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Past-ICO Review: 0-Cost Enterprise Blockchain Solution

  • Eric Eissler
    🕵️‍ ICO Watch

    0Chain wants to be the zero-cost enterprise Blockchain that can sell larger than Ethereum

Past-ICO Review: 0-Cost Enterprise Blockchain Solution
Cover image via u.today

0Chain wants to build a Blockchain solution that enables decentralized cloud storage, fast settlement/finality, and the notion of self-forking, all wrapped in a DPOS consensus model.

The main interest here is in IoT and decentralized apps that can benefit from running in the cloud, using their costless distributed file storage methodology in a wholly integrated platform. Right now, current solutions require using a number of different solutions and building the complex middleware to make sure all of these discrete systems can talk to each other. 0Chain is attempting to cut the middleware out and simplify the process.

Financials

0Chain had a 10-day ICO from Feb. 7 to Feb. 17, 2018, and raised some $39 mln during that time. One ZCN was valued at $1.40 during the ICO sale. Following the token value trajectory, we can some strange things. First of all, the token was not released for public trading until July 2, almost five months after the token sale had ended. During this time, the token lost 65 percent of its value while it was hanging out of public reach when it publicly debuted at $0.49. Progressing further down the relatively short public trading timeline, ZCN has fallen down to $0.12 in a very short three-month trading period.

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Team

SASWATA BASU- Founder & CEO

With a PhD in electrical engineering and an entrepreneurial spirit, Basu has worked at and managed many companies in the tech sector before founding 0Chain. He appears to have the right mix of business, tech, and engineering to launch a startup.

THOMAS AUSTIN - Co-Founder

Currently, a professor at San Jose State, Austin’s areas of expertise are programming language security and malware analysis. Additionally, he has been studying cryptocurrencies and ways to make them more efficient. Hence, his willingness to co-found 0Chain

SIVA DIRISALA- CTO & VP of Engineering

With more than 15 years of working business enterprise software, Dirisala has the technical knowledge and experience to head up a team of developers to create an enterprise Blockchain solution.

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Tech and Testnet Launch

Decentralized storage via Blockchain, as an innovation, requires significant feature development to be considered enterprise ready. According to the company’s website,

0chain’s engineers have developed customizable algorithms for data to be stored and retrieved with the high availability enterprises are accustomed to. Leveraging our “Erasure Coding” protocol, there is a 40 percent reduction in space required to replicate data compared to current cloud-based storage solutions. The decentralized nature of the Blockchain delivers CDN-like performance based on the multiple parallel paths for data to traverse and minimizing the impact of network bottlenecks. All data stored via dStorage is consistently verified via the Blockchain.

At the start of August, 0Chain launched their testnet with strong results, according to a press release put out by the company: “Our first release has a throughput of about 150 transactions per second or about 10x that of Ethereum. The purpose of the initial release is to highlight the sub-second finality of our Blockchain, which is a requirement for enterprise applications and for our distributed storage protocol.” The company has worked very hard to stick to the ambitious roadmap that they laid out before them. Despite the tanked token price, it appears that the company is on the right track with something that could be a viable, tangible product.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”

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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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