Wikicoin David Dinkins

WikiCoin: Proof of Work

📚 Wikicoin
Proof of Work is a consensus mechanism that requires the network’s contributors to do a verifiable amount of work in order to ensure honesty.
WikiCoin: Proof of Work

Proof of Work (PoW) is a consensus mechanism used by Bitcoin and many other cryptocurrencies to prevent attacks on the network. Bitcoin’s entire transaction history is stored on the Blockchain, and this Blockchain also records the balances in everybody’s Bitcoin wallet. Satoshi Nakamoto, the inventor of Bitcoin, realized there needed to be some way to keep everybody honest.

If anybody could add a block to the Blockchain, then the network would be vulnerable to attacks by people who wanted to reward themselves with more Bitcoin. Satoshi solved this problem by creating a PoW system called “mining.” Miners have to solve cryptographic puzzles whose difficulty is determined by the number of other people who are mining at the same time. Since mining requires expensive, specialized computers and a great deal of energy usage, miners actually have real money invested in the process.

Once a miner discovers the solution to a puzzle, he is able to publish the block to the Blockchain, where all the other nodes on the network verify its legitimacy. If the network accepts the block, the miner is rewarded with newly-created coins. If enough of the network’s nodes reject the block, then it will be orphaned and won’t be added to the Blockchain. With Bitcoin, the longest chain is always considered to be the valid one, meaning that any work done on the “wrong” chain will be wasted. This keeps people from trying to fork the network with an illegitimate series of blocks (unless they have a substantial majority of the mining power on the network). Ultimately, the legitimate miners will reject the invalid chain, and the work of any attackers will be lost.

The exception is a 51 percent attack, in which a large majority of the network’s miners are corrupt. In this case, the miners can begin mining on an illegitimate chain and, if they have enough mining power (hash power), they can overcome the honest actors on the network and create the longest chain. At that point, all the network’s nodes will accept the attacker’s chain as valid.

Proof of Work is often criticized because of the vast amount of energy that’s wasted. The process of mining doesn’t do anything productive; it simply ensures that those who try to add block to the Blockchain are incentivized to be honest. Because of the inefficiency of Proof of Work systems, other consensus methods like Proof of Stake have been proposed, but they have their own weaknesses.

Wikicoin
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🕵️‍ ICO Watch Eric Eissler

Past ICO Review: TenX Puts Crypto on Debit Card, Hodlers Beware

👁 ICO Watch
Spend crypto with a debit card and an app but what about the fees?
Past ICO Review: TenX Puts Crypto on Debit Card, Hodlers Beware

TenX is making crypto more of a tangible payment system by creating actual debit cards that are linked to a TenX wallet.

The company has a forthcoming banking license in the works and intends on taking its everyday payment system mainstream. With technology like this, it is surprising that the company did not raise more in its ICO; it raised $80 mln, which is still a substantial amount of capital, but for the innovative service it is offering, it is surprising that it was not able to garner more support.

The token started out strong, entering the market at $0.83. The TenX token has been on a steady decline since its release with an all-time high of $5.26 during the 2017 December rally down to $1.01 as May 2018 closes out.

The token price might not go to the moon, but the debit card might end up in a few wallets.

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Who is using it?

While it is a step in the right direction to get crypto to become more of a mainstream and daily use commodity, there are still the Hodlers out there, who are seemingly never going to spend their crypto. This technology would not appeal to them.

However, for the people who do want to spend crypto TenX provides that service via a debit card and an app. TenX’s motto is: “At TenX we work on making any Blockchain asset spendable instantly.”

TenX works with credit card providers to connect the COMIT transaction network to a payment card, allowing you to quickly and safely convert cryptocurrency funds into card transactions.

Currently, TenX supports Bitcoin, Dash and Ether, but the system is capable of supporting most Blockchain assets and the company plans to expand offerings in the future.

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Conversions, fees, the general cost of doing payments

While the idea of using crypto is novel and exciting for many, there are a variety of fees that, to many consumers, would be off-putting.

When you can use your debit or credit card to do the same thing for free, why would you want to pay the fees and have crypto conversions to another crypto and then into fiat? Therein, lies the biggest problem.

There are too many conversions and too many associated fees and costs. While the site states that there are zero percent conversion fees, there are surely costs, but they are being absorbed by the company.

TenX does offer an incentive, similar to what the credit card companies do, but users get a different incentive than cash back or points.

TenX distributes tokens in the amount of 0.1 percent of purchases. Additionally, a reserve of 0.5 percent of the payment volume on the network is periodically distributed to holders of PAY tokens in proportion to their holdings. TenX plans to distribute this incentive monthly at first, with hopes of increasing distribution frequency in the future.

Looking into it further, there is discussion on Reddit on who is using the card, and it seems many people are using it in Australia successfully. There appears to be no public information on how many users TenX has.

We can only assume some pilot programs are running around the world with limited numbers of people signed up.

Building base, gearing up

While the company has some innovative ideas on how to spend almost any crypto via debit card and app, there will be competition from the likes of Bitpay and mainstays such as Visa and Mastercard, if they get into the crypto payments game.

There could be a lot at stake, but without risk, there is no reward.

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Coins Guide George Shnurenko

How to Exchange EOS to USD

🎓 Coins Guide
There is no doubt that Ethereum smart contract protocol has proved to be quite an innovation.
How to Exchange EOS to USD

Contrary to what you may imagine, EOS is not an acronym. It is, in fact, the name of the system. There have been suggestions that it should stand for “Ethereum On Steroids” or “EOS Operating System”. These interpretations, especially the second one have had much to do with the system’s popularity among traders.

There is no doubt that Ethereum smart contract protocol has proved to be quite an innovation. However, the Ethereum blockchain still experiences scalability difficulties and is not as user-friendly. Therefore, by solving these problems, many people speculate that EOS is destined to be the new Ethereum. In addition to being more scalable, the EOS network is a lot more user-friendly when compared to the Ethereum blockchain and it provides that same range of functions as the latter. Its creators aimed at developing a blockchain where one doesn’t require technical knowledge to participate safely. The network also provides several advanced features such as;

  • A software interface that is user-friendly
  • Vertical and horizontal scalability
  • Flexibility features that can accommodate delayed transactions

How Does EOS Work?

As EOS’s primary feature, the computer software is designed to optimize the processing power of a machine and allow users to plan for applications from several different CPU clusters or cores. This amplifies the amount of processing power in the system and streamlines the costs. EOS utilizes a distinguished processing matrix referred to as delegated proof of stake which allows for improved efficiency and flexibility. Developers enjoy advanced processing speed without incurring transaction fees.

The Process Used To Convert EOS To USD

With all these merits, it is hard to imagine that anyone can want to let go of his or her EOS tokens. However, sometimes circumstances make us do things contrary to our overall objectives. If the need to convert your coins to USD arises, you have to find a suitable exchange that supports this kind of transactions. Currently, the cryptocurrency market is filled with numerous platforms that provide the same services. This makes selecting the right platform cause for a headache not just for novices but also veterans. You ought to carry out ample research before settling for an exchange. Popular among such exchanges is Binance.com, Kraken. Bitfinex, Cryptopia, and ZB.

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However, when it comes to trading EOS, Binance has proven to be the ideal exchange. It is fast, has low fees and offers fantastic contests.

Binance.com

Being a Chinese exchange, Binance naturally supports several languages. The firm is relatively new on the market despite being so popular among traders. Its popularity is as a result of its impressive quantity of initial token offering and also the low trading charges.

When trading digital cryptocurrencies with this platform, it offers you two options for being basic and advanced options. None of these options is easy for a novice. However, with a little guidance, you should be able to use the services offered by the exchange.

Trading your EOS with Binance should be straightforward as well. You simply have to send the EOS quantity that you wish to exchange to the Binance Wallet address provided by the administrator and then follow the prompts to choose the preferred currency, confirm rates and complete the transaction.

Apart from EOS, Binance supports several other altcoins such as Ethereum, Bitcoin Gold, Litecoin, NEO and many others. The list can be endless.

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Alexander Goborov

ICO Monthly Totals in 2018: USD

June gathers almost 6 billion USD in ICO funds
ICO Monthly Totals in 2018: USD

ICO stands for Initial Coin Offering, a term which is heard pretty much non-stop today in the fast-paced world of cryptocurrency. In many ways, ICO is very similar to the older term IPO (Initial Public Offering), in which members of the public are offered to purchase shares of a company. Accordingly, ICOs are essentially a form of crowdfunding needed to allocate enough monetary resources in order to support and secure a new crypto unit release.

The first cryptocurrency to use this method of funding was Mastercoin in 2013, followed by Ethereum in 2014, and then Waves in 2016. Alas, the ICO scene is shrouded in scandal with some crypto minds allegedly fleeing their investors with stuffed pockets; however, billions of dollars are still being raised every month by new, legitimate crypto players.

The graph below shows what the ICO situation is like right now. The year started with January gathering almost 2 billion US dollars in ICO funds; March saw over 4 billion; and June, this year’s record so far (and likely to remain so), saw close to 6 billion dollars in funding.

After the subsequent wane in the late summer and early autumn, October has gathered around 350 million US dollars in its first ten days. Let’s wait and see how this crypto year wraps up as Christmas is fast approaching.

ICO Total 2018

 

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Crypto Gags Heewon Jang

POLL: Would you like your salary in crypto ??

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POLL: Would you like your salary in crypto ??

According to one of our articles, 31 percent of people do not mind accepting salary in crypto, so we decided to see how many of our readers would really go fot it

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Vera Thornpike

Today’s Crypto World: What’s in It for Me?

What the heck is cryptocurrency really? Find out how it emerged and what the average Joe can do with it
Today’s Crypto World: What’s in It for Me?

Cryptocurrency has turned into a buzzword in 2017, but how much do you know about it? Learn the basics of crypto technology, its advantages, and spheres of application.

Although the encryption technology and cryptocurrencies appeared in 2013 or earlier, the world witnessed its meteoric rise in demand in 2017. This is when millions of people caught the crypto bug and started investing heavily in Bitcoin and tokens alike. But what do we know about this buzzword? In the US, only 20% of residents are aware of what cryptocurrency is. Only 10% out of these people can explain crypto’s nuts and bolts, and the number of people who actually invest, implement, develop crypto products is even lower.

If you’re also in the dark about cryptocurrency, it’s time to shed some light on this phenomenon. Let’s answer a few popular questions concerning this technology and find out how it can be beneficial to you personally.

What Is Cryptocurrency?

Compared to fiat currency that exists in both physical and virtual forms, cryptocurrency is a 100% digital financial asset. The lynchpin technology underlying it is encryption: a certain form of data coding that prevents it from exposure to third parties. One more crucial advantage of crypto is decentralization, i.e. storage of data on multiple nodes in the form of the Blockchain. Encryption and decentralization have made cryptocurrency invincible and failure-proof. It allows for anonymous transactions and makes crypto totally independent from governments and banks.

“Through decentralized cryptography, Bitcoin eliminates the need for banking intermediaries, significantly lowering transaction costs. This holds promise for liberating poverty-stricken economies around the globe by providing access to capital to one-third of humanity which is currently excluded from the financial world,” - Perianne Boring, Founder & President of the Chamber of Digital Commerce

How Is It Created?

In its essence, cryptocurrency is a virtual asset that has no real value. Typically, the company standing behind a crypto project puts out a certain number of tokens and sells them or gives users a chance to mine them.

During mining, people provide their computing power in order to perform complicated mathematical calculations and create data blocks (PCs, mine rigs, and cloud servers are used for that). As soon as one data block is created, miners get rewarded with crypto tokens, as they use their own facilities to execute all crypto transactions.

Crypto vs Fiat Currency: What’s The Difference?

While regular currency units are printed by governments and are 100% controlled by states and banks, cryptocurrency is a totally independent asset. What exactly makes crypto superior? The list is a mile long:

  • Absence of geographical restrictions: transactions are made worldwide.

  • 100% anonymity of transactions (though, some cryptocurrencies do not support this feature on purpose).

  • Crypto money is not controlled by centralized entities like governments, banks, etc.

  • The crypto market offers thousands of currencies, each with its own technical feature.

  • It makes investment easier than ever before.

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Can I Personally Benefit From Cryptocurrency?

There are many examples of successful cryptocurrency investors: Roger Ver, ‎The Winklevoss Twins, ‎Erik Finman, Jeremy Gardner, and others. These entrepreneurs were both smart and lucky to invest in cryptocurrencies before they built the necessary momentum and their prices soared into space. You can start investing, too: the opportunities are out there! Be that as it may, it requires quite a bit of financial literacy, patience, intuition, and analytical skills. A hit-or-miss strategy here is likely to fail.

Some choose to invest in ICOs (a buy-into option known as the Initial Coin Offering). Startups emit tokens to raise funds, and if things go well, their proprietary cryptocurrency grows in price. Nevertheless, statistics show that 90% of all ICOs are actually drowning ventures, as their tokens never make it to the exchange market. This means that you should think twice before spending your hard earned cash on questionable projects, that is, you should definitely do your homework before leaping ahead.

The crypto perks extend well beyond investment. Mining used to be arguably the quickest and easiest way to earn cryptocurrency, but now it requires a lot of computing power and, consequently, electricity and equipment costs.

When you do become a proud owner of cryptocurrency though, you can:

  • Perform anonymous transactions across the globe for a minimal fee.

  • Make purchases with Bitcoins and a handful of other altcoins.

  • Cash out your crypto coins when the time is right.

The Bottom Line

Even if you want to stay away from cryptocurrency right now, having some basic information about it most certainly wouldn't hurt. Sooner or later, we’re bound to witness the true rise of the crypto commodity all over the world, the world in which crypto knowledge will hold the true power. Hold tight!

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