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Monday, September 3, 2018

OmiseGO-[OMG]: Defined in CryptoCurrency


OmiseGO-[OMG]: Defined




























What is all this talk about OMG?


OMG is an Ethereum based “decentralized exchange” according to its white paper.<
It’s, OmiseGO-OMG, also described as an asset-backed blockchain gateway. 
In simpler terms, it’s designed to be a decentralized and distributed platform through which assets of almost any kind can be exchanged, moved, and stored. 
It could be used to transfer money internationally, exchange fiat money for other fiat money, crypto assets for fiat, and fiat for crypto assets, among potentially thousands of other use cases.

OMG is run by the Omise group, which is a reputable and long-standing payment processing company based in Southeast Asia. 
As such, they are currently putting a strong emphasis on the Southeast Asia region, and it’s remittance (sending money) markets.
As someone who used to live in Southeast Asia, Singapore specifically, I can attest to the importance and value of remittance services.
In Singapore, many of my coworkers at my previous office job would be from nearby Southeast Asian countries like Indonesia, Malaysia, Vietnam, Thailand, Brunei, and other nearby nations.





About:


OmiseGO is building a decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and asset-backed blockchain gateway.

The OmiseGO is not owned by any single one party. Instead, it is an open distributed network of validators which enforce behavior of all participants.

It uses the mechanism of a protocol token to create a proof-of-stake blockchain to enable enforcement of market activity amongst participants.


Owning OMG tokens buys the right to validate this blockchain, within its consensus rules.

Transaction fees on the network including payment, interchange, trading, and clearinghouse use, are given to non-faulty validators who enforce bonded contract states.

The token will have value derived from the fees derived from this network, with the obligation/cost of providing validation to its users.




OmiseGO-[OMG]: Website



What is OMG?

OMG is an Ethereum based “decentralized exchange” according to its white paper. It’s also described as an asset-backed blockchain gateway.

In simpler terms, it’s designed to be a decentralized and distributed platform through which assets of almost any kind can be exchanged, moved, and stored.

It could be used to transfer money internationally, exchange fiat money for other fiat money, crypto assets for fiat, and fiat for crypto assets, among potentially thousands of other use cases.

OMG is run by the Omise group, which is a reputable and long-standing payment processing company based in Southeast Asia.

As such, they are currently putting a strong emphasis on the Southeast Asia region, and it’s remittance (sending money) markets.

As someone who used to live in Southeast Asia, Singapore specifically, I can attest to the importance and value of remittance services.

In Singapore, many of my coworkers at my previous office job would be from nearby Southeast Asian countries like Indonesia, Malaysia, Vietnam, Thailand, Brunei, and other nearby nations.

OmiseGO is a cryptocurrency created on the Ethereum blockchain protocol for use in the mainstream world, particularly in Japan and Southeast Asia.

OMG is aiming to switch over to its own proof-of-stake blockchain by the fourth quarter of 2017.

OMG’s Thailand-based mother company, Omise, was founded in 2013 and has since expanded to hold offices Singapore, Indonesia, and Japan.

OMG was created for use “in mainstream digital wallets” with the intention of “[enabling] real-time, peer-to-peer value exchange and payment services agnostically across jurisdictions and organizational silos, and across both fiat money and decentralized currencies.”

Essentially, OmiseGO wants to be the Venmo or Square for Southeast Asia and Japan.

This, with the added function of integration and interchangeability across a wide range of eWallet payment platforms (ie PayPal and WeChat Pay), digital currencies, and other assets.





Decentralized Currency Exchange:

Though OMG runs through the Ethereum mainnet, users will be able to use the OMG platform to exchange fiat, digital currency, and other assets interchangeably.

This will provide an important set of services to areas of the world that lack banking infrastructure, as no such infrastructure is required under OMG.


Additionally, the creation of a decentralized exchange solves the problems associated with centralized exchanges, such as Poloniex and Bittrex, which include susceptibility to hacking and high trading fees.






The Omise Company and its All-Star Team:

Omise was the first company to back the Ethereum foundation’s ÐΞVgrants program with a $100,000 donation.

ÐΞVgrants seeks to provide funding to lower-level projects that further the foundation’s vision of “re-organizing the very fabric of our society around a more transparent and inspectable ‘stack’”.

Omise CEO Jun Hasegawa said, “We are honored by the opportunity to support the decentralization revolution, beginning with our contribution that will restart the Ethereum ÐΞVgrants program.”

OmiseGO has an all-star team of developers and advisors, including Joseph Poon of the Lightning Network, Ethereum founder Vitalik Buterin, Ethereum co-founder Dr. Gavin Wood, and Bitcoin “Evangelist” Roger Ver.






Practical Use of OmiseGO:

According to OmiseGO’s website, the three central tenets of the currency are access, scalability, and security.

OmiseGO’s product development lead, Wendell Davis, explained that OmiseGO allows the end user to “send money locally, so they can send it to their family, they can make payments, and it also allows them to send remittances across borders”.

Davis provided the example of a migrant worker from Myanmar sending money back home to her family.
OmiseGO will also help serve underbanked regions.

There is no bank account required to use OMG, and the services that OMG will provide users with have the power to facilitate faster economic growth in the regions of the world.

So far, OMG has been marketed mostly in Southeast Asia, but it could (and likely will) spread to underbanked areas across the globe.






Scalability:

The currency was designed with anticipation of large scalability in mind, so all transactions on the OMG blockchain happen in real time, even though there are a variety of assets being exchanged.

This is accomplished with the use of payment channels (similar to the Lightning Network) and smart contracts.





Smart Contracts:

OmiseGO’s use of smart contracts allows it to function without centralized stewardship.

Therefore, fees for exchanges made on the network will be as low as possible. This can be verified in the blockchain records.






A Secure Coin with Encryption and Fraud Protection:

OmiseGO has been designed as an extremely secure coin that uses end-to-end encryption.

Omise will never share its users’ data with third parties, although it does not offer the same level of anonymity as some other cryptocoins, such as Monero or Zcash.

Fraud protection is a priority for Omise, and they have developed safeguards that utilize geolocation, proxy detection, machine learning fraud protection models, risk threshold, tokenization, and behavior analysis.





Partnerships:

One of OmiseGO’s goals is widespread integration into pre-existing economic and financial services, and they have a growing list of partners.

As more partnerships are added, the value of OMG tokens will continue to increase.
One of the more significant partnerships so far is AliPay.

AliPay is the third-largest online payment provider in China.

Additionally, McDonald’s Thailand has recently announced that they will accept payment in the form of OMG.






Saturday, September 1, 2018

NEM-[XEM


NEM-[XEM]: Defined












Unit XEM / Quick Over View:

    • Max and circulating supply 8,999,999,999 XEM.
    • Created in 2014.
    • Launched in 2015.
    • Created by a non-profit organization founded in Singapore.
    • Block A block can contain up to 120 transactions.
    • Maximum block size is not defined.
    • Mining NEM uses the term harvesting. Open source project available on github.
    • Smart Asset System.
    • Powerful API interface that can be used with many programming languages.
    • NEM offers public or private blockchains to customers.
    • NEM transaction might be 100% transparent.
    • EigenTrust++ algorithm is used for peer-to-peer communication. Embedded messaging and escrow services.


        Introduction:

        • The "New Economy Movement",(NEM), currency-econsystem attracts a lot of people for many reasons.
        • The newly introduced consensus mechanism called "Proof Of Importance", (POI), is cover later on in this article.
        • The code-base was designed and developed from scratch (no fork of other existing project).

        Influencers:

          • Long Wong the president of the founding board.
          • Jason Lee the global director.

            Technology:

              • NEM is a peer-to-peer, scaled blockchain platform ready for small and enterprise businesses.
              • NEM aims to penetrate into the banking sector, which requires mainly transparency and transaction verification.
              • For this reason the NEM blockchain is public.
              • However NEM offers also a private blockchain to satisfy all customer needs.
              • NEM is regarded as a green friendly technology since it uses 100 times less electricity than Bitcoin for network operations.
              • That is made possible by the usage of POI consensus mechanism, which is not so energy demanding as POW or POS.
              • It is worth mentioning the Catapult project.
              • Within the project the core code-base was rewritten from Java (the first generation) to C++ (the second generation) and and the Mijin (NEM’s permissioned) ledger was completely overhauled to give a superior performance.
              • It significantly increased NEM‘s performance and made it ready for the financial sector.
              • Thus NEM can be considered as a competitor to Ripple.
              • For more details check the Catapult white paper.
              • NEM is able to handle 3.000+ (peak 4000) transactions per second. Transactions are visible within 6 seconds in a wallet/NEM client.
              • Confirmation comes within 20 seconds.
              • Transaction fee is 0.1% of the transaction amount.
              • NEM allows customers to build arbitrary asset systems.
              • Customers define how the NEM blockchain will look like, what it will be doing and how it is going to be used.
              • The potential is huge as it can be utilized in fintech, logistics, exchange, ICO, document storage and notarization, decentralized authentication, military, medical and many other businesses.
              • To build an asset a customer must define a namespace (and possibly subdomains), which is in fact the home address in a NEM blockchain.
              • Next step is a definition of arbitrary mosaics in a given namespace.
              • Mosaics are NEM‘s sub assets. The creation of sub assets requires the rental of a root namespace.
              • A customized mosaic is a basic building block of smart assets that can represent anything.
              • For example a coin, signature, document, status or any other thing.
              • An asset can be updated by a NEM transaction, which is not always the case in similar competitor projects.
              • Moreover NEM allows the creation of addresses acting as containers for mosaics that can be connected with multiple rules.
              • Address can represent a user as a NEM account holder.
              • In addition, assets can be transferred as an attachment via the NEM embedded messaging system.
              • This is what makes NEM unique in the cryptocurrency world.
              • NEM invented the revolutionary consensus mechanism called proof of importance (POI).
              • As POW and POS are considered unfair and energy wasting, the POI introduced a new way of block selection.
              • Instead of the term mining, well-known in crypto world, the word harvesting is used in NEM.
              • Every user can participate in "harvesting" when he fulfills the required conditions and thus gains so-called importance.

                Advantages:

                    • The main advantage is surely the POI consensus mechanism. Moreover POI is green and an energy sparing technology.
                    • Nearly every considerable business can be built on top of the NEM blockchain.
                    • NEM is a business ready blockchain and is already used in ICO, cryptocurrency exchange, state economy digitalization, etc.
                    • It is an open source project.
                    • NEM CEO Martin Alf is an experienced manager who has led multi-million dollar companies.
                    • A strong community in comparison with other projects.
                    • An available SDK.

                        Disadvantages:

                            • Even though POI brings some great ideas it seems though that POS is being recognized as a more effective consensus mechanism.
                            • Huge max XEM supply.
                            • Financial results not published.
                            • None or not revealed advisors.
                            • No mention about the development team at official web side.
                            • Nearly no activity on youtube



                                Whitepaper:

                                  • NEM does not have a whitepaper.
                                  • NEM does have a technical reference representing both the whitepaper and the technical overview.
                                  • It is a circa 55-page document with relevant information.
                                  • Topics as accounts, addresses, used cryptography, transactions and blockchain, POI and networks are discussed.
                                  • I advise you to also read the Catapult white paper.

                                    Real examples of use:

                                      • XEM is a coin in NEM. It is a deflationary coin with maximum supply of 8,999,999,999.
                                      • XEM came into existence when 1,500 stakeholders each received 5,999,999 XEM.
                                      • Then they distributed, said coins, to the community.
                                      • Other funds were distributed to multi-sig wallets with the intention of distribution for NEMs development and rewards.
                                      • XEM can be bought on exchanges (available at all major players) or be harvested.
                                      • In NEM there are two kinds of users.
                                      • Either with importance or without it. By default the user does not have the importance.
                                      • In order to be eligible for importance calculation, the user needs to have at least 10.000 XEM in their balance.
                                      • The importance is then calculated based on two factors.
                                      • Firstly XEM amount is taken into account.
                                      • Secondly a number of transactions within the last month is considered.
                                      • So not only account balance is crucial by the importance calculation, but also the amount of transactions. It ensures fairness.
                                      • Harvesting is the process of generating blocks and earning the transaction fees in that block as a reward.
                                      • POI determines who generates a new block.
                                      • To be able to harvest, the account needs to have importance.
                                      • If that is the case, then every 1440 blocks 1/10th of the unvested balance is moved to the vested part.
                                      • Note that harvesting does not create new XEM coins.
                                      • Harvesting revenue is approximately 1% per year (depends on the amount of transactions).
                                      • Also read the paragraph related to the wallet to understand the difference between local and delegated harvesting.
                                      • When the account achieves the importance, then it can become a super-node. There are 2 advantages of being a super-node.
                                      • Besides the possibility of harvesting, a super-node can take part in voting and thus influence the further development.
                                      • Note that the POI and the harvesting explanation is simplified.
                                      • To fully understand how POI works I advise you to read the NEM tech reference.
                                      • NEM is real business, and NEM established a partnership with the Malaysian Digital Economy Corporation (MDEC).
                                      • MDEC is the leading agency responsible for introducing digital economy in Malaysia.
                                      • The NEM blockchain was launched in Kuala Lumpur to support innovation and mass adoption of digitization.
                                      • NEM is used as a backend and asset system (tokens, smart signing contracts etc.) for Comsa.
                                      • Comsa is an ICO solution platform. It enables an easy way for companies to create ICO.
                                      • The NEM blockchain is used in Mijin.
                                      • Mijin is a successful commercial blockchain used by financial institutions and private companies in Japan.

                                        Technical analysis:

                                          • Embedded messaging system with the possibility to send assets in the message.
                                          • POI.
                                          • Smart asset system.
                                          • Passive income via harvesting.
                                          • Account security with multistage approvals.

                                            Fundamental analysis:

                                              • The NEM team is formed mainly out of Japanese developers.
                                              • There is about 15+ developers working on NEM.
                                              • Judging by the pull requests on github it seems the project is live.
                                              • The development team can be reached via Telegram.
                                              • There is the NEM forum, dedicated to development on the NEM platform.
                                              • The development team is not mentioned on the official pages.

                                                Investors:

                                                  • The NEM.io Foundation stands behind NEM.
                                                  • The foundation’s purpose is to introduce, educate, and promote the NEM blockchain technology internationally.
                                                  • NEM have already claims the official web of approval.
                                                  • There is no mention of any funding.
                                                  • A list of the founding board, council and founding members is available including names and positions.
                                                  • On the Investor page there is only technical material and no mention about investors.

                                                  Conclusion:

                                                    • NEM has a really huge potential and it is already used in real business.
                                                    • It has stepped in the financial and ICO business already.
                                                    • Competitors of NEM are FACTOM, Ripple and DASH (similar node systems for governance).
                                                    • NEM is worth to keep an eye on.

                                                      Roadmap:

                                                        • It might be surprising that NEM does not have a road map.
                                                        • There is no mention on the official web site.
                                                        • There are some NEM road maps available for example on NEM‘s facebook, but it is not up to date.
                                                        • It looks more like a timeline and it covers only the years 2014 and 2015.
                                                        • It might be a case that Catapult‘s white paper and other technical documents are considered a road map.
                                                        • The “New Economy Movement”, or NEM, was officially launched in 2015 after being created by an online community of developers.
                                                        • Rather than Bitcoin’s Proof-of-Work (PoW) or Nxt’s Proof-of-Stake (PoS) algorithm, NEM utilizes something called the Proof-of-Importance (PoI) algorithm.
                                                        • PoI is similar to PoS, but takes more factors into account when choosing which users get rewarded.
                                                        • The NEM token is called “XEM”.
                                                        • NEM Technical reference: “NEM is a movement that aims to empower individuals by creating a new economy based on the principles of decentralization, financial freedom, and equality of opportunity.”
                                                        • The NEM project was developed with the intention of addressing wealth inequality.
                                                        • However, few coins have made this an explicit goal.
                                                        • NEM has branded itself as “the smart asset blockchain”.
                                                        • Similar to Ethereum, NEM’s blockchain is optimized creating dapps (decentralized apps) managing financial instruments, supply chains, notarizations, and ownership records.
                                                        • Unique to NEM is it's API (Application Programming Interface), which means that external systems can easily interact with NEM.
                                                        • Just as the steering wheel or the gear shift is your way to “interact” with your car’s engine, external applications can be connected and used to interact with NEM.

                                                          How NEM Works:

                                                            1. Smart Addresses!
                                                            2. Mosaics!
                                                            3. Namespaces!
                                                              NEM has the advantage of not requiring users to write their own Smart Contract code–instead, users can compile their assets into “mosaics”, create their own “namespaces”, and manage “container” Smart Addresses through an API interface.
                                                                • Smart Addresses on the NEM network are more than just numbers that are used to send and receive transactions.
                                                                • With NEM, and address could represent “things like: a package to be shipped, a deed to a house, or a document to be notarized.”
                                                                • Essentially, NEM Smart Addresses are used as Smart Contracts–users add their data into a container address and define how the addresses relate to one another.
                                                                • Their contents are “updated and transferred” depending on the rules that users set for them.
                                                                • Mosaic “fixed smart assets” are “are fixed assets on the NEM blockchain that can represent a set of multiple identical things that do not change.”
                                                                • Practically, a Mosaic could contain things NEM tokens, reward points, signatures, votes, or other assets (like shares of stock or other cryptocurrencies).

                                                                  Creating a Mosaic:

                                                                    • Creating a Mosaic, users must define a series of attributes, including its “name, description, quantity, divisibility, transferability and more.”
                                                                    • Mosaics are distributed between assets according to the various rules and conditions that are given to the addresses.
                                                                      "A Smart Address’s conditions state that if one Smart Address sends a certain amount of tokens to a second Smart Address, the second Smart Address will automatically send a Mosaic full of shares of stock back to the first Smart Address (corresponding with the amount of tokens sent)."

                                                                      Creating a Namespace:

                                                                      • NEM users can also create Namespaces, which operate similarly to domain names on the internet.
                                                                      • Instead of websites, however, the Namespaces are created specifically for viewing assets.
                                                                      • Namespaces allow users to create a sort of “place of their own” on the NEM blockchain.
                                                                      • Using Namespaces, businesses and individuals can be accessed by other NEM users more easily.
                                                                      • Namespaces can contain “subdomains” that contain various assets, just like websites can have multiple pages.

                                                                      NEM Transactions:

                                                                        • Transactions on the NEM network can integrate MultiSig (multi-signature) technology.
                                                                        • Regards, this means users can choose to require the signature of multiple parties on a single transaction before the transaction is executed and broadcast to the network.
                                                                        • NEM also allows users to send encrypted messages to one another.
                                                                        • No transactions need to take place in order for the messages to be sent.

                                                                          NEM: Proof-of-Importance:

                                                                            • NEM is the first coin to use the Proof-of-Importance algorithm.
                                                                            • Understanding how PoI works, let’s first talk about Proof-of-Stake and Proof-of-Work.
                                                                            • Upholding a cryptocurrency’s network, the coin’s blockchain (a public ledger that stores transaction information) is stored on a network of individual computers.
                                                                            • These computers are called “nodes”.
                                                                            • Maintaining the network, nodes also fulfill the function of verifying transactions by putting them through a series of tests.
                                                                            • When transaction(s) gets verified, the nodes add the transaction information to “blocks”.
                                                                            • The blocks are then stored in a linear fashion, like a chain. That’s how “blockchain” technology gets its name.
                                                                            • In order to make new blocks, nodes participate in one of a few different processes.
                                                                            • For coins like Bitcoin, which use a Proof-of-Work algorithm, that process is called “mining”.
                                                                            • “Mining” is what happens when nodes solve complex equations that create new blocks for the blockchain.
                                                                            • In exchange for mining, you get rewarded in the form of crypto tokens.
                                                                            • Having a fancier and more complicated equipment, you are able to mine more efficiently.
                                                                            • Coins that use the Proof-of-Work algorithm can give an unfair advantage to users who have access to better equipment.
                                                                            • For coins like Nxt, that use a “Proof of Stake” algorithm, nodes take “forging” or “minting” instead of mining.
                                                                            • Opposed to solving complex equations in exchange for token rewards, nodes on a PoS network are chosen at random to create new blocks.
                                                                            • As nodes that mine coins, these nodes receive token rewards in exchange for forging.
                                                                            • We will focus now on Proof-of-Importance: Nodes on a PoI network are assigned an “importance score”.
                                                                            • The “importance score” depends on a few different things.
                                                                            • In order to be eligible to receive the score, a user must hold 10,000 XEM tokens (about US$2700 at the time of writing).
                                                                            • Additionally, the score depends on how many transactions a user takes part in on the network.
                                                                            • Users who have a higher number of transactions “harvest” more blocks on the network, and are therefore given a higher importance score, leading to higher token rewards.
                                                                            • Proof-of-Importance, (POI), give an advantage of creating serious NEM supporters who consistently support the network.
                                                                            • Transactions on the network happen faster when the token value stays more consistent.
                                                                            • Proof-of-Importance also allows users who hold at least 3 million XEM tokens to become “Supernodes” that act as the backbone of the network.
                                                                            • In exchange being a Supernode, users receive 140,000XEM every day that they run a node that fits the appropriate technical criteria.
                                                                            • NEM Supernodes are also what enable NEM litewallets, mobile apps, and external (third party) apps.
                                                                            • Transactions through NEM media are given access to the blockchain through the Supernodes, and they don’t have to contain the entire blockchain themselves.
                                                                            • NEM continues to rise in value.
                                                                            • NEM is becoming more and more difficult for nodes to receive an importance score.


                                                                              NEM for Developers:

                                                                                • NEM was written in Java.
                                                                                • Developers do not have to learn a new programming language in order to develop dapps (decentralized application) on its blockchain.
                                                                                • Developer who want to create a Ethereum blockchain must first learn the Ethereum programming language, which commonly is a deterrent.

                                                                                History of NEM:

                                                                                  • The crypto world reached discussions in online communities.
                                                                                  • Much of the history surrounding various cryptocurrencies is documented on sites that are focused on blockchains,and other programming technologies.
                                                                                  • NEM is no different.
                                                                                  • NEM was originally proposed by UtopianFuture, a user on a Bitcoin Talk forum.
                                                                                  • NEM was conceptualized as a fork of NXT, which is a cryptocurrency and payment network that utilizes a proof-of-stake algorithm.
                                                                                  • On January 19, 2014, UtopianFuture placed an open call for community participation in the development of NEM.
                                                                                  • NEM is a cryptocurrency within a solid community base.NEM is built from scratch by developers who never met offline.
                                                                                  • NEM did not have a typical ICO
                                                                                  • NEM's non-typical ICO enables coins sold to a group of investors who pay with cash or other coins (usually Bitcoin or Ethereum).
                                                                                  • There is 2.25 million XEM tokens that were distributed among community developers who contributed to the creation of the NEM-coin.
                                                                                  • The stable version of NEM was introduced to the public in March of 2015.
                                                                                  • At the time of release, a single XEM token was worth ~US$0.00004.
                                                                                  • NEM’s value didn’t change with any significance for the next two years, but it started to see a sharp increase in April of 2017.

                                                                                    NEM as an Investment: 

                                                                                      • NEM is currently a cryptocurrency with seventh of the largest market cap in the world.
                                                                                      • NEM is currently priced at ~$0.28 a token.
                                                                                      • The market cap is $2,502,126,000, close to its all-time high.
                                                                                      • There are nearly 9 billion XEM tokens in circulation.


                                                                                        Iconomi [ICN]: Defined in CryptoCurrency


                                                                                        Iconomi [ICN] Defined:

                                                                                        DIGITAL ASSET MANAGEMENT PLATFORM














                                                                                        What is ICONOMI?


                                                                                        For beginners, ICONOMI is the best way to take your first steps into the crypto-economy.

                                                                                        For experienced investors, ICONOMI is the easiest way to diversify your digital portfolio.

                                                                                        The emergence of technologies such as Bitcoin and Ethereum marks the creation of a revolutionary new asset class: digital assets.

                                                                                        ICONOMI is always successfully managing your own digital assets is hard, requiring intensive research, security measures with no room for error, and multiple exchange accounts.

                                                                                        The ICONOMI Digital Asset Management Platform is a new and unique technical service that takes care of this process for you using diversified baskets of digital assets called Digital Asset Arrays (DAAs).

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                                                                                        100% TRANSPARENCY:

                                                                                        All exchanges are executed on the markets. No small print or hidden costs.

                                                                                        Digital Assets Arrays:

                                                                                        DAA (Digital Assets Arrays™) are comprised of various combinations of digital assets. Each manager can create his own assortment of specific digital assets and offer them to the community of supporters.

                                                                                        Benefits of DAA:

                                                                                        Because DAA can consist of as many underlying digital assets as you want, they are a perfect vehicle to achieve your goals. DAA can be either diversified to maximise value stability, or fine tuned to aggressively pursue maximum gains.

                                                                                        LOWER THE RISK OF DEPRECIATION:

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                                                                                        MAINTAIN AN OPTIMAL DIGITAL ASSET MIX:

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                                                                                        ATTRACT SUPPORTERS AND SPLIT THE PROFITS:

                                                                                        Invite others to support your assets DAA and share proceeds.

                                                                                        Digital Assets Array:

                                                                                        Digital Asset Arrays (DAAs) are the foundation of ICONOMI and include various combinations of digital assets. Arrays can consist of any number of underlying digital assets. For example, you could design a diversified array to maximize value stability or a higher-risk array tuned to aggressively pursue maximal gains.

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                                                                                        Low entry barrier:

                                                                                        Low fees and easy sign-up.

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                                                                                        Diversify your portfolio and minimize risk.

                                                                                        DAA showcase: Blockchain Index:

                                                                                        Blockchain Index is the first passively managed DAA and can be acquired with just a few clicks. You benefit from a diverse investment and spread risk. The digital assets currently included represent 78% of the total market cap. Blockchain Index is perfect for beginners and the more experienced alike.

                                                                                        Blockchain Index Performance:

                                                                                        1 week return 14.01 %
                                                                                        1 month return -15.36 %
                                                                                        Launch date 21 Dec 2016

                                                                                         

                                                                                        ABOUT DAA:

                                                                                        Blockchain Index (BLX) is a passively managed DAA investing in established blockchain-based projects with active beta components. The DAA is market-cap weighted, adjusted for trading volume, and free float. Blockchain Index is a well diversified vehicle keeping a finger on the pulse of the blockchain economy. The focus of the investment selection is on nascent projects with potential strategic importance in the future distributed economy.

                                                                                         

                                                                                        About DAA manager:

                                                                                        Columbus Capital Ltd is an investment management company focusing only on blockchain-based assets. We are the missing link between traditional investment management standards and the newest asset class on the market. We follow traditional investment management techniques and processes by applying them to the management of pure blockchain-based assets.

                                                                                         

                                                                                        DAA strategy:

                                                                                        Weighting is based on market cap and the logarithm of market cap value in cases where assets have a proportionally higher market cap. The average daily volume of an individual asset in the past seven days must be at least double the invested value in the portfolio. The invested amount of a particular asset should not exceed 5% of its market capitalization. There is no maximum number of included assets in the index; they are added based on fundamental analysis and potential strategic importance in the future distributed economy. Regular rebalancing is done monthly, and additional rebalancing is triggered if an individual asset surpasses 25% weight.

                                                                                         

                                                                                        DAA tokenization:

                                                                                        The BLX DAA has been tokenized, and tokens can be withdrawn to any Ethereum ERC20 compatible wallet. It may be listed on exchanges. The BLX token smart contract can be viewed here.

                                                                                         

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                                                                                        Sunday, August 26, 2018

                                                                                        Burst-{BURST)-Coin: Defined in CryptoCurrency


                                                                                        Burst-Coin: Defined
































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                                                                                        Burstcoin: Defined!

                                                                                        This is the approved revision of this page, as well as being the most recent.



                                                                                        Burstcoin logo Above...


                                                                                        Burstcoin is a digital cryptocurrency and payment system based on the blockchain technology.

                                                                                        The Burstcoin was introduced on the bitcointalk.org forum on 10 August 2014 as an Nxt-based cryptocurrency.

                                                                                        Burstcoins are mined using an algorithm called proof-of-capacity (PoC) in which miners use computer storage instead of the more common energy-expensive method proof-of-work (PoW) which involves permanent computational operations.

                                                                                        The energy requirement for Burstcoin mining is minimal compared to most other cryptocurrencies making Burstcoin one of the most nergy efficient within the field of proof based cryptocurrencies.

                                                                                        The Nxt blockchain platform allows for development flexibility, ensuring developers freedom to create their own applications.

                                                                                        In this sense, Burstcoin can be considered as a next-generation cryptographic application project (often called 'cryptocurrency 2.0') in contrast to the first generation cryptocurrencies like bitcoin.

                                                                                        The crypto tokens, called Burst, are fairly distributed. There was no ICO, no pre-mine allocations to early adopters, and no airdrops for any promotions of the cryptocurrency during the launch.

                                                                                        The Burstcoin blockchain operates with a block time of 4 minutes, the block reward size reduces at a fixed rate of 5 percent each month, and contains a limited token supply of 2,158,812,800 Burst crypto tokens. The network offers a dedicated digital wallet called Burst Wallet.

                                                                                        Burstcoin Price Online From CoinMarketCap




                                                                                        History

                                                                                        Origin to community takeover Burstcoin was released to the public on 10 August 2014 on bitcointalk.org by the original developer who is known under the alias "Burstcoin".

                                                                                        Their real identity is still unknown today.

                                                                                        The coin was launched without an initial coin offering (ICO) or premine.

                                                                                        The genesis block was published on 11 August 2014. Approximately one year later, the main developer "Burstcoin" disappeared without any explanation.

                                                                                        Being an open source project, other members of community then took over the development of Burstcoin.

                                                                                        On 11 January 2016, a new forum thread was created on Bitcointalk.org by a senior community member. The core code is being actively developed by an international community of contributors.

                                                                                        Innovations:

                                                                                        Burstcoin is the first cryptocurrency using the proof-of-capacity algorithm. Proof-of-capacity was successfully implemented by the original developer, going by the name "Burstcoin" on bitcointalk.org forums.

                                                                                        Burstcoin was the first cryptocurrency to implement working, "Turing complete" smart contracts in a live environment in the form of Automated Transactions (AT), this occurred before both Ethereum and Counterparty.

                                                                                        An application of these smart contracts was shown in the form of the world's first decentralized lottery. It became the first ever program to run on top of a blockchain in a trustless decentralized manner.

                                                                                        Other use cases of the Automated Transactions include decentralized crowdfunding.

                                                                                        A more recent innovation by Burstcoin and Qora is the Atomic cross-chain transactions (ACCT), this allows for full decentralized trading between two cryptocurrencies without the need for any third-party, namely an online exchange.

                                                                                        Cross-chain transactions have been successfully made between the blockchain of Burstcoin and Qora.


                                                                                        Design Blockchain:

                                                                                        The Burstcoin blockchain is a public ledger that records every transaction. It is fully distributed and works without a central trusted authority:
                                                                                        • The blockchain is maintained by a network of computers known as nodes running the Burstcoin software.
                                                                                         

                                                                                        Ownership:

                                                                                        Ownership of Burstcoins implies that a user can spend Burstcoins linked with a specific address.

                                                                                        For this to occur, a payer must digitally sign the transaction using the associated private key.

                                                                                        Without knowledge of the private key, the transaction cannot be signed and Burstcoins cannot be spent.

                                                                                        The network verifies the signature using the public key.

                                                                                        If the private key is lost, the Burstcoin network will not recognize any other evidence of ownership; the coins are then unusable and are effectively lost.

                                                                                        Transactions:

                                                                                        A summary of a Burstcoin transaction is as follows...

                                                                                        The sender details the parameters for the required transaction type (sending money, creating an alias, transmitting a message, issuing an asset or an order for an asset).

                                                                                        All values for the transaction inputs are bounds checked for validity. If the transaction is found to be valid then the public key for the generating account is computed using the supplied secret passphrase.

                                                                                        A new transaction is created, with a type and sub-type value set to match the type of transaction being created.

                                                                                        All specified parameters are included in the Transaction object. A unique transaction ID is generated with the creation of the object. The transaction is digitally signed using the sending account's private key.

                                                                                        The encrypted transaction data is placed within a message instructing network peers to process the transaction.  The transaction is then broadcast to all peers on the network. Burstcoin transactions are based on the Nxt code base. A detailed explanation of the transaction process can be found on its wiki page.


                                                                                        Mining (proof-of-capacity):

                                                                                        The mining burstcoin process is based on a proof-of-capacity (PoC) consensus algorithm. In order to mine burstcoins each miner first computes a large data set which is then saved to a computer storage medium.

                                                                                        These data sets are known as plots. For each new block in the blockchain each miner will read through a tiny subset (1/4096th - approximately 0.024%) of their own saved plots and return a result as a time interval in seconds known as a deadline.

                                                                                        The miner with the lowest deadline wins the block and is then rewarded with the transaction fees and the decreasing block reward of burstcoins.
                                                                                        The computational resources for mining burstcoin are limited to the time it takes the miner to read the plot files stored on mass storage.

                                                                                        Once this is achieved no other computational resources are needed until the next block making Burst highly energy efficient.The total size of a miners plots is comparable to the mining speed used by other cryptocurrencies.

                                                                                        The hardware entry point for Burst mining is minimal as it can currently be mined on an Android device. Proof-of-capacity is also claimed to be ASIC-proof. Burst's proof-of-capacity algorithm is based on precomputed proof-of-work, so theoretically one could compute the Proofs in real time.

                                                                                        However, it is currently impossible to efficiently compute a significant amount of work during a 4-minute time interval. Inspecting the precomputed work stored on the hard drive is both faster and more energy efficient than any conceivable ASIC device could achieve providing in real-time.

                                                                                        Mining pools:

                                                                                        How to mine burstcoin in the pools? Given that it can take a long time to find the smallest deadline, some miners collectively mine in what is known as a mining burstcoin pool.

                                                                                        Mining pools allow miners to have a more evenly distributed Burst income: the reward for each block won by the pool is distributed between the miners of that pool.

                                                                                        By use of mining pools smaller miners can collectively compete with the larger solo miners. When a block is won the pool miner who finds the lowest deadline receives typically between 50% and 60% of the block reward. Alternatively a solo miner wins 100% of the block reward.

                                                                                        Features:

                                                                                        The core feature set of Burst is based on the Nxt platform which allows the adding of external services to be built on top of the blockchain.

                                                                                        The Burstcoin cryptocurrency wallet comes in two versions: 
                                                                                        The web based wallet (online wallet) and a Windows desktop version (Windows Client) which is essentially a wrapper for the web wallet and a local instance with some added functionalities.

                                                                                        Users can access their account from anywhere in the world with internet access and a web browser. The features of the Burst wallet include (but are not limited to) the following below...

                                                                                        Android version:

                                                                                        An Android version of the Burst wallet was released in 2016. Although it currently only has a subset of the features of the PC version it allows users to plot the storage capacity of the device, to mine coins with it and to send and receive Burstcoins on any Android capable device.

                                                                                        Asset Exchange:


                                                                                        Screenshot of the Burstcoin Asset...

                                                                                        Exchange window...

                                                                                        The Burst Asset Exchange is a peer-to-peer exchange platform integrated into the Burst wallet. It functions primarily as a secure decentralized trading platform for Burst assets.

                                                                                        The popularity of the asset exchange is based upon the absence of any third party, allowing improved efficiency and reduced costs. A burst asset is basically a token to represent anything the asset issuer deems to be of value so that it can be traded, common examples of such assets include shares in the following: mining pools, retirement funds, crypto mining rigs, crypto gambling sites and silver investments.

                                                                                        Automated transactions (Smart Contracts):

                                                                                        Screenshot of First Smart Contract...

                                                                                        using Burstcoin...

                                                                                        Smart Contracts are self-executing contractual states, stored on the blockchain. In brief an Automated Transaction is a "uring complete" set of byte code instructions which will be executed by a byte code interpreter built into its host.

                                                                                        An AT supporting host platform automatically supports various applications ranging from games of chance to automated crowdfunding and ensuring that "long term savings" are not lost forever.

                                                                                        Crowdfunding:

                                                                                        The crowdfunding feature allows users within the Burst community to raise funds in Burst for project creators in a decentralized way.

                                                                                        Escrow service:

                                                                                        The Burstcoin Wallet has an inbuilt escrow service, it allows a quantity of Burstcoins to be held by a third-party on behalf of transacting parties.

                                                                                        Marketplace:

                                                                                        The Burstcoin Wallet includes a completely decentralized marketplace where Burstcoin users can view other users items for sale by referencing their account id. It will display all items for sale for the designated account holder.

                                                                                        Source: The Burst site




                                                                                        Proof-of-space:

                                                                                        (PoSpace), also called proof-of-capacity (PoC), is a means of showing that one has a legitimate interest in a service (such as sending an email) by allocating a non-trivial amount of memory or disk space to solve a challenge presented by the service provider. The concept was formulated by Dziembowski et al; in 2015.

                                                                                        Proofs of space are very similar to proofs of work, except that instead of computation, storage is used. Proof-of-space is related to, but also considerably different from, memory-hard functions and proofs of retrievability.

                                                                                        After the release of Bitcoin, alternatives to its PoW mining mechanism were researched and PoSpace was studied in the context of cryptocurrencies.

                                                                                        Proofs of space are seen as a fairer and greener alternative due to the general-purpose nature of storage and the lower energy cost required by storage. Several theoretical and practical implementations of PoSpace have been released and discussed, such as SpaceMint and Burstcoin.

                                                                                        Description:

                                                                                        A proof-of-space is a piece of data that a prover sends to a verifier to prove that the prover has reserved a certain amount of space. For practicality, the verification process needs to be efficient, namely, consumes a small amount of space and time.

                                                                                        For soundness, it should be hard for the prover to pass the verification if it does not actually reserve the claimed amount of space.

                                                                                        One way of implementing PoSpace is by using hard-to-pebble graphs. The verifier asks the prover to build a labeling of a hard-to-pebble graph. The prover commits to the labeling. The verifier then asks the prover to open several random locations in the commitment.

                                                                                        Uses:

                                                                                        Proofs of space could be used as an alternative to proofs of work in the traditional client puzzle applications such as anti-spam measures and denial of service attack prevention.

                                                                                        Proof-of-Space has also been used for malware detection, by determining whether the L1 cache of a processor is empty (e.g., has enough space to evaluate the PoSpace routine without cache misses) or contains a routine that resisted being evicted.

                                                                                        Burstcoin:

                                                                                        PoSpace has been used in the Burstcoin cryptocurrency founded in August 2014. Burstcoin claims to have a green algorithm that favors smaller miners by design, making transaction costs cheaper and the network more decentralized.

                                                                                        The goal of depending on smaller miners was most typified by the original Android app to mine Burstcoin.

                                                                                        However, by December 2017, the estimated network size approached 157,000 terabytes and the average mining payoff was 21 burst per week per terabyte, so participants with disk space measured in gigabytes are no longer likely to receive significant payback from mining.
                                                                                         

                                                                                        SpaceMint:

                                                                                        In 2015, a paper proposed a cryptocurrency called SpaceMint.  It attempts to solve some of the practical design problems associated with the pebbling-based PoSpace schemes.

                                                                                        In using PoSpace for decentralized cryptocurrency, the protocol has to be adapted to work in a non-interactive protocol since each individual in the network has to behave as a verifier.
                                                                                         

                                                                                        Chia:

                                                                                        A cryptocurrency developed by Bram Cohen based on a new proof of space protocol, and proof of time.