Vitalik Buterin Confirms Ethereum’s Proof of Stake 75 Percent Complete

Vitalik Buterin Confirms Ethereum’s Proof of Stake 75 Percent Complete

At the Taipei Ethereum Meetup,

Vitalik Buterin, one of the co-founders and lead developers of Ethereum, revealed that the development of a proof of stake protocol for the Ethereum network is 75 percent complete. Prior to the announcement of Buterin, in a recent interview, Ethereum Foundation member and Ethereum co-founder Hudson Jameson released the foundation’s official roadmap for Ethereum development in 2017. The roadmap included the foundation’s plans of releasing the next version of Ethereum called Metropolis in three to six months and following that update with a switch of consensus protocol from proof of work to proof of stake.

Vitalik Buterin reaffirmed the Ethereum development roadmap laid out by Jameson and emphasized that Ethereum will most likely switch to a proof of stake protocol by the end of 2017. At the Taipei Ethereum Meetup, a community of over 500 members that focuses on the discussion of Ethereum and blockchain innovation,

Buterin stated:

“We are working on a daemon that actually interacts with a Casper [smart] contract and sends transactions to it. That is the first part. The second stage is that we will write clients that are aware of Casper contracts.”

In regard to the development of Casper, Buterin stated that it is over three quarters completed.

What is Casper & Proof of Stake

Since 2015, Ethereum developers actively have dug into the development of Casper and a proof of stake (PoS) protocol. PoS and proof of work (PoW) are consensus protocols that allow stakeholders or miners to come to an agreement on various issues and verify transactions on the blockchain. For instance, if the Bitcoin network is to agree upon a hard fork, miners have to signal their hash power to approve the fork. Also, in a proof of work protocol, miners have to allocate their hash power to verify and confirm transactions.

PoS is different in the way that it considers stakeholders as the majority and it does not utilize the hash power of miners to verify or confirm transactions. In a PoS protocol, miners do not exist. The largest stakeholders in the network are forced to play by the rules and verify transactions. Ultimately, the economic issue of switching to Casper or a PoS protocol comes down to the incentives for stakeholders. How stakeholders are incentivized or benefited for verifying and confirming Ethereum transactions.

The Ethereum Foundation and Buterin’s perception of a PoS system is that everyone within the protocol is technically a miner and therefore unless they choose to lose their stake of Ether by playing against the rules, every user will verify and confirm transactions in a fair manner. Essentially, the foundation and its developers believe this is the ultimate decentralized governance system that increases participation of stakeholders of the network.

In an interview on January 18, Buterin stated that once completed, Casper will be tested across all seven clients of Ethereum in a testnet. If the testnet experiment of Casper is successful, developers intend to move it to production and release its final code by this year. Currently, various blockchains including NXT, BitShares, and Peercoin operate on the PoS protocol. Some utilize a hybrid system between PoW and PoS to optimize their networks’ efficiency.

However, despite the success of the aforementioned blockchain networks, leading blockchain company and mining firm BitFury noted in its whitepaper that a PoS protocol is vulnerable to a wide range of attacks such as long-range attack, bribe attack, Coin Age accumulation attack and precomputing attack that could result as long-term issues for the network.

“Currently, there are several digital currencies implementing some form of proof of stake consensus including Peercoin, Nxt, Novacoin, BlackCoin, and BitShares. However, pure proof of stake approaches pose substantial security threats that cannot be recreated in proof of work systems (including Bitcoin). These problems are inherent to proof of stake algorithms, as proof of stake consensus is not anchored in the physical world (cf. with hashing equipment in proof of work),” BitFury’s white paper.

Chuck Reynolds


Marketing Dept
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Thomas Prendergast

Litecoin: Supplanting Bitcoin as the Cypherpunk Cryptocurrency?

Litecoin:
Supplanting Bitcoin as the
Cypherpunk Cryptocurrency?

June 2017 may be remembered as the month that the true ‘flippening’ occurred,

from bitcoin to litecoin, precipitated by a Prague-based group promoting and educating the public on crypto-anarchist philosophy. The stakes are high for bitcoin, with a face-off between Bitmain, threatening a User-Activated Hard Fork, and those seeking to eliminate miner influence over SegWit adoption, the User-Activated Soft Fork crowd. The standoff threatens to split the network in two, with the UASF-styled ‘independence day’ slated for August 1. The inertia regarding progress in the scaling debate is also causing a cost for users in terms of higher fees for a bitcoin transaction.

The chart below shows that since June 2016, the median transaction fee for bitcoin and litecoin have decoupled, with a $2 differential. Consequently, we are seeing a higher average transaction value over the same period for litecoin, with spikes visible from April/May 2017 onward. As a fork of bitcoin and pursuing an independent path, litecoin could supplant the world’s most valuable cryptocurrency as it gains traction in terms of adoption, trading interest and development activity.

Litecoin Exceeds Bitcoin on Volume Terms

The altcoin recently saw a large influx of volume, pushing above 50 percent of the cryptocurrency’s market capitalization and above trading volumes for bitcoin on June 17. At the time of writing, the past 24 hour volume for litecoin and bitcoin are similar, roughly $1.2 billion. The lion’s share of volume is coming from two Chinese exchanges, Huobi and OKCoin, accounting for over 40 percent of the volume over the past 24 hours.

Also, looking at the charts below we see the highest ever volumes on a weekly basis for several exchanges such as Kraken and Coinbase. Trading volumes precede price action, suggesting litecoin will continue to experience appreciation. Higher volumes also tell us that more investors are becoming interested in litecoin, more so than any other cryptocurrency.

For the week beginning June 12, the market has managed to break the previous all-time high at $36, opening up the Fibonacci extension level at $56.47. We also see that the bullish break was also signaled by the weekly close for the week beginning June 5, where the market broke the resistance provided by the lagging line (purple, highlighted above), which BTCManager stated would be a key buy signal in our cryptocurrency report on June 6 .

The uptick in trading volume, along with the price rise, has seen litecoin knock Ethereum Classic from the number four spot on the market capitalization ranks. According to CoinMarketCap.com, litecoin’s market cap is now $2.38 billion versus Ethereum Classic’s $2.04 billion. The influx is expected to continue in June, as Bitstamp, the first fully-licensed bitcoin exchange in the EU and one of the biggest in the world, will introduce LTC/BTC, LTC/EUR and LTC/USD trading pairs on June 19.

Looking at the long-term technicals, that is the monthly price action, we see that LTC-BTC has a strong chance of continuing its upward trend. A bottom was formed in March, as indicated by the lagging line (purple), which formed a trough and the market closed above the conversion line for April 2017. The market now lies immediately below the base line, providing resistance at 0.0177. A close above this level for June’s candlestick will point to further appreciation and a test of resistance at 0.0322. Also, notice that the Awesome Oscillator has moved into positive territory for the first time since August 2014, indicating that long-term bullish momentum is just beginning to take hold.

Litecoin Welcomed by Bitcoin Pioneers

On top of investor and exchange adoption, litecoin is also seeing interest from a cypherpunk grassroots movement and a major hardware wallet provider, Trezor. Paralelní Polis, which hosts the Institute of Cryptoanarchy and the Hackers Congress every year, as well as Bitcoin Coffee, is probably the most significant actor in this true ‘flippening’; maybe we should forget ether and come to terms with litecoin becoming the cryptocurrency that may stand dominant above bitcoin?

In a blog post explaining the switch over from bitcoin to litecoin, the coffee house started with one clear rule; no fiat currencies. They started with the goal in mind to show people that cryptocurrencies are easy and that they are the future. But, they argue, bitcoin transactions are now too similar to traditional banks in terms of fees. The rising fees have forced their hand into deriving their own solution for

Regular customers:

“We even had to develop our own application for members and regular customers, which would buy credits for bitcoins and then spend those credits to avoid bitcoin fees.”

Resonating with many other voices in the community, they also explain that the risk that UASF bears is perhaps too high, as a chain split would be unavoidable if the support for UASF is low; they state, “it is unacceptable for any business running on bitcoin.” Because litecoin is so similar to bitcoin in terms of its codebase, it is easy for businesses to switch. Also, Paralelní Polis argued that with the SegWit activated on litecoin, this makes the cryptocurrency the most technologically advanced at present, with developers able to deliver new scaling services such as Lightning Network, echoing the sentiment from Bitstamp.

The post concludes that bitcoin will still be accepted as a payment method, but will not be their recommended method. Instead, they will educate and promote the use of litecoin as a cryptocurrency that better fulfils the role of a payment, rather than as a store of value: “We encourage everyone to start accepting Litecoin, as it is now one of the main ways to regain financial and economic freedom.”

The Hackers Congress 2017 will focus on financial liberation, held in October, and it will be interesting the see how much litecoin will have developed by then. Given that it is being praised by such a forward-thinking and pioneering group, we could be witnessing a radical new shift in the cryptocurrency world. As reported by BTCManager in September 2016, litecoin is actively pursuing anonymity features with Confidential Transactions and this could be one of the developments that we could expect in 2017. June 2017 also sees the announcement of the first hardware wallet to support SegWit, following closely from Trezor’s integration of litecoin. With a cold storage option, this should serve to continue to increase demand for the crypto-asset.

A Boost for Development Activity

Litecoin’s drive forward is also being galvanized by greater development activity. On June 9, Charlie Lee announced he would be leaving Coinbase, a large successful company, to work on the altcoin full-time. Shortly afterward, the Litecoin Foundation received a donation for approximately $14,000.

Chuck Reynolds


Marketing Dept
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Thomas Prendergast

Blockchain Startup Everledger Partners with Singapore Diamond Exchange and Kynetix

Blockchain Startup Everledger
Partners with Singapore Diamond Exchange and Kynetix

Everledger, the London-based startup that uses the blockchain

to securely store data and provide provenance for high-value physical assets such as diamonds and artwork, has entered into a partnership with the Singapore Diamond Investment Exchange (SDiX) and physical commodity markets expert Kynetix. The Singapore Diamond Investment Exchange (SDiX) is the world’s first commodity exchange in physically settled diamonds. The exchange is also the first fully electronic self-regulated marketplace for traders and accredited investors powered by real-time transaction data. The exchange revealed the new partnership through a press release on June 15.

Kynetix is a leading physical commodity digitization expert that has developed a platform called Sentinel that allows commodity exchanges and trading companies to meet the challenges associated with compliance, automation, risk and revenue generation. Sentinel’s sophisticated post-trade software powers quick processing time for large-scale physical deliveries. The three companies have successfully concluded the first part of its proof-of-concept for a blockchain-based authentication and record-keeping service for trading diamonds on a global commodity exchange.

Everledger’s blockchain technology will be used to verify the ownership and authenticity of the diamonds, which will be queried through Kynetix’s Sentinel market infrastructure platform. This will enable owners of diamonds with certificates of ownership from third party verification laboratories to ascertain the history and confirm ownership of their asset.

The head of Business Development at Kynetix, Guillaume Kendall said: “In line with our mission to build total trust in physical commodities, we believe this innovative integration of our Sentinel platform with blockchain is yet another step towards reducing the risks associated with trading and financing commodities globally.“ Once a trade happens on SDiX, the changes in the ownership of the diamond will be automatically recorded on the blockchain, which ensures proof of ownership is securely recorded due to the blockchain’s immutable nature. This record is then made easily available to all relevant market participants.

Everledger founder and CEO Leanne Kemp said: “It was a pure technical delight to integrate with Kynetix, a powerful combination of technology and purpose entwined. We are pleased to provide the market-leading blockchain infrastructure that is key to SDiX’s verification, and data archiving services and look forward to working industriously with the market on creating purposeful tooling to enable safe and fast trading in physical diamonds.”

The service was able to verify the details of a consigned diamond basket on SDiX consisting of Gemological Institute of America (GIA) certified stones using the data points that are used by Everledger in its provenance process. The solution was able to output a “view receipt” of the digital certificate for each stone in the basket, housed on the blockchain, proving its efficiency.

The CEO of the Singapore Diamond Investment Exchange Linus Koh, said: “This exciting collaboration builds on SDiX’s record of delivering advanced technologies to enable a trusted, fair and transparent marketplace for trading diamonds as an investable asset class. This new concept draws on blockchain’s distributed ledger capability to demonstrate how we can further instill confidence and convenience for the benefit of diamond investors and financiers.” This new system is expected to be applicable as a solution to a wide range of diamond market challenges such as enhancing provenance data, increasing the security and efficiency of the supply chain, as well as helping to develop new risk management tools.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

Bitcoin Price Hits New All-Time High, Overall Market Cap Crosses $100 Billion

Bitcoin Price Hits New All-Time High, Overall Market Cap Crosses $100 Billion

As Bitcoin and Ethereum – the engines driving the recent cryptocurrency surge

– neared new all-time price highs, the overall market capitalization crossed the $100 billion mark. Bitcoin was trading just short of the $3,000 mark, while Ethereum touched a high of $256. For the first time, cryptocurrencies together crossed $100 billion in market capitalization. The year has witnessed a lot of movement in the virtual currency space, primarily led by a string of positive news and sentiment around Bitcoin and Ethereum. This resulted in a multiplier effect for most cryptocurrencies.

Bitcoin continues to dominate

the market and alone accounts for 46% of it given its market capitalization is a little over $46 billion. The virtual currency has tripled in value from around $950 in the beginning of 2017, to a price hovering around $2900. This rise hasn't been without volatility. Bitcoin prices took a hit, dropping to $900 levels from $1300, when the SEC disapproved of the Bitcoin ETF promoted by Cameron and Tyler Winklevoss. It eventually recovered on a positive statement by SEC about the future course.

Further, the growing recognition of Bitcoin as a legal mode of payment and the evolving positions of regulators in certain countries have been major drivers of its movement during the year. Japan and Philippines have recognized the cryptocurrency as a legal method of payment. The Ministry of Finance in India has constituted a committee to examine the existing framework around Virtual Currencies (VCs) while Russia, which has been particularly hawkish, is expected to legalize Bitcoin and other cryptocurrencies as financial instruments in 2018 to combat issues related to money laundering. Bitcoin corrected to the sub $2000 mark during the last week of May. However, strong demand from China, Japan, Philippines and South Korea continues to fuel its price rally. Greater use of Bitcoin for facilitating remittances is one of the major factors behind the high demand for it in these countries where it continues to trade at a premium.

Ethereum (ETH) the second-largest cryptocurrency

also hit its lifetime high at $256 on the back of upbeat atmosphere in the segment. Ethereum commands almost one-fourth of the overall market capitalization. The rise of Ethereum has been spectacular in the year and driven by the rising enterprise interest and strong use case. (See also: Understanding the Reasons Behind Ethereum's Price Rise) The other cryptocurrencies in the top seven are Ripple, NEM, Ethereum Classic, Litecoin and Dash. Ripple, the third-largest cryptocurrency, currently has a market capitalization of around $11 billion, while the remaining have a minor share in the overall market. Despite the smaller share, events like the successful activation of SegWit in Litecoin have strengthen the confidence of traders across the market.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

Thereum’s Market Cap Looks to Overtake Bitcoin’s

Thereum's Market Cap Looks
to Overtake Bitcoin's

  

Bitcoin has led the cryptocurrency revolution for nearly a decade.

In the process, it has become the most recognizable name in the new world of digital currencies, and for many years it dominated the industry by maintain a position of 80% or more of the total cryptocurrency market cap. In the past few months, Bitcoin has also skyrocketed in price, practically tripling in value since the beginning of the year. And yet, in spite of these indicators of its dominant status, there is reason to believe that one of Bitcoin's competitors, a much newer cryptocurrency called Ethereum, is on pace to overtake the iconic digital currency in at least one respect: market capitalization.

39% to 31% As Of Last Week

By Wednesday, June 14th, Bitcoin had seen its share of market capitalization drop from 87% among all cryptocurrencies down to 39%. This sharp decline is in stark contrast to the precipitous gains in value that have accompanied the coin over the same time period of roughly the past four months. At the same time, Ethereum has seen its share of the total market capitalization of digital currencies rise by a considerable amount, too. From 5% of all market capitalization just four months ago, the two year old currency has now claimed nearly a third (31%) of all market capitalization for the industry. A graphic representation by analysts at CoinMarketCap reveals both the extent of Bitcoin's former dominance in the cryptocurrency field as well as the rapid shift which has brought Ethereum much closer to Bitcoin's level.

Analysts Predict "The Flippening"

Analysts have developed a term to categorize a time at which Ethereum overtakes Bitcoin in terms of market capitalization, as some cryptocurrency followers have expected to happen. "The Flippening" refers to this shift in dominance in the field and, some say, may indicate a permanent shift in which Bitcoin steps out of the spotlight in the cryptocurrency world. The Flippening could occur for a number of reasons. Bitcoin has long been the most dominant cryptocurrency, but it also suffers from significant problems of scaling which have threatened to dismantle the entire cryptocurrency system. Ethereum, on the other hand, having been developed much more recently, may have been able to anticipate some of the issues that Bitcoin's creators did not when they first programmed the code a decade ago. In doing so, Ethereum, could find itself in a better position for long-term growth than Bitcoin.

As of June 14th, Bitcoin's market cap hovered around $45 billion, with a price per coin just below $2800, according to a report by Market Watch. Ethereum's market cap was roughly $36 billion at the same time, with a price per token of $390. In some ways, Ethereum may have already overtaken its older brother: a Motherboard report suggests that Ethereum has "almost five times as many nodes in its network as Bitcoin, meaning more people are using their computers to support it."

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

Top Most Hyped Up Cryptocurrencies Right Now

Top Most Hyped Up Cryptocurrencies Right Now

                             It is apparent there is a lot of excitement in the world

of alternative cryptocurrencies. Plenty of coins are seeing significant value increases, although not all of them will have a place in the mainstream world. Below are some of the altcoins gaining a lot of value as their mainstream potential continues to grow.

Augur

Every cryptocurrency enthusiast will have heard of the Augur project. By creating a decentralized prediction market where users can wager on any event taking place at any given time, Augur sees a lot of merit in using the wisdom of the crowd. The platform will be powered with REP tokens, which have seen a fair value increase these past few days. About a week ago, the value per REP was US$5.35, which has now increased to US$10.16. Keeping in mind how there are only 11 million tokens, this value could go up even further in the coming months. Then again, investing in Augur should not be done for short-term gains by any means.

Factom

Even though the Factom project is quite intriguing, a lot of people tend to overlook the platform’s native token. Factom stores records on the blockchain and anchors them to the Bitcoin ledger. It appears people are finally realizing the potential Factom holds, as its native token’s value has increased from US$2.63 to US$4.41 in just seven days. Impressive momentum for a somewhat undervalued project.

Dash

The rise of Dash‘s value cannot be ignored by anyone in the world of cryptocurrency. Even a DDoS attack against a few hundred masternodes could not disrupt this price increase by any means. Even though Dash’s value is retracing a bit after a steep rise, things are still looking quite positive. Over the course of one month, Dash’s value has gone from just over US$21 all the way to US$90. It even surpassed US$100 yesterday, but the price momentum could not be sustained for long.

Monero

Some people will gladly tell you a Monero price increase had to happen sooner or later. Anonymity-centric cryptocurrencies always tend to do well, and several darknet markets have shown interest in Monero as well. Things are looking very good for Monero these past few days, with a value increase from US$12.45 per XMR all the way to US$22 in a week’s time. It is interesting to see Dash and Monero experience growth around the same time.

Ethereum

People who are not glued to the exchange charts right now may have missed out on Ethereum‘s meteoric rise these past few days. Right now, one ETH is worth US$40.98, up from US$18.75 a week ago. Interestingly enough, Ethereum Classic saw its value increase as well, from US$1.33 to US$2.02. Although some people argue these coins are still one and the same ecosystem, there are some major differences between them. In the end, both coins’ market cap is increasing at the same time. Most intriguing indeed.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

Top Cryptocurrencies in Japan

Top Cryptocurrencies in Japan

It is evident for everyone to see Japan is going crazy about cryptocurrency

right now. This is made possible thanks to the new regulations going into effect, which removed the 8% sales tax when buying Bitcoin and other cryptocurrencies. It is also interesting to note several cryptocurrencies are incredibly popular in Japan, whereas others are not that hot. All of the coins listed below are ranked based on their JPY trading volume.

MonaCoin

Although this particular cryptocurrency has eluded the vast majority of enthusiasts, MonaCoin is quite popular among JPY traders. It is listed on the Zaif exchange, where it can be traded against Bitcoin as well. MonaCoin was also one of the altcoins successfully activating SegWit before Litecoin did.

XEM

The native token of the New Economy Movement has seen its fair share of success in Japan as well. It is a currency maintained by a team of Japanese developers. Moreover, XEM – and its NEM blockchain – have made quite a name for itself in Japanese circles as well. Definitely a currency to keep an eye on moving forward.

Ethereum

A lot of people will be shocked to learn Ethereum is not all that popular when it comes to buying or selling it in exchange for the Japanese Yen. Then again, these are still the early days for cryptocurrency in the country, and things may continue to shift around for quite some time to come. Ethereum is very popular when traded against bitcoin, though, as is to be expected.

Ripple

It comes as quite a surprise to a lot of people to learn Ripple – or to be more precise, XRP – is quite popular among Japanese cryptocurrency enthusiasts. Various exchanges list XRP as one of their trading pairs, and it seems to do quite well overall. In most cases, XRP can be traded against the JPY only There is one big exception to this trend, though. The Mr. Ripple exchange – which is mostly known for buying and selling XRP –  trades the currency against the JPY, USD, Bitcoin, and Ethereum. Its JPY market is by far the largest on the platform, although the XRP/BTC market is quite popular as well. It is quite interesting to see Japanese exchanges dedicated themselves to one particular currency and even naming the platform after it.

 Bitcoin

Regardless of where one looks in the world, Bitcoin will always be the most popular traded currency against fiat. Japan is no different in this regard, as all exchanges allow for BTC/JPY trades by the look of things. It is due to this trading pair these platforms are so successful during the initial stages of Japanese cryptocurrency adoption.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

Top Hottest Cryptocurrencies Right Now

Top Hottest Cryptocurrencies Right Now

    

 

The world of cryptocurrency is full of dozens upon dozens of altcoins

all fighting for their market share. Due to the overwhelming amount of coins on the market its hard to decide which coins are worth looking into and which coins are simply scams. Today we feature the top 5 hottest cryptocurrencies on the market RIGHT NOW.

Tether

Launched in late 2014 Tether is a cryptocurrency whose main focus is to keep a stable value. It works just like Bitcoin, but it has 2 major differences. First is the fact that each Tether (USDT) is pegged at $1 USD. If you look at Tether’s price chart you will see that it always has a value of $1. The way the currency accomplishes that is because every Tether is backed by a real US dollar. There is a trade off however for such a stable currency. If you would like to trade tether you need to provide some personal information to pass KYC / AML regulations.

The second difference is that Tether doesn’t have its own blockchain like most cryptocurrencies. Instead, it runs on the Omni Layer, which is a platform built on top of Bitcoin, allowing the issuance of digital tokens such as Tether. In a way, each Tether transaction is a Bitcoin transaction which is made through the Omni Layer. Tether’s market cap is ranked at number 21 and is at $14 million. If you are tired of the volatile crypto market and want to store some coins in a stable crypto asset, definitely look into Tether.

 Dash

Originally released in 2014 as Darkcoin, Dash is a re-brand of the cryptocurrency. It is a privacy centric project which was the first to use the X11 hashing algorithm, first created DarkSend, and also created the Dark Gravity Wave. This may sound like technical jargon but in short the X11 algorithm is just a modification to the SHA-256 mining algorithm that bitcoin uses. DarkSend is a feature which allows for a better obfuscation of transactions allowing for anonymous trade. Finally, the Dark Gravity Wave is a new way to adjust the mining difficulty. Unlike Bitcoin which adjusts its mining difficulty every 2016 blocks, DarkCoin uses the DGW algorithm to adjust it’s difficulty in an exponential fashion making a smoother difficulty adjustment.

In addition to the three above, there are much more features like InstantSend, Masternodes, and PrivateSend. Combine all those features with a dedicated development team and you get Dash. With a 24 hour trading volume of close to $2 million and a market cap of over $100 million Dash is definitely not going anywhere anytime soon. Currently each dash is worth $15 and the price seems to be on an uptrend.

Monero

Just like Dash, Monero is also a privacy centric crypto, launched in 2014 under the name BitMonero. Unlike DarkCoin which used similar codebase to that of Bitcoin, Monero was the first fork off a crypto-note coin – Bytecoin. In short, the main difference between bitcoin and crypto-note based altcoins is that one implementation of the blockchain is much more opaque. To be more precise, one can follow any Bitcoin transaction through it’s blockchain, and one can see which addresses send what amounts. However, the way crypto-note implements it’s blockchain makes it impossible to trace transactions through it. It is only possible to learn the approximate amount of each transaction, but the origin or the precise amount is hidden.

Monero is not just a clone of Bytecoin, the developers were able to find quite a bit of flaws in Bytecoin’s code and were able to improve on it. As with Dash, a strong development team is the key to a coin’s success. Monero is ranked number 5 by market cap which is at a whopping $166 million, and each monero is worth roughly $12. The 24 hour volume is currently close to $3 million and the price is also currently on an uptrend.

 Ethereum / Ethereum Classic

Ethereum is both a currency and a platform. Initially proposed in 2013 by Vitalik Buterin, in its simplest form it is a blockchain based application development system, think of it as an IDE, just like Eclipse or Visual Studio, in the cloud. It allows the creation of smart-contracts, which are agreements between two parties that are overseen by a computer program. It uses the Electrum Virtual Machine to allow for the creation of those smart contracts, and requires Gas (short for “Gasoline”) in order to execute those contracts and to prevent spam on the network.

The reason why there are two currencies, Ethereum and Ethereum class is due to the DAO fork in 2016 which caused the split. The DAO (Decentralized Autonomous Organization) was the first real attempt at creating a massive vehicle for autonomous investment capital management, and received close to $50 million in funding in the form of Ether. Unfortunately, it contained a terrible bug which allowed for any user to arbitrarily withdraw any amount of ethereum from the DAO and transfer it to another child DAO. After an anonymous attacker moved over $15 million in ether to the child DAO, the community came to a disagreement when it came time to fix the problem. Some wanted to revert the malicious transactions, while others thought that the rollback was unfair since the whole point of decentralized cryptocurrencies is that you cannot reverse transactions. This was the reason for the 2 forks, Ethereum reverted the theft from the DAO, while Ethereum Classic (ETC) kept rolling along. Ethereum Classic

supporters believe:

“The core value proposition of any blockchain is immutability; valid transactions can never be erased or forgotten. Individuals interacting on Ethereum Classic are governed by this reality; Code is Law.”

Both ETH and ETC have healthy trading markets which are currently at an uptrend. Ethereum’s 24 hour volume is at $12 million and it is ranked number 2 by marketcap at $960 million. Ethereum Classic’s 24 hour volume is at $3 million with a market cap of $124 million.

Bitcoin

Bitcoin needs no introduction, first created 8 years ago it has been the market leader ever since. Bitcoin’s market cap is a whopping $15 billion, more than 15 times its toughest competitor. After reaching an all time high earlier this month and plummeting right after, it seems that the market is recovering once again as prices peak $930. As always the safest cryptocurrency to trade with is Bitcoin as even though price fluctuations may be high, they will never be as high as some of these smaller cryptos. If you are a cryptocurrency enthusiast the above 5 markets are all worth taking a look at, think of them as mutual stocks. They are safe investments compared to what else is out there, however one thing is for certain, out of all the cryptos Bitcoin is a must have in your portfolio. Also make sure to checkout this list for the 6 hilarious cryptocurrencies that are actually worth something.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

Top Alternative Cryptocurrencies on the Rise

Top Alternative Cryptocurrencies
on the Rise

In the world of alternative cryptocurrencies,

it is very important to keep a diversified portfolio. Not every coin going up in value has a legitimate use case, and there are quite a few pump-and-dump schemes to be wary of. However, some altcoins are getting a lot of positive attention due to the developers putting in a lot of hard work. Below are some coins which have recently achieved major technological breakthroughs, and are now seeing their value rise as a result.

BlackCoin

Although a lot of people have seemingly forgotten about BlackCoin, the cryptocurrency is still around. One of the main areas of focus for this project has always been to find ways to improve the proof-of-stake protocol. In a recent update, the BlackCoin developers have unveiled their Blackcoin Lore launch, which is a solution paving the way for smart contract potential.

Moreover, this new milestone will also make BlackCoin the first proof-of-stake digital currency to implement key components from Bitcoin Core 0.12. More importantly, this update paves the way for smart contracts on the BlackCoin blockchain moving forward. It will be interesting to see when this dream will be realized, but it is definitely something to look forward to. Additionally,the update allows BlackCoin to benefit from projects such as Blockstack and Joinmarket.

 Maidsafe

A lot of people were caught by surprise when the value of Maidsafecoin suddenly started to explode a few days ago. It seems the most recent development update has something to do with the price momentum, even though none of the updates are “major.” All of this goes to show the Maidsafe concept is inching closer toward finalization, which is good news for anyone looking into using a decentralized internet.

Stratis

It has to be said, the Stratis value has been a bit of a rollercoaster these past few weeks. With the value surging non-stop for nearly a week, it almost started to look like a pump. However, the value corrected quickly and is now seemingly stable around the US$9 mark. A new wallet update was released not too long ago, and it looks like developers are making good progress on the Breeze Wallet too. Moreover, it has been confirmed one can effectively mine PoS blocks inside the Breeze Wallet, which is a major development.

Siacoin

Siacoin has been of great interest to cryptocurrency users and speculators over the past few weeks. The world of decentralized file storage solutions is getting a lot more interesting, to say the least. A lot of users are experimenting with these solutions as a way to earn Siacoin for sharing excess hard disk space with people looking for storage solutions. Sia is one of the projects getting very close to providing actual decentralized file storage solutions to the masses. It is only natural the price of this native token goes up as well.

Ethereum

Although a lot of people would rather not think of Ethereum as an alternative cryptocurrency, it still fits into this category. That being said, the recent value increase of Ether has been nothing short of amazing. The value per ETH surpassed US$365 and seems to maintain that value with relative ease. However, there is still a question of how much of this price point is due to speculation, rather than “actual” value. For a cryptocurrency ecosystem with no supply cap, some people feel Ether is incredibly overvalued. Then again, the token is necessary for people looking to buy into most cryptocurrency ICOs.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

Top Things You Can Buy With Bitcoin

Top Things You Can Buy With Bitcoin

Even though the concept of bitcoin continues to baffle quite a few people,

cryptocurrency is becoming a more common payment method month over month. With a growing number of merchants accepting bitcoin, the products and services one can buy with cryptocurrency become more varied. Below are some fine examples of how one can spend bitcoin and gain something valuable in return.

Ordering Food Online

All over the world, the trend of ordering food online has become more prevalent over the years. It makes a lot of sense to buy food online and have it delivered to your doorstep. Various of these platforms around the world accept bitcoin as  a payment method. Takeaway.com is one of the largest platforms to accept bitcoin and they have seen their fair share of success in the process.

Video Games

The video game sector has taken kindly to bitcoin these past few years. Prominent platforms, such as Kinguin, G2A and Steam have all integrated a bitcoin payment option into their platform. For the younger generation who is enthusiastic of bitcoin, this seems like a match made in heaven. Considering how most of these platforms also sell game time and other in-game prepaid cards, using bitcoin as a gamer has never been easier.

Gift Cards

Buying gift cards with bitcoin has become a breeze, albeit most of these efforts are focused on the United States and Canada. A wide range of platforms accepts bitcoin in exchange for either digital or physical gift cards. Gyft, eGifter and Cryptodechange are just  a few examples of places where one can buy a gift card with bitcoin. All of these platforms support a wide variety of online services and retailers, giving bitcoin users access to whatever their heart desires.

 VPN Services

In this day and age of growing surveillance, ensuring one’s internet activity is hidden from prying eyes becomes more important than ever. VPN services are a great way to surf the internet anonymously and at an affordable price. Interestingly enough, the vast majority of VPN service providers accepts bitcoin payments, due to its global appeal. There is a secondary purpose to using bitcoin as a payment option for VPN services. Unlike traditional payment solutions, bitcoin allows users to maintain their privacy during the signup and payment process. For those people who take privacy seriously, paying for a VPN with bitcoin is the ultimate combination.

Travel and Accommodations

More expensive items and services can also be paid with bitcoin these days. Booking a hotel through Expedia, for example, can be paid in bitcoin. Flights can be booked through that site as well, but there is also CheapAir to take into consideration. It is expected more travel operators will start to accept bitcoin payments over the coming years.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

Thomas Prendergast

The Artist that came out of the Winter