Cryptocurrency: What is the idea behind these digital money systems?
In 2008, a person or group of people published the Bitcoin whitepaper under the pseudonym Satoshi Nakamoto and thus paved the way for cryptocurrency. To this day, no one knows who is behind this pseudonym and therefore behind the idea of this revolutionary digital payment method.
For many people, cryptocurrencies remains an equally obscure concept even though, almost a decade after the emergence of Bitcoin, there are more than 2,000 suppliers offering these digital payment systems, as shown by the impressive list on the CoinMarketCap online portal.
A cryptocurrency (also called crypto device or crypto-active) is a digital payment method generally based on blockchain technology and cryptographic procedures such as hash functions and digital signatures. Unlike traditional currencies, cryptomones do not have coins or notes, all payment units being exclusively digital.
These usually asymmetrically encrypted currency units are generated collectively by the entire system and in most cases, a fixed unit ceiling is defined upon launch of the cryptocurrency. The term “mining” has emerged to describe the process of issuing these units, which explains why we sometimes hear about “cryptomone mining”.
Whatever your activity related to cryptocurrency: broker, trading site, sales site or portfolio, Crypto SEO will help you get more organic traffic. Since the ban on paid advertising for cryptoc, qualified SEO traffic (from referencing) is now the main driver of growth, sales and customer acquisition for any site related to cryptocurrency.
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The cryptocurrency industry has made significant changes in the business world. Many traditional business strategies, marketing campaigns, and financial structures have been made obsolete or obsolete by new cryptographic technologies.
Overall, the cryptocurrency market is growing exponentially. This represents a huge capitalization opportunity and a new way of doing business around the world.
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As you may already know, the biggest players in the digital industry have banned all advertising related to crypto-currencies and ICOs. It is extremely difficult for companies to make themselves known in a conventional way or with more traditional digital marketing techniques.
Since January 2018, Facebook has banned all advertising for cryptocurrency and ICOs because, according to them, they are “frequently associated with deceptive or intentional male practices”.
Then, in March, Google also announced a ban on paid advertising for crypto moneys that came into effect in June on all its platforms (YouTube, etc.). In addition, Snapchat, Twitter and MailChimp also followed the same approach. Finally, Reddit had banned crypto-currency ads since 2016.
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About The Author
Junaid Ali Qureshi is an ecommerce entrepreneur with a passion for emerging tech marketing and ecommerce development. Some of his current ventures include Progos Tech (an Woocommerce mix and match), Elabelz.com , Titan Tech and Smart Marketing .
The crypto sector has changed in how funds are raised. It started with the declining of ICOs (initial coin offerings), followed by the coming of STOs (security token offerings), and next was the rising of IEOs which are almost similar to ICOs.
Acquiring funds is the way to start all kinds of business in this world. The changes of world coin index and crowdsourcing are all over the globe in every field, mostly in crypto currency decentralized field. That has always happened even if crowdsourcing keeps changing communities and technologies development.
ICO was, in fact, the highest common subject in the crypto field in 2017. During that time, over eight hundred initiatives collected around six billion dollars using crypto ICOs. You can even check crypto news or google search trends and see how the ICOs had really gone up at a time when the costs of Bitcoin had risen.
ICOs crypto started going down in 2018; though during that year 1253 Initial Coin Offerings raised almost eight billion dollars. Now we are in the last quarter of 2019, and it is only eighty- four projects which have been able to get less than 350 million dollars cumulatively.
But the rumors that crypto ICOs are now obscure are still there. Actually, 350 million dollars is still a great amount of capital for a new ecosystem. We have had great crypto ICOs even during this year. Algorand, which is a Blockchain company, raised more than sixty million dollars in June through a token exchange. Also, Tron Game Worldwide acquired almost eighty million dollars through the crypto ICOs.
The importance of the collapsing of cryptocurrency prices cannot get overstated. During the previous two years, crypto ICOs were managed greedily and with guesswork to a certain level. Most individuals saw the cryptocurrency market as a venture for becoming wealthy fast. Organizations also noticed that they were capable of generating a lot of funding through plagiarizing white papers and promising unreasonable returns to people who invest.
Certain research revealed that more than eighty percent of crypto Initial Coin Offerings done in 2018 were a fraud. We now have regulations, and legal action has been taken to those who run crypto scams.
Crypto STOs were expected to be the following development of crypto ICOs; however, many discovered the unreasonable demands to take part in it. In order to participate in crypto Security Token Offerings, a person should be certified by the US Securities and Exchange Body.
So, even if Security Token Offerings are supported by actual assets, the joining requirement makes it impossible to be a preferred alternative of raising funds. Actually, getting capital via crypto STOs is not easy due to the US Securities and Exchange Commission (SEC) which is almost similar to IPO (the old initial public offering). But Security Token Offerings are more valuable compared to IPOs.
The year 2017 was for Initial Coin Offerings (ICOs); however, 2019 — for Initial Exchange Offerings (IEOs). The Binance crypto exchange initiated that, as well as launched an offer for BitTorrent at the beginning of 2019. There have been several initiatives going to exchanges that offer similar services. Crypto kitties game is also there to make blockchain available to everyone, including those who play mobile casino games.
The IEOs is coordinated by the crypto exchange in place of a starting company that is interested in raising money. In exchange for their offers, the starting companies are required to pay listing charges and a certain amount of tokens sold in the Initial Exchange Offering. This relationship between the company and the exchange eventually becomes mutual since the exchanges get incentives to assist the companies in advertising.
Most people are convinced that crypto IEOs provides a fairground for startups and new investors who want to raise money. Another good thing about Initial Exchange Offerings is that they have people who know how cryptocurrency mining operates and what its advantages and disadvantages are. So, it is generally a win-win situation for everybody who takes part in it.
But people who reside in America can’t participate in Initial Exchange Offerings for now. Presently, crypto IEOs are not legal since tokens are simply securities and illegal trades act as dealers. But the worldwide money-lenders have revealed that the IEOs are the perfect method of raising money for any crypto initiative. This year alone, the IEOs have managed to collect 1.5 billion dollars with no intervention of the lenders based in America. This is enough proof that they are a good way of raising funds.
The Initial DEX Offering is quite the same as crypto IEOs. The only difference is that Initial DEX Offerings take place on Cardano crypto or decentralized exchanges while Initial Exchange Offerings take place on the ones which are centralized. Some time back, the Raven Protocol did an IDO on the Binance DEX.
But at the moment, DEXs have less resistance to the extent that most people are questioning their crypto market use. Binance DEX on its own has a trading amount each day; it is as low as two million dollars. DEX has not attained maturity so far in terms of people using it and order book depths. For an Initial Exchange Offering to be successful, it requires a good number of users and their high engagement.
The crypto ICOs is simply a tool used to get money. In various ways, the failures of Initial Coin Offerings are what led to the introduction of Initial Exchange Offerings and the STOs too. Initial Exchange Offerings are nothing but Initial Coin Offerings that have a different mediation and regulating method which ensures value while minimizing users’ risks. But for the crypto STOs, they just possess a higher entry barrier which makes them less useful in some initiatives.
The drop of crypto ICOs interests was because of the introducing of serious crypto exchange field regulations. Also, investors are currently aware of the various dangers related to it, and they are more careful than before. But the IEOs have already shown that they are the central place for the libertarian design of Initial Coin Offerings. They have also proved to be the draconian regulating design that comes with crypto STOs.
Do you now see how our crypto world has evolved so far? There are sufficient ways of raising money. Analyze all these methods that we have discussed here and determine which one will suit your startup. Also, if you have any questions or suggestions about crypto fundraising, write to us. We will be happy to hear from you.
Thomas Glare is familiar with the crypto currency having invested in several crypto businesses. He loves informing others about new technologies and important things that help in making people’s lives better. Apart from being an excellent writer, he loves playing football, watching movies, and interacting with new people.
Reading this post here on Coinideology there’s a good chance that you have a fairly good idea of the concept of Blockchain Explained like what a blockchain is. And that Bitcoin is a digital currency or cryptocurrency that is built on the blockchain technology.
In this post, we aim to give you an in-depth look into what blockchain is, how it works and why most of the biggest companies and organisations around the world are investing heavily in this new technology.
The very literal name of blockchain is referring to the records of data and information stored on blocks. And each new block is connected to all the previously created blocks, thus creating a chain of blocks. All are storing information of every single block created before it.
Essentially the blockchain is like a database. That is made extremely valuable and unique due to its decentralised nature. Where no person, company or government can control it, without diminishing its appeal and use cases. At least when we talk about public blockchains or permissionless blockchain.
There are also private blockchains, or permission blockchains. Where a pre-selected group only can participate and enter new data, or transactions on the blockchain.
The latter we have seen emerge from global tech and media companies lately. Trying to create their luck in this new emerging technological landscape. But in this article, we will be focusing on the decentralized and public blockchains.
Because it is those with Bitcoin at its lead that is generating the awareness and attraction across almost every industry.
Bitcoin and blockchain have for a long time been heavily intertwined. Where Bitcoin, the cryptocurrency was created by this unknown figure only known as Satoshi Nakamoto. Satoshi Nakamoto created both Bitcoin and the blockchain now more than ten years ago, back in January 2009. Who or whom that is behind Bitcoin remains still a mystery.
But what we have seen is a shift in recent years. Where the blockchain technology have started to go down its own path. Separated from Bitcoin. Where businesses and organisations around the world have understood the unique value that a blockchain represents.
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.” —Vitalik Buterin, co-founder Ethereum and Bitcoin Magazine
In the case of blockchain and Bitcoin specifically. Each block contains unique information about each transaction included in that block. Such as:
Number of transactions, date and time of each transaction, the sender and recipients and the amount of Bitcoins sent and each block also contains a unique, or ‘hash’
And each block also contains the information of all previous blocks. All containing the same information in them.
For new transactions to be accepted and entered into new blocks they need to be validated by, in the case of Bitcoin, miners. Miners is the name given to the group of users that through computational work solve mathematical puzzles, and by doing so they validate new transactions and get rewarded with new Bitcoins.
This model is known as the Proof of Work (PoW) system. Which is the most commonly used model for blockchains. There are also other models known as the Proof of Stake (PoS) model, where users stake their cryptocurrencies instead of mining to validate new transactions. Another model is known as the Proof of Authority (PoA) model. Which is a new PoS model, where only selected authority nodes can validate new transactions.
The key value that blockchain represents is that they can automise current services and products, and remove unnecessary middlemen from the equation. It is both a technological advancement as it is a political concept.
Where power and rewards are brought back to the users and the providers. Much aligned to Vitalik’s quote about removing Uber from the equation and giving a greater reward back to the taxi drivers.
So the concept and technology have for understandable reasons grabbed a lot of attention and interest. But one of the major questions often asked about blockchains, is how secure are they?
And that questions centres around a few key concerns:
So to answer all those questions, in order to modify existing data on the blockchain the hacker would also need to modify all future blocks. So the data and information are matched and linked correctly. Doing so would require huge amounts of computational power and taking control of a majority of the work done in a PoW model.
For example, the 51% attack is an example of this. Where hackers trying to take control of the Bitcoin network would need a majority of the computational power of the network, to be able to control all future transactions.
If any hackers fail to achieve a majority of the power of the network, miners can more easily sway off their attacks. And keep the network secure and intact.
We have touched on this question briefly, but we want to summarise our thoughts on the appeal of Bitcoin and blockchain technology.
A key factor is that the idea of no one owning, or controlling the blockchain can appeal to the masses. Where for a long time people might have grown tired of how current systems favours the few. And where the voices of the people have gone unheard and unanswered.
So the concept of a new technology where we are all but equals. And where we can participate in the network when we want and without asking for permission, or for that matter when it comes to Bitcoin and other cryptocurrencies paying huge fees to use it.
So with the advancement of new blockchain technologies, like the one of Ethereum. Where introductions of smart contract technology and decentralised applications have been added to the mix. The concept of a much smarter and more powerful blockchain, but still decentralised is for sure a very strong message and opportunity.
Imagining taxi drivers and other businesses receiving a larger piece of the pie, all while us consumers pay the same or less.
Another key factor is that blockchain technology seems to be able to adapt to other technologies around it, and with current trends in business and society. Many businesses are trying to bridge blockchain technology with other technologies like AI, machine learning, VR and AR to pretty much everything else. And there is no inherent blocker, where these technologies can’t marry together well.
We are so early in the journey of where blockchain can take us. And we are still trying our best to figure out its current and future use cases.
So exactly how, what and where blockchain technology will continue to develop and form is not yet clear. But that is for us consumers to decide on our needs. And for businesses to understand by creating the technology, products, and services to meet that need.
Lastly what is perhaps the most exciting notion is that the power and value of blockchain technology can influence and positively affect pretty much every single industry.
From the supply chain industry where we have seen new blockchain projects like VeChain, Waltonchain and Ambrosus. To medicine and healthcare areas, to the automotive and transportation industry, to how governments operate. And the list can go on and on. Wherever there is a need and solution in place, there’s a good chance blockchain technology could be implemented and improve current use cases.
So today the effect of blockchain technology is still minimal if compared to the potential. Therefore it is so interesting to observe and engage with this space. Because of the opportunities for new businesses to form, for new use cases to be thought out and entrepreneurs to be made.
That means if you have the interest to be apart of this new emerging technology, then nothing should stop you from getting onboard. The potentials are there, now it’s for us to make something real out from it.
That concludes this review of blockchain technology and our visions for how and where blockchain technology can go next. No matter which role you decide to take, blockchain technology can’t and won’t be stopped.
Per Englund, founder of crypto and blockchain site Go CryptoWise
Blockchain is getting busy in the future. Many companies have shown interested in investing in Blockchain. There are many reasons behind the investors to invest. It may be easy to handle the cryptocurrency than the database. The market of cryptocurrency is gonna hit the transaction value. It follows incentive models to maintain the network in control.
A traditional database is getting old to maintain the data with a wide variety of features. It may have pros but as the future is dependent upon the time, thus the blockchain gets hype into the market. Most of them get confused between the term cryptocurrency and blockchain.
Blockchain is a type of block that is used to distribute the cryptocurrency under a network, where cryptocurrency is said to be a digital currency. Thus the blocks are easy to maintain the data than the traditional method called database. Thus I have listed out the difference between the traditional database and the blockchain.
When you compare the mechanism of database and blockchain, you might notice the difficulties of handling the system. The database follows a CRUD system that allows it to create, read, update, and delete. Blockchain carries a function to just insert the data. It makes the operation simple than the database. The required operation to maintain the data follow data that is a cryptocurrency, where the database doesn’t follow the chain to secure the network so that it can’t easily control data flow with the time.
Each block can control easily by its flow when it crosses via the cloud. The cloud technology creates data usage with more efficient usage than the database. Multiple databases are difficult to control whereas multi-data in a blockchain can easily control. Each data can be operated easily than the traditional database as it doesn’t allow the user to access the information when it is required.
Blockchain carries out the data via the network which has been designed to maintain its security level against the hackers but the database follows the centralized method to secure the data. It may be easy to get track the information of data as it is in the same location. The decentralized method of blockchain allows the system to be secure more than the database method. Each block has been designed with a complex network.
The network follows the user data by the user-id which is created for the respective users, through which the user can easily control their data but the traditional database doesn’t have this type of feature. Due to its unavailability of the network system as blockchain, the database cannot sync with the image of blockchain.
Each node of the network has been crucially patronized by the engineers to restrict the hackers from the system of the database as it follows the centralized pattern. The blockchain consist of following tokens which is responsible for the network operation.
This token is an important player in the blockchain. It classified as currencies, which can describe the mean into payment for goods and services as an external service for the blockchain platform to run the token.
Let me explain you with an example, the mechanism of blockchain is about cryptocurrency as a bitcoin which replaces the currency into digital money. Where bitcoin holders can able to buy and sell the product and services from the shops, online retailers, and other merchants.
This token is for the investors who were investing in terms of cryptocurrency as their digital assets. You can access in terms of the name as product or any kind of service. For example, the cryptocurrency holder can exchange the digital currency with their native cryptocurrencies for customers to reduce the trading price.
The major difference between the currency and the utility token is access to the function with a cryptocurrency issuer. The holder can access the trading price to get reduced by using the token. Tokens are majorly developed by EOS and Ethereum. These are said to be the utility tokens. Each token can be used on a single platform. It is said to be the decentralized app (dApp).
It is one of the important token classified as complicated. This token requires an important security-wise. These tokens are said to be the assets that play a vital role in the investment. These assets are distributed by the company itself that has created.
By using the blockchain, it is possible to track the history of transfer by the holder with certain limits but the database can make this kind of activity. Thus it will be more beneficial in terms of auditing history when any hacking kind of activity is taking place. Although the tracking is complicated in the blockchain the holder can avoid the tracking threats.
The cost of maintaining the blockchain is higher than the database. This is due to the maintenance of the digital currency through the network. Thus it is important to maintain the network with the higher priority of secure.
Whereas the database requires few possibilities to be secured as it is decentralized. Thus as many nodes are there in-network, it will be more secure to eliminate the hackers to track. The cost might be affecting the supply and demand when it comes to the largest sector of products and services.
The database is known for secure in the past but when it comes to future the blockchain gets hype in the market. Each process of blockchain is dependent upon the block which can share the currency using the smart contacts. Each node of the network is well constructed with its property. The design cannot allow the invader to interpret the blocks.
It has been maintained by a strong chain of networks. As I mentioned above the future of blockchain developers is getting raise and the demand will increase gradually. I hope the above content might give you information about the difference between the blockchain and the database.
Melissa Crooks is Content Writer who writes for Hyperlink InfoSystem, a mobile app development company in New York, USA and India that holds the best team of skilled and expert app developers. She is a versatile tech writer and loves exploring latest technology trends, entrepreneur and startup column. She also writes for top app development companies.
Since the internet gained popularity, the gambling industry took to it like a duck to water. Today, there’s an endless choice of gambling games online. Punters have a lot of casino games to choose from.
Besides, every month, new titles continue to be rolled out but there are still lots of issues in the sector that need sorting out to make the process more transparent, private and fair. Most of these problems can be addressed by decentralized blockchain technology as they overcome many due to decentralization.
Thanks to blockchain tech, developers can continue designing decentralized blockchain games through Smart Contracts. Punters are the luckiest lot as there are plenty of benefits attached to decentralization that I touch upon below…
Since algorithms and software applications drive computers, they don’t have any emotions. They are programmed to carry out the actions they have been scheduled to perform. They cannot attempt to manipulate results, nor are they interested in cheating players.
The same cannot be said about a centralized system. Centralized systems are famous in traditional online casinos and are open to manipulation by operators. They use centralized systems to cheat players out of massive jackpot wins.
However, in a decentralized gaming platform, operators don’t have access to the going-on since an individual does not own the platform. Transactions run on the blockchain platform, and the results are availed to all involved in the current project.
Smart Contracts conduct a critical role in the blockchain processes. Smart contracts are integral in the revolutionization of many industries. They have been designed as programmable code. Smart Contracts are created to adhere to a protocol that manages transactions autonomously without any human intervention.
Smart Contracts code makes it easy to create the decentralized gambling platforms autonomous. The platforms work in a secure network of independent computers. In such light, you can see why it’s impossible to alter crypto contracts. Moreover, all results produced are devoid of manipulation or bias.
Traditional online casinos attract a lot of overheads, thus making them an expensive affair. Third-parties are contracted to handle payments, complaints, among other actions necessary in running a successful platform.
Blockchain-based based Smart Contracts are much cheaper to operate. Why? Because of a lot of the expensive processes, including results checking and payouts are conducted via a smart code. The platform also doesn’t require human involvement. The savings pass-on to players, which means that crypto casinos grant gamers a higher return rate.
Smart Contracts are soon replacing human jobs in a lot of industries across the world. In the gaming sector, they are set to bring an element of trust and transparency necessary in propelling the industry.
With a lot of profits being realized by gamblers, having zero bias, and zero manipulation, decentralization is the way forward. It will be the ideal technology that will solve issues in this industry, thus replacing the traditional gambling ways.
One of the best resources online is Bitcoin-Casino-No-Deposit-Bonus.com as you will find blockchain casino games reviews. It is easy to find the best Smart Contract gambling sites today by finding experts who took their time to look into the viability of every top platform.
With their help, select the best casinos that will grant you not only more significant returns but secure transactions. With free crypto gambling tokens available for sign-up, gamblers can now play without risk. As they attempt to build cryptocurrency bankrolls that will fund their gaming endeavors.
Recently the massive giant Walmart submitted a patent for a blockchain drone communication system. The Walmart distribution system is getting a revamp! This patent, which was filed in accordance with the USA Trademark Office on August 1st, describes a drone system that encrypts the operational parameters of drones and stores this data. All of this information is passed from drone to drone, each new one decrypting, reading and configuring to the parameters.
In a nutshell, the Walmart computer system would facilitate communication between vehicles, relaying messages and allowing machines to be aware of each other. If successful, this technology will certainly affect Walmart shares price.
Patenting by Walmart has been going on for some time, since at least 2017. Applications for patents were filed with the USPTO in as early as May in 2017. These applications that were filed were for a series of unmanned aerial delivery methods that deliver Walmart stock to secure locations.
Only recently, Walmart partnered with IBM and the FDA to track pharma shipments using blockchain technology. This retail magnate has made plans for a cryptocurrency of its own, having submitted a further patent for its own digital cryptocurrency based around blockchain earlier this year.
A lot of today’s supply chains become bogged down in manual processes, making it very difficult and taking a lot of time to track down issues. One need only remember the E. coli problem from contaminated lettuce heads last year – where did they come from? By using blockchain, one can shed light on supply processes, making everything fully digitized and transparent. Every node that exists on the blockchain would represent some aspect of food handling as food makes its way through the supply chain. As a result, one can easily see if an infection is coming from a particular supplier, and the problem can be solved.
IBM and Walmart have worked on close terms over the past year on their blockchain tech to digitize the supply side. It is going to be one of the first cases of this happening anywhere in the world. The tech that IBM Walmart blockchain has developed, Food Trust Solution, is really one of a kind.
Without this technology, Walmart manages to trace sources of food, yet it takes about a week to do this. Blockchain can significantly reduce their time to just over 2 seconds. This substantially reduces any likelihood that infections will reach customers.
There may be a couple of supply chain issues such as getting suppliers to upload their info onto the blockchain itself. This could prove somewhat confusing at first, especially for farmers that aren’t tech-savvy. It is unlikely that suppliers will need to become tech experts; however, one can anticipate some problems relating to this. In short, suppliers will need to learn new skills about how to upload their data and what this entails we’re not sure just yet.
However, IBM will create an onboarding system that allows users to orient themselves with the service in an easy way. They will make it as simple as possible to understand, plus they will let people get things up and running very quickly. One could expect perhaps some sort of smart device that is paired up with a WIFI connection to activate and store data. Only the future will tell.
After spending time working on these issues for over a year’s time, Walmart really thinks that they’re ready for full implementation of blockchain with an ultimate goal of making sure that food is sold safely at Walmart. If there are any problems, then these can be foreseen very quickly and efficiently. They believe that their customers deserve access to this transparency and that this technology is smart, benefitting all stakeholders.
This technology is undoubtedly going to be game-changing, but how do you think it will fare for consumers and the people of Walmart? Will it affect Walmart shares significantly in the future? It could be exciting and useful for consumers, especially when safety is concerned. There are all sorts of applications to blockchain technology, and it seems that this may pave the path for a whole lot more. It’s an exciting time to be alive!
Have you ever shopped at Walmart? How do you think this technology will affect you? We’d love to hear more. Please send us your comments below.
Thomas Glare is a self-confessed tech nerd. He majored in Computer Science at Leicester University before going on to work at software industry companies. Thomas likes to write articles on a freelance basis. He works as a freelance copywriter, writing pieces on many topics. Also he reviews the best free pokies no download platforms and shares his own strategies.
The undeniably ingenious invention of the era is Blockchain. This technology is continuously taking over the business world.
Earlier it is considered to be confined to Bitcoin and other cryptocurrencies are just the tip of the iceberg.
By enabling digital information to be distributed but not copied, the blockchain technology created the backbone of a new type of Internet.
It is often touted as the new Internet and it has built-in robustness. It stores blocks of information that are identical across its network. The best attribute of this technology is that it cannot be controlled by any single entity and has no single point of failure.
Blockchain opened new doors of opportunities and profit for the entrepreneurs and established brands. After ruling in some unexpected industries such as sports, logistics and many more it is moving forward in the mobile app economy.
There is no doubt in saying that the mobile economy is virtually unstoppable as we can see the statistics that it will reach $6.3 trillion by 2021. The question is whether the technology has the potential to influence mobile app development space to ponder over.
Let’s dive in to find out how this futuristic technology is going to be benefitted.
Smart contracts will help in exchanging property, money, shares or anything of value in a transparent, problem-free way as well as it eliminates the need for a middle person.
The website blockchain technologies see smart contracts mingling into a hybrid paper and digital content where contracts are verified through blockchain and confirmed by physical copy.
Since the blocks are capable of recording their ownership, values, and timestamp it will reduce the possibility of data manipulation.
It has a peer-to-peer architecture, which supports the concept of smart contracts between businesses and their customers.
Let’s take an example, software companies also have some rules and procedures when they sign a project with the client such as NDA between the company and the client. This will make everything sorted, smart contracts are just like the legal agreements but they are digital and virtually available in which everything is transparent.
As mobile applications will be developed to facilitate validation of transactions, smart contracts will become highly secure and cost-effective in comparison to real-world procedures. This will be only achieved by applying Blockchain App Development as the smart contract is totally based on Blockchain technology.
The Blockchain is a distributed ledger which records everything in such a way that the information is easily tracked by its users. This characteristic makes it impossible to falsify information or to create any fake transactions.
This removes the risk of trusting each other as this issue will be taken care of with an immutable record as a blockchain ledger, everything is clear so that you can see each precise detail involved in the process.
As well as the storage of data can be verified, tracked and secured all at once. The blockchain expands as more entries are made to the ledger so that you can add more data. The system has full authority and also a very strong check and balance system.
Blockchain App Development Services also introduce you to the encryption power of this technology. It is next to impossible to decrypt without any decryption key by anyone to fool the system. This accommodates it to any system that requires giving access to various users but also needs verification of information.
As the mobile development advance and blockchain technology matures the merger of this technology will become widespread. It will provide a new definition to the privacy with the ease of use.
The current scenario of app approval is entirely controlled by the two dominant app stores that are Google’s Play Store and Apple’s App Store.
These app stores are leading with 3.8 million apps in the Play Store and 2 million apps in the App Store. They decide which app will be published on their store and which will not on the basis of their quality assurance test process and distribution policies.
But the process of approval is not transparent and leaves the developers with an exclamation mark in their mind. This makes the task clumsy and time-consuming but also increases the confusion among mobile app developers in case of app denial.
On the other side, the less transparent process also increases the risk of the distribution of malicious apps by the users and leads to lesser security in the app market.
The introduction of blockchain technology into the process can make this process transparent through a reputation system for the developers. This system will directly be linked to the transactions on the public ledger and will be available for validation all the time.
Other than this with the help of Blockchain Application Development Services, various means will be employed to verify the identity of the mobile app developers.
It will also enhance the ranking system used by the users and will build up the trust of the users.
In a recent surveys report by We are social and Hootsuite unveils that there are 4 billion around the globe using the Internet. This means that now more than half of the population is online.
Though only 2 million mobile users have access to the payment solutions for in-app purchases. Besides this, the traditional in-app process allows the user to pay to the app store, deals with the banks, fraud cases and many more. After all these intermediaries the payment comes to the developer from the app store with a hell lot of hassle.
As a result, neither the developers are able to get the best nor the end-user is able to enjoy the perks of in-app purchases.
Here comes the superpower of Blockchain technology as a blessing. It enables mobile users to use and spent their reward coins in the absence of credit card and other payment methods. With this, it will also eliminate the middle person and will empower developers to get 85% value.
The buzzword blockchain still leaves people amazed at the actual use and function of it. So let me tell you precisely what it actually is, it’s really easy to understand how blockchain development functions when you fantasize it as a ledger. The reality is that blockchain is just a digital ledger that is powered by a friendly computer network which allows sending and parsing data simultaneously.
The best part is if one person changes the information that change is transmitted to the other machines on the network that holds the same ledger. This systematic approach makes it adaptable and mobile technology needs such an approach.
Most systems use a client and server-side system, in this case of mobile networks the phone and mobile app act as a client and a central server distributes data on the request.
Millions of users and channels try to get the data wirelessly which makes the mobile networks stressed and causes some information to be lost. With the help of blockchain, mobile app development companies can implement it to get more advanced storage and data streaming.
Now, it is perfect to state that Blockchain will redefine the mobile app economy and offer the possibilities to the mobile app developers as well as the users that they have been waiting for years. Ease of use and access without the need for extra resources is too fascinating. If you are looking for a perfect solution for your app, we have your back. We blend blockchain in a way that it will reshape your business.
We are transforming the way you do business. Our innovative engineers build software solutions that are resilient and scalable to the changes that any market-leading business would face. Whatever be your need, to make a strong strategy or to design a groundbreaking user experience we have your back.
Being one of the Blockchain App Development Company, Auxano Global Services render solutions for Blockchain-as-a-service, Open source Blockchain, Blockchain Application Development, Mobile Wallets, ICO and more to help you enhance your businesses by blending best available technology.
Aakash Soni is the operational head at Auxano Global Services, leading mobile app development company headquartered in India. His insightful approach and futuristic vision are proven to be fruitful for the clients. Aakash is also known for his energy, which brings motivation for the team and the clients. With a vast experience in Sales, he has established himself as a highly focused product strategist, and even he mastered the mechanism of advanced technologies to help businesses. Bring value addition to your business now, hire dedicated app developers, and see your business thrive.
People around the world are investing billions of dollars in cryptocurrency every year. It can be said that the market capitalization of digital currencies is only bound to increase in the future. That leads to the question – how does one trade cryptocurrencies?
The answer is simple, anyone looking to trade in cryptocurrencies needs to sign up with a crypto exchange. A crypto exchange is a platform where users trade cryptocurrencies for other assets, such as fiat money or other digital currencies.
Currently, there are three types of exchanges: Centralized exchange (CEXs), a decentralized exchange (DEXs), and a new innovative platform, Hybrid exchange.
Each exchange comes with its unique business model and features that might or might not serve your business requirements. So which exchange fulfills your needs? Although there is no definite winner in the race, a trader can analyze the advantages and disadvantages of these exchanges to make a more informed decision.
So, let’s learn about different kinds of exchanges functioning in the crypto market today:
Today, most people around the world trade digital currencies on a centralized exchange because they appreciate its simple interface.
The technology behind the model is easy to understand; the exchange’s ledger updates its internal database regarding who owns what at different points in time. The third-party in control of the server possesses all exchange data, transaction history, and funds of customers. Therefore, a centralized exchange platform enables high liquidity, fast transactions, and streamlined user experience on the exchange. The speed and simplicity of a CEXs have led to a majority of traders adopting the platform over a decentralized exchange. The higher user base, in turn, has resulted in a much higher trading volume as well.
However, the problem with a central server model also resides in its simplicity. The central, third party server that holds KYC data of every user, becomes a single point of failure. For instance, if a hacker manages to corrupt the central server, he’ll come to possess the data of every user on the system. The obvious drawbacks in security and privacy are quite real; there have been hacks in the past that have caused substantial losses.
Those looking for a trustless and discrete experience prefer a decentralized exchange. A decentralized exchange does not have a central server. It does not hold the data of all its customers, which permits its users to have more control over their data. Every transaction on the network happens in a peer-to-peer manner, thus, eliminating the intermediary. It results in lower service charges than centralized exchanges. Moreover, it is a much safer alternative to traditional centralized exchanges as there is no single point of failure. To hack the network, a hacker must compromise the entire digital ledger to gain access to customer data. A decentralized exchange is much more secure and reliable than a centralized exchange.
Even though it is a much safer alternative, many users still prefer centralized exchanges, due to their easy accessibility. A beginner struggles to understand the complicated format of a DEX whereas an expert finds the lack of analytical tools frustrating. Above all, DEXs are slower than CEXs. Furthermore, DEXs don’t have as many trading pairs as CEXs. That means users incur extra costs of converting one crypto coin to another before they can trade them on a DEX. All these problems have led to lower user adoption, and consequently, a much lower trading volume compared to centralized exchanges.
Hybrid exchanges are a new type of crypto exchange; they intend to combine the best features of centralized and decentralized exchanges. A hybrid exchange is not only secure and reliable but it also provides analytical tools to experts and aficionados.
Due to its “hybrid” nature, a user enjoys the features of a CEX and a much more secure environment provided by DEXs.
Businesses stand to gain a lot from this innovative method of trading cryptocurrencies and assets. However, it is not well tested and developers need more time to streamline the experience for their clients. If you’re ready to invest in this type of exchange, make sure you’re patient, because the potential benefits outweigh the negatives.
The idea is new but holds immense potential if the developer can come up with customized solutions for your business.
As explained, each option has its pros and cons. It’s ultimately up to the client to determine what works best for them. To make an informed decision, one should first ascertain what is the primary concerns of potential customers? Security, speed or privacy? We, at Oodles, can help you with this complicated decision and guide your business to success.
We are a blockchain development company that also has expertise in providing cryptocurrency exchange development services. Contact us now for hassle-free exchange development solutions and start your cryptocurrency exchange business today.
Every crypto enthusiast would want to know about the latest trends before investing in a new cryptocurrency or becoming a part of a blockchain project. This is also particularly important when you’re looking to start your own business in the crypto space.
Having a good idea of what works and what doesn’t in the cryptocurrency industry will enable you to properly evaluate your options before proceeding.
Times have changed a lot since cryptocurrencies were first introduced about a decade back. Now, every major and minor finance/technology company wants to leverage cryptocurrencies for its own benefit. If you’re trying the same, here are the top 7 Cryptocurrency Trends you should look into.
Security tokens are cryptocurrencies that are regulated. Now, cryptocurrencies, by nature, cannot be regulated, i.e., designed to be controlled by a centralized authority. However, in order for cryptocurrencies to work as digital securities, they must be regulated under certain areas. This not only protects the interest of investors but also makes security tokens more trustworthy digital currencies.
Cryptocurrencies are playing a big role in the advancement of the automation of many processes, especially in the finance space. Companies looking to make their systems ready to track crypto movements and take decisions accordingly need to employ advanced automated tools that are faster than static systems. To keep up with the high level of development in the crypto industry, new and automated systems and services will be used.
As already predicted by many expert investors in their articles, in 2019 and beyond, people will be looking to invest in altcoins that offer actual, real value to the audience. Besides digital payments, there are multiple industries where cryptocurrencies can find their usage. Projects like Titan coin are, in fact, proving this with its highly secure and faster payment system coupled with a number of futuristic smart apps to be used in day-to-day lives.
The use of automated robots, AI and machine learning has increased exponentially in the investment and finance sectors. The coming years will see a further rise in this trend, as more consumers will be using AI and machine learning systems, instead of real accountants, for performing day-to-day accounting activities as well as managing and making crypto investments. We might even see a boost in the number of crypto/blockchain projects utilizing AI.
As more and more people start understanding the importance of cryptocurrencies, the companies are focusing on creating and releasing more educational resources to teach potential investors about cryptocurrencies and blockchain technology to bring them on board, encouraging them to invest in their crypto projects. With resources like online seminars, tutorials and certifications being readily available, it is now easier than ever for individuals to learn about cryptocurrencies.
With SEC and other financial institutions looking for ways to make crypto trading legal and somewhat regulated, we may just see more, new regulation standards granting investors with more powers to deal in cryptocurrencies. As the regulations related to the crypto industry become more agreeable, the demand for experts to handle organizations’ crypto operations will also increase.
Crypto volatility refers to the frequent fluctuation in the prices of a cryptocurrency. In 2017, we witnessed a high disruption in the prices of many cryptocurrencies, including Bitcoin. However, since then, the prices have somewhat stabilized, as more companies are exploring utilities of cryptocurrencies for payments, exchange and more. In 2019, we will see the rise of cryptos such as Titan coin, which are more stable price-wise.
In today’s world of business, you have to either be on the side of the product or the consumer. However, in the new world where the demand and supply are in excess, one of the most lucrative business ideas is to be the mediator between the demand and the supply.
Cryptocurrencies stand among the most innovative revolutions that have occurred in the field of finance and technology. There are different types of cryptocurrencies created day-in and day-out across multiple blockchains. These cryptocurrencies have a need to be traded to increase profits and to make the circulation and acceptance more dynamic.
To facilitate trade and transaction between cryptocurrencies, a robust cryptocurrency exchange is essential. You can create your own cryptocurrency platform using these steps!
A cryptocurrency exchange platform is a digital marketplace where users can sell cryptocurrencies that they possess at established exchange rates. Cryptocurrency exchanges operate as an intermediary between buyers and sellers.
Before you go on to the actual process, the idea and the concept are of vital importance. Preparing and planning are quite crucial because all the specifications that you will need have to be specified even before the project starts. The exchange platform should have the following characteristics
As a prescribed best practice, it is recommended that the entire ecosystem of the exchange is made of different modules. Each module should work independently. The interaction between the different modules should be managed by specific requests and should be hosted on different servers to balance the load. This will ensure that even if one of the modules is under attack, the others can function smoothly – taking care of just one server would be enough to get the exchange up and running again.
Given the fast-paced change in the world of cryptocurrencies, there are different types of exchanges. It is only upon your choice of the type of cryptocurrency exchange that the structure can be decided.
Direct trading platforms provide the tools for making immediate deals between the users. This type of exchange platform does not involve set market rate but depends on the rates set by the traders.
Brokerage platforms are the kind of sites that any person can use to buy currencies at the rate that is defined by an agent. The cryptocurrency agents are quite similar to foreign currency dealers in their functionality and profit-model.
Any exchange is subject to the laws of the jurisdiction. Therefore, it is important to seek legal counsel and understand regulatory requirements. Proper licensing will need to be obtained in all the jurisdictions that your company plans to operate at. Some exchanges operate without significant oversight of recognition and legality. There have been instances where cryptocurrencies have not been recognized by the Government. Whatever be the geographical location of exchange and the intensity of the regulatory requirements, it is important to adhere to the KYC (Know Your Customer) and AML (Anti-Money Laundering) norms.
Before the start of the project, it is a good practice to estimate the approximate cost involved. It is known that a bare minimum of 12BTC will be needed to develop and launch a cryptocurrency exchange. The cost includes but is not limited to technology, hosting legal advice, government registration, and marketing. While the whole of the cost might not be required in the beginning, assuring the availability of funds ensures that the project will not succumb in the midway.
Companies like Blockchain App Factory provide complete cryptocurrency exchange solutions charging a one-time fee without royalties or commissions. Buying a white label cryptocurrency exchange will also come in handy in the process of you launching the trading platform.
Liquidity is defined as the magnitude of the ease with which a currency or a cryptocurrency or an asset can be converted into tradable real-world cash. Liquidity for an exchange is the cornerstone to its success. If you don’t have a live order book with trading activity, there is a very good chance that potential customers think there is not enough demand on the exchange to sell their currency.
To circumvent this challenge, you can simulate activity on your exchange with dummy accounts within the new exchange. Another way to liquidity is to connect your exchange to an existing network of exchanges with a little cost. The magnitude of liquidity is directly proportional to the size of the network of exchanges.
You will have to consider a lot of factors like fee structure, lowest transaction rate, and processing fees before you choose your payment processor. There might also be differences when it comes to settlement time and compliances with the legal requirements. Be informed that your exchange is vulnerable to cybersecurity threats even through your payment processor!
Security is of paramount importance for any place where the money is invested. The exchanges that are created by Blockchain App Factory ensure top-notch security, so it is immune to most cybersecurity threats. With the dubious record of security breaches like Mt. Gox, security is one aspect that users will meticulously consider before trading with any exchange.
After the exchange has been built, and the contract with the payment processor has been set up, you have to ensure that the venture of the cryptocurrency exchange that you have created functions smoothly in its full range even at the beta level.
While the technology and the functionality parts are important, it is equally important to ensure that your exchange is marketed in the right spaces. Making use of crypto news outlets and the classical elements like email marketing, search marketing, and social media could give your exchange the much-needed wings in marketing.
This is one of the territories where most of the exchanges fail! A customer support desk that is diligent and attentive in satisfactorily resolving customer complaints should be in place to answer your customer queries 24/7. You can also consider implementing an existing helpdesk like Zen or Zoho.
What next? With a company like Blockchain App Factory, everything right from ideating your exchange to marketing your cryptocurrency exchange will be taken care of smoothly. Our white label cryptocurrency exchange scripts give you low-cost solutions for technology that is otherwise considered expensive. Just drop in your inquiries to us and we will take care to help you create and operate your own cryptocurrency exchange!