Month: August 2018

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CloakCoin

What is CloakCoin?

CloakCoin is a cryptocurrency and a platform created to help facilitate anonymous, secure and decentralized transfers of value on a peer2peer basis. It is a hybrid network that employs both proof of work (PoW) and proof of stake (PoS) consensus algorithms. The design was aimed at creating the basis for future developments and providing a platform for running decentralized applications.

The CloakCoin was launched in 2014 as a fraudulent pump and dump scheme. It looked a very convincing idea and even grew rapidly to hit $5 before the developers abandoned the project. As the initial developers took to their heels, the community that had progressively grown around the network took over. New developers, community leaders, and investors are now at the helm and helping the platform to enchant a new path.  Indeed, almost everything except the name has changed.

At first, CloakCoin would have appeared as good as dead. But its original idea of focusing on total privacy could not be simply overlooked. Indeed, even many cryptocurrencies being generated today still have issues on how to address privacy. The determination of the team has made CloakCoin a new force again. Despite this, only time will tell whether CloakCoin can weather the high competition being witnessed in the market today.

What is the problem that CloakCoin Solves?

CloakCoin seeks to address the problem of anonymity in the blockchain industry. When cryptocurrencies were released, many people thought that they had finally found a reliable anonymous solution to send and save funds in the utmost privacy. However, a closer look at most of the networks reveals that they are not completely private. Take the example of Bitcoin.

When Satoshi Nakamoto released Bitcoin in 2009, the community thought that the anonymity they had sought for years had finally dawned. However, a closer look at the Bitcoin system indicates that it is indeed a pseudonym digital coin. Though the system utilizes public addresses instead of the real names, linking the pseudonyms with the actual person is still possible. Some authorities have been using the technology to pull out investment data of individuals in the Bitcoin system.

The start of 2018 saw many administrations change their approach to cryptocurrencies. They shed off the hands-off approach and decided to go for regulations. Russia was the first to release the Draft Digital Financial Assets bill that makes it even more difficult for cryptocurrencies. Others are in advanced levels of creating legal frameworks to limit anonymity. The solution to operating privately and free from third-party seizures is selecting a truly anonymous cryptocurrency. This is why CloakCoin has become the new sensation in the market.

How does CloakCoin Solve the problem?

To guarantee users of optimal anonymity, the CloakCoin uses four major components; the Enigma, CloakShield, Stealth addresses, and proof of stake consensus algorithm.

  • Enigma

This is one of the new technologies added during the CloakCoin network revitalization efforts. It allows users to send Cloak privately and securely. The focus is ensuring that the transactions are mixed during transfer to make them completely untraceable. Notably, the native coins are never transferred via centralized parties such as banks or credit cards the way it happens in standard fiat financial transactions.

When a user wants to send funds on the native network, an Enigma node is selected. This is the node that has the highest stake. The node is trusted to secure the network because it holds ample stake and, therefore, cannot contemplate harming the network. All the cloaking nodes apply an Elliptic Curve Diffie Hellman key exchange (ECDH) that only shares the message with the initiating node. This secret is used to generate a shared secret key based on RSA-256 data encryption between the sender and cloaking nodes.

  • The CloakShield

CloakShield is used to help secure the communication and make it as private as possible between nodes in the network using the RSA encryption. The advanced encryption makes it possible for the nodes to exchange information and ultimately protecting them from snoopers. The CloakShield secures the decentralized CloakCoin apps and Enigma to ensure that the data remains as anonymous as possible.

The design of CloakShield targets ensuring that no matter the targeted recipients, the data remains as private. When sending data to one recipient, the information is encrypted with ECDH shared secret. However, sending to multiple recipients involves securing the payload with a one-time key. Then, the key is encrypted with ECDH/RSA system for every recipient.

The CloakShield further employs Onion Routing, a unique anonymous communication used in computer networks. The onion network encapsulates messages in layers or advanced encryption. Then, the encrypted data is relayed via a series of nodes referred to as onion routers that peel away to uncover the next destination. The last layer peels when the message gets to the final destination.

In this system, the anonymity is enhanced because all the involved nodes only know the preceding nodes as opposed to the final destination. This implies that there is no clear path that can be followed to identify a specific node or personal details involved in the system.

  • Use of stealth addresses

One of the methods used to put together transaction information and identify specific users is following multiple transactions pointing to a specific address. To keep users as secure as possible, CloakCoin also utilizes Stealth addresses. This involves the creation of random one-time addresses for different transactions. When Onion routing in the CloakCoin system is enabled, clients attempt to craft the right route for the listed data. The onion route comprises of 3 different routes towards the destinations. These multiple routes are necessary to ensure that the transactions are completed even if one of the nodes drops offline.

  • Proof of Stake and coin age

To keep the CloakCoin even more private and secure, the development team adopted the Proof of Stake-3 Consensus protocol. This implies that all the users have to hold some stake to be trusted to confirm the transactions. Those with some stake are believed to be focused on improving the network and not conspiring to harm the system. Underlying proof of Stake application is the concept of coin age.

Coin age is the notion of how long a user has helped a specific coin. Once a transaction is completed and the coins transferred, the new owner starts accumulating Coin Age. The Coin Age is used to calculate the stake that one holds in the network. For example, a person who has held 100 cloak coins for 50 days has a higher stake compared to another who has held them only for one day. The concept of Coin Age has attracted a lot of criticism from the CloakCoin community with some calling for its elimination altogether.

What makes CloakCoin better than it’s competitors?

With the primary focus of CloakCoin being to offer optimal anonymity to users and security, it has managed to surpass its competitors in the blockchain niche. It is also rated well ahead of conventional financial services in the market today.

  • Between 2014 when CloakCoin was founded and early 2017, the performance in the market has been very poor. However, everything changed after a new development team and community took over the reign. Indeed, the price shot to with close to 60,000% by early January. This is a demonstration of the huge potential for the cryptocurrency. Though the price later shot down, the value by mid-2018 was still well above the figure that the coin had traded between 2014 and early 2017. This performance has outdone other more popular networks by a huge margin.
  • CloakCoin is one of the truly anonymous cryptocurrencies in the market. This has set it well ahead of others including Bitcoin and Ethereum. As a truly private network, it implies that investors and even users can enjoy sending value without worrying about third-party discoveries or seizures.
  • Though the network was initially designed as a pump and dump model, its original concept was very strong and reliable. This is what made the network and its community to hold for such a long time before taking off again in 2017. With the current development progress, users can expect CloakCoin to scale to higher levels. It is likely to be the next big thing in the market in the coming years.
  • Sending value on the CloakCoin is relatively cheaper compared to other networks such as Bitcoin Cash, Ripple, and even Ethereum. This low transaction cost results from the relatively low value of the coin and advanced technology that makes processing more transactions easy. The low transaction charges have been drawing users even from other networks.
  • The fact that CloakCoin is truly anonymous implies that it is a better option for investment. If you save personal funds in a conventional bank, the information can easily be accessed by authorities. But it is no better even in most cryptocurrencies. However, CloakCoin system providers the peace of mind knowing that no one can easily uncover your investment.

How can CloakCoin be categorized?

The CloakCoin system is a completely anonymous and secure platform. This sets it apart from peers that have been trying to make their systems anonymous with little success. By adopting the advanced technologies and features such as Enigma, CloakShield, stealth addresses and Proof of Stake consensus algorithm, CloakCoin has succeeded in delivering optimal anonymity and security that investors have been looking for. The cryptocurrency community appears enthralled by the recent progress including regular updates on the core code.

What’s CloakCoin’s vision on Security?

The CloakCoin’s vision on security is ensuring that users on the network can enjoy highest level security for their peer2peer transactions on the network. Most of the efforts to enhance anonymity at CloakCoin were also used to promote the security of the network.

  • The CloakShield application on the network helps to securely exchange data and protecting the danger of symbil and main in middle attacks. This protection is further enhanced through stealth addresses.
  • The adoption of proof of stake algorithm in the CloakCopin network has been very helpful in ensuring that the native coins are distributed evenly. This is very important in protecting the network from 51% attack.
  • The new CloakCoin development team has been very aggressive in delivering the original goal of the network. It is because of this focus that they have adopted a model of progressive review to identify bugs and clearing them as immediately as possible. This helps to fix bugs and keep the network extra secure from attacks.

Examples of CloakCoin’s use cases / applications.

Though the applications of CloakCoin stalled when the initial developers abandoned the network, everything started picking up rather fast starting from early 2017. The blockchain came back to the cryptocurrency limelight as more users started developing interest. Here are some of the top use cases of CloakCoin.

  • CloakCoin is a reliable method of securely sending value across the globe at a lower rate. Whether you are in Japan, China, the EU or the United States, sending value is instantly and direct.
  • The native CloakCoin tokens can be used to pay for transaction charges on the CloakCoin network. The native coin can also be used to pay for transaction charges when trading in the markets. Note that trading CloakCoin requires you to identify an exchange that lists the coin and pairing it with another coin such as BTC or ETH.
  • More people searching for a reliable method of saving their value without getting discovered by third parties or authorities can rely on CloakCoin. Whether it is the cash you want to keep away from easy discovery especially by attorneys in the case of a lawsuit or simply holding, CloakCoin has become a highly reliable option.
  • You can use CloakCoin to pay for products and services. Like other cryptocurrencies such as Bitcoin or Ethereum, you can use CloakCoin to make payment in stores that accept it. A lot of stores have already expressed interest in working with CloakCoin.
  • As the CloakCoin continues with the current code upgrades, its support for decentralized applications is perhaps the greatest move on top of the focus on anonymity. This will make the platform a reliable system for developers to deploy applications for expanded use. It will take CloakCoin to the level of Ethereum and Ash.

https://coincheckup.com/coins/CloakCoin

https://www.cloakcoin.com/

https://www.cloakcoin.com/blog

http://www.cloakwiki.org/index.php/FAQ

https://cloakcoin.com/user/themes/g5_cloak/resources/CloakCoin_Whitepaper_v2.1.pdf

 

 

 

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Ubiq

What is Ubiq?

Ubiq is a decentralized, peer2peer, and open source cryptocurrency with a smart contract functionality. It is a hard fork of the Ethereum cryptocurrency core code but operates separately from the Ethereum ecosystem. In 2016, another fork was implemented in the Ethereum system resulting in the formation of Ethereum Classic and Ethereum after the DAO attack of 2016.

It is important to appreciate that though Ubiq history traces back to January 2017, it was not developed from scratch. Rather, it was a shift from an already existing token referred to as Jumbucks (JBS). JBS deprecated completely so that Ubiq took over all the balances. The approach was considered effective because Ubiq took over an existing and already charged community.

With no ICO to hold the tokens, Ubiq native tokens were released to the market immediately after the launch of the genesis block. Ubiq has an inflation rate of 8 UBQ per block that reduces with 1 every year for a period of ten years. This implies that in 2017, Ubiq network had a reward of 8 UBQ per block while 2018 block reward is 7UBQ per block. The rate will continue lowering with 1 until the eighth year when it will hit 1 UBQ per block.

What is the problem that Ubiq Solves?

The blockchain niche has grown at a very fast rate. Many experts prefer to call it supersonic speed. But this growth has to be driven by a mammoth force of unending development. Even in as much as this development is the driver, it is also a serious problem for the respective networks.

  • The developments imply that most of the networks cannot be relied upon without expecting distractions. In many cases, the core codes, the contracts, and decentralized applications are bound to change at any time.
  • The progressive development opens serious risks to the networks, users, and even native coins if some of the nodes fail to upgrade when updates are available.
  • With developments and new upgrades being introduced at a high rate, users are no longer sure whether their systems will continue functioning well after updates. For example, what will happen when a new update is released, but transactions were already running on the network?
  • As more people become analytical before joining the cryptocurrencies, opinions about recurrent updates have the effect of making them hold back. This approach is evident, especially with most new cryptocurrencies. Most people feel that the risk is too much and, therefore, opt for older more stable networks.

How does Ubiq Solve the problem?

To address the above problem, Ubiq prioritizes network stability and methodical-free upgrades that do not destabilize the system. Individuals and organizations that use Ubiq smart contracts are sure of enjoying seamless upgrades even when new updates are issued. To achieve this seamless flow, here is how the development team approaches it.

1.   Meticulous pre-testing of all updates

One way of ensuring that a cryptocurrency network is functioning optimally is through regular updates. To ensure that Ubiq delivers this versatility without causing disruptions, the development team carries intensive studies on the most stable technologies across the globe. Then, the technologies are tested to ensure that their inclusion in the Ubiq will be seamless. The development team also debugs the new technologies before adding them to the network.

Despite this very enticing approach, it is important to point that the adoption of Ubiq has been relatively low. Many organizations and investors have been comparing Ubiq to Ethereum systems and settling for the latter to drive their businesses.

2. The application of Ethereum Virtual Machine

As a hard fork of Ethereum, Ubiq core code closely resembles that of Ethereum in many respects. To be precise, it was forked from the Ethereum version 1.5.8 by introducing changes, edits, and removing references to the Decentralized Autonomous Organization. However, it is the application of the Ethereum Virtual Machine (EVM) that has made Ubiq to easily address the problem of uncertainty caused by intensive development.

Ethereum Virtual Machine aims at providing extra security and helping execute untrusted codes. EVM helps in protecting the Ubiq system from Denial-of-Service attacks that have become way too common in the blockchain sector. Using EVM, Ubiq also ensures that programs run independently without accessing each other’s state. This is very important in promoting articulate communication with no interference. Therefore, even if one component of the Ubiq system is undergoing an upgrade, it will not affect the functioning of others.

3. Incentivizing miners using uncle blocks

At times it is possible for two miners to discover a block at a very close range. However, only one block can be added to the public ledger at a time. This implies that the first miner gets the privilege of adding the block. The second block that came very close is referred to as an Uncle Block. To put it differently, the Uncle Block is also valid but it gets orphaned.

In the Ubiq system, the first miner gets rewarded but the miner of the uncle block also received 50% of the block reward. This is important in encouraging more miners to join, stay, and continue securing the network. Remember that once a new block has been found, another uncle block cannot be created on the older one.

4. The Ubiq tokens are based on the Ethereum system

News of tokens getting stolen through hacking has become way too common. To beat this problem and live to its security dream, Ubiq’s native tokens are ERC20. This means that they are based on the Ethereum blockchain that provides an additional layer of security. If an attacker wants to access the tokens, he will have to break the additional layers of security. It is because of this that Ubiq has not been hacked since inception.

What makes Ubiq better than it’s competitors?

The trend in the blockchain network has been to build on the existing technologies so that newer platforms are better and more reliable. From Ethereum to EOS, the primary goal is advancing the blockchain technology to the next level.  This is why Ubiq stands taller compared to other networks. Here are additional reasons for going Ubiq.

  • Sending value on the Ubiq network is relatively cheap compared to other networks. Unlike other cryptocurrencies such as Bitcoin that have been in the market for years, Ubiq entered the market in January 2017 and its price is still relatively low. This implies that sending value on a peer2peer basis on the platform is also low compared to Bitcoin and even the Ethereum.
  • The platform is designed with a clear target of adding new UBQ to cater for a natural attrition and ensure that the coins reach every corner of the globe. Many cryptocurrencies that have a fixed supply are largely targeted at growing the value of the native token as opposed to promoting greater penetration. However, the increase of the native tokens with 7UBQ per block will greatly help to control inflation.
  • Ubiq has been one of the best performing cryptocurrencies in the market. Between early 2017 and mid-2016, the price of UBQ grew with more than 2500%. The market capitalization also grew from 1.3 million to about 22 million during the same period.
  • With the Ubiq team focusing on providing a more predictable versioning, users are assured of a stable platform with no distractions. This is very important especially for people targeting to use the blockchain network for heavy investment or as the primary payment network. The stability also targets keeping the network and its users extra secure.

How can Ubiq be categorized?

Ubiq can be classified as an ambitious project that provides a clear goal to help users enjoy seamless application in their operations. While their approach to helping provide stability to the blockchain users is noble, a large part of the community sees it as a new method of giving more relevance to a coin that was already fading in the industry. For example, the price of Jumbucks (JBS) in the market was very low prior to the launching of Ubiq. Despite this, the cryptocurrency has a good traction and its success will depend on the ability to introduce workable features, keeping the network secure and growing its value.

What’s Ubiq’s vision on Security?

Ubiq wants to become the most secure network that developers and users can rely on without worrying about attacks or interferences. This vision was drawn from lengthy study and assessment of the functioning of other networks. Here is how the Ubiq team targets to achieve the objective.

  • Use of Ethereum Virtual Machine: In the blockchain network, the denial-of-service network attacks have become a common problem. The attacks are often advanced by people who want to portray their opponents/ targets in bad light. It can also result in a serious compromise of service delivery. To prevent such attacks, Ubiq uses the Ethereum Virtual Machine that helps to separate services, contracts, and other features completely. With no unauthorized communication or unintended communication, Ubiq guarantees its clients of a highly secure network.
  • Shift to the Proof of Stake consensus algorithm: Ubiq runs on the proof-of-work consensus model which is similar in many aspects to what takes place in the Ethereum network. However, they plan to shift to the proof-of-stake consensus model to make the system more secure. Under the proof of stake consensus model, users will be required to hold some stake in the network to be allowed to participate in mining and consensus building. It will also help to evenly distribute the native tokens and preventing 51% attack.
  • Advanced network encryption: Encryption has become an important component in every blockchain network especially now that many governments have been threatening to pass harsh crypto-regulations. By adopting advanced encryption, Ubiq ensures that its users’ information is free from access by third parties. Therefore, you can invest in the network without worrying about third-party seizures or getting discovered.
  • Use of smart contracts: The smart contracts have become the bottom line of most cryptocurrency networks in the market. Because the terms and conditions for smart contracts implementation are preset and applied automatically, any person/entity trying to gain some entry will be identified and blocked. When the smart contracts operate together with EVM in Ubiq, the network becomes a type of fortress that hackers find it extra difficult to break.

Examples of Ubiq n’s use cases/applications.

The cryptocurrency industry has been fighting for recognition and adoption. However, the adoption rate has been very slow. Now, things are even more complicated with the stiff competition from more than 1600 cryptocurrencies competing for the same space in the crypto niche. Here are some of the main use cases of Ubiq.

  • Paying for transaction charges on the Ubiq network: When you send value on a peer2peer basis on the Ubiq network, the transaction charges have to be done using UBQ. However, it is important to appreciate that Ubiq tokens are Ethereum based tokens. Therefore, you will still also be required to pay GAS. This can also be cleared using UBQ.
  • Use Ubiq network to implement new decentralized application: Like Ethereum, Ubiq is designed to help businesses create and run their own applications. Whether you want to plug a specific service on the Ubiq system or the entire business, the door is wide open.
  • Paying for trading costs in the exchanges: If you want to invest in the Ubiq network, there are several ways of doing it. One, you can opt to mine the network and get rewarded in UBQ. You can also ask your payers to clear their dues in UBQ. However, the most effective method is buying the native tokens from the cryptocurrency exchanges. The fee for such transactions can also be cleared in UBQ.
  • The Ubiq system is a great platform for savings and investment: Most people who do not want to put their savings in a conventional bank or want to invest anonymously prefer the blockchain networks. Because user accounts and their investment details are fully encrypted, they are sure of freedom from third-party seizures and associated risks.
  • Direct purchases in stores that accept UBQ: Ubiq development team has been working extra hard to get UBQ adopted for direct payment. Many online operators, especially in the tech niche, will allow you to make payment in UBQ. However, even those that only allow other tokens such as ETH are a step away. You only need to convert UBQ to them.

https://coincheckup.com/coins/Ubiq

https://ubiqsmart.com/

https://blog.ubiqsmart.com/