Urvashi Verma

Virtual Crypto Enables Bitcoin Trades in Real-tIme

Virtual Crypto Technologies’ proprietary algorithm, NetoBit Trader, allows for real-time trading with reduced risk, lower fees and faster transaction times.
Virtual Crypto Enables Bitcoin Trades in Real-tIme

Israel-based Virtual Crypto Technologies now allows investors to conduct Bitcoin trades in real-time by verifying transactions directly with Amazon (AWS) EC2 servers.

Virtual Crypto announced on Friday that it has completed a full node setup on Amazon (AWS) EC2 servers and can now collect and verify all Bitcoin transactions directly, rather than relying on miners.

The set-up enables the company’s proprietary algorithm NetoBit Trader to more robustly predict Bitcoin transactions by tracking every Bitcoin transaction that has ever taken place, new transactions and all block headers.

NetoBit Trader uses this data in real-time to better predict the likelihood that a given transaction will take place, giving customers greater confidence when they execute trades and significantly reducing risk, transaction times, and fees the company says.

Simon Danilov, chief technology officer of Virtual Crypto says:

"This is a huge step to further improve our 'fast confirmation' product. It allows us not only to understand in-depth blockchain transactions but also use machine-learning algorithms to further improve our prediction and validation mechanism."

The data from these transactions will also be used to determine trends and opportunities and develop services for the cryptocurrency marketplace in future, the company says.

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Virtual Crypto also launched a NetoBit tablet that can be used to purchase, sell and convert crypto transactions of up to $3,000 through e-commerce, websites, ATMs, tablets, PCs and mobile devices, earlier this week.

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📈 Pricewise Andrew Strogoff

Bears Regained Crypto Markets Control, Midterm Outlook for Bitcoin, Litecoin, Monero, NEO Negative

Pricewise
Bitcoin, Litecoin, Monero and NEO have reached new lows during the US and Asian sessions
Bears Regained Crypto Markets Control, Midterm Outlook for Bitcoin, Litecoin, Monero, NEO Negative

 

BTC/USD, LTC/USD, XMR/USD, NEO/USD declined sharply yesterday meaning the end of a deep correction, started Thursday. Bears established new lows confirming they are still in the game and have total control over the markets.

There are signs of a short-term correction that is likely to start within the next couple of hours. However, the midterm outlook is negative as almost all of the reviewed currency pairs stay below their midterm descending trend lines.

The currency pairs may fall even deeper after this correction. We advise looking for clear candlestick signals in order to take meaningful decisions.

BTC/USD

BTC/USD

The currency pair started to fall during the American and continued the downside tendency within the Asian session. There was a Flag pattern in the middle of this short-term downtrend. Bitcoin is currently close to the support line (8,886 area) and the descending trendline testing both of them.

Bears had no difficulties to cross the Ichimoku cloud during the US session with a long body candlestick. Bitcoin price is far from the formation currently signaling temporary changes in moods.

There was a reversal signal a couple of bars ago (reversed Hammer). Bulls are able to start a correction at least. The closest target for it is the resistance line at 9,035 area. BTC price can reach this level in a couple of hours.

Another scenario for Bitcoin is to develop its downside tendency. Bears will break the ascending scenario in this case as BTC  price will fall below the descending trend line.

BTC/USD

The situation is still unclear on the daily chart as BTC price has entered the Ichimoku cloud opening an opportunity for bears to push Bitcoin even further towards the lower border of the Ichimoku cloud at midterm.

LTC/USD

LTC/USD

There was a bad day for Litecoin bulls as well as LTC/USD started to decline during the American session and developed the local downtrend during the Asian session. LTC price crossed the lower border of the Ichimoku cloud, the support line, residing at 154.14 area, and the descending trend line, confirming the temporary change of trend.

The situation is intriguing currently as LTC/USD is likely to start a correction (we have a Hammer candlestick pattern) and to test the descending trend line from below. If bulls succeed, they have an opportunity to regain initiative and to test the closest resistance line at 154.14 area. If they fail to cross the descending trend line, LTC price will probably fall below the support line at 146.29 area.

Cryptocurrency is far from the Ichimoku cloud now signaling bears are dominating the market for the moment. If LTC/USD stays below the descending trend line, the currency pair will confirm its midterm downside tendency.

LTC/USD

The currency pair still stays within the Ichimoku cloud on the daily chart and seems to aim the lower border of the formation at midterm. There are no clear signals currently and we advise to midterm and long-term traders to wait until the price finds support and demonstrates any signal in order to open positions.

XMR/USD

XMR/USD

Monero fell below the descending trend line confirming the downtrend. Monero price crossed the Ichimoku cloud during the American session and a couple of support line within the Asian session. XMR/USD is below the support line at 214.54 area. We think that Monero is going to test this level in the next couple of hours. The currency pair looks to start a correction at least.

There are two scenarios here. XMR price may return to 214.54 area, test it successfully and go higher. Bulls will have an opportunity to reach the next resistance level at 219.70 area. This may happen today. The next target for the buyers is the descending trend line in the case. However, to reach all those goals, bulls need a deep correction at least.

Bears scenario will be available in case of failure of the current resistance line test. XMR/USD  is likely to fall further towards 204 area as there are no clear supports on the way (they may appear, however).

XMR/USD

As for the daily chart, XMR/USD continues to fall towards the lower border of the Ichimoku cloud. The closest midterm support lies within the 204 area (coincides with the closest hourly short-term support line).

Monero price is far from the long-term descending trendline meaning bears have total control over the market.

NEO/USD

NEO/USD

The currency pair followed its allies and went downwards during the American and Asian sessions. NEO/USD left the Ichimoku cloud and crossed a couple of levels including descending trend lines on the hourly and daily charts. There was a long-tailed Hammer pattern a couple of hours ago meaning the currency pair is likely to start a correction. The currency pair is far from the Ichimoku cloud at the moment. The situation favors bears in general as the price is below trend lines meaning sellers are in control over the market now.

NEO is close to the descending trend line currently and is likely to test it in the next couple of hours. If bulls succeed, the next target will be at 72.32 area, where the next resistance line lies. In case of failure, bears are likely to take the initiative in their hands and to develop their progress below the support line at 68.26 area.

NEO/USD

As for the daily chart, NEO is still within the Ichimoku cloud and seems to aim at the lower border of the formation. We think that the currency pair is likely to reach this line in the nearest future. NEO is also below the long-term descending trend line and this can be the signal for the currency pair to start its global decline in the nearest future. However, bulls still have chances to take control of the situation.

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Crypto Markets in Green, Bitcoin, Altcoins in Correction Mood: Price Analysis, May 30

Pricewise
Bitcoin and other major cryptocurrencies are in correction on Wednesday. Bytecoin is day’s leader
Crypto Markets in Green, Bitcoin, Altcoins in Correction Mood: Price Analysis, May 30

Crypto market is in green on Wednesday. All coins from the top 20 are in correction having positive moods. Is it a complete reverse or just a bullish correction on the eve of an even greater decline?

We don’t think that the crypto industry has changed its mind and reversed with no significant reason. It seems to be a correction as market players are bored of this downside tendency already. They wanted some air to breathe. However, there is one important event that is to be mentioned. South Korea is ready to reverse ICO’s ban. This event is important for the whole industry and is one of the reasons for the current correction.

As for other news, there are no important ones to affect the markets significantly. However, we would like you to pay attention to the following aspects. First, Chinese security Giant 360 has found vulnerabilities in EOS system that lead to possibilities of execution of  arbitrary code on any EOS node. This event had almost no impact on EOS as the cryptocurrency added nearly 10 percent on Tuesday-Wednesday.

Bitcoin (BTC/USD) Price Analysis, May 30

Bitcoin (BTC/USD) Price analysis, May 25

Bitcoin has started a bullish correction finally. BTC price is above the midterm descending trend line. The goals at $6,510 are still actual, but they may be reached after a correction only. However, fundamental factors like ICO’s ban reverse in South Korea may break midterm downside scenario.

Bitcoin (BTC/USD) Price analysis, May 25

Let’s have a closer look at BTC/USD within Fibonacci formation. The currency pair follows the orange scenario in the moment of writing. BTC price has crossed $7,199 area on Tuesday and reached the resistance area at $7,565, which coincides with 1.618 retracement level.

What are the possible ways for Bitcoin in the next 24 hours?

  1. Orange scenario. BTC price will jump off the current resistance area at $7,565 and move towards the support area at $7,199. If sellers will be able to break this support area out, there is a possibility of red scenario below $7,199.
  2. Green scenario (deeper bullish correction). Bitcoin will cross $7,565 resistance area and move higher targeting one retracement level, which coincides with the next resistance area at $7,949.

We think that Bitcoin is likely to develop its correction on Wednesday.

Ethereum (ETH/USD) Price Analysis, May 30

ETH/USD Hourly

Ethereum added over seven percent in the past 24 hours as the currency pair has started a bullish correction finally. ETH/USD has crossed the midterm descending trend line and fluctuates above it. The currency pair is still in the downtrend, but this bullish correction may be deeper depending on levels that ETH price will approach and cross.

ETH/USD Hourly FIBO

Let’s get down to Fibonacci and see what perspectives ETH/USD has in the nearest future (in the next 24 hours, to be more exact). The currency pair jumped off 3.618 retracement level on Monday-Tuesday and moved towards 2.618 retracement level, which coincides with $566.90 resistance area. What are the possible ways for ETH/USD in the next 24 hours?

1.    Red scenario (bearish). The currency pair will end the correction close to the current level and reverses downwards targeting the red midterm descending trend line and 3.618 retracement level (which is the closest support area currently).

2.    Orange scenario (neutral). Ethereum will move towards the closest resistance area at $596.08 and reverse there to reach 2.618 retracement area. This is a neutral scenario as the price will stay within the current range.

3.    Green scenario (bullish correction). Ethereum will reach $596.08 resistance area, cross it and run higher, towards 1.618 retracement level, which coincides with $626.66 resistance area.

Ripple (XRP/USD) Price Analysis, May 30

XRP/USD Hourly

Ripple has added more than eight percent in the past 24 hours meaning the crypto is in a deeper correction currently. XRP/USD has successfully tested another local descending trend line and fluctuates above in the moment of writing.

XRP/USD Hourly FIBO

Let’s see what is going on the hourly chart within the Fibonacci retracement indicator. XRP price has crossed $0.5914 resistance area and even tested it from the above. Bulls were able to hold their lines and to move XRP/USD even higher towards $0.6216, which coincides with 1.618 retracement level. That we see now is the attempt to test this level again. Let’s look through the possible ways for XRP/USD:

1.    Red scenario (bearish). XRP/USD will move towards $0.5914 and cross this area targeting 2.618 retracement level. The red scenario is also possible via Orange one (meaning XRP/USD will reach $0.6216 again, jump off it and then fall below $0.5914).

2.    Orange scenario (neutral). Ripple will retest $0.6216 resistance area and reverse downwards targeting $0.5914 support area.

3.    Green scenario (bullish correction). XRP/USD will break through $0.6216 resistance area targeting $0.6515 resistance area, which coincides with one retracement level.

EOS (EOS/USD) Price Analysis, May 30

EOS/USD Hourly

The currency pair added more than nine percent in the past 24 hours. EOS/USD has started a correction to the downtrend and it seems like bulls are able to develop it. However, this is still a correction as EOS/USD needs to leave Fibo at least to point at a full reverse.

EOS/USD Hourly FIBO

Let’s see what’s happening on the hourly chart within Fibonacci retracement. The currency pair reached 0.236 retracement level on Tuesday and retested it on Wednesday. However, sellers still hold their lines and prevent buyers from moving EOS/USD higher. This situation looks clear at the moment of writing and we see the following ways for EOS in the nearest future:

1.    Red scenario (bearish). The currency pair will break through 0.236 retracement level targeting 0.382 retracement level, which coincides with $11.92. Once this level is broken out successfully, sellers will be able to move EOS/USD even lower.

2.    Orange scenario (neutral). The currency pair will reach 0 retracement level, which coincides with $12.81 resistance area and reverse downwards targeting 0.236 retracement level.

3.    Green scenario (bullish). The currency pair will reach zero retracement level, cross it and move higher targeting the next resistance area at $13.45.

Bytecoin (BCN/USD) Price Analysis, May 30

 BCN/USD Hourly

Bytecoin added over 27 percent in the past 24 hours being the leader of the top 20. The currency pair is still in the downtrend but shows some signs of a reverse. However, such huge fluctuations may be due to lower liquidity.

BCN/USD Hourly FIBO

Let’s have a closer look at the hourly chart as the price is within the Fibo retracement graphic tool. The currency pair has crossed the red descending trend line on Monday and jumped over several resistance areas and retracement levels. Let’s see what are the perspectives for BCN/USD in the next 24 hours:

1.    Red scenario (bearish). BCN/USD will develop its local downside move targeting the following levels and areas 0.382 and 0.5 (the last one coincides with $0.0061 support area). If successful, bears will be able to push BCN/USD even lower.

2.    Orange scenario (neutral). The currency pair will move towards 0.5 retracement level and jump off it targeting 0.236 retracement level, which coincides with $0.0067 resistance area.

3.    Green scenario (bullish correction). BCN/USD will jump over 0.236 retracement level, which coincides with $0.0067 resistance area and run higher, towards 0 retracement level.

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Coins Guide George Shnurenko

How to buy Ripple (XRP) in USA: A Step-by-Step Guide

🎓 Coins Guide
One can’t still buy Ripple via credit card in the USA – no direct way exists.
How to buy Ripple (XRP) in USA: A Step-by-Step Guide

How many Ripple coins can we buy?

XRP - Ripple’s token, was issued in some kind of similar way like companies issue stocks. It isn't mined like other digital coins: Ethereum, Bitcoin and Litecoin. The company picked some number (100 billion) and many XRP coins were issued as a result.

Ripple own 61 billion of this 100. To win the investors’ trust, Ripple has blocked 55 billion of them via 55 smart contracts (1 billion is held by 1 contract). Every month as date of expiration comes, the corresponding amount releases.

The company spends about 300 million XRP per month to cover operating expenses. Such operational transparency should convince skeptics that Ripple does not plan to disappear, selling its stocks and thus destroying the XRP price.

How to Buy Ripple

One can’t still buy Ripple via credit card in the USA – no direct way exists.

Coinbase

Wherever you are located you need to purchase Ethereum or Bitcoins first and then convert them to the Ripple.

The easiest way for USA residents is Coinbase – use credit card with USD.

Having got ETH or BTC, you can also use Binance for converting them to Ripple. It will take you about 10 minutes. Due to its good volume, it is considered to be best place for Ripple to be exchanged.

If you are from Canada, USA or European countries as well as from Australia or Singapore – you can use Coinbase easily.

Kindly get acquainted with Coinbase guide.

BitPanda

This resource features brokerage service based in Austria. From most European countries one can purchase Ripple on BitPanda via credit cards. See our review of this service. CoinMama

Kindly read our review of CoinMama. The portal eases the purchasing of Ethereum or Bitcoins via credit card. You can do it almost from any point of the world.

As you get ETH or BTC, you can convert them to XRP - Binance will help you.

Buy Ripple with Bank Account

For USA residents: if you use your bank account:

  1. Come back to Coinbase or similar one for buying BTC or ETH.
  2. Visit Binance to convert the received Ethereum or Bitcoins into XRPs.

For Europeans – you’d better use BitPanda. In case of your location in any other country, visit our home page in order to find a Bitcoin exchange suitable for your country with bank transfer support. After you purchased Bitcoins convert them to Ripple. It will take you less than ten minutes. Getting a Ripple Wallet

You should never store your XRP on an exchange – it is the way for your values to be stolen. Take control under withdrawal - your XRP needs to be got out to any secure offline wallet for example Ledger Nano S or similar. Kindly read our Ripple wallets’ guide. Buy Ripple with PayPal

Unfortunately there is no direct way to purchase buy Ripple with PayPal – you will be to buy Bitcoins first using PayPal and proceed converting them to XRP (Binance will help).

Buy XRP with Cash

There is also no way for direct buying XRP with cash. Less than 1% cryptocurrency ATMs support Ripple.

The algorithm is the same - buy BTC with cash and then convert them to XRP via Binance or some service like this. Buy Ripple with Bitcoin or Etheteum

If you need to exchange BTC or ETH for Ripple – go to Binance, this is the simplest way. Buy XRP with Skrill

Via BitPanda all those living in Europe can buy Bitcoins or Ethereum with Skrill. And after that they are to visit Binance to make exchange of the received digital coins into Ripple. Buy Ripple (XRP)

The Ripple creators aimed to create the "Machine" providing fast transfers of great money sums all over the world. Being claimed as great platform, Ripple focused on cooperating with banks and as a result their immediate global payments became more easy and effective. It is not too late to join us as the current Ripple price of 0.5$ allows it to be purchased for almost every of you. The price can change immediately - its recent level achieved 3.00$. The next big move is oncoming! How to Buy Ripple

You can buy XRPs only with BTC OR ETH - no more currency is suitable for it (we mean US dollars or Euros and others). You are to visit only cryptocurrency exchange to get some XRPs.

In case you don't have any idea how to start the process of converting fiat currency (dollars/euros/yen/etc.) to BTC or Ethereum, follow our guide - there will be explained how to buy Bitcoins or Ethereum. After that you are welcomed here to proceed.

In case you are skilled crypto expert, skip to next page of our tutorial to learn process in detail.

Here are the best addresses for buying Ripple:

  • Changelly
  • Binance
  • Bittrex
  • Bitstamp
  • Kraken

How to Buy Ripple on Changelly

This service also allows you to buy Ripple with Bitcoin or Ethereum. It is not actually possible to store your values here - get a Ripple wallet. The best secure option will be Ledger Nano S (kindly see review), nevertheless Binance exchange wallet with 20 Ripple will be rather suitable.

The system requirement is to store 20 or more Ripple in your each Ripple address: it is a preventive measure against huge amounts of unused addresses. You will be ok sending 20 or more Ripple within first transaction to your wallet.

The next step is to go to site and make a pick of input currency that you will send to address for Ripple provided by Changelly. This resource allows choosing any coin for this. Our recommendations still remain the same: use Bitcoin or Ethereum for Ripple purchase. For output you can use Ripple.

You will face with 2 fields:

  • XRP Address: (Your Ripple Address)
  • Destination Tag (Optional): (a tag for notes about the transaction)

The Next step of processing: send Bitcoin or other input currency to the deposit address. As soon as you launch it – the funds are sent to specified address.

How to buy Ripple on Binance

Binance favorably differs from other exchanges with incredibly low fees of 0.05%. It starts working since 2017 and gained the great popularity among “cryptocommunity”. It also features serious great security system that adds "points" to Binance in the fight for the customers’ hearts. Algorithm

  1. What you need for start is to sign up on Binance for make your exchange. The system maximally eased this process; it doesn’t need any verification, it is fast and available for all users of the world.
  2. Already signed up? The next step is visiting the navigation bar. Every cryptocurrency offers deposit addresses. Move your mouse over funds and click Deposits.
  3. Depending on what currency you will use for buying Ripple (BTC or ETH) – you should locate that very currencies deposit address.
  4. As you locate your addresses, copy them for the next step, where will be explained how to make a transaction in cryptocurrency.
  5. If you need to send ETH or Bitcoin from Coinbase, go to the accounts tab and after that click “send”.
  6. When your cryptocurrency reaches Binance, choose the corresponding trading pair of the sent currency. For example in case of sending Bitcoin, go to the BTC/XRP trading pair.
  7. As you open this page, you will see a screen like this. For purchasing Ripple enter an order in middle of the bottom. Click the “Market” tab - here you can see current rate of Ripple and buy it.
  8. If prompted price doesn’t suit you, you can use a limit order. How many coins do you want to buy? Take the needed amount (you can choose 100% of your balance). You can also take advice about Ripple price - the chart or the order book is highlighted in red. When you have set the order’s conditions, click Buy Ripple and it will be filled – you need to wait a bit!
  9. Once your order is filled, you get the ability to put Ripple to a secure wallet. Get mouse over funds and click “withdrawals”.
  10. Type a Ripple address to send your coins. Before complete the first transaction to a new address, check if it contains at least 20 Ripple. We consider the Ledger Nano S to be one of the most secure wallets, despite this you can use another one – see our Ripple wallets’ review. How to buy XRP on Bitstamp

Take your pick of trading pairs provided by this service:

  • XRP/USD
  • XRP/EUR
  • XRP/BTC

If you’d like to purchase Ripple on Bitstamp, first of all you are to create and authenticate the Bitstamp account.

The front page of account contains the link ‘Deposit’, follow it and deposit the funds. After the funds appear at your account – go ahead and buy Ripple! How to buy XRP on Kraken

This is good choice of cryptocurrency exchange with high reputation for purchasing Ripple. Create the account first, confirm it, log in and make the funds’ deposit. This can be completed by following the deposit link, and further entering all needed information (card number, payment method and so on).

The main feature of service – here you can’t buy Ripple directly; first you need to buy XBT. Set the order to buy XBT, and skip to XRP/XBT pairing. You should enter an order at the current rate and be patient until it is filled. After deal is completed you become the owner of the Ripple! The reasons to choose Ripple

Actually when you buy Ripple tokens you make a great investment to the future. This train really has successful destination – that is not our guess, but the opinion of global financial institutions. As it has a great potential of investment’ returns, especially if it continues integration to banking sector. It has got unquestionable pros:

  1. Speedy processing, transactions are held in four seconds.
  2. You can purchase ordinary items with Ripple (when you are sure that it will be accepted by both trader and user)
  3. Ripple is highly scalable due to supporting of thousand transactions per second.
how to buy ripple

How to purchase Ripple tokens?

Due to state of the art technology of Ripple platform, many successful achievements within its functionality became truth. This caused Ripple to increase 3800% in value for less than a year. It sounds really fantastic and no wonder that many experts predict Ripple a brilliant serious future.

Ripple can be purchased on plenty of exchanges like other popular cryptocurrencies. In comparison with purchasing process of other major cryptocurrencies, we are glad to share with you some ways to purchase XRP token via those exchanges.

Coins Guide
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Thomas Hughes

Bitcoin Is Dead! For the 317th Time…

Bitcoin is bleeding value, but pessimists have claimed it died 316 times before, so why believe it will stay dead the 317th time?
Bitcoin Is Dead! For the 317th Time…

The first rule of investing is “Buy low, sell high,” or rather “Don’t invest more than you can afford to lose,” or…. ah, what’s the point of knowing which one is the first and most important rule? It’s known that Ups and Downs are normal, i.e. bullish and bearish market states, so we don’t have to get all panicky about it.

Yes, Bitcoin is bleeding value, but pessimists have claimed it died 316 times before, so why believe it will stay dead the 317th time? “Buy low, sell high,” as they say. Is this low enough? There isn’t anything major behind the drop other than the BCH fork, panic, and some FUD here and there, so there’s no sure way of telling.

Bitmex is still in charge of 40% of the entire Bitcoin trading volume, and if we are dealing with manipulation as some have speculated, it may go even lower before rising from the ashes.

Charts at a Glance — BTC/USD

Charts at a Glance — BTC/USD

The OG cryptocurrency has lost 15 percent during the last 24 hours and almost 30 percent during the last 7 days, trading close to $4,400 at the time of writing. The market cap for Bitcoin is also dwindling and some have even predicted that XRP will soon overtake it. And while this is not a very likely scenario (at least not in the short term), there is still room for BTC to slide.

The low at 4200 is offering some support for the time being, but considering how things have been developing, we are likely to see a drop into the key psychological level at 4000. On the upside, the previous support is located at 5200, which is obviously a long distance to travel during one or two days, so a more realistic target is 4500 as BRN (big round number).

For the time being the outlook is bearish, but keep in mind the RSI is oversold and 4000 is close by, so we may see a stronger bounce around that area.

Support zone: 4200 followed by 4000

Resistance zone: 4500

Most likely scenario: drop through current support to reach 4000

Alternative scenario: sideways, choppy movement at current levels

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🕵️‍ ICO Watch Eric Eissler

Past ICO Review: Polkadot, Wait, What Does it Do?

👁 ICO Watch
A Blockchain that offers scalability and interconnectivity, but yet with no inherent purpose raised $345 in 2017 in an ongoing ICO.
Past ICO Review: Polkadot, Wait, What Does it Do?

 

It’s a rather curious case about Polkadot. If you ask around, not many have heard of the coin, which has raised some $345 mln! The ICO started on October 14, 2017 and was finished in just three days, on October 27, 2017.  

This is a bit of a mysterious coin because its position is that it is a Blockchain designed to be just that: a generic Blockchain without any special purpose.

The following passage is an excerpt from the white paper:

Polkadot is a scalable heterogeneous multi-chain. This means that unlike previous Blockchain implementations which have focused on providing a single chain of varying degrees of generality over potential applications, Polkadot itself is designed to provide no inherent application functionality at all.

Rather, Polkadot provides the bedrock “relay-chain” upon which a large number of validatable, globally-coherent dynamic data-structures may be hosted side-by-side. We call these data-structures “parallelized” chains or parachains, though there is no specific need for them to be Blockchain in nature.

What Polkadot attempts to do is to take create the scalability and interconnectivity that is missing in the Blockchain sphere.

Three pillars of Polkadot

Governance

Polkadot holders have complete control over the protocol. All privileges, which on other platforms are exclusive to miners, will be given to the relay chain participants (DOT holders), including managing exceptional events such as protocol upgrades and fixes.

Operation

Game theory incentivizes token holders to behave in honest ways. This mechanism rewards good actors while bad actors will lose their stake in the network. This ensures the network stays secure. This ensures the network stays secure.

Bonding

New parachains are added by bonding tokens. Outdated or non-useful parachains are removed by removing bonded tokens. This is a form of Proof of Stake.

The founder

Gavin Wood is the co-founder and former CTO of Ethereum. He is also the founder, CTO, and Chairman of Parity Technologies Ltd, which is supplying the development team behind Polkadot. He is also the founder and President of the Web3 Foundation, which aims to nurture technologies that can benefit the envisioned Web3 ecosystem of a truly decentralized Internet.

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Year-long ICO continues

So what we have here, is essentially a generic Blockchain that has not even had a genesis yet. The genesis block is supposed to occur in Q3 2019. Strangely, the website states there is an inherent risk that it might not happen at all:

Due to the decentralized nature of Polkadot, there is no guarantee that the Polkadot genesis block (to the extent that it is developed) will be deployed as intended or at all. As DOTs are native tokens to Polkadot, they will not come into existence, whether as part of the Polkadot genesis block or otherwise, if there is no deployment of the Polkadot genesis block.

Frozen funds lead to stalled plans

We might not see that genesis block after all.  The company developing Polkadot, Parity Technologies, reported that there was a significant vulnerability in the Ethereum parity wallet library contract and some 68 percent of the ICO-raised funds in ETH are frozen.

At the end of the ICO, the final DOT price was 0.109 ETH meaning that a total of 485,331 ETH was raised from the sale of the five mln tokens. A very impressive figure from just an action as at the time of writing, the above ETH figure was worth some $345 mln.

Despite the frozen funds, the team at Parity Technologies insists that they will meet the Q3 2019 launch date on time. This coin still has potential, yet its practical use case still must be proved for a better understanding of what it is supposed to do.

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