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AMA Recap of CEO and Co-founder of Chromia, Henrik Hjelte in the @binancenigeria Telegram group on 03/05/2020.
George Cao :Let’s welcome lambda team . Xiaoyang and Lucy Lambda: Hello friends from BitMax ~~ I am Lucy Wang, Co-founder and CMO of Lambda. I am very happy to e-meet with you here and thx for George's invitation. I on behalf of Lambda wish all of you a merry Christmas and prosperous new year in 2019 George Cao: Great. I am a bit surprised to see a big volume day yesterday Christmas. Seems our users didn’t take a break even on holidays :) Lambda: I'd like to take this opportunity to introduce myself first, I have over 14 years of progressive career development with global leading enterprise software / service organizations as well as VC-backed start-up ventures, including HP, Oracle, and SAP. Before Lambda I was CMO/GM at two enterprise SaaS start ups in China backed by top VCs. And my partner Mr. He Xiaoyang, who is the founder of Lambda, he is a well-known expert in infrastructure and open source software in China. Prior to Lambda, he was the co-founder of OneAPM, a fast-growing infrastructure software focusing on ITOM (IT operation management) in China. OneAPM is known as the “New Relic or AppDynamics of China” and the company has received strong VC backing from Matrix Partners, Chengwei Capital, and Qiming Venture. Prior to his entrepreneur experiences, Mr. HE worked at BEA as a R&D software engineer. In addition, Mr. HE is also a blogger with strong following in China and some of his articles have been published by major media such as Forbes China, 36Kr, Sina, etc. Lambda idea was born at the end of year 2017 and the product development started from the beginning of 2018. Now let me talk about Lambda idea and what we do Lambda, is the leading decentralized infrastructure project providing secure, reliable, and infinitely scalable decentralized storage network that enables data storage, data integrity check, security verification, and marketplace for storage-related services on the Lambda Chain Consensus Network. In recent years, there have been frequent data leakage problems in major Internet platforms at home and abroad, and even business giants such as Facebook and Marriott have not been spared. Returning the value of data to data owners is an inevitable trend in line with human pursuit of freedom. The block-chain technology with P2P features provides an opportunity for this, and this area will be highly valued by the industry in the next few years. Lambda is the only provider of block-chain storage infrastructure projects in China. It is sometimes referred as “File-coin of China”or “File-coin 2.0”.our vision is to return the value of data to the data owner, with this vision in mind, our mission is to promote the decentralization of the Internet, with the goal of creating a storage infrastructure for the next generation of block-chain. After the Lambda project launch in early 2018, it has received strong support by well-known strategic and financial investors including Bitmain, Viking Capital, FBG Capital, Bluehills, Zhen Fund, FunCity Capital, Ceyuan Digital Fund, BlockVC, INBlockChain, DATA Foundation, Bitcoin World, Reflextion Capital, etc. To date, Lambda has received investment funding in excess of $10M. https://preview.redd.it/ynaos7rps2721.png?width=1267&format=png&auto=webp&s=77360b7cdf06c288e8c25675f94f5fb9d3d02137 n all the existing decentralized storage projects that are aiming to give a solution to this problem worldwide, Lambda is the first ever to announce its LPDP ( Lambda Provable Data Possession ) George Cao: I see we share several investors in common, So 2019 q1-q2 will be a big milestone for lambda Lambda: Provable Data Possession (PDP) and Proofs of Retrievability (POR) are critical to efficient decentralized data storage and its implementation, which is the essential difference between centralized network projects and real decentralized storage. Prior to Inter-planetary File System (IPFS), Lambda launched its minimum viable product (MVP) of core functions in the third quarter of 2018, and has been continuously upgrading and optimizing this in block-chains in a multi-role environment. File-coin is our main competitor, here is a chart shows the progress comparison FYI https://preview.redd.it/ewmyh9tqs2721.png?width=1267&format=png&auto=webp&s=cddc52a6d613196f6c0cbf870da42a5b82a8aaa6 For those who have interest to know more about Lambda's technical innovations, they can be find in our keep updating FAQ document posted on Medium, and I copied her FYI 1.Innovatively designed the Validator role which provides verification service for storage proof and the Validator replaces storage miner as the full-time storage proof result verifier, this greatly improves the performance of the storage and retrieval system. 2.In response to the limitations of the PDP algorithm, Lambda innovatively created a consensus network on the block-chain and used the validators role to replace the "TPA" in the PDP algorithm. 3.Innovatively modified the PDP algorithm from synchronous to asynchronous communication, which greatly reduces the communication traffic for Challenge in the system. Use of chain data as a random seed for storage miners to issue Challenge themselves addresses the randomness of TPA challenges. 4.Innovatively upgraded the PDP algorithm from periodic verification to a verification set generated by the miners to submit the verification result at one time, and fully realize the Proof-Of-Space-Time verification. on top of all the technical, Lambda creates a consensus network where data can be stored, storage space can be rented on the basis of a marketplace built on block-chain. In the Marketplace, the transaction process is: storage miners pledge hard disk sectors to the consensus network, and place orders and sell their own storage space in the Marketplace; storage users initiate purchase requests, complete the matching of storage requests through the Marketplace, and store data in the space of the storage miners. Different from other block-chain applications, Lambda is a storage mining project, we have miners mine on Lambda network. Earn LAMB tokens by contributing on the network, and users who have data storing requirements pay Lamb tokens to purchase services accordingly. The price of Lamb token not only rely on the exchanges but also supported by our miners who are doing works on the network. There are four roles in the Lambda mining network: storage miners (providers of storage space), verification miners (ensuring the integrity and security of data and packaging transactions), retrieval miners (providing download bandwidth), and users (storage buyers). 1024 verification miners promoted from storage miners constitute the Lambda-chain consensus network. So you will see three types of miners serve our users from all over the world. The key milestones we are looking at is the launch of test-net, where miners can start mining and earn testing Lamb tokens, the date will be around end of Jan. 2019 and main network will go live in Q2, 2019, most likely in Apr. Regarding our partnership, In the academic field, we have established a strategic partnership with Beijing Institute of Technology (BIT), which is well known in China for its engineering and computer science research programs, to conduct research into centralized storage. In the commercial field, Lambda has established a strategic collaboration with IOST, a well-known public blockchain project, and Perlin, a super computing platform, and started to conduct pilot projects for decentralized application (DAPP) companies such as DATA and BCV. Lambda also has close ties to many leading Internet data centers (IDCs) in China. They join the Lambda network as miners and take advantage of their surplus server capacity to engage in the Lambda network ecology. Q: Will the rest of the code be open sourced? If so when ? Lambda: we have released the codes of core function module, the test net codes will be released gradually in Jan. pls stay tuned with our official github Q: What can Lamb tokens be used for? Lambda: Lambs are tokens in the Lambda ecosystem, which are mainly used in the following scenarios: A. Users of services in the Lambda ecosystem have to pay with Lambda tokens. B. Providers of storage services in the system have to pledge a certain number of tokens. C. Verification nodes in the system have to pledge a certain number of tokens. D. Verification nodes can obtain a certain number of tokens as accounting rewards. E. Storage nodes get a certain number of tokens based on their storage capacity and their service level agreements (SLAs). F. Other roles in the Lambda ecosystem can also obtain a certain number of tokens based on their contributions. Q: What more incentives does miner gets to mine or rent storage on Lambda? Lambda: every miner stars from storage miner on Lambda network, they get paid by providing storage space, when their business getting bigger, system will select the top 1024 storage miners and promote them to validator, who will get block generation rewards from system. Q: how are the 1024 miners selected? Doesn't this become more centralised? Lambda: we did a survey to the Chinese miners, they mainly fall into two groups, either are waiting FileCoin to go live with purchased mining machine idle at home or they are doing hard drive or graphic cards mining, which has a high requirement to the hardware standard. To mine on Lambda, you need a mining machine ( computer ) that has big storage space ( because the bigger the higher probability you'll be promoted to be a validator ) and the connection to the internet Q: How much is initial supply? Lambda: Lambda did two rounds of fund raising, private investors have a lock up terms of 2+4+4 meaning the first 20% of tokens will only be released 2 months listing on exchange. so on the day one listing till 2 months there will be only around 0.5% initial circulation, and after 2 months, 5% in total. in addition to that, as we are recruiting miners to join our network, actually ppl have been in a situation where they can't wait to mine on our testnet. with the mining mechanism we have, miners need to buy Lamb token to get their mining work started, because a certain amount of pledge need to be made Q: What partnership will lambda and bitmax have in the future? Lambda: We value the way BitMax doing things and care about projects, we feel like we found the right exchange to be listed, in particular an initial listing. we will work with BitMax and do some joint campaigns to boost the community George: We have great chemistry with lambda team. Q: And are you still primary list in there, I heard the list was delay? Is it related to Huobi? Lambda: you are right, it is related to Huobi, but one thing you can be assured of is that our initial listing on BitMax wont change, but most likely a joint listing with Huobi. Q: what about the time of primary list? Lambda: we will primarily list very soon, we are targeting end of this week, now we are in the middle of some technical integration with Huobi George: We can assure everyone that our team will do our best to protect our investors and serve our listing projects. The promise does not change whether or not if we co-list with huobi. Q: We get reward to mine ? Any incentive? For testnet Lambda: Yes, you have two ways obtain Lamb tokens, buy from exchange and earn more from mining, but firstly you have to buy Lamb on BitMax haha. Are you asking the reward from testnet by mining on it? yes, you will get test Lamb token, and they can be redeemed to Lamb token with a ratio that will be specified shortly. on Lambda official website www.lambda.im, we have whitepaper, besides that we also have economic whitepaper to explain how the lambda economic system runs, on Dec. 28 we will launch our yellow paper where we will demonstrate the detailed technical realization and all the parameter setting for mining on Lambda Q: What are the implications if a miners rig goes offline or they decide to stop? Lambda: If miners rig goes off, they will not get the reward from the corresponding generated block, if they do cheating there will be punishment from the system, and if they decide to quit, the pledge will be returned Q: Lambda planning to have own FS? Lambda: Yes, FS and consensus network is separate. validators and marketplace are on the consensus network, while Files are in the File System. Q: Is Lambda GDPR friendly? Lambda: yes, we are Q: Hi can u explain what’s the requirements of decentralized data . Do You think big companies will like to use lambda services .... or it’s for medium level enterprises as big companies will go for their in house system with their reliable nodes ... Lambda: this is a good question, from I seeing it, ppl call out the protection of privacy, it is a trend and it takes steps. Lambda has two big groups of prospects users, one is DAPPs, another is the general industries such as big data, AI, IoT, Games, Financial, etc, as long as they need massive data storage demand, Lambda has the opportunity, data storage is expensive, especially when we are talking about big data, a lot of companies will value the cost in this area very much. currently we have lighthouse customer like DATA, BCV, VVshare, in the very near future, a game that is developed by Lambda team will also go live on Lambda network. from the BD perspective, Lambda will create a satellite network ( you can take it as channel network ) to bring us customers, we have a few reaching out to us already Q: Why suddenly launched on Huobi George Cao: I believe lambda team has its own consideration. Projects esp in bear market are facing pressures from different parties. Investors users exchanges. Not everything is under projects control. What we can do as an exchange is to stand by our partners and fully support them down the road Lambda: thx for the answer Q: I think you have made a great choice working with bitmax. Bitmax have really helped push new coins and their site in general with good PR, marketing and reward/airdrop promotions Lambda: strongly agree with you Q: GDPR has taken over the EU and the UK so that is very important Lambda: you are right, so we see to be GDPR friendly, which is one of our differentiator from FileCoin Q: Being GDPR friendly , European market is a go for lambda Lambda: I have this plan to develop European market by having a Raspberry program, it is still in planning. George Cao: Let’s take a last question and move to lambda community:) And as usual we will pick 3 best questions. We will send out 1000 800 and 500 btmx. @lambda do you want to pick 3 questions ? Q: Recent partnerships are interesting , can you tell us about coming q1 2019 both in terms of technical and marketing developments ? Lambda: from Marketing side, we are focusing on Chinese miners community and potential European market ( like I said still in construction ) Korean market is another, and US market to go along our compliance path, Lambda has been strictly abide by the regulations. from technical side, the most important task we are targeting is the main network launch as planned George Cao: Thanks everyone for your time. It’s a great ama as usual. We do have the best community. We will pick 3 winners and we will announce here after we finish ama in lambda community Lambda: thank you all for your time to participate the AMA, I had a great time with you, see you friends and have a nice day. George Cao: Hello everyone, Merry Christmas:) Lambda: Hello Lambdos. Today we have George, the founder of BitMax to join us for the AMA. Let's give him a warm welcome to do a introduction of BitMax George Cao: I am George Cao, founder of bitmax. I am happy to take the opportunity to talk to everyone here. Thanks to the lambda team. Let me start with a brief introduction about us. Bitmax.io (btmx.io) is an exchange founded by a group of Wall Street veterans. Unlike most projects, we are kinda of old :) core team are in their 30ish - 50ish. The 10 founding member have combined of 150 years of Wall st experience. I have 10+ yrs of high frequency trading experience therefore I know the trading system well. That’s why our match engine can handle 400k tps per second vs huobi 1000 tps. We want to build an exchange that is transparent, robust, and efficient. While our system is the best in class, we offer the lowest trading fees. We believe the current high commission will not sustain and we will see consolidating of the exchanges with better depth and liquidity and lower commission. We are happy to partner with lambda, one of the best projects in 2018. We are committed to serve the project and the community. Alright, I am ready to take questions. Anything you can ask, as tough as you want :) Q: Haha nice platform. George Cao: Thanks. We are young as a platform but we are working to deliver the best Q: I see reverse mining is new , I used many other mining exchange but all have normal mining . How does reverse mining works? George Cao: Reverse mining is an innovative approach that helps the exchange and the project in several ways. 1) the concept of reverse mining is by providing liquidity to the exchange, you get a rebate and deduct out tokens from your account of the same valued. You can think of a otc sell our. 2) the benefit is it removes lots of sell pressure from the secondary market. And provides a strong support for the token price. 3) it introduces lots of liquidity to the exchange and benefits all traders Q: The BTMX used in reverse mining are locked forever? George Cao: Yes so the total number of tokens are always reducing your Q: I've really been enjoying using the bitmax exchange so far especially with the low fees and data usage rewards. Does the exchange plan to bring in a shorting function in the near future? George Cao: Yes we will have margin and futures trading Q: It was supposed to December right ? George Cao: We postponed our margin to Jan. The reason is we want to be more careful on protecting margin call protections. Q: Margin trading and futures is important for BTMX price to drive up George Cao: Totally agree Q: Does BitMax have any activities on New Year's Day? George: We do have multiple promotional events. Including but not limited to airdrops. Please visit our website and stay tuned Q: I saw the whitepaper of bitmax, can you talk more about your dividends the formula is really hard for me ? George Cao: Sure 80% of our commission goes to our fee pool. 1/180 of the total pool will be distributed daily. As long as you are a token holder, the current rate we pay is over 100% annually Q: Oh I see, so the dividends will be smooth, great idea. George Cao: Yes unlike other mining exchanges have huge volatility on div we smooth our curve Q: I've also heard there is a mobile app in the works, is this likely to be released in the near future? George Cao: Almost done. Beta version is in testing Q: What about the north American, will it be available in the future? George Cao: We more cleared our legal path for fiat trading in us. Q1 2019 we will launch in the us Q: Great news I think this will bring a big volume. George Cao: Yes agree. Our team is excited as well Q: With promotional Airdrops that require a certain amount of the BTMX token to be held such as The lamb one that has taken place on the exchange this week. Are tokens that are locked for data usage or in cards taken into account when balance screenshots are taken? George Cao: Yes we will take that into account Q: When will be the private sale tokens be released ? George Cao: As soon as we mined 90m we will start to release Q: So let me get this right .. you give us FREE BTC and ltc and even Lambda EVERYDAY if we hold BTMX and agree to share our data George Cao: Free usdt btc eth Q: Wow. In a bear market, Free btc is the best thing ever George Cao: We share revenue with our users, 90% is usdt. Not sure if you like it:) Q: also consider adding coins like ADA and few from top 30. People need more coins George Cao: We are adding stellar and zcash soon Q: I heard they are insured Unless we give password to someone hehe George Cao: Yes we are using custodian service Q: George are our funds SAFU with you? Exchange insurance? I would say it is With the industry giants backing this exchange George Cao: Sequoia matrix bitmain fbg dhvc are our equity investors Q: What’s to stop People dumping BTMX token after free btc Or stop capital investor dumping on retailer George Cao: They get it every day. Why would they dump? All equity investors can not sell on secondary market. They can only to reverse mining Q: Will margin allow reverse mining instead of normal mining? George Cao: Not initially Q: People do irrational things when btc moves Or whales dumping, I heard there was a lock up token or something. To stop this George Cao: We required lock our tokens to get rewards. You can request to unlock at anytime but it takes 24 hours to process Q: Binance is developing DEX any plans for BitMax ? George Cao: Not anytime soon we have a looong to do:) Q: It's good you have dex in mind , with improved scalability in future maybe bitmax can build good dex George Cao: Agree Q: Retail investors are important , George knows it haha George Cao: We care most of retails Q: It would help if they also burned or locked tokens up George Cao: Yes we permanently locked Q: Seems you have everything thought of.. but how about moving to Malta? George Cao: We priority US. Once us is clear pretty much everywhere is clear Q: Doesn’t any exchange cover US right now? George Cao: Coinbase but they have 0 international coverage and 0 client service Q: What sort of systems are in place for abnormal/suspicious activity on the exchange? George Cao: We prohibit self trading. For unusual trading behavior we ban the account and as for explain in the first violation. For continued violations we permanently ban the account Q: can we get a glimpse of mobile application ? George Cao: There is a beta version you can use but we are keep improving Q: What are the precautions taken to prevent wash trading ? George Cao: We have pre trade and post trade checksums. E.g we don’t just scan one account. We check or related account Q: Will market orders and stop-loss orders be available in the future? George Cao: Yes we are working on it Q: what do you think of lambda project and community George Cao: Lambda is definitely one of the best projects this year. We have been working with lambda for months and have lots of respect ion for the team. Community is also great very well organized. I didn’t talk much but I joined lambda tele group for a while. Great interaction Q: So the trading starts at 8 pm ETC? George Cao: It’s postponed. Please stay tuned for announcements Lambda: We will make announcement giving out time and new date. Q: when please? It's also more professional to be able to give dates and respect them Lambda Cao: we are working hard and aiming the date of Dec. 29, pls stay tuned, thank you George: Unfortunately bitmax and lambda don’t have 100% control of the date and time. Huobi is holding the ball Lambda: The listing dates have been postponed and we don't want to give out a random date. I request you to have patience and wait for official announcement Lambda: we will try everything to protect retails interest Q: Can’t let houbi just arrive late to the party? Lambda: in the long run we may need Huobi to help us better protect us all George Cao: We trust lambda team can make the best decision for all investors Q: Have you been busy with listing recently? Anything else？ George Cao: We have been working 24 hours a day including Chris eve :) Listing and app and margin and lots of new improvements Q: Why would we need huobi with bitmax on our side. George Cao: Trust me we are as upset. However as an exchange our mission is to serve projects and investors. Please join us in fully supporting any decision lambda team made. We have 100% confidence in lambda Q: Are you familiar with the REKTbot and SYSTEM OVERLOAD problems at bitmex George Cao: Yes but still bitmex is the best place to trade future compare with okex Q: Slap that Hayes fool when bitmax start margin and futures.. George Cao: Haha i don’t want to declare war with them. Let’s be a bit patient :) Q: Could bitmax handle That volume and not system overload George Cao: We are 100% confident George Cao: Alright i have to run for another meeting. It’s been a great ama. Thanks everyone. For any trading related questions please contact our client support. We promise to get in touch in 5 mins 7/24. Thank you all! Lambda: thank you for participation, have a nice day!
https://preview.redd.it/hixbz9f3lxm31.jpg?width=1200&format=pjpg&auto=webp&s=43896de84a3693d840c84057c0314af71718f0a3 What is Zcoin? Zcoin, also referred to as XZC or Zerocoin, is an open source decentralized cryptocurrency that provides privacy and anonymity for its users when making transactions. To achieve its privacy and anonymity, Zcoin uses zero-knowledge proofs via the Zerocoin protocol, which is at this moment in time one of the most cited cryptography papers. According to Wikipedia, in cryptography, a zero-knowledge proof or zero-knowledge protocol is a method in which one party proves to another party (the verifier) that a given statement is actually true. In other words, in a transaction with Bitcoin or Ethereum or something similar, your transaction history is always linked to your coins by default, leaving you vulnerable. All it takes is one link to your personal information or IP to find out the origin of the coins. However, when you trade with Zcoin’s Zercoin feature, your transaction history is not linked to the actual coins. Only the receiver and sender know that the funds have actually been exchanged.
How Does Zcoin Work?
Zcoin works on the Zerocoin protocol by enforcing Zero-knowledge proofs. Here are the components of Zcoin to explain how it works. Mint: When sending a private transaction with Zcoin, all you need to do is select the number of coins you want to mint. Post that your normal Zcoin balance would reduce automatically and you will be credited with new coins and no transaction history. In essence, your old coins are burned cryptographically, which prevents anyone else from using them again and being directed to your transaction history. You get credited with new coins with no history, while the total supply is maintained. For now, you can only mint in denominations of 1, 10, 25, 50 and 100. If you choose ‘100’ coins to be minted, for instance, you will instantly be credited with 100 new Zcoins with no history attached to them.
Spend: When you want to make a private transaction, you will be required to use these ‘100’ newly minted coins. From this pool of funds, you can now send any amount in any denomination to anyone anonymously because no history is attached to it.
Repeat: You can ‘mint’ and ‘send’ Zcoins any number of times at anytime with your privacy intact.
Zcoin seeks to improve things that Bitcoin hasn’t been able to so far, some of which include fungibility, privacy and miner’s centralization. Users of Zcoin can enjoy full fungibility and privacy along with demolishing miner’s centralization by implementing a better proof of work algorithm called MTP. Total Zcoin supply Only 21 million units of Zcoin will ever be produced. Currently, there are about 3.4 million units in circulation, with the rest yet to be mined. But the total supply has increased by 388450 XZC units after a Zcoin code bug, which the team refused to roll back due to economic reasons, which is why the total supply stands at approximately 21.4 million. Every 10 minutes, a Zcoin block is mined and 50 coins are generated, making 72,000 Zcoins per day. Market cap of Zcoin According to CoinMarketCap, the total circulating supply of Zcoin is 5,757,841 XZC and the current unit price is $9.6. That makes the market cap approximately $55 million*.* https://preview.redd.it/qw2igvupoxm31.png?width=1080&format=png&auto=webp&s=cfaa195d5d75ba8f20e5894d0351b2eabf76825a
How To Buy Zcoin Cryptocurrency
If you are looking to get some Zcoin, here is a list of resources where it can be bought from.
Atomars – Supported pairs are XZC/BTC, XZC/ETH, XZC/USDT
Binance - Supported pairs are XZC/BTC, XZC/ETH, XZC/BNB
Note: At the moment, buying XZC in fiat currencies such as USD, EUR, or GBP is quite difficult. https://preview.redd.it/rrwao97woxm31.png?width=1460&format=png&auto=webp&s=442bf152f86a63300c5c4a029bb07369a69e6f70 Zcash: Zcash is a decentralized and open-source peer-to-peer cryptocurrency that provides strong privacy protections. It was created as a fork of Bitcoin and, like bitcoin, it also has a hard limit of 21 million coins. Unlike bitcoin, however, Zcash offers total privacy for its users maintaining the absolute anonymity behind each transaction along with the parties and the amounts involved in it. PIVX: PIVX, which stands for Private Instant Verified Transaction, is an open-source, decentralized form of digital online money that uses blockchain technology. This makes it easy to transfer all around the world in an instant with low transaction fees with market leading security & privacy. PIVX focuses on privacy, security, anonymity, and instant transactions. Monero: Monero is a fast, private, secure and untraceable digital currency system that uses a special kind of cryptography to keep all its transactions 100% unlinkable and untraceable. With Monero, you are your own bank. You can spend safely, knowing that others cannot see your balances or track your activity. Some Zcoin misconceptions There are some misconceptions regarding Zcoin:
Some believe that, since Zcoin has a trusted setup that allows indefinite minting of coins, it is not safe. This is untrue. Of course, to start with they had to use a trusted setup because they have an auditable total coin supply that prevents any form of cheating. This downside however, is being taken care of by removing this trusted setup in the near future and when that happens, Zcoin will be one of the serious coins to count on for privacy.
Zcoin has been considered as Zcash’s fork but that is also not true because Zcash is based on the Zerocash protocol whereas Zcoin was started from scratch by applying Zerocoin tech.
Now that some of the Zcoin’s misconceptions have been cleared, here’s a look into its future.
Zcoin’s Future & Roadmap
Zcoin’s future is quite promising and worth watching based on these interesting milestones on their roadmap:
Zcoin is the first coin to implement MTP proof of work, which makes it possible for general masses to mine Zcoin with GPUs and CPUs. MTP doesn’t allow costly ASIC-like miners to mine XZC coins.
Zcoin is also implementing Znodes to make their cryptocurrency more decentralized and anonymous. These Znodes will be like masternodes and facilitate anonymous transactions as making an anonymous transaction single-handedly is quite computational.
Znodes will be incentivized by reducing some portion of the founder’s reward. Also, the surplus funds that get generated from the founder’s reward reduction would be used for hiring new developers and increased marketing efforts.
Another agenda on their roadmap is to bring inbuilt Tor or some IP obfuscation mechanism that will make it completely anonymous.
Apart from these, some innovative and exciting things like sigma protocol, decentralized anonymous voting and Zcoin Labs are on their roadmap, making this project worth checking out.
Last but not least, its recent price is a good indicator of its healthy market sentiment and shows that there are people who understand this project’s worth. Just to put things into perspective – a unit of Zcoin was priced $2 in March 2017 and now it is $37*.*
Zcoin Team & Progress
Zerocoin is a cryptocurrency proposed by professor Matthew D. Green, a professor of Johns Hopkins University, and graduate students Ian Miers and Christina Garman. It was proposed as an extension to the Bitcoin protocol that would add true cryptographic anonymity to Bitcoin transactions. Zerocoin was first implemented into a fully functional cryptocurrency and released to the public by Poramin Insom, the lead developer, as Zcoin in September 2016. Some of the notable dev members of the team are listed below. Poramin Insom Founder and Core Developer Poramin Insom created what was the world's 4th most valuable cryptocurrency in February 2014. He is also the world's first person to implement stealth addresses in QT-Wallets, improving cryptocurrency anonymity. He earned a master’s degree in Information Security from Johns Hopkins University, where he wrote a paper on a proposed practical implementation of the Zerocoin protocol. Alexander N. Developer Alexander N. aka Aizensou is a full-stack developer who has experience in many programming languages (C++, C#, Python, Perl, Java etc.) and has been involved in the cryptocurrency space since 2013. He has a broad development portfolio from low level APIs in Python and C++ to Android native applications in Java. In addition to his involvement in cryptocurrencies, Alexander was doing his P.h.D. in machine learning at a German university from 2012 to 2016. Saran Siriphantnon Developer Saran Siriphantnon is the CTO of Satang.co/Satoshift, a fintech company focusing on creating an open financial system for Southeast Asia. He served as President of the Computer System Administrator Group at King Mongkut's Institute of Technology Ladkrabang. Tadhg Riordan Solidity Developer Tadhg Riordan is a 24 year old Software Developer from Wexford, Ireland. He recently completed his MSc from Trinity College Dublin, where he worked with Blockchain privacy mechanisms, focusing particularly on Zero-Knowledge Proofs and the Ethereum platform. He is a strong advocate for the adoption of cryptocurrency and for complete financial privacy. Apart from these, their team comprises of other developers, community managers, support personnel and advisors who maintain the required balance.
Aram Jivanyan (Cryptography Advisor): Co-Founder at Skycryptor & KMSchai Torphop Korgtadam (It Security Consultant): Senior Vice President, Head Of Internal Audit Strategy, Innovation and Decision Science at United Overseas Bank Limited Alexander N. aka Aizensou (Advisor)
Unique/Key Features Against Its Competitors:
Anonymous transactions. The project establishes a notably higher level of anonymity and seeks to bypass current analysis techniques which governments use to reveal the identity of users.
Not subject to transaction graph analysis. Zcoin has an anonymity set that encompasses all minted coins in a particular RSA accumulator that can scale to many thousands.
Innovative process. Tokens are burned cryptographically and replaced with new coins without a transaction history. This actively prevents anyone else from using the tokens again and stops the public from being directed to a user's transaction history.
Transparency focused. Zcoin's main advantage is its auditable money supply.
Dark Net/Decentralized Net, Hypothetical layer 2 solutions for DEX's, phone nodes/MeshNets
There was an incredibly important episode of Max Keiser today, the second half he interviews a Venezuelan entrepreneur who is building encrypted meshnet nodes that can send bitcoin transactions and encrypted messages with 3g and 4g without sms, in places that are heavily censored, offgrid, or out of power, they also said you can repurpose old bitcoin miners into these things as well. With the direction that governments are going, I think it is increasingly important to seperate the blockchain from the internet backbone itself by using meshnets (and to ultimately make Tor and exchanges a part of it as well) In any case to the point- G20 summit recently said that they more or less plan to wage a global KYC AML war on cryptocurrency. Many of their proposals undermine the entire privacy and safety of crypto and are antithetical. They are proposing building parallel identity associated traceable refutable, mutable systems and barring countless people out of the economy globally. They could try to break constitutional rights to put backdoors in open source software developers, to persecute miners, node operators, software and wallet releases like Wasabi. And now with FATF, the exchanges will lean towards, they will have a motive to simply ban non compliant or non identity attributed 'smart contract' wallets, a defacto ban on peer 2 peer anonymouty. Countries would attempt to force these wallets onto people and they would essentially have their bitcoin trapped in a statist parrallel bitcoin ecosystem with no way to send money to anonymous wallets, they would attempt to ban and regulate normal wallets and hardware wallets and to ban VPN and Tor, to seize DNS and domain. IT's very easy to cencor crypto and thus money and economic freedom, because the stupid Decentralized exchanges have seizable servers, addresses, business, name, etc, and the order book and matching engine require a server adn resolver, and have temporary custodianship over crypto assets, happenoff chain, etc. What is needed is a real time atomic swap over a decentralized DNS/servecomputation like with IFPS/ZeroNet/Namecoin/Blockstack, but there definitely needs to be hostable nodes, proliferated meshnet node phones. I think ethereum 2.0 scaling will be the breakthrough moment for speed/size, etc. This tendency towards controlled DEX like Binance is just utterly unsustainable and needs to be readily undermined, but it will require the merging of many blockchain systems with meshnet strategies. I am trying to gain some insight into what people are working on and envisioning for a lot of the coming layer 2 solutions in regard to a broader decentralized ecosystem, notably for DEX and smart contracts. -How can layer 2 aid and help the concept of something like Ren VM where you have decentralized computing and smart contracts privately interacting with liquidity pools? -How is layer 2 going to strengthen the feasibility of proliferating full nodes on raspberry pi and phones, and will it help DEX? I feel like a really big issue like a front and center issue is the reliance of exchanges on a central server for orderbook matching and offchain settlement, margin, colateralization, the data involved. Non custodial wallets aren't enough. The central servers are a vector point for centralization, counter party risk, over reliance upon high capital institutions. Arguably bitcoin needs something much more decentralized, that could be achieved with layer two solutions that either integrate with or emulate things like namecoin, ethereum smart contracts, and the new Ren VM tools. The biggest issue is of course speed and scalability. The server function and data of these exchanges should be held inside smart contracts because its more secure, it seems like a virtual machine approach is in fact a better way to go about the challenges of linking liquidity pools and orderbooks. There's also a project from back in the day called Gridcoin. It was or is used to link up computer processing power for science applications and scientific engine rendering solutions for modeling things. Richard heart is making a project similar for science applications. I believe this is a much more secure way to approach DAPP's and layer 2 protocols, to get virtual machines that are not located on central servers to help process a lot of the advanced needs of the network, to slowly make the entire exchange and reliance of these failurepoints of bitcoin to be a part of the bitcoin protocol itself, to remove the ecosystem itself away from the clear net and central servers, and to begin to upload it into satellites and proliferated phone nodes.
The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response. dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage. Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun. Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal. Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue. dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues. Ticket splitting: 11-way ticket split from last month has voted (transaction). Ethereum support in atomicswap is progressing and welcomes more eyeballs. decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page. decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here. Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)
Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s. F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%. Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak). Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1. Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).
Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target. Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.com – translated, also on asicminervalue) dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.
Changenow announced the option to buy DCR with fiat.
TokenPride: "We are seeking feedback on the general setup of our payment processor. We have tried to make it simple and user friendly. 10% of all purchases made in Decred will be donated to the Decred Development fund - and we will be releasing original Decred designs in the future".
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project). The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below. Arbitrade is now mining Decred.
Campus Party in Brasilia, Brazil. @girino, @Rhama and @matheusd talked about Decred. Matheus was interviewed by a TV channel. Check this quick report about the event, click "Show newer" to continue reading. (photos: 123)
Blockchain Summit in London, UK. This was not a full blown presence with stand but rather investigation of opportunities by @kyle and @Ani. The resulting detailed report is a good example of a document advising to stakeholders whether it is worth spending project funds.
Meetup in Berlin, Germany on July 18. @jz will give a talk and Q&A about Decred and chat with Ele from @oscoin about incentivizing developers. Hosted by BlueYard Capital.
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
Decred Assembly - Ep20 - Governance: Driving the Future (youtube) @cburniske and @traceagain discuss the importance of governance protocols being foundational and problems with delegated proof of stake
"I think that developers in the future are going to base their decision on where to build on the basis of governance and community. And so I look for good governance mechanisms and strong communities in blockchains." (@decredproject)
What is on-chain cryptocurrency governance? Is it plutocratic? by Richard Red (medium)
Apples to apples, Decred is 20x more expensive to attack than Bitcoin by Zubair Zia (medium)
What makes Decred different and better from other cryptocurrencies? (cxihub.com)
Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository. An update on our communication systems:
Matrix chat logs are nowviewable on the web with the exception of some channels that are not bridged. The new web logs means our chats are now fully public and indexed by search engines.
Slack had an outage on Jun 27 that disturbed communications for a few hours, discussions continued on Decred's bridged platforms.
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS. A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people. A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred. "Against community governance" article was discussed on Reddit and #governance. "The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here. Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms. Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.
DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market. In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss. Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance". Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case. Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)
About This Issue
This is the third issue of Decred Journal after April and May. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue. As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations. Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
My attempt at an ELI5 for cryptocurrency to help my friends.
This is a long one so fair warning and no there is no tl;dr. I've only been at this for about 6 months and worked up this paper the other day for my friends who are interested but know very little about this. Hopefully whoever reads this can make in corrections as I am far from an expert. Blockchain Cryptocurrency, Bitcoin, Ether are all blockchains. Blockchains are basically a spreadsheet (LEDGER) that is duplicated multiple times across a network and updated regularly simultaneously. There is no centralized version of this ledger. It is hosted simultaneously by thousands/millions of computers. These ledgers will update on their own, Bitcoin as an example automatically checks itself every 10 minutes. Each of these 10-minute increment of transactions (in bitcoins case transactions would be sending or receiving bitcoins from one person to another for goods or services) are called BLOCKS. For these blocks to be confirmed, accepted, and updated to the ledger nodes are required. Nodes (Mining/Forging) A node is a computer running the blockchain software on the network. The blockchain software will automatically download the entire ledger of all transactions since its inception. At regular intervals, the software will take the transactions of a block (data on the ledger) and convert them into a mathematical puzzle to be solved by randomly chosen nodes (MINING). Mining requires powerful processors (typically GPUs) and substantial quantities of energy to receive mined tokens profitably. When a specific number of nodes solve the puzzle with the same answer they are basically confirming that the data on the block is accurate as multiple independent nodes found the same answer. When confirmed, the block gets added to the previous blocks making a chain of blocks aka a blockchain. As an incentive to run your computer as a node you are rewarded with TOKENS. If a single person or group of people wanted to manipulate the ledger, the amount of machinery and electricity used to achieve the majority of miners thus allowing you to manipulate the ledger is so exponentially expensive that it serves no reasonable purpose. This is an example of a Proof of Work Blockchain System (computer solves puzzle and rewarded with tokens) Tokens Tokens are part of the core of the blockchain. They are an incentive to validate transactions and create blocks. They gain intrinsic value based on the blockchain they are associated with. Some blockchains grant token holder’s different abilities. With Bitcoin, tokens are needed to pay for transaction fees. Others allow voting rights on how certain blockchain functions are managed. There is a limited amount of Bitcoin that will ever be released to nodes (21 million expected to be all be released by 2033) which also keep inflation from being a problem. Blockchains can create their platform with whatever number of tokens they would like and release them or create means to mine them as they see fit. Essentially, as with any other fiat money (currency that a government has declared to be legal tender NOT backed by a physical commodity), as adoption and trust increases the value of the token will increase. If most people accept Bitcoin for services and stores accept Bitcoin for goods than it is as good as the next currency. Wallets Whether you mine for tokens, are paid in tokens for goods or services or purchase tokens from a person or currency exchange you need a place to store them securely and a way to send and receive them. Cryptocurrency Wallets don’t store currency, they hold your public and private keys that interface with the blockchain so you can access your balance, send money and manage your funds. The public key allows others to send money to the public key only. A wallet that is "offline" (see Hardware or Paper below) cannot access funds or send money unless it is accessed with another form of wallet, either desktop, online, or mobile. 1) Desktop Wallet - Installed on your computer and are only accessible from that SINGLE computer. Very secure but if someone hacks your computer you are exposed. 2) Online Wallet - Run remotely (cloud based) and are far more convenient to access but make them more vulnerable as they are controlled by a third party and are also vulnerable to hacking attacks. Exchange wallets are online wallets but you are not in control of the private key. View it as a wallet that is lended to you so you can trade. The wallet is technically not yours. 3) Mobile - Ran on an app and are useful as they can be used anywhere including retail stores 4) Hardware - Private keys are stored on a tangible device like a USB drive. They can make transactions online but they are stored offline. Compatible with web interfaces and support many but not all currencies. To use, plug into a computer, enter a pin, send currency and confirm. Safest form of storage. 5) Paper - Basically a physical printout of your private and public keys. It is not stored online anywhere and the only way transactions can happen is if you transfer money with the help of an Online wallet. Example of a Public Key = 1A684DbsHQKPVCWgaUsYdF4uQGwTiA9BFT Example of a Private Key = E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262 Most wallets provide a Recovery Mnemonic Passcode that is a series of words (typically 12 to 24 words) in a specific order. If you lose your login information for your wallet you can supply the mnemonic passcode and retrieve your lost login information. If you lose your login information and your mnemonic passcode your wallet will be inaccessible and your tokens are lost to you. The above basically describes a first generation Blockchain Cryptocurrency such as Bitcoin. It is used basically as currency with no centralized entity regulating the release of additional currency and keeping the ledger of where the money is going secure and extremely safe from manipulation. Second Generation Blockchain The second generation blockchains sprung out of this environment with something more valuable. Utilizing the blockchain system to allow applications to be ran on top of a decentralized secure system. Instead of just recording transactions, contracts could be transmitted the same way. More complex transactions (SMART CONTRACTS) allow for things such as: - Funds to be spent only when a required percentage of people agree - Manage agreements between users (such as insurance) - Provide utility to other contracts - Store information about an application such as domain registration information or membership records This basically can allow applications to be ran on top of the blockchain system. This can cut out the middleman for many real-world applications (mortgages, banking, communications, security confirmations etc.) Proof of Work/Proof of Stake As I mentioned earlier, Proof of Work (PoW) requires nodes to solve a mathematical puzzle which is rewarded with tokens. Proof of Stake (PoS) is different, the tokens with proof of stake systems are pre-mined meaning they are all created when the blockchain system is created. Blocks are not verified by the typical method. The block validator uses the blockchain software to stake their tokens and are chosen based on specific factors depending on how many tokens the person holds and for how long. Depending on how many tokens they hold will restrict the quantity of blocks they can validate. If they own more they can validate more often but all validators will be chosen randomly keeping the rewards fairly distributed (unlike PoW which typically reward the first completed.) The blockchain still requires a mathematical puzzle to be solved but it is much easier than PoW requiring far less time and energy. If the blockchain has premined all of their tokens then new tokens cannot be mined for rewards in PoS. The reward for staking your tokens to be a validator is a portion of the transaction fee that is charged as part of normal transactions on the blockchain. That is why PoS miners are called forgers. If manipulation is attempted than their stake can be taken from their wallet adding more motivation to prevent data manipulation. Fork Some cryptocurrencies may need to update or upgrade the coding of their blockchain software. When this happens usually a fork occurs. This basically means the cryptocurrency splits into two separate cryptocurrencies. Because the nature of blockchain technology, they are decentralized and autonomous so the older version cannot be deleted or removed. If people choose to continue using the old version they can. For mining/forging purposes the nodes will need to choose which they will mine/forge and download the blockchain software on their computer to proceed. When the fork occurs, anyone holding tokens in the original currency will be given the same number of tokens in the forked currency. (When Bitcoin forked to Bitcoin Cash, anyone holding x amount of Bitcoin would receive a new wallet for Bitcoin Cash also containing x amount of Bitcoin Cash.) This is called a Hard Fork and all previous transactions are made invalid. There are also Soft Forks, in this case it is backwards compatible and all previous transactions are valid. This can result in two currencies but in most cases, it doesn’t as it is usually accepted by most miners/forgers because it is backwards compatible. Exchanges Online currency exchanges allow you to buy, sell or exchange fiat money (USD, EUR, etc) with digital currencies or in most cases digital currencies for other digital currencies. There are a large variety of different exchanges that are operated in multiple countries but there are around a dozen that the majority of cryptocurrency trading volume are present on. Not all cryptocurrencies will be listed on all exchanges, some have specific prerequisites to be listed on their exchange and there may be fees associated as well. Once your account is set up you will have a list of all available cryptocurrencies to trade. Each currency will have an associated online wallet with the public key address allowing you to send that specific currency to that wallet. (Many exchanges are having delayed or canceled identity verification, currency transfers and lack sufficient customer support due to the influx of new traders) Examples of top exchanges: 1) Coinbase (trades fiat) 2) GDAX (trades fiat) 3) Gemini (trades fiat) 4) Changelly (trades fiat) 5) Bittrex 6) Binance 7) HitBTC 8) EtherDelta 9) Bitfinex 10) Kraken 11) Bithumb 12) Bitstamp 13) Poloniex 14) OKEx Sending/Receiving Tokens All wallets have the ability to send digital currency to other wallets. The function is relatively easy, make sure the currency you are sending is going to the appropriate wallet for that currency. Ethereum tokens cannot be sent to a Bitcoin wallet for example. (The tokens aren’t actually moving location; the list of transactions/ownership is what is stored in the wallet). Triple check the wallet private key you are sending the tokens to. If you type the wrong address the tokens will be lost in nearly all incidents. Some mobile wallets allow you to scan a QR code that will automatically enter the public key rather than copying/pasting or typing out the public key. Taxes As of January 1, 2018 it appears that taxing on digital currency has changed. Every trade between any digital currencies (Bitcoin to Ether, Ether to Litecoin etc) will be a taxable transaction. If you hold the currency for longer than one year than you will pay capital gain tax when it is traded or sold (15%-20%) and if you sell or trade in less than a year you will have to add the profit to your taxable income to adjust your tax bracket. Altcoins Altcoins are basically any coin that is not Bitcoin. Most cryptocurrencies do not have a native blockchain (their own independent dedicated blockchain). Bitcoin, Ether, Ripple, Waves, NXT, Cardano all have their own native blockchain. Many other cryptocurrencies run on other cryptocurrency’s blockchains. Litecoin runs on Bitcoins blockchain, hundreds run on the Ethereum blockchain. These currencies act as smart contracts running on the adopted blockchain. DApps (Decentralized Applications) For a blockchain application to be considered a DApp it must be 1) Open source, code available to all 2) Decentralized, uses blockchain cryptographic tech 3) Incentive, must have tokens to fuel itself 4) Algorithm/Protocol, generates tokens and has a built-in consensus mechanism (mining/forging.) There are 3 types of DApps, each basically piggybacks off the platform of the previous Type 1 – Have their own blockchain (like bitcoin) Type 2 – Use the blockchain of Type 1 DApps Type 3 – Use the protocol of Type 2 DApps ICO (Initial Coin Offering) Much like an IPO (Initial Public Offering) that offers stock in a private company to the public, an ICO raises money for new Cryptocurrency ventures. Typically, a minimum investment is required in the form of a cryptocurrency such as Bitcoin or Ether and the investor is given tokens of the cryptocurrency at a reduced cost. Due to the fact that ICO’s are so new, government agencies have not begun regulating these ventures making them extremely risky as anyone with a competent coder can create and market a cryptocurrency that can be used to swindle investors who aren’t cautious. The US government no longer allows its citizens to participate in ICO’s and if you are using a computer with an IP address located in the United States, ICO’s websites will not allow you to invest. Research 1) Whitepapers – Each cryptocurrency will have their own dedicated websites and most will have a whitepaper that has a description of what their cryptocurrency is designed to do. 2) Roadmaps – Also on each cryptocurrency’s website, they tend to have a roadmap or timeline as to when they are planning to complete certain milestones be it added features to the blockchain or wallet or any other important events. 3) Coinmarketcap.com – List of every available cryptocurrency, the exchanges they trade on, market cap, trade volume, available tokens, newly created tokens etc. 4) Reddit.com (cryptocurrency subreddit) – Subreddits focused on cryptocurrency as well as specific subreddits focused on individual cryptocurrencies. Be cautious as many people on these sites are uninformed and/or are trying to manipulate the market by fooling others to buy or sell based on fraudulent information. 5) Bitcointalk.org – Forums specific to individual cryptocurrencies. There is a lot of self-marketing (bounties) on this site. Take what they say with a grain of salt 6) TwitteFacebook (Social Media) – Many times news from team members or the cryptocurrency’s social media page will break news before it is listed on any of the above-mentioned outlets. Find out who is working for the cryptocurrency you are interested in and start following the team’s social media. Don’t forget to look at their linkedin accounts if available, previous employment and behavioral history to confirm they are competent. 7) Github - Code from projects can be uploaded here and reviewed for issues and revisions. Common Terms/Slang Shilling – covert advertising, personally endorsing a token so as to manipulate the price to either recoup a loss or increase gains on a token the individual owns. FUD – Fear, Uncertainty, Doubt; another method to manipulate the price of a token the person owns by making others second guess their investment decision on a specific token. FOMO – Fear Of Missing Out; buying a token (usually after the price has already increased) hoping they haven’t missed the majority of a price increase. Shitcoin – A cryptocurrency that has become worthless overtime or a scam operation. To the Moon – Massive increase in a token’s price. I'm sure there are probably revisions to be done on this as I am still getting my head around all of the concepts. Any help to this would be appreciated.
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.”
ABOUT FINATCH Finatch is a private Blockchain Technology Company which aim's at revolutrionizing the Blockchain Technology industry. Looking at the lack of stable, fast and reliable decentralized crypto exchanges which causes inconviniences to crypto traders in the space. We have come up with the solution to the problems faced by decentralized exchanges. There are basically two different types of exchanges: Centralized and Decentralized exchanges. We will focus on the Deentralized exchange system. We have a strong belief that Decentralized based crypto exchanges will be bigger than Centralized based crypto exchanges in the nearest future, because Blockchain is all about Decentralization. They will play an evermore role in the world of finance, and we call this FINATCH EXCHANGE. FINATCH EXCHANGE Finatch Exchange is a Decntralized crypto exchange, which is run and powered by the Finatch Smart Contract Blockchain. Problems Poor technical architecture in Decentralized exchanges There are a good number of exchanges set up by professionals who have little or no experience in finance or in operating an exchange. They often take the easiest route to get the system up and running. While this may work well in the beginning, as traffic grows, the system will not be able to handle the increased load. Exchange systems need to be engineered from the ground up with security, efficiency, speed, and scalability in mind. This often slows down the initial development, but is critical for long-term success. Our team has decades of combined experience building and maintaining world class financial systems that shape the economy. We understand how these systems are built from the ground up. Slow Smart Contract confirmation time Deployment of Smart contract on the blockchain takes time and causes inconveniences becauses of the poorly built blockchain, this results in a bad user experience in decentralized crypto exchanges. Our team has designed a new and capable type of Blockchain that speeds up confirmation time for smart contratcts, making the platform user friendly and smooth. Insecured Platform There are hundreds of exchanges that went down due to being hacked. Finatch is built to top notch quality, audited, and penetration tested. We have experience building financial systems to the highest security standards and strive to ensure security first. Poor market liquidity Professional traders and normal users are significantly affected by this. Having a shallow orderbook means high slippage when trading, which is very expensive for traders. Finatch’s team have been in both the finance and crypto industry for many years. The team has worked on and operated a number of exchanges, and have accumulated a large network of partners in this space. These partners will be key in bootstrapping the exchange. Poor customer service Traders are a different breed when it comes to users. Understanding the trader mentality is vital for running a successful exchange. Money is literally on-the-line. Many exchange service trades as if they were running a social media site. A 3-second delay in seeing your friends’ status update would hardly be noticed, but on an exchange, the same would be unacceptable, resulting in a torrent of user complaints. In additional to the technology stack, Finatch is built with service in mind. Finatch shares and supports responsibilities across the entire staff and company. When a trader has a problem, they get an answer directly from someone who knows the system and not someone reading from a script. Limited access to decentralized services There are few existing decentralized exchanges with close to good user interface and lacks quick and reasonable smart contract transaction fees, causing slow platorm functioning. Our team has designed a new and capable type of Blockchain that speeds up confirmation time for smart contratcts, making the platform user friendly and smooth. Poor internationalization and language support Blockchains have no borders. Most exchanges focus only on one language or one country. Our international multi-lingual team has extensive working experience in North America, Europe, Asia and Africa and we are able to smoothly support the global market. Lack of transparency All trading activities should be decentralized and open to the general public to insure trust and transparency in trades. Centralized crypto exchanges lack this quality. Finatch runs on a Decentralized crypto platform where all trading activities are transparent. Finatch is a Crypto Decentralized crypto exchange that has the feel and look of Centralized Crypto exchange but with more convinience And extra Blockchain Security Layer. An Exchange where you own your private keys. Finatch exchange is a huge decentralized trading exchange platform equipped with various sub-platform, trading tools and secure decentralized wallet. Finatch exchange consists of various sub platforms to choose from, this changes the trading experience namely: 1. Binary Platform: Fin vault platform, FinBox platform 2. Finatch trading tools: Finatch exchange have the best trading tools ready for traders on all our trading platform, taking trading experience to the next level. You can choose from our multiple trading tools the one that suits your trading skills. 3.Andriod and iOs Mobile Trading Application. MATCHING ENGINE With our Unique Smart Contract Blockchain Our matching engine is capable of sustaining 1,500,000 orders / second, making Finatch one of the fastest exchanges in the market today. You can be certain, on our exchange, that your orders will never be stuck due to the matching engine being overwhelmed. FEATURE ROLLOUT We will roll out the platform in roughly the following order: Decentralized (on-chain) exchange Spot trading Margin trading Futures Anonymous instant exchange and more... COINS Finatch will support trading pairs in the following coins: BTC ETH LTC BCH FIN (Finatch Coin) More coins will be added over time. We generally will only add coins that have strong credibility, user base, and liquidity. If you have a coin that you wish to be listed on Finatch later. DEVICE COVRAGE We will provide cross-platform trading clients for: Web-based decentralized trading client Android native client iOS native client (pending App Store review) Mobile HTML5 client (including WeChat H5 client) PC (Windows) native client REST API MULTILINGUAL SUPPORT We will support English, Chinese, Japanese and Korean on all of our user interfaces. (The very initial release will be in English only.) More languages will be added over time. FINATCH COIN We will build our own Blockchain based Crypto coin, called the Finatch Coin. The Finatch Coin Total Supply is capped at 952.5M, but a strict pre mine of 200M FIN will be mined during the genesis Block. FIN Coin will run on the Finatch Blockchain. Percentage (%) Amount (FIN) Participant 25% 50,000,000 Airdrop&Bounty Programs 25% 50,000,000 Project Development 40% 80,000,000 Founding Team 10% 20,000,000 Angel Investors No ICO or Pre-ICO will take place. 50% of pre-mined Coins will be distributed to the general Public Via Airdrop stages and Bounty Programs. FIN VALUE AND REPURCHASING PLAN You can use FIN to pay for any fees on our platform, inculding but not limited to: Exchange fees Withdraw fees Listing fees Any other fee When you use FIN to pay for fees, you will receive a significant discount: 1st year 2nd year 3rd year 4th year 5th year Discount Rate 60% 30% 12.5% 6.75%5 no discount REPURCHASING PLAN Every quater, we will use 15% of our profits to buy back the pre-mined FIN coin and Burn them, until we buy up 50% of the pre-mined FIN coin during genesis block (100M) back. All buy back transactions will be annouced on the blockchain. FUNDS USAGE 35% of the funds will be used to build the Finatch platform and perform upgrades to the system, which inculdes team recruiting, training, and the development budget. 50% will be used for Finatch branding and marketing, including continuous promotion and education of Finatch and Blockchain innovations in industry mediums. A sufficient budget for various advertisment activities, to help Finatch become popular among investors, and to attract active users to the platform. 15% will be kept in reserve to cope with any emergency or unexpected situation that might come up. FINATCH BLOCKCHAIN Finatch Blockchain is a powerful unique blockchain built to solve the problems of long confirmation times and high transaction fees on smart contract Blockchains. We also solve the scalablity problem with block size, by increasing the block size limit to 1GB. Finatch Blockchain can handle more than 100,000,000 tranactions per second, with as little to as low as $0.001 tranaction fee, making our blockchain the most convinent and reliable blockchain in exixtence. Our Blockchain runs on Scrypt PoW/PoS and Fault Tolorence Algorithms, making it one the most secure blockchains. You can deploy smart contracts, decentralized applications and create your own (FRC Tokens) on our blockchain. BUILD DECENTRALIZED APPLICATIONS Combining a modified Bitcoin Core infrastructure with an intercompatible version of the Ethereum Virtual Machine (EVM), Finatch Blockchain merges the reliability of Bitcoin’s unfailing blockchain with the endless possibilities provided by smart contracts. Designed with stability, modularity and interoperability in mind, Finatch Blockchain is the foremost toolkit for building trusted decentralized applications, suited for real-world, business oriented use cases. Its hybrid nature, in combination with a PoS/PoW consensus protocol, allows Finatch Blockchain applications to be compatible with major blockchain ecosystems, while providing native support for mobile devices and IoT appliances. DEPLOY DECENTRALIZED SMART CONTRACTS Finatch makes it easier than ever for established sectors and legacy institutions to interface with blockchain technology. Create your own tokens, automate supply chain management and engage in self-executing agreements in a standardized environment, verified and tested for stability. SMART CONTRACT LIFE CYCLE MANAGMENT Finatch, in cooperation with its academic partners, develops tools and methods to standardize the workflow for business smart contract development. This includes the formally verifiable translation of human-readable agreements to machine smart contracts, and the error-resilient specification of their elements, terms and conditions. SETTING INDUSTRY STANDARDS Cooperating with a series of partners and third parties, Finatch aims to establish a smart contract hub, offering secure and thoroughly tested contract templates, tailor fitted for a multitude of industries and use cases, such as supply chain management, telecommunications, IoT, social networking, Crypto exchanges and many more. ABOUT FIN COIN FIN Coin is a decentralised Cryptocurrency based on Finatch. It is the local based Cryptocurrency of Finatch Blockchain. FIN Coins are cryptographic software tokens used to engage with distributed applications (DApps) and smart contracts on the Finatch Platform. FIN Coins will serve as the staking currency of the Finatch blockchain and fuel computational operations performed by the Finatch network. SPECIFICATION Total Pre-Mined Supply: 200,000,000 Block Target: 3-15 seconds Stake Return: ~5 FIN Coin Algorithm: Scrypt PoW/PoS and FT The FINATCH Foundation: Governance Structure The development and maintenance of the FINATCH Blockchain, as well as all services provided by FINATCH, are directed and supervised by the FINATCH Foundation - a non-profit organization, representing FINATCH’s stake and token holders as elaborated below. In order to avoid the inefficient conduct, open source and blockchain projects often suffer from, and to ensure a coherent and standardized implementation of the FINATCH blockchain, the FINATCH Foundation was established under the guidance and support of FINATCH Inc. The Foundation will oversee the development of the FINATCH Blockchain, advocate governance transparency, and promote the safety and harmony of the open source ecosystem. The design of the Foundation’s governance structure mainly considers sustainability, management effectiveness, and fund-raising security in the open source community. The Foundation consists of various committees, such as Executive Judgment, Code Review, Finance & HR, as well as Marketing & PR. The different committees work in cooperation to manage FINATCH’s daily operations and special occasions with detailed operational procedures and rules. Learn more here: https://finatch.org/governance-structure Decentralized Governance Protocol The Decentralized Governance Protocol (DGP) is designed so that individual blockchain parameters can be modified through a specially designed smart contract on the blockchain. Most importantly, this technology allows these blockchain parameters to be changed without any disruption to the ecosystem. After a setting change, no new software must be downloaded by users, and no intervention is needed from stakers, miners and node operators. The way the DGP works is relatively straightforward. First, a governing party for the DGP makes a proposal to change a parameter. Afterward, all the governing parties for the DGP can vote on the proposal, and if it receives enough approval votes, then the parameter change proposal becomes active. The proposal data is then placed in a standardized format and a particular storage space so that the blockchain software can easily access it without needing to execute the DGP contract directly. Learn more here: https://finatch.org/decentralized-governance-protocol The FINATCH Foundation will list the total assets that it holds including Bitcoin, Ethereum, Legal Tender, and FIN COINS. The Foundation will also seek complementary services to aid our efforts in transparency and professionalism with a professional auditing firm, legal team and a professional digital asset management solution. We hope this will help promote the healthy development of the FINATCH Project and serve as a model for other projects. The content will be made public to the community on the FINATCH.org Website EXCHANGE LIST Binance Huobi Kucoin Bibox Qryptos Satoexchange BIGone Bitrue Bilaxy Bit-Z Linkcoin SECURE WALLET Ledgerwallet Trezor
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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