everyone a chance we decided to create a second group! But, we will try to see if we could emerge everything back into one group! 4. What is the nature of the partnership between Hero Node & Qtum? We have a technical cooperation with public chain investors such as Qtum, ITC and BTM. Hero Node plans to support a number of public chains including Zilliqa. We believe that Hero Node can help them on expanding their markets /eco-system by integrating the public chain services, besides that we also require a variety of public chains to solve different challenges. 5. How can we verify your investment from Fenbushi and Qtum? For Qtumm please go to: https://qtumeco.io/dapps and for Fenbushi, please check the images below: https://preview.redd.it/9my79za954011.jpg?width=1080&format=pjpg&auto=webp&s=81f028ce542dcf9b0a0c36c6dec84502036475ce 6. Why didn’t Hero Node choose to support the price? We just started and are really in the beginning stage of this amazing project, we don’t want to manipulate currency prices. We believe that with the development of the project the price will rise! 7. Do you have your own public chain? As stated in the first question we will publish our own public chain at the end of 2019. For more information regarding our public chain please read the whitepaper. The project was divided into three phases: Validation Reward Community During the first two phases, we’ll be making use of the tokens based on ERC-20. When we enter the last phase the tokens will be generated by our own blockchain consensus algorithm. 8. I think the code on GitHub is not so crucial? That’s because we only publish the code of the reward and consensus mechanism. We do have plans to publish the complete code after we’ve fully tested and verified everything. 9. Why can the refund be done only during specific times? and why is it mandatory that you can only refund if you haven’t traded the tokens? We’ve chosen to open refunds at specific times to give our investors some time to think about the refund program. Regarding the second questions, we have implemented this policy to prevent investor using the refund for arbitrage which can have an impact on the market. 10. Who are Hero Node’s direct competitors? Why is Hero Node better than others, for example, EOS, FileCoin, IPFS? Both Hero Node and EOS are trying to serve the Dapp development, but as you can see we’ve taken a completely different approach. Hero Node prefers to be completely decentralized, so it integrates some public chains rather than create an all-round chain. In frontend decentralization, Hero Node and IPFS are very similar, but we are not Dweb, but help developers to deliver the real Dapp. Also regarding the incentives part, we are not the same with FileCoin. If interested in that, I recommend everyone to read the posts I wrote on Medium about EOS and IPFS: https://medium.com/@hero_node/solution-to-the-impossible-trinity-talking-from-the-trend-of-ipfs-web-player-56f28a0abcc6 https://medium.com/@hero_node/attention-eos-could-really-be-a-cancer-cell-9420d7ea8c16 11. How can I get in contact with your recruitment team? Please send your resume to [[email protected]](/) 12. How many tokens do we need for running a node? Running nodes won’t consume your tokens, but developers need to lock the tokens to get more resources, such as storage, bandwidth, etc. 13. Which kind of consensus mechanism is Hero Node based on? PoS or PoW? It will be similar to PoW but different with Bitcoin, our public chain will use a creative algorithm which is different with PoW/PoS. For a more in-depth description of our consensus, please read the article: https://medium.com/@hero_node/talking-about-the-proof-of-existence-consensus-mechanism-9e90b7e8f4b7 15. What is the main focus of the team at the moment? We are currently focusing on development & marketing! 16. Why are you listed on the Dapp page of Qtum? Are you their Dapp? No, but we can help them with their ecosystem, their developers can use Hero Node to easily develop a Dapp based on Qtum chain. 17. Why do you have a refund policy? Because we want to protect our investors. 18. How big is the team? And how many of them are developers? Our team consists of 14 people, 8 of them are developers. We have many part-time developers and are still hiring. 19. A lot of people are wondering when will Hero Node be listed on the next exchange, could you please shed some light on the Binance rumors regarding certain transactions There is this reliable ethscan service that informs about the listing of coins on exchanges, and more than often they are genuinely reliable. But we planned listing on exchanges within one month after ICO and of course there could be some top ones, but due to NDA we can’t say more about it until it’s finalized. Please keep an eye on our announcement channel, because that’s where we’ll be announcing it: https://t.me/HeroNodeChannel 20. Your advisory team seems more like finance people than blockchain experts, can you tell us more about the team? At the moment, Hero Node has 3 advisors: Kevin Guo is chairman of CBAC, which is the top organization of blockchain application in China Richard Wang, the partner of DFJ, many experience on blockchain investment such as Vechain. Also, he has many resources in the area. Jerry Liu, the professor from Stanford University. 21. Why is the contract of the crowd-sale, not open source? Because of security reasons, we’ll be open sourcing the contract after the refund is finished. Also because there could be some bugs for the Ethereum and smart contract written by Solidity. Although we’ve tested the contract many times, for security reasons we will keep it closed until the refund is finished. 23. When will the code of the node be open source? We will open source the code at the end of this year! 24. Compared to other cross-chain projects, what are the differences between Hero Node and others? Please read the following article: https://medium.com/@hero_node/liu-guoping-founder-of-hero-node-talked-about-blockchains-cross-chain-506b2d3f90f084 25. In what stage of development is Hero Node now? We’ve had some demo’s for DApps and have almost finished the integration parts of some public chains. If you’re interested you could take a look at our visualization map our node: http://22.214.171.124/dashboard/geo 26. What do you think about the crypto market? Is it a bubble? And do you think that blockchain technology is overvalued? We believe that blockchain is the future. 27. What did Hero Node do to help develop Dapp? In short, we did the following: Integration of public chains and distributed storage services. Cross-platform dev framework called Hero Mobile. The fully decentralized network and DApp eco-system 28、Do you have plan for integrating NEO? We’re considering a cooperation with them. 29. Can you tell us something about the deployment of nodes? At the moment we have ~10 nodes running all over the world, please check our visualization map: http://126.96.36.199/dashboard/geo 30. With which projects have you established a partnership? At the moment we have a partnership with Qtum, IoT, and much more is on the way! We plan to support a number of public chain including Zilliqa. 31. Where is Hero Node registered and where are you based? Singapore, but currently a part of the team is working from China. 32. Is the command “npm install” available? Yes, you can use the command to add ETH and IPFS service and welcome your contributions 33.Howdo you ensure that your team’s token are locked for 2 years, and will you be able to cash out in advance? Why not use smart contracts? We will announce the team’s address. 34.Don’ t we need a minimum amount of Her to setup a node ? No. 37. Why does the Hero Node team prefer to work with IPFS instead of Stroj for example? Our developers have more than 2 years of experience working with IPFS, we also did compare IPFS with other distributed storage services and IPFS came out as the most mature one at this moment 38. What is the lock plan for pre-sale tokens? Pre-sale tokens will be locked for 3 months including base and bonus. Every month 1/3 of the tokens will be unlocked. 39. Could you please tell us more about the partnership with Ziliqa? We’ve met them several times and are currently testing on their testnet. 40. How come HeroMobile is not updated frequently? HeroMobile is already a relatively mature project. But we’re definitely improving it. 41. How to run a node without having to stake any tokens? Running a node is like running a Bitcoin or Ethereum node. It does not require tokens, but it needs to provide hardware resources such as CPU, storage, and bandwidth. 42. How can we run nodes and is there an incentive structure to do so? Yes, we will have a mining mechanism similar to the mining algorithm of POW, refer to this article please: https://medium.com/@hero_node/talking-about-the-proof-of-existence-consensus-mechanism-9e90b7e8f4b7 43. Will the official decentralized Dapp still be launched in June ? Yes it will be at end of June. 44. When can we run nodes? At the beginning stage, we will provide partners with nodes to run and test. According to the roadmap, we will push it to everyone in early 2019. 45. Are the main target users of Hero Dapp developers? What’s the plan for adoption after the official launch? Not only developers, but also node providers, even ordinary users can use dapp developed based on HeroNode. We will first improve the node, and improve the tools and SDK at the end of this year. The next step will be to conduct a lot of testing, and all developers are welcome to join in the test. After the entire system has matured, we will hold many hackathon activities to attract more developers. Of course, there will be many token incentives. 46. When will you guys start focusing on marketing? We have already focused on marketing and are planning to do so even more. We welcome everyone to give us suggestions. 47. What is the next major milestone and when will that be reached? Next milestone is the first Dapp releasing at end of June. 48. The hereditary idiots who wanted to refund or have refunded where will those HER tokens go? Will they be burnt or added to the ecosystem? They will be reserved for partnerships. 49. Would you say you are in direct competition to EOS? If yes, how do differ? What is your edge for the adoption? We have the same goal. We hope to solve the problem of developing Dapp, but EOS wants to obtain a balance in high tps, security and stability. Hero Node adopts the advantages of many public chains and pays more attention to ecological construction. 50. EOS is a cancer. I saw this post on Reddit. What does it mean? EOS draws a lot of resources and it spreads like a cancer cell, affecting other ecologies. But in the end let’s see what it can give developers or if it is just a capitalist capital chase? 51. Dapp uses resources of Hero nodes that support both IPFS nodes and underlying blockchain nodes or are they the same? Hero Node will integrate public chain resources and IPFS resources to form a complete ecosystem for developers to use 52. Will you recruit more developers ? While you compare to EOS, you know they have a very big team. For sure, we will recruit more full-time and part-time workers. Development is our backbone. 53. Would you explain the difference between Hero Node and Filecoin model as they both consume resources by Dapps? Filecoin is also an ecosystem of IPFS, but we are not just focusing on the storage part. We focus on the entire Dapp development cycle. 54. I appreciate the NDA clauses but as parting gift from this AMA — Can we get any juicy information that we can share with others and help bring the price up more. At this stage we really could not share anything regarding our NDAs. Please be patient. There is lots of exciting news to come in the future. 55. Can someone please elaborate on the marketing efforts the team is doing?
Recruiting more operators
Some activities and development progress in China will also be synchronized to overseas media
We are planning meetups in various countries.
56. What does “lock token” mean by developers? This is a kind of behavior similar to the lease of resources. It can prevent resources from being abused, and it can positively cycle the entire ecosystem. 57. What’s the link on Medium of Hero? I want to read the articles about EOS and IPFS. https://medium.com/@hero_node 58. Which gas limit i should use to make refund? 100,000 59. Already 3.5M tokens got refunded (technically out of circulation for now)？ Actually the number is 5.7M 60. Can you provide several examples on how someone will use your project and why your project is the best for this? For example, when you place order an order on Amazon but use Paypal to fulfill the payment. These are two different companies with different processes. This is very difficult between the two public chains, at least for now it is difficult, Hero Node hopes to solve this problem by integrating the public chain and IPFS resources and creating a whole ecosystem. In the near future, you can use QTUM to place orders, but you will pay with ETH. 61. Seems to be the majority of people have no clue what they buy or why its unique I gotta be honest myself I don’t know the method behind coding for blockchain what do you use for coding and how do you test the code? Our code structure is divided into Hero Aggregate Layer, Hero Node Gateway, Hero Mobile Protocol, Hero Kit and so on. We will have unit testing for each function in each structure. After each unit runs tests, we will perform process testing and carry out a large number of tests before delivering the software. 62. What you think about Morpheus labs? Are they your competitors? Sorry, we don’t know much about them.
Top 50 Cryptocurrencies I thought this might be of real help for the ones that are just joining crypto and still want to read. Let’s face it: there are a lot of cryptocurrencies out there, with new ones coming out almost daily and old ones disappearing seemingly just as fast as they appeared. It’s easy to get overwhelmed. If you are new to cryptocurrencies, this is an excellent starting point to learn about each of the top 50 cryptocurrencies (by market cap). Even if you’re a crypto veteran, this is a great resource to reference if you ever get any of the top 50 confused, or if you want to read more about a new coin which has joined the ranks. Our hope is to point you in the right direction, spur your interest to do more research, and steer you away from the potential scams out there (And yes, there are potential scam coins in the top 50!) Here at Invest In Blockchain, we are obsessed with researching the internet for all things crypto. The information found in this post is the result of hundreds of hours of painstaking research by me and other writers on our team. Note that this list is constantly changing and I will do my best to keep it up-to-date, but the top 50 moves almost daily! Please refer to coinmarketcap.com for the latest information on the top 50 cryptocurrencies and their prices. Let’s get started! (Information accurate as of May 23, 2018)
#1 – Bitcoin (BTC)
📷 The king of the crypto world, Bitcoin is now a household name; to many, it is synonymous with “cryptocurrency”. Its purpose is to provide a peer-to-peer electronic version of cash to allow payments to be sent online without the need for a third party (such as Mastercard). The rapid rise in Bitcoin’s price has brought about an explosion of new Bitcoin investors. With the huge increase in interest has come a rise in merchants accepting Bitcoin as a legitimate form of payment. Bitcoin is fast moving towards its goal of becoming a currency accepted worldwide. Bitcoin’s development is led by Bitcoin Core developer Wladimir J. van der Laan, who took over the role on April 8, 2014. Bitcoin’s changes are decided democratically by the community. For an in-depth look at Bitcoin, including an explanation of Bitcoin mining, Bitcoin’s history, an analysis of Bitcoins’ value and a description on how bitcoin actually works, see our comprehensive guide “What is Bitcoin? Everything You Need to Know About Bitcoin, Explained“. For a more detailed description of Bitcoin’s economics, what makes money and how Bitcoin works in the economy as a whole see: “Bitcoin Explained” and “Bitcoin is a Deflationary Currency”.
#2 – Ethereum (ETH)
📷 Ethereum is the revolutionary platform which brought the concept of “smart contracts” to the blockchain. First released to the world in July 2015 by then 21-year-old Vitalik Buterin, Ethereum has quickly risen from obscurity to cryptocurrency celebrity status. Buterin has a full team of developers working behind him to further develop the Ethereum platform. For more background information on Buterin, read our article, “Vitalik Buterin: The Face of Blockchain”. Ethereum has the ability to process transactions quickly and cheaply over the blockchain similar to Bitcoin, but also has the ability to run smart contracts. For future reading on smart contracts, see “What’s the Difference Between Bitcoin and Ethereum”; but for now, think automated processes which can do just about anything. For further reading on Ethereum, including an analysis of the platform’s strengths and future prospects, read “What is Ethereum, Everything You Need to Know Explained“.
#3 – Ripple (XRP)
📷 Ripple aims to improve the speed of financial transactions, specifically international banking transactions. Anyone who has ever sent money internationally knows that today it currently takes anywhere from 3-5 business days for a transaction to clear. It is faster to withdraw money, get on a plane, and fly it to your destination than it is to send it electronically! Not to mention you will be paying exorbitant transaction fees — usually somewhere around 6% but it can vary depending on the financial institution. Ripple’s goal is to make these transactions fast (it only takes around 4 seconds for a transaction to clear) and cheap. The Ripple team currently comprises over 150 people, making it one of the biggest in the cryptocurrency world. They are led by CEO Brad Garlinghouse, who has an impressive resume which includes high positions in other organizations such as Yahoo and Hightail. Check out “What is Ripple” for more information, including a closer look at what they do, controversies and future prospects.
#4 – Bitcoin Cash (BCH)
📷 Bitcoin Cash was created on August 1, 2017 after a “hard fork” of the Bitcoin blockchain. For years, a debate has been raging in the Bitcoin community on whether to increase the block size in the hope of alleviating some of the network bottleneck which has plagued Bitcoin due to its increased popularity. Because no agreement could be reached, the original Bitcoin blockchain was forked, leaving the Bitcoin chain untouched and in effect creating a new blockchain which would allow developers to modify some of Bitcoin’s original programmed features. Generally speaking, the argument for Bitcoin Cash is that by allowing the block size to increase, more transactions can be processed in the same amount of time. Those opposed to Bitcoin Cash argue that increasing the block size will increase the storage and bandwidth requirement, and in effect will price out normal users. This could lead to increased centralization, the exact thing Bitcoin set out to avoid. Bitcoin Cash does not have one single development team like Bitcoin. There are now multiple independent teams of developers. Read “What is Bitcoin Cash” for more information. You can also check out their reddit and official webpage.
#5 – EOS (EOS)
📷 Billed as a potential “Ethereum Killer”, EOS proposes improvements that can challenge Ethereum as the dominant smart contract platform. One main issue EOS looks to improve is the scalability problems which has plagued the Ethereum network during times of high transaction volume, specifically during popular ICOs. A perhaps more profound difference EOS has, compared to Ethereum, is the way in which you use the EOS network. With Ethereum, every time you make modifications or interact with the network, you need to pay a fee. With EOS, the creator of the DAPP (decentralized app) can foot the bill, while the user pays nothing. And if you think about it, this makes sense. Would you want to have to pay every time you post something on social media? No, of course not! In addition to this, EOS has a few other technical advantages over Ethereum such as delegated proof of stake and other protocol changes. Just know that EOS has some serious power under the hood to back up the claim of “Ethereum Killer”. EOS was created by Dan Larrimer who is no stranger to blockchain or start ups. He has been the driving force behind multiple successful projects in the past such as BitShares, Graphene and Steem. For more information on EOS such as how and where to buy EOS tokens, EOS’s vision and potential challenges, see “What is EOS”.
#6 – Litecoin (LTC)
📷 Similar to Bitcoin, Litecoin is a peer-to-peer transaction platform designed to be used as a digital currency. Due to some notable technical improvements, Litecoin is able to handle more transactions at lower costs. Litecoin has been designed to process the small transactions we make daily. Litecoin is sometimes referred to “digital silver” while Bitcoin is known as “digital gold”. This is because traditionally silver was used for small daily transactions while gold was used as a store of wealth and was not used in everyday life. The Litecoin blockchain is a fork from the Bitcoin chain. It was initially launched in 2011 when its founder, Charlie Lee, was still working for Google. Well-known as a cryptocurrency expert, Charlie Lee is backed by a strong development team who appear to be achieving what they set out to do. They have recently achieved a very notable accomplishment with the first successful atomic swap. For an in-depth discussion on what Litecoin does, how it is different than Bitcoin and the team backing up the development, see “What is Litecoin”.
#7 – Cardano (ADA)
📷 Cardano is a smart contract-focused blockchain. It was originally released under the name Input Output Hong Kong by Charles Hoskinson and Jeremy Wood, a few of the early team members of Ethereum, and later rebranded into Cardano. Cardano is trying to fix some of the largest problems the cryptocurrency world which have been causing ongoing issues for years such as scalability issues and democratized voting. They have the potential to challenge Ethereum’s dominance in the smart contract world. Cardano is developing their own programing language similar to Ethereum; however, they are focusing more heavily on being interoperable between other cryptocurrencies. While some cryptocurrencies are all bite but no bark, Cardano is quite the opposite. They are quietly focusing on a strong software which will be completely open-source. Cardano’s team comprises some of the best minds in the industry, and they seek to create a strong foundation which others can build upon for years to come. For up-to-date information on Cardano’s status see their Reddit page or official website. You can also read our article “What is Cardano” to learn more about them.
#8 – Stellar Lumens (XLM)
📷 In a nutshell, Stellar Lumens seeks to use blockchain to make very fast international payments with small fees. The network can handle thousands of transactions a second with only a 3-5 second confirmation time. As you may know, Bitcoin can sometimes take 10-15 minutes for a transaction to confirm, can only handle a few transactions a second and, in turn, has very high transaction fees. If this sounds a lot like Ripple, you’re right! Stellar Lumens was based off of the Ripple protocol) and is attempting to do similar things. Some of Stellar Lumens’ main uses will be for making small daily payments (micropayments), sending money internationally, and mobile payments. Stellar Lumens is focusing on the developing world and, more specifically, the multi-billion dollar industry of migrant workers who send money back to their family in impoverished countries. The Stellar Lumens team is led by Jed McCaleb, who has worked in numerous successful startups in the past such as eDonkey, Overnet, Ripple, and the infamous Mt. Gox. For more information on Stellar Lumens, including the history and what sets Stellar Lumens apart, see “What are Stellar Lumens”. You can also learn about the differences between Stellar Lumens and Ripple.
#9 – TRON (TRX)
📷 As stated in TRON’s whitepaper, “TRON is an attempt to heal the internet”. The TRON founders believe that the internet has deviated from its original intention of allowing people to freely create content and post as they please; instead, the internet has been taken over by huge corporations like Amazon, Google, Alibaba and others. TRON is attempting to take the internet back from these companies by constructing a free content entertainment system. This will enable users to freely store, publish and own data, giving them the power to decide where and how to share. The project is led by founder Justin Sun, who has been listed on the Forbes 30 under 30 list twice (in 2015 and 2017). In addition, Sun is a protégé of Jack Ma, founder of Alibaba Group, China’s former Ripple representative and the founder of Peiwo APP. Sun has assembled a strong team with heavy hitters including Binshen Tang (founder of Clash of King), Wei Dai (founder of ofo, the biggest shared bicycles provider in China), and Chaoyong Wang (founder of ChinaEquity Group). Sun has also secured the support of a few notable angel investors such as Xue Manzi. For up-to-date information on Tron and further discussion of the technology and team, see “What is Tron” and their website.
#10 – IOTA (MIOTA)
📷 IOTA has seen many of the issues Bitcoin and Ethereum have with the POW (proof-of-work) and POI (proof-of-importance) models and looks to improve them with their revolutionary transaction validation network simply called “tangle”. When issuing a transaction in IOTA, you validate 2 previous transactions. This means you no longer outsource validation to miners which requires wasteful amounts of computing power and usually a large stake of coins. These required resources are, in effect, centralizing the currencies which many believe were created to be decentralized in the first place. With IOTA, the more active a ledger is, the more validation there is. In other words, the more people who use it, the faster it gets. You don’t have to subsidize miners, so there are no fees on transactions. That’s right: zero. The IOTA team has been actively developing blockchain technology since 2011, and created the IOTA foundation and company in 2016. Since its emergence, the team has been continuously growing, attracting exceptional talent from around the world. For more information on IOTA’s team and their revolutionary“tangle” technology, check out “What is IOTA”.
#11 – NEO (NEO)
📷 A leading platform for smart contracts and sometimes referred to as “China’s Ethereum”. NEO (formally Antshares) hopes to digitize many types of assets which were formerly kept in more traditional means, and therefore make it possible to use them in smart contracts. To imagine a potential use case of NEO, think digitizing the title to a house into a smart asset, and then setting up that asset to automatically transfer to another person after payment for the house has been received. This would be, in effect, a simple smart contract. NEO founder Da Hongfei is a leading figure in the cryptocurrency world and has worked on numerous blockchain projects in the past. The development team consists of 6 in-house investors and a large community of third-party developers. For a complete overview of NEO, including the team, history and competitive analysis, check out “What is NEO”.
#12 – Dash (DASH)
📷 Dash (which comes from ‘digital cash’) aims to be the most user-friendly and scalable cryptocurrency in the world. It has the ability to send funds instantly confirmed by “double-send-proof” security with the added functionality of erasable transaction history and the ability to send transactions anonymously. Like Bitcoin, Dash is meant to be used as a digital currency but has some added values such as much faster transaction times and lower fees. For a slightly higher fee, Dash has the added function of “instant send” which allows transactions to be confirmed almost instantly. This is one of the main selling points of Dash because many believe that this feature would allow it to be used in brick and mortar establishments. The Dash development team consists of over 50 members and is led by former financial services professional Evan Duffield. For the latest on Dash, see their official website and reddit page. You can also read “What is Dash” to learn more about the project.
#13 – Monero (XMR)
📷 Monero is a digital currency designed to be used as a completely anonymous payment system. A common misconception with Bitcoin is that it is completely anonymous. In reality, all payments processed on the Bitcoin network are recorded on a public ledger (blockchain), so Bitcoin is actually only partially anonymous or “pseudonymous”. This means that you can, in theory, trace back every transaction a coin has been involved with from its creation. Though users aren’t able to inherently link the public key on the blockchain with the private keys used to store the coins themselves, there will always exist a correlation between the two. Monero has solved this problem by implementing cryptonic hashing of receiving addresses, therefore separating the coin from the address it is going to. This can be hugely valuable for anyone wishing to conceal their purchases. The Monero development team consists of 7 core developers, only two of which are publicly known. There have been over 200 additional contributors to the project and software updates are implemented every six months or so. To learn more about Monero including its competitors and challenges, read “What is Monero”. If you’re thinking about investing in Monero, check out our opinion piece “Should You Invest In Monero?“.
#14 – Tether (UDST)
📷 Tether is a cryptocurrency token issued on the Bitcoin blockchain. Each Tether coin is allegedly backed by one US Dollar. The goal is to facilitate transactions with a rate fixed to the USD. Amongst other things, Tether looks to fix some of the legal issues which can arise when trading cryptocurrencies and it aims to protect people from market volatility. Tether has faced controversy regarding their business model, and some consider it a scam. More info can be seen on reddit posts such as this.
#15 – NEM (XEM)
📷 NEM (New Economy Movement) is the world’s first proof-of-importance (POI) enterprise based on blockchain technology. With a focus on business use cases, the software was built from the ground up with adaptability in mind. NEM’s goal is for companies to use their “smart asset system” to implement customizable blockchains. A smart asset can be almost anything: a cryptocurrency token, a business’s stock or a company’s invoicing and records. Some potential use cases for NEM’s technology include: voting, crowdfunding, stock ownership, keeping secure records, loyalty rewards point programs, mobile payments and escrow services. A list of NEM’s use cases can be found here. The development of NEM is monitored by the Singapore-based NEM Foundation. For more information on what NEM does and what sets NEM apart from its competitors, see “What is NEM”.
#16 – VeChain (VEN)
📷 As described in VeChain’s development plan, the organization’s purpose is to build “a trustfree and distributed business ecosystem based on the Blockchain technology self-circulated and expanding”. They plan to do this by creating an efficient trustless business ecosystem to significantly reduce the wasteful information transfer systems of today. Some of the areas and industries the VeChain platform is focusing on include eliminating counterfeiting in the fashion and luxury industry, food safety tracking systems, digitizing maintenance in the car industry and many other global supply chain processes. For more information on VeChain, see their reddit and website. Read “What is Vechain” to learn about the project, and our investment opinion piece “5 Reasons to Invest in Vechain“.
#17 – Ethereum Classic (ETC)
📷 Ethereum Classic came about after a hard fork of Ethereum in 2016. The fork was a result of the infamous DOA hack where around 50 million dollars worth of Ethereum was stolen due to what was considered an oversight in the code. The blockchain was forked in order to recoup the losses from this attack, but a small portion of the community did not wish to go back and change the original blockchain. Vitalik Buterin, founder of Ethereum, and subsequently the development team chose to go with the hard fork and work on what is now “Ethereum” today. There is a lot of ongoing controversy with Ethereum Classic which can be better described on this reddit thread. For an in-depth discussion of Ethereum Classic, see”What is Ethereum Classic“.
#18 – Binance Coin (BNB)
📷 Binance Coin is the coin used to facilitate operations on the Binance platform, a cryptocurrency exchange that is capable of processing 1.4 million orders per second. The name “Binance” is derived from the combination of the terms “binary” and “finance”, referring to the integration of digital technology and finance. The BNB coin is used to pay exchange fees, withdrawal fees, listing fees, and all other possible transaction expenses on the Binance platform. In order to incentivize new users to do their cryptocurrency trading on Binance, the team is offering discounts when BNB is used to pay fees. The discount will be 50% in the first year, 25% in the second, 12.5% in the third, and 6.25% in the fourth year before the discount ends. Binance was primarily marketed to Chinese cryptocurrency investors at first, but they also have English, Korean, Japanese, French, Spanish, and Russian versions of the platform. For a deeper look into Binance, you can read the whitepaper or check out the trading platform here.
#19 – Bytecoin (BCN)
📷 Bytecoindescribes itself as “a private, decentralized cryptocurrency with with open source code that allows everyone to take part in the Bytecoin network development”. It is the first coin to offer untraceable payments, unlinkable transactions and resistance to blockchain analysis. With Bytecoin, it is possible to send instant transactions anywhere around the world, which are totally untraceable and don’t require additional fees. Bytecoin’s development is community-driven and a list of all of the different community websites can be found here. For more information on Bytecoin, see: “What is Bytecoin“.
#20 – QTUM (QTUM)
📷 QTUM (pronounced Quantum) is an open-source value transfer platform which focuses on mobile decentralized apps or Dapps. QTUM is the world’s first proof-of-stake smart contracts platform. QTUM is meant to be used as both a value transfer protocol, like Bitcoin, and a smart contract platform, like Ethereum. They have a number of technical innovations which some consider to make it superior to Ethereum, and they are focusing on mobile applications. The platform itself is very new. It came about in March 2017, after a highly successful crowdfunding campaign raised them nearly 16 million dollars in only 5 days. QTUM has a small but strong development team and an impressive list of investors backing their ideas. QTUM’s development is lead by the Singapore based QTUM Foundation. For further reading on the background of QTUM and what sets them apart, see “What is QTUM”.
#21 – Zcash (ZEC)
📷 ZCash is a value transfer protocol forked off of the Bitcoin blockchain. ZCash can be used like Bitcoin, with a few added improvements. With “zero cash technology”, ZCash shields both the amount transferred and the senders, making transactions truly anonymous. ZCash is one of the new kids on the block in the world of “private transactions”. An interesting note is that Ethereum is in the process of implementing some of ZCash’s technologies to enable transactions on the Ethereum network to be anonymous as well. ZCash is being developed by the Zerocoin Electric Coin Company. They’ve had some great successes, most notably JP Morgan’s announcement that they would implement Zcash’s privacy technology to Quarum, a technology JP built on Ethereum. Interested in investing in ZCash? Here’s the opinion of one of our writers: Should You Invest In ZCash? ZCash was recently featured on the Radiolab episode The Ceremony.
#22 – OmiseGO (OMG)
📷 “Unbank the Banked” is the slogan of Omise’s online platform OmiseGo and that’s exactly what Omise has set out to do. Founded in 2013 off of the Ethereum blockchain, Omise aims to revolutionize the financial dynamics in Southeast Asia. Omise is targeting individuals and businesses of all sizes by improving the current financial system which is slow, outdated, and inaccessible to most “everyday” people in these countries. With their planned online exchange OmiseGO, Omise seeks to speed up the way money is spent and sent, both domestically and internationally in Southeast Asia and beyond. They have a lot to celebrate too. OmiseGo has been building partnerships in the region and recently partnered with McDonald’s and Credit Saison. Omise has established a strong team of over 130 staff members located in different countries. CEO and founder of Omise, Jun Hasegawa, has been involved in multiple startups and worked for Google for over 16 years. The OmiseGO platform has been endorsed by some of the heavy hitters in the cryptocurrency world such as Vitalik Buterin and Gavin Wood, the co-founders of Ethereum. For more information on what OmiseGO aims to do, see “What is OmiseGo”.
#23 – ICON (ICX)
📷 Fresh off a successful ICO, the Korea-based startup ICON is looking to provide a medium to connect all the different blockchains together. This puts ICON in the same field as Ark, which is attempting to accomplish similar goals. The main concept of ICON is their idea of a “loopchain”. As stated in their whitepaper, a loopchain can be described as a “high-performance blockchain that can provide real-time transaction, which is based on enhanced Smart Contract.” Through ICON, participants will be able to connect to any blockchain without relying on the current centralized exchanges. ICON has a relatively large team from various backgrounds. They have also secured the help of a few notable advisors such as Jason Best and Don Tapscott. For more information on ICON and the work they’re doing, see “What is ICON“.
#24 – Lisk (LSK)
📷 Lisk is a decentralized network, like Bitcoin and Litecoin, which enables developers to deploy their own side chains off the main Lisk blockchain. These side chains are fully customizable blockchains which enable you to change the parameters you want to fit your own blockchain application. This is similar to Ethereum and QTUM in some ways. With Lisk, the main difference is that the customizable blockchains split into their own separate side chains. This saves developers the grueling legwork of designing something from scratch. At the end of the day, side chains are only decentralized databases of blockchain applications. Lisk is being developed by a small but quickly growing Berlin-based team. They are led by co-founders Max Kordek and Olivier Beddows who are veterans in the cryptocurrency and development world. For a thorough look into Lisk including more on what Lisk does, its competitors, challenges and teams, see “What is Lisk”. You can also check out our case study of an accountant who invested all his life savings in Lisk: “Accountant Invests All in Lisk”.
#25 – Zilliqa – (ZIL)
📷 Zilliqa is a blockchain platform which focuses on solving the problem of scaling on public blockchains. With Zilliqa’s network, the number of transactions increases at a linear rate to the number of nodes. This means that as nodes increase, so will its ability to handle high transaction volume. Zilliqa has already run a successfultest on their network, where they were able to achieve 1,200 transactions per second with only 2,400 nodes. Zilliqa also is the first blockchain to successfully integrate “sharding” into a public blockchain. This concept is extremely useful in improving the rate of scalability, bandwidth and performance in blockchains. Sharding, in effect, splits nodes into “shards” which can then conduct micro-transactions in each blockchain block. In addition to this, Zilliqa claims to be more energy-efficient to mine. They also plan to implement dapps into their platform in the future. For more information on Zilliqa, see their website and reddit. Our article “What is Zilliqa” can provide you with an overview of the project.
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