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If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.
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From 2009 to the present day, we have witnessed the creation and development of thousands of cryptocurrencies and have only seen the success of a handful. Given that there are so many projects out there, we can not expect all of them to achieve success, but the fact that there are so few successful projects often spurs the same question from enthusiasts and investors alike, what makes a cryptocurrency successful? Why do some cryptocurrencies fail and what factors contribute to both success and failure? In order to gain a better understanding of why this happens and how you can learn to identify some of the more promising projects, take a look at the main factors contributing to the success of a cryptocurrency listed below.
https://i.redd.it/3p4tj3idfg231.jpg
Think of the cryptocurrency industry as if it were an election. There are a handful of candidates that you can choose from and some may have something valuable to offer while others may be a generic reproduction of others. For the most part, the more valuable candidates will receive all of the attention they deserve but, in order to garner the support they need, they first need to attract more attention to themselves. Without the popularity and the hype, they are never going to have enough people to emerge a victor.
This is something that holds true in the cryptocurrency industry. The characteristics and use of a cryptocurrency are very important but without a large audience, a cryptocurrency will never be able to flourish. Bitcoin, Ethereum, and others have managed to reach their target audience and have proven their worth in the industry, which is why they are so popular. Of course, this example can be applied to less appealing coins such as Dogecoin, which may not have the best price, use, or market capitalization, but have access to a strong community that continues to back the coin, making it successful in its own way.
Regardless of how popular a product may be, however, it will not hold up in the market if it does not fill a certain need. This issue is why many Bitcoin clones and ICOs failed as they were essentially repeating products of a successful product that we already had with different branding. In order for a cryptocurrency to become successful, it needs to have a practical application in the real world that differentiates itself from any other crypto projects that have already been released. Once they have managed to prove that they are a useful product, they can then increase demand and popularity as the project moves forward.
Not to be confused with usability, ease of use refers to how simple the process of using a crypto product is. If you take a look at some of the top cryptocurrencies to date, visit their website, and attempt to use them, you are almost guaranteed to find that the developers have not made it difficult for you to obtain and use their cryptocurrency. Most developers know that users do not want to jump through hoops in order to put their products to use. However, some projects are quite complex and, unless they have a dedicated and interested audience and have no competition, no one is going to want to go through the hassle of attempting to use said cryptocurrency. Overall, the easier to use a project is, the more likely it is to become widely adopted.
This is a common problem that has been known to plague the cryptocurrency industry as some assets have either required their users to pay hefty fees and wait for a significant amount of time in order to transfer their assets either in the past. Given that cryptocurrencies were developed to help alleviate these issues, these problems have contributed to the fall of many a project and have created severe problems for others. As long a cryptocurrency provides more affordable transactions and high transaction speeds, it definitely has an advantage over some other projects.
Given the recent Binance hack, the crypto community has been reminded that security is very important when it comes to holding digital assets. No one wants to have a cryptocurrency that is simple to hack and there have been some products in the past that proved to be quite vulnerable. Cryptocurrency products that have seen their way to the top will often boast improved security mechanisms that work to guard users’ funds against digital theft.
Regardless of whether you are an investor, an enthusiast, or a developer, it can be helpful to know the features that help certain cryptocurrencies thrive and best other products. To better understand the success of various projects and how each component of success plays into the others, use the guide above as a way to evaluate well-known cryptocurrencies and their achievement in the industry.
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Yesterday, Cupertino-based tech giant Apple held its annual Worldwide Developers Conference (WWDC) where it gave an update on its product lineup, and while new products were revealed to the public for the first time, the event skews heavily toward talk of future development on Apple software development kits. One such crypto-focused dev kit, dubbed CryptoKit, was debuted by Apple and is the first major sign of the company supporting the budding technology.
With tech powerhouses like Samsung, Microsoft, Facebook, and now Apple all supporting crypto in some capacity, is this a sign that mass adoption is closer than we think?
At this week’s WWDC, Apple, the company behind the iconic iPhone, iPod, and Mac line of consumer tech products announced a new software development kit called CryptoKit. The new SDK provides developers with the infrastructure to “perform cryptographic operations securely and efficiently.”
And while the SDK is geared toward cryptographically securing other elements of code being run on Apple products outside of currencies like Bitcoin, the framework certainly lends itself to supporting the emerging financial technology and its corresponding crypto assets.
For the first time, developers of iOS apps can access the iPhone’s secure enclave and provide hardware wallet-level security for digital assets and more.
Apple’s fiercest competitor in the smartphone space, Samsung, recently launched its flagship Galaxy S10 handset complete with a Blockchain Keystore app that allows users to cryptographically protect Ethereum-based tokens. If Apple were to follow suit and deliver a cryptocurrency wallet built-into the secure layer of iOS 13 – the OS CryptoKit is designed for – it would be a serious nod for crypto and a major leap toward mass adoption.
Apple sells more than 220 million smartphones on average per year since 2015, and after this year’s launch, the company will have put more than 1 billion iPhones in the hands of consumers across the globe in less than five years worth of shipments.
With such market share that Apple enjoys, the potential reach of an iPhone-based crypto wallet cannot be understated.
Apple joins other heavyweights in the tech space in preparing their support for cryptocurrencies. Microsoft is yet another major tech giant that recently ramped up their crypto support, having recently deployed their Azure blockchain on the Nasdaq Financial Framework and updated their Microsoft Excel spreadsheet software to include Bitcoin as a currency.
The industry is also enamored by Facebook and their GlobalCoin project, that could change the face of money as we know it. However, given how little consumers trust Mark Zuckerberg and his Facebook social platform with their privacy, there is chance that a digital currency created by the giant could fail.
Amazon is yet another major tech brand considering entering the crypto space, but even they don’t command the same level of loyalty and desire to own their products as Apple commands from its consumers. Given that consumers have become used to trusting Apple with their personal privacy, photos, and more, trusting them with money won’t be as big of a jump.
As of January, Apple had over 1 billion devices active, and if even a portion of those devices exposed its users to crypto, mass adoption won’t be far behind.
The post After Microsoft, Apple Launches Crypto Developer Tools: Mass Adoption Imminent? appeared first on NewsBTC.
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More and more people are becoming interested in cryptocurrency.
This article is written for beginners who are just starting to learn the crypto world and we want to help you a little. As you might have guessed, it will be about consensus algorithms.
On the blockchain market, there are a lot of consensus algorithms allowing us to choose who is the most relevant node for signing the next block. Some of them are well known and used often, such as PoW, and some only trying to break a place “under the sun”.
What is the consensus algorithms?
Each cryptocurrency has a blockchain, which is the main work that is controlled by a consensus-building mechanism. The objective of this algorithm is to record information in the blockchain, as well as to ensure the safe and efficient operation of the cryptocurrency network.
Data on transactions in cryptocurrencies are recorded in the blockchain, and then can not be changed. A consensus mechanism verifies the validity of these transactions. The peculiarity of this principle is that the confirmation of the information from each transaction should be provided to 51% of participants in the network. The consensus algorithm should be made in such a way as to ensure the stable operation of the network.
Here are the most popular varieties of consensus algorithms.
Proof-of-Work (PoW)
Thanks to bitcoin, the PoW consensus algorithm is the best-known way to confirm transactions. The main idea is that the nodes of the blockchain network, confirming transactions, do complex computational work, the result of which would be easily and quickly checked by other nodes of the network.
The first node that has fully performed all the necessary calculations receives a reward from the blockchain network. All nodes are struggling with each other (increasing the capacity of computing resources) to be a node that received a reward.
Disadvantages of this algorithm:
- senseless energy costs — a large number of nodes produce calculations, but in reality only one (the first) conducts successful work and receives a reward. This is the main reason for creating new consensus algorithms.
Proof-of-Stake (PoS)
One of the most popular consensus algorithms in blockchain networks. In this algorithm, the creator of the next block in the blockchain selects a node that has a larger balance — the number of resources, such as coins in the cryptocurrency. For the creation of the block itself, the node does not receive a reward. The reward is paid for the transaction.
Possible node selection options:
- randomly from the most “rich” nodes;
- randomly from the oldest nodes.
Disadvantages of this algorithm:
- motivation, in the concentration of funds, which can lead to the centralization of the network.
Delegated Proof-of-Stake (DPoS)
One of the varieties of the Proof-Of-Stake consensus algorithm, in which blocks are signed by selected representatives. The owners of the largest balances choose their representatives, each of whom has the right to sign blocks in the blockchain network. Each representative with one or more percent of all votes goes to the Council. From the formed “Board of Directors” is selected (in a circle) the next representative, who will sign the next block. In the event that for any reason the representative has missed his turn in the signing, he is deprived of the delegated votes and leaves the “Board of Directors”, after which the next most suitable candidate is chosen in his place.
Owners of balance sheets delegating the votes, in no way lose control over them as at any time can withdraw them from the representative.
Leased Proof-of-Stake (LPoS)
LPoS is another modification of the Proof-of-Stake algorithm. It is supported only by the Waves platform. As part of this algorithm, any user has the ability to transfer their balance to rent mining nodes, and for this mining nodes share part of the profits with users. This consensus algorithm allows you to get income from mining activities without using mining itself.
Proof-of-Importance (PoI)
The consensus algorithm used blockchain platform NEM. The importance of each user in the NEM network is defined as the amount of funds available to him on the balance sheet and the number of transactions made from/to his wallet. Unlike the more usual PoS, which takes into account only the balance of the user’s available funds, PoI takes into account both the amount of funds and the user’s activity in the blockchain network. This approach involves users not only to hodl funds, but also to actively use them.
Proof-of-Authority (PoAuthority)
PoA consensus algorithm stands apart from other algorithms, because it does not need to have any mining at all, as in the case of PoW or PoS. In a PoAuthority-based blockchain network, all transactions and blocks are verified through approved accounts (validators). Conducting transactions and creating blocks takes place automatically using the computing power of the validator.
The negative point of using this algorithm:
- as it is clear from the description — the key persons are validators, which leads to centralization. Probably in some cases, in private networks and with the help of fully (as far as possible) trusted accounts, it makes sense.
Did you find this information useful?
Which algorithm do you like the most?
If we forgot to mention something, feel free to correct :)
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