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Centralized Cryptocurrencies explained.

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In Centralized cryptocurrencies, the authority and decisions around the cryptocurrency development are vested with a single authority.

Comprehending the attributes and capabilities of centralized cryptocurrencies.

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Cryptocurrencies exist in various forms, depending upon the factors of its initiation. The original version of Satoshi Nakamoto was to create a decentralized form of financial economy which would prove to be like come back to the centralized financial system. But it can be concluded that apart from Bitcoin all the other Altcoins are centralized in the domain. This is because of the reason that they have some point of origin and is controlled by that authority, but in the case of Bitcoin even the owner Satoshi Nakamoto is undisclosed and it is highly Decentralized. Being decentralized has a lot of advantages with it, however, both the form of cryptocurrencies have their set of pros and cons. Let’s read about centralized cryptocurrencies.

The Centralized cryptocurrencies

In Centralized cryptocurrencies, the authority and decisions around the cryptocurrency development are vested with a single authority. He /She is responsible for all the development or failure of the centralized cryptocurrencies. The organization controls the functioning of centralized cryptocurrencies, as they are providing security, servers, gain feedback, certain crucial decisions with respect to the centralized cryptocurrencies, etc. However, one major drawback is that since the centralized cryptocurrencies are in the control of a particular organization, the future of the cryptocurrency coin, completely depends upon the organization itself.

How is centralization creeping into the decentralized crypto economy?

Generally, it is assumed that no one controls the Blockchain network but the fact is that the companies maintaining the centralized cryptocurrencies can tamper the blockchain or undertake decisions with respect to the centralized cryptocurrencies which are in their point of interest. In fact, at some point in time, all the Chinese Bitcoin mining pools accounted for 70% of the whole Blockchain network which was a very important matter of concern.

Many cryptocurrency professionals in the field like Nick Szabo, Vitalik Buterin, Charlie Lee, etc. have accepted the fact that they are in no control of their respective  decentralized cryptocurrencies, but officially and subconsciously, each and every decision and opinion with respect to the Decentralized cryptocurrencies effect have a profound influence on the development of the decentralized cryptocurrencies too. Therefore, in this highly competitive world, it is highly impossible to achieve absolute decentralization of cryptocurrencies.

 

Bottlenecks in centralized cryptocurrencies

The centralization of cryptocurrencies predominantly means that the power is not distributed among the participants of the project network, but in reality, the decisions of the small investors are responded with shrugging shoulders. They need to raise their voice in order to be heard by the developing team in order to improve the Centralized cryptocurrencies for everyone.

Mining issue

There is another great drawback of centralized cryptocurrencies which needs to be highlighted. It is nothing but, the mining process.  As we have been observing that due to the complex mining capabilities required by the blockchain in order to undertake the process of mining centralization has taken place as many big organizations are able to buy those types of equipment.  The mining centralization might not seem to be important but it is the most dangerous and vulnerable part of the entire centralized cryptocurrencies. Imagine, if just in case, the top 3 mining pools collaborate with each other they would be able to control the complete blockchain network.  

 

The positive side of Centralised cryptocurrencies

The Centralized cryptocurrencies also have many advantages with it. Since there is a centralized authority taking responsibility for the development or failure of the centralized cryptocurrencies, one seems to gain a sense of reliability and openness. These Centralized cryptocurrencies have also been witnessed to solve major scalability as well as security issues, which emerged with the development of the cryptocurrency domain.  Terminologies like Delegates, Masternodes, Federations, as well as Witnesses, refer to the solutions proposed which are in turn centralization concepts itself.

These days it is observed that some of the cryptocurrency coins are just like the crypto counterparts of PayPal or Visa. The amount of centralization of cryptocurrencies can be witnessed here. One of the major cryptocurrency among many other centralized cryptocurrencies is listed below.  

 

Ripple

The real-time gross settlement payment system is incorporated mainly by the banks and other major Financial Institutions throughout the world. The cryptocurrency among many other centralized cryptocurrencies increases the processing capabilities by empowering the financial economy with the Blockchain Technology. Also, the Unique Nodes List is exclusively chosen by the key people of the cryptocurrency project itself.

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20 Comments

20 Comments

  1. Pingback: Centralized Cryptocurrencies explained. – Btc News Magazine

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  3. Uebari Friday

    August 23, 2018 at 8:39 pm

    The reason for the quest for centralisation is governance.If cooperations are to adopt cryptos, then networks cannot just be left open to any participant. Persons must be responsible for its daily operation, rules must be made ans punishments dished-out, network issues resolved, etc. Although we all welcome decentralisation, the challenges of scalability, blockchain-based technologies, security and implementation in various sectors can only be done in governed networks.

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#Blockchain

Group of US Advocacy Calls for National Action Plan on Blockchain

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A blockchain advocacy group of The Chamber of Digital Commerce has asked the U.S. government to apply a national strategy for blockchain technology.

A blockchain advocacy group of The Chamber of Digital Commerce has asked the U.S. government to apply a national strategy for blockchain technology.

 

On Wednesday, the recommendations for the plan was released by the organization. The organization has also requested the government to promote and support the blockchain industry through clear and supportive public statements.

 

According to the Chamber, until now most of the public statements from the U.S. government on cryptocurrencies were in the form of warnings and enforcement actions. Instead, there is a need for “clearly effective and expressive statement of support for the private sector” on blockchain for the benefit of the government, business and consumers.

 

The group further added that the U.S. government agencies should also coordinate with each other to develop blockchain policies, guidance, rules, and regulations. There should be a “light-touch regulatory approach” and the industry must have clarity on what laws apply to blockchain-based applications and digital tokens.

 

Chamber of Digital Commerce founder and president Perianne Boring said that the other developed nations are promoting the adoption of blockchain and digital assets. It is imperative that the U.S. should also recognize the power and potential of blockchain technology.

 

The U.S. government should also create an office to coordinate on blockchain strategy,  the chamber recommended.

 

The chamber further argued that blockchain technology has the potential to streamline processes across industries, including cybersecurity, financial services, healthcare, supply chain, and more. The lawmakers should reach out and cooperate with entrepreneurs in order to develop the national blockchain strategy.

 

Some U.S. lawmakers have already been making legislative efforts in the crypto and blockchain space. Back in October, a bipartisan bill was introduced, proposing the creation of a “consensus-based definition of blockchain.”

 

In December, two more bipartisan bills were introduced aimed to prevent crypto price manipulation and to boost acceptance of blockchain technology.

 

And, just last week, lawmakers in the U.S. state passed three bills related to blockchain and cryptos.

 

One bill is designed to recognize digital assets like property and clears the way for banks to act as crypto custodians, the others aim to enable securities to be issued in the form of a token and create “special purpose depository institutions” to enable blockchain businesses to access traditional banking services. All three are now awaiting signature by the state governor to officially become law.

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#Blockchain

Guide: How to start a blockchain company?

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The blockchain is one of the powerful buzzwords in the recent scenario and there are several tangible reasons to use this technology.

Whenever mankind has found something new, creative minds have had the urge to explore more. With one relatable chain, all you get is a unified and unique product. And, what we do with that product? Let’s find out!

Blockchain Technology

Creativity is the mother of all innovation is a line we have heard since we were kids. However, in today’s date simply innovation does not help. You need something full proof and that’s what went in the mind of the developers of the blockchain technology.

The multi-faceted technology has not only created ripples but also came as a blessing for numerous organizations. It has stimulated sums of businesspeople throughout the world to commence their individual firms.

 

Considerations before commencing a Blockchain Business

Vast aggregates of companies have recently started to develop blockchain-powered businesses. However, there are floating delusions around what the method actually looks like.  As a businessman, you must know what is unique and what kinds of mindsets are expected.

It is further essential to have a clear idea because mistaken expectations have the power to doom your business before it surfaces.  Considering developing an innovative trade with blockchain? Pick on these few points.

The conditions of the cryptomarket will profoundly affect your fundraising endeavors:

It means that the market value of the cryptocurrency is a determining factor behind fundraising agendas for projects. Hot markets attract investors and vice-versa.  

Business with blockchain is fast than any other technology:

Some of the companies assume that starting a business with blockchain is something unconventional. However, the only exception to blockchain and other technologies is the speed. The principle values remain the same as to concentrate the efforts on developing a marketable product, accumulating a skilled crew, and creating engaging contents.

Founding team must have high technical prowess:

Your proposed entrepreneurial process demands pressing attention to the synchronicity of the originating unit. If one side is yielding to face the customers, the other side has to hold skilled technical knowledge. Your business must be able to collaborate with cross-functional specialties.

 

Why your company should practice Blockchain?

The quick and naive objective is to get extra funding. The blockchain is one of the powerful buzzwords in the recent scenario and there are several tangible reasons to use this technology.

The blockchain is kind of a public ledger that helps to store and maintain all kinds of businesses selling and buying. These transactions are secure inside “blocks” that are linked with each other individually and time-stamped  Tampering with any data in a block would affect the entire chain, making it impossible to meddle with and more secure.

Facebook’s current travails are evidence that any business, no matter how big it is, is susceptive to decaying public support if it is unable to maintain user data and protect it. Stabilized businesses similar to Facebook will apparently endure and be fine. Whereas, new companies or Startups staring to get supported might face consequences. Therefore, the use of blockchain is beneficial to a great extent.

 

A glance at the Importance of Brand name

An innovative idea, structure, and marketing all are necessary to build a company, But can a company run without a name? The major role of a company’s success is often attached to its brand name.

A good brand name will not only attract customers but also make way for influential online visibility among the sea of other competitors. The name must not be a tongue twister and customers can easily decipher.

It should be crisp and easy to remember. Brands names that are long is not much solicited by the consumers, they start looking for shorter alternatives. Convenience is the key, be it services or name. Moreover, a brand name must be unique, imagine using blockchain technology but the name deals with Instagram, that will not work right?

The audience must be curious about the name, only hearing once should make them feel to know more about it.  So, that’s the power of a name, In fact, services and background come later.

To decide a name is not an easy task, therefore, it will be better if you take expert advice and look for some references or inspiration. Cryptocurrency and blockchain brand names must be unique and different as it deals with one of the most important aspects of the business. Well, there is a place which will fulfill all your brand name requirements and the platform is obviously Brand Thugs.

Here, you will find all the relevant suggestions for brand names related to business, the blockchain, and cryptocurrency. Here is a list of some awesome blockchain related domain names available on brandthugs.com:

1. BlockXchain.comThe perfect domain name for a cryptocurrency or blockchain business based on the word ‘blockchain’.

blockxhain.com_domain-min_(1)

2. okHODL.com: An on-trend name containing the cryptocurrency slang term ‘HODL’, which means to hold.

okhodl.com_domain-min

3. BitcoinVisits.com: A welcoming name that invites ‘bitcoin’ enthusiasts to ‘visit’ often.

bitcoinvisits.com_domain

4. CoinFarming.com: Grow your crypto wealth with this perfect brand name.

coinfarming.com_domain-min

5. BitcoinAdvertising.comThe best combination of the words “bitcoin” and “advertising”.

bitcoinadvertising-2

 

Blockchain-friendly nations

Several diverse companies started coming up within the ecosystem embracing cryptocurrency, customarily assigned to a money-raising ICO, which made many investors think twice on how to manage this crowd-funded, decentralized form of funds raising. Some of the nations that favor the use of blockchain are the USA, Switzerland,  Bermuda, and Malta. these nations are actively modifying and building legislation to embrace blockchain plans, programs, and projects.

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#Blockchain

Apple going to launch its own blockchain soon?

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Let's discuss the recent activities made by Apple which enable us to think that this company is working on blockchain technology behind the scenes.

Bitcoin technology has created some wonders in the finance market. The craze of participation in bitcoin and blockchain technology by companies is increasing day by day. The success of these new technologies has enabled some huge companies to work and participate. Recently, JP Morgan, one of the largest financial firms in the United States also announced the launch of its stablecoinNow everyone is doubting when the tech giant Apple would launch anything related to the blockchain. Is Apple working on Blockchain technology behind the scenes? In this article, we would discuss some of the recent activities made by Apple which enable us to think that this company is working on blockchain technology behind the scenes.

 

1. Recently, Apple has submitted a filing with the SEC i.e.  Securities and Exchange Commission and it is assumed that this document contains the details about the interest that this huge organization is working on blockchain technology. We all are aware of the role that SEC plays in blockchain technology. Recently, SEC restricted the ICO for the security reasons and the birth of STOs projects was the result of this restriction. With the submission of the filing by Apple with the SEC, the rumors of Apple entering the crypto space has also become a topic to discuss. And with this news, it can’t be ignored that there is some plan in the idea of Apple company which is related to Blockchain technology and if this happens, it could be a catalyst for the crypto space in its bear market.

 

2. Also, there is news that the company chaired the internal committee and the board of RBA in 2018. The special thing about this meeting was the presence of the blockchain team. The inclusion of the blockchain team in this meeting has to lead many to assume and think that maybe the main aim of this meeting was somehow related to blockchain technology. Many trade analyst predicts that some important topics and projects related to the blockchain technology could have been discussed. And with news, the predictions and rumors that Apple is working on blockchain technology behind the scenes can’t be ignored.

 

3. Apple has also filed a patent with the United States Patent and Trademark Office. In this patent of application, Apple mentions creating an application which could certify the timestamps using the famous blockchain technology. As per Apple, this application can be used to create as well as storing the timestamps using the blockchain to protect sensitive elements such as SIM used in mobile phones or microSD that contains the credential and information of a person if any single node is hacked by some measure. This patent and application clearly clarify that this tech company is taking a huge interest in blockchain technology. If this patent gets cleared by the concerned committee, then it would be the first product of the Apple organization which supports blockchain technology in any means.

 

4. Competitions from other tech competitors: Slowly but for sure, many huge companies are taking interest in blocking technology. For example, Microsoft is entering in this domain by collaborating with Bakkt, Facebook just acquired a crypto company called Chain space and even the CEO of Twitter admitted to having some bitcoins and called this market as a market of future. Now, we all are aware of the competitions between these tech giants. While, one is entering in the blockchain technology, as per the perspective of competitions, the fact can’t be ignored that others would be in process of some other project in the domain. Since all other competitors of Apple are working on blockchain technology, it can be assumed that there would be some project in the mind of the blockchain team of Apple for sure.

 

With the above-mentioned points, it could be assumed that we can soon find one of the largest mobile and laptop brand, Apple launching a product based on blockchain technology or in partnership with any organization in the crypto space. If either of the predictions gets true, it would be a very positive move by Apple for the rising of crypto space as well. So, we can conclude that Yes, Apple is working on blockchain technology behind the scenes.

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