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Cryptocurrency Market – Explained

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Expected to reach almost 1 - 1.5 trillion dollars by end of 2018.  Let us try to decode various terminologies commonly used in the cryptocurrency market.

Deciphering some of the keywords of the cryptocurrency market.

Introduction

The cryptocurrency market seems to be too unusual for some people, and they try to decipher a range of keywords related to the cryptocurrency market, which have possessed raging popularity on a number of news portals. While some of them have the notion that cryptocurrencies are the future of the globalized currency, some of them consider it to be a goldmine for money laundering and criminal activities. Nevertheless, the cryptocurrency market is growing at a very rapid pace and is expected to reach almost 1 – 1.5 trillion dollars by end of 2018.  Let us try to decode various terminologies commonly used in the cryptocurrency market.

 

Cryptocurrency

The whole cryptocurrency market revolves around the Cryptocurrencies. A Cryptocurrency is nothing but a digital currency which incorporates Cryptographic principles to maintain the sanity of the currency. The cryptocurrencies are even known to provide higher amounts of anonymity in the transactions, where the centralized authority is completely eliminated. Thereby the transactions are processed by the nodes of the network itself in a distributed manner. It is worth mentioning that the cryptocurrencies are not controlled by the government but governed by a consensus mechanism which is entailed in the currency itself. The cryptography and the consensus mechanism are incorporated to enhance security in the cryptocurrency market.

 

Why did we need one?

The cryptocurrencies were developed predominantly to solve the double spent problem. With its distributed Ledger Technology they make sure that the coins are not double spent. It’s another main intention was to globalize the whole financial economy by reducing the transactional costs, which was in turn reduced by eliminating all the Centralised authorities. Also, transferring the ownership of our funds to another Centralised authority was not a viable option, as it became self-evident during the financial crisis of 2008. Hence the decentralized nature of cryptocurrencies gave the users a complete ownership of their funds.

 

Blockchain Technology

The Blockchain Technology is the backbone of the cryptocurrencies, without which they are like any other digital currency. In a Blockchain technology, all the transactions that occur with respect to a particular cryptocurrency are recorded on a ledger whose copy is distributed to each and every individual using that cryptocurrency. Also, the ledger is immutable that means once the data is entered, it cannot be removed at any cost. This collection of transactional record forms a block. The transactions on the network are processed and a collection of records in the form of a block is added on to the Blockchain which is secured which is in turn secured through Time Stamping and Hashing.  

 

Initial Coin Offering

Another major domain of the cryptocurrency market is the ICO. An Initial Coin Offering is nothing but a digital version of Initial Public Offering. In its case, as it is an online way of raising investments from various people for the creation and development of a certain project. Since the process is completely online and real-time, the investments can be availed from the investors all over the globe. Hence enabling the entrepreneurs to a wide range of possibilities. They are one of the major sectors in the cryptocurrency market and have managed to raise unimaginable amounts of funds in the recent years.  

 

Cryptocurrency wallets

The cryptocurrency market is highly vulnerable to attacks and thefts and therefore one needs their crypto finds to be stored in a safe place.  Cryptocurrency wallets are nothing but which provides security to it. They are of two types, software or website wallets and hardware wallets. The software wallet is nothing but a place where the funds are stored on a Centralised server in a secure manner. On the contrary, the hardware wallets store the funds on a specific hardware device similar to that of a Pendrive. The hardware wallets are highly recommended over the other one, due to its incredible security.

 

Conclusion

The cryptocurrencies are considered as the future of a globalized financial economy, as they effectively have proven to reduce the costs of the transaction between different countries. Its online and real-time nature has also rendered it to have faster transaction confirmations than the traditional money transfer processes. Therefore it is no surprise that the cryptocurrency market is booming more than ever.

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#Blockchain

Forbes moves to Blockchain.

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Forbes has joined Civil keeping in mind the end goal to guarantee that no third party can evacuate or change its published content.

Forbes has joined blockchain journalism network Civil keeping in mind the end goal to guarantee that no third party can evacuate or change its published content. The business magazine will likewise try different things with new techniques for peruser commitment in an organization with Civil.

 

Forbes Joins Civil Network to Expand Trust With Audiences

The game plan will make Forbes the primary significant media brand to publish content on the blockchain-based platform intended to encourage a peer-to-peer exchange of significant worth among journalists and the audience keeping in mind the end goal to advance moral journalism. The biological system is empowered by the CVL token which keeps “tech goliaths and very rich person proprietors” from controlling the model, “counting where and how revenue is distributed”.

Forbes will try different things with the Civil platform as a way to build trust with audiences and evaluate rising chances, including extra revenue streams, as indicated by Salah Zalatimo, Senior VP of Item and Technology at Forbes.

“We are steadily centered around quick experimentation and execution with the goal that we can figure out what’s to the greatest advantage of our audience and what is next for our industry. Forbes and Civil accept enthusiastically in the mission of journalism, and together we can give audiences a level of extraordinary transparency around our content. We’ll likewise have the capacity to expand the reach of our writers and distinguish new revenue channels after some time.”

At the Civil platform, members can vote in favor of/against newsrooms that are being tested, acquire CVL for partaking, pay their most loved journalists with CVL, and convert CVL into money. Patrons are required to store tokens as a ‘stake’ so as to begin or back newsrooms, challenge terrible performing artist newsrooms, and advance to the Civil chamber.

The group behind Civil fabricated their professions at NYT, The Money Road Diary, BBC, The Gatekeeper, El Pais, NPR, The Atlantic, among others. The concurrence with Forbes is a point of reference for the task, said CEO Matthew Iles worked at ESPN in 2010.

“Civil’s central goal is to control maintainable journalism all through the world, and Forbes’ promise to routinely publish content on our platform is a noteworthy point of reference for our methodology. We anticipate working with Forbes as we associate with a more extensive audience keen on new, more straightforward approaches to find, offer and bolster moral journalism.”

Forbes is because of beginning publishing metadata of various articles to the blockchain by means of Civil in Q1 2019. The organization plans to start submitting metadata from the majority of its articles to Civil’s decentralized network sooner or later one year from now. The published metadata builds up the creator’s character and validity and in addition the master idea of taking an interesting source.

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#Blockchain

Blockchain Might Be Key as London Starts to Transform Into a Smart City

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Workable blockchain solutions have yet to take their fully-fledged form. The London Smart Plan does not yet incorporate the nascent technology.
We thank Aubrey Hansen for this guest post.

According to public wisdom, China is leading the charge on the future cityhalf of the world’s thousand or so smart pilot projects come from Asia’s leading economic powerhouse. But London and its sitting Mayor Sadiq Khan may have something to say to this.

 

Earlier this year, Sadiq Khan unveiled plans to make London ‘the world’s leading smart city’ and bring the community’s tech enterprises closer together as a result.

 

It can be easy to forget that London is a big player in the industry. Innovation flows out of the city through 47,000 digital technology companies that call it home. Forecasts say there will be over 62,000 by 2026; make no mistake, the ideal testing grounds for a blockchain-powered smart city could be here.

 

 

London has a track record in pioneering technology

Local government body Transport for London (TFL) have staggeringly reached about 3 million contactless payments per day. Their model is now being shipped abroad, notably for use on the subway systems of New York and Boston.

 

This was a natural progression from Oyster cards, an innovative electronic ticket introduced in 2003 which has become synonymous with train and bus travel inside London. Now TFL is one of the most prominent contactless merchants in Europe and this lends credence to Mayor Khan’s claim that London could be the first to implement sweeping smart city changes.

 

It is not just the tech community at the forefront of adoption, but Londoners who have themselves been enthusiastic participants in the sweeping fintech revolution which has made the capital nearly cashless.

 

 

Talk of blockchain in the plan is scant, for now

Workable blockchain solutions have yet to take their fully-fledged form. It is unsurprising thus that the London Smart Plan does not yet incorporate the nascent technology.

 

This does not mean that it won’t be instrumental in transforming the way that London caters for its residents. If a working product comes to the table and is ready to be implemented, it can only then be considered.

 

Great benefits offered by blockchain technologies include offering the ability to share data widely without any concern for it being altered or stolen. Primarily, data can be collected, stored and analyzed in real-time without compromise on security.

 

It’s also fast – in fact, near-instant – with the potential to collect astronomical quantities of data every day and put it to use immediately. The sheer scope of the tech means that it could become the backbone of London as a smart city.

 

The Smart London Board will be monitoring distributed ledger technologies (DLT) carefully, as they have publicly recognized that innovations such as on DLT-based blockchain ‘can engage Londoners in how they want their city and city spaces to work’ and further ‘help councils, businesses, and designers co-design, deliver and manage city spaces collaboratively.’

 

 

Just how far off is a smart London on DLT?

Two startups have emerged with the most plausible networks for a smart city: Berlin-based IOTA has been predominant in the space until recently, while Chinese company CyberVein bill their network as one consisting of entirely decentralized databases.

 

Both projects are developing along the lines of DLT and blockchain, but each opt for a Directed Acyclic Graph (DAG) architecture. A major advantage of this tech is that it allows ledgers to be broken up into smaller parts on sidechains, which reduces the burden on the main chain and removes the need for users to store the entire network to make transactions.

 

This makes it theoretically possible to scale to many billions of data points which are critical; a smart London will gather data by the petabyte every single day.

 

CyberVein has stated it hopes to have a system up and running by the end of the year and indicate a main net launch could be forthcoming in 2019. IOTA share a similar timeline; their partnership with Volkswagen could come to fruition next year.

 

 

Widespread adoption is vital and London could play a central role

Should CyberVein, IOTA, or another project appear with a functional platform then the next step is persuading businesses and government bodies to adopt and implement.

 

The open-mindedness of London cannot be compared to the opportune regulation-lite offered by Malta and Liechtenstein on blockchain technologies. With a desire from its Mayor, tech community, and residents to move unerringly into the future, there is also a determination to do it right.

 

Mayor Khan’s rhetoric surrounding the future of his city, individually as a smart city, carries with it a latent message to the world of blockchain: London is ready, but only if you can bring a working product to the table.

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#Bitcoin

Roger Ver: The Reality

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Roger Ver is one of the many institutional investors, about the cryptocurrency industry who have been contributing to the development of Bitcoin.

Elucidating the life of a former Bitcoin enthusiast.

 

Is Bitcoin the future?

Bitcoin in the year 2009, came up with a lot of hopes for the community members, that it would be radicalizing the financial economy, by eliminating the need of an intermediary, to send money from one part the world to another. And Bitcoin did prove to be highly successful, but in the recent days, due to significant advancements in the technology better protocols have been implemented in newer cryptocurrencies. As a direct consequence of which, more efficient cryptocurrencies are being utilized instead of Bitcoin. Even many of the institutional investors along with financial advisors have shifted their perspective away from Bitcoin, due to its inherent scalability issue.

 

 

Introduction to Roger Ver

Roger Ver is one of the many institutional investors, about the cryptocurrency industry who have been contributing consistently for the development of notably, Bitcoin. It must be noted down that, Roger Ver shifted his perspective drastically from Bitcoin to Bitcoin Cash as the fork was initiated. The increase of block size from 1 MB to 8 MB was highly appreciated by him and became a staunch supporter of Bitcoin cash. Finally, he was very much frustrated with the delays in the Bitcoin network and had also started commenting negative remarks concerning Bitcoin. Ironically, he was one of the most active Bitcoin enthusiasts.

 

The early life of Roger Ver

Born on 27th January 1979, Roger Ver was living with his Christian family in San Jose, California. He was dominantly associated with investment and business. His business interests could easily be seen, in his small business of selling candies, in his school and was quite successful at his level.  His small-scale business eventually led him to buy a Ford Mustang during his high school. The business-oriented Roger Ver, fought with his father, for his dad had placed an ad in a newspaper to sell Ford Mustang.

 

 

Allegations on Roger Ver

His business-oriented mind later led to the development of a company which provided parts of computers. Initiated in 1999, the company, Memory Dealers had supplied memory modules to the companies like Cisco and Juniper. He provided them with spare parts. Later in the year 2002, he was alleged to deal with explosives which were not under his jurisdiction. As a result of which he had to spend 10 months in the federal prison. He considers it to be a personal grudge of the Commission of  Alcohol, Tobacco, and Fire Explosives towards him. After 10 months of his imprisonment, he was kept on a probation period for about 3 years.

 

 

His first Bitcoin exposure

Roger Ver first had come to know about Bitcoin in February 2011, while listening to a bitcoin podcast. Followed by which, he locked up himself in a room and assimilated knowledge about Bitcoin and cryptocurrencies.  It was in the same year, in which he made a $25,000 investment in Bitcoin. Interestingly, the price jumped from $2 per BTC to almost $30, which instantly made him a Bitcoin millionaire. He had indirectly invested in Charlie Shrem’s, Bitinstant, as his Bitcoin investment. with the return on Investments, he further invested in various other cryptocurrencies and blockchain projects.  

 

Development concerning Bitcoin.com

In April 2014, his obsession towards Bitcoin led him to buy the domain name bitcoin.com from blockchain.info. He made use of the website predominantly for his interest, where both Bitcoin and Bitcoin cash where made available to be bought or sold. To monetize the website, and earn a significant return on investment he also initiated an online Bitcoin Casino. The website even provided with the latest news in the cryptocurrency domain and as staunch Bitcoin Cash supporter, he made use of the website in promoting Bitcoin Cash and various other Bitcoin hard forks, for his interest. The former Bitcoin supporter was now being witnessed to give negative remarks towards Bitcoin for its scalability issues.  

 

 

Secrecy of Bitcoin.com

It is also observed that Bitcoin.com has secret connections with many Chinese blockchain based companies, as many articles on Bitcoin.com pointed at the promotion of their product.

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