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Decentralization

How Blockonix is beating all odds in becoming a global cryptocurrency exchange platform

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Blockonix bitindia

Formerly known as Bitindia, the cryptocurrency exchange platform Blockonix did not only change its brand name but also its market scope by positioning itself to the international cryptocurrency market. Blockonix is a decentralized cryptocurrency exchange platform different from the other centralized approaches a lot of other cryptocurrency exchanges uses.

 

How Rebranding has positioned us to engage in the international Cryptocurrency market

Blockonix was originally borne in India as Bitindia the local market was our main market scope till we decided to shift the cryptocurrency platform due regulatory pressures on cryptocurrency in India.

Although we earlier viewed moving from India to another location to launch our cryptocurrency exchange and trading platform as a major challenge, we turn this challenge into an opportunity to capture the virgin global cryptocurrency market. To prepare us to take our platform to the global scene we adapted some of the top level industry class blockchain technology and practices. These include securing hundreds of payment gateways around the world, opting for a decentralized instead of a centralized cryptocurrency exchange and deploying the lowest transaction fees on our exchange platform.

We developed our own native BDT tokens which can be directly swapped from Blockonix website. We aim to make BDT token as transferable as possible by making it exchangeable for all of the major cryptocurrencies available on the market. Using our own native token on Blockonix makes it practicable for us to keep exchange rate variations to a low level making the tokens more useful and reliable.

 

Why our Decentralized approach ensures a better security of our user funds

Lately numerous cryptocurrency exchange platforms around the globe have fallen prey to organized hacking causing billions of dollars in financial losses. We explored better methods to significantly reduce the risk of successful hacks related financial losses on our platform. We found out that most of the platforms that fell victim to these hacks either had a centralized arrangement or had flaws on their smart contracts.

To ensure the highest possible level of security for our platform we have developed a series of procedures which we have deployed on Blockonix. Our system is 100 percent decentralized meaning we don’t store user data at any central location. Even a successful hack on our system will lead the hacker to nothing since no sensitive user data is stored on our system. We store the data on decentralized nodes in an encrypted format. Even though a user node is compromised by a hacker breaking the cryptographic encryption to be able to view the data in plain text is practically impossible. This is one the many security layers we deployed on our system.

We acknowledge that we cannot be 100% perfect in safeguarding our system by our self alone, that is why we run a bounty program with a very high price tag to allow anybody who can identify any security flaw with our system to show us and we pay them the bounty. In this way we are certain that our system can be 100 percent secure at every time.

 

Capturing the Global Cryptocurrency Market

There is no doubt that cryptocurrency is the future of money the question is about when and how would you like to join the crypto-community. At Blockonix we believe that developing a strong community driven infrastructure for interfacing cryptocurrencies and fiat money is an important step in attaining this future.

Our systems are developed for the global market to allow instant low fee transactions from any part of the world in a highly secure and very reliable blockchain. We strive to maintain the highest levels of security in the platform and remain uncompromised by any malicious actor inside or outside of our platform.

BLOCKCHAIN

Covered: EOS Global Hackathon, United States

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Block.One conducted the 4th EOS Global Hackathon in San Francisco, the United States where winners were awarded prizes worth $144,000.

Block.One the company behind the EOS Blockchain conducted the 4th EOS Global Hackathon in San Francisco, the United States where winners were awarded prizes worth $144,000.

 

What was the challenge?

The hackathon participants were told to build an application on the EOSIO Blockchain that would foster a fundamental competitive advantage by implementing a business model that aligns interests among stakeholders and drives more value back to users.

 

Winners

1st Price ($100000)

The 1st price was won by NouGit Team who developed a fully decentralized and incentivized GIT repositories.

 

2nd Price ($25000)

The 2nd price was won by Pollinate Team who developed an EOSIO based application that awarded a percentage of the shipping cost to the people for last-mile deliveries by picking up and delivering packages.

 

3rd Price ($10000)

The 3rd price was won by Six Degrees Team who developed an EOSIO based application that assists in facilitating need-based personal and professional relationships.

 

Endorsements

The hackathon was endorsed by Mike Novogratz, the CEO and founder of Galaxy Digital and Mike Lempres who is the chief legal and risk officer at Coinbase Exchange who were both judges for the contest.

Novogratz said that Block.One is a leading company in the Blockchain Industry and has a great hand in the blockchain revolution by bringing in the EOSIO platform and producing the environment for the broad adoption of the technology.

 

Block.One is also hosting the upcoming EOSIO Hackathon in Hong Kong, London, and Sydney. The Grand Finale of the Hackathon will happen in South Africa, Cape Town on 7th December 2018.

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#Monero

Dr Doom is back again: This time for Monero

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Noriel Roubini, also known as Dr Doom is back with his criticism for cryptocurrency community says that the FEDS are coming for Monero.

Noriel Roubini AKA Dr Doom

Noriel Roubini, also known as Dr Doom is back with his criticism for cryptocurrency community. The Economist tweeted on 11th of November that the FEDS are coming for Monero and that cryptocurrency has no anynymity:

 


 

Dr Doom had earlier called the BitMex Cryptocurrency Exchange a Scam accusing it of pump and dump schemes.

Roubini continues to spread the negative FUD about cryptocurrencies and blockchain technology amongst the crypto enthusiasts.

What do you feel about Noriel Roubini and his continuous attacks on cryptocurrency? Tell us in the comments section below.

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#Bitcoin

BCHABC or BCHSV? Lets prepare for Bitcoin Cash Hard Fork

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Bitcoin Cash fork that is up and coming — which is wanted to result in no less than two variants of Bitcoin Cash — there will be no local replay assurance.

In case you’re worried about the Bitcoin Cash hard fork that is up and coming, you shouldn’t be, on account of you have a lot of time to prepare and more than one choice on the most proficient method to get ready. As writers we are for the most part impartial regarding the matter of the fork — this article is expected for instructive purposes, not to take a side.

To start with, for the uninitiated, we ought to clarify a few terms.

 

What is a Hard Fork?

A “hard fork” is when mining (and, fundamentally, customer) hubs never again concur on the guidelines of a convention yet keep on sharing the blockchain or changeless record of transactions already made on the interactive system. A hard fork exists after one block of the new, protestant chain has been mined, however, as a general rule, a hard fork chain must endure any longer than that for the network and the world everywhere to think of it as practical.

A hard fork isn’t an equal thing from a product fork, where the code is primarily used to manufacture an alternate item with minor or real adjustments. Everything from Dash to Litecoin Cash is a product fork of Bitcoin.

The best case of a hard fork is the Bitcoin Cash fork far from Bitcoin Core a year ago. Up until the point that blocks mined in August 2017, the Bitcoin Cash blockchain is indistinguishable to the Bitcoin blockchain, however starting there on it turned into its element and progressively has built up its locale, administrations, and now, apparently, its very own divisions.

A replay assault is a point at which the transaction subtle elements from one blockchain can be utilized on the other. If it somehow happened to occur in Bitcoin Cash when the fork initially occurred, it would have happened this way: you make a transaction on one blockchain and afterward the beneficiary uses the points of interest from that transaction with the end goal to get coins on the other chain from you — without your authorization.

 

Bitcoin Cash Hard Fork

In the Bitcoin Cash fork that is up and coming — which is wanted to result in no less than two variants of Bitcoin Cash — there will be no local replay assurance. With past hard forks fizzled or something else, replay security was incorporated by some improvement group. It is a genuine issue as the core of Bitcoin is client decision — there are no draw asks for in Bitcoin, “push” transactions.

 

Step by step instructions to Prepare Against Replay Attacks

At the point when the fork occurs, it is prudent to make no transactions at okay away. One ought to choose which variant of Bitcoin Cash they are fundamentally going to utilize and keep their current wallet on that chain.

At that point, the client ought to install the other adaptation, get to their coins on that chain, and once they have gotten to their coins on the chain they don’t expect to utilize, they should clear them all to another location of their own on that chain. Along these lines, they won’t be in danger of replay assaults because the coins are currently held in various “records” or addresses between the chains. Inability to do this puts the client in risk of having their transactions replayed.

Tragically, with an absence of replay insurance incorporated with the new customers, you should accomplish something on the off chance that you need to anchor the coins on the new chain. There is another choice wherein you couldn’t care less about the assets on either chain and under this situation you are allowed to leave things as they are — on the off chance that somebody replays a transaction you sent them on your favored chain, you wouldn’t mind at any rate.

 

The Alternative Option: a Managed Exchange Wallet

Clients who are excessively concerned and not actually beyond any doubt they’ll have the capacity to effectively move their coins themselves could send all their Bitcoin Cash to a cryptocurrency trade that has expressly expressed that it will support the fork, where they will naturally be credited with the new forms. At that point, on the off chance that you need either coin or both, you can pull back them once the fork has settled. Conceivably, there could even be three adaptations of Bitcoin Cash, if miner support is there for every one of them.

Numerous different trades will do this. However, Poloniex has focused on doing as such and has likewise started pre-fork exchanging of both new forms of the coin.

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