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Image from https://blockogy.com/blockchain/forks-101-beginners-guide-cryptocurrency-forks/
The word ‘Fork’ in itself is too fancy which actually means having a software update or any protocol update. It is not just a fancy name for software upgrades but it is also widely used in the world of cryptocurrencies in the case when the price of any particular cryptocurrency reaches to the peak of the table or let’s say gets wild in the market.
Talking about these peaks, it depends upon the value as to whether they are on the road of positively gaining some value or losing some value, both cases have equal probabilities. There has been a lot of fork events till now related to Bitcoin, as its price went on the peak. Even if there comes a negative turn you can still make money if you follow the path of smartness. Cryptocurrency forks have the ability to run two blockchains at a single time on a different network by creating an alternate version of the blockchain.
Forks are a bit complicated thing, just like fate. You can satisfy yourself by saying that forks are the fate in the cryptocurrencies project, for the good and the bad, it’s up to them. They are either planned or can be initiated by a development team when it seems to have any dissatisfaction in the current project. Forks are one of the healthiest components within the cryptocurrency space as they are open source in nature. Fork allows for evaluation by the community to discuss upon their ideas and its way of implementation.
The idea of cryptocurrency forks being open source allows no group to enjoy the power in any sort of project.
Talking in the space of cryptocurrencies or blockchain, there exist two major types of forks that directly depends upon the way updates are done i.e. either backward compatible or non-backward compatible.
The backward compatible one is called Soft Fork while the non-backward compatible is called Hard Fork. Also, the non-backward compatible forks are mandatory when it comes to blockchain network, while the backward forks are optional.
A hard folk generally represents an introduction to new software with the addition to the network. It displays the two blockchain nodes new and the old being completely different, not interacting or acknowledging them with other’s node at all. This means that the new version then will not be able to have a compatibility with the old one. The whole of the networks need to be upgraded to the latest version as the software on the old version will make the transaction invalid. It may also happen that some miners will still tend to follow to the old rules or the initial version; even then it will become irrelevant.
In contrast with hard forks, soft forks are said to be backward compatible. In this type of fork during the up-gradation, the old nodes easily recognize the new one and you then, therefore, don’t need to have a universal set of updates. Unlike what happens in the hard work, now the transactions will come to appear as valid. There is a need to have a majority of hash power within the network system for soft forks to succeed. It gets separated when supported only by the minimum hash power in the circle of a network.
It upgraded on May 15, 2018 and dealt with increasing the block size to 32 MB. Several op codes (operational codes) were also manipulated.
It upgraded on October 25, 2017 and dealt with launching an algorithm which is ASIC resistant.
Launched on 24 November, this hard fork was brought up in order to deal with the old BTC’s slow transactions confirmations and lack of privacy.
“Make Bitcoin great again”, is the motto of this fork which came originally to deal with the issues related to BTC. (Resource: https://en.wikipedia.org/wiki/List\_of\_bitcoin\_forks)
Ethereum also observed hard fork due to high load on its network. To keep up with pace and scale demanded by users, the foundation decided to implement updated which were so called as Metropolis. The upgrade later splitted into two parts named as Constantinople (16TH October, 2017) and Byzantium (expected in 2018). The former one focuses on fixing scalability issues while the later one focuses on improving the speed as well as deep core issues.
In Monero’s hard fork RingCT was introduced as a mean of privatizing transactions.
Cryptocurrency forks are no doubt a great method of applying and experimenting within the blockchain space. A lot of folks will happen in the future too as it’s a great way to deal with the up gradation of software and protocol.
Link to original article: https://101blockchains.com/what-is-a-cryptocurrency-fork/
Image from https://blockogy.com/blockchain/forks-101-beginners-guide-cryptocurrency-forks/
The word ‘Fork’ in itself is too fancy which actually means having a software update or any protocol update. It is not just a fancy name for software upgrades but it is also widely used in the world of cryptocurrencies in the case when the price of any particular cryptocurrency reaches to the peak of the table or let’s say gets wild in the market.
Talking about these peaks, it depends upon the value as to whether they are on the road of positively gaining some value or losing some value, both cases have equal probabilities. There has been a lot of fork events till now related to Bitcoin, as its price went on the peak. Even if there comes a negative turn you can still make money if you follow the path of smartness. Cryptocurrency forks have the ability to run two blockchains at a single time on a different network by creating an alternate version of the blockchain.
Forks are a bit complicated thing, just like fate. You can satisfy yourself by saying that forks are the fate in the cryptocurrencies project, for the good and the bad, it’s up to them. They are either planned or can be initiated by a development team when it seems to have any dissatisfaction in the current project. Forks are one of the healthiest components within the cryptocurrency space as they are open source in nature. Fork allows for evaluation by the community to discuss upon their ideas and its way of implementation.
The idea of cryptocurrency forks being open source allows no group to enjoy the power in any sort of project.
Talking in the space of cryptocurrencies or blockchain, there exist two major types of forks that directly depends upon the way updates are done i.e. either backward compatible or non-backward compatible.
The backward compatible one is called Soft Fork while the non-backward compatible is called Hard Fork. Also, the non-backward compatible forks are mandatory when it comes to blockchain network, while the backward forks are optional.
A hard folk generally represents an introduction to new software with the addition to the network. It displays the two blockchain nodes new and the old being completely different, not interacting or acknowledging them with other’s node at all. This means that the new version then will not be able to have a compatibility with the old one. The whole of the networks need to be upgraded to the latest version as the software on the old version will make the transaction invalid. It may also happen that some miners will still tend to follow to the old rules or the initial version; even then it will become irrelevant.
In contrast with hard forks, soft forks are said to be backward compatible. In this type of fork during the up-gradation, the old nodes easily recognize the new one and you then, therefore, don’t need to have a universal set of updates. Unlike what happens in the hard work, now the transactions will come to appear as valid. There is a need to have a majority of hash power within the network system for soft forks to succeed. It gets separated when supported only by the minimum hash power in the circle of a network.
It upgraded on May 15, 2018 and dealt with increasing the block size to 32 MB. Several op codes (operational codes) were also manipulated.
It upgraded on October 25, 2017 and dealt with launching an algorithm which is ASIC resistant.
Launched on 24 November, this hard fork was brought up in order to deal with the old BTC’s slow transactions confirmations and lack of privacy.
“Make Bitcoin great again”, is the motto of this fork which came originally to deal with the issues related to BTC. (Resource: https://en.wikipedia.org/wiki/List\_of\_bitcoin\_forks)
Ethereum also observed hard fork due to high load on its network. To keep up with pace and scale demanded by users, the foundation decided to implement updated which were so called as Metropolis. The upgrade later splitted into two parts named as Constantinople (16TH October, 2017) and Byzantium (expected in 2018). The former one focuses on fixing scalability issues while the later one focuses on improving the speed as well as deep core issues.
In Monero’s hard fork RingCT was introduced as a mean of privatizing transactions.
Cryptocurrency forks are no doubt a great method of applying and experimenting within the blockchain space. A lot of folks will happen in the future too as it’s a great way to deal with the up gradation of software and protocol.
Link to original article: https://101blockchains.com/what-is-a-cryptocurrency-fork/
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I would like to have a PHP version of the Jeton-lib so it could be used with some popular PHP content management systems with a minimal working example escrow script.
Bitcoin Cash has script functionality, such as OP_CHECKDATASIG which is unique among Bitcoin forks. This functionality allows Bitcoin Cash users to particpate in on-chain, non-custodial escrow transactions (and more). Jeton Lib extends the popular bitcore-lib-cash library to allow for easy creation of transactions which leverage the powerful capabilities of Bitcoin Cash.
The most part I'm interested in is the "on-chain, non-custodial escrow transactions"
Resources:
The sample script could be just 2 pages one for the moderator (referee) one for the sender (so they can release BCH to the receiver)
I would like to get quote from developers which can offer good quality and reasonable pricing.
I've created a job offer on https://np.reddit.com/r/Jobs4Crypto/comments/ctwm14/create_php_library_version_of_the_jeton_lib/
Here is the details, please I need your suggestions and referrals. Offers should go to that post.
I would like to have a PHP version of the Jeton-lib so it could be used with some popular PHP content management systems with a minimal working example escrow script.
Bitcoin Cash has script functionality, such as OP_CHECKDATASIG which is unique among Bitcoin forks. This functionality allows Bitcoin Cash users to particpate in on-chain, non-custodial escrow transactions (and more). Jeton Lib extends the popular bitcore-lib-cash library to allow for easy creation of transactions which leverage the powerful capabilities of Bitcoin Cash.
The most part I'm interested in is the "on-chain, non-custodial escrow transactions"
Resources:
The sample script could be just 2 pages one for the moderator (referee) one for the sender (so they can release BCH to the receiver)
I would like to get quote from developers which can offer good quality and reasonable pricing.
https://i.redd.it/seduh1864zh31.png
This article about the Dapp Revolution was written by Heidi Yu. Heidi is a serial entrepreneur, influencer, marketing evangelist, and AI enthusiast. Heidi founded Boosto.io, a decentralized app store that returns power to creators and makers.
If you can dream it, a decentralized application can do it. According to areport from UK market intelligence firm Juniper Research, there will be “a significant expansion” in the implementation of blockchain-based Dapps within the next year. The adoption is happening fast, and it behooves us all to familiarize ourselves with this revolutionary technology.
Also read: Under the Tent: A Look at the Latest Openbazaar Marketplace Software
Windsor Holden of Juniper predicted in Forbes earlier this year that users should be able to download dapps to their Androids or iPhones by the end of the year. So what are dapps and how do they work?
In order to gain an understanding of Dapps, it is first necessary to have some knowledge about blockchain technology, the technology that underlies decentralized applications. If you aren’t already an authority on the actual crypto backbone, here’s a lightning fast crash course.
The blockchain is simply an immutable ledger of records that is organized into “blocks” stored on a decentralized network of computers instead of in one location like on a conventional centralized database. Strategist and blockchain specialist William Mougayar explains this using Google Docs as a comparison: “With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.”
This type of system beats the traditional method of sending records back and forth, allowing only one person to view and edit the record at any given time. At first glance this may seem like a security risk, but most of us trust the blockchain because of its unmatched level of safety and security. In a blockchain-based system, there is a copy of the database on each computer in the decentralized network, and each transaction processed must be validated by every single computer in this database, or the transaction cannot be completed. Once a transaction is completed, the record of it can never be destroyed or altered.
If we think of blockchain technology as comparable to an operating system, then decentralized applications are like the software that runs on that operating system. And so, keeping this analogy in mind, Dapps are essentially applications that run on top of a decentralized blockchain database.
Dapps generally possess several common features. First, they must be open-source, which means that any changes to a Dapp are decided by a consensus of all of the users in the database. Second, they are decentralized, which means they are stored on easily accessible public blockchains. The third distinctive feature of a Dapp is that it should generate cryptographic tokens to incentivize validators of the blockchain. The last common distinguishing characteristic of a Dapp is that tokens are generated via a cryptographic algorithm, like a Proof of Work (PoW) in order to show proof of value.
The whitepaper for Ethereum, the granddaddy of blockchain platforms, designates three types of Dapps; the first is a basic money exchanging Dapp, the second involves a currency but adds at least one more function on top of this like a gaming capability, for example, and the third is for voting.
For our purposes, let’s consider the second type of Dapp described in the Ethereum whitepaper, the kind that has a currency but performs other functions as well. This is the type of Dapp that will likely prove the most useful to average business folks who will drive the mass adoption of blockchain technology, due to its potential to provide everyday utility and convenience.
The original impulse behind the development of the world wide web was similar to that behind the development of blockchain technology, which was to provide a democratized and collaborative ecosystem for exchanging information and conducting business. This is a dream that has been long since been co-opted by large corporations like Google and Amazon. The advent of blockchain technology and Dapp’s represents the wholesale revival of this dream.
To illustrate how Dapps could help promote the democratization of business and human interaction, suppose that you are the owner of a small clothing business, and you would like to hire people to make patterns and sew. You would also like to set up an online shop for your clothing line, and maybe even livestream fashion shows. Selling your goods through your online shop, doing your own bookkeeping, and livestreaming your line to customers through your Dapp frees you from the burden of having to turn over a hefty portion of your profits to middlemen, like the typical selling platforms. This returns the power to small businesses and individual entrepreneurs allows anyone who dreams of working for him or herself to do so, without the worry of daunting overheads and payments to third parties.
There are literally dozens and dozens of companies coming online that embrace the power of decentralization and Dapps. Examples include Boosto, a Dapp store for social media influencers, and Vultur Social, a decentralized crowdfunding platform. Within a short period of time, anything you find in the centralized app store will be available via the blockchain. The revolution has begun.
The social impact of blockchain technology could be as far-reaching as its effects in the business world. More and more people rely on IoT (Internet of Things) technologies, which allow us to monitor our homes remotely and do things like switch appliances and alarms on or off with the aid of our smartphones. It’s not hard to imagine how much lost family and personal time could be restored to us as these technologies advance.
Envision making dinner while still at the office, using a meal service-driven refrigeration and cooking unit that you control from a decentralized blockchain app. Each part of the dinner, from the pasta to the vegetables could be cooked optimally in its own compartment according to your specialized instructions and ready as soon as you get home. Everyone meets at home after work, or chess club or lacrosse practice with dinner all ready to be served, leaving more time for families to relax and reconnect.
As we become more reliant on IoT technologies, it is important to make them as secure and dependable as possible. The drawback of these devices is that they rely on central databases that are vulnerable to hacking and data loss. The more safe and reliable these systems become, the more we will be able to implement them in our daily lives. With blockchain technology, running all of your IoT devices becomes secure, resistant to hacking and utterly dependable.
Dapps could also transform other aspects of daily life, like promising trustworthy online interactions with friends you haven’t met yet. A dating Dapp would largely eliminate the problem of “catfishing” so prevalent in the online world, since the trustworthy environment of the blockchain makes it very difficult to pretend to be someone you’re not. These days we meet as many if not more people online than we do in person. This added transparency allows us to do so with greater confidence, restoring some of our lost ability to truly connect as fellow humans.
Within systems of governance from school boards to executive branches, potential leaks and security breaches can become a thing of the past. The use of blockchain-based email and other systems will secure communications and facilitate the enforcement of checks and balances, holding decision makers accountable.
There are almost as many ways that this technology could transform lives as there are people to drive its evolution and eventual adoption. Dapps are appealing because they are adaptable to individual needs, and they level the playing field between up and comers and those that are already large and in charge.
Do you think Dapps will revolutionize the world? Is the technology viable and ready? How many Dapp platforms are scams?
Images courtesy of Shutterstock
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
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Everyone has been buzzing about Security Tokens for some time now, but those talks are all over the map. What do you say if we put it all under a microscope and get to know what exactly is a security token, where did it come from and what is its future?
What Is A Token?
First of all, let us remind you of the meaning of a token. Token — a representation of something virtual or physical (concept, value, right, access key, debt, etc.) in its ecosystem. It is not really a currency, but more like a tool with a specific function in its environment. You are usually able to get these tokens during the fundraising period of the project. We have talked about these different funding types in one of our previous articles — What Is The Difference Between IPO, ICO, IEO, And STO?
Token Value
The project itself sets the value and limits of the token. William Mougayar did a great job defining these principles in his The Security Token Thesis. It helped us separate several possible roles that can be set for the token. Each of them has specific features and purpose, which defines its value.
Governance
Some tokens give you a certain amount of rights within the ecosystem. It can be a right to vote where the project is going and somewhat of control of its development.
Toll or Function
The token can be used as a gateway to access the product. It works as a toll that allows you to enter the ecosystem. Also, some projects might have some parts of it, such as tools or features, that are accessible only when you have their token. It is more like paying for a premium user experience.
Reward/Pay
A token can be set to be a reward for some kind of tasks. It works as a value exchange and builds a native economic system between buyers and sellers on the platform at the same time helping the project to develop.
Profit
These tokens represent the distribution of the project earnings or other related financial benefits among investors in that environment.
Of course, the token can represent a currency too, which could be exchanged in the native and foreign exchange. The token can have either a single or multiple roles. The value is fully controlled by the project.
Security Tokens Vs. Utility Tokens
There are two main legally recognized types of tokens — utility and security. Tokens qualify as securities, only if they can pass tests such as Howey Test.
Howey Test is an analysis of the investment, where the project is required to follow these criteria:
It has to be a financial investment. There is an expectation of a profit. It is an investment in a common enterprise. The definition of common enterprise is open for interpretation, but it is usually defined as one that is horizontal meaning that investors join their money or assets together. The profit comes from the efforts of a promoter or a third party, and not the investor’s own actions.
To put it simply, Utility Tokens allow you to benefit from using the product(s) and building the internal economy system of the ecosystem. While Security Tokens allow you to profit from the project. The value of the security token is directly tied to the value of the project.
Here’s how Anthony Pompliano defined Security Tokens in his Official Guide To Tokenized Securities: ‘If cryptocurrencies like Bitcoin are considered “programmable money” then you can consider Security Tokens a version of “programmable ownership.”’
Also, it’s important to note that Utility Tokens are more prone to scams. Security Tokens are a safe option due to them being more of an investment contract that must comply with numerous regulations. You can look at a Security Token as a representation of the company’s debt to you.
Pros & Cons
Great minds of the blockchain were looking for a solution after so many of ICOs ended up being scams or failures. There was a need for a change. So what exactly has been changed by bringing in Security Tokens?
Regulations (such as 2017/1129 Prospectus Regulation and 2004/39/EC MiFID II in Europe and Reg D in the USA) and legal agreement of accountability brought back the credibility. Getting rid of the middleman (such as financial institutions and lawyers) reduced the process complexity, length, and costs of transactions. Also, it drastically decreased the levels of corruption and manipulation. The token being a legally binding contract between the project and the investor gave an option for a smart and safe investing, that attracts more people. If the team fails to deliver what was promised, the investor has a legal right to go to court and demand what is contractually his/hers. Opening up the free market resulted in a higher volume of investors from all around the world.
Of course, Kate Mosse could come in and quote herself once again as “there’s no black and no white.” There is so much good about Security Tokens, but everything has its price.
The main and perhaps the only issue that people can see in Security Tokens is that when you remove the middleman, you shift their responsibilities to the creators of that ecosystem. This means that the team of the project has to work on solicitation of interest, investors’ security, and compliance regulation by themselves. The project needs to have a strong legal team, that will be able to take proper care of these tasks.
Yes, Security Tokens are still a pretty new thing. However, as S. Khatwaniwrote — the crypto community is bullish because of the unlimited possibilities that these tokens bring, so big bankers and institutional investors are betting high on their future.
https://medium.com/altcoin-magazine/what-are-security-tokens-1f148c867ef3
I'm 26m and have a useless degree in business and a semi-useless post grad grad degree (only because I will never work in the field again) in Occupational Health and Safety - both from decent Universities. However, I haven't worked in 3 years. I was one of those annoying people that made a bit of bank from Bitcoin and snap quit my job of one year to travel.
Since then, I've been to 60+ countries, lived in a few of them for 6 months each, gone to amazing events like the World Cup etc., basically I have just had a very fantastic 3 years. However the most frustrating bit is that through all this I've if become super nihilistic and essentially negative regarding the future due to my lack of passion toward anything.
For the last 18 months I've been racking my brain for what it is I'd like to do perhaps as a career or whatever it is to give me some purpose. I'm aware that I'm in a significantly better position than most to give myself that head start but I have just felt so flat regarding every option. Until last night when I watched Catch Me If You Can.
I know it sounds stupid but fuck it I can feel it in my guts. I want to become a pilot. I've always been a risk taker with an 'all in' mentality so I know I have that weaponised autism to follow through on these feelings.
I have a qtr mil and no debts, Aussie citizen, currently chilling in the Caucuses. If I have to spend all my money to be a pilot so be it. Whats the best way to begin?
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