Darryn Pollock

What is the Future of Futures in the Cryptocurrency Market Ahead of ETH’s Entry?

Next up could be Ethereum futures, but the independent and interdependent relationship between coins in the cryptocurrency market could cause an interesting dynamic
What is the Future of Futures in the Cryptocurrency Market Ahead of ETH’s Entry?

Cryptocurrency futures being offered by traditional financial services like CBOE and CME have played a big part in the growth and expansion of cryptocurrencies across the globe. The lead up to 2017’s high of $20,000 was predeceased around this institutional welcoming to cryptocurrency, but where does it end?

Now, there is news that CBOE will be looking at launching Ethereum futures as the one year Bitcoin futures anniversary approaches. It is an interesting product to launch, mostly because of the dynamic of the cryptocurrency market which sees coins both moving independently from each other, but also interdependently.

Commentators have already made their thoughts known on what the ETH futures could do, and it does not sound ideal for cryptocurrency growth in general, but more importantly, are more and varied futures a good thing, and where can they stop?

Tom Lee’s vision for ETH futures

While the Ethereum future is still more of a rumor than a secure fact, there are people who are already breaking down the impact it could have on the volatile cryptocurrency market. Tom Lee has said that ETH futures could actually be damaging for Ethereum, but a positive for something like Bitcoin.

His reasoning is that market bears, which currently focus on shorting BTC, would switch to its main rival, Ethereum. So, while this will help Bitcoin rise up free of shorters, it will have a damaging effect on Ethereum.

Bigger than that

The problem is, while people will call Ethereum a rival or a contender to Bitcoin, the truth of the matter in the nascent market is that the majority of coins all move in a similar way as the head- Bitcoin.

It is still very much a cryptocurrency market that moves in relation to news and happening in and around it, in comparison to something like company stocks and assets. Those who invest in something like gold know that they can also back or short Apple stocks as an alternative and these two investable assets will move totally independently of each other.

It is not the case like that for different cryptocurrencies. There are of course instances where certain coins will move totally separately from Bitcoin and the general market sentiment, but it is rare, and usually based directly on news affecting the coin.

What does the futures market hold?

So, if futures start affecting some of the bigger cryptocurrency assets, starting with Ethereum, where does it end? And will it be as effective as Lee expects, or will it be a bit of a damp squib. There may be a lot more shorters on Ethereum if the opportunity arrives, but will there be enough to make its movement different from Bitcoin.

For instance, if Bitcoin is granted an ETF, which many think will help it skyrocket in price, will that movement not take the ETH market along with it? But if Lee’s dissertation is right, ETH could be bogged down in shorts.

And, if more coins start becoming part of the futures market, what will the link and interdependence do there? Could this reshape the entire cryptocurrency market, and essentially break the hegemony that Bitcoin has over the movement of the market.

But, if it does work like that, will it not be a bad thing for the market as the shorters will have a lot of power to keep coins down and this could damage emerging and building cryptocurrencies which need as much help as possible to grow if their intentions are to be met.

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📈 Pricewise Daniel Osten

Bitcoin Price Reaches $10,890, Wednesday Promises New Highs

Pricewise
Tension grows as Bitcoin tests critical resistance level. The bulls seem to squander their strength. Or are they just playing games?
Bitcoin Price Reaches $10,890, Wednesday Promises New Highs
Contents

By the middle of the week, tensions in the cryptocurrency community are growing again as investors experience the whole gamut of emotions: agonizing expectation, hopes for upcoming profits, fears of possible setbacks. All eyes are on Bitcoin, which currently serves as the market’s litmus test, as it reaches yet another significant level. Maximum price on Tuesday was $10,890, and dominance grew to a record value since the beginning of the year- 39.5 percent. Another important parameter, total market capitalization, also continues to grow and by Wednesday it’s $460 bln, which is $15 bln more than the day before.

Market stays green

Altcoins are also growing, but it’s clear that this growth completely depends on the movements of Bitcoin price, so the situation can change at any moment. In the top 10, EOS and IOTA are waking up after a prolonged sleep, gaining 7.5 percent each. They are followed by NEO with an increase of six percent, continuing its momentum from yesterday. The procession is rounded out by Bitcoin with 4.5 percent. Even Litecoin, despite the news that LitePay launch is postponed indefinitely, didn’t just avoid losses, but slightly strengthened its position.

OmiseGo surging bolstered by positive news

Outside the top 10, OmiseGo in 18th place is worth a careful look. The asset has been growing all week, and in the previous day, the price grew by as much as 17 percent. As far as we understand, the cause of such behavior is the Feb. 20 agreement between OMG creators and the government of Thailand on the use of the cryptocurrency to create a fast and efficient payment system.

BTC/USD

At the time of writing, the bulls are attempting, by sheer force of will, to conquer the critical resistance level and break through the $11,000 level which the price was approaching all of the previous days. The chart clearly shows that this level is formed by the intersection of boundaries of two channels, the global descending and the local ascending ones. If buyers are unable to get the price to hold, the entire construction can collapse like a house of cards.

Pic01_28.02

In this case, the nearest resistance will be at the level of $10,000, where a respectable volume was traded. However, the inability to overcome this resistance for the second time will indicate buyer weakness and is likely to launch a new correction cycle. For now, the situation is developing in favor of the bulls and we are likely to see the long-awaited confirmation of the trend change. The nearest growth targets are $11,200 and $11,700. Buyers who have followed our recommendations are already with long positions, but for the latecomers, we recommend growing purchases if the price gets a foothold above $11,000.

IOTA/USD

During the last correction, IOTA suffered more than many other coins in the top 10, the price of the asset fell to one-quarter of what it was, subsequently recovering just by 20 percent. It is exactly $2 at the moment. Nevertheless, in the past few days, there have been signs of revival, and prolonged horizontal accumulation may soon transition into vertical growth.

Pic02_28.02

Within a week, a young ascending channel was formed, and further movement within it can lead to a breakthrough of the mirror resistance located at $2.2. The next growth target is in the middle of the $2.2-$2.6 range, where a considerable volume was traded. In case of negative development, the nearest support will be tested in the $1.8 zone, where in addition to accumulated volume, the 0.382 Fibonacci correction will come to the rescue.

EOS/USD

The buzz around EOS subsided recently, but among the crypto-enthusiasts, the asset is still considered very promising. Its price chart is very similar to IOTA’s- we also see horizontal movement with significant volumes which is likely to push the price up, but there’s an important difference. Judging by the volume profile, we can conclude that the price is already slightly higher than its fair value, so explosive growth is unlikely in the near future.

Pic03_28.02

In the case the current trend continues, the first target is located at $9 and confirmed by the 0.618 Fibonacci expansion. The next prospective level is $9.5, which coincides with the mirror resistance and the 0.786 value of the same expansion. Supports will be found at the fair price level in the $7.7-$7.8 range, as well as the lower boundary of the horizontal movement.

📈 Pricewise
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Wikicoin Vera Thornpike

Top 10 Coin in 2020 Forecast: Prediction How Much Will the Big Cryptocurrency Cost?

📚 Wikicoin
Top 10 crypto coins that can multiply your riches in 2020
Top 10 Coin in 2020 Forecast: Prediction How Much Will the Big Cryptocurrency Cost?
Contents

We’re slowly moving towards a utopian society where the economy is totally decentralized, and people use cryptocurrency instead of fiat currency. Whether you like it or not, the crypto community continues making waves and gathering enthusiasts all over the world. Virtual money is only rising in popularity, while the value of coins is highly unstable.

Definitely, buying some crypto won’t hurt if you have some bucks to spare. But what are the best coins to invest in? Today we will muse about the future of the most well-known coins and their value.

‘’Predicting the long-term outcome is easier than the short-term‘’- Naval Ravikant (Zcash Foundation)

In fact, short-term predictions appear to be more challenging because, in short terms, we have to consider temporary risks, such as geopolitical events, technological advancements, and failures, etc. In the long term, these factors may not necessarily matter.

What the coin price depends on?

Before we start observing the best coins to buy, let’s find out what the cost may depend on. The following factors have the potential to change cryptocurrency price:

  • Software upgrade. When the quality of the network improves (transaction time, block generation, defense against hackers), cryptocurrency prices soar. As a professional trader, you should keep an eye out on upgrades and their implications.

  • The hype around the coin. Probably, this is one of the most important factors. Indeed, public opinion can either put a cryptocurrency on a pedestal or destroy it. The traders that rely on hype should finish trading before it subsides.

  • Reliability of the wallet. Since all cryptocurrencies are digital, the absence of a good wallet can repel future investors and affect the currency price.

  • Governmental regulations. As soon as some countries ban cryptocurrency trading and mining, the interest in coins is killed, which affects its value and price immediately and seriously. The SEC and Venezuela are good examples of that.

  • Platform Applications. Some crypto networks host additional apps that might have their own tokens. If such an app does well, it may have a positive impact not only on the native token but the underlying platform, too.

Now it’s time to imagine what the cryptocurrency market cap 2020 will be like, and which coins are worth considering. Let’s review the top 10 coins.

There’s a great video predicting the future of five popular cryptocurrencies:

https://www.youtube.com/watch?v=edhJ0yHd1KA  

Bitcoin

Most cryptocurrency specialists are sure that Bitcoin will still rein the market of top crypto coins in 2020. Its value will be sustained thanks to:

  • institutional money,

  • fast adoption rate,

  • potential global financial crisis.

A lot of institutions buy BTC hoping to make an investment that can pay off in the future– this is a piece of the pie which everyone should have. It goes without mentioning Lightning Network which will add incredible value to the Bitcoin ecosystem.

As for Bitcoin price, it’s expected to grow by 200 percent over two years, which means it can be around $13,000-14,000 by September 2020. Some Internet users are sure it will grow to $27,526.10.

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Ethereum

Ethereum is in a controversial position: specialists’ opinion gravitates towards pessimistic predictions. Although now Ethereum is still one of the major dApp development platforms, things can change if this networks won’t be capable of handling the transaction load. Blockchain 3.0 and 4.0 projects are snapping at Ethereum heels and developers need to improve scalability or jump to EOS to ensure optimal performance.

It’s hard to calculate the future coins’ price when the total supply is unknown. According to Vitalik Buterin, there will be about ~100 mln ETH circulating in 2020, and the Ethereum market share will be about 1,137,500, 000,000

$1,137,500,000,000 : 100,000,000 = $11,375 per coin, ~+4,000 percent from today.

Possible Ethereum development scenarios

Ripple

It’s not a secret that XRP can become the king of banking infrastructure, so Ripple forecast 2020 is quite optimistic. The rumor is that Ripple has established a partnership with Western Union and even want to replace the SWIFT network. Today, Western Union and Moneygram are already considering using XRP

As for the price, Ripple predictions 2020 differ. According to WalletInvestor, its price may rise by 380 percent and reach $0.6-0.7 in a couple of years. The team from longforecast.com mentions the maximum price of $0.42. XRP price prediction 2020 from cryptoground.com is $1.20, which makes it perfect for long-term investment.

Stack of Ripple coins

EOS

If you are hesitant and are still wondering which coin to invest in, EOS will be a sure-fire way to raise money in the not-so-far future. EOS.io is expected to become the number one system for enterprise applications. If we ever witness shifting of Twitter, Uber and Facebook to decentralized platforms, they’ll certainly be built on EOS. It’s highly scalable, and most Ethereum projects can be shifted to the EOS network, which makes it a potential killer of ETH.

2020 can become the golden age for EOS: it may reach $95 in the middle of the year and drop down to $55 by December 2020. Other forecasts mention such numbers as $60 (Facebook) and $23 (Google).

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Stellar Lumens

XLR is the main contender of XRM (it has 5x market share of XLM), and while Ripple will dominate in the big bank sphere, Stellar Lumens may get the rest of the market. These areas include:

  • remittance payments,

  • decentralized exchanges, such as SDEX,

  • ICOs on Stellar,

  • implementation of the Lightning Network,

  • cross-border payments in small banks.

Stellar Lumens price prediction 2020 is around $0.64-$0.7. However, some websites give way for more optimistic forecasts.

NEO

Thanks to the revolutionary technologies underlying NEO, it’ll continue to grow with record-breaking volumes. The NEO ecosystem has the potential to become a major public infrastructure, and the Chinese government is interested in it. If “CrypoYuan” is created, it will only put NEO significantly above all competitors.

NEO is one of worthiest coins to invest in due to optimistic forecasts: thanks to investment from the Chinese government and other enterprises, its price can grow to $200 and $300 per token. According to cryptoground.com, future NEO value will be $88 in 2020, while Google mentions the price of $77.

Cardano

The launching of Goguen Project and KEVM testnet can trigger the growth of Cardano. When Goguen Project is completed, we may witness Cardano price soaring. What also contributes to its growth is implementation in the Eastern Pacific, especially Japan. According to previsionibitcoin.it, Cardano price in 2020 can rise from $0.29 to $0.5.

More detailed Cardano prognosis is here:

https://www.youtube.com/watch?v=c6anNr0NP14

Litecoin

One of the major crypto coins to invest in, Litecoin will continue conquering the market thanks to its technological superiority over Bitcoin. We know that Bitcoin cannot serve as a global payment network, while Litecoin platform is ready to share this network load. Thanks to the Lightning Network, LTC will be interchangeable with Bitcoin.

According to realistic predictions, Litecoin price can double in 2020 and reach $80. Some Internet users are sure that it will rise by 440 percent and reach ~$234 in the middle of 2020.

LTC forecast

QASH

Since QASH is going to become a convenient platform for both retail and institutional investors, its price can grow significantly even in 2018. Wouldn’t it be cool to trade alts without having to exchange them into ETC/BTC? That’s why QASH was created– its LIQUID platform combines all major exchanges to trade altcoins. According to tradingbeasts.com, we will witness the rise of QASH token price from $1.65 to $12 in 2020. Coin Predictions website displays that QASH will be in the range of $1.5-$7.

Why QASH is better than its competitors?

Success Factors

QASH

BANCOR

EXCHANGE UNION

SALT

Proven team

+

+

+

+

Is it present in exchange & banking?

+

N/A

N/A

N/A

Regulated?

+

N/A

×

×

Main products are built and tested?

+

+

×

×

tZERO

Haven’t heard about tZERO? By the way, this is an emerging leader of the cryptocurrency market: its creators aim to make it the New York Stock Exchange of Crypto. The tZERO token will pay 10 percent of gross revenue to the holders, which will encourage token holders to lock up their funds. Specialists say that TZRO price can reach $200-$285 by 2020.

Why tZERO is better than the usual stock exchange?

Final thoughts

Such events like the implementation of crypto worldwide and the next global economic crisis can contribute to the raising of cryptocurrency value. Despite rumors, the bubble called ‘crypto’ is going to explode neither in 2019 nor in 2020. Therefore, if you opt for the best coin to invest in, you can multiply your riches in two years. Don’t let this golden opportunity slip by: purchase top 10 coins while they’re still available.

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🤷 Opinions Masha Beetroot

EOS42 Head of Strategy David Packham: It Could Be Multiple Blockchain Models Thrive

Opinions
Blockchain is still in this discovery phase, says David Packham of EOS42
EOS42 Head of Strategy David Packham: It Could Be Multiple Blockchain Models Thrive

 

Hot sunny day in London, with its normal hustle and bustle, and I’m inside Henry’s cafe in Piccadilly. I have an interview with David Packham, Head of Strategy & Community EOS42, who’s been elusive for three days during my stay in UK. Now it’s arranged although the last moment he changed the venue.  Loud music and conversations around, glasses clinking- definitely the right place for talking about the global EOS community…

CryptoComes: What do you think of the future of EOS?

David Packham: I didn’t expect such a bumpy first month..I am happy we are where we are. I was not sure whether we would be in the top 21 for a long period of time so it’s very humbling and a huge relief for us. The team haven’t been paid in five months, I am about to get my first paycheck since January.

So yes, it’s humbling to be voted up in the top 10 right now, but it’s always challenging: with DPoS you never know where you will be. Regarding this I think these are the healthy times in the community debating in a decentralized manner- very, very complex things about the future of the network. And of course the beauty is if some people fundamentally disagree with the way the direction goes, say in governance, they can and will be able to just simply set another instance of EOS. It’s open source- so it’s not difficult to set another chain up in theory. Their big challenge will be getting the economic gravity of the community to move with them. It requires a fundamental split in creative energy. If you keep debating like we are, eventually the community should reach a form of consensus. The mainnet is always going to be king and now its established it will likely always be the most important EOSIO network of all, but there is going to be others for sure.

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Decentralized, but how?

CryptoComes: Critics often say that EOS is not, in fact, a decentralized network, but subject to control by something akin to a government. They specifically mention the recent decision by the EOS centralized body to ban transactions from the specific 27 wallet addresses. What would you respond to the critics?

David Packham: There’s a few points on that. If the system is centralized, decision making will be quick, fast and efficient and you would see no external debate. We couldn’t be less like that! You see so much continual controversy, debate and people just prevaricating between the most inane details: that’s because we are decentralized. It took us a long time to even agree the frequency of the Block Producer meetings, because you’ve got a decentralized group trying to reach consensus. So I believe we are highly decentralized. If you look at Delegated Proof of Stake, it’s decentralized but making trade offs for performance. When you look at mining pools in both Proof of Stake and Proof of Work it is far more centralised in reality; Bitcoin has got six pools, the other governance structure is the unelected core devs, they effectively run the entire Bitcoin network in a meaningful sense. Therefore our interests as elected Block Producers is a lot better in line with the token holders.

CryptoComes: You think in delegated proof of stake they can change this consensus?

David Packham:Ultimately it is governed by understanding how the real world works, in which we delegate our power. You and I in a democracy delegate our power to representatives to run the government. So in this case in EOS, the token holders delegate their power to run the network to individuals, groups- the block producers. We have very strict controls on what we are allowed to do or not. That is all found in our constitution and our code of conduct.

That is why I disagree we at least have 21 individual groups at any one time running the network. Now there is some controversy about whether or not some of those groups may be controlled by multiple parties. They are being looked into actively by the community, and if they are they will try to shut them down. This is why it’s so important to have a really involved community that care. They are looking at this and I can see some evidence of voting that makes them suspicious and they are worried about it. The community are saying we are going to try and find proof and if so try and get these BP’s taken out of the top 21.

I genuinely don’t know if that is true or not but we are in the group listening to these discussions saying yes, we need to try and find out if that is true and act if so.

Right now we have got 21 different BP’s from all around the world and another 42 paid standbys- any one of which can switch in and out the moment you as a group of token holders decide this bad actor is taking bribes or underperforming.

For example if I am sitting here with Masha right now, and Masha is giving me an envelope of money to try and behave in a certain way and it gets found out. The community would say right, your reputation is destroyed and we as a Block Producer would be gone so fast- the penalty is enormous. So it’s a powerful system in that sense as our interests are highly aligned.

Regarding the 27 accounts, they are all direct byproducts of EOS 911. What happened is that those individuals raised a case with ECAF- the default interim arbitration service - they all submitted information onto the Ethereum account that EOS42 built, which proved they can move and control the Ethereum account where the tokens were, but could not control the underlying other account and each one of those 27 accounts had escaped mysteriously by somebody lets say a hacker, potentially, hasn’t been proven yet.

What ended up happening is that ECAF, being brand new and the network brand new, is that the block producers were put in a tough position as the only elected representatives in the entire network at present. ECAF has not yet been elected, the constitution has not yet been ratified and is interim. So following the spirit of that we collectively all reached 100 percent consensus between all the block producers and all the standbys on a two hour call, and said the right thing to do is for each of the accounts to be frozen to enable ECAF to investigate. Nothing more, no judgment just enablement of the constitution to function as intended.

It has been highly controversial! It led to a lot of thought about whether or not that’s really how things should work or not. And so the community is doing what it should and is having a massive debate. Dan Larimer the chief architect of EOS has strong views, other hugely influential community members are expressing different views. We will get there, we will work out what the right constitution is and we are going to have a referendum and then we will vote on that.

Certainly amongst those accounts in question, some of the admins of the EOS 911 channel are alleged account holders that have been defrauded. One account got missed by one BP and the money was moved immediately to exchange, so they lost 3,000 EOS as a result. It shows there is strong evidence relating to those accounts. These are individuals mostly from places like Korea who registered with a fake portal.

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Governance

CryptoComes: How will you describe the EOS approach to governance, on a scale between a totalitarian state and complete anarchy?

David Packham: The best way, I think, to view EOS is it's more of a very large DAC. It’s a decentralized autonomous company in its own right. So when you put in place its governance structure, it is all hard wired, or it should be, into the code with Ricardian contracts which explain the interpretation of that into human language. So there is nothing that you and I can do, even if we were say part of the governance layer, to start making arbitrary decisions- everything needs to be constitutionally voted. Anybody can put forth an amendment to that constitution and if they get enough support for it have it voted on. So there is no sort of centralized control its decentralized governance but people look at the likes of ECAF, which looks very centralized. That actually reflects a lack of understanding of what arbitration is, and its limited role in the EOS governance and economic ecosystem.

CryptoComes: Btw this ECAF they are taking care of the same as you do at 911, for example like if there is a problem with the account, with the private keys, or they are officially the Block.one’s arbitration?

David Packham: They have nothing to do with Block.one technically. When Thomas Cox finished the draft constitution, and nominated an interim arbitration service to be created, called ECAF- that needs to be set up from scratch. Right now it doesn’t have any funding, the people working in it are working for free as volunteers and they are trying to get setup but it’s nothing to do directly with Block.one. Block.one actually deleted all the governance constitution documents in GitHub ahead of launch, it was left for those of us setting up the network to decide what we wanted to pull and restore. We ultimately as a group decided to implement the interim constitution, and decided it had been circulated widely throughout the community, debated, ratified, and agreed as best we could prior to a real referendum.

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Block.one role

CryptoComes: What is the role of Block.one now? What happens if some producers will join forces to challenge the principles ingrained by Block.one into the system?

David Packham: In theory if ,all the block producers turned hostile to Block.one, said right we are going to freeze your account so you can never move money again. Block.one would simply set up a new EOS Blockchain. Why not? Literally any,body can set one up, and with their last commercial backing and the funds they have I am sure they would pull across the economic momentum of gravity and a lot of the community with them.

It’s a hypothetical question that’s not a serious proposition, in the sense that people would never do that. You also would be able to challenge them in the constitution. Block producers cannot arbitrarily freeze an account, the rule is as soon as the constitution were enacted it would need an ECAF order or another arbitration order to freeze an account. But actually the alternative constitution proposed by Dan Larimer is that this power should not sit at the base protocol level and that it would be above at the dApp layer.

So in that vision, each app could decide “we are going to use a different arbitrator for any dispute resolution on EOS and we are not going to use ECAF.” Any customer that signs up with you has to sign the terms which agree with that. What that would mean is there is no base layer going on at all, it’s all handled in yours. Your governance can be quite different from the governance rules of another app. That’s what Daniel Larimer wants and that’s his vision, which differs quite substantially from others. It’s an interesting one, the problem with it is much of the code and support mechanisms required to support that vision do not currently exist yet. So we would have no arbitration or protections for potentially years in the interim and be equivalent to say Ethereum. The community will decide what they want in that respect, and EOS42 will honor that decision and serve the network as a Block Producer.

CryptoComes: How big is the community you are working with? How will you describe it? What are your major principles in working with your community?

David Packham: The main thing I think is very simple with regards to community: if can never lose sight of the fact that as a block producer, you literally work for the token holders. The token holders are our collective boss to serve, if you lose sight of that then you will not last very long as a block producer. You will be out of the top 21 and will become a standby or unpaid even.

CryptoComes: How many user members do you have so far in the community? Individual wallets?

I don’t actually the estimated size oof hand I am afraid.

CryptoComes: How many are involved in the your Telegram group?

David Packham: The main EOS channel has got over 65,000 in it. For EOS42 it depends if you look at EOS London or our main BP one. EOS London blurs the line with us. We haven’t got a huge, huge group because we prefer to build up the community in real life, there’s enough Telegram groups already. You know some people have got 10,000 people but half of them aren’t real community members. Ours has got about 300 or 400 but that’s fine, thats a nice number and that means the community in that are the really active ones. If you think about our meetups, we get about three-400 at EOS London events, that means quite a few of them are engaged and actively on these groups too and its nice. I am not worried about numbers, there’s more to it than that!

Crypto theft

CryptoComes: According to recent research, theft in crypto industry is booming, with the volumes stolen this year times exceeding similar numbers in 2017. What are EOS tactics on dealing with this?

David Packham: On EOS every single account potentially compromised so far, has been purely down to the the registration process. It was down to the fact that we were doing a token swap, in effect, from Ethereum on to the mainnet. So the fraud occurred off chain, it occurred because of the registration process. So no lasting effects are known, I don’t think there any new ones occuring.

What’s happening other than that is that people are losing their private keys and having accidents but that was always going to happen. To a large extent that can be in theory resolved going forward, but before that we need to confirm whether or not ECAF will be the long term arbitration service or not - we need the referendum. Hence why many EOS block producers, including EOS42, are working together building a referendum contract and interface, and making it a priority.

CryptoComes: Do you think anything can be improved in the EOS voting system? Do you think it could be more fair?

David Packham: I don’t think it can be more fair than a referendum, where its one token per vote. I think it is a pretty powerful way of representing views. Some people are concerned about whales, concerned about individuals with what they would define to be too much power. But another way to look at it is those with the most tokens are the most invested in the long term success of the network. There are few who are going to care more about the success of EOS, than those with say 10 mln tokens- you care more about its success, not less.

It’s delegated proof of stake, but at the same time you are right it’s still the one who has the stake can vote than the one who doesn’t have them. That’s the minus of it.

The guy with 10 mln tokens, has so much more money than you and I have combined.  The counter argument is they have put in all that investment, they have so much on the line, it’s not fair for them to not have a bigger say. It is directly equivalent to shares in a company. Should the person who owns $10 mln dollars in Amazon only have the same say as you, who has put down $10,000?

If you look at what EOS token is for, it buys you a percentage of the bandwidth of the computational capacity of the network as well as the ability to vote. So in effect it gives you two things: it gives you a say in how the network is run and it gives you access to the power of the network directly linked to the amount you put in. So to me that is pretty powerful as a way of saying it is fair and right, but other people may disagree.

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CryptoComes: When do you think EOS will dethrone Ethereum or it’s not on the current agenda?

David Packham: I think actually the individuals up at the top, like Vitalik and Dan Larimer, are way beyond simplistic things like EOS vs. Ethereum. I think they are true believers who are in it for the right reasons, that’s why for example Vitalik was in the EOS code base giving advice pointing out errors and things to think about right up to the EOS launch. You couldn’t see a better example of people cooperating and in it for the right reasons. They are way beyond money these guys, all of them.

I think it is fair to say they all want to see the benefits of decentralization. They are both trying different flavors of the same idea, which is they want to build a decentralized operating system and economy. No one is yet sure how best to do that. So you have to try a variety of ways, to really experiment and find out what works best. Until we try we will never know. That’s how most of the great experiments have led to discoveries. How many different chemical formulas did we try before the lightbulb. Blockchain is still in this discovery phase; we are trying different configurations and theories, and at some point we will get one that works extremely well and everyone will pursue that path. DPOS is the only scalable, proven model we have for public blockchains so far.

What we realize with Ethereum is some brilliant ideas and the concept, flaws with scalability, dispute resolution is non-existent, forking seems to be the only way they can handle and resolve. No protection comparable for current day bank accounts, if your money is stolen or you lose your private key you are left a hapless victim.

So these are problems that Ethereum is also trying to resolve by gradually upgrading the system.  In the meantime Dan Larimer’s own invention, DPOS, is taking this great idea and marrying the lessons from Bitshares and Steemit, the things that went right and wrong, to produce this third generation blockchain - EOS.

You know we may be talking again in five years time about a version 4 Blockchain project. Who knows, or it may be that EOS for example is so scalable and adaptable that unlike those before it can morph fully into a version 4 Blockchain and beyond as intended. It is designed to have every aspect of it re-coded on the move, which is something that Ethereum struggles with: you can’t do it that easily, you cannot change contracts once they are deployed. If you get one bug in them like the parity wallet hack where someone initialized the contract for the first time (as Parity forgot to do that in testing and deployment), the inadvertent hacker took ownership of the contract as the initializer of it, and then they selected to kill contract and it froze all the money in the parity wallet. Now in EOS you can actually fix that, you can go back and actually fix the problem. This is where you are getting more sophisticated models than before. It’s going to be really interesting seeing how it works.

But I do think going back to the original question these guys are not hostile to one another.

It could be multiple Blockchain models thrive and they are all part of a giant economy.

When I spoke at an EOS/Ethereum debate the core Ethereum developer and myself agreed on the same thing: we are all in this, it could very well be that EOS is London and Ethereum is NY, and they are two cities interacting economically together within the Blockchain community in the future.

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Building a Litecoin Mining Rig- Step by Step Guide

💡 Cryptotips
Litecoin is seen as Bitcoin’s silver, so one way to pick up a few pieces of digital silver is to mine it yourself
Building a Litecoin Mining Rig- Step by Step Guide

How to start making money on cryptocurrency? The easiest way is building your own Litecoin mining rig! Learn to create a green-field mining rig: our step-by-step instruction will help you.

All of us are trying now to get into currency mining– it seems to be the easiest way to obtain crypto without investing mind-blowing sums of money. If you’re planning to become a miner, pay attention to such resource as Litecoin– one of the top-10 current cryptocurrencies that continues gaining value steadily. But don’t rush to search for a Litecoin mining rig for sale– you can save considerably doing it by yourself. This guide will teach you to build a Litecoin mining rig from scratch.

Why mining Litecoin?

why mining Litecoin

The golden days when you could mine Bitcoins on your PC or smartphone are over – the difficulty of mining has grown exponentially, and your investments in Bitcoin mining aren’t likely to pay off. Luckily, there’s a myriad of altcoins that are GPU-mineable, and Litecoin is one of them. Just like Bitcoin, Litecoin uses proof-of-work for building a chain, but the processing is several times faster, so it’s easier to mine. Litecoin price in May 2018 is $168 and is expected to continue growing. This is one of the most promising cryptocurrencies and is still not hard to mine.

Litecoin vs. Bitcoin: What to choose?

The difficulty of Bitcoin mining is overwhelming: today, it’s hard to mine this cryptocurrency on your own, while an ASIC Litecoin mining rig can still bring you a considerable revenue. Here are the main reasons for choosing Litecoin mining instead of traditional Bitcoins:

  • Litecoin mining is done with CPU.

  • Litecoin can be generated several times faster than Bitcoin (it takes about 150 seconds, and Litecoin transactions are pretty quick).

  • 84 mln of Litecoins will be generated versus 21 mln of Bitcoins.

  • There are many Litecoin mining pools– if you want to unite power with other Internet users, you’re free to do that.

What is mining?

Mining is the process of maintaining the Blockchain– the distributed ledger containing all transactions made. What miners do is receive the transaction details from different network participants and assemble the transactions into certain structures by finding a suitable hash.

Hash is the result of running a chunk of data through a cryptographic algorithm: the set of data will return only one hash. Hash cannot be used to obtain this data, but it ensures its safety and integrity. If one symbol in the string is changed, the hash will become unrecognizable. Since each block has the hash of the previous block, the network will know if someone attempted to insert a transaction into the ledger.

Mining is becoming more and more competitive: the first miner to generate a correct has is rewarded with Litecoins, the others get nothing. Therefore if you want to outperform the rivals, you need to have a lot of computing power. There is a specialized gear for mining– the hobby has turned into a real profession, and people around the world get involved by building mining farms and rigs.

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Creating a Litecoin mining rig in 2017 was a simple and profitable initiative, and it may still bring you a considerable revenue. You just need to organize facilities properly.

Create a wallet

Prior to building Litecoin mining rigs, you need to create a wallet where you will keep your coins. The easiest way is to open the homepage of the Litecoin and find the download link for the wallet app. If you have issues with that, there are numerous community forums on the Net. Most wallets are based on the Bitcoin-Qt client and they are reliable, but you may need to wait when the entire Blockchain downloads.

Choosing hardware for your DIY Litecoin mining rig

Instead of buying a ready system (which is hard to get and expensive), you can buy Litecoin mining rig hardware and assemble the unit on your own. Here’s what you’ll need:

  1. PSU (Power Supply Unit). A 1300 Wt PSU will be perfect, but if you cannot find one, try an alternative – get two 750 Wt units and connect them together using an add2psu adapter.

  2. Motherboard and CPU. With the average budget of $150, you can try H81 Pro BTC motherboard combined with Intel G3220 CPU. Alternatively, try MSI Z77A GD-65 with Intel Celeron G1620. Both are perfect non-expensive variants for mining.

  3. RAM. You can go with a non-expensive 4GB Kingston DDR3 RAM– it will be more than enough. However, if you’re going to use Reaper mining software or script-based mining solution, look for 8 Gb RAM.

  4. Powered Riser Cables (1x to 16x). Buy six cables – for each GPU. They are used to connect the graphic cards to the motherboard and organize space between them for better ventilation. Plug the 1x male end of the cable into the 1x or 16x slot on the motherboard, and connect the cable’s 16x slot to where you plug the graphic card into.

  5. Hard Drive. You will need an SSD drive to install the OS.

  6. Mining Case. This is where you will build a Litecoin mining rig. You can make a case on your own using tangled aluminum bought in the local hardware store or buy a ready one. There are plenty of custom built cases sold online.

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  1. Cooling Fans. You will need extra cooling to keep the temperature down in ever-working GPUs. Buy a box fan, it will cost you about $30.

  2. Keyboard, mouse, and monitor. You need them to configure the software only – to cut expenses, you can get the ones from your PC.

GPU – Which one is better?

The choice of graphic processing unit is crucial for the efficiency of your mining rig. In this table, we’ve performed Litecoin mining rig comparison based on the GPU models.

Model/Characteristics

Core Clock

Memory

Power Draw

Outputs

Nvidia GeForce GTX 1070

1,506 MHz

8GB GDDR5

150 Wt

3 x DisplayPort 1.4, 1 x HDMI 2.0, DL-DVI

AMD Radeon RX580

1,257MHz

8GB GDDR5

185 Wt

1 DisplayPort 1.4, 1 x HDMI 2.0

Nvidia GeForce GTX 1060

1,506 MHz

6GB GDDR5

120 Wt

3 x DisplayPort 1.4, 1 x HDMI 2.0, DL-DVI

AMD Radeon RX Vega 56

1,156MHz

8GB HBM2

210 Wt

3 x DisplayPort 1.4, 1 x HDMI 2.0

Nvidia GTX 1080 Ti

1,480MHz

11GB GDDR5X

250 Wt

3 x DisplayPort 1.4, 1 x HDMI 2.0

Nvidia GTX 1070 Ti

1,6070MHz

8GB GDDR5

180 Wt

3 x DisplayPort 1.4, 1 x HDMI 2.0

AMD Radeon RX580 is a real hit that’s always on demand among miners. However, this is the reason why it’s rarely in stock and people cannot find it in stores.

Operating System

If you know how to work with Linux, you can simply download it for free (some users suppose that Linux is the best variant for Litecoin mining– it ensures the best mining ROI). However, undervolting and overclocking is always better with Windows thanks to its powerful drivers. Windows 8 and Windows 10 are pretty good for mining. Although you can install an OS with a thumb drive, some prefer loading the OS from an install CD– do as convenient for you.

Advantages of mining on Linux OS:

- It’s free

- It already comes with mining software

- Its EthOS version is tailored for mining altcoins

- Easier remote management

- Reduced power consumption

Installation process

Now when the hardware and software are ready, you need to assemble the mining rig. Follow these steps to finish the process:

  1. Attach the CPU and fan to the motherboard and place RAM on the memory slot.

  2. Install the motherboard on the top of your frame/box and ensure that all ports for SATA, USB, mouse, and keyboard are accessible. Plug the riser cables in PCI-E slots of the motherboard.

  3. Connect each GPU to the corresponding riser cable and rest the bracket end on the edge of your frame. Screw GPUs on their places– don’t forget to make the holes beforehand, it will ease the task. Leave space between GPUs to ensure optimal ventilation.

  4. Connect the PSU to the CPU and your GPUs.

  5. Establish Internet connection. Wi-Fi USB adapter is the best option.

As soon as the hardware is assembled, you need to install OS and the corresponding mining software. Prior to installing all six GPUs, you can try connecting only one. If the processor sees it, and it’s working properly, install and connect all the rest. If the CPU cannot find them, you need to install drivers and specify the paths manually.

Double-check that things are working properly and make sure that cooling is sufficient– GPUs emit a lot of heat. To guarantee minimum downtime, try WatchDog timer– it reboots the mining rig in case of power outage and system failures.

Conclusion

Cryptocurrency is all around us, and there’s the whole gamut of possibilities to make money on it. If you need passive income, building a Litecoin mining rig is the golden opportunity you shouldn’t let slip by! Invest in hardware, follow this guide to create the rig, and soon you’ll be a proud owner of brand-new Litecoins.

Cryptotips
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🕵️‍ ICO Watch Eric Eissler

Past-ICO Review: Odyssey’s Arduous Adventure

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It will be an odyssey to take on the shared economy of things, there are already multiple players inside and outside the cryptosphere
Past-ICO Review: Odyssey’s Arduous Adventure

Odyssey wants to take a stake in the shared economy of things, where ownership of objects is not owned by one but by many. Uber, Lyft, AirBnB, these are just some of the companies that make up the shared economy of things. Odyssey wants to use Blockchain to create better networks of sharing platforms which are more decentralized. Odyssey has a long way to go, with a target date of full systems operational somewhere by October 2019 or 2021 according to the roadmap.

Financials

Odyssey raised $50 mln in a one-day token sale and has had much hype around the token. The token was offered to the public markets a day after the ICO ended and skyrocketed up from $0.02 to almost $1.00 in four days! However, the glory was not had long, after peaking close to one dollar Odyssey fell back to just above its entry price four days later. Now, the current price is next to nothing at $0.003215, at the time of writing. The market cap is at $15.2 mln and there are 4.75 bln tokens in circulation out of 10 bln total.

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Team  

The team behind Odyssey is obscured and only the two primary advisors Yi Shi and Justin Sun are listed on the site. Yi Shi is the CEO of Shanghai’s Avazu Holding, while Justin Sun is behind Tron coin. Advisors are one thing, but not listing the team is a major red flag. Usually, information about the team is transparent because these companies want people to invest in them and given all the scams that have been associated with ICOs and crypto, people tend to shy away from companies where the team is not visible. However, this did not stop the investors, considering the ICO raised $50 mln.

Strong social media

There are some 40,000 followers on Telegram and more than 100,000 on Twitter, so there is a good base of people who are interested in the company and what it wants to do. Recently, according to a tweet the wallet and payment system is now live.

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Sharing is caring

According to the website, the system functions on ratings and rewards for services provided. Therefore, it will be the service provider and his/her interactions with providing clients service that to a level that is satisfactory will allow this person to carry on their work and be known for doing a good or bad job. Obviously, people who do will be recommended and rewarded, whereas poor performers will not, and eventually (author’s guess) be removed from the system. Competition for this type of service is already high both in and out of the cryptosphere. Odyssey has the cards stacked against them in terms of already existing competition and a long way to launching a product.

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