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How to purchase and exchange your litecoin! (longer read)
This post will show you the best ways to buy litecoins using many different payment methods and exchanges for each method. Before you start, make sure you have a good litecoin wallet to store your LTC. NEVER store your litecoins on a crypto exchange.
Start trading fast; high limits
Easy way for newcomers to get bitcoins
Your capital is at risk.
High liquidity and buying limits
Easy way for newcomers to get bitcoins
“Instant Buy” option available with debit card
Works in almost all countries
Highest limits for buying bitcoins with a credit card
Reliable and trusted broker
Buy Litecoin with Credit Card or Debit Card
Let’s dive into some of the exchanges supporting Litecoin credit card purchases. These exchanges are our favorite ways to buy.
Coinbase is the easiest way to buy litecoins with a credit card. Coinbase is available in the United States, Canada, Europe, UK, Singapore, and Australia. The fees will come out to 3.99% per purchase. Here is a good video that can help walk you through the process of buying on Coinbase, although it’s fairly easy.
Coinmama recently added the ability to buy litecoin directly on the platform. Users from nearly any country in the world can use Coinmama to buy litecoins. Coinmama has some of the highest limits among credit card exchanges.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using a credit card from most European countries.
CEX.io is based in the UK and is one of the oldest crypto exchanges online. CEX.io supports litecoin and its users from nearly anywhere in the world can buy litecoin with credit card on the platform.
Buy Litecoin with Bank Account or Bank Transfer
Coinbase is the easiest way to buy litecoins with a bank account or transfer. Coinbase, like is is for credit cards, is available in the United States, Canada, Europe, UK, Singapore, and Australia. Coinbase is one of primary exchanges used to buy Litecoins. Americans can use ACH transfer (5–7 days wait), and Europeans can use SEPA transfer (1–3 days wait). The fees will come out to 1.49% per purchase.
BitPanda is based in Austria and is a crypto brokerage service. You can buy using SEPA transfer from most European countries. You can also use SOFORT, NETELLER, or GiroPay.
CEX.io also supports litecoin buys via bank account. This is via wire transfer for US citizens, SEPA for Europe, and SWIFT for the rest of the globe.
Binance is now one of the largest if not the largest cryptocurrency exchange in the world. It supports bank and card purchases of Litecoin as well as Litecoin trading pairs with Bitcoin and Etehreum.
Get a Litecoin Wallet
Before we move onto other options: Never store your litecoins on an exchange! Always withdrawal your litecoin to an offline cryptocurrency wallet like the Ledger Nano S or any other wallet that you control. The Ledger Nano S and TREZOR are the best options for secure storage.
Other Methods to Buy Litecoin
If you don’t have a card or want to avoid the high fees, you can use the following methods to buy Litecoin as well. Find out which one works best for you.
Buy Litecoin with PayPal
Unfortunately, there is no easy way to buy Litecoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case. You can, however, now use eToro to buy Litecoin, unless you live in the United States. If you live in the US, the only way to buy Litecoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litecoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Coinbase Pro to swap the Bitcoin for Litecoin.
Buy Litecoin with Cash
There is no good way to buy litecoins with cash. LocalBitcoins is the most popular way to buy bitcoins with cash, and it does not have Litecoin support. Other popular cash to Bitcoin exchanges like BitQuick and Wall of Coins also do not support LTC. So you will have to first buy bitcoins with cash then exchange them for LTC using the method described below. The same goes for Bitcoin ATMs. Most do not support Litecoin. So if you want to buy litecoins at a Bitcoin ATM you first have to buy bitcoins and then trade the BTC for litecoins.
Buy Litecoin with Bitcoin
If you already have Bitcoins then it is VERY simple to convert some of your BTC to litecoins. You just need to find an exchange with the LTC/BTC pair, which is most exchanges since LTC/BTC is a very popular pair to trade.
Buy Litecoin with Skrill
BitPanda, mentioned above, also accepts Skrill payments for LTC. The fees will vary and are simply included in your buy price.
Cryptmixer is probably the fastest way to convert BTC to Litecoin. You just enter the amount of LTC you want to buy, and give them a LTC address. Then they will tell you how much BTC to send to their address. Once your BTC is sent, you will have LTC delivered to your wallet very shortly after.
Buy Litecoin with Ethereum
Ethereum has experienced a massive price rise. Nearly a year ago it was $10, and now at over $500, many want to move some of their ETH gains into other coins like Litecoin. Litecoin has very good liquidity, and is very popular among traders especially in China. So this guide is going to show you how to buy litecoins with Ethereum. We will show some of the best exchanges you can use, and the pros and cons of using different types of exchanges over the other.
Cryptmixer is one of the most unique exchanges, and also one of the fastest ways to convert your ETH to LTC. With Cryptmixer you do not even need to store your money with the exchange, meaning you are at very little risk of getting your funds stolen. With Cryptmixer you simply specify the amount of LTC you want to buy, and specific the address to where your litecoins should be sent and within 30 minutes you will have LTC delivered to your wallet.
Poloniex is the world’s largest altcoin exchange. However, there is a huge downside to using Poloniex to convert your ETH to LTC: Poloniex does not have a LTC/ETH market, meaning you have to first trade your ETH to BTC, and then trade your BTC for LTC. While this method works, you will have to make multiple trades and also pay fees twice.
Shapeshift is basically the same as Cryptmixer, and was actually the first company to come up with the concept of an exchange that does not hold your own funds.
Frequently Asked Questions About Buying Litecoin
Many of you may still have lots of questions about how to buy Litecoin. Odds are we have answered almost any question you could think of below. We will aim to answer many of the most common questions relating to buying Litecoin.
Why are there limited options to buying Litecoin using other altcoins?
The issue in all crypto markets is liquidity. As the space gets bigger, the liquidity also gets better. But as of now, the only VERY liquid cryptocurrency is Bitcoin. So exchanging two altcoins between each other is often harder than if BTC was involved on one side of the trade.
How much is a Litecoin worth?
Like all currencies, the value of Litecoin changes every second. The value of Litecoin also depends on the country you are in and the exchange you are trading on. You can find the most up to date price on Coinbase.
How do I buy Ripple (XRP) with Litecoin?
The best way to buy Ripple using Litecoin is to either use a non KYC exchange like Cryptmixer or start an account on Binance or Coinbase Pro and sell your Litecoin for Ripple. Look for LTC/XRP trading pairs, and make your trade.
How long does Litecoin take to confirm?
Litecoin blocks are added ever 2 and a half minutes. That means you should get one confirmation every two and a half minutes. This can vary if it takes miners longer to discover a block, but the difficulty of the finding a block should change proportionate to the hashing power on the network so that a block gets added approximately every 2.5 minutes. If you are trying to send money to a merchant, they may require more than one confirmation before they send you products. If you are depositing on an exchange, they may also require three or more confirmations before they credit your account.
How many Litoshis make one Litecoin?
one hundred million (100,000,000) Litoshis make one (1) Litecoin.
Where do I store Litecoin?
The best place to store litecoin is on a hardware wallet. You can find the best one for you on our page dedicated to hardware wallets.
When is the Litecoin halving?
The expected date of the next Litecoin block reward halving is August 7th, 2023.
Why can litecoin take so long to buy?
Litecoin can take long to buy because the legacy banking system is very slow. If you are buying with another cryptocurrency, you will see how fast it is to buy! Bank transfer in the USA, for example, take about 5 days to complete. So any purchase of Litecoin made with a US bank transfer will take a minimum of 5 days.
How do I buy Litecoin with Paypal?
Unfortunately, there is no easy way to buy Litcoin with PayPal. Other sites will tell you that cex allows for this, but that is no longer the case. You can, however, now use eToro to buy Litcoineum, unless you live in the United States. If you live in the US, the only way to buy Litcoin with Paypal is to buy Bitcoin using paypal, and then use the Bitcoins to buy Litcoin. You can easily buy Bitcoin using Paypal on Local Bitcoins. Once you have Bitcoin, you can use an exchange like Cryptmixer to swap the Bitcoin for Litcoin.
Can you buy partial litecoins?
Yes, litecoin, like Bitcoin, is divisible to many decimal places so you can buy 0.1 LTC, 0.001 LTC, etc.
Can you sell litecoin?
Yes, you can sell LTC on most of the exchanges mentioned above. The fees, speed, and privacy is the same in most cases.
Can anyone buy litecoins?
Anyone is free to buy litecoins, as long as you find an exchange that supports your country. Most cryptocurrency wallets do not require ID to sign up so you can always make a wallet and get paid in litecoin, too.
Which payment method is best to use?
For speed, credit card will likely be fastest. For larger amounts, bank transfer is best. For privacy, it’s best to buy bitcoins with cash and then trade for litecoins using Cryptmixer or Shapeshift.
Is it better to mine or buy litecoins?
If you have cheap electricity, it might be worth it to mine litecoins. If you have solar power or just want to mine for fun then it could be worth it. Otherwise, it’s probably better just to buy. Mining is constantly changing and small changes in Litecoin price or electricity can greatly affect your profitability.
What should I do with my litecoins once I buy?
You should immediately move your litecoins into a secure wallet. You should never leave your litecoins on an exchange. There have been countless hacks in cryptocurrency since Bitcoin was created in 2009. Hundreds of thousands of people have lost money. So buy your litecoins, and then instantly send them into a wallet you control so you are not at risk of losing money to a hack or scam.
Written bySatoshisAngels Published by read.cash On August 5th 2020, Satoshi’s Angels hosted an AMA for CoinEx on “How BCH and Avalanche Are Bringing Financial Freedom to 6 Billion People” on a Chinese platform Bihu. During the 100-minute event, Haipo Yang of ViaBTC and CoinEx, and Emin Gun Sirer of AVA Labs shared their in-depth views on such topics as different consensus mechanisms, community governance, IPFS, Defi. And Haipo explained why he wants to fork BCH. This is the full text. You can check out the full AMA here (mostly in Chinese with some English translation). https://preview.redd.it/x790bw58axf51.png?width=1920&format=png&auto=webp&s=03c8af942f8f14d98d5dd693adf9e2a50448d61d Cindy Wang (Satoshi’s Angels): There are news saying that you are to fork BCH. Is it a marketing makeover? Are you serious about it? Haipo Yang: It’s definitely not a marketing makeover. But the details are not decided yet. Over the past three years, the BCH community has gone through multiple discussions from reducing block time, changing mining algorithms, adding smart contracts, etc. But none of these disputes have been well settled. BCH is a big failure in terms of governance. A lack of good governance has made it fall in disorder. It is too decentralized to make progress. You may know that the first BCH block was mined by ViaBTC. And we gave a lot of support to it indeed. But we didn’t dominate the fork. The Chinese community in particular thought I had a lot of influence, but it was not true. I think the whole community is very dissatisfied with Bitcoin ABC, but it is difficult to replace them or change the status quo. So I am thinking of creating a new branch of BCH. The idea is still in early stage. I welcome anyone interested to participate and discuss it with me. Wang: Professor Emin, what’s your attitude to fork? Do you think it’s a good timing to fork BCH? Emin Gun Sirer: I am a big fan of BCH. It adheres to the original vision of Satoshi Nakamoto. I like the technical roadmap of BCH. But just like what Haipo mentioned, BCH lacks a good governance mechanism. There are always something that can cause BCH community to divide itself. But I think it’s not enough to just have a good governance mechanism. There are many good proposals in the community but failed to be adopted in the end. I think BCH needs social leadership to encourage discussion when there are new proposals. Wang: We are all curious to know How Avalanche got its name? I know that Avalanche doesn’t mean well in Chinese. But in English, it’s a very powerful word. Avalanche represents a series of algorithms piling together like a mountain. When decisions slowly form, the ball (nodes in the network) on top of the mountain starts going down the hill on one side, and it gets bigger and bigger, and like an avalanche and it becomes unstoppable, making the transaction final. Wang: Prof. Emin, I know that you are a big blocker. Have you ever considered implementing Avalanche based on BCH? Why create another chain? Sirer: Of course I considered that. Satoshi Nakamoto consensus is wonderful, but the proof-of-work mechanism and Nakamoto consensus base protocols have some shortcomings, such as network latency, and it is hard to scale. Avalanche, instead, is totally different, and is the new biggest breakthrough in the past 45 years. It is flexible, fast, and scalable. I’d love to implement BCH on top of avalanche in the future, to make BCH even better by making 0-conf transactions much more secure. Wang: As an old miner, why did CoinEx Chain choose to “abandon” POW, and turn to POS mechanism? Haipo: Both POW and POS consensus algorithms have their own advantages. POW is not just a consensus algorithm, but also a more transparent and open distribution method of digital currency. Anyone can participate in it through mining. POW is fairer. For a POS-based network, participants must have coins. For example, you need to invest ICO projects to obtain coins. But developers can get a lot of coins almost for free. In addition, POW is more open. Anyone can participate without holding tokens. For example, as long as you have a computer and mining rigs, you can participate in mining. Openness and fairness are two great features of POW. POS is more advanced, safe and efficient. POS is jointly maintained by the token holders, and there is no problem of 51% attacks. Those who hold tokens are more inclined to protect the network than to destroy the network for their own interests. To disrupt the network, you need to buy at least two-thirds of the token, which is very difficult to achieve. And when you actually hold so many coins, it’s barely possible for you to destroy the network. POW has the problem of 51% attack. For example, ETC just suffered the 51% attack on August 3. And the cost to do that is very low. It can be reorganized with only tens of thousands of dollars. This is also a defect of POW. In addition, in terms of TPS and block speed, POS can achieve second-level speed and higher TPS. Therefore, CoinEx Chain chose POS because it can bring a faster transaction experience. This is very important for decentralized exchanges. Both POW and POS have their own advantages. It’s a matter of personal choice. When choosing a consensus mechanism, the choice must be made according to the characteristics of the specific project. https://preview.redd.it/upbayijaaxf51.jpg?width=1055&format=pjpg&auto=webp&s=703e3b6a493a76f86bc9045e784d174bde9d3c42 Wang: Ethereum is switching to ETH 2.0. If they succeed, do you think it will lead the next bull market? Sirer: If Ethereum 2.0 can be realized, it must be a huge success. But I doubt it can be launched anytime soon considering that it has been constantly delayed. And even if it comes out, I am not so sure if it will address the core scaling problem. And the main technology in Ethereum 2.0 is sharding. Sharding technology divides the Ethereum networks into small parallel groups, but I think what will happen is everyone wants to be in the same “shard” so the sharding advantages might not be realizable in Ethereum 2.0. Avalanche supports Ethereum’s virtual machine, and Avalanche can realize 1 second level confirmation, while with sharding finalizing confirmation takes 5–6 seconds at best. Avalanche approach to make Ethereum scale is superior to Ethereum 2.0. There are many big players behind Ethereum 2.0, and I wish them success. But I believe that Avalanche will be the fastest and best Smart Contract platform in the crypto space, and it is compatible with Ethereum. Wang: Why is Avalanche a real breakthrough？ Sirer: Avalanche is fundamentally different from previous consensus mechanisms. It’s very fast with TPS surpasses 6500, which is three times that of VISA. Six confirmations can be achieved in one second. Compared with the POW mechanism of Bitcoin and Bitcoin Cash, Avalanche’s participation threshold is very low. It allows multiple virtual machines to be built on the Avalanche protocol. Avalanche is not created to compete with Bitcoin or fiat currencies such as the US dollar and RMB. It’s not made to compete with Ethereum, which is defined as the “world’s computer”. Avalanche is positioned to be an asset issuance platform to tokenize assets in the real world. Wang: How do you rank the importance of community, development, governance, and technology to a public chain? Sirer: These four are like the legs of a table. Every foot is very important. The table cannot stand without strong support. A good community needs to be open to welcome developers and people. Good governance is especially important, to figure out what users need and respect their voices. Development needs to be decentralized. Avalanche has developers all over the world. And it has big companies building on top of Avalanche. Yang: From a long-term perspective, I think governance is the most important thing, which is the same as running a company. In the long run, technology is not important. Blockchain technology is developed based on an open source softwares that are free to the community. Community is also not the most important factor. I think the most important thing is governance. Decentralization is more about technical. For example, Bitcoin, through a decentralized network method, ensures the openness and transparency of data assets, and the data on the chain cannot be tampered with, ensuring that the total amount of coins has a fixed upper limit. But at the governance level, all coins are centralized at some degree. For example, BCH developers can decide to modify the protocol. In a sense, it is the same as managing a company. Historically, the reasons for the success and failure of companies all stem from bad governance. For example, Apple succeeded based on Steve Jobs’s charisma, leadership and the pursuit of user experience. When Jobs was kicked out, Apple suffered great losses. After Jobs returned, he made Apple great again. Issues behind Bitmain is also about governance. Simply put, governance requires leaders who have a longer-term vision and are more capable of coordinating and balancing the resources and interests of all parties to lead the community. In the blockchain world, many people focus on technology. In fact, technology is not enough to make great products. User experience is most important. Users don’t care about the blockchain technology itself, but more concerned about whether it is easy to use and whether it can solve my problem. We need to figure out how to deliver a product like Apple. The pursuit of user experience is also governance in nature. And governance itself lies in the soul of key leaders in the community. Realize tokenization of assets in. https://preview.redd.it/14jf1bvcaxf51.jpg?width=1082&format=pjpg&auto=webp&s=c312912142c38de986f42912086e205354162190 Wang: Speaking of asset tokenization, I would like to ask Haipo, do you think the market for assets on the chain is big? Yang: It must be very big. We need to see which assets can be tokenized. Assets that can be tokenized are standardized assets, sush as currencies and securities.
In terms of currency, Tether has issued over 10 billion U.S. dollars. Many people think that’s too much. But I think this market is underestimated. The market for stablecoins in the future must be hundreds of billions or even trillions, especially after the release of Facebook’s Libra. Even US dollar might be issued based on the blockchain in the future.
At present, the settlement of USD currency is through the SWIFT system. But the SWIFT system itself is only a clearing network, a messaging system, not a settlement network. It takes a long time for clearing and settlement, and it is not reliable. But both USDT and USDC can quickly realize cross-border transfers in seconds and realize asset delivery. Even sovereign currencies are likely to be issued on the blockchain. I believe RMB also has such a plan.
Equity and securities markets are the largest market. But they have strict requirements for market access.
Whether a stock is listed on A-shares or in the American markets, it’s hard to obtain them. I believe that the blockchain can completely release the demand through decentralization. It can allow any tiny company or even a project to issue, circulate and finance a token. There may be only tens of thousands of stocks currently traded globally. There are also tens of thousands of tokens in the crypto space. I believe that millions or more of assets will be traded and circulated in the future. This can only be realized through decentralized technology and organization. The market for assets tokenization will be huge. And at present, the entire blockchain technology is still very primitive. Bitcoin and Ethereum only have a few or a dozen TPS, which is far from meeting market demand. This is why CoinEx is committed to building a decentralized Dex public chain. Wang: Avalanche’s paper was first published on IPFS. What do you think of IPFS? Sirer: I personally like IPFS very much. It is a decentralized storage solution. Yang: There is no doubt that IPFS solves the problem of decentralized storage, and can be robust in the blockchain world, and can replace HPPT services. But there are still three problems:
IPFS is not for ordinary users. Everybody needs BCH and BTC, but only developers need IPFS, which is a relatively niche market;
IPFS is more expensive than traditional storage solutions, which further reduces its practicality. In order to achieve decentralization, more copies must be stored, and more hardware devices must be consumed. In the end, these costs will be on to users.
There may be compliance issues. If you use IPFS to store sensitive information, such as info from WikiLeaks, it may end up threatening national security. I doubt that decentralized storage and decentralized public chains can survive under the joint pressure of global governments.
The IPFS project solves certain problems. But from the perspective of application prospects, I am pessimistic. Wang: What do you think of Defi? Yang: I want to talk about the concept first. Broadly speaking, the entire blockchain industry is DeFi in nature. Blockchain is to realize the circulation of currency, equity, and asset value through decentralization. So in a broad sense, blockchain itself is DeFi. In a narrow sense, DeFi is a financial agreement based on smart contracts. DeFi, through smart contracts, can build applications more flexibly. For example, before we could only use Bitcoin to transfer and pay. Now with smart contracts, flexible functions such as lending, exchange, mortgage , etc. are available. The entire blockchain industry is gradually evolving under the conditions of DeFi. DeFi will definitely get greater development in the future. Sirer: I think Defi will definitely have a huge impact. DeFi is not only an innovation in the cryptocurrency field, but also an innovation in the financial field. Wall Street companies have stagnated for years with no innovation. Avalanche fits different DeFi needs, including performance and compliance. In the future, not only will Wall Street simply adopt DeFi, but DeFi will grow into a huge market that will eventually replace the traditional financial system. Questions from the community: 1. How does Avalanche integrate with DeFi? Sirer: At present, all DeFi applications on Avalanche have surpassed Ethereum. What can be achieved on Ethereum can be achieved on Avalanche with better user experience. We are currently connecting with popular DeFi projects such as Compound and MakerDao to add part of or all of their functions. At present, Avalanche is working on decentralized exchange (DEX). The current DEXs are limited by speed and performance but when they are built on top of Avalanche it will be real-time and very fast. 2. How many developers does BCH have? Yang: I think it does not matter how many developers there are. What matters is what should be developed. I watched Jobs’ video the other day, and it inspired me a lot. We are not piecing together technology to see what technology can do. It’s we figure out what we want first and then we use the technology we need. The entire blockchain community worship developers. Such as they call Vitalik “V God”. It’s not necessary to treat developers as wizards. Developers are programmers, and I myself is also a programmer. ViaBTC has a development team of over 100 people, including core members from Copernicus (a dev team formerly belonged to Bitmain). Technically we are very confident to build faster, stabler, and better user experience products.
Interaction of the Protocol with SQLite and PostgreSQL databases;
Modules for financial institutions;
Data exchange in the network;
The monitoring system of balance;
Transactions that include trades;
Documentation for the TkeyNet system will release on the websitetkey.orgas well as reviews of the system TkeyNet will be published in the company’s blog.
Back-end TkeyNet developed in the C++ and C) programming languages, to improve performance, some of the code written in C.
The C programming language is the world’s fastest high-level programming language. It is called a high-level assembler, but unlike an assembler, code on it can be compile without changes on any device.
The specified stack is selected to meet the stringent requirements of the financial sector: enhanced security, scalability, and the ability of the system to work 24/7/365. The TkeyNet system is adapted to the world standards: ISO, ISIN. https://preview.redd.it/x9g2rlz864j51.png?width=700&format=png&auto=webp&s=b2cf80ee5cd722abdb306803d6454e2afde899b0 TkeyNet supports the structured query language and interacts with flexible SQLite and PostgreSQL databases. PostgreSQL complies with ANSI/ISO SQL standards, and unlike other DBMSs, it has object-oriented functionality, including full support for the ACID concept. An SQLite was selected to improve the speed and performance of operations. SQLite will also serve as an excellent solution for mobile applications that will be created based on TkeyNet. PostgreSQL is the most advanced RDBMS, focusing primarily on full compliance with standards and extensibility. During this period, we also completed work on a powerful API. The API is designed for organizations and developers to use the full power of TkeyNet in individual solutions. Software developers, whether mobile apps or local software, will get APIs and client libraries that will simplify the interaction of the corporate market with TkeyNet.
The API provides guaranteed availability, scalable volumes, and responds within milliseconds.
Test results: transaction and operation speed in TkeyNet
To date, testing shows excellent results on the speed of payments made via TkeyNet. Last week’s results: unlike the first Protocol, where it took at least 10 minutes to validate a transaction, payment transactions in TkeyNet processed in 25 seconds without losing security properties. Performance improved by 2400% compared to Core 1.0 The block generation time in Core 1.0 is at least 10 minutes, and in TkeyNet — 25 seconds according to the test results. If it took at least 10 minutes to confirm a block, and sometimes it took two or more hours, in TkeyNet developers achieved a stable indicator of 25 seconds without losing security properties.
To achieve our goal of launching the Protocol — we identify possible changes, theorize solutions, model proposals, and test our theories in practice. This process involves a lot of internal discussions and collaboration with external parties who provide feedback on the operation of a particular module, and the entire system as a whole.
Unlike Bitcoin and other blockchain systems, where increasing the power of the miner’s hardware does not lead to an increase in network bandwidth. Usually in such networks, increasing the power is a direct necessity, otherwise, transactions will not take place at all or will take hours, or even days. Because of what actually appears “manipulation of miners” and various types of network attacks.
On practice in such networks, increasing power is a direct necessity otherwise, transactions will not take place at all or will take hours or even days. Therefore of what appears “manipulation of miners” and various types of network attacks.
TkeyNet uses vertical scaling. With increasing node capacity, the throughput of the entire TkeyNet system increases. It turns out that regardless of the number and power of nodes, transactions will take place in 25 seconds, and with increasing power nodes — the number of processed transactions will grow. As we said above, our developers are working to improve these indicators, where the block validation time will take no more than 10 seconds. Transactions will take place for 1 second to 10 seconds maximum. Also, this parameter significantly increases the volume of trades conducted via TkeyNet.
Front-end. Graphical user interface.
https://preview.redd.it/wrjfa95n64j51.png?width=700&format=png&auto=webp&s=a5137fac7774864fab431fdd7ac51c73ffca3075 During August, the web products team continues working on secure wallets and a blockchain Explorer. The new software is under development, but it has already come a long way from layouts and graphic design and is ready to move to the stage of connecting the TkeyNet back-end with native products. If everything is in the final stage on the back-end side, then the client part (front-end*) needs time to complete debugging. We needed to design applications per best security practices.
\The Front-end developer creates the user interface.* Testing of blockchain applications is not much different from testing regular applications and resembles functional testing of a payment system. Test cases include checking the balance, fields, transaction statuses, and so on.
Also, we conduct continuous testing during development, taking into account the severity and scale of the TkeyNet system that will be used by organizations, corporations, and users, respectively. According to the results of testing and a meeting of the development team, the launch of TkeyNet is agreed for September 25–mid-October, possibly earlier. Website tkey.org — will be updated in October 2020, taking into account the volume of documentation, packaging all the meanings of the perfect new product TkeyNet. Tkeycoin.com — updated earlier, before launching TkeyNet. Also, to the upcoming launch of TkeyNet, the management decided to open a representative office of TKEY in the UK for the development of digital Banking and digitalization of assets. Working with partners in the UK will focus on implementing TKEY’s corporate strategy and market solutions that meet customer needs, create new revenue sources, and provide opportunities for Corporations growth.
We create a great future for people by continuously improving our services and business products. All our actions are concentrate on becoming a leader in the market.
We also remind you that after the launch of TkeyNet, the start date of TKey trading will announce. The fourth quarter will be hot, get ready! https://i.redd.it/ynv5xknq64j51.gif
Effective Buy and Hodl flow to avoid bleeding fees
Hey hodlers! I'm a noob that recently decided to allocate a part of my savings to Bitcoin. The more I learn about the concept and the potential of a decentralized currency that's immune to inflation, the more sense it makes. Consider me a convert! However, the learning curve is significant, but with the amount of information, exchanges and new services out there, hopefully adoption becomes easier and more mainstream. My question is regarding an effective flow to minimise paying too much fees. I currently have some coin on Binance, since that seemed the easiest and fastest way to purchase BTC in my country. My plan is to move this to a hot wallet (Atomic Wallet) and eventually buy a hardware wallet to keep the coin safe (I plan to hodl as a long term investment)
When buying BTC, Binance's commission is 0.6%
When sending BTC to Atomic, Binance's commission is 0.0004 btc (that'll be doubled since I will split the transfer in two in case something goes wrong)
This cycle would repeat every time I buy more BTC through the exchange, so my noob question is: Is there a more efficient way to continue my DCA buying and storing flow that would save me from losing too much to fees? I imagine that if and when I want to send the BTC from Atomic to another wallet, that would mean that I have to pay more fees on the same BTC again, which sounds kind of annoying. I'm not fully aware on how the fee system works, but I have a vague idea that the transfer fees go to miners. If that is the case, then I suppose it's a necessary "evil" I hope I'm explaining myself clearly, happy to hear your feedback on this!
This review is not sponsored! Neither it is an ad. How to choose a mining pool? How to avoid stale shares? The pros and cons of different services.
What is a cryptocurrency mining pool?
A “mining pool" is a server that distributes the task of calculating the block signature between all connected participants. The contribution of each of them is evaluated using the so-called “shares”, which are potential candidates for receiving a signature. As soon as one of the “shares” hits the target, the pool announces the readiness of the block and distributes the reward. However, if you participate in the pool, then you will have to share the profit with all the participants in the pool, but for the majority, this usually is the most profitable option.
Which pool is better for mining?
The best mining pools should meet the following criteria:
Minimum commission for using their services (mining and funds withdrawal);
24/7 availability to monitor all the steps of mining;
Honesty, reliability and a long time of existence (among the owners of pools some scammers steal part of the power of miners and dissolve into oblivion with the funds earned by miners);
The high computing power of the pool makes it more likely that blocks will be found regularly (with low pool power, all work may be wasted due to the low probability of finding blocks);
A small ping) from the user's mining equipment to the pool servers to ensure timely receipt of tasks from the pool and minimize the number of stale shares;
If the mining power is small, it is worth paying attention to the minimum payout threshold so that you do not have to wait for it for a long time.
Key selection criteria
To select a good pool for each specific cryptocurrency, you need to carefully study all the information available about it on its website and on the forums. To reduce the number of stale shares, it is better to mine on the pool closest to the miner. You can choose the fastest mining pool by studying the information about the processing speed of the share in the mining program or by pinging the time it takes for the signal to pass from the miner's computer to the servers of the pool.
Hans: for example implement bitcoin on top of the tangle then the bitcoin
Hans Moog [IF]Yesterday at 23:57 so if somebody would for example implement bitcoin on top of the tangle then the bitcoin miners would need to buy IOTA to be able to send messages in the network We will most probably see a lot of companies also build proprietary stuff on the tangle you can even have "private" apps on the tangle that are encrypted so you can have stuff that would require a "private inhouse blockchain" to use the global infrastructure of the tangle its extremely powerfull Jack KerouacYesterday at 23:58 I thought of that already - making a "new coin" that is private like monero on the basis of the tangle - using a privat DAPP Crazy powerful! Hans Moog [IF]Yesterday at 23:59 yeah you can have a "privacy coin" on top of the tangle that is maybe not as fast and scalable as IOTA itself and might even have fees Hans Moog [IF]Yesterday at 23:59 but if people are willing to pay for this extra service then you can have private transactions without having to "leave" the ecosystem Hans Moog [IF]Today at 00:00 and without having to give up scalability for the IOTA base layer MaKlaToday at 00:00 (it really sounds great. unexpected simplicity in a versatile yet realistically applicable solution is rare :slight_smile: ) well... "simplicity"....^^" Jack KerouacToday at 00:02 Crazy powerful! and everything would need IOTAs... Qubic and Oracles would also be a base DAPP on this tangle ... Hans Moog [IF]Today at 00:05 exactly Jack KerouacToday at 00:06 Looking forward to this! Hans Moog [IF]Today at 00:07 :trollface: CorienToday at 00:07 So if i understand correct, other coins on the Tangle would not have a negatieve impact on the value of the IOTA. Even the other way around. Dave [EF]Today at 00:08 Sounds really exciting! Hans Moog [IF]Today at 00:08 IOTA would always be the native coin which would be the fastest and most secure one, yeah if there would ever be a coin that would be faster and more secure then it would make sense to implement that in IOTA core Jack KerouacToday at 00:10 in a way, yes but its a bit more powerfull now as the DAPPS are completely isolated and "rejecting" transactions in one app does not cause all of the transactions that approve it to also be rejected u/Hans Moog [IF] so no transaction will be rejected anymore from the base tangle layer? In the worst case - if in every DAPP consens mechanism this transaction would be rejected, because of double spend or not usefull for this DAPP - it is just seen as data transaction?! Hans Moog [IF]Today at 00:10 yeah more or less you might still have to reattach a value transfer rare edge cases (if your node is out of sync or sth) but you will never have to reattach a "non-value-transfer" or well ... if you attach sth to a part of the tangle that is really old and everybody has snapshotted that already then you would still have to reattach but a tx does not "depend" on other apps anymore so if 1 app says its bad and we want to orphan it then this happens on another layer ocmoneToday at 00:14 Holy Guacamole!!! grasToday at 00:15 So weaker nodes may work without ledger, like just a hub? Jack KerouacToday at 00:16 As all of IOTA would rely on this stuff - DID, MAM, ... - it should be done very fast :wink: Hans Moog [IF]Today at 00:16 nah you always need to support iota value transfers for the rate control TobiasToday at 00:16 Is there a ETA for value tx in GoShimmer? Jack KerouacToday at 00:16 because of the mana?! Hans Moog [IF]Today at 00:16 but a node that is not interested in the decentralized facebook and only wants to process MAM messages can do so yeah mana is the thing that ties everything together and to know the mana you need to know IOTA value transfers I mean ... you could rely on a centralized service that provides you the mana balances, so even very hardware contraint nodes could theoretically take part in the network. but then you might process a few txs that others drop if this centralized service would give you the wrong balances but the whole point of IOTA is to be shardable and lightweight so you wont need much for the value transfer layer anyway Jack KerouacToday at 00:19 oh I forgot about sharding - how will that be done in this kind of environment? CorienToday at 00:21 u/Hans Moog [IF] Have you ever thought about how much storage (permanode) you need if IOTA becomes the new TCP/IP ? Hans Moog [IF]Today at 00:21 but if you want to only "issue" transactions and receive your mana by people assigning it to you (i.e. a company remotely loading up their sensors with mana), then you can essentially do that one of the first applications I will implement is an "archiving APP" that records the activity in the tangle and allows you to "prove" that a certain tx was part of the tangle at some point in the past recording 100 years of activity in the tangle (independently of the TPS) will require less than 1 GB much less actually the magic of merkle trees Jack KerouacToday at 00:23 of all transactions of every DAPP? Hans Moog [IF]Today at 00:23 yes everything that ever happened in the tangle Jack KerouacToday at 00:24 Is the sharding the ontology concept - or how will that be done in this kind of environment? Hans Moog [IF]Today at 00:25 nah its not related Jack KerouacToday at 00:25 ok Hans Moog [IF]Today at 00:25 or well everything is somehow related but these APPS are not the "shards"
Disclaimer: This is my editing. So there could be some misunderstandings. Even ifu/longfldposted similar screenshots already(thanks to him/her), I'd like to share this summary again, 'cause it has some more contents. Sometimes, we need more enjoyable stuff to read on this rough, dynamic ride to a new world. 2/18 *** Here's to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They're not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can't do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the one who are crazy enough to think they can change the world are the ones who do. *** from 'think different' ad campaign TCP/IP TCP/IP, or the Transmission Control Protocol/Internet Protocol, is a suite of communication protocols used to interconnect network devices on the internet. TCP/IP specifies how data is exchanged over the internet by providing end-to-end communications that identify how it should be broken into packets, addressed, transmitted, routed and received at the destination. DAPP DApp is an abbreviated form for decentralized application. A DApp has its backend code running on a decentralized peer-to-peer network. Contrast this with an app where the backend code is running on centralized servers. Ontology a set of concepts and categories in a subject area or domain that shows their properties and the relations between them. Hans Moog [IF]어제 오후9:00 [about the release of GoShimmer v0.2.0?] Originally we wanted to release the new version end of next week but due to the hack this might be a bit delayed but yeah we have a pretty concrete plan the next version will be pretty interesting as it will introduce the changes that will turn IOTA into a general purpose DLT platform that can run pretty much anythingthat is even remotely related to DLT on it I will write a bit more about that when there is time (maybe even do a video) Hans Moog [IF]어제 오후9:02 value transfers will essentially be the first DAPP that runs on the tangle so we need that before we can integrate the ledger Hans Moog [IF]어제 오후9:04 [are you talking about the atomic transaction layout?] not just that also a different layered architecture which we call "the ontologies concept" but its one of the building blocks yeah tangle will essentially be like the decentralized version of TCP/IP a general purpose protocol once value transfers are implemented I have already a few interesting ideas for additional DAPPS Coordicide is pretty "complex" as it requires a lot of different protocols - being able to completely separate the building blocks makes it much easier to get them "secure" Hans Moog [IF]어제 오후9:08 the decentralized randomness required for FPC will for example be an app running on the tangle DRAND App Hans Moog [IF]어제 오후9:14 [about the new ontologies concept] It's not really layed out in a public forum post yet butwe discussed and finalized the specs on the last research summit last week Hans Moog [IF]어제 오후9:19 [isn't this new ontology almost like part of multiverse consensus?] yes a lot of the idea that were part of the original multiverse concepts are useful also for the current coordicide we will for example be able to separate the fate of data transactions and value transactions,which means that you can send data txs without having to be worried that they are rejected, because they attach to a double spend, which is a requirement for a general purpose protocol anyway Hans Moog [IF]어제 오후9:20 [that sounds awesome!! To have a "base" tangle, and on this base tangle different "subtangles" for different applications - value transfers, DRAND, messaging, ...] Archiving, DRAND, chat, MAM, DID, ... you could even have phone calls on the tangle Hans Moog [IF]어제 오후9:21 but i guess for these kind of things it makes more sense to have a 1:1 connection its extremely simple the point is that it makes the code much simpler Hans Moog [IF]어제 오후9:22 you can even have different consensus mechanisms next to each other for different apps some apps like decentralized chats for example don't even need consensus or if you want to build a decentralized version of facebook Hans Moog [IF]어제 오후9:22 you don't need consensus here andit not going to be "separate tangles" that have nothing to do with each other everything runs in the same main tangle Hans Moog [IF]어제 오후9:30 it's not very complex - that's the beautiful thing in fact it makes stuff much easier Hans Moog [IF]어제 오후9:31 Maybe I can do a video about it in the coming days writing a network application if you can use TCP/IP is much easier than if you would have to implement the networking from scatchand communicate with the wires in your pc Hans Moog [IF]어제 오후9:39 **[**Is the "base decentralized TCP/IP layer" already spec out and ready to be implemented?As this will become the "heart" of the tangle.] yep its coded already we started merging the code Hans Moog [IF]어제 오후9:44 [Doesn't "DRNG via committee" still make the network somewhat centralized?] Not really. 1. The committee members do not "control" consensus. 2. If committee members get taken offline by for example government intervention, then the next highest mana holder just joins the committee. So you still maintain all the benefits of a decentralized network. resilience against outside actors, no single actor controls the system Hans Moog [IF]어제 오후9:46 [How does commitee get chosen, by who, which parameters?] as the first version of goshimmer we will most probably have a fixed committee of some IF nodes + selected community members, but in the final protocol, the highest mana nodes will just issue a randomness beacon according to the protocol so the committee is dynamic Hans Moog [IF]어제 오후9:47 [Does commitee agree on the same number and then broadcast it or...?] If I am informed correctly, then its based on threshold signatures But I didn't work on that part, so I am not 100% sure how exactly it works its a bit hard to keep track of everything and also code at the same time Hans Moog [IF]어제 오후9:47 we have a few teams in the research department where every team specs one of the building blocks for engineering Hans Moog [IF]어제 오후9:49 [You know perhaps if this drand stuff has been coded already as well?] yeah,but don't ask me in which branch Hans Moog [IF]어제 오후9:49 and it will be adjusted to the new ontologies concepts Hans Moog [IF]어제 오후9:50 [isn't this approach with DAPPs similar to ICT and IXIs?] in a way, yes butits a bit more powerfulnow, as the DAPPS are completely isolated and "rejecting" transactions in one app does not cause all of the transactions that approve it to be rejected in IXI and ICT a chat message would disappear if it approved a double spend Hans Moog [IF]어제 오후9:56 [if Jaguar would implement a new DAPP with a "new coin" on the tangle with a custom DAPP consensus mechanism?] yeah you could create new coins on top of the tangle with their custom consensus mechanism butevery one of these new coins would need to be able to also understand IOTA transfers and the nodes would ultimately have to have mana to be able to take part in the network so if somebody would for example implement bitcoin on top of the tangle, then the bitcoin miners would need to buy IOTA to be able to send messages in the network We will most probably see a lot of companies also build proprietary stuff on the tangle you can even have "private" apps on the tangle that are encrypted so you can have stuff that would require a "private inhouse blockchain" to use the global infrastructure of the tangle its extremely powerful Hans Moog [IF]어제 오후9:59 [making a "new coin" that is private like monero on the basis of the tangle - using a private DAPP? Crazy powerful!] yeah you can have a "privacy coin" on top of the tangle that is maybe not as fast and scalable as IOTA itself and might even have fees Hans Moog [IF]어제 오후9:59 but if people are willing to pay for this extra service then you can have private transactions without having to "leave" the ecosystem and without having to give up scalability for the IOTA base layer Hans Moog [IF]어제 오후10:05 [Crazy powerful! and everything would need IOTAs... Qubic and Oracles would also be a base DAPP on this tangle ...] exactly Hans Moog [IF]어제 오후10:08 [So if i understand correct,other coins on the Tangle would not have a negative impact on the value of the IOTA. Even the other way around.****] IOTA would always be the native coin which would be the fastest and most secure one, yeah if there would ever be a coin that would be faster and more secure, then it would make sense to implement that in IOTA core Hans Moog [IF]어제 오후10:10 [so no transaction will be rejected anymore from the base tangle layer? In the worst case - if in every DAPP consense mechanism this transaction would be rejected, because of double spend or not useful for this DAPP - it is just seen as data transaction?!] yeah more or less you might still have to reattach a value transfer rare edge cases (if your node is out of sync or sth) but you will never have to reattach a "non-value-transfer" or well ... if you attach sth to a part of the tangle that is really old and everybody has snapshotted that already then you would still have to reattach but a tx does not "depend" on other apps anymore so if 1 app says its bad and we want to orphan it, then this happens on another layer Hans Moog [IF]어제 오후10:16 [So weaker nodes may work without ledger, like just a hub?] nah you always need to support iota value transfers for the rate control Hans Moog [IF]어제 오후10:16 [because of the mana?!] but a node that is not interested in the decentralized facebook and only wants to process MAM messages can do so yeah mana is the thing that ties everything together and to know the mana you need to know IOTA value transfers I mean ... you could rely on a centralized service that provides you the mana balances, so even very hardware-constraint nodes could theoretically take part in the network but then you might process a few txs that others drop if this centralized service would give you the wrong balances but the whole point of IOTA is to be shardable and lightweight so you wont need much for the value transfer layer anyway Hans Moog [IF]어제 오후10:21 [Have you ever thought about how much storage (permanode) you need if IOTA becomes the new TCP/IP ?] but if you want to only "issue" transactions and receive your mana by people assigning it to you (i.e. a company remotely loading up their sensors with mana), then you can essentially do that. one of the first applications I will implement is an "archiving APP" that records the activity in the tangle and allows you to "prove" that a certain tx was part of the tangle at some point in the past. recording 100 years of activity in the tangle (independently of the TPS) will require less than 1 GB much less actually the magic of merkle trees Hans Moog [IF]어제 오후10:23 [of all transactions of every DAPP?] yes everything that ever happened in the tangle Hans Moog [IF]어제 오후10:25 [Is the sharding the ontology concept ] nah its not related or well everything is somehow related but these APPS are not the "shards" Hans Moog [IF]어제 오후10:33 its an essential part of coordicide - this is the next step before integrating the value transfers so next major version of goshimmer 2-3 weeks max Hans Moog [IF]어제 오후10:36 [Nice, so value transfers will probably be implemented till the end of march] that's the plan, yeah might be like 1-2 weeks late now due to the hack but we will see we try our best to catch up after this is sorted out Hans Moog [IF]오늘 오전2:24 [so next goshimmer version will be binary too!!!] yes, I think the next (major) goshimmer version will bring a few of the most fundamental changes in how we perceive the protocol as a whole not just binary <-> tinary but also regarding its "expressiveness" and it's really funny because it is essentially just a slight shift of perception regarding the already established principles, that interestingly directly converts into better architecture and simpler code
Hans: for example implement bitcoin on top of the tangle then the bitcoin
Hans Moog [IF]Yesterday at 23:57 so if somebody would for example implement bitcoin on top of the tangle then the bitcoin miners would need to buy IOTA to be able to send messages in the network We will most probably see a lot of companies also build proprietary stuff on the tangle you can even have "private" apps on the tangle that are encrypted so you can have stuff that would require a "private inhouse blockchain" to use the global infrastructure of the tangle. its extremely powerfull Jack KerouacYesterday at 23:58 I thought of that already - making a "new coin" that is private like monero on the basis of the tangle - using a privat DAPP Crazy powerful! Hans Moog [IF]Yesterday at 23:59 yeah you can have a "privacy coin" on top of the tangle that is maybe not as fast and scalable as IOTA itself and might even have fees Hans Moog [IF]Yesterday at 23:59 but if people are willing to pay for this extra service then you can have private transactions without having to "leave" the ecosystem Hans Moog [IF]Today at 00:00 and without having to give up scalability for the IOTA base layer MaKlaToday at 00:00 (it really sounds great. unexpected simplicity in a versatile yet realistically applicable solution is rare :slight_smile: ) well... "simplicity"....^^" Jack KerouacToday at 00:02 Crazy powerful! and everything would need IOTAs... Qubic and Oracles would also be a base DAPP on this tangle ... Hans Moog [IF]Today at 00:05 exactly Jack KerouacToday at 00:06 Looking forward to this! Hans Moog [IF]Today at 00:07 :trollface: CorienToday at 00:07 So if i understand correct, other coins on the Tangle would not have a negatieve impact on the value of the IOTA. Even the other way around. Dave [EF]Today at 00:08 Sounds really exciting! Hans Moog [IF]Today at 00:08 IOTA would always be the native coin which would be the fastest and most secure one, yeah if there would ever be a coin that would be faster and more secure then it would make sense to implement that in IOTA core Jack KerouacToday at 00:10 in a way, yes but its a bit more powerfull now as the DAPPS are completely isolated and "rejecting" transactions in one app does not cause all of the transactions that approve it to also be rejected u/Hans Moog [IF] so no transaction will be rejected anymore from the base tangle layer? In the worst case - if in every DAPP consens mechanism this transaction would be rejected, because of double spend or not usefull for this DAPP - it is just seen as data transaction?! Hans Moog [IF]Today at 00:10 yeah more or less you might still have to reattach a value transfer rare edge cases (if your node is out of sync or sth) but you will never have to reattach a "non-value-transfer" or well ... if you attach sth to a part of the tangle that is really old and everybody has snapshotted that already then you would still have to reattach but a tx does not "depend" on other apps anymore so if 1 app says its bad and we want to orphan it then this happens on another layer ocmoneToday at 00:14 Holy Guacamole!!! grasToday at 00:15 So weaker nodes may work without ledger, like just a hub? Jack KerouacToday at 00:16 As all of IOTA would rely on this stuff - DID, MAM, ... - it should be done very fast :wink: Hans Moog [IF]Today at 00:16 nah you always need to support iota value transfers for the rate control TobiasToday at 00:16 Is there a ETA for value tx in GoShimmer? Jack KerouacToday at 00:16 because of the mana?! Hans Moog [IF]Today at 00:16 but a node that is not interested in the decentralized facebook and only wants to process MAM messages can do so yeah mana is the thing that ties everything together and to know the mana you need to know IOTA value transfers I mean ... you could rely on a centralized service that provides you the mana balances, so even very hardware contraint nodes could theoretically take part in the network. but then you might process a few txs that others drop if this centralized service would give you the wrong balances but the whole point of IOTA is to be shardable and lightweight so you wont need much for the value transfer layer anyway Jack KerouacToday at 00:19 oh I forgot about sharding - how will that be done in this kind of environment? CorienToday at 00:21 u/Hans Moog [IF] Have you ever thought about how much storage (permanode) you need if IOTA becomes the new TCP/IP ? Hans Moog [IF]Today at 00:21 but if you want to only "issue" transactions and receive your mana by people assigning it to you (i.e. a company remotely loading up their sensors with mana), then you can essentially do that one of the first applications I will implement is an "archiving APP" that records the activity in the tangle and allows you to "prove" that a certain tx was part of the tangle at some point in the past recording 100 years of activity in the tangle (independently of the TPS) will require less than 1 GB much less actually the magic of merkle trees Jack KerouacToday at 00:23 of all transactions of every DAPP? Hans Moog [IF]Today at 00:23 yes everything that ever happened in the tangle Jack KerouacToday at 00:24 Is the sharding the ontology concept - or how will that be done in this kind of environment? Hans Moog [IF]Today at 00:25 nah its not related Jack KerouacToday at 00:25 ok Hans Moog [IF]Today at 00:25 or well everything is somehow related but these APPS are not the "shards"
The pandemic period played into the hands of the entire team and we managed to build beauty in our services. In anticipation of the exchange, the team tidied up the sites and services and connected new tools. First of all, we paid attention to the preparation of all services for a foreign audience, taking into account its mentality. New sections, localizations, nice things, and much more to ensure the most efficient use of the TKEY resource. In addition to the new tabs, the services that we will talk about in this material, there is a special page for representatives of the exchange with the necessary documentation for listing — https://tkeycoin.com/en/documentation/. https://preview.redd.it/63a1cmdwve151.png?width=700&format=png&auto=webp&s=0a064bff4acd1c1e3171f2c72ff79533b87aa3e1
Buying cryptocurrency for pound, dollars, euros, and other currencies
At the end of February, we told you that we are working on building a payment service that will include the provision of services: buy cryptocurrencies, sell a cryptocurrency, withdraw cryptocurrency to Bank cards, etc. This day has come, now you can buy Bitcoin (BTC), Ethereum (ETH), Tether USDT, Basic Attention Token (BAT), Algorand (ALGO), Tron (TRX), OKB (Token Okex.com). https://preview.redd.it/1pm2cnv8we151.png?width=700&format=png&auto=webp&s=69473d2e5ed1b8dc75189362b46906752be29895 The purchase is available in any currency: Russian ruble, US Dollar, Euro, British pound, Ukrainian hryvnia, Indonesian rupiah, South Korean won, Japanese yen, Turkish Lira, Argentine peso. As you can see, the currency corridors are quite extensive, which allows you to make exchanges fast and at a favorable rate. Just choose the right pair to exchange or buy, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies: BTC, ETH, BAT, USDT, ALGO, TRX, OKB. Even if this wide list does not include the currency you want to buy, such as Bitcoin or USDT, it’s okay — the service will automatically convert your currency into the payment currency and the Bank will make the exchange. Exchanges take place within 1–3 minutes, it is enough to pass quick verification once, which allows you to work with a volume of > 15,000 euros per month. https://preview.redd.it/0ln5uttawe151.png?width=700&format=png&auto=webp&s=35de9e413db35bb53f39332aa4197cd54a3e211c
Exchange of cryptocurrencies for pound, dollars, euros, and withdrawal of Bankcard
In addition to the fact that you can now easily buy a cryptocurrency for fiat currencies, pound, dollars or any other, during this week we will finish work on the withdrawal to a Bank card and you can easily withdraw your profit to the card, the most important thing is that this is a completely legal method, and all operations pass through banks and jurisdictions where work with digital assets is legalized.
This means that when you buy or make a withdrawal to the card, you get legal funds that are credited to you by the Bank or payment system.
If you are used to working with effective tools that work in a new way, or rather correctly and legally, then this service is for you. Fast crediting, easy exchange, a large selection of currency pairs, that’s what the company is betting on. We work with the most reliable third-party partners to make your cryptocurrency process easy and convenient, and most importantly safe for You. The service supports plastic and virtual Bank cards VISA, MasterCard, MIR, and other payment systems for fast payment processing. https://preview.redd.it/x1jnm1ccwe151.png?width=700&format=png&auto=webp&s=f86fc353ad5f207db8d233821204b521ba0b3d0e On the exchange page, you can choose any currency pair to exchange in the opposite direction, for example, GBP to BTC or USD to BTC. Choose a suitable pair for exchange, available fiat currencies: RUB, USD, EUR, GBP, UAH, IDR, KRW, JPY, TRY, ARS, available cryptocurrencies for exchange: BTC, ETH, BAT, USDT, ALGO, TRX, OKB. How it works When buying cryptocurrency for the first time, your Bank reserves (holds) the requested amount, then this amount is transferred to the authorization waiting state. As soon as the Bank freezes the fiat funds, the service fixes the exchange rate at the time of creating the application, reserves the cryptocurrency, and provides you with 30–40 minutes to complete verification. After successful verification, the service charges cryptocurrency to the wallet.
Support for other currencies, including TKEY, will be added gradually and highlighted through service updates. As for the TKEY exchange, it will become available in exchange services after listing on the exchange. Listing on an exchange allows you to automate the exchange process, link the necessary services, and most importantly, the exchange provides liquidity, which is key when we talk about exchanging for a particular currency. We will tell you more about the operation of the service and its advantages, chips, in a separate material dedicated to the withdrawal and purchase of cryptocurrencies for fiat currencies, as well as touch on various banking issues and tell you how you can combine the SWAP service for more efficient exchange and withdrawal to the card.
By making an exchange or purchase of cryptocurrency, you help children and people who need our help. We deduct 0.1% of the profit from each transaction to charity funds. This is the fastest and most comfortable way of charity, which allows you to bring together people who are not indifferent to other people’s problems. TKEY enables people to do good deeds, and the resulting turnover profit of 0.1% is sent to charity funds every month. Together with You, we create new opportunities for people in need who need help — “Big things have small beginnings”. How does it work? You have made an exchange or purchase operation, the company has accumulated the volume of these operations for a month->the company has chosen a charity Fund->sent funds to the charity Fund’s account. Priority charity funds are children’s aid funds. You can always suggest a candidate for a particular Fund by sending a message to [[email protected]](mailto:[email protected]). Why do we write Funds and not a Fund? This is the first launch of the service, so depending on the monthly volume, we will focus on distributing funds to one charity or several. For example, if we have accumulated $ 10,000, we can distribute $ 5,000 to 2 funds. if we have accumulated $ 100, it is logical that we will only send this amount to 1 Fund. With the development of the service, we will be able to focus on several funds, which we will actively help due to the received volume.
New blocks were added, the entire page was fully localized and is available in Chinese, Korean, English and Russian, and QR codes were added for easy navigation for the Asian audience.
Documentation for the exchange
We have already mentioned that there is a section for exchanges with the necessary documentation for listing, now it is available in English. In the next updates, it will be translated into Russian, Chinese (Traditional and Simplified), and Korean.
Added answers to frequently asked questions in various sections of the site, You can find the information directly on the section page, for example, TKEY-QT, SWAP or Core. Right on the page there is a FAQ section, in which we disclose answers to questions, for example: How are You going to solve the scalability problem, or why did you choose Phoenix as the logo and symbol of the project, or how do you exchange cryptocurrency for pound or dollars? As you can see, you can get answers to different questions, depending on the topic of the site section. https://preview.redd.it/8utkvv6iwe151.png?width=700&format=png&auto=webp&s=d493ec784d74c5982486e36fe3b4bcbcb6d57335
In addition to various improvements, connecting services, our team has been working every day on other main areas of the Tkeycoin project, which are already being prepared for the next release and we will tell you what updates, what plans, events, and what else will be interesting this year.
Online conference with management
An online conference in question-answer format will be organized. The main task of the conference, in addition to questions and answers, is to discuss plans, talk about new directions, touch on issues of legislation, and analyze current issues of users. The online meeting format will allow you to get feedback and discuss a large number of issues in a short time. Questions related to technical support and other questions that can be answered through the administration will not be discussed. The meeting involves the development, constructive, and suggestions from users for further development of the Tkeycoin project. If you are interested in participating in the conference, you can also make business proposals during it, please use the time to your advantage. We work for you.
New content: reports, new categories, useful information
Based on user feedback, we introduce new categories to our content plan: Reports This section will be accompanied by information about the work done by the team for the month, the format of submission — abstracts, highlights. This format will help establish feedback between users and developers. Question-answer In addition to the content that we produce ourselves, users have questions that arise during the process of working with the project’s services, as well as during interaction with the project itself. To avoid making guesses and making up stories, we have introduced the question-answer category. Users ask questions in comments, and the company prepares answers based on the questions and they are published in the post. Depending on the number of questions, the post generates all the answers, or the post is divided into parts if the number of questions for the past period was the largest. In addition to asking questions, you can make suggestions to the project, for example, about new features or directions. This format also builds feedback and helps to improve all services. the most important thing is that it can not only help us but also you, as the offer and questions will help you focus on the tasks that the end-user wants to see.
TKEY-POOL (Tkeycoin pool)
We are completing the work and debugging of the official pool for Tkeycoin, this is a completely new approach for mining Tkeycoin. The pool will feature higher performance and stable architecture, a light interface, and objective commissions. A pool is a highly loaded system that works 24/7/365, it turns out that such a product hides a sufficient number of lines of code and, most importantly, is built on a reliable architecture that can withstand +50000–100000 miners, not to mention the number of connected devices for this number of miners. A cryptocurrency pool is a combination of the hardware power of many miners at once to increase the probability of finding a block. The reward for a block obtained by the pool is distributed among all participants. The TKEY pool is developed taking into account the features of the Tkeycoin blockchain, including multi-blockchain, transaction model, hashing, blocks, and other nuances that are an upgrade of the blockchain among others. Together with the pool, the TKEY network is being tested: high loads, attacks, and other tests that show positive results, proving that the TKEY blockchain can work under any loads and is protected from attacks. Our task was to: 1. Stable system for handling high loads; 2. Adaptation pool for any software; 3. Connecting any hardware for mining cryptocurrency Tkeycoin; 4. Fair remuneration calculation; 5. Security. The main goal is for any user, regardless of the software and hardware used, to be able to connect to Tkeycoin mining via a pool. The first releases will be accompanied by a simple user-friendly interface, easy connection, instructions for various mining programs that can be connected. In future releases, we will optimize the operation of the pool, add new features, as well as tracking functions and other nice things. any suggestions from miners and the community are interesting to us and will be implemented, so do not hesitate to send your suggestions after the launch.
https://preview.redd.it/fjy2dkanwe151.png?width=700&format=png&auto=webp&s=99dedd6aa59ae7eb4d585d2ef1ddae4cc6dd50f9 Work on the TkeySpace mobile app is also not standing still. We will soon release updates for TkeySpace on Android and iOS. This release is a complete transition to the most stable version of the mobile wallet. This means that after the update, even with the largest changes, the user will not need to completely reinstall or restore to use the new features, as before, just update the app via the AppStore or GooglePlay. Between the previous update has been a sufficient amount of time, on average, updates are released once a month. This update will be one of the major ones. We are finishing work on the code to prepare the app for the new features that will be available this year. Besides, we are improving the app’s logic, data processing speed, optimizing the code, restoring order, and preparing for the global market.
Exchange, purchase of cryptocurrency and withdrawal to the Debit/Credit Card
The development team is finishing work on optimizing the SWAP service. Regardless of updates, it is available in working mode 24/7/365. The team is working on improving the operation, optimizing the page, changing the interfaces, improving navigation, and speeding up query processing. This update is also among the upcoming ones, along with the pool, mobile wallets, and other news that will excite.
In the network statistics section, there are several sections that will be fixed — this is the hash rate of the network and the volume of Tkeycoin. Now the volume of Tkeycoin is displayed by mTKEY, and the graph itself indicates M TKEY, the user may incorrectly understand the volume of transactions in the network, so, given the current volume, it is advisable to switch the display to TKEY, and in the future switch to mTKEY for large volumes.
This issue has become the cause of mass discussions, disputes, investigations, the subject of memes, kitchen, and online conversations, that just did not happen, that TKEY is not taken anywhere, someone made guesses that we are waiting for everyone to run away, or TKEY is a world conspiracy and around some actors, you can write a book or shoot a great series, not worse than Breaking Bad. Jokes, jokes, but the question is serious. Since the 4th quarter of last year, the company has been actively working on the issue of listing, prepared the necessary platform for this, held several meetings, negotiations, released the necessary products, figured out various transfers of funds to the blockchain, worked out many small things, many major issues that were behind the scenes. Everything is ready, and it’s time to start soon. This will be a surprise, believe it or not, and we will meet you on the stock exchanges :)
What other plans does the company have?
Enabling payment at retail outlets
After entering the exchange, we will actively engage in connecting payments to implement them and link them to TKEY. The plan, strategy, and legal component are ready.
This implies the development of payments and services that will expand the use of digital currencies in the commercial sphere. Application on the territory of Russia will depend on the Federal law on the CFA, in any case, we plan to analyze the law, after its release, to find a legal way to implement payments based on blockchain and digital assets. Therefore, until the law is released, we are keeping this initiative in the future, and we will work on other jurisdictions that will support it. We left some plans behind the scenes, because they will make the greatest impact on the market and the value of our asset, and this — likes silence.
What useful materials will be released soon?
How to effectively use the SWAP service together with the exchange and purchase of cryptocurrency from a Bank card?
We will tell you in detail how to use these 2 services, how to save on payments and purchases, how to exchange tokens that are very difficult to exchange, how to quickly get money for them to the card, and much more.
The law CFA
Our opinion about the law of cryptocurrencies in Russia, what to pay attention to, what to prepare for, how to act if there is a complete ban. Let’s talk about legal nuances and banking practices.
In this material, we will talk about the blockchain, analyze the issues of the system, expand the questions on attacks, payment processing, and touch on the system of multiple chains. The article suggests your suggestions, perhaps someone will have ideas that we will implement in the chain. At the end, Don’t forget to ask questions in the comments or send suggestions to [[email protected]](mailto:[email protected]) we will be happy to respond and consider your requests for any of our services. Collaboration, feedback, help us make the whole platform better. Thank you for being with us! Until new meetings, stay tuned for news, updates, because the most unexpected news comes spontaneously.
Which are your Top 5 favourite coins out of the Top 100? An analysis.
I am putting together my investment portfolio for 2018 and made a complete summary of the current Top 100. Interestingly, I noticed that all coins can be categorized into 12 markets. Which markets do you think will play the biggest role in the coming year? Here is a complete overview of all coins in an excel sheet including name, market, TPS, risk profile, time since launch (negative numbers mean that they are launching that many months in the future) and market cap. You can also sort by all of these fields of course. Coins written in bold are the strongest contenders within their market either due to having the best technology or having a small market cap and still excellent technology and potential. https://docs.google.com/spreadsheets/d/1s8PHcNvvjuy848q18py_CGcu8elRGQAUIf86EYh4QZo/edit#gid=0 The 12 markets are
Currency 13 coins
Platform 25 coins
Ecosystem 9 coins
Privacy 10 coins
Currency Exchange Tool 8 coins
Gaming & Gambling 5 coins
Misc 15 coins
Social Network 4 coins
Fee Token 3 coins
Decentralized Data Storage 4 coins
Cloud Computing 3 coins
Stable Coin 2 coins
Before we look at the individual markets, we need to take a look of the overall market and its biggest issue scalability first: Cryptocurrencies aim to be a decentralized currency that can be used worldwide. Its goal is to replace dollar, Euro, Yen, all FIAT currencies worldwide. The coin that will achieve that will be worth several trillion dollars. Bitcoin can only process 7 transactions per second (TPS). In order to replace all FIAT, it would need to perform at at least VISA levels, which usually processes around 3,000 TPS, up to 25,000 TPS during peak times and a maximum of 64,000 TPS. That means that this cryptocurrency would need to be able to perform at least several thousand TPS. However, a ground breaking technology should not look at current technology to set a goal for its use, i.e. estimating the number of emails sent in 1990 based on the number of faxes sent wasn’t a good estimate. For that reason, 10,000 TPS is the absolute baseline for a cryptocurrency that wants to replace FIAT. This brings me to IOTA, which wants to connect all 80 billion IoT devices that are expected to exist by 2025, which constantly communicate with each other, creating 80 billion or more transactions per second. This is the benchmark that cryptocurrencies should be aiming for. Currently, 8 billion devices are connected to the Internet. With its Lightning network recently launched, Bitcoin is realistically looking at 50,000 possible soon. Other notable cryptocurrencies besides IOTA and Bitcoin are Nano with 7,000 TPS already tested, Dash with several billion TPS possible with Masternodes, Neo, LISK and RHOC with 100,000 TPS by 2020, Ripple with 50,000 TPS, Ethereum with 10,000 with Sharding. However, it needs to be said that scalability usually goes at the cost of decentralization and security. So, it needs to be seen, which of these technologies can prove itself resilient and performant. Without further ado, here are the coins of the first market
Market 1 - Currency:
Bitcoin: 1st generation blockchain with currently bad scalability currently, though the implementation of the Lightning Network looks promising and could alleviate most scalability concerns, scalability and high energy use.
Ripple: Centralized currency that might become very successful due to tight involvement with banks and cross-border payments for financial institutions; banks and companies like Western Union and Moneygram (who they are currently working with) as customers customers. However, it seems they are aiming for more decentralization now.https://ripple.com/dev-blog/decentralization-strategy-update/. Has high TPS due to Proof of Correctness algorithm.
Bitcoin Cash: Bitcoin fork with the difference of having an 8 times bigger block size, making it 8 times more scalable than Bitcoin currently. Further block size increases are planned. Only significant difference is bigger block size while big blocks lead to further problems that don't seem to do well beyond a few thousand TPS. Opponents to a block size argue that increasing the block size limit is unimaginative, offers only temporary relief, and damages decentralization by increasing costs of participation. In order to preserve decentralization, system requirements to participate should be kept low. To understand this, consider an extreme example: very big blocks (1GB+) would require data center level resources to validate the blockchain. This would preclude all but the wealthiest individuals from participating.Community seems more open than Bitcoin's though.
Litecoin : Little brother of Bitcoin. Bitcoin fork with different mining algorithm but not much else.Copies everything that Bitcoin does pretty much. Lack of real innovation.
Dash: Dash (Digital Cash) is a fork of Bitcoin and focuses on user ease. It has very fast transactions within seconds, low fees and uses Proof of Service from Masternodes for consensus. They are currently building a system called Evolution which will allow users to send money using usernames and merchants will find it easy to integrate Dash using the API. You could say Dash is trying to be a PayPal of cryptocurrencies. Currently, cryptocurrencies must choose between decentralization, speed, scalability and can pick only 2. With Masternodes, Dash picked speed and scalability at some cost of decentralization, since with Masternodes the voting power is shifted towards Masternodes, which are run by Dash users who own the most Dash.
IOTA: 3rd generation blockchain called Tangle, which has a high scalability, no fees and instant transactions. IOTA aims to be the connective layer between all 80 billion IOT devices that are expected to be connected to the Internet in 2025, possibly creating 80 billion transactions per second or 800 billion TPS, who knows. However, it needs to be seen if the Tangle can keep up with this scalability and iron out its security issues that have not yet been completely resolved.
Nano: 3rd generation blockchain called Block Lattice with high scalability, no fees and instant transactions. Unlike IOTA, Nano only wants to be a payment processor and nothing else, for now at least. With Nano, every user has their own blockchain and has to perform a small amount of computing for each transaction, which makes Nano perform at 300 TPS with no problems and 7,000 TPS have also been tested successfully. Very promising 3rd gen technology and strong focus on only being the fastest currency without trying to be everything.
Decred: As mining operations have grown, Bitcoin’s decision-making process has become more centralized, with the largest mining companies holding large amounts of power over the Bitcoin improvement process. Decred focuses heavily on decentralization with their PoW Pos hybrid governance system to become what Bitcoin was set out to be. They will soon implement the Lightning Network to scale up. While there do not seem to be more differences to Bitcoin besides the novel hybrid consensus algorithm, which Ethereum, Aeternity and Bitcoin Atom are also implementing, the welcoming and positive Decred community and professoinal team add another level of potential to the coin.
Aeternity: We’ve seen recently, that it’s difficult to scale the execution of smart contracts on the blockchain. Crypto Kitties is a great example. Something as simple as creating and trading unique assets on Ethereum bogged the network down when transaction volume soared. Ethereum and Zilliqa address this problem with Sharding. Aeternity focuses on increasing the scalability of smart contracts and dapps by moving smart contracts off-chain. Instead of running on the blockchain, smart contracts on Aeternity run in private state channels between the parties involved in the contracts. State channels are lines of communication between parties in a smart contract. They don’t touch the blockchain unless they need to for adjudication or transfer of value. Because they’re off-chain, state channel contracts can operate much more efficiently. They don’t need to pay the network for every time they compute and can also operate with greater privacy. An important aspect of smart contract and dapp development is access to outside data sources. This could mean checking the weather in London, score of a football game, or price of gold. Oracles provide access to data hosted outside the blockchain. In many blockchain projects, oracles represent a security risk and potential point of failure, since they tend to be singular, centralized data streams. Aeternity proposes decentralizing oracles with their oracle machine. Doing so would make outside data immutable and unchangeable once it reaches Aeternity’s blockchain. Of course, the data source could still be hacked, so Aeternity implements a prediction market where users can bet on the accuracy and honesty of incoming data from various oracles.It also uses prediction markets for various voting and verification purposes within the platform. Aeternity’s network runs on on a hybrid of proof of work and proof of stake. Founded by a long-time crypto-enthusiast and early colleague of Vitalik Buterin, Yanislav Malahov. Promising concept though not product yet
Bitcoin Atom: Atomic Swaps and hybrid consenus. This looks like the only Bitcoin clone that actually is looking to innovate next to Bitcoin Cash.
Dogecoin: Litecoin fork, fantastic community, though lagging behind a bit in technology.
Bitcoin Gold: A bit better security than bitcoin through ASIC resistant algorithm, but that's it. Not that interesting.
Digibyte: Digibyte's PoS blockchain is spread over a 100,000+ servers, phones, computers, and nodes across the globe, aiming for the ultimate level of decentralization. DigiByte rebalances the load between the five mining algorithms by adjusting the difficulty of each so one algorithm doesn’t become dominant. The algorithm's asymmetric difficulty has gained notoriety and been deployed in many other blockchains.DigiByte’s adoption over the past four years has been slow. It’s still a relatively obscure currency compared its competitors. The DigiByte website offers a lot of great marketing copy and buzzwords. However, there’s not much technical information about what they have planned for the future. You could say Digibyte is like Bitcoin, but with shorter blocktimes and a multi-algorithm. However, that's not really a difference big enough to truly set themselves apart from Bitcoin, since these technologies could be implemented by any blockchain without much difficulty. Their decentralization is probably their strongest asset, however, this also change quickly if the currency takes off and big miners decide to go into Digibyte.
Bitcoin Diamond Asic resistant Bitcoin and Copycat
Market 2 - Platform
Most of the cryptos here have smart contracts and allow dapps (Decentralized apps) to be build on their platform and to use their token as an exchange of value between dapp services.
Ethereum: 2nd generation blockchain that allows the use of smart contracts. Bad scalability currently, though this concern could be alleviated by the soon to be implemented Lightning Network aka Plasma and its Sharding concept.
EOS: Promising technology that wants to be able do everything, from smart contracts like Ethereum, scalability similar to Nano with 1000 tx/second + near instant transactions and zero fees, to also wanting to be a platform for dapps. However, EOS doesn't have a product yet and everything is just promises still. Highly overvalued right now. However, there are lots of red flags, have dumped $500 million Ether over the last 2 months and possibly bought back EOS to increase the size of their ICO, which has been going on for over a year and has raised several billion dollars. All in all, their market cap is way too high for that and not even having a product.
Cardano: Similar to Ethereum/EOS, however, only promises made with no delivery yet, highly overrated right now. Interesting concept though. Market cap way too high for not even having a product. Somewhat promising technology.
VeChain: Singapore-based project that’s building a business enterprise platform and inventory tracking system. Examples are verifying genuine luxury goods and food supply chains. Has one of the strongest communities in the crypto world. Most hyped token of all, with merit though.
Neo: Neo is a platform, similar to Eth, but more extensive, allowing dapps and smart contracts, but with a different smart contract gas system, consensus mechanism (PoS vs. dBfT), governance model, fixed vs unfixed supply, expensive contracts vs nearly free contracts, different ideologies for real world adoption. There are currently only 9 nodes, each of which are being run by a company/entity hand selected by the NEO council (most of which are located in china) and are under contract. This means that although the locations of the nodes may differ, ultimately the neo council can bring them down due to their legal contracts. In fact this has been done in the past when the neo council was moving 50 million neo that had been locked up. Also dbft (or neo's implmentation of it) has failed underload causing network outages during major icos. The first step in decentralization is that the NEO Counsel will select trusted nodes (Universities, business partners, etc.) and slowly become less centralized that way. The final step in decentralization will be allowing NEO holders to vote for new nodes, similar to a DPoS system (ARK/EOS/LISK). NEO has a regulation/government friendly ideology. Finally they are trying to work undewith the Chinese government in regards to regulations. If for some reason they wanted it shut down, they could just shut it down.
Stellar: PoS system, similar goals as Ripple, but more of a platform than only a currency. 80% of Stellar are owned by Stellar.org still, making the currency centralized.
Ethereum classic: Original Ethereum that decided not to fork after a hack. The Ethereum that we know is its fork. Uninteresing, because it has a lot of less resources than Ethereum now and a lot less community support.
Ziliqa: Zilliqa is building a new way of sharding. 2400 tpx already tested, 10,000 tps soon possible by being linearly scalable with the number of nodes. That means, the more nodes, the faster the network gets. They are looking at implementing privacy as well.
QTUM: Enables Smart contracts on the Bitcoin blockchain. Useful.
Icon: Korean ethereum. Decentralized application platform that's building communities in partnership with banks, insurance providers, hospitals, and universities. Focused on ID verification and payments. No big differentiators to the other 20 Ethereums, except that is has a product. That is a plus. Maybe cheap alternative to Ethereum.
LISK: Lisk's difference to other BaaS is that side chains are independent to the main chain and have to have their own nodes. Similar to neo whole allows dapps to deploy their blockchain to. However, Lisk is currently somewhat centralized with a small group of members owning more than 50% of the delegated positions. Lisk plans to change the consensus algorithm for that reason in the near future.
Rchain: Similar to Ethereum with smart contract, though much more scalable at an expected 40,000 TPS and possible 100,000 TPS. Not launched yet. No product launched yet, though promising technology. Not overvalued, probably at the right price right now.
ARDR: Similar to Lisk. Ardor is a public blockchain platform that will allow people to utilize the blockchain technology of Nxt through the use of child chains. A child chain, which is a ‘light’ blockchain that can be customized to a certain extent, is designed to allow easy self-deploy for your own blockchain. Nxt claims that users will "not need to worry" about security, as that part is now handled by the main chain (Ardor). This is the chief innovation of Ardor. Ardor was evolved from NXT by the same company. NEM started as a NXT clone.
Ontology: Similar to Neo. Interesting coin
Bytom: Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information and other information that exist in the physical world) can be registered, exchanged, gambled and engaged in other more complicated and contract-based interoperations via Bytom.
Nxt: Similar to Lisk
Stratis: Different to LISK, Stratis will allow businesses and organizations to create their own blockchain according to their own needs, but secured on the parent Stratis chain. Stratis’s simple interface will allow organizations to quickly and easily deploy and/or test blockchain functionality of the Ethereum, BitShares, BitCoin, Lisk and Stratis environements.
Status: Status provides access to all of Ethereum’s decentralized applications (dapps) through an app on your smartphone. It opens the door to mass adoption of Ethereum dapps by targeting the fastest growing computer segment in the world – smartphone users.16. Ark: Fork of Lisk that focuses on a smaller feature set. Ark wallets can only vote for one delegate at a time which forces delegates to compete against each other and makes cartel formations incredibly hard, if not impossible.
Neblio: Similar to Neo, but 30x smaller market cap.
NEM: Is similar to Neo No marketing team, very high market cap for little clarilty what they do.
Bancor: Bancor is a Decentralized Liquidity Network that allows you to hold any Ethereum token and convert it to any other token in the network, with no counter party, at an automatically calculated price, using a simple web wallet.
Dragonchain: The Purpose of DragonChain is to help companies quickly and easily incorporate blockchain into their business applications. Many companies might be interested in making this transition because of the benefits associated with serving clients over a blockchain – increased efficiency and security for transactions, a reduction of costs from eliminating potential fraud and scams, etc.
Skycoin: Transactions with zero fees that take apparently two seconds, unlimited transaction rate, no need for miners and block rewards, low power usage, all of the usual cryptocurrency technical vulnerabilities fixed, a consensus mechanism superior to anything that exists, resistant to all conceivable threats (government censorship, community infighting, cybenucleaconventional warfare, etc). Skycoin has their own consensus algorithm known as Obelisk written and published academically by an early developer of Ethereum. Obelisk is a non-energy intensive consensus algorithm based on a concept called ‘web of trust dynamics’ which is completely different to PoW, PoS, and their derivatives. Skywire, the flagship application of Skycoin, has the ambitious goal of decentralizing the internet at the hardware level and is about to begin the testnet in April. However, this is just one of the many facets of the Skycoin ecosystem. Skywire will not only provide decentralized bandwidth but also storage and computation, completing the holy trinity of commodities essential for the new internet. Skycion a smear campaign launched against it, though they seem legit and reliable. Thus, they are probably undervalued.
Market 3 - Ecosystem
The 3rd market with 11 coins is comprised of ecosystem coins, which aim to strengthen the ease of use within the crypto space through decentralized exchanges, open standards for apps and more
Nebulas: Similar to how Google indexes webpages Nebulas will index blockchain projects, smart contracts & data using the Nebulas rank algorithm that sifts & sorts the data. Developers rewarded NAS to develop & deploy on NAS chain. Nebulas calls this developer incentive protocol – basically rewards are issued based on how often dapp/contract etc. is used, the more the better the rewards and Proof of devotion. Works like DPoS except the best, most economically incentivised developers (Bookkeeppers) get the forging spots. Ensuring brains stay with the project (Cross between PoI & PoS). 2,400 TPS+, DAG used to solve the inter-transaction dependencies in the PEE (Parallel Execution Environment) feature, first crypto Wallet that supports the Lightening Network.
Waves: Decentralized exchange and crowdfunding platform. Let’s companies and projects to issue and manage their own digital coin tokens to raise money.
Salt: Leveraging blockchain assets to secure cash loands. Plans to offer cash loans in traditional currencies, backed by your cryptocurrency assets. Allows lenders worldwide to skip credit checks for easier access to affordable loans.
CHAINLINK: ChainLink is a decentralized oracle service, the first of its kind. Oracles are defined as an ‘agent’ that finds and verifies real-world occurrences and submits this information to a blockchain to be used in smart contracts.With ChainLink, smart contract users can use the network’s oracles to retrieve data from off-chain application program interfaces (APIs), data pools, and other resources and integrate them into the blockchain and smart contracts. Basically, ChainLink takes information that is external to blockchain applications and puts it on-chain. The difference to Aeternity is that Chainlink deploys the smart contracts on the Ethereum blockchain while Aeternity has its own chain.
WTC: Combines blockchain with IoT to create a management system for supply chains Interesting
Ethos unifyies all cryptos. Ethos is building a multi-cryptocurrency phone wallet. The team is also building an investment diversification tool and a social network
Aion: Aion is the token that pays for services on the Aeternity platform.
USDT: is no cryptocurrency really, but a replacement for dollar for trading After months of asking for proof of dollar backing, still no response from Tether.
Market 4 - Privacy
The 4th market are privacy coins. As you might know, Bitcoin is not anonymous. If the IRS or any other party asks an exchange who is the identity behind a specific Bitcoin address, they know who you are and can track back almost all of the Bitcoin transactions you have ever made and all your account balances. Privacy coins aim to prevent exactly that through address fungability, which changes addresses constantly, IP obfuscation and more. There are 2 types of privacy coins, one with completely privacy and one with optional privacy. Optional Privacy coins like Dash and Nav have the advantage of more user friendliness over completely privacy coins such as Monero and Enigma.
Monero: Currently most popular privacy coin, though with a very high market cap. Since their privacy is all on chain, all prior transactions would be deanonymized if their protocol is ever cracked. This requires a quantum computing attack though. PIVX is better in that regard.
Zcash: A decentralized and open-source cryptocurrency that hide the sender, recipient, and value of transactions. Offers users the option to make transactions public later for auditing. Decent privacy coin, though no default privacy
Verge: Calls itself privacy coin without providing private transactions, multiple problems over the last weeks has a toxic community, and way too much hype for what they have.
Bytecoin: First privacy-focused cryptocurrency with anonymous transactions. Bytecoin’s code was later adapted to create Monero, the more well-known anonymous cryptocurrency. Has several scam accusations, 80% pre-mine, bad devs, bad tech
Bitcoin Private: A merge fork of Bitcoin and Zclassic with Zclassic being a fork of Zcash with the difference of a lack of a founders fee required to mine a valid block. This promotes a fair distribution, preventing centralized coin ownership and control. Bitcoin private offers the optional ability to keep the sender, receiver, and amount private in a given transaction. However, this is already offered by several good privacy coins (Monero, PIVX) and Bitcoin private doesn't offer much more beyond this.
Komodo: The Komodo blockchain platform uses Komodo’s open-source cryptocurrency for doing transparent, anonymous, private, and fungible transactions. They are then made ultra-secure using Bitcoin’s blockchain via a Delayed Proof of Work (dPoW) protocol and decentralized crowdfunding (ICO) platform to remove middlemen from project funding. Offers services for startups to create and manage their own Blockchains.
PIVX: As a fork of Dash, PIVX uses an advanced implementation of the Zerocoin protocol to provide it’s privacy. This is a form of zeroknowledge proofs, which allow users to spend ‘Zerocoins’ that have no link back to them. Unlike Zcash u have denominations in PIVX, so they can’t track users by their payment amount being equal to the amount of ‘minted’ coins, because everyone uses the same denominations. PIVX is also implementing Bulletproofs, just like Monero, and this will take care of arguably the biggest weakness of zeroknowledge protocols: the trusted setup.
Zcoin: PoW cryptocurrency. Private financial transactions, enabled by the Zerocoin Protocol. Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs.
Enigma: Monero is to Bitcoin what enigma is to Ethereum. Enigma is for making the data used in smart contracts private. More of a platform for dapps than a currency like Monero. Very promising.
Navcoin: Like bitcoin but with added privacy and pos and 1,170 tps, but only because of very short 30 second block times. Though, privacy is optional, but aims to be more user friendly than Monero. However, doesn't really decide if it wants to be a privacy coin or not. Same as Zcash.Strong technology, non-shady team.
Tenx: Raised 80 million, offers cryptocurrency-linked credit cards that let you spend virtual money in real life. Developing a series of payment platforms to make spending cryptocurrency easier. However, the question is if full privacy coins will be hindered in growth through government regulations and optional privacy coins will become more successful through ease of use and no regulatory hindrance.
Market 5 - Currency Exchange Tool
Due to the sheer number of different cryptocurrencies, exchanging one currency for the other it still cumbersome. Further, merchants don’t want to deal with overcluttered options of accepting cryptocurrencies. This is where exchange tool like Req come in, which allow easy and simple exchange of currencies.
Cryptonex: Fiat and currency exchange between various blockchain services, similar to REQ.
QASH: Qash is used to fuel its liquid platform which will be an exchange that will distribute their liquidity pool. Its product, the Worldbook is a multi-exchange order book that matches crypto to crypto, and crypto to fiat and the reverse across all currencies. E.g., someone is selling Bitcoin is USD on exchange1 not owned by Quoine and someone is buying Bitcoin in EURO on exchange 2 not owned by Quoine. If the forex conversions and crypto conversions match then the trade will go through and the Worldbook will match it, it'll make the sale and the purchase on either exchange and each user will get what they wanted, which means exchanges with lower liquidity if they join the Worldbook will be able to fill orders and take trade fees they otherwise would miss out on.They turned it on to test it a few months ago for an hour or so and their exchange was the top exchange in the world by 4x volume for the day because all Worldbook trades ran through it. Binance wants BNB to be used on their one exchange. Qash wants their QASH token embedded in all of their partners. More info here https://www.reddit.com/CryptoCurrency/comments/8a8lnwhich_are_your_top_5_favourite_coins_out_of_the/dwyjcbb/?context=3
Kyber: network Exchange between cryptocurrencies, similar to REQ. Features automatic coin conversions for payments. Also offers payment tools for developers and a cryptocurrency wallet.
Achain: Building a boundless blockchain world like Req .
Req: Exchange between cryptocurrencies.
Bitshares: Exchange between cryptocurrencies. Noteworthy are the 1.5 second average block times and throughput potential of 100,000 transactions per second with currently 2,400 TPS having been proven. However, bitshares had several Scam accusations in the past.
Loopring: A protocol that will enable higher liquidity between exchanges and personal wallets.
ZRX: Open standard for dapps. Open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain. In 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat. Relayers help broadcast orders and collect a fee each time they facilitate a trade. Anyone can build a relayer.
Market 6 - Gaming
With an industry size of $108B worldwide, Gaming is one of the largest markets in the world. For sure, cryptocurrencies will want to have a share of that pie.
Storm: Mobile game currency on a platform with 9 million players.
Fun: A platform for casino operators to host trustless, provably-fair gambling through the use of smart contracts, as well as creating their own implementation of state channels for scalability.
Electroneum: Mobile game currency They have lots of technical problems, such as several 51% attacks
Wax: Marketplace to trade in-game items
Market 7 - Misc
There are various markets being tapped right now. They are all summed up under misc.
OMG: Omise is designed to enable financial services for people without bank accounts. It works worldwide and with both traditional money and cryptocurrencies.
Power ledger: Australian blockchain-based cryptocurrency and energy trading platform that allows for decentralized selling and buying of renewable energy. Unique market and rather untapped market in the crypto space.
Populous: A platform that connects business owners and invoice buyers without middlemen. Invoice sellers get cash flow to fund their business and invoice buyers earn interest. Similar to OMG, small market.
Monacoin: The first Japanese cryptocurrency. Focused on micro-transactions and based on a popular internet meme of a type-written cat. This makes it similar to Dogecoin. Very niche, tiny market.
Revain: Legitimizing reviews via the blockchain. Interesting concept, though market not as big.
Augur: Platform to forecast and make wagers on the outcome of real-world events (AKA decentralized predictions). Uses predictions for a “wisdom of the crowd” search engine. Not launched yet.
Substratum: Revolutionzing hosting industry via per request billing as a decentralized internet hosting system. Uses a global network of private computers to create the free and open internet of the future. Participants earn cryptocurrency. Interesting concept.
Veritaseum: Is supposed to be a peer to peer gateway, though it looks like very much like a scam.
TRON: Tronix is looking to capitalize on ownership of internet data to content creators. However, they plagiarized their white paper, which is a no go. They apologized, so it needs to be seen how they will conduct themselves in the future. Extremely high market cap for not having a product, nor proof of concept.
Syscoin: A cryptocurrency with a decentralized marketplace that lets people buy and sell products directly without third parties. Trying to remove middlemen like eBay and Amazon.
Hshare: Most likely scam because of no code changes, most likely pump and dump scheme, dead community.
BAT: An Ethereum-based token that can be exchanged between content creators, users, and advertisers. Decentralized ad-network that pays based on engagement and attention.
Dent: Decentralizeed exchange of mobile data, enabling mobile data to be marketed, purchased or distributed, so that users can quickly buy or sell data from any user to another one.
Ncash: End to end encrypted Identification system for retailers to better serve their customers .
Factom Secure record-keeping system that allows companies to store their data directly on the Blockchain. The goal is to make records more transparent and trustworthy .
Market 8 - Social network
Web 2.0 is still going strong and Web 3.0 is not going to ignore it. There are several gaming tokens already out there and a few with decent traction already, such as Steem, which is Reddit with voting through money is a very interesting one.
Mithril: As users create content via social media, they will be rewarded for their contribution, the better the contribution, the more they will earn
Steem: Like Reddit, but voting with money. Already launched product and Alexa rank 1,000 Thumbs up.
Rdd: Reddcoin makes the process of sending and receiving money fun and rewarding for everyone. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.
Kin: Token for the platform Kik. Kik has a massive user base of 400 million people. Replacing paying with FIAT with paying with KIN might get this token to mass adoption very quickly.
Market 9 - Fee token
Popular exchanges realized that they can make a few billion dollars more by launching their own token. Owning these tokens gives you a reduction of trading fees. Very handy and BNB (Binance Coin) has been one of the most resilient tokens, which have withstood most market drops over the last weeks and was among the very few coins that could show growth.
BNB: Fee token for Binance
Gas: Not a Fee token for an exchange, but it is a dividend paid out on Neo and a currency that can be used to purchase services for dapps.
Kucoin: Fee token for Kucoin
Market 10 - Decentralized Data Storage
Currently, data storage happens with large companies or data centers that are prone to failure or losing data. Decentralized data storage makes loss of data almost impossible by distributing your files to numerous clients that hold tiny pieces of your data. Remember Torrents? Torrents use a peer-to-peer network. It is similar to that. Many users maintain copies of the same file, when someone wants a copy of that file, they send a request to the peer-to-peer network., users who have the file, known as seeds, send fragments of the file to the requester., he requester receives many fragments from many different seeds, and the torrent software recompiles these fragments to form the original file.
Gbyte: Byteball data is stored and ordered using directed acyclic graph (DAG) rather than blockchain. This allows all users to secure each other's data by referencing earlier data units created by other users, and also removes scalability limits common for blockchains, such as blocksize issue.
Siacoin: Siacoin is decentralized storage platform. Distributes encrypted files to thousands of private users who get paid for renting out their disk space. Anybody with siacoins can rent storage from hosts on Sia. This is accomplish via "smart" storage contracts stored on the Sia blockchain. The smart contract provides a payment to the host only after the host has kept the file for a given amount of time. If the host loses the file, the host does not get paid.
Maidsafecoin: MaidSafe stands for Massive Array of Internet Disks, Secure Access for Everyone.Instead of working with data centers and servers that are common today and are vulnerable to data theft and monitoring, SAFE’s network uses advanced P2P technology to bring together the spare computing capacity of all SAFE users and create a global network. You can think of SAFE as a crowd-sourced internet. All data and applications reside in this network. It’s an autonomous network that automatically sets prices and distributes data and rents out hard drive disk space with a Blockchain-based storage solutions.When you upload a file to the network, such as a photo, it will be broken into pieces, hashed, and encrypted. The data is then randomly distributed across the network. Redundant copies of the data are created as well so that if someone storing your file turns off their computer, you will still have access to your data. And don’t worry, even with pieces of your data on other people’s computers, they won’t be able to read them. You can earn MadeSafeCoins by participating in storing data pieces from the network on your computer and thus earning a Proof of Resource.
Storj: Storj aims to become a cloud storage platform that can’t be censored or monitored, or have downtime. Your files are encrypted, shredded into little pieces called 'shards', and stored in a decentralized network of computers around the globe. No one but you has a complete copy of your file, not even in an encrypted form.
Market 11 - Cloud computing
Obviously, renting computing power, one of the biggest emerging markets as of recent years, e.g. AWS and Digital Ocean, is also a service, which can be bought and managed via the blockchain.
Golem: Allows easy use of Supercomputer in exchange for tokens. People worldwide can rent out their computers to the network and get paid for that service with Golem tokens.
Elf: Allows easy use of Cloud computing in exchange for tokens.
Market 12 - Stablecoin
Last but not least, there are 2 stablecoins that have established themselves within the market. A stable coin is a coin that wants to be independent of the volatility of the crypto markets. This has worked out pretty well for Maker and DGD, accomplished through a carefully diversified currency fund and backing each token by 1g or real gold respectively. DO NOT CONFUSE DGD AND MAKER with their STABLE COINS DGX and DAI. DGD and MAKER are volatile, because they are the companies of DGX and DAI. DGX and DAI are the stable coins.
DGD: Platform of the Stablecoin DGX. Every DGX coin is backed by 1g of gold and make use proof of asset consensus.
Maker: Platform of the Stablecoin DAI that doesn't vary much in price through widespread and smart diversification of assets.
EDIT: Added a risk factor from 0 to 10. The baseline is 2 for any crypto. Significant scandals, mishaps, shady practices, questionable technology, increase the risk factor. Not having a product yet automatically means a risk factor of 6. Strong adoption and thus strong scrutiny or positive community lower the risk factor. EDIT2: Added a subjective potential factor from 0 to 10, where its overall potential and a small or big market cap is factored in. Bitcoin with lots of potential only gets a 9, because of its massive market cap, because if Bitcoin goes 10x, smaller coins go 100x, PIVX gets a 10 for being as good as Monero while carrying a 10x smaller market cap, which would make PIVX go 100x if Monero goes 10x.
Regards!! I'm Jesús Zambrano, member of the Hispanic community of NANO for a long time. Last thursday, we had an interesting and enjoying Ask-me-anything at Binance Spanish community on telegram with the people behind NANO, Colin LeMahieu (Founder and Executive Director) and Zach Hyatt (Proyect Manager), where we take advantage of their kindness and willingness to ask them some questions and share opinions about de currency. I will share a compilation of some of the questions and answers. -(Admin) ¡Welcome Binancians to our following AMA! I will explain how AMA works; we will have three (3) segments. Segment #1: I am going to ask to our guests five (5) questions and then they will answer them. I will be explaining the rest of the segments as we conclude one of them. -(Admin) Today we have the great pleasure of having Colin (Founder and Executive Director) and Zach (Project Manager) with us in our chat room. Could you give us a little introduction about you? - (Zach) Hi everyone, I am Zach Hyatt, the Project Manager at the Nano Foundation and am excited to help answer questions about Nano. I live in Austin, TX where it is quite hot right now! -(Colin) I’m Colin LeMahieu, founder of Nano. I’m a computer engineer and I’ve worked at companies like Qualcomm, Dell, and AMD. I have been working on Nano for about 5 years now and I’m really excited to talk with people who are interested as well! -(Admin) It is a pleasure for us to have you here, I have to say that on a personal level, I have been a follower of the project for a long time now, so it is incredible for me to be able to count on you tonight, we will start with segment # 1, with the questions I have for you. Feeless transactions and in record time! What is NANO? Can you give us an introduction to the project? -(Colin) Nano’s goal is to solve problems with other cryptocurrencies and make sending value fast and fee-less. It has a unique design to allow us to accomplish this. We want people to have the option of using decentralized digital money instead of fiat money anywhere in the world. Nano is accessible and easy-to-use today and we plan on keeping it focused on these goals. -(Admin) Thank you for answering my first question, I am delighted with the features offered by the project, every week they are updating and making important changes that help to improve the ecosystem that surrounds the team. Here you can find all the weekly updates: https://nano.org/en Previously the project was called RaiBlocks, it appeared for the first time in an ad in Bitcoin Talk in 2015. Can you tell us why a name change came up later? -(Zach) Yeah, absolutely. Although the original RaiBlocks name has a special place in our history, it was difficult to pronounce in some areas of the world and caused confusion with certain users. We decided to move to a shorter name that not only was easy to pronounce but also reflected the fast, efficient nature of the protocol. -(Admin) A short and quick name to pronounce, definitely NANO is perfect to define it! My third question is the following; I had seen a very interesting gif early in the chat and it is just about the question that I came to ask. Currently, NANO has 100% of its tokens in circulation and these tokens were distributed through Faucets, so it meant that any user with a computer could get coins simply by completing some captchas, can you tell me which has been the experience of users when using this method? -(Colin) The faucet was a great way for us to distribute coins to people who have never used it before. Cryptocurrencies that use mining end up distributing only to people who have money to buy the mining hardware and this is unfair. We had a lot of people from Indonesia and Asia in the beginning of our distribution and at the end there were a lot of people from South America, Venezuela and Brasil that were getting most of the Nano from the faucet. We think this was a fairer way to do it and it got Nano into the hands of people in different locations, and it had a very positive impact on their lives. -(Admin) This is incredible! thanks for your answer! Can you tell us about what the Open Representative Vote is about and how it protects the network? -(Zach) Nano uses voting to get confirmation on the network instead of mining and the nodes on the network that create votes are called Representatives. Open Representative Voting allows people who have a Nano balance to pick whatever representative they want to vote on their behalf. This allows the people who hold Nano to decide who generates consensus instead of mining companies. The voting process is very efficient and is a big part of what allows Nano to be fee-less and use very little energy. -(Admin) Very good! The last question on my part: Nano PoW is your new approach, I have read a pretty interesting example with emails, can you explain what it is about? -(Colin) Nano PoW is a research project we’re doing in order to create a proof of work algorithm that uses less energy than other popular algorithms. Since Nano is fee-less, there must be a method to limit transactions going onto the network, which this PoW achieves. With the goal of using more memory in the process instead of CPU cycles in order to generate proofs, this new Nano PoW will help prevent ASICs from being able to cheaply send lots of transactions. It’s important for a cryptocurrency that’s used around the world to be energy efficient and green so continuing our research on this is important to us. -(Admin)https://medium.com/nanocurrency/nano-pow-the-details-ba22a9092d6f Thanks for your answers, Colin and Zach! I have a video, taken from your YouTube account that I would like to share with the community https://www.youtube.com/watch?v=eh9pA8UCUrI Can you tell me what we see in this video? -(Colin) This is a video of how fast our transactions send and receive. You can see it takes less than 1 second to finish which means you can use it as a currency. - (Zach) The wallet was made by developers in our amazing community, it is called Natrium. It really shows how fast Nano is and how it is easy-to-use! -(Colin) You can also see how simple it is to use. You just scan, enter an amount, and send. There are no complicated setting which is great for new users and great for adoption. - (Zach) And the best part is, there were no fees at all for that transaction. In fact there have never been any transaction fees on the Nano network ever! -(Admin) Great! That's why I wanted to share it with everyone, yesterday I could try the wallet and it is really spectacular to use, thank you very much for that excellent explanation, please stay with us, now comes the part in which our users participate Segment 3, community questions Q -First congratulations on your project, it is amazing. Now, does nano BlockChain have another use besides making transactions? A - (Zach) Thank you! Nano has always been focused on transfer of value and will continue to maintain that focus. The overall design is aimed at doing only this so it can remain fast, efficient and fee-less. Q -Good evening! I understand that thanks to its architecture called "Block-lattice", each individual provides the computing power necessary to verify their own transaction, thanks to this they do not use miners to confirm transactions and they do not apply commissions of any kind. My question is: How did this occur and how difficult was it? A - (Colin) It’s simila, transactions are validated by votes from the representatives, not by the PoW. The PoW is a way to slow down how fast people can create transactions so they can’t spam the network. Q - Do you have any short or long term projects so that transactions using $NANO were anonymous? A - (Colin) Long term we want to see what privacy options exist and are fast. Most privacy schemes make the transactions very big or slow to process and it’s important for things to remain quick and efficient so we can have fast transactions. Q - We are living in Venezuela many changes in the cryptocurrency sector, the integration of crypto for service payment and product purchases is already a reality. What agreements has NANO made with service stores to integrate it as a means of payment? I want to pay my movie ticket with NANOS A - (Zach) Thanks for your interest in Nano. We are always looking for ways to allow everyone to use Nano in as many places as possible. Although separate from our organization, we are aware of the efforts of the Nano Venezuela organization and try to support them when possible in bringing Nano to as many people and stores in Venezuela as possible. Q - (7 questions made from one persone at once)
How do you manage to make your transactions virtually instantaneous?
How do they create part of the company's livelihood if no fees are charged for transactions?
Why does $ NANO consume so little electricity?
Requirements for a medium-sized company to adopt nano correctly as a means of payment?
Since 100% of the $ NANOS are distributed, I have seen something in Medium that talked about `` Nano PoW '', could you tell me a little more about how it works? What profit will the person / institution get that puts hardware for their PoW? Will more $ NANO be created apart from those already in circulation?
What do the representatives earn for putting their vote and validating blocks if 100% of the $ NANOS are already created / issued?
7- Since your policy / slogan / commandment is to be a cryptocurrency without fees, shouldn't you force exchanges in which $ NANO is present that they don't charge withdrawal fees? A - (Colin)
Transactions are fast because they’re validated by voting. The votes get transmitted around the world in milliseconds and all people have to do is count votes to confirm the transaction.
We use the Dev fund to pay for developing the Nano protocol. The Nano protocol is a free tool that other people can build businesses on. We have ideas for businesses that can use fast, free money in order to help people send money to their family in other countries or pay microtransactions. It’s similar to Linux, it’s free but big companies use it because it saves them money.
Nano uses little electricity because we use voting for validating transactions. Voting is just sending data over the internet which is power efficient.
You can run a nano node with 40-60$/mo using cloud virtual machines
Nano pow is just a more efficient way to slow people down from sending transactions to the network
The most important thing is: why does a company want to use cryptocurrency? They want to use it because it saves them money on bank fees, etc. Since 40-60$/mo running a node is less expensive than their bank fees, they want to participate in the network to keep it going and save them money.
Q - Knowing all this about Nano, could you say that Nano is one of the most energy-efficient, Ecological friendly currencies in existence? A -(Zach) Absolutely. We care about making a positive change in the world and so pride ourselves on leaving as little energy trace possible in the world. It may just be the fastest, most efficient transfer of value available. Q - If the nano protocol had not passed the Red4Sec signature security test, would it have any vulnerability today? A - (Colin) The Red4Sec audit didn’t find any critiral vulnerabilities in Nano. In fact they did the audit twice because they couldn’t find anything wrong and that never happened before. It’s important for us to keep the code high quality and we will do audits again in the future because it’s important to make sure everything is secure. Q - I'd like to see more development of Nano by using SMS on our phones to avoid the problem of no Internet connection at the moment A -(Zach) As much as we like the idea of SMS, unfortunately it is not a secure network so managing Nano transactions over it brings some unique requirements. However we are always innovating and trying to make Nano as easy and accessible as possible so hope advances can help over time make it more accessible in this area. Q - What plans do you have to close this 2019 to increase adoption in Latin America? A -(Colin) We are very excited about the passion we see in the south american community. We would love to make it down to VE however in the mean time follow nanoVE for updates and meetups - there may be one near you soon! Q - How will you make the adoption and use of $ NANO continue to increase especially in markets where other cryptocurrencies are gaining more ground? A - (Colin) Our focus is to build tools people need to accept cryptocurrency. Right now it’s still difficulty and expensive. One thing we’re making is the device Appia which can accept cryptocurrency similar to a credit card. We made this device very inexpensive and can connect over wireless so it can be used in markets or resturaunts or other places cryptocurrency is not yet available. - (Admin) Thank you very much for your answers! You are the first guests that answer all the questions of our users, you are amazing guys! @AndyNano It was amazing to meet you, I learned a lot from you @FundacionNanoVE Thanks for making this happen! excellent work @nano_isam Thanks for everything buddy! -(Zach) Can we ask a question to the channel? What are the top things Nano can do to help you in your daily lives? -(Colin) My question: How do you store cryptocurrency safely? Where do you back up your seed so it isn’t lost or stolen? A - In Venezuela we currently have a problem with conventional payment processors, they are very slow, it would be great to be able to see people using NANO to make their purchases at any store in Venezuela, 0 commissions and instant transactions, is what we need A - Fast transactions are what can help society the most, and except that, the best thing is that it is very cheap ... from there it is addition, those are the main characteristics that we look for the most A - encrypted file in a pendrive A - Nano is a direct competition to the vast majority of Cryptos, in transaction speed and that it is literally free to send or receive, nothing to wait for 5 hours or the next day when you pay for items or services with Crypto, let's increase the adoption of nano! -(Colin) Question: Are there barriers to using Nano in your country right now? A - No barriers in Venezuela A - No barrier what is lacking is greater diffusion in means to give greater projection and that the adoption arrives. Here I am to support NANO! A - There should be no barriers to the payments we wish to make, freedom above all -(Colin) Fantastic! - (Zach) Thanks everyone, I have to go but I appreciate all the awesome questions and answers!
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