submitted by Celarecommunity to u/Celarecommunity [link] [comments]
Celare, anonymize people’s digital assets
From the internet era to the birth of blockchain, it means that all data information, including assets, has realized the phased leap from the entire network sharing to anonymous communication.
Bitcoin was once considered as a secure cryptocurrency. However, the mainstream cryptocurrencies on the market always have the risk of privacy leakage, including bitcoin. That is to say, and bitcoin is not private.
But based on the greatness and geeks of human intelligence, blockchain networks with complete anonymity have been developed, such as Zcash, Dash, and XMR.
So is this the end of the story? Of course not.
People are surprised to find that these anonymous digital assets can genuinely realize the privacy protection of identity and transaction. And they want to share with more relatives and friends around so that this great discovery can be extended to the entire blockchain application. They faced multiple barriers across the asset chain.
If you need a Blockchain system with a privacy protection mechanism and smart contracts at the same time, the traditional blockchain solution is to make significant changes to the underlying protocol, which inevitably consumes more computing resources, thus affecting the efficiency of the chain.
The privacy protection of data information and assets is like the layer of wall tiles built between you and me, which breaks up the whole blockchain world and turns the global village back into the city-state tribe of the primitive society.
Celare, who proposes the world’s first full-asset cross-chain and anonymous solution, which not only realizes the value transfer between different blockchain networks but also guarantees the privacy security of users.
I. What is Celare?Before introducing Celare, it’s necessary to share Polkadot — —
Polkadot is an exploration of cross-chain technology presented by the co-founder of Ethereum and funder of Parity Technologies, Gavin Wood, on November 14, 2016.
Polkadot is a decentralized and scalable heterogeneous multi-chain framework that supports cross-chain communication between different chains, not only for asset exchange and transfer but also for data cross-chain discussion. The Polkadot network has three primary functions that address interoperability, scalability, and shared security issues in the Blockchain.
Polkadot is similar to Vodafone, an infrastructure service provider that provides communication bandwidth services between networks. Developers can develop applications based on this infrastructure.
Celare, a parallel chain of privacy smart contracts in the Polkadot ecosystem, is developed based on Substrate. By selecting the BLS12–381 curve to achieve zero-knowledge proof, Celare indeed implements the blockchain system with the privacy protection of Turing-complete smart contracts.
For example, it is like setting up a public tent in the middle of two mutually disjoint parallel roads. People who are tired of walking can enter the tent for a rest. For fear of the security of the money, each person who enters the tent is assigned another invisibility cloak.
The public tent is the Polkadot, and Celare is the organizer and guardian of the ecology. It increases the diversity of “road,” bridges the connectivity between different projects, and ensures the privacy of the project and assets safety, better to create ecological consensus.
Compared with the existing Blockchain privacy protection technology, Celare not only realizes the privacy protection of account information and transaction but also recognizes the cross-chain ecosystem.
II. Celare’s Economic ModelCelare is the basic unit of circulation within the Celare ecosystem. It also represents users and participants in the system and is the only commercial and financial delivery medium within the system. At the beginning of the release, it is compatible with ERC20 and will be switched after the Celare network launch officially.
Celare has a constant total of 200 million tokens, 50% of which obtains through Entangled Lockdrop; 40% for the incentive distribution of PoS Staking mechanism; 5% is the essential funding for the community development team and unlock flexibility during four years; The remaining 3% is the reward the community contributors and co-builders. For the early service promotion, 2% will be reserved as an incentive, which will be rewarded by the community decision making, to realize the shared benefits of the ecosystem.
Celare Co-founders’ committee convinces that any project cannot be separated from ecological contributors. Everyone in the community enjoys a high degree of freedom, full value realization, and happiness. This is the goal that the Celare Co-Founders’ Committee will fight for.
III. The RoadmapPreparing
Before Polkadot Launching
* Support for general transaction * Support for smart contract * Full asset anonymity
IV. Celare’s Future ProspectsWhen you look back at the development of the Blockchain for ten years, you will find that dreams, especially technical dreams, if realized, will be a good thing for the benefit of humanity. So there will be so many professional geeks going forward bravely to liberating all humans. And Celare’s technical vision is simple: security, privacy, and cross-chain.
How to achieve that? Celare ecologically has designed the following ways:
1# All Assets Anonymity
In Celare, the data in the ordinary transaction is encrypted, and the non-transaction parties cannot know the details such as source, destination, asset type, and amount. Regardless of the assets, Celare can fully guarantee the privacy and anonymity of assets, and truly realize the anonymity of all assets.
2# Anonymous asset exchange
Different from the centralized exchanges with KYC, Celare is a veritable anonymous asset exchange through Polkadot relay cross-chain technology, which fully protects user privacy and asset anonymity.
3# Anonymous chat tool with OTC
It is a secure, anonymous channel that breaks the Internet blockade and does not require a VPN, to protect user privacy and security for the entire Celare ecosystem.
The so-called anonymity is not only the authentication without personal identity information, but also the hidden high-anonymity Celare of the communication channel uses distributed nodes to support the entire network operation.
Not only that, in the process of using covert chat, but no third party stores the message content, and the chat content will also be stored in the local file. The master node is only responsible for providing network transmission and content delivery.
Based on anonymous peer-to-peer chat, Celare users and groups in the community can independently launch OTC (over-the-counter transaction). And the transaction information and chat content are entirely secret, without worrying about being supervised or eavesdropped, to protect user privacy and security for the entire Celare ecosystem.
4# Stack extension
Celare will be evolved and absorbed in the Celare development process, to realize plenty of the stack ecology applications, such as Parity Substrate, Wasm, DAO, Treasury.
Celare will bring together all parachain developers and community to witness the first big fusion in the history of Blockchain.
The blockchain is no longer an isolated island, no longer competing for users, and Celare will lead the world’s developers to witness the arrival of the cross-chain era.
Telegram: Celare Community
Chain block structure based on timestamp, it is difficult to tamper with the on-chain data; Real-time running system based on consensus algorithm, specified data can be shared; Based on self-rules of smart contracts, technical trust can be authenticated; Based on the end-to-end network of the encryption algorithm, the counterparties can choose each other.According to different technical architectures, blockchain can be divided into 3 types.
https://pundix.comsubmitted by Superbit123 to PundiX [link] [comments]
https://i.redd.it/ad9tfd3rjpi21.jpg Executive Summary;
Pundi X’s mission is to make buying crypto currency as easy as buying bottled water. As the Walmart and 7-Eleven of crypto currency, we want users to buy and use crypto currency anytime anywhere. Pundi X a leading Singaporean-based blockchain company recently ranked by KPMG as one of the world’s “Emerging 50” firms that are at the forefront of innovative technologies and practices in its 2018 Fintech100 report of Leading Global Fintech Innovators. We have a product poised for mass adoption infrastructure, where consumers can buy and sell crypto at any participating retailer and spend their crypto. For every transaction, through the XPOS (which is a point of sales) machine, there will be a token burn coming. Token burns mean reduced supply over time. The more machines in outlets and more people using crypto means supply will decrease, therefore the demand will increase. Pundi X will not be an erc20 token for long, Pundi X is creating its own blockchain called the f(x) blockchain.
https://i.redd.it/z3mp6tfp1qi21.jpg - Instant transactions worldwide 24/7. - No monthly charges or any hidden fees. - Merchants will receive revenue back, a whopping 65% from the total transaction fee, on every single Crypto related transactions. - Consumers can readily buy/sell Crypto currencies straight from the actual XPOS device. - No Banks needed, hence serving the un-banked and the under-banked population. - Merchants can receive payment in their local fiat to avoid Crypto fluctuations. - Supports Mobile payments, NFC, QR Code and all current traditional payments. - The POS can setup your inventory, loyalty programs, ads, and print smart receipts. - Avoid high Visa/MasterCard/Credit Card fees using XPOS solutions.
Major Partners: -American Chamber of Commerce Korea, AMCHAM is the largest foreign chamber in Korea with around 1,800 individual members from almost 900 member companies with diverse interests and substantial participation in the Korean economy. Their partners includes, MacDonald’s, Star Bucks, Hyundai, United Airlines, Citi, Hawaiian Airlines, MetLife, Ford, Honeywell, Johnson & Johnson, Bayer, Cisco, HUB, Nike, Oracle, Kelly, Philip Morris, Hyosung, Cigna, Kim & Change, Pfizer Korea, and many more, see link below; http://www.amchamkorea.org/?ckattempt=3
-Ebooc (Government UEA) Ebooc and Pundi X will provide several other applications for consumers such as making retail payments; paying for government services, fees and fines; utilities and bills; telecommunication bills and school fees on POS devices running a stable, digital equivalent of traditional fiat currencies in the region. The move brings our world-leading, blockchain-based XPOS technology, XPASS card and e-wallet to the Gulf, Middle East and North Africa region for the first time with Ebooc as the official partner under the terms of a strategic partnership agreement as executed. Additional Back information about the Founder of Ebooc: Entrepreneur & Senior UAE Government Official with deep Government experience of over 20 years. From his current role as Assistant Undersecretary, Industrial Development Sector at Ministry of Economy, UAE, Abdalla has been able to participate in policy-making and planning strategy for ministry of Economy and oversee the operations and major projects within the industrial sector. Developing action plans and programs for the industrial sector, overall supervision of the industrial licenses issued by the ministry, General supervision of Institutions Support Department, which specializes in conducting necessary studies for the development of industrial exports. Regulations and specifications of Foreign Affairs in coordination with stakeholders Prior to this was the CEO strategic planning & affairs at Emirates Post Group was on the Board of Directors of Wall Street Exchange Chairman of the Executive Committee ; Vice Chairman of the Emirates Marketing & Promotion Corp. Board Member of the Emirates Courier Services – Empost. https://medium.com/pundix/ann-pundi-x-technology-to-debut-in-the-gulf-and-middle-east-5b7651b4bd14
-Ubivelox, they have become an international innovator in the development of smart cards, mobile communications and blockchain (ranked 6th largest in the world). The two companies will work together on XPOS and XPASS technology development, security and market deployment, which will not only facilitate the promotion of Pundi X in Korea, but also help accelerate the layout in the global market. https://medium.com/pundix/%E9%9F%A9%E5%9B%BD%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8ubivelox%E4%B8%8Epundi-x%E5%BB%BA%E7%AB%8B%E6%88%98%E7%95%A5%E5%90%88%E4%BD%9C%E4%BC%99%E4%BC%B4%E5%85%B3%E7%B3%BB-91f3665f0ae9
Why Pundi XPOS;
Pundi XPOS not only facilitates cryptocurrency payment or transactions but also accepts transactions through mobile wallets and traditional bank cards. Our POS solution can support retail intelligence, inventory management, order management, marketing and loyalty programs. Pundi XPOS device is an all-in-one solution for retailers. https://i.redd.it/qj6sbsfaeqi21.jpg • Accept cryptocurrency as payment • Intelligence clearing system to increase the value of the store properties • Selling and buying crypto currencies • Support BTC, ETH, NPXS, BNB, XEM, QTUM, XVG, ACT, LTC, DGD, XLM and more crypto currencies. • Support cryptocurrency payment card, such as Pundi XPASS card. • Support mobile payment apps, such as Alipay, Visa, Mastercard, ApplePay, E2Pay, Go-Pay, Pundi-Pundi, and WeChat Pay. • Support cryptocurrency wallet payment, such as Qbao, X Wallet, Nem Wallet and more. • Establish credit history and reduce financial risks • Provide a gateway for financial service providers • Support loyalty / membership management system • Support promotional and NPXS reward system • Support 3rd party delivery and logistic service providers
Additional factors; - Instant Transactions - XPOS transactions happen instantly at less than 0.5 seconds. No delays. Just pay and go.
XPOS Order Form; https://goo.gl/forms/yxSRHlK99h3xHF3N2 XPASS Card Order Form; https://forms.monday.com/forms/088c80c8f7e4f1ba13816312097ddcd3
The XWallet mobile app connects regular digital asset wallets with the Pundi X payment ecosystem. It allows users to easily make payments in physical stores via the XPOS & e-commerce using our "Collect" feature of the app.
The XWallet can also be paired with the XPASS, making it a digital payment app that can be used anytime, anywhere. To download App for Android or ISO see below and to see a built-in guide for merchants and users guide are within the actual XWallet App or here: https://xwallet.pundix.com/
Merchants Collect Feature (e-commerce);
This is a powerful tool for e-commerce's to upload their QR Code on websites payout section. Sending any supported currencies on the X Wallet is accepted by one single QR Code, such as the above.
You can easily manage your digital assets, check your current balance, or top-up in the XWallet. By default, each user will have a virtual XPASS card in the app. You can also pair your XWallet with your Pundi XPASS card to make payments directly from the app when needed. If you lose the XPASS card, you can transfer all your tokens from the XPASS card to the XWallet app or to another XPASS card.
Instant Payments Online or Offline;
Transactions via an internet-connected XWallet or XPASS can be processed immediately, while offline transactions can be made by scanning the QR code, which will later be uploaded onto the blockchain. The XWallet, in short, keeps up with your busy lifestyle.
How to top up your XWallet from other wallets; • Select the ‘Card’ icon and choose the virtual card. • Select the type of currency you want to top up. • Tap on the ‘Receive’ icon and choose ‘View address’. • Copy the top-up address or scan the QR code. • On your other wallet, choose the correct type of cryptocurrency and insert the XWallet top-up address to make the transfer. (Note: The speed of transferring tokens from other wallets to the XWallet app varies, depending on their relevant blockchain network conditions. To make instant payment transaction at any XPOS merchant, we recommend users top up their XWallet account from other wallets at least 6 hours before using the app.).
XPASS Card Order; https://forms.monday.com/forms/088c80c8f7e4f1ba13816312097ddcd3
Visa, MasterCard, Apple Pay, Samsung, American Express, BNB, LTC, XVG, NPXS, E2Pay.co.Id, Alipay, M-bayar, Go Pay, WeChat, Xpos Consortium, Ubivelox, XPOT and many more. Distributors; Manticora Capital, Bit Captial, Ubivelox, BlockPay and more to follow. Blockchain; NEM, UTrust, GGOX, Verime, Wanchain, Stella, Genaro Network. More to follow.
Burning of NPXS;
A quick summary of Pundi X token’s utility on each and every transaction: 1. A bit of it is burnt for every crypto related transaction that happens in through our XPOS. 2. The token is used to list other tokens in our XPOS, for example, QTUM paid us a sum of NPXS to be listed later in our XPOS, and this will include future coins that will be listed in our XPOS. 3. Loyalty programs are made & paid with NPXS. 4. Ads that run through our XPOS are also paid in NPXS. 5. Future products will be paid with NPXS. 6. Claim goods and services from merchants.
The XPOS is comprised of two parts, the consumer and merchant.
The Point of Sale device (XPOS);
For the merchants; 1. You get 1% extra as a fee. You can set it up from 0-3%, but we recommend 1% fee. 2. You can sell crypto again with that 1% fee. 3. You can sell the XPASS cards. 4. The POS can setup your inventory, loyalty programs, ads, and print smart receipts. 5. You can accept crypto, again the 1% fee. 6. You will be one of the first to change how the world uses crypto.
For the XPASS holders; 1. They can liquidate their crypto assets through our merchants, hassle free. 2. They get a special discount. 3. If you lose the XPASS black card, we are able to recover it (as long as you have the security card).
Case study of fees;
▪ 100% of Pundi X’s revenue that is generated through transactions on the XPOS will be removed permanently from our NPXS token circulation (and that's called token burn). This means that if Pundi X makes $1 of revenue from a transaction, they will take $1 worth of NPXS out of circulation permanently. NPXS tokens taken out of circulation will never be able to re-enter the circulation in any way as they will no longer exist.
▪ if the transaction is made in Pundi X tokens, we will take the tokens immediately out of the total supply. If the transaction is made in other tokens or fiat, we will use the proceeds to buyback NPXS, after which we will permanently remove the NPXS tokens from circulation and ensure they can never re-enter circulation.
▪ In case of a fiat to crypto transaction (including a payment with mastercard/visa) NPXS will be also burned.
▪ Case study 1: a user buys $1,000 worth of crypto from a merchant in a store using Pundi XPASS card. The total charge a user has to pay is $1,010; $1,000 for the crypto and $10 for the service fees. Of the $10 received, $6.50 is paid to the shop merchant for rendering this service. $3.50 is paid to Pundi X for providing XPOS (switch) and XPASS (Issuer) service.
Function X Blockchain – A game Changer:
The f(x) (short for Function X) blockchain under current test environments, each XPOS is an f(x) node; all data from the XPOS will be fully encrypted and stored in f(x) low level IPFS. Our IPFS is one that is specially designed for XPOS, f(x) and other smart devices. The f(x) public ledger will record all transactions, and the chain deploys sharding and PBFT. At Pundi X, we believe that open source is the way to go and to strengthen the blockchain community. We will gradually enable all of our operating system and f(x) chain’s code to be open source. It will be free for all Dapp software and hardware manufacturers to develop products for the f(x) ecosystem, hence achieving true decentralization. Let’s all work together and re-engineer a decentralized world.
10x for Speed; Visa can run 7,000–20,000 transactions-per-second (“TPS”). Any blockchain that offers small multiples of speed improvement is unlikely to displaced a tried-and-tested system like Visa. A 10X increase means 200,000K TPS has to be achieved. Our upcoming blockchain called Function X (fx for short), we have to make sure we are comparable if not faster, at 10X it is at least 200,000 TPS, not just on paper, but in real application. Sharding depends heavily on the availability of nodes. Confirmation processes increase by an order of magnitude when you increase node counts, we are already deploying the XPOS which will act as nodes.
10x for Scaling; Scalability in a restaurant means how fast can you serve your meals, the faster you can scale, the more business you can have. Therefore, companies like McDonald’s spend a lot of effort shortening the time between ordering and checkout to serve its customers. Scalability in blockchain is similar: it depends on the code (how fast can the burgers be flipped) and also nodes (how many cashiers can confirm the order). So whose code is the best? We will only know when proven. And what about nodes? The blockchain with the largest nodes will prevail. Currently Ethereum has the most nodes, but maybe not for long.
10x for Consensus; And what about nodes? The blockchain with the largest nodes will prevail. Currently Ethereum has the most nodes, but maybe not for long. With our minimum plan to roll out 100,000 XPOS in three years, we will be able to scale up transaction numbers significantly as the number of XPOS devices increases. Can we do much more than 200,000 TPS? Let’s analyze: Sharding is a process of dividing a global network into pieces of a local network. Each local network would then take charge of two-thirds consensus so that a particular transaction is verified in the local network and then broadcast to the global network.
Five Pillars of Function X Blockchain;
The Blok-on-Blok (Smartphone);
The Blok-on-Blok (BOB), and the first true blockchain phone call, we demonstrated to thousands that we had a new protocol for communication that could take blockchain beyond the world of financial transfers. The BOB is powered by Function X OS which is based off the Android OS 9.0, so there is a backward compatibility with any Android apps. Blockchain-based calling and messaging can be toggled on and off on the phone operating system, which builds upon Android 9.0. On the blockchain mode, the services in the BOB can operate completely independently of centralized carriers. Users can route phone calls, messages, and data via blockchain nodes without the need for centralized service providers. The BOB is in fact the first mobile phone that can run completely on a decentralized ecosystem powering telephony, messaging, and data transmission. The BOB itself significantly expands the use of blockchain technology beyond financial transfers. Every BOB Phone is also a node on the network to contribute to the operation of the blockchain ecosystem. Content and connectivity are organized in a distributed, node-to-node manner. https://i.redd.it/ne3iufycqqi21.png
“Telecommunications and Internet companies have derived tremendous value from controlling data. By decentralizing apps, we can put this data onto a smart contract, effectively giving control back to creators and to users”.
“Much of what we call peer-to-peer or ‘decentralized’ services continue to be built upon centralized networks. We are changing that,” added Cheah.
Mobile devices as nodes;
“Scalability in blockchain is derived from the number and geographic spread of nodes. It is clear how achieving a critical mass in terms of scale will require something with a high utility for people. The BOB thus has the potential to establish a large global pool of nodes,” said Pitt Huang, co-founder and CTO of Pundi X.
“And with Function X offering people the choice to be independent of a centralized communications network we’ve created a new use, a high and universal utility for blockchain. In turn, this will give life to a network large enough to support better scale, throughput, and new potential applications, plus true decentralization that has so far eluded blockchain.”
YouTube in-depth close up videos; 1. Introduction to BOB phone - Part 1 of 6 2. Bringing Function X to life with the BOB - Part 2 of 6 3. Setting BOB up as a Node - Part 3 of 6 4. Using the BOB to manage your files and browse the web - Part 4 of 6 5. Blockchain-based text messaging on the BOB - Part 5 of 6 6. Blockchain Call on the BOB - Part 6 of 6
More details here; Website; https://functionx.io https://medium.com/functionx/xphone-mwc19-new-design-and-specifications-including-the-x-button-announced-1c720b04f660
The F(x) Coin;
The f(x) ecosystem is fully decentralized. It’s designed and built to run autonomously in perpetuity without the reliance or supervision of any individual or organization. To support this autonomous structure, f(x) Coin which is the underlying ‘currency’ within the f(x) ecosystem has to be decentralized in terms of its distribution, allocation, control, circulation and the way it’s being generated.
Broadly, there are four main participants in the f(x) ecosystem, as shown above: • Consumer: Users enjoy the decentralized service provided by the f(x) ecosystem.
• Infrastructure Service Provider: Providing infrastructure service like the ones provided by mobile carrier, Amazon AWS but in a decentralized way.
• Developer: Building DApp upon f(x) network like Uber, AirBnb, Alibaba.
• Financial Service Provider: Providing liquidity of f(x) coin like NASDAQ, Morgan Stanley.
Infrastructure service provider, Developer and Financial service provider contribute the seamless operation and service shall generate the positive circulation, innovation and value flow to the f(x) ecosystem.
The value flow of the Function X ecosystem; • Infrastructure service provider can offer the service, such as Blockchain, FXTP, DDocker and IPFS to earn f(x) Coin.
• Developer can build applications upon f(x) OS to earn f(x) Coin and at the same time they need to pay for the infrastructure service.
• Consumer enjoys the service and pays for the service in f(x) Coin.
• Developer and infrastructure service provider shall earn f(x) Coin in return by providing their service and they can liquidate it through the financial service provider to earn some profit.
Together, these four participants will create a positive value flow. More service providers will enhance the quality of service and attract more consumers. More consumers will bring more value to the ecosystem by attracting more service providers,and creating f(x) Coin liquidity. Deep liquidity of f(x) Coin will attract more financial service providers to enhance the stability and quality of liquidity. This will attract more service providers to the ecosystem.
Utility of f(x) Coin;
f(x) Coin is the native ‘currency’ of the Function X blockchain and ecosystem. Services rendered in the ecosystem will be transacted with the f(x) Coin. Possible scenarios include: • For service providers: To get paid by developers, companies and consumers for providing storage nodes, DDocker and speeding up of network connections. The role of service providers will described in other sections.
• For consumers: To pay service fees for using DApps, nodes, network resources, storage solutions and other services within the f(x) ecosystem.
• For developers: To pay for services and resources rendered in the ecosystem such as smart contract creation, file storage (paid to IPFS service provider), code hosting (paid to DDocker service provider), advertisements (paid to other developers) and others. To get paid by the enterprises or organizations which require the developer’s service.
• For enterprises or organizations: To pay for service fees, developer fees and advertisements. Services provided to consumers will be charged and denominated in f(x) Coin.
• For phone and hardware manufacturers: To pay for the Function X Operating System customization. Note: we plan to only build a few thousands of the BOB flagship handsets and leave the rest to third-party manufacturers to build more using our operating system.
• For financial institutions: to receive payment for financial services rendered for the ecosystem.
• Many more future scenarios.
https://i.redd.it/r7626yle8qi21.png Hence f(x) Coin can be used as ‘currency’ for the below services, • In-app purchases • Blockchain calls • Smart contract creations • Transaction fees • Advertisements • Hosting fees
Updated fx article: https://medium.com/functionx/f-x-ecosystem-and-tokenomics-explained-ee026ce6815
Contact Us; Please also read the white paper which can be found on the official webpage: https://pundix.com/ A detailed simple guide for Pundi X in Spanish language; https://www.reddit.com/PundiX/comments/a7gdt4/a_detailed_simple_guide_for_pundi_x_in_spanish/
Twitter: https://twitter.com/PundiXLabs Telegram: https://t.me/Pundix Facebook: https://www.facebook.com/pundixlabs/?_rdc=1&_rdr LinkedIn: https://www.linkedin.com/company/pundipundi/
https://preview.redd.it/l0dbo47r1vp21.png?width=3374&format=png&auto=webp&s=3b262d002e2997763c5ac4a07eb477b734c4ebd9submitted by FairDS to u/FairDS [link] [comments]
FDS is the exclusive token of the new fundraising platform IShare Platform. In the Ishare Platform, we proposed the ecological concept of FAIR (Fairness Aid Intention Restriction).
FAIR is a new concept in the blockchain field in 2019. It is an inevitable outcome of the blockchain since its birth.
In order to better understand the blockchain history, we review the big events in the history of the entire blockchain project:
▲ 2008–2013：Blockchain was bornIn November 2008, Nakamoto published the first article titled “Bitcoin: E-Cash”, explaining how to set up a new cash system. According to Satoshi Nakamoto, the new cash system can complete transactions through peer-to-peer, thus removing financial institutions, and also including features such as non-tamperable, highly transparent, and traceable. Then, the story of “Blockchain” began. In the following years, a variety of cryptocurrencies (Lite, Doge) and other electronic currencies appeared in the market, and blockchain technology also received much attention.
▲ 2014–2015：Ethereum was bornThe emergence of Ethereum is a huge innovation, decentralized application platform. The emergence of smart contracts has enabled the application of blockchain from the monetary system to equity, bond registration, transfer of various means of implementation and anti-counterfeiting applications, greatly expanding the application of blockchain technology.
▲ 2016：Blockchain technology is maturingBy 2016, more than one billion US dollars worldwide have invested in blockchain field. With the rapid development of the blockchain industry, China has released a White Paper of Blockchain Technology and Application Development. The blockchain is combined with emerging technologies such as artificial intelligence, Internet of Things, and robots, and has become a national focus. More and more countries were paying attention on Blockchain, and also applied various policies to support the use of blockchains.
▲ 2017~2018: Competition and OptimizationIn 2017, commercial giants used blockchain technology on a large scale, marking the beginning of the blockchain 3.0 era. Many companies are using blockchain technology to build new projects, business reforms, process optimization processes. At the same time, financial institutions that have been forced to reform are competing with blockchain companies for more diversified development.
With the emergence of various blockchain industry reports, a major shift in blockchain is emerging, enterprises begin to use blockchain technology. However, with the increase in the actual use of blockchain technology, the number of gimmicks is more than actual, and all kinds of fake projects have emerged. Therefore, the state has strengthened the supervision of blockchain technology, and various policies have been promulgated to ensure the interests of the masses. Of course, the first group of companies that have entered the blockchain field and survived have also received huge returns.
▲ 2019：The Tenth Anniversary of Blockchain, Return to the CommunityIn the past ten years, the blockchain has developed rapidly, and it has made many rich people and enterprises. Some people’s net worth reaches tens of millions or even billions. It let more people in the world notice the power of the blockchain. The number of believers in the blockchain is increasing.
This is a good thing, but many individuals and organizations have begun to use blockchain to make dirty money because of its huge fundraising ability and the bright future it represents. They use the blockchain project as a gimmick to “tell the story” and take huge benefits from it. In fact, it’s just a lie.
This phenomenon has intensified in recent years, and the altcoin coins are endless, and the number of default projects is numerous. As a decentralized practitioner of fairness and justice, our original intention is to make the blockchain more closely connect the whole world, to allow capital for flow more efficiently and credited to be built more quickly. We do not want the blockchain to be a tool for the illegitimate interests of a few people.
FAIR(Fairness Aid Intention Restriction) was born in the world of blockchains like “salad”. We have to regain the original intention of the blockchain. We believe that FAIR will become the core concept of the future blockchain project, which is the general trend, which is expected.
You can access FDS by visiting the following links:
Facebook Page: Please here Official Website: www.fdsfff.com
submitted by GGBTC_Official to u/GGBTC_Official [link] [comments]
As the price of bitcoin continues to hit new highs, the mining industry represented by the bitcoin has also experienced explosive growth around the world. At the same time, the blockchain mining industry driven by computing power has exposed many problems after several years of barbaric development. The iterative improvement of the mining machine’s computing power and the influx of a large number of miners have led to an increase in mining risks, an increasingly fierce market competition, and a continuous decline in miners’ returns. In this context, mining in the mining farm and cloud mining have gradually emerged, and Hash Power Factory has emerged as the times require.
Hash Power Factory is an application platform for blockchain mining launched by the Hash Power Foundation. In Hash Power Factory, users can obtain tokens by mining. If the token reaches a certain level, the user can have their own independent mining machine and supervise its operation 24 hours a day. The tokens obtained can be used to purchase various products and services of alliance enterprises in the platform.
Based on the technical characteristics of the blockchain, Hash Power Factory will create an open, fair, transparent and low-threshold decentralized digital currency computing resource sharing platform for users, and combine the rich industry experience to provide better service to customers around the world. Through the open source computing system, Hash Power Factory provides mining factory construction, computing lease, mining factory operation, equipment procurement, computing power investment, digital asset trading, circulation, etc. for the global node users. By reducing mining costs, such as big data, cloud mining, CDN network core room network, computing power contract mechanism, etc., mining services are more common, and a new mining service based on BHV digital assets is built.
BHV is the ecological token of Hash Power Factory, which will serve as a universal equivalent in the ecology of Hash Power Factory. BHV holders can use BHV to obtain various products of Hash Power Factory, pay various expenses incurred by mining, and obtain additional mining pool income through contribution to the whole network computing power. They can also participate in a series of community activities such as community construction with BHV, mining machine renewal and technical support.
As a blockchain innovation leader focused on cloud mining services, the vision of Hash Power Factory aims to reshape the global resource sharing trading platform, innovate the rules and standards, change the status quo of mutual distrust, improve the industrial system, and bring more convenient trading experience to the users, improve the quality of life of users and promote the development of blockchain technology.
According to the official news of Hash Power Factory, BHV will be launched on GGBTC on August 8, 2019. At the same time, BHV deposit and trading services and 50% off BHV activity will be opened.
GGBTC is a technology-driven digital currency trading website. The speed of matching transactions is more than 90% of its peers, and its professionalism and authority ranks among the top in the industry. The super-technical team has rich practical experience which effectively guarantees the safe, stable and efficient operation of the trading platform. GGBTC serves the global customers, adheres to the strategic policy of “platform + ecology”, and builds a win-win ecosystem with customers and partners and creates an ecological chain with multiple business forms.
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Telegram English Group: https://t.me/GGBTCOfficial_EN
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The cryptocurrency, which was invented 10 year ago, is indeed a double-edged sword, has both brought wealth to investors and found scams due to the lack of formal supervision. Recently, an explosive scam incident spread rapidly in the industry, involving 8,000 bitcoins worth of hundreds of millions of funds! Such a large amount of bitcoin fraud is first seen in the industry, which has attracted the attention of various investors.
Senior Investors Have Not Been Spared
First, let’s take a look at the incident:
Cause: On the evening of April 14, the founder of a well-known wallet sent a moment: “7,000 BTC.” People who have seen it was confused until a comment from the wife of a well-known OTC exchange leader read: “It seems that everyone is well-informed.” People started to feel this is not a trivial matter.
Process: On April 15, Zhao Dong, the founder of DGroup said in the Moment: “It is said that a lot of investors were tricked into the OTC transaction scam… 8,000btc” and attached an introduction to the Ponzi scheme and its founder Charles Ponzi. Later, the veteran of the OTC transaction “Mrs. Hai” also posted about the OTC Ponzi scheme.
Thus, an OTC fraud incident in the name of trading and loan has gradually been revealed. According to the reports, there were two suspects in this incident, endorsed by “personal reputation” and “acquaintance trust” and baited large amounts of funds with futures transactions and high-interest loans, resulting in the inability to pay the interests and short-term returns to the old investors, and finally leading to the market crash. More than 100 investors and miners were scammed in this Ponzi scheme, most of them are senior investors, with a cumulative amount of 8,000 bitcoins.
This scam is obviously designed for those who do the OTC trading. According to informed sources, the victims are familiar with the suspects, and two of them have loaned the suspects 400 bitcoins. Obviously, only familiars can lend out such a large amount of cryptocurrencies.
As Zhao Dong commented: “Those who do the OTC trading should have a clear sense of profit rate, why do you believe that others can make huge profits? As a result, your assets were scammed.”
Scammers Are Rampant In Cryptocurrency Realm
Since the current policy prohibits exchanges from directly using the fiat currency for floor trading, some platforms specializing in over-the-counter trading emerged, besides, exchanges also set the OTC marketplace, which enables users to complete the conversion between fiat currencies and digital currencies. Victims of this incident are active in OTC trading groups and OTC marketplaces of various exchanges, mainly relying on earning the difference for a living. Driven by the interest temptation, victims had an unrecoverable loss.
What We Can Do: User Vigilance + Platform Norms
In addition to choosing a reliable exchange, as an ordinary investor, it is also necessary to be highly vigilant in all kinds of scams. Investors should get away from strangers or even so-called “celebrities”, besides, do not make hash transfers, keep sensitive information private such as accounts or passwords are also of high importance.
In OTC transactions on 58COIN, users can enjoy safe, simplified, low-cost, and highly efficient services, namely, 1) both the buyer and the seller need to pass identity verification, which strengthens the trading security; 2) the peer-to-peer transaction model simplifies the trading process; 3) Zero fees and zero advertisement fees reduce the transaction cost; 4) the whole-process risk control and 7*24h customer service improve the problem-solving efficiency. Sara, Customer Service Director of 58COIN, reminded that users should be alert to the OTC payment trap during transactions. “Specifically, pay attention to the order status in time after publishing the advertisement, and trade with merchants who trade frequently or have passed advanced verification, and if there is any doubt, keep relevant records and report to the customer service.” She suggested. In a word: Remember to release digital currencies after receiving the money!
Of course, in addition to the user’s vigilance, risk control is also an important way to prevent scams. In order to maximize the security of user assets, 58COIN spares no efforts to strengthen the risk control system while implementing a rigorous self-examination and self-correction for the potential problems and processes, besides, users should protect their private information, especially the account, keys, etc. that involve financial security.
https://preview.redd.it/pnnmh4gt6ng21.jpg?width=1080&format=pjpg&auto=webp&s=3a94528a71b7c6e2db9ea746116afeec8d7b1c51submitted by Starteos to eos [link] [comments]
Bitcoin was originally conceived to be outside the fiat money system as an electronic cash system for a new world. However, at present, the currency standard is still the fiat money standard. The envisaged bitcoin-based settlement system still has no foundation or a wide consensus on the value of the currency standard.
As a compromise, many stablecoins provide a temporary solution for the ecology through a 1:1 anchorage of U.S. dollar, with third-party bank custody becoming mainstream. The rapid growth of Tether and the loss of market share in the face of competition have added more uncertainty to the current market. The decentralization scheme provided by MakerDAO was slightly weak in the initial competition but the reputation gradually accumulated. As the market deepens, cryptocurrencies based on more regional legal currencies are gradually coming online, and people are beginning to try different chain payment attempts.
This article refers to the article Stable Digital Currency Manual by co-founder of Zhibao Mikko, trying to explore the difficulties and future of stablecoin from a currency perspective.
The Difficulties of Bitcoin Settlement System
When it comes to stablecoins, the original idea of Bitcoin has to be mentioned ---- a peer-to-peer electronic cash system. Over the past decade, a series of expansions have been made in the blockchain technology and Bitcoin. In people's minds, Bitcoin will be a new generation of the world's monetary system, independent of the fiat money (US dollar) system, to de-intermediate transaction transfers and asset storage, to eliminate asset losses caused by the bank's centralized risk, and put an end to the harvest of wealth brought about by hyperinflation.
In reality, Bitcoin does have somehow established its own trading system - such as black market transactions in the dark network. Dark network commodity trading uses Bitcoin as a medium, and buyers and sellers are also happy to configure a portion of Bitcoin as a value reserve. On the other hand, Bitcoin is the most common trading medium among cryptocurrency exchanges for a long time before the popularity of USDT. Some people said, “Bitcoin is the real stablecoin.” In addition to observing the fluctuations in the value of the fiat money, the traders of various cryptocurrencies will also pay attention to the relationship between cryptocurrency and the bitcoin trading pair. But in this case, this so-called bitcoin-based trading system still has several problems.
The first is the currency standard: even if some people regard Bitcoin as a gift, they have long believed that Bitcoin will eventually level the volatility and increase the index, but even the so-called beliefs are usually denominated in fiat money (US dollar, Euro, RMB). That is to say, the first problem with Bitcoin is that there is no pricing power. In other words, Bitcoin cannot perform the settlement function extensively in the holder's daily life. The daily benchmarking consensus based on Bitcoin in a wide range is that it doesn't exist at all.
In China, a Coke is 3 RMB, and in the US it is 1 US dollar. The two are under their respective independent settlement systems. If the person in one of the systems happens to come to another system, such as a Chinese who first bought a Coke in the United States, the first reaction is likely to be a cup of 6.71 yuan. Bitcoin or any other cryptocurrency does not have a similar settlement system under the independent monetary framework.
In the case that it is not possible to participate extensively in daily pricing, the currency standard is the fiat money standard. For members of the cryptocurrency community, the actual fiat money-based thinking does not directly affect the willingness of buyers and sellers to use Bitcoin or other cryptocurrencies for physical purchases, but when Bitcoin’s price against fiat money falls into huge downward fluctuations, it rejects the situation of receiving cryptocurrencies is inevitable.
So the second question directly promotes the strong demand for stablecoins: currency price fluctuations. On the other hand, it should be realized that Bitcoin does not have a complete settlement system and a broad and stable price consensus based on the system; on the other hand, since the initial definition of Bitcoin was an innovation independent of the traditional financial system, even if it is far from the original concept, the community consensus based on the decentralization and token incentives is different from the traditional financial system.
So for a long time, the market could not price bitcoin with the traditional asset framework. The triumph of 2017 has made the society more aware and acknowledged about Bitcoin and other cryptocurrency systems. The Chicago Mercantile Exchange CME has put on bitcoin futures at the end of the year. At the same time as government regulation gradually intervenes, the OTC exchange network outside the market is also getting better and better, and the pricing of bitcoin is starting to break away from fanaticism. At the end of 2017, the isolationism of various countries has become stronger, the pace of interest rate hikes of the FED has sped up, and global asset preferences have also undergone subtle changes towards safe-haven assets. China’s domestic capital has advocated “cash is the king” and Bitcoin has entered a down cycle.
As noted above, upside volatility can also encourage traditional merchants to participate in speculation, but downside volatility has caused most merchants to lose their willingness to treat Bitcoin as a currency. In 2018, with the increasingly strong bear market in the cryptocurrency world, the demand for safe-haven and stable-price trading media in the encryption community has skyrocketed, and countless stablecoin projects have been launched. At the same time, Tether, which occupied the absolute market share of stablecoins in 2017, continued to expand against the trend of black box operations.
Third Party Intermediary - Compromise of Fiat Money Stablecoins
The hot currency-backed stablecoin is undoubtedly a compromise of the cryptocurrency market against traditional currencies.
As Nakamoto said in the Bitcoin White Paper, “trade on the Internet almost requires financial institutions to act as trusted third parties to process electronic payment information. Although such systems work well in most cases, such systems are still endogenously constrained by the weakness of the 'trust based model'... We really need an electronic payment system that is based on cryptography rather than credit, making any parties that have reached an agreement can make payments directly, eliminating the need for third-party intermediaries."
Although the article refers to the payment process in the transaction, it is the same in terms of collateral custody. The trust of third-party financial institutions in this mode is inevitable. Trust means that when the custodian bank secretly misappropriates collateral or bankrupts for any reason, the user's assets will be difficult to guarantee, abbreviated as SPOF single point of failure.
But the good news is that when the market competition is fully carried out, the user as a whole is divided into several different groups, and different fiat money stablecoin products with different audit processes under different banks are used. A single point of failure of an individual project does not affect the continued operation of other stablecoin products; and the community response to a single company's evil or potential evil is greatly magnified as the number of competing products increases.
Taking Tether as an example, the giants who once occupied more than 95% of the market share of the stablecoin market finally ignited the trust crisis in the long-term refusal of transparent auditing, and the market share plummeted. In the foreseeable future, Tether will gradually liberalize its transparency and optimize its relationship with users to maintain its current market share. The stablecoin competing products that continue to enter the market will form a continuous multi-disciplinary force on existing projects in the market to promote market improvement and relief centralized risk.
The Rise and Blockage of Tether
The real rise of stablecoin is actually symbolized by Tether's exponential growth in 2017. From the eve of the dawn of 2017 to the day after 20 months, Tether's market value has skyrocketed from less than $7 million to more than $2.8 billion, a 400-fold increase.
USDT Year Chart (green - currency price; blue - market value)
In 2018, the hot stablecoin market, USDT's exclusive access to the stablecoin, and stablecoin’s widespread dissatisfaction with the rejection of third-party audits attracted many competitors. In March, True USD (TUSD) was transparently managed. The name entered the competition. Around October, stablecoins such as USDCoin (USDC), Gemini Dollar (GUSD) and Paxos Standard (PAX), which had strong background, compliance audit and good asset transparency, went online. At about the same time, perhaps the pressure from friends and merchants has soared. It is a coincidence that Tether has successively experienced a series of scandals and then the price collapsed in mid-October, and evaporated 40% of the market value in the following month. After a series of cycles, the situation gradually eased.
The four consecutive stablecoins mentioned above seized the market share and expanded rapidly in the next few months. In the month before the deadline, Tether's stablecoin market share was stable at around 70%, and the remaining market share was occupied by the top four newcomers. In the process of grabbing the market, there were fluctuations, including the only US compliance encryption. The progress of the USDC issued by the currency exchange COINBASE is the most eye-catching, and its market value accounts for about 10% of the overall stablecoin market at the time of writing.
A simple conclusion is that Tether can still be stable even after the crisis, thanks to Tether's first-mover advantage in its existing position on global exchanges and the high liquidity it represents. The three basic functions of money are pricing units, value storage, and trading media, while liquidity is their common subtext.
The unit price provided by a currency lacking liquidity cannot obtain broad consensus of money users. The lack of consensus leads to price disorder, and the currency thus loses the valuation value. As a value storage and trading medium, it will miss trading object and depth due to low liquidity and cannot complete the basic function as a currency. Although the new four-dollar collateral stabilized currency occupies its place in the start of the competition with Tether, Tether sits on a whole bull market with a trading history that has a relatively complete trading pair coverage in the world's major exchanges; In addition to the full coverage of the exchange, USDT also has a sound OTC network construction, providing the most direct portal for stocks and potential incremental users. Under the superposition, Tether's endogenous and exogenous liquidity advantages are particularly evident, and even in the case of black box scandals, it can still occupy a fairly strong market share. But with the gradual gradual competition, peer supervision and the gradual enrichment of user-selectable products, Tether's fault-tolerant space for future strategies is not as optimistic as imagined.
HUSD - Self-contained Stablecoins
In response to the October crisis in Tether, the Fire Currency Exchange launched a HUSD Stabilization Coin program.
In this scheme, the Firecoin users will automatically convert to HUSD when they recharge the PAX, TUSD, USDC, and GUSD. HUSD has no actual issuance process, but simply a unit of pricing corresponding to four types of stablecoin recharge. After the user converts one of the stablecoins into HUSD, he or she can freely choose any one to redeem.
The program not only helps users to spread the centralization risk of a single fiat money stablecoin, but also helps the four stable coins to complete the group on the fire currency exchange to cope with the existing liquidity competitive advantage of the USDT. But on the other hand, the user's use of HUSD is based on trust in the fire currency exchange, in other words another single point of failure risk. Therefore, in order to dilute the risk of centralization, it is still necessary to transparently deal with the specific schemes of the fire currency exchange, and the supervision of the fire coins by the community, especially other exchanges.
Decentralization Breakout of Stablecoin
At present, a number of currency-backed stablecoins, led by USDT, cover almost all of the market capitalization and liquidity of the stablecoin market.
In this case, MakerDAO's DAI is extraordinarily precious. The DAI Stabilized Currency System generates a stablecoin DAI through over-collateralization of cryptocurrency. Most of the functions within the system are implemented or planned through the deployment of smart contracts, such as chain generation and redemption of stable coins, management of collateral, and so on. In addition to the DAI as a stablecoin, as a dual currency system, there is another governance currency called MKR in MakerDAO. Governance currency holders support the system's decentralized governance functions while enjoying the overall benefits of the system, and provide additional funding buffers for the system in events such as abnormal currency fluctuations.
In MakerDAO's overall vision, the system first endorses the credit of the stablecoin through the chain of excess collateral, while the interest generated by the credit function (the essence of DAI generated by the mortgage cryptocurrency is a lending process), the collateral under abnormal fluctuations The profit from the flat penalty triggered by Ping and the more financial derivative function to support the system's self-operation.
One of the biggest conflicts between the community and the cryptocurrency collateral currency is the risk exposure of the collateral in the warehouse when the cryptocurrency generates a stablecoin. Although in theory the users of the stablecoin can be separated from the mortgagor, the mortgagor can be a more risk-tolerant group, such as an eager borrower, a professional user of financial instruments, etc., but since the stablecoin is issued The identity of the person itself is subject to a natural limitation based on the degree of risk aversion, and its supply has an additional limit.
On the other hand, there is a limited source of information about Ethereum as a single collateral: the mortgagor is limited to holders of Ethereum. In MakerDAO's plan, the multi-collateral version of the system will gradually improve with iteration, and the achievement of this program will effectively reduce the risk of the MakerDAO collateral asset portfolio and increase the potential DAI generation limit. Ample supply and liquidity of the DAI will help activate the system in more possibilities on the market.
Compared to the competition between the four newcomers and the USDT, the position of MakerDAO is quite different. If the user's choice between the four newcomers and the USDT is a trade-off between liquidity (product usability) and security, then between USDT and DAI is liquidity (product usability) and decentralized belief. The trade-off. As far as the market is concerned, MakerDAO's dual currency system seems to explain better how the project side can continue the project through the circulation of profits. Many of the fiat money-backed stablecoin projects have always wondered whether they will realize their own coinage rights in the future and thus harm the user's property rights.
As a successful decentralized stablecoin project, MakerDAO is one of the most successful projects on Ethereum. This is both a tribute to the MakerDAO development path: the development of other projects (dApp) on the Ethereum and the overall robustness of the ecology. As the second generation of the public chain, Ethereum pioneered the concept of smart contract, which is a milestone in the development of application on the chain. However, in the course of many years of development, the performance of the main network and the fragmentation technology have been delayed. So although MakerDAO claims that DAI will have many chain advantages as ERC20 tokens, it seems that the eApp side of Ethereum has not seen a good development momentum.
It is worth mentioning that in the performance of the public chain and dApp development, the EOS public chain has developed rapidly since the launch of the main network in 2018. If EOS has a stablecoin project like MakerDAO, and can properly handle potential security issues in the operation process (such as the potential risks caused by the scalability of the contract, etc.), there is much to be done. After all, in addition to seeking cooperation under the chain, the pricing system of cryptocurrency is more important to find and create niches that belong only to the world of cryptocurrency. A robust dApp ecology with a constant need for stable coins or the only possible form of this niche.
Choice Outside the U.S. Dollar
The few stablecoins currently circulating the most are anchoring the US dollar. There is no doubt that the status of the dollar in the current world currency system is irreplaceable. The bitcoin and other cryptocurrencies described in the beginning of the article lack the independent settlement system, and the US dollar is the extreme of the other end – the currency with the most complete settlement framework in the world.
From the gold standard to the Bretton Woods system, to the current global commodity and foreign exchange trading system centered on the US dollar-oil trading system, the three functions of currency pricing, storage and circulation are reflected in the US dollar. As the currency with the most universal purchasing power and deep trading depth, the US dollar has naturally become the primary anchor for many stablecoins that pursue international influence. The dependence of the stablecoin on the US dollar is a last resort. While stabilizing the dollar, the stablecoin not only enjoys the liquidity advantage brought by the dollar, but also inherits the volatility risk of the dollar itself. Although the US dollar is still the most trustworthy currency on a macro level, if A's main payment scenario is in Country A, and Country A's currency has a large appreciation of the US dollar due to market factors, then the asset holding the anchored US dollar. Bringing a higher base point risk to A.
Among the many non-US dollar currencies, the yen is one of the most distinctive currencies. The Japanese government has a positive attitude towards blockchain technology. In April 2017, it recognized the legal payment status of Bitcoin and formulated a series of laws and regulations for the exchange. At the same time, Japan is also one of the most active participants in the cryptocurrency market. At the end of 2018, Japanese IT giant GMO Internet announced that it plans to introduce a yen-linked cryptocurrency in 2019 to prepare for the next phase of cross-border settlement. The emergence of a liquid currency-stable yen stablecoin will not only help Japanese crypto community members to better participate in daily market behavior, but also help cross-border currency settlement. In addition, due to Japan’s domestic economic structure, monetary policy has maintained ultra-low interest rates for a long time. Under this premise, investors are more willing to invest in sovereign countries with higher interest rates, especially the United States. When the United States is in turmoil, funds are largely returned to the yen, which has a very low risk attribute, which raises the yen and lowers the dollar. Therefore, the emergence of the yen stablecoin can also provide a better safe haven for holders of USD stabilized coins such as USDT in the potential dollar crisis.
In addition to the yen, the private sector or the government of Australia, the euro zone and other countries are also involved in the development and deployment of their domestic currency stablecoin. While the vast majority will still be a similarly centralized bank hosting model, it should still be seen as an improvement and rationally expecting a more equitable and efficient system.
The Future Direction of the Stablecoin
As mentioned at the beginning of the article, the original idea of the cryptocurrency community for Bitcoin was to create a decentralized financial system that would be independent of the traditional monetary system. However, due to the lack of an independent and complete settlement system, or the lack of a broad currency-based pricing consensus, the cryptocurrency world cannot be formed into a real monetary system, and it has to rely on the attachment to the US dollar or other currencies to achieve long-term scenarios. Valuation of prices in cryptocurrencies, etc. Although Bitcoin itself has the believer of the currency standard, the foundation of the belief is mostly based on the re-exponential rise of the price of the bitcoin, which is still the thinking of fiat money.
Given that there is a consensus that goods can only be denominated in currency A in the payment and settlement system of country A, if the cryptocurrency world wants to form an independent payment settlement system, the best pricing unit for the purchase should be cryptocurrency. The anchoring of the U.S. dollar and other fiat money is just to use the currency attribute (otherwise the currency credit cannot be established), and will destruct the consensus to regard cryptocurrency as the best pricing unit and establish an independent monetary system (the cost of convenience). The power of habit is hard to overcome, and the habit of paying the currency of a chain certainly needs to be achieved by the widespread purchase of assets on the chain. This process requires gradual improvement of the payment scenario between stablecoin systems and dApps.
The cryptocurrency eco-walls we mentioned above are based on the hope of this exclusive chain-based settlement system. The simple dApp on the chain is obviously not enough. We also have two topics to be studied in the chain payment scenario and asset chaining. Users must complete the process from chain to chain and back to chain to integrate cryptocurrency pricing into everyday habitual thinking.
Then, the stablecoin will gradually deepen into people's daily life after several decades, while the banknotes gradually withdraw from the trading scene, and the sub-generation gradually accepts the new cryptocurrency value settlement system.
Stable Digital Currency Manual (http://wisburg.com/2018/07/03/稳定数字货币手册/)
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Reaching the Masses: Blockchains Rollercoaster Journey
A 40 Million Dollar Pizza
On November 1st, 2008, Nakamoto published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. Just two months later, on January 3rd, 2009, he (or she, or a group of shes and hes) began mining the first block of the chain, known as the Genesis block. The 6 day process was rewarded with 50BTC — valued at nearly 1,000,000USD during Bitcoin’s 2017 climax. Not bad for a week of work. Since then, the world has marked ten years mining — often accompanied with the thrill of major gains and subsequent fist clenching losses.
More than a year and a half later on May 22nd, 2010, a programmer named Laszlo Hanyecz was able to strike a deal trading 10,000BTC for $25 worth of Papa Johns. Hence dubbed Bitcoin Pizza Day, the day is not only significant because it marks probably the only time someone has ever spent tens of millions of dollars on a single dinner (albeit with a few leftovers), but it also marks the first real-world commercial transaction powered by Bitcoin.
Bitcoin is a fad
So far, the industry has faced its ups and downs. Every climax has been accompanied by technological breakthroughs and innovation in algorithms. Each ebb has been characterised by the lack of practical use cases, bad press, or regulation troubles.
Key points on this rollercoaster include blockchain being ignored, misunderstood, outright taboo, strictly controlled, and finally accepted, imitated, and flourishing. Where we currently lie on the journey isn’t known — but what is known, however, is that blockchain missionaries will keep pushing the word of decentralization.
At first they ignore you, then they laugh at you, then they attack you, and finally you win. — Gandhi
Where in the technology are we now?
So far, there have been two concrete eras of blockchain. Dial up and fibre-optic, flip phone and that computer in your pocket — make any comparison you want, advances have been plenty.
Blockchain Era 1.0: Bitcoin
The first generation of blockchain is represented by Bitcoin. It’s currently the most well known blockchain in existence — even if someone doesn’t know what a blockchain is, odds are, they’ve heard of Bitcoin. However, the mechanism that powers Bitcoin and makes the transfer of value possible doesn’t get as much attention. Bitcoin depends on a Proof-of-Work consensus algorithm to verify blocks and mine coins. It is currently only used to transfer value from peer to peer and cannot support other uses. When you hear about someone pushing blockchain for business or personal uses, this isn’t the one.
Blockchain Era 2.0: Ethereum
The second generation of blockchain is represented by the advances made by Ethereum. From this point on, the uses of blockchain have been diversified greatly. Ethereum provided smart contracts and the EVM, which showed that applications could be linked to the blockchain. The ICO and rise of ERC20 tokens is thought to have pushed the price of BTC to an all time high of nearly 20,000USD, but still, we’re not where we need to be if blockchain is going to be a practical tool for everyone.
However, due to the increased amount of ICO’s taking place in 2017, currency bubbles, and overall attention garnered, the blockchain space caught the eye of many governments. Supervision of ICOs and various powerful regulations where put in place to control the finances going in. Advances started to cool, attention waned off, and before we knew it, the Crypto Winter was upon us.
Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected. — George Soros
Blockchain Era 3.0: Thank you, Next.
We find ourselves increasing TPS speeds into the tens of thousands and higher, focusing on ecological community governance, ending centralisation, and bettering the economic model for incubating various decentralised Apps.
Multiple consensus mechanisms and technical architectures have emerged, such as Proof-of-Stake and Delegated Proof-of-Stake. IOTA uses DAG directed acyclic graph architecture, NEO and Ruibo adopt Byzantine fault-tolerant consensus algorithms, and more. However, breaking through the speed bottleneck while also remaining decentralized remains an issue.
2018 gave us many “firsts” in the public chain sphere, all competing for the next round of bull market leaders — but the issues have not been solved.
At the beginning of 2018, about forty or fifty public chain projects were launched, most concentrating on DAG architecture of Sharding segmentation technology. There projects were highly anticipated by investors, but at present, nothing has come out of them, which has exacerbated the current disappointment that is the Crypto Winter. Chains still suffer from centralization, slow speeds, and no sustainable vision. The race to get to the top has left many breathing thin air, with no supplies to set up camp. Nothing to build a future on, nothing to build communities.
Bitconch: bringing the warmth of Spring to the harsh Crypto Winter
Bitconch has offered a solution to the issues still plaguing the blockchain world. The approach uses the Proof-of-Reputation (PoR) consensus algorithm in which a quantified reputation (Bit-R) is created using three dimensions — user socialization, currency holding time, and computing power contribution.
The parallel processing architecture know as BLAZE (Bitconch Ledger Access Zero-delay Extension) and a random selection of 30 to 500 verifying nodes, pushes TPS to more than 100,000, a hundred times faster than competitors.
Based on the nature of the chain, it serves as an efficient platform for combating centralization, increasing speeds, and allowing all upstanding members of the community to play an equal part — not just those who have all of the resources as seen in previous chains.
Through solving the problems holding blockchain back, Bitconch is able to provide decentralised applications with a more practical and conscientious solution.
Bitconch, Proof-of-Reputation, & BLAZE — bringing an end to the Crypto Winter.
The blockchain is a decentralized group of blocks that is continuously developing itself. It is an open distributed ledger. The transaction or block that is added to the blockchain must be validated by a peer-to-peer network, and once added to the blockchain it is nearly impossible to ever alter the record.submitted by DBlackMoon to cryptocurrencynewico [link] [comments]
One of the best things about blockchain is that, because it is a decentralized system that exists between all permitted parties. There is no need to pay middlemen for anything, so it saves you time and money. It’s a faster, cheaper, and more secure system, that is why even the banks and governments are turning to use them.
SMART CONTRACTS HELP MANAGEMENT OF CITY PARKING PAYMENT
In 1994, Nick Szzbo, a legal scholar and cryptographer realized that the decentralized ledger could be used for smart contracts. In this format, contracts could be converted to computer code, stored, and copied on the system and supervised by the network of computers that run the blockchain. At the end, there will be ledger feedback such as the amount of money you transfer or the product or service you ordered.
Smart contracts could help you to exchange money, property, shares, or anything of value in a transparent way, while avoiding the conflicts that might have with the middlemen. As a result, it will be used by Parksen’s cloud parking solution. We would like to offer a solution for the governments to be able to manage the bills for the citizens who pay for parking or penalties.
“With blockchain, citizens are signing smart contracts right into the blockchain. Individuals involved are anonymous, but the contract is the public ledger,” Parksen’s CEO Eddie Postma explained.
Parksen CEO, Eddie Postma, explains about smart parking and blockchain
ETHEREUM BLOCKCHAIN IS THE BEST SOLUTION FOR TOKEN ECONOMICS
As the world’s economies begin to move online, cryptocurrency for parking is becoming a desirable option for drivers. Parken’s solution is embedded in the Ethereum system. Ethereum system is an open source that allows our cryptocurrency whose blockchain is generated by the Ethereum platform. The entire Ethereum network is a giant mass of nodes connected to one another. All the transactions that have happened in the network are automatically updated and recorded in an open and distributed ledger.
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There is no doubt that the blockchain and digital currency are in the midst of winter.submitted by VenaNetwork to VenaProtocol [link] [comments]
The BTC price is only one-third of the peak price and price of thousands of cryptocurrencies dives. The project shuts down and the media flees. Then people use the coldest strokes to paint the industry picture, as if they wish that the winter become colder and colder. They are same people that were so crazy that couldn’t wait to burn the word “blockchain” when blockchain is hot.
The blockchain and digital currency have experienced this arduous day, writing the book of the era in the song of ice and fire. Over these years, the blockchain industry had experienced much madness, for example, provided an annual salary of one million but can't attract employees; done successful financing of 700 million Yuan within a month, and crowdfunded 150 million in 20 minutes. Of course, there are also farce dramas to defend the rights, the panic of zeroing the air currency, and the lamentation of supervision tightening.
This is the young industry and it just like that a rebellious teenager chanllenged the old order, but he just made his enthusiasm and exaggeration passed because of immaturity, after getting the fame, he has entered a trough. Not only the price of digital currency is far from the peak, but the number of blockchain projects is also declining. The blockchain is really a bubble that is about to burst? Different people have different answers.
Qing Zhu believes that the traces of passing passengers will soon be swallowed up. Only by sticking to it can you engrave your own inscriptions.
Ebb and Flow
For the post-90s entrepreneurs like Qing Zhu, the Internet bubble in 2000 may not be impressed at the time, but it will undoubtedly affect her in the later growth process. It was an era of witnessing rapid speed and rapid collapse. Nasdaq broke through 5000 points in 2000 and did not break through until 15 years later. In the past 15 years, the Baiyun Cang dog, the current events have changed, but profoundly told us a truth, too many illusions, good things and more, you insist.
In the two years of 2000:
Amazon's share price has fallen from three digits to single digits, and its share price has fallen by 90% in one year.
Cisco's share price fell from $80 to $13, a drop of 84%.
Soon after Google was founded, it wanted to sell itself to the search engine predecessor Excite for $750,000.
The anger and the turmoil waved the Internet bubble. However, after the storm, the gravel and gravel disappeared, and the reef was still standing. Nowadays, the companies that have collapsed above have become giants. Between the ebb and flow, no one has ever questioned the role of the Internet in the world.
For a latecomer like Qing Zhu, watching this history is like watching the sea. For entrepreneurs, they can only really be in the storm to succeed. In such an environment, it is not easy to be firm and unmoving.
Code of Lucky Draw: NDYIVHF2
Night Watchman in the Cold Winter
When she graduated from the University of Electronic Science and Technology, Qing Zhu got the offer from Tencent. Although this is a good development opportunity, it is not what Qing Zhu wanted to do. She joined the big data industry for three years, and three years later, she came to the blockchain industry to start a business.
For entrepreneurs, despite the fact that China's economy has maintained a steady growth, national policies and other factors have determined that this is an era of entrepreneurs, the fierce competition environment and the sluggish capital have determined that this is a fierce battlefield. On the battlefield of the blockchain, this kind of tragic and more rapid, the group image of the participants is also depicted more clearly.
As for the history of blockchain development, although the time and volume is still far less than the Internet industry, some aspects are very similar. Bitcoin has skyrocketed several times, and many people lament that if they bought Bitcoin, they would be able to make a fortune now. But in fact, investors who relied on Bitcoin to achieve wealth were all over the cold night, the pressure of plunging and endless In the questioning, I persisted one day. Seeing its benefits but not seeing its hardship, this is the common weakness of mankind.
It is same as the entire blockchain industry. Public opinion sometimes treats it as a god, and sometimes turns it into a demon. However, the so-called squandering is becoming more and more glamorous, and in order to be completed, the blockchain must be seen as a technical essence. Seeing the essence, discovering the value, and starting from it, can calm down in the heat and burn in the cold winter.
Looking back at the history of the Internet bubble in 2000, how do you stick to yourself in the blockchain industry today?
When the concept of blockchain is hot and funds are pouring in, how many projects are only trying to borrow this wave of wind and use the name of the blockchain to finance the shell; when the winter is coming, how many projects are there when it is difficult? Because of the lack of strength in the business logic, the financial and technical team, or the difficulty of landing, the company has suddenly left. Or have a ghost, or hate, but will eventually leave. Only with equal motivation and strength can we survive this winter.
Every Cloud Has a Slier Lining
With this belief, Qing Zhu and her partners founded the Vena Network. Instead of blindly chasing the heat when the blockchain is hot, they spent a lot of time building professional teams, validating business logic, and building resource bases. In this way, in the winter, this project can survive in the cold.
After the project was opened, Vena Network received investment from 13 institutions including Digifinex and KuCoin at a short time. The investor's recognition of Vena Network further demonstrates that Qing's team's efforts in basic skills are of great value.
As the 2018 gradually entered the winter, the long-term bear market in the blockchain industry continued. However, Qing Zhu and Vena Network, which insisted on the value brought by blockchain technology, did not retreat. Combined with his previous background, Qing Zhu is preparing to transform Vena Network into a decentralized digital asset financing network. In this global network, anyone can conduct peer-to-peer digital asset mortgage lending and OTC transactions anytime, anywhere. Let digital currency and legal currency flow freely.
Finance is the best landing scenario for blockchains. Let the borrowing behavior get rid of the intermediary, let the participants freely manage their assets, and let the transaction flow and be transparent. This is the vision of Qing Zhu and Vena Network.
On November 5th, Vena Network will launch ICO simultaneously on the three platforms: LeekICO, TOKENPLUS and KICKICO. This is an important step for Vena Network. It is also an invitation from Vena Network to the colleagues who are still insisting. This cold road of thorns also needs everyone who believe in the value of the blockchain and walk together.
This is the worst era for the winter is cold; this is the best era because the dawn is ahead. When the bitter cold filters out hypocrisy and cowardice, only the strong one who insists on the heart can bathe in the sun. Qing Zhu and Vena Network will be with you and every cloud has a slier lining
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