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Nov 21
Blockchain race

Blockchain Race Between China and USA

By News & more No Comments

“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD.” – Edith Cheung, partner at Proof of Capital

Blockchain race between China and USA has started a long ago. Both countries did their best to embrace the new technology and put it to the best possible use. However, the latest data from the research company Astamuse claim that China took the lead in this race.

Where Is China on the Crypto Map?

China has developed 3 times more blockchain applications than the US. Sounds odd, I know. But it is a fact.  How is that even possible in a country that has imposed ban on trading in foreign currencies, for instance?

Interestingly, China has passed a long way when it comes to developing new technologies and their applications in many fields. The adoption of Bitcoin stirred a debate. Nevertheless, the latest news show that China has passed the first law regulating cryptography. This law will come into effect on January 1st, 2020. It stipulates the role of a new cryptographic agency that will regulate guidelines in the field of blockchain.

According to crypto analysts, the mentioned law should create the firm background for the launch of China’s official crypto currency. There are still no exact data on when this would happen, let alone the details of the currency itself. Nevertheless, it seems to be the ultimate goal.

Reactions From the US

Maybe you remember that Mark Zuckerberg officially stated the following while discussing the launch of the Libra Coin:

“China is moving quickly to launch a similar idea in the coming months. We can’t sit here and assume that because America is today the leader that it will always get to be the leader if we don’t innovate.”

How Does it Concern Blockchain Applications?

When it comes to embracing blockchain and its possible uses in various industries, the USA and China are fighting a battle. Namely, both countries have entered a race with China seemingly taking the lead.

Reportedly, there are 32,000 companies in China that have incorporated blockchain to their businesses. The exact information as to whether this is completely true is not available. On the other hand, what we do know is that Alibaba, for example, has 512 registered blockchain patents. This retail company is at the very top of entities using blockchain successfully. The UK company called nChain took the second place with 468 applications. The IBM came in third with 248. The data was compiled by Innography and NGB.

What it comes down to is that China has three times more blockchain patents and applications than the US. Moreover, the situation is changing with incredible speed. We wrote about the similar topic in July. If we compare the numbers of patents, we will see the immense increase in just a few months’ time.

Do you think the USA should do their best to overthrown China in the blockchain race?

Sep 30
Dash cryptocurrency

DASH Cryptocurrency, a Privacy King

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Dash cryptocurrency is not the coin people comment on frequently. However, it deserves a spot on our list of the most powerful cryptocurrencies. It has been present for a while and gained a firm circle of fans. Nowadays, everyone refers to DASH as private, secure and fast. Join us for a story about how this crypto received the nickname of Dash, a privacy king.

History

Dash cryptocurrency was invented back in 2014. The creator was Evan Duffield. What drove Duffield to invent this new cryptocurrency were rare downsides of Bitcoin and the way BTC was processed. Originally, DASH was referred to as XCoin and DarkCoin. Quickly, the name Dash caught its roots and remained till today.

Interesting thing happened upon the very launch of this currency. Namely, 1.9. million coins were mined. This amounted to app. 10% of the intended total supply. The creator, Evan Duffield, claimed this happened due to the bug which appeared when Litecoin code split into forks in order to create Dash. He decided to solve the problem and relaunch the coin. Therefore, Dash was created using the Bitcoin core code and some of the newly added features, enhancing privacy and quick transactions.

DASH Overview

Similarly to Bitcoin, Dash is an open-source. It functions on its own blockchain, has its own wallets and community.

Initial plan was to issue 18 million units of DASH. Nowadays, the price of a DASH is approximately $67.72 and the total market cap is above $613 million. When it comes to mining, it has been estimated that DASH is 4 times faster than Bitcoin.

Circulating supply is 9,064,783 DASH, while maximum supply is 18,900,000 DASH. Dash has a variable block reward which decreases at a 7.1 % rate each year.

Transaction fees when using DASH are close to zero. Moreover, it seems that Dash has the potential of being the true Internet currency.

Notable DASH Features

Dash has certain characteristics that make it quite interesting. This is probably the unique cryptocurrency that enables its users to send funds privately, while blending it in among other transactions. There is an additional, optional feature available for all users. That feature provides for coin mixing service.

The creator of this method was Gregory Maxwell. He looked at the Bitcoin transactions using public addresses and figured out that they may be prone to tracing. In order to secure the ultimate privacy, he thought of CoinJoin method. It combines several payments from various senders and makes one unique transaction. This method disables third party tracking of any transaction, because it is extremely difficult to match the exact sender with the proper recipient.

Additionally, Dash enables the users to send the funds instantly. And instantly means 1.5 seconds. InstantSend is a feature of a Dash protocol which enables Dash to outplay the existing payment platforms which are centralized, such as VISA, for example. Its top-notch performance is truly instant.

On the other hand, Dash is unique in one additional matter. It features MasterNodes, the servers that rule the entire process.  These are computers running a Dash wallet and making decisions, locking transactions with InstantSend, coordinating mixing of coins, voting on funding, etc.  Approximately 2 DASH is the fee that goes to MasterNode on weekly basis. Dash is the first cryptocurrency that implemented the MasterNode to its protocol.

Have you had any experience with Dash so far?

Sep 27
movies related to cryptos

Movies Related to Cryptos Worth Watching

By Lifestyle No Comments

It is not strange that cryptocurrencies have found their way to the movie world. However, it is strange that it did not happen earlier. Hollywood has the habit of announcing events in its own subtle way. This time, cryptos emerged on the surface first and the movies followed. Either way, it is interesting to see how many movies related to cryptos there are.

Inside Job (2010)

The first movie on our list is not about crypto currencies, but it explains the situation prior to the emergence of Bitcoin. The most important message that this movie sends is the necessity for a decentralized, digital currency which would be independent.  Once you see the movie, you will understand why the world needed the currency which is not under any government control.

Deep Web (2015)

Subtitle of this documentary movie is “The Crime Saga of the Digital Age”, which should tell you a lot. The term “deep webb” has quite a wide interpretation. Among many other things, it entails the dark web as well. Deep web is the alternative Internet space where many good and bad things are possible. Therefore, it is no wonder that cryptos had something to do with deep web.

Namely, the movie Deep Web tackles the subject of Silk Road. It was the first marketplace where paying in Bitcoin was possible. Its creator, Ross William Ulbricht, was arrested the moment trading on his marketplace achieved significant volume. The movie narrator is Keanu Reeves.

Bitcoin: The End of Money as We Know It (2015)

If you are just discovering the world of blockchain and Bitcoin, this documentary is a must. Do not expect to learn about the latest news from the crypto world, or advices on the latest technology updates. Nonetheless, this documentary is the starting point in understanding the basics of how blockchain and Bitcoin are functioning.

https://www.youtube.com/watch?v=CH428w9dTZM

Trust Machine: The Story of Blockchain (2018)

Lastly, one of the latest movies on the subject of blockchain and digital world found its place on our list. The movie explores how blockchain has transformed reality and describes the examples of various societies worldwide and the ways the are either coping or embracing cryptocurrencies.

 

Sep 17
Bitcoin Cash wallet

HTC Smart Phone and Bitcoin Cash Wallet

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If you are using HTC smartphone, Bitcoin Cash will soon be within reach. The HTC company has reportedly teamed up with Bitcoin.com in a long-term partnership. Reportedly, the HTC Exodus 1 will come equipped with a built-in wallet support for Bitcoin Cash.

The BCH Wallet

The thing that makes this project so interesting is the incredible ease in using it. Namely, the users of HTC who have already bought the smartphone would just need to update the software. This would enable their phones to access the Bitcoin.com wallet. There is no need to download it from an App store.

The others would simply be able to buy the HTC device with a Bitcoin Cash Wallet already installed. Alternatively, in case you are using any other phone the BCH wallet is able for download. The Bitcoin.com wallet is one of the most frequently use. It supports both BCT and BTC and enables you to switch between them with easily.

What Is Bitcoin Cash? 

Bitcoin (BTC) has already taken the world by storm. So, the question is where does BCH fit in. We all know that Bitcoin is a digital currency powered by a decentralized peer-to-peer network. It records all transactions on a public ledger, which we call blockchain. Bitcoin (BTC) has a limited supply of 21 million units, making it able to resist inflation. Above all, Bitcoin provides for fast, low-cost transactions.

On the other hand, Bitcoin Cash (BCH) appeared as a fork-product of Bitcoin. Reportedly, being an open source, BTC allowed for too many users to contribute causing the limited size of 1MB blocks in the blockchain to become full. In 2017, the developers of Bitcoin-ABC initiated a fork of the Bitcoin blockchain and increased the block size to 8MB. And so, the Bitcoin Cash came into existence. In the meantime, the block size of BCH has been upgraded to 32MB.

Where does HTC fit in?

Analysts and media have been commenting on HTC ’s low performance on the market. Allegedly, HTC held only 1% market share in 2018. Until they introduced cryptos. The situation seems to be changing steadily. Namely, HTC obviously decided to engage in the crypto world, which made them significant again.

HTC devices are now crypto-friendly. They include in-wallet ERC-20 token swaps on the Exodus 1 phone, for example. They announced Exodus 1S to contain Bitcoin (BTC) full node capabilities. Furthermore, HTC partnered with some of the blockchain developing companies, as this is the basis or every crypto-related business.

HTC is Not the Only One

Apart from Samsung which leads in this respect, there are several other smartphone companies that entered this race. For instance, LG is reportedly working on the development of a blockchain smartphone.

Would you use this type of a phone?

Aug 29
alt coins and tokens

Coins, Alt Coins and Tokens Explained

By News & more No Comments

We all know altcoins and tokens have changed the world significantly. Blockchain continues to transform the industries and the world we live in. We are accustomed to using these terms daily, without thinking about what they actually mean. You can use the cryptos without knowing too much about how the technology behind them actually works. However, we should all be aware of the differences and similarities between the three most frequently used terms. This is crypto coins, altcoins and tokens explained.

Coins

A crypto coin is the first phenomenon we heard of when this digital revolution started. A coin is a digital currency possessing value. We can use it as a means of payment. Therefore, we can think of coins as physical currencies, only in a digital world.

Coins function on the blockchain with their own protocols.  The advantage of using coins is in their speed when it comes to transfers, as well as in security and anonymity.

Coins are divisible, which means we can divide them into smaller units of significant value. Crypto coins have either limited or constant supply. They are also fungible (we can exchange one unit of a coin for the same value of another coin). Above all, coins are borderless, and people use them worldwide.

Alt Coins

Altcoins are basically digital currencies that came after Bitcoin. Bitcoin was the first digital currency based on a decentralized network. One of the main features that was learned of at the time was immutability. Namely, with Bitcoin and its underlying technology – blockchain, came the recording of all details of each transaction. This made the process transparent and immutable (i.e. irreversible).

All coins issued after Bitcoin followed in its steps. We call them altcoins.  Ether and Ripple are the most noticeable examples.

The same as coins, altcoins are divisible, fungible and we use them worldwide. They can also be in limited supply or the number of unites can constantly be issued.

Tokens  

Tokens are a bit more abstract to comprehend. Altcoins and tokens share some similarities. Tokens are fungible, digital assets and we can use them as means of payment, but only in their own ecosystem.

Moreover, tokens are native to a certain project. Therefore, they have sort of a “right” to be used only within the boundaries of that project. Furthermore, a token enables its holder to participate in a network.

Tokens do not function on their own blockchain. They are “introduced” to another platform.

When we use tokens inside the project, we can refer to it as utility tokens. Otherwise, tokens can represent a share of a company. In cases like these, we can talk about security tokens.

Conclusion

To sum up, to all of the above mentioned we refer as cryptocurrencies. However, remember that a true cryptocurrency possesses the following features:

it is a unit of account, a store of value and a medium of exchange. We know that Bitcoin has all of these, as well as most of the coins that “walked in its shoes”. However, tokens are a bit different and are limited to a certain ecosystem. Always remember that you can buy a token with a coin, but not the vice versa.

 

Have you had any experience with tokens so far?