BlockPrism: Blog BlockPrism: Blog https://www.blockprism.org/blog/ Copyright by BlockPrism en BlockPrism Sun, 13 Oct 2019 21:00:09 -0400 The State of Dogecoin and Its Future in 2019

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  • Dogecoin is most preferred by users because of its low transaction fees.

  • DOGE has one of the strongest following on social networks which include Reddit, Facebook, and Twitter.

  • The future is bright for this coin because of its different strategies and upgrades, it develops trust to its users.

Dogecoin (DOGE) is one of the cryptocurrencies famously referred as a “joke currency”, it has a market capitalization of around $308 million rankings at 29. The current DOGE market price is $0.002546. It became popular among the members of cryptocurrency because of the following factors:

  • Its supply is uncapped making it not a deflationary coin and it will keep a steady pace and remain stable when it will reach the declining yearly inflation rate which is currently about 5.256%.

  • The transaction fees are very low and one strategy that they use to keep miners intact and secure the network is by rewarding them. This motivates the miners to become keen and process transactions without any delay and enables them to generate new blocks based on a more precise algorithm for calculating rewards.

  • In terms of validation of transactions on its network, Dogecoin blockchain uses scry.pt technology and the proof-of-work (PoW) consensus algorithm.

  • Unlike Bitcoin (BTC) and Litecoin (LTC), the Dogecoin network can allow for more transaction times because it has a block time of around 1 minute compared to LTC which has 2.5 minutes block times and 10 minutes for BTC.

  • The start of the initiative called “SaveDogemas” by the Dogecoin community for helping the victims of the hacking incident where they lost millions of their coins. This attracted more members to continue investing in DOGE.

  • Its famous tag as an “Internet currency” that enables its users to easily conduct monetary transactions. This is possible because of the availability of Dogecoin’s wallets for Android, OS X, Windows and Linux users.

  • The creation of the Reddit group and IRC Chat channel by the crypto’s supporters which enables new members to join since it’s Dogecoin friendly.   

  • The upgrading of Dogecoin Core 1.14 in late June 2019 which enabled the DOGE holders to make a backup of their wallet.dat files. This enables users to have their files secure and up to date.

Dogecoin has a bright future because people are realizing its worth, from being a crypto joke to real investment. DOGE might reach $0.0147 highs in early 2020. Although some investors from the reviews claim that they sold at a loss but they prefer using it to buy some exotic coins that one can get much cheaper with DOGE than with BTC. And DOGE can be purchased in multiple ways like USD, credit cards, etc.

Conclusion

In conclusion, Dogecoin has to build sufficient buying pressure for it to break above strong resistance or continue with its bearish trend. This coin can take advantage of its strong community on Reddit, Facebook, and Twitter. It was ranked the second cryptocurrency after Bitcoin on CoinGecko.com for having the second strongest community on social media.

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posts https://www.blockprism.org/blog/the-state-of-dogecoin-and-its-future-in-2019/ https://www.blockprism.org/blog/the-state-of-dogecoin-and-its-future-in-2019/ Editor Fri, 27 Sep 2019 11:04:26 -0400
Cryptocurrency Security: Bitmarque Review

If you are looking for a reliable custody service for your digital assets, you may want to check out Bitmarque. Started in 2017, Bitmarque is a different cold storage solution, which is free of any point of failure.

The blockchain experts behind this service use military-grade security systems and a secured offline wallet. They have made an attempt to bridge the gap between insurance and cryptocurrencies.

As a matter of fact, Bitmarque has introduced real, unique insurance for the deep cold storage, which is a type of consortium for concerned investors.

Actually, the beauty of this new service is that it provides peace of mind for investors.

As far as cryptocurrency is concerned, the biggest problem that currency holders face is the issue of security. In other words, they are worried about losing their digital money. This is where Bitmarque comes to rescue.

The company has its own digital assets, many financial institutes, and offline assets, which is why it's the only insured custodian service provider for those who have cryptocurrency.

let's take a closer look at this service.

What is Bitmarque?

As said earlier, Bitmarque is a unique service as it offers an insured custody service for cryptocurrency holders.

This service is a pure cold storage solution. It's a combination of multi-sig approvals and smart contracts with deeper protection methods. This is why this system is insured by a powerful financial consortium. So, it offers a financial consortium that gives your currency a high level of safety and security. Your deposits will be secure. You won't have to worry about them.

How Safe will your Holdings be?

The provider uses military-level security protocols, offline systems, and cold storage. For added security, the systems are installed across the globe in secret locations. Moreover, they make use of a number of encrypted firewall layers for the highest degree of protection.

Since there are many approval systems, you can rest assured that the digital assets won't go anywhere, no matter what type of threats there may be. The company employees or top-level management won't have full access to your assets unless you provide your consent.

How does the Service Protect your Digital Assets?

If you are worried about the protection of your digital assets, know that the security protocols are as secure as the protocols used by the military. The company has a technological solution that offers a high level of encryption and security protocols. The use of smart contracts and physical vaults located in different secret locations around the globe ensure that your digital assets are always in good hands.

Supported Cryptocurrencies

You can deposit both Litecoin and Bitcoin, but you can also contact Bitmarque to find out about other currencies. However, they do support other cryptocurrencies.

Cost

If you want to join the service, you need to pay a one-time registration fee and a small amount of fee per month and the bank transaction fee. For more information, you can contact Bitmarque.

Joining without a Recommendation

You can't join without a recommendation unless you meet certain criteria. It's better to contact the company to discuss the matter.

So, this was a brief review of Bitmarque. Hope this helps.

If you are looking for a service to secure your digital currency, we suggest that you check out Bitmarque. Reading more than a Bitmarque review can also help you make the right choice.

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posts https://www.blockprism.org/blog/cryptocurrency-security-bitmarque-review/ https://www.blockprism.org/blog/cryptocurrency-security-bitmarque-review/ Editor Sun, 02 Jun 2019 05:06:18 -0400
What Are the Advantages of Blockchain?

Blockchain and cryptocurrency has become a very hot topic in recent years. Even traditional media now cover news on cryptocurrency and blockchain these days. However, not many people fully understand how blockchain works. In this article, let's talk about the advantages of blockchain.

What is Blockchain?

Blockchain technology is the basis for building all virtual currencies. It is a decentralized and digital ledger technology that can record all transactions without the need for financial intermediation, as banks do. Blockchain technology appears to have four distinct advantages over existing payment facilitation networks. Let's talk about each of them:

Advantages of Blockchain

Transparency

One of the main reasons why blockchain is so interesting is that the technology is always open source. This means that all users and developers have the opportunity to contribute to the project and make changes based on their needs.

Being an open source project makes blockchain technology particularly secure. That's because everybody with enough tech knowledge can read the code. If there's any backdoor or security hole, it can be easily found out.

Reducing Money Transaction Costs

Blockchain allows you to complete peer-to-peer and business-to-business transactions without having to work with third parties.

Because there's no intermediary (such as a bank) participating in a transaction in a blockchain and the users don't have to pay extra costs to the third-pary, the cost to the user or business decreases significantly over time. 

Faster transaction Settlements

When dealing with traditional banks, it is not common for a transaction to take several days to fully resolve. This is because of the agreements established in the bank transfer software and the fact that most financial institutions are open only during the day and closes at weekends.

Blockchain technology, on the other hand, works 24 hours a day, 7 days a week, which means that transactions using blockchain technology can be handled more quickly. When you need it, no matter it's during day time or at night, no matter it's a weekday or at weekend, it's always available, thus avoiding delays in transaction settlements.

Decentralization

Another reason why blockchain technology and cryptocurrency is so exciting is the lack of a central data center. Blockchain technology does not have to run a large data center and validate transactions through the center, but rather allows a single transaction to have its own proof of validity, as well as authorization to enforce constraints.

Because information about a particular blockchain is fragmented across servers around the world, it ensures that if hackers steal data, they will only get a small amount of data, not the entire network, so that it is not completely compromised. Also, with centralized system, if the central data center is down, the whole network will stop functioning. On the other hand, with a decentralized network, even one node is down, since there're many other nodes still working, the whole system can be really stable.

Conclusion

Even with these advantages, there is still a major concern that cannot be ignored in the blockchain technology. Throughout history, investors have continued to overestimate the pace of adoption of new technologies. Like most new technologies, it takes time to lay the groundwork for blockchain, and it can take years for companies to fully embrace the technology as an important part of their payment systems.

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posts https://www.blockprism.org/blog/what-are-the-advantages-of-blockchain/ https://www.blockprism.org/blog/what-are-the-advantages-of-blockchain/ Editor Sat, 01 Jun 2019 23:21:32 -0400
How To Make Your Own Cryptocurrency In 4 Easy Steps

Okay, so cryptocurrency this, bitcoin that!

Enough, there has been so much hullabaloo about the boom created by the virtual currencies that the internet has been overloaded with information on how you could earn more money by investing in these currencies. But did you ever think how cool it would be if you could create your own cryptocurrency?

Never thought about it, right? It's time to think because in this post we are going to provide you a four-step guide on creating your own cryptocurrency. Read through the post, and then see whether you can do it for yourself or not!

Step 1 - Community 

No, you don't have to build a community like you do when you plan to rule social media. The game is a little different here. You need to find a community of people that you think would buy your currency.

Once you identify a community, it becomes easier for you to cater to their needs and therefore you can work towards building a stable cryptocurrency rather than going haywire with what you want to achieve.

Remember, you are not here to be a part of the spectator sport - you are in it to win it. And, having a community of people who would want to invest in your currency is the best way to do it!

Step 2 - Code 

The second important step is to code. You don't necessarily have to be a master coder to create your own cryptocurrency. There are plenty of open source codes available out there which you can use.

You can even go ahead and hire professionals who can do the job for you. But when coding, do remember one thing - blatant copying is not going to lead you anywhere.

You need to bring some uniqueness in your currency to distinguish it from the ones that already exist. It has to be innovative enough to create ripples in the market. This is the reason just copying the code is not enough to be on top of the cryptocurrency game.

Step 3 - Miners 

The third, and the most important step in the process is to get some miners on board who will actually mine your cryptocurrency.

What this means is that you need to have a certain set of people associated with you who can actually spread the word about your currency in the market. You need to have people who can raise awareness about your currency.

This will give you a head start. And, as they say - well begun is half done; miners can eventually lay the foundation of a successfully voyage for your cryptocurrency in the ever growing competition.

Step 4 - Marketing 

Last thing you need to do as part of the job here is to connect with merchants who will eventually trade the virtual coins that you have built.

In simpler words, you need to market these coins in the battleground where real people would actually be interested to invest in them. And, this by no means is an easy feat.

You need to win their confidence by letting them know that you have something worthy to offer.

How can you begin with it? The best way to market your coins initially is to identify the target audience who knows what cryptocurrency is.

After all, there is no point in trying to market your stuff to people who don't even know what cryptocurrency is.

Conclusion

So, you can see that building a successful cryptocurrency is more about having the awareness about market trends, and less about being a hardcore techie or an avant-garde coder.

If you have that awareness in you, then it is time to make a heyday while the sun shines in the cryptocurrency niche. Go ahead and plan building your own cryptocurrency by following these simple steps and see how it turns out for you!

If you are looking for cryptocurrency wallet development services to create your own wallet, visit https://antiersolutions.com/cryptocurrency-exchange-development-company.html

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posts https://www.blockprism.org/blog/how-to-make-your-own-cryptocurrency-in-4-easy-steps/ https://www.blockprism.org/blog/how-to-make-your-own-cryptocurrency-in-4-easy-steps/ Editor Sat, 01 Jun 2019 23:21:27 -0400
Are You Planning to Set Up Your Own Cryptocurrency Exchange Platform?

If we look at the most impactful development in recent times the first thing that comes to our minds without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like bitcoin and more at the right time. Many people have also managed to make a heyday by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.

Setting an exchange is pretty easy. but you need to know a few basic things before you start your own exchange.

Let us have a look at them -

Do you have a target audience in mind?

One of the most important things to consider before setting up any business platform is to figure out the target audience. Same is the case here.

When you are planning to set up a bitcoin exchange platform, the first thing you need to analyze and figure out is the audience that you are going to target.

For instance, in case of bitcoins, you can target both local as well as the global audience. So, you need to figure out which is your target audience and then plan with the development process. Why is this important? Well, you will get to know about it in the following sections.

Do you understand the legal terms?

The second thing you need to consider is the legal terms and conditions that you will need to follow.

There is a huge hullabaloo about the legal aspects related to cryptocurrency, but you might be amazed to know that there are 96 countries where bitcoin transactions are still unrestricted.

So, creating a cryptocurrency exchange platform while targeting these countries can prove to be the best idea.

Don't forget to always take a thorough look at the legal guidelines operational in the area from where you plan to carry out.

Do you have a partner bank?

Another thing to remember here is that you are going to need a partner bank. The simple reason behind this is that you are going to deal with financial transactions.

In order to ensure that the financial transactions are carried out in a smooth and hassle-free manner, you need to ensure that you have the right support in the form of a partner bank.

Therefore, you need to contact a few banking institutions to see if they can help you, and understand their terms and conditions.

Do you have the right partner to develop the platform?

The most important step in the process is to find the right professional who can help you develop a secure platform. Why we have specifically mentioned the term secure is because the immense popularity of cryptocurrency has made these exchanges the first target for hackers.

To make sure that your reputation does not get hit due to something unwanted you need to focus on creating a secure platform. You can easily achieve this by hiring a seasoned developer who knows all the ins and outs of the industry.

For instance, they can test the platform out by mimicking a malware attack and see how your cryptocurrency exchange platform stands against it.

Conclusion

This last point sums up the basic things that you need to keep in the back of your mind when planning to set up a cryptocurrency exchange platform for yourself. Once you have an answer to these questions, you can easily go ahead and get going with the development and make some profits.

But, do remember to take all the necessary legal, compliance and security measures if you want to be in this game for for a long time.

So, are you up for it?

Kyara Vedi, a Expert in cryptocurrency, is a trusted name offering you an access to indispensable knowledge regarding cryptocurrency exchange platform.For those interested in learning more about Bitcoin exchange platform development, a variety of online resources and Cryptocurrency exchange development services provide information regarding the basic.

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posts https://www.blockprism.org/blog/are-you-planning-to-set-up-your-own-cryptocurrency-exchange-platform/ https://www.blockprism.org/blog/are-you-planning-to-set-up-your-own-cryptocurrency-exchange-platform/ Editor Sat, 25 May 2019 23:48:32 -0400
Why Should You Trade in Cryptocurrency?

The modern concept of cryptocurrency is becoming very popular among traders. A revolutionary concept introduced to the world by Satoshi Nakamoto as a side product became a hit. Decoding Cryptocurrency we understand crypto is something hidden and currency is a medium of exchange. It is a form of currency used in the block chain created and stored. This is done through encryption techniques in order to control the creation and verification of the currency transacted. Bit coin was the first cryptocurrency which came into existence.

Cryptocurrency is just a part of the process of a virtual database running in the virtual world. The identity of the real person here cannot be determined. Also, there is no centralized authority which governs the trading of cryptocurrency. This currency is equivalent to hard gold preserved by people and the value of which is supposed to be getting increased by leaps and bounds. The electronic system set by Satoshi is a decentralized one where only the miners have the right to make changes by confirming the transactions initiated. They are the only human touch providers in the system.

Forgery of the cryptocurrency is not possible as the whole system is based on hard core math and cryptographic puzzles. Only those people who are capable of solving these puzzles can make changes to the database which is next to impossible. The transaction once confirmed becomes part of the database or the block chain which cannot be reversed then.

Cryptocurrency is nothing but digital money which is created with the help of coding technique. It is based on peer-to-peer control system. Let us now understand how one can be benefitted by trading in this market.

Cannot be reversed or forged: Though many people can rebut this that the transactions done are irreversible, but the best thing about cryptocurrencies is that once the transaction is confirmed. A new block gets added to the block chain and then the transaction cannot be forged. You become the owner of that block.

Online transactions: This not only makes it suitable for anyone sitting in any part of the world to transact, but it also eases the speed with which transaction gets processed. As compared to real time where you need third parties to come into the picture to buy house or gold or take a loan, You only need a computer and a prospective buyer or seller in case of cryptocurrency. This concept is easy, speedy and filled with the prospects of ROI.

The fee is low per transaction: There is low or no fee taken by the miners during the transactions as this is taken care of by the network.

Accessibility: The concept is so practical that all those people who have access to smartphones and laptops can access the cryptocurrency market and trade in it anytime anywhere. This accessibility makes it even more lucrative. As the ROI is commendable, many countries like Kenya has introduced the M-Pesa system allowing bit coin device which now allows 1 in every three Kenyans to have a bit coin wallet with them.

Cryptocurrency has undoubtedly been a revolutionary concept which sees a booming growth in years to come. At the same time, the concept is a little bit ambiguous and new to most of the people. In order to understand how this whole thing works, we bring to you cryptocurrency news. This will update you further on every type of cryptocurrencies prevailing in the market including the Bitcoin news. Go ahead and enlighten yourself a bit more as to what this whole concept is and how it can benefit you.

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posts https://www.blockprism.org/blog/why-should-you-trade-in-cryptocurrency/ https://www.blockprism.org/blog/why-should-you-trade-in-cryptocurrency/ Editor Mon, 01 Apr 2019 23:47:46 -0400
What Is Blockchain Development?

The Blockchain technology can be a new name for the readers but the experts have a strong opinion that due to this technology we can witness a big changeover in the field of technology. Thus, various companies are seeking good opportunities in the field of Blockchain Application Development. The blockchain is an emerging technology so that, most of the people are not aware of this new advancement. If you are one of those who wishes to have a considerable knowledge of the technology, just carry on reading the information provided below.

What do we mean by Blockchain?

Blockchain works like a digital ledger in which transactions are made with the use of Bitcoin or cryptocurrencies. According to the Blockchain experts, this technology provides an absolutely safe way for making or recording all the transactions, agreements or contracts. Moreover, Blockchain is valuable for everything that is needed to be verified and kept in a safe digital ecosystem.

From the initial point of the beginning of the network, the database is shared between a number of users that are included to access the information of all the transactions. The total size of the network varies according to the number of users that may be two or three users or it may be a group of hundreds of the users.

What is the use of Blockchain Technology?

The experts are trying to use it for more than one objectives and nowadays, the most visible and prominent use of the Blockchain technology is Bitcoin. Bitcoin has been helping the people engaged in financial transactions since 2008. In addition, the experts are seeking for the ways by which the same technology can be used to solve or reduce safety, dispute or belief issues.

How is it used?

A specialized computer software is used to make the blockchain automatically to share the information to the database in the case of a fresh transaction. A blockchain contains blocks that are hashed or encoded batches of transactions. Each code, with the hash of the block before it, links the two and forms the chain that is a Blockchain. This process needs the validation of each block to ensure the security of the overall database.

Why do we need Blockchain Development?

As mentioned above, the Blockchain is trying to make the technology more useful for the people who need to maintain an indisputable record of transactions. The Blockchain technology provides ultimate clarity and transparency and can be used as an effective tool against the cases of corruption.

With the help of the Blockchain technology, all the transactions take place in a safe environment where all the details are encrypted with the generation of a unique transaction number and this number is recorded in the ledger as a placeholder. In this case, not all the users would be able to see the details of the transaction. However, the network will be aware of the transaction. This process limits any change of a fraud because the person with malicious plans must access every computer in the network to make changes in the database.

Due to the increasing importance of the Blockchain development, a number of individuals or organizations are looking for a trusted and reliable Blockchain Development Company.

It is a matter of trust and security and therefore, Infograins Software Solution are ready to provide satisfactory solutions to different industry verticals.

Blockchain Development

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posts https://www.blockprism.org/blog/what-is-blockchain-development/ https://www.blockprism.org/blog/what-is-blockchain-development/ Editor Thu, 07 Mar 2019 23:19:37 -0500
What Is Bitcoin & Why Is Cryptocurrency So Popular?

Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and many people and many large companies are now jumping on the Bitcoin or cryptocurrency bandwagon wanting a piece of the action.

People are total new to the cryptocurrency space are constantly asking this question; "What is Bitcoin really?"

Well, for starters bitcoin is actually a digital currency that falls outside the control of any federal government, it's used worldwide, and can be used to purchase things like your food, your beverages, real estate, cars, and other things.

Why is Bitcoin so important?

Bitcoin isn't susceptible to things like governmental control and fluctuations in the in the foreign currencies. Bitcoin is backed by the full faith of (you) the individual and it's strictly peer-to-peer.

This means anyone complete transactions with Bitcoin, the first thing they realize is that it's a lot cheaper to use than trying to send money from bank to bank or using any other services out there that requires sending and receiving money internationally.

For example, if I wanted to send money to let's say China or Japan I would have to have a incur of fee from a bank and it would take hours or even days for that fee that money to get there.

If I use Bitcoin, I can do it easily from my wallet or my cell phone or a computer instantaneously without any of those fees. If I wanted to send for example gold and silver it would require many guards it would take a lot of time and a lot of money to move bullion from point to point. Bitcoin can do it again with a touch of a finger.

Why do people want to use Bitcoin?

The main reason is because Bitcoin is the answer to these destabilized governments and situations where money is no longer as valuable it used to be. The money that we have now; the paper fiat currency that's in our wallets is worthless and a year from now it'll be worth even less.

We've even seeing major companies showing interest in the blockchain technology. A few weeks ago, a survey went out to a handful of Amazon customers whether or not they would be interested in using a cryptocurrency if Amazon creates one. The results from that showed that many were very interested. Starbucks even hinted about the use of a blockchain mobile app. Walmart has even applied for a patent on a "smart package" that will utilize the blockchain technology to track and authenticate packages.

Throughout our lifetime we've seen many changes take place from the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, look for homes, now how we spend money and banking. Cryptocurrency is here to stay. If you haven't already, it's time for anyone to fully study cryptocurrency and learn how to take full advantage of this trend that's going to continue to thrive throughout time.

My name is Robert Smith, Indy wrestler and digital cryptocurrency investor. I'm showing people globally not only how to invest in bitcoin and other digital currencies, but how to grow their bitcoins and earn daily passive income. Check it out by clicking here now.

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posts https://www.blockprism.org/blog/what-is-bitcoin-why-is-cryptocurrency-so-popular/ https://www.blockprism.org/blog/what-is-bitcoin-why-is-cryptocurrency-so-popular/ Editor Tue, 05 Feb 2019 23:15:13 -0500
Cryptocurrency: The Fintech Disruptor

Blockchains, sidechains, mining - terminologies in the clandestine world of cryptocurrency keep piling up by minutes. Although it sounds unreasonable to introduce new financial terms in an already intricate world of finance, cryptocurrencies offer a much-needed solution to one of the biggest annoyances in today's money market - security of transaction in a digital world. Cryptocurrency is a defining and disruptive innovation in the fast-moving world of fin-tech, a pertinent response to the need for a secure medium of exchange in the days of virtual transaction. In a time when deals are merely digits and numbers, cryptocurrency proposes to do exactly that!

In the most rudimentary form of the term, cryptocurrency is a proof-of-concept for alternative virtual currency that promises secured, anonymous transactions through peer-to-peer online mesh networking. The misnomer is more of a property rather than actual currency. Unlike everyday money, cryptocurrency models operate without a central authority, as a decentralized digital mechanism. In a distributed cryptocurrency mechanism, the money is issued, managed and endorsed by the collective community peer network - the continuous activity of which is known as mining on a peer's machine. Successful miners receive coins too in appreciation of their time and resources utilized. Once used, the transaction information is broadcasted to a blockchain in the network under a public-key, preventing each coin from being spent twice from the same user. The blockchain can be thought of as the cashier's register. Coins are secured behind a password-protected digital wallet representing the user.

Supply of coins in the digital currency world is pre-decided, free of manipulation, by any individual, organizations, government entities and financial institutions. The cryptocurrency system is known for its speed, as transaction activities over the digital wallets can materialize funds in a matter of minutes, compared to the traditional banking system. It is also largely irreversible by design, further bolstering the idea of anonymity and eliminating any further chances of tracing the money back to its original owner. Unfortunately, the salient features - speed, security, and anonymity - have also made crypto-coins the mode of transaction for numerous illegal trades.

Just like the money market in the real world, currency rates fluctuate in the digital coin ecosystem. Owing to the finite amount of coins, as demand for currency increases, coins inflate in value. Bitcoin is the largest and most successful cryptocurrency so far, with a market cap of $15.3 Billion, capturing 37.6% of the market and currently priced at $8,997.31. Bitcoin hit the currency market in December, 2017 by being traded at $19,783.21 per coin, before facing the sudden plunge in 2018. The fall is partly due to rise of alternative digital coins such as Ethereum, NPCcoin, Ripple, EOS, Litecoin and MintChip.

Due to hard-coded limits on their supply, cryptocurrencies are considered to follow the same principles of economics as gold - price is determined by the limited supply and the fluctuations of demand. With the constant fluctuations in the exchange rates, their sustainability still remains to be seen. Consequently, the investment in virtual currencies is more speculation at the moment than an everyday money market.

In the wake of industrial revolution, this digital currency is an indispensable part of technological disruption. From the point of a casual observer, this rise may look exciting, threatening and mysterious all at once. While some economist remain skeptical, others see it as a lightning revolution of monetary industry. Conservatively, the digital coins are going to displace roughly quarter of national currencies in the developed countries by 2030. This has already created a new asset class alongside the traditional global economy and a new set of investment vehicle will come from cryptofinance in the next years. Recently, Bitcoin may have taken a dip to give spotlight to other cryptocurrencies. But this does not signal any crash of the cryptocurrency itself. While some financial advisors emphasis over governments' role in cracking down the clandestine world to regulate the central governance mechanism, others insist on continuing the current free-flow. The more popular cryptocurrencies are, the more scrutiny and regulation they attract - a common paradox that bedevils the digital note and erodes the primary objective of its existence. Either way, the lack of intermediaries and oversight is making it remarkably attractive to the investors and causing daily commerce to change drastically. Even the International Monetary Fund (IMF) fears that cryptocurrencies will displace central banks and international banking in the near future. After 2030, regular commerce will be dominated by crypto supply chain which will offer less friction and more economic value between technologically adept buyers and sellers.

If cryptocurrency aspires to become an essential part of the existing financial system, it will have to satisfy very divergent financial, regulatory and societal criteria. It will need to be hacker-proof, consumer friendly, and heavily safeguarded to offer its fundamental benefit to the mainstream monetary system. It should preserve user anonymity without being a channel of money laundering, tax evasion and internet fraud. As these are must-haves for the digital system, it will take few more years to comprehend whether cryptocurrency will be able to compete with the real world currency in full swing. While it is likely to happen, cryptocurrency's success (or lack thereof) of tackling the challenges will determine the fortune of the monetary system in the days ahead.

Delving into the much-talked-about and hard-coded clandestine world of the next monetary system - cryptocurrency. While the digital coin offers immersive prospect and benefit to the potential investors and traders; it is yet to face numerous challenges and devise response mechanism for the future world.

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posts https://www.blockprism.org/blog/cryptocurrency-the-fintech-disruptor/ https://www.blockprism.org/blog/cryptocurrency-the-fintech-disruptor/ Editor Fri, 04 Jan 2019 23:13:15 -0500
'Official' Blockchain Standards for 2019

The succinct statement details the government's pending official definitions of blockchain regulations. Publicly advertised rationales may appear comparatively innocuous or indeed prudent yet such official justifications are an obvious attempt at the curtailing rather than development of decentralized technologies. Even rudimentary, preliminary investigation of the statements highlight what may generously be labelled as contentious logic.

"China is set to publish official standards on blockchain technology next year, with one official telling Xinhua they will "give the industry some guidance" on the technology.

Li Ming, a director of the Blockchain Research Office under the Ministry of Industry and Information Technology (MIIT), told Xinhua's Economic Information Daily that work had already begun on forming the standards. Li, however, made clear that while standards would provide some guidance to blockchain developers, authorities did not expect official guidelines to "quickly advance the development" of the industry. Despite efforts to clamp down on the financial risks associated with cryptocurrencies and initial coin offerings, the Chinese government has looked to show its support for blockchain development. China was the world's biggest source of blockchain patents in 2017, while last September saw a blockchain research center opened by the China Academy of Information and Communications Technology, a research institution under the MIIT.

The new standards being drawn up by the Blockchain Research Office will include guidelines for the application of blockchain in terms of business, information security and reliability, Li told Xinhua. Despite the exciting potential surrounding blockchain, the technology remains in a stage of infancy. Without clear regulations in place, security problems have caused nearly 2.9 billion US dollars' worth of losses worldwide between 2011 and 2018, according to Baimaohui Security Research Center, a specialist in online security that has worked with Alibaba and Huawei.

The last two years alone have seen 1.9 billion US dollars lost because of blockchain security issues, according to Baimaohui. Not only are China's leading tech firms and banks applying for blockchain patents and researching how the technology can improve services and boost public trust in supply chains, China's Ministry of Public Security is also studying how to implement the technology in terms of data storage. Earlier this week, data from China's Intellectual Property Office showed that a patent application had been filed by the Ministry of Public Security for a blockchain system that would securely and transparently save unalterable data to the cloud. Such a system could be used and shared by police across the country, allowing data to be shared rapidly between various agencies. ( CGTN)"

To begin let's not forget the differentiation of decentralized capacities versus centralized services. A regionally authorized service naturally adheres to geographically specific governing legislation. For example an international fast food chain may, in some European countries, sell alcoholic beverages over the counter while the same operator is typically not permitted to do so in North America. This variation is possible because of service use being localized. To have 'official' guidelines of decentralized capabilities would be to imagine access and or use of decentralized services being regional, or under the same legislation. It may not. It is decentralized.

Secondly it has been calculated by the American Government Accountability Office ( GAO ), that the 2008 financial crises cost $12.8 trillion dollars. This further omits subsequent bailouts, unemployment and broad reaching detrimental consequences suffered by millions.

The causes of the 2008 financial crises have been largely attributed to deregulation, securitization (double dipping and bundling), sales of subprime mortgages and the Federal Reserve's raising rates on subprime borrowers. In short, actions conducted by government, banking and financial industries.

By contrast for one set of activities to lose under $3 billion over seven years is minuscule. Regardless of political stance, decentralized technologies offer the capacity for individual's independently enacting personal choice. Personal loss resulting from bad decision making, such as ICO investment, is contained. Moreover it is a conscious participation where any individual may only invest or access a set amount, that which is in their immediate control. Compare this ceiling to unilateral extents achievable by governments and corporations.

To incorporate decentralized technology into one regional government's operational guidelines may prove nothing more than redundant methods of double accounting. Used by individuals whom may collectively be under no single government's purview, concurrently decentralized technological capacity must itself be equally discovered.

The Other Fruit Is A Private Members Only Collaboration Network Globally Securing Direct Engagements With Sales And Payments Anonymously Blockchain Guaranteed. Empowering Creators, We Are Making Choice Personal | http://www.TheOtherFruit.com

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posts https://www.blockprism.org/blog/official-blockchain-standards-for-2019/ https://www.blockprism.org/blog/official-blockchain-standards-for-2019/ Editor Wed, 05 Dec 2018 23:12:19 -0500
Funding Prospects for Blockchain Start Ups in India

Blockchain, brainchild of the Anonymous founder/s of the World's first crypto-currency, Bitcoin, Satoshi Nakamoto is often referred to as "The Backbone of the new Internet". Initially conceptualised in 2008 for Bitcoin, blockchain has found its use in several other fields.

WHAT IS BLOCKCHAIN?

Blockchain is an open and distributed ledger, which can record transactions between two parties in a verifiable and permanent way. Once recorded, the transaction data cannot be modified retroactively, without alteration of all subsequent blocks. This also allows users to verify and audit transactions without much cost.

Blockchain is a continuously growing list of records, linked and secured using cryptography (secret codes which prevent third parties or the public from reading the transaction data), wherein each Block contains a timestamp and transaction data, managed by a Peer-to-Peer, P2P (User to user) network.

Person A requests a transaction involving crypto-currency, records, contracts, or other information → The requested transaction is broadcast to a P2P network consisting of computers, known as Nodes → The network of Nodes validates the transaction and the user's status, using known Algorithms → The verified transaction is combined with other transactions to create a new block or data for the ledger → The new block is then added to the existing blockchain, in a way that is permanent and unalterable → The transaction is complete.

Point to remember here is that the transaction data has no physical form, existing only on the network, and has no intrinsic value to third parties.

Quite simply, blockchain is an autonomously managed and regularly reconciled digital ledger, which can record not just financial transactions, but everything of value. Blockchain enables the exchange of value without any centralised intermediation by arbiters of money and information. It is a kind of a self-auditing ledger which reconciles itself every 10 minutes.

ADVANTAGE OVER CENTRALISED DATABASES:

Centralised data is controllable and hence the data is prone to manipulations and theft. On the other hand, in a blockchain, there are no centralised points of vulnerability for the information to be hacked and corrupted. Because of storing blocks of identical information across the network of the blockchain, it cannot be controlled by a single entity, has no single point of failure, and hence cannot be modified retroactively. Anything that happens on a blockchain is a function of the network as a whole.

Further, blockchain reduces the TAT of processes, and because of being distributed, it makes data transparent for everyone involved. Blockchain technology can help make even the traditional processes faster, more accurate, and secured, while drastically reducing the costs involved in Database Management.

The only reported problems in the blockchain technology have been due to human errors and bad intentions, and not because of any flaws in the technology.

APPLICATIONS OF BLOCKCHAIN IN INDIA:

The distributed nature of blockchain makes anything based on it more cost-effective, efficient, and secured. It can be used to upgrade many economic and social systems, like:

i. Banking:

Most, if not all, Banking systems are built around Centralised Databases. The costs, labour, time, and risks of frauds involved in reconciliation and processing of billions of transactions is a challenge that the Banking Industry, even after so many up-gradations, has not been able to address. The global success of Bitcoins and other crypto-currency has shown the Banking system how advantageous blockchain technology can be, when it comes to reducing online banking frauds.

Blockchain can provide the ultimate solution for solving the costs involved in KYC Verification, Due Diligence, and Credit Underwriting, by allowing the independent KYC verification, due diligence reporting, and credit history of an individual or a company done by one entity to be accessed by every other organisation. This can also be used for countering Money Laundering.

Blockchain can also make clearing and settlements faster, less expensive, and even more secured than it already is.

Many Banks have already invested a large amount in research related to migration of their Banking Systems on to Blockchain Network.

ii. Record keeping at Registrar of Properties:

Committing property frauds and use of black money for sale-purchase of properties can be drastically reduced if the existing system is upgraded to blockchain or a similar technology. Andhra Pradesh government has tied up with a Swedish start-up, Chromaway, to build a blockchain based Land ownership system, to eliminate land fraud and corruption.

iii. Data Management in Public Sector:

There has been a huge amount of debate about the safety and security of Aadhaar Databases, and fears of surveillance. Blockhain can eliminate these risks and also be used to store information related to birth, death, voter registration, issuance of PAN Card and Driving Licence, Ownership of vehicles, court cases, police complaints, etc. Individuals and other entities will own the data that belongs them.

iv. Stock Market trade:

Blockchain can reduce the risks of frauds and operational errors in Stock Market trading. Not to forget here that the transactions would become almost instantaneous. NASDAQ and Australian Securities Exchange are already exploring blockchain to reduce costs and improve efficiency.

v. Cloud Storage:

Blockchain provides the added security of data not getting lost or corrupted.

vi. Supply Chain:

Blockchain establishes a shared, secured record of information flows for the supply chain network. It enables faster, permissioned, and auditable B2B interactions between buyers, sellers, and logistics providers. The shared version of events improves supply chain efficiency, better multi-party collaboration, and streamlined resolutions in case of disputes.

vii. Healthcare:

Blockchain can help in tackling issues of counterfeit drugs, by tracing each transaction between drug manufacturers, wholesalers, pharmacists, and patients. It can also be used to improve and authenticate health records on sharing basis, for better treatment.

viii. Intellectual property:

Blockchain can be used to catalogue and store Intellectual Properties in a digitally secured manner. It has the potential to solve the problem of authentication of ownership for Intellectual Properties, and allowing owners to see who is using their work.

ix. Music Distribution:

Similar to Intellectual Property, musicians can catalogue and store their music in a digitally secured manner, and get paid as and when the music is purchased / played. In addition to this, collaborations and licensing will also become more efficient. It will work on the concept of Peer to Peer Music sharing, where the intellectual property rights of musicians are protected, and they are paid for their hard work.

x. Social Networking:

Blockchain can make social networking more private and profitable for the users. It can help users on social networking websites and apps decide which data to be made available for third parties to view and use, and get paid for it. Wouldn't that be fun? This is not a dream, but a reality with Obsidian Messenger.

xi. Real-time Car Pooling:

Imagine a self-managed real-time ride sharing app, as an alternative to Ola and Uber, where drivers get rewarded for offering a shared ride. La Zooz', an Israel based start-up is in its testing phase, and is expected to emerge as a cheaper alternative to Uber globally.

The understanding of blockchain among people, to a very large extent, is limited to bitcoins. However, in an era when India is witnessing innovative solutions using technology for structural problems, blockchain has opened the doors for Start-ups and Small Businesses to devise and adopt block-chain based solutions. If you are facing systemic or structural problems in your business, it would be wise to see if a blockchain based solution is feasible. After all, necessity is the mother of all invention!

Debt (Business Loan) and Private Equity funding options are readily available for start-ups working on Blockchain concepts.

Visit https://msmemitra.com to make an informed decision about the most suitable Financing options available for your blockchain startup.

If you have developed a blockchain based solution for any worldly problem, and are looking to raise funds to scale up, you can also connect with us on email.

Thank you for reading.

With MSMEmitra, make an informed decision about the most suitable Financing Options available for your Business, and avail the benefits of the industry and need specific schemes and subsidies of the Central Government, applicable for your Business.

Visit our website to make an informed decision about the most suitable Financing options available for your blockchain startup.

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posts https://www.blockprism.org/blog/funding-prospects-for-blockchain-start-ups-in-india/ https://www.blockprism.org/blog/funding-prospects-for-blockchain-start-ups-in-india/ Editor Tue, 27 Nov 2018 23:09:17 -0500
Getting Started With Crypto

Investing in the Crypto Currency market space can be a little daunting for the traditional investor, as investing directly in Crypto Currency (CC) requires the use of new tools and adopting some new concepts. So if you do decide to dip your toes in this market, you will want to have a very good idea of what to do and what to expect.

Buying and selling CC's requires you to choose an Exchange that deals in the products you want to buy and sell, be they Bitcoin, Litecoin, or any of the over 1300 other tokens in play. In previous editions we have briefly described the products and services available at a few exchanges, to give you an idea of the different offerings. There are many Exchanges to choose from and they all do things in their own way. Look for the things that matter to you, for example:

- Deposit policies, methods, and costs of each method

- Withdrawal policies and costs

- Which fiat currencies they deal in for deposits and withdrawals

- Products they deal in, such as crypto coins, gold, silver etc

- Costs for transactions

- where is this Exchange based? (USA / UK / South Korea / Japan...)

Be prepared for the Exchange setup procedure to be detailed and lengthy, as the Exchanges generally want to know a lot about you. It is akin to setting up a new bank account, as the Exchanges are brokers of valuables, and they want to be sure that you are who you say you are, and that you are a trustworthy person to deal with. It seems that "trust' is earned over time, as the Exchanges typically allow only small investment amounts to begin with.

Your Exchange will keep your CC's in storage for you. Many offer "cold storage" which simply means that your coins are kept "offline" until you indicate that you want to do something with them. There are quite a few news stories of Exchanges being hacked, and many coins stolen. Think about your coins being in something like a bank account at the Exchange, but remember that your coins are digital only, and that all blockchain transactions are irreversible. Unlike your bank, these Exchanges do not have deposit insurance, so be aware that hackers are always out there trying everything they can to get at your Crypto Coins and steal them. Exchanges generally offer Password protected accounts, and many offer 2-factor authorization schemes - something to seriously consider in order to protect your account from hackers.

Given that hackers love to prey on Exchanges and your account, we always recommend that you use a digital wallet for your coins. It is relatively easy to move coins between your Exchange account and your wallet. Be sure to choose a wallet that handles all the coins you want to be buying and selling. Your wallet is also the device you use to "spend" your coins with the merchants who accept CC's for payment. The two types of wallets are "hot" and "cold". Hot wallets are very easy to use but they leave your coins exposed to the internet, but only on your computer, not the Exchange server. Cold wallets use offline storage mediums, such as specialized hardware memory sticks and simple hard copy printouts. Using a cold wallet makes transactions more complicated, but they are the safest.

Your wallet contains the "private" key that authorizes all the transactions you want to initiate. You also have a "public" key that is shared on the network so that all users can identify your account when involved in a transaction with you. When hackers get your private key, they can move your coins anywhere they want, and it is irreversible.

Despite all the challenges and wild volatility, we are confident that the underlying blockchain technology is a game changer, and will revolutionize how transactions are conducted going forward.

If you are ready to make a speculative investment into this disruptive technology, and want to receive all current and future recommendations from Crypto TREND Premium, we are keeping our Early Bird Special offer open for a little longer, to give our readers the opportunity to get started at a $175 discount. Stay tuned!

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posts https://www.blockprism.org/blog/getting-started-with-crypto/ https://www.blockprism.org/blog/getting-started-with-crypto/ Editor Sun, 07 Oct 2018 23:07:56 -0400
How Cryptocurrency Works

Put simply, cryptocurrency is digital money, which is designed in a way that it is secure and anonymous in some instances. It is closely associated with internet that makes use of cryptography, which is basically a process where legible information is converted into a code that cannot be cracked so as to tack all the transfers and purchases made.

Cryptography has a history dating back to the World War II, when there was a need to communicate in the most secure manner. Since that time, an evolution of the same has occurred and it has become digitalized today where different elements of computer science and mathematical theory are being utilized for purposes of securing communications, money and information online.

The first cryptocurrency

The very first cryptocurrency was introduced in the year 2009 and is still well known all over the world. Many more cryptocurrencies have since been introduced over the past few years and today you can find so many available over the internet.

How they work

This kind of digital currency makes use of technology that is decentralized so as to allow the different users to make payments that are secure and also, to store money without necessarily using a name or even going through a financial institution. They are mainly run on a blockchain. A blockchain is a public ledger that is distributed publicly.

The cryptocurrency units are usually created using a process that is referred to as mining. This usually involves the use of a computer power. Doing it this way solves the math problems that can be very complicated in the generation of coins. Users are only allowed to purchase the currencies from the brokers and then store them in cryptographic wallets where they can spend them with great ease.

Cryptocurrencies and the application of blockchain technology are still in the infant stages when thought of in financial terms. More uses may emerge in the future as there is no telling what else will be invented. The future of transacting on stocks, bonds and other types of financial assets could very well be traded using the cryptocurrency and blockchain technology in the future.

Why use cryptocurrency?

One of the main traits of these currencies is the fact that they are secure and that they offer an anonymity level that you may not get anywhere else. There is no way in which a transaction can be reversed or faked. This is by far the greatest reason why you should consider using them.

The fees charged on this kind of currency are also quite low and this makes it a very reliable option when compared to the conventional currency. Since they are decentralized in nature, they can be accessed by anyone unlike banks where accounts are opened only by authorization.

Cryptocurrency markets are offering a brand new cash form and sometimes the rewards can be great. You may make a very small investment only to find that it has mushroomed into something great in a very short period of time. However, it is still important to note that the market can be volatile too, and there are risks that are associated with buying.

There is a level of anonymity associated with cryptocurrencies and this is a challenge because illegal activity can thrive here. This means that you need to be very careful when choosing to buy. Make sure you get your Cryptocurrency from a trusted source.

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posts https://www.blockprism.org/blog/how-cryptocurrency-works/ https://www.blockprism.org/blog/how-cryptocurrency-works/ Editor Wed, 05 Sep 2018 23:05:43 -0400
What Is an ICO in Cryptocurrency?

ICO is short for Initial Coin Offering. When launching a new cryptocurrency or crypto-token, the developers offer investors a limited number of units in exchange for other major crypto coins such as Bitcoin or Ethereum.

ICOs are amazing tools for quickly raining development funds to support new cryptocurrencies. The tokens offered during an ICO can be sold and traded on cryptocurrency exchanges, assuming there is sufficient demand for them.

The Ethereum ICO is one of the most notable successes and the popularity of Initial Coin Offerings is growing as we speak.

A brief history of ICOs

Ripple is likely the first cryptocurrency distributed via an ICO. At the start of 2013, Ripple Labs began to develop the Ripple payment system and generated approximately 100 billion XRP tokens. These were sold through an ICO to fund Ripple's platform development.

Mastercoin is another cryptocurrency that has sold a few million tokens for Bitcoin during an ICO, also in 2013. Mastercoin aimed to tokenize Bitcoin transactions and execute smart contracts by creating a new layer on top of the existing Bitcoin code.

Of course, there are other cryptocurrencies that have been successfully funded through ICOs. Back in 2016, Lisk gathered approximately $5 million during their Initial Coin Offering.

Nevertheless, Ethereum's ICO that took place in 2014 is probably the most prominent one so far. During their ICO, the Ethereum Foundation sold ETH for 0.0005 Bitcoin each, raising almost $20 million. With Ethereum harnessing the power of smart contracts, it paved the way for the next generation of Initial Coin Offerings.

Ethereum's ICO, a recipe for success

Ethereum's smart contracts system has implemented the ERC20 protocol standard that sets the core rules for creating other compliant tokens which can be transacted on Ethereum's blockchain. This allowed others to create their own tokens, compliant with the ERC20 standard that can be traded for ETH directly on Ethereum's network.

The DAO is a notable example of successfully using Ethereum's smart contracts. The investment company raised $100 million worth of ETH and the investors received in exchange DAO tokens allowing them to participate in the governance of the platform. Sadly, the DAO failed after it was hacked.

Ethereum's ICO and their ERC20 protocol have outlined the latest generation of crowdfunding blockchain-based projects via Initial Coin Offerings.

It also made it very easy to invest in other ERC20 tokens. You simply transfer ETH, paste the contract in your wallet and the new tokens will show up in your account so you can use them however you please.

Obviously, not all cryptocurrencies have ERC20 tokens living on Ethereum 's network but pretty much any new blockchain-based project can launch an Initial Coin Offering.

The legal state of ICOs

When it comes to the legality of ICOs, it's a bit of a jungle out there. In theory, tokens are sold as digital goods, not financial assets. Most jurisdictions haven't regulated ICOs yet so assuming the founders have a seasoned lawyer on their team, the whole process should be paperless.

Even so, some jurisdictions have become aware of ICOs and are already working on regulating them in a similar manner to sales of shares and securities.

Back in December 2017, the U.S. Securities And Exchange Commission (SEC) classified ICO tokens as securities. In other words, the SEC was preparing to halt ICOs they consider to be misleading investors.

There are some cases in which the token is just a utility token. This means the owner can simply use it to access a certain network or protocol in which case they may not be defined as a financial security. Nevertheless, equity tokens whose purpose is to appreciate in value are quite close to the concept of security. Truth be told, most token purchases are made specifically for investment purposes.

Despite the efforts of regulators, ICOs are still lingering in a grey legal area and until a clearer set of regulations is imposed entrepreneurs will attempt to benefit from Initial Coin Offerings.

It's also worth mentioning that once regulations reach a final form, the cost and effort required to comply could make ICOs less attractive compared to conventional funding options.

Final words

For now, ICOs remain an amazing way to fund new crypto-related projects and there have been multiple successful ones with more to come.

However, keep in mind everyone is launching ICOs nowadays and many of these projects are scams or lack the solid foundation they need to thrive and make it worth the investment. For this reason, you should definitely do thorough research and investigate the team and background of whatever crypto project you might want to invest in. There are multiple websites out there that list ICOs, we recommend checking this ICO calendar if you're interested to invest in a crypto project.

We're offering thousands of blockchain guides, news and ICO reviews. If you're interested in investing in any cryptocurrency or you're just eager to learn about blockchain technology, check out our resource here: https://www.coinelitist.com/

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posts https://www.blockprism.org/blog/what-is-an-ico-in-cryptocurrency/ https://www.blockprism.org/blog/what-is-an-ico-in-cryptocurrency/ Editor Fri, 03 Aug 2018 23:04:55 -0400
How Emerging Technologies Are Shaping the Future of The Global Economy

The world is on the cusp of a digital revolution, with innovation disrupting the way we do everything, from using appliances and gadgets to performing financial transactions.

New Asset Classes

The digital economy is growing at a fast rate all over the world. The current digital economy is characterized by the creation of new asset classes and digitization of traditional assets. Emerging technologies, such as the blockchain, artificial intelligence (AI), Internet of Things (IoT), and 3D printing, are playing a pivotal rule in fueling this growth.

The new technologies feature assets that have the potential to dominate the global economy in the future. For instance, the blockchain has virtual coins and tokens whose popularity has grown exponentially in a short time period.

Big Players Entering the Game

The blockchain enables users to perform transactions securely and much quicker than traditional methods. The features of the blockchain have attracted many prominent technology and financial companies, including IBM, Oracle, JP Morgan Chase, and Boeing. For instance, IBM recently teamed up with Stronghold, a financial technology company, to launch a dollar-backed cryptocurrency called Stronghold USD. This virtual currency is an example of how consumer confidence in a traditional asset (fiat-currency USD in this case) is used to support a digital asset.

There are also examples where companies are combining two new technologies to provide solutions for the future. Aerospace giant Boeing recently announced a collaboration with artificial intelligence company SparkCognition to develop blockchain-using traffic management solutions for unmanned air vehicles.

The Game Changer

The tokenization of assets isn't limited to traditional assets such as currencies. The new market can utilize the intrinsic value of a wide variety of assets to provide security tokens. The blockchain can be a differentiating factor between security tokens and traditional securities. The use of smart contracts on the blockchain eliminates the need for a middleman, thus reducing transfer costs. This usability of the blockchain has the potential to significantly affect the traditional banking system. It may also eliminate the need for money as a medium exchange, as all assets are liquid, instantly available and divisible.

Automation and artificial intelligence have already made their mark in many markets. Trading algorithms have overtaken human traders. In the manufacturing sector, machines have taken many of the jobs previously performed by humans.

Need for a New Framework

In this rapidly changing economy, it's no longer feasible to rely on traditional models and methods of making decisions. To keep up with new developments, such as DAO, AI, VR, P2P, and M2M, it's imperative that we develop a new framework. In other words, we need to move beyond the Munger's Mental Models and focus on digital models, such as network theories and exponential growth models.

The digitization of our economy is taking place at a rapid pace. With time, we will get a clearer picture of which developments will dominate this new web 3.0 economy, but it's clear that this economic revolution is taking place on a global scale.

I am an avid writer who has a keen interest in the blockchain, IoT, and sustainable development, among other subjects. Besides writing for my own pleasure, I also write for websites, companies, and researchers. You can reach me at salwrites@gmx.com.

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posts https://www.blockprism.org/blog/how-emerging-technologies-are-shaping-the-future-of-the-global-economy/ https://www.blockprism.org/blog/how-emerging-technologies-are-shaping-the-future-of-the-global-economy/ Editor Sun, 01 Jul 2018 22:54:38 -0400
8 Computing Solutions at the Forefront of the New Economy

In recent times, the traditional economy and the digital economy has been exposed to new and exciting technologies that promise a more decentralized, secure, and fast network for users. In this article, I have included some of the main players in this developing market.

1. Golem

Golem is an open-source, decentralized computer network.

How Golem Works

The Golem Network is a market for computing power, where users can earn from 'renting' their machines or by developing and selling software.

Within the network, users renting computing power are called "providers" and users acquiring power are called "requestors." The requestors utilize Golem for various purposes, including graphics processing, data analysis, microservices, and machine learning.

Benefits

  • The work division means that tasks can be completed simultaneously, thus enabling shorter timelines for projects.
  • The cost of doing business is less than cloud-based services.
  • Users can be instantly paid for their work with the Golem Network Token (GTM), a token on Ethereum blockchain.
  • Golem is building their whole stack from bottom to top, an approach that typically results in great UXs.

2. iExec

IExec is a decentralized marketplace for cloud services focused on blockchain-based distributed applications and affordable, high-performance computing.

iExecc Dapps

Unlike Golem, iExec (since the release of its v1) allows anyone to develop and run applications.

The iExecc Dapp store contains a variety of apps. Considering the experienced team behind iExec, their reason to choose the Dapp pathway is that there's probably less competition here. After establishing themselves in the decentralized Dapp market, iExec plans on expanding into decentralized computing tasks.

RLC

RLC is short for 'Runs on Lots of Computers,' and it's the native token of iExec. There are currently 87 million of the ERC-20 token in circulation.

3. Ethereum

Ethereum is an open-source, blockchain-based platform that enables users to build decentralized applications. The computations are performed in an isolated environment called Ethereum Virtual Machine that resides in all node connected on the network. The product of the computations is stored on the blockchain.

Features of the Ethereum Blockchain

Ether

Ether is the currency of the Ethereum blockchain. The cryptocurrencies ETH (Ethereum Hard Fork) and ETC (Ethereum Classic) are two values of Ether.

Smart Contract

The EVM is capable of executing a "smart contact," an algorithm that stores and automatically executes terms of agreements. Both parties involved in a transaction agree to the terms written in the smart contract.

Bitcoin vs Ethereum Platform

The Bitcoin blockchain focuses on a set of pre-defined operations, such as tracking Bitcoin transactions, while Ethereum allows users to run code of any complexity, making it suitable for any decentralized application, including cryptocurrencies.

Consensus Mechanism

Computation on the Ethereum network cost more and take longer than a standard computer because of the parallelization of computing. To maintain consensus, all participants must agree over the order of all transactions that have taken place, whether they have taken part in the transaction or not.

Ethereum nodes store the most recent state of each smart contract, along with all of the Ether transactions. As EVM is an isolated system, the code runs without access to the network or the filesystem. So, there's limited accessibility even among smart contracts.

4. Hyperledger Fabric

Hosted by the Linux Foundation, Hyperledger Fabric is an open source distributed ledger technology (DLT) having a modular and configurable architecture that can be employed at the enterprise level in various industries.

Features of Hyperledger Fabric

Privacy, Development, and Performance

  • The Fabric platform enables permissioned, private operation where the operators know each other and can be bound by rules, such as a legal agreement.
  • Fabric supports smart contracts written in common languages, such as Java and Go, so no additional training is required to create the smart contracts.
  • Performance is enhanced because, unlike Ethereum, only parties taking part in the transaction have to reach consensus.
Fabric Nodes

Also unlike Ethereum, Fabric nodes have different roles and tasks in the consensus process. The nodes can be orderers, clients, or peers.

Native Currency

Fabric does not have a native cryptocurrency. However, chaincode can be used to develop a native currency.

5. Tendermint

Tendermint has a blockchain consensus engine, known as Tendermint Core, and a generic application interface, known as Application Blockchain Interface (ABCI). The software enables secure and consistent replication of an application on multiple machines.

Tendermint Core

The Byzantine Fault Tolerant (BFT) middleware of the consensus engine can securely replicate state transition machinery. BFT middleware can tolerate one-third of failures, including hacking attacks.

Tendermint had the goal of offering a more secure and efficient consensus algorithm than Bitcoin's PoW (Proof of Work). The software formed the basis of important research by consensus protocol Casper's team: a fault-tolerant chain, such as Tendermint, can make good decisions about who produces a block, while a less reliable chain results in a chicken and egg problem.

The software is user-friendly, replicates applications written in any language, and has multiple applications.

6. Lisk

Lisk is a decentralized and distributed platform that allows users to develop apps and support them with customized blockchains.

Lisk Features

Developers can use Lisk's JavaScript-based software development kit (SDK) to build both the backend and the frontend of their app. However, Lisk doesn't offer protection against non-deterministic behavior. Also, the platform can't prevent infinite loops and measure memory consumption.

Lisk's Consensus Mechanism

Lisk asks developers to follow "rules" for contracts to ensure consensus. For instance, they ask developers to "don't use Math.random()."

7. Corda (V 3.0)

Corda is an open source, distributed ledger platform (DLT) catering to the financial industry.

Features of Corda

Corda's network is a permissioned network - it's not open to all node operators. The nodes run on Corda and CoDapps and communicate point-to-point with each other.

The 'doorman' of each network sets the admission rules for nodes that want to join the network. Like Fabric, Corda offers more privacy because of its fine-grained access control to records, and better permeance because of limiting consensus to the involved parties.

On Corda, contract developers also add legal prose to their contract. This feature consolidates the contract by legitimizing it with the associated legal prose. The platform does not have a native token.

8. Rootstock

Rootstock (RSK) is an open source smart-contract platform that is built on the Bitcoin blockchain.

Rootstock Features

Smart Contracts

RSK is enabling smart contract on the Bitcoin network. It uses the Turing-complete Rootstock Virtual Machine (RVM) for smart contracts. A 2-way peg allows users to directly send Bitcoin onto the Rootstock chain. The RSK coins can be used with smart contracts and Dapps. RSK contracts replicate 'Proof-of-Existence,' which is used to prove the existence of a document (or property right).

Security

The RSK blockchain features merge-mining, giving it the same level of security as Bitcoin in terms of settlement finality and double-spending.

SBTC

RSK is a sidechain of Bitcoin. The Bitcoins on the Rootstock blockchain are called SBTC.

RSK is filling the gaps in the Bitcoin network by enabling faster transactions. Besides being convenient for users, it also helps to keep the Bitcoin block size within limits.

Salman J is a tech content writer and copywriter. He contributes to websites and blogs both as an author and as a ghostwriter. You can reach him at freelancerhire@gmx.com.

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posts https://www.blockprism.org/blog/8-computing-solutions-at-the-forefront-of-the-new-economy/ https://www.blockprism.org/blog/8-computing-solutions-at-the-forefront-of-the-new-economy/ Editor Mon, 04 Jun 2018 22:51:12 -0400
Blockchain & IoT - How "Crypto" Is Likely Going To Herald Industry 4.0 Whilst most people only started to learn about "blockchain" because of Bitcoin, its roots - and applications - go much deeper than that.

Blockchain is a technology unto itself. It powers Bitcoin, and is essentially the reason why *so many* new ICO's have flooded the market - creating an "ICO" is ridiculously easy (no barriers to entry).

The point of the system is to create a decentralized database - which essentially means that rather than relying on the likes of "Google" or "Microsoft" to store data, a network of computers (generally operated by individual people) are able to act in the same way as a larger company.

To understand the implications of this (and thus where the technology could take industry) - you need to look at how the system works on a fundamental level.

Created in 2008 (1 year before Bitcoin), it is an open source software solution. This means its source code can be downloaded edited by anyone. However, it must be noted that the central "repository" can only be changed by particular individuals (so the "development" of the code is not a free for all basically).

The system works with what's known as a merkle tree - a type of data graph which was created to provide versioned data access to computer systems.

Merkle trees have been used to great effect in a number of other systems; most notably "GIT" (source code management software). Without getting too technical, it basically stores a "version" of a set of data. This version is numbered, and thus can be loaded any time a user wishes to recall the older version of it. In the case of software development, it means that a set of source code can be updated across multiple systems.

The way it works - which is to store a huge "file" with updates of a central data set - is basically what powers the likes of "Bitcoin" and all the other "crypto" systems. The term "crypto" simply means "cryptographic", which is the technical term for "encryption".

Irrespective of its core workings, the true benefit of wider "on-chain" adoption is almost certainly the "paradigm" that it provides to industry.

There's been an idea called "Industry 4.0" floating around for several decades. Often conflated with "Internet of Things", the idea is that a new layer of "autonomous" machinery could be introduced to create even more effective manufacturing, distribution and delivery techniques for businesses & consumers. Whilst this has often been harked to, it's never really been adopted.

Many pundits are now looking at the technology as a way to facilitate this change. Reason being that the interesting thing about "crypto" is that - as especially evidenced by the likes of Ethereum - the various systems which are built on top of it can actually be programmed to work with a layer of logic.

This logic is really what IoT / Industry 4.0 has missed thus far - and why many are looking at "blockchain" (or an equivalent) to provide a base-level standard for the new ideas moving forward. This standard will provide companies with the ability to create "decentralized" applications that empower intelligent machinery to create more flexible and effective manufacturing processes.

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posts https://www.blockprism.org/blog/blockchain-iot-how-crypto-is-likely-going-to-herald-industry-40/ https://www.blockprism.org/blog/blockchain-iot-how-crypto-is-likely-going-to-herald-industry-40/ Editor Mon, 21 May 2018 22:50:00 -0400
Bringing Scientific Rigor to Medical Research Using Blockchain Technology

Blockchain technology applied to medical research can improve trust in science by creating an unchangeable, time stamped record of the research findings. Blockchain technology, invented by Satoshi Nakamoto in 2008, ensures that transactions entered into a ledger cannot be changed with time. As applied to the cryptocurrency bitcoin (BTC), the result is a monetary system that, cannot be manipulated by a centralized government because it creates a permanent and accurate record of all transactions. The strength of the system comes from its use of a distributed database as compared to current monetary systems that require a centralized database such as is used by credit card companies and banks. Applying this same technology to medical research increases trust in the results because just like bitcoin, the transactions (scientific data collected) are permanently archived in an unchangeable, immutable manner.

The exchange of money, just like the conduct of medical research, requires a high level of trust. Money in the past has generated this trust through government regulations and central bank oversight. Medical research in the past has attempted to create high levels of trust through peer review conducted by reputable medical journals such as the New England Journal of Medicine. Both methods of generating trust rely on a trusted central authority, either the government or a medical journal. As such, both methods are highly susceptible to fraud via corruption or innocent errors of the centralized authority. This has led to widespread distrust in medical research. Bitcoin operates differently, because it sets up a method of relying on a distributed network based upon a mathematical algorithm, rather than centralized authority susceptible to human error.

Financial transactions require perhaps the highest level of trust. People need to know that all transactions recorded in the ledger be entirely accurate and totally resistant to being changed in the future. Because blockchain technology as implemented in bitcoin has earned this trust, bitcoin has become a widely used store of value with a market capitalization of over $100 billion USD. When other cryptocurrencies are considered, the total trust in blockchain based financial systems exceeds $250 billion USD. Similarly, health care professionals need to be able to trust that data obtained from medical research is both completely accurate and completely immutable. Physicians need to know that medical research isn't plagiarized or fraudulent in any way. Blockchain technology has made bitcoin a trusted, global currency. In the same way, blockchain based medical research will greatly increase trust in the results and as a result, improved medical care.

Thomas F Heston MD is a Johns Hopkins education physician specializing in blockchain technology in medicine. To collaborate with Dr Heston on blockchain projects in the field of health care, contact him online at http://www.tomhestonmd.com

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posts https://www.blockprism.org/blog/bringing-scientific-rigor-to-medical-research-using-blockchain-technology/ https://www.blockprism.org/blog/bringing-scientific-rigor-to-medical-research-using-blockchain-technology/ Editor Sun, 01 Apr 2018 22:49:09 -0400
Cryptocurrency - Stay Informed

Cryptocurrencies seem to be the hottest investment products going around. Eavesdrop on any of your friend's conversation, it is about bitcoins. All the workplace chat is also about virtual currencies. The buzzword over online chat rooms is also about cryptocurrency these days. There is a silent economic revolution taking place, thanks to the rising popularity of these virtual currencies.

It goes without saying that if you want to make it big in the world of bitcoins, then you must have a nose for the news. Now, that you have narrowed down your list to a few cryptos, you will have to analyze and decide which ones have the potential to trade higher and faster than the rest. This is the reason why you need to keep tracking the news. You will scan for information on blockchain trends from various sources. These days several business channels devote exclusive time for these trends.

Another potential source of information can be others who are into virtual currencies trade. Get to know a few of them who are very good at trading and pick their brains for valuable information. The internet is a great way to get in touch with such experts. You can find them through online forums. Keep in touch with them regularly. Similarly, you can also subscribe yourself to websites that specialize in cryptocurrency trading. This way you can ensure that you are not missing out on any important news.

Good sources of information on cryptocurrencies can be attained from different organizations. They offer plenty of information about the blockchain ecosystem. The website of this organization offers extremely detailed information on digital currencies.

Keeping your coins safe

Security is another thing that is of crucial importance whenever you are dealing with cryptocurrency. Since you will need to create and use several passwords for different accounts, it is suggested that you use a password manager. Make sure that you use a strong antivirus on your computer. A good firewall is also mandatory in order to ensure the perfect security of your data and online transactions.

Another important thing that you need to follow is to never reveal how much you traded in cryptocurrencies online. This is true both offline as well as online. You must also never make the mistake of clicking on the links of anyone on crypto groups. You could so easily end up downloading a virus on your computer. Most pages on these groups are known to contain viruses.

Cryptocurrencies are trending these days and every other person is behind it. Take a careful step so that you can surpass all the odds in the system.

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posts https://www.blockprism.org/blog/cryptocurrency-stay-informed/ https://www.blockprism.org/blog/cryptocurrency-stay-informed/ Editor Mon, 26 Mar 2018 05:04:32 -0400
36 Major Industries Heavily Investing in Blockchain

For 2018, the markets started off in a mostly positive direction, and have now started heading in reverse. The Dow plunged over 665 points, posting the steepest weekly decline in over two years. As mainstream markets decline, investors immediately start re-assessing their risk tolerance, and Crypto Currency (CC) investors are re-assessing risk even more, given all the discussion about how volatile this market space can be. It is not the usual mainstream economic drivers causing the CC plunge - it is fear, which is wildly contagious across all investment categories. Markets are largely driven by human fear and greed, two emotions that cause most investors to be unsuccessful over the long term. Cold hard analysis, coupled with "smart" Buy/Sell strategies, removes emotion from your investment decisions and paves the way to success. Strong bull markets need to correct once in a while, to restore balance and set the stage for the next run up.

CC Exchanges can be significantly less nimble than the mainstream stock market exchanges; however, there are several CC Exchanges that accommodate BUY and SELL LIMIT orders. Using those facilities as part of an "Entrance and Exit" strategy is highly recommended.

The news in the CC markets throughout January was mainly focused on the declining prices of almost all the coins. CC price declines preceded the overall stock market decline and are a reaction to more and more national governments indicating that they want to either ban CC's, or increase their means to control and tax them. With all the fear that is now being generated in the mainstream stock markets, this is a perfect storm wherein CC investors have multiple sources generating fear.

Welcome to the world of cryptos, where you can make a fortune in months, and see things crash even faster. Clearly, investing anything more than a small portion of your portfolio in cryptos is a risky proposition. But if you believe, as we do, that the concepts behind Bitcoin and other cryptos, specifically the blockchain distributed database - are sound, then it makes sense to invest in cryptos, and especially indirectly in the blockchain infrastructure that supports Crypto Currencies, a technology that is expanding into many other sectors.

Today, there are over 36 major industries heavily investing in blockchain technology to revolutionize their industry, by cutting or eliminating costs, and dramatically improving efficiency and transparency. We are talking about a wide spectrum of industries including:

 

  • banking
  • law enforcement
  • messaging apps and ride hailing
  • IoT (internet of things)
  • cloud storage
  • stock trading
  • insurance
  • healthcare
  • elections
  • global forecasting
  • retail
  • supply chain management
  • gift cards and loyalty programs
  • government and public records
  • charity
  • credit history
  • wills and inheritances
  • and many other industries
We believe that we have years of incredible change ahead of us before this market finally settles on a standard. Yes, we will see many cryptos come and go, but much like Amazon, Apple, Google, and Facebook, there will be a few giant winners.

Stay tuned!

Martin Straith - http://www.thetrendletter.com

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posts https://www.blockprism.org/blog/36-major-industries-heavily-investing-in-blockchain/ https://www.blockprism.org/blog/36-major-industries-heavily-investing-in-blockchain/ Editor Tue, 06 Feb 2018 05:03:08 -0500