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Steem Token Explained. Should you invest in Steem in 2018?

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The Steem token in the powers its content publishing platform, Steemit; a blogging website powered by Blockchain Technology.

Decoding the Blockchain powered Blogging platform.

Introduction

The cryptocurrencies are undoubtedly changing the face of financial industry though it’s amazing applications. Although Satoshi Nakamoto, wouldn’t have expected the growth of cryptocurrencies at this scale, during the invention of Bitcoin in the year 2009. In the Bitcoin Whitepaper, it was mentioned as a peer to peer electronic cash system which would completely eliminate the centralized authorities and physical currencies. Bitcoin was one of the most successful digital currency of its time as the other digital currencies were not secure and scalable enough to support the Global community. Achieving Consensus between communities of such higher scales were considered to be highly challenging without a Centralised authority, but Bitcoin proved then wrong. Let us read about Steem token and its uses.

Steemit and the Steem tokens

The Steem token in the cryptocurrency domain is the one which powers its content publishing platform, Steemit. Steemit is very similar to other blogging websites such as Medium, WordPress, or Reddit but the only prominent difference is that the website is powered by Blockchain Technology. The technology is so powerful that theoretically it is estimated that it is scalable enough to host the whole internet.

 

The Steem tokens are used to reward the users of the website which helps in its development. The Steem tokens are not mined as usual but are awarded to its curators, content creators, and Power Hodlers. Here creators are nothing but bloggers, photographers, artists, poets, etc who constantly contribute for the platforms improvement. The mechanism is precisely known as Proof of Brain Concept.  

 

Further insights

The creators receive a reward in developing better content, which is observed by receiving upvotes, in the form of the Steem tokens which can then be traded with the traditional Fiat currencies on exchanges like OpenLedger, Changelly, and Bittrex.

The Steem tokens don’t have any fixed circulating supply and the inflation rate is fixed at 100% per year. The Steem tokens are a form of Smart Media Tokens or SMTs which can effectively be traded for other cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. The SMT tokens share much of the attribute of the ERC20 tokens.

D.tube

The Steemit community even has another service to offer to its customers. D.tube, which is considered to be very similar to YouTube, is Blockchain based and the users can realize the difference between the traditional video publishing websites and D.tube, as the amount of money earned is also displayed beside the post apart from likes shares and comments.

Loopholes in Steemit?

However, the Steemit community is accused of posting plagiarize contents on their publishing website. The irony seems to be reaching highest levels when the original content doesn’t receive much appreciation and income than the copied versions of it. It seems that the users are concentrating more towards earning money and not maintaining the overall sanity of the project.  

 

Is it a suitable option for investment?

The token had lost its value and fell to almost $0.14 in the early months of 2017. However, the steem tokens are evaluated to be trading around $1.03 currently. However, in December 2017, the prices of the tokens reached $4 marks along with a sudden rise in its market capitalization. The investors have a firm belief in their skilled and open-minded developers and hence the community looks futuristic. They are most suitable for a long-term investment if their proposed roadmap is successfully implemented.

However, in this highly unpredictable Crypto space, the development of the Steemit community is absolutely uncertain. Since the content publishing project is decentralized and completely based on the market forces of demand and supply, any prediction by the cryptocurrency professionals can’t be 100% accurate. Therefore, it is up to the Investor’s responsibility to make sure to conduct an effective background check on the Steem tokens. The disclaimer section of The Steem token in the powers its content publishing platform, Steemit; a blogging website powered by Blockchain Technology.must be given the top priority while doing the research, as this is the place where most of the prominent points are jotted.

Conclusion

The world requires a single Global cryptocurrency which would completely eliminate all the intermediaries and also the transactions as well as Forex charges. With so many cryptocurrencies competing with each other, to become the Global Currency. Some of the prominent currencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin have higher odds of becoming accepted in a globalized manner.  However, based on their functional structures, the cryptocurrencies can be used in different domains. But one thing is for sure that the cryptocurrencies, still have ample of time to prove themselves, as the cryptocurrency market itself is in its initial stages.

#Bitcoin

Can Bitcoin be Traced?

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Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

To track the person who received the bitcoin, the address owner must be aware of it.

However, governments do not want bitcoin owners to be unknown, and they are trying to regulate bitcoin in a way that can be monitored.

It’s nothing new since people have been doing blockchain analysis and bitcoin tracking since bitcoin was used to exchange stuff on the internet.

 

Is Bitcoin Anonymous?

As Bitcoin has become more popular and some criminal activity has been disclosed on the Bitcoin network, many people have wondered whether their Bitcoin transactions are anonymous or whether there are some essential complexities that they should be aware of.

Bitcoin tumblers allow many different users to put their cryptocurrency in a “bucket” and then return the same bitcoin value to each user, but with bitcoins put into a bucket by other users.

Bitcoin is not entirely untraceable, but it is a common misunderstanding, as Bitcoin is well known for masking user identity.

 

Users who rely on bitcoin exchanges ( such as Bitfinex, Binance or Kraken ) to exchange money for bitcoin must disclose their personal information to such an account.

However, governments are beginning to introduce new rules that could force an anonymous Bitcoin exchange to verify the identity of a new user before allowing them to purchase Bitcoin with fiat currency.

Create multiple addresses so that bitcoin can be randomly distributed, making blockchain analysis more difficult and anonymous.

 

Bitcoin is often presented as an untraceable payment method that facilitates illegal activities by allowing criminals to make and receive payments without being monitored.

There are many ways in which the identity of a person can be exposed to bitcoin transactions.

 

Now you have your bitcoin clean; you don’t want to waste all the hard work of using it in a trackable transaction.

As such, if you can pay with bitcoin and rely on the trader not to keep any PII records, the purchase may be anonymous.

If you prefer to spend your bitcoin on other cryptocurrencies or cash, the easiest thing to do would be to go to the exchange.

Portfolios, currency exchanges, mixing companies, and P2P sites have all been used to cheat bitcoin users.

Keep in mind that bitcoin is still the most widely accepted cryptocurrency.

 

Bitcoin is the only virtual currency with enough people who want to buy it to become moldy.

Cybercriminals use the creation and monitoring of Bitcoin portfolios, which can be done automatically, helping them find out which victims have paid.

Bitcoin transactions are public and contain all the information we need to track ransom payments, provided that we know which wallets to look at.

In most cases, payment tracking is not as easy as cybercriminals move bitcoins through multiple wallets to avoid payment tracking.

 

So, if you’re still thinking about using Bitcoin for your transaction gateway, be careful that you can track it as well.

Most users use online bitcoin exchanges to exchange bitcoins for real currency, such as bitpay, coinbase, localbitcoins, etc.

As the number of pro traders is slightly lower in online markets, it is easy to look at the bitcoin transaction by going to their bitcoin address.

 

Oaktar can be used to collect much more than the information needed to identify and link someone to specific Bitcoin addresses and transactions and can do so without relying on cryptocurrencies.

As alarming as oaktar and its activities, no new information has recently emerged to indicate that the NSA has expanded its Bitcoin monitoring efforts to other cryptocurrencies.

These protocols include CoinJoin, Dark Wallet, bestmixer, io, sharecoin, and coinwap, all of which also offer Bitcoin and other cryptocurrencies the possibility of anonymizing their transactions.

In the meantime, the more direct and intrusive methods of the NSA are also based on the fact that crypto users unconsciously compromise their internet connections, which could not be expected to monitor all cryptocurrency transactions in mass.

 

Bitcoin, the Internet currency loved by computer scientists, libertarians and criminals, is no longer vulnerable.

But Bitcoin ‘anonymity is also a powerful tool for criminal financing: virtual money can keep shady transactions secret.

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#Blockchain

Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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#Blockchain

JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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