Month: September 2018

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Vertcoin

What is Vertcoin?

Vertcoin is an open source and decentralized cryptocurrency that is fully owned by its users spread in its network. The cryptocurrency was designed to help make blockchain accessibility easy for all people including those with no technical knowledge. This is why it has been branded as the “People’s Coin” because everybody can join and mine without ASICs equipment.

The cryptocurrency was released early in 2014, and its coin has been performing relatively well in the markets. Immediately after release in January, the coin was trading at $0.15 but shot up to $4.0 in the subsequent month. Like other cryptocurrencies, Vertcoin was dealt a serious blow in 2015 by the MT. Gox attack that made it trade below $0.2 up to early 2017. By December 2017, the value shot up by more than 4000% to hit $9.0 before taking a steady decline to $0.7 in August 2018.

What is the problem that Vertcoin Solves?

When Bitcoin was unveiled in 2009, Satoshi Nakamoto did not anticipate the surge in demand that would result in the subsequent years. More importantly, the market evolved rather fast as the tech niche sought to adapt to the new decentralized ways of operations. This resulted in many problems that Vertcoin is seeking to address.

Centralized mining

Mining in most cryptocurrencies is considered the core driver of the networks. The miners do the hard work of confirming transactions, adding new blocks to the respective public ledger, and protecting the networks. However, the industry crafted a method of optimizing mining power through ASICs equipment to increase mining rewards. The effect of the equipment has been devastating.

  • The ASICs mining devices are very expensive. This implies that most of the tokens released through the block rewards go to a few people/ mining pools.
  • By edging out CPU and GPU miners from mining, only a few players are left to control the bulk of the coins. This puts the party into a serious risk if the coin holders conspire to harm the network.

Lack of privacy in most cryptocurrencies

The original goal of introducing decentralized cryptocurrencies was to promote completely anonymous transactions. However, the advancing technologies are making it impossible to conceal transactions and user details. At Bitcoin, the platform only uses pseudonyms which have become very easy to follow and peg together information that can help to know the details of an individual user.

Privacy in decentralized networks is also being compromised at the exchanges. To trade or exchange one cryptocurrency for another, you are required to use the exchanges. These are centralized platforms that require users to provide a lot of information that can be used to identify them. Indeed, most administrations have regulated cryptocurrency trading to make it easy to pull out users’ information. For example, trading in the exchanges such as Bittrex and Poloniex requires users to provide name, proof of location, personal identification number, and even phone number.

How does Vertcoin Solve the problem?

ASICs resistant mining algorithm

To beat centralized mining brought about by ASICs, Vertcoin opted to revisit the original concept of mining when all that a user needed was graphics cards or CPUs. In 2014, Vertcoin adopted the Scrypt-N based algorithm for users to reach its proof of work (PoW) consensus. But this could not work for long as new ASICs equipment made it possible to mine Scrypt-N based coins.

By the close of 2014, Vertcoin adopted the Lyra2RE algorithm that has helped to make the cryptocurrency more ASICs resistant. Lyra2RE operates by separating time cost and memory cost with independent parameters. With time, ASICs also improved to make it possible to mass mine Lyra2RE. This prompted Vertcoin to upgrade to fork Lyra2RE version 2 in August 2015. This version has been very effective in keeping ASICs at bay entirely.

The Vertcoin Atomic Swaps

Atomic swap is an exchange of two coins that happen instantaneously without requiring third parties. This strategy is implemented at Vertcoin to help reduce the need for third-party players especially in the exchanges that compromise users’ safety and privacy. This means that you can easily send Vertcoin to a Bitcoin address and it will reach there as BTC. The atomic swaps formed the original premise for the creation of decentralized exchanges.

Stealth addresses

One method that parties use to put information together and pull out individual details is following various transactions that point to a specific address. Vertcoin has adopted the stealth addresses that involve generating a one-time-only address for various transactions. Whether you are using the address for public or private payments, they are first sent to the Stealth address and finally privately relayed to the primary address. This technology has become very effective in enhancing privacy on most coins.

The LITbox

This is being referred to as the ultimate tool that the Vertcoin is using to promote greater use. The box-like hardware will run as a standalone device for operating a LIT node to help redefine how the atomic swaps and Lightning Networks work.

The LITbox will allow any person to design nodes and open new channels that can help connect to the router with the Web Interface as the only interface. Therefore, the box will allow users to plug multiple devices including computers and phones to interact with Vertcoin blockchain. It will also handle any other coin that supports LIT implementation of Lightning Network.

The box will make users their own banks by protecting them from user errors and enhancing the privacy of their operations. For example, nodes will be able to send and receive any Bitcoin protocol based coin with a single agnostic LN address per-user. This means that they will never have to re-use on-chain public keys.

What makes Vertcoin better than its competitors?

As more cryptocurrencies enter the market, competition is becoming very stiff. Vertcoin development team has been working extra hard to develop key features that will help to enhance greater value to users. Here are some of the things that make Vertcoin better than competitors.

  • The platform is completely private: As other cryptocurrencies grapple with the problem of anonymity, Vertcoin has managed to address it completely. This implies that whether you want to send funds on the Vertcoin network or allow buyers to pay in Vertcoin, third parties cannot easily pull out your details.
  • It is more scalable compared to most cryptocurrencies: Bitcoin and Ethereum blockchain networks, though ranked at the top, can only handle very few transactions. For example, the block time and time of transaction take only 2.5 minutes at Vertcoin while Bitcoin requires 10 minutes. This implies that more users especially traders can use Vertcoin without worrying about time lags.
  • ASICs resistant mining algorithm makes it possible for everybody to get involved: Unlike other Proof of Work (PoW) based cryptocurrencies that have greatly suffered under ASICs miners, Vertcoin has crafted a reliable solution that now makes it easy for everybody to join and mine even the native coin even with standard CPUs. This is a very important component in advancing decentralization.
  • Vertcoin’s development team is very active in creating new features: The success of any cryptocurrency network is the development team behind it. The development team at Vertcoin network has been very active in adding new features to the system. For example, when they noted that Scrypt-N and Lyra2RE were no longer helping to beat ASICs equipment, they promptly introduced newer versions to keep the network completely decentralized. Other items that demonstrate the team’s commitment to progressively advancing the network include Vertcoin 1-Click Miner, merged mining, and use of lightning networks. The ability to change without requiring a fork has made the community believe that Vertcoin could ultimately become the “next Bitcoin.”
  • The Vertcoin performance in the market has been very impressive. The growth of Vertcoin from inception to 2018 has been impressive. Though some might argue that the period starting from January to mid-2018 has seen the price of Vertcoin shift downwards, the overall trend gives a different story. For example, between June 2016 and June 2018, the value of Vertcoin grew by more than 3000%. With the new features being introduced progressively into the platform, the community is optimistic that the value will ultimately take an upward trend.

How can Vertcoin be categorized?

Like Vertcoin puts it in their website, the platform can be rightly categorized as a truly decentralized network. The term “people’s coin” perfectly fits the cryptocurrency because it is aimed at reaching more people including those without technical know-how on blockchain technology.

In addition to making Vertcoin mining simple with standard GPU and CPU, the Vertcoin development team is moving ahead to ensure that users have absolute control with LITbox. The LITbox will make it even possible to connect to connect to your phone.

What’s Vertcoin’s vision on Security

Cryptocurrency security was a core goal of the Vertcoin development team right from the beginning. To keep the network secure, they are guided by the vision of making the Vertcoin more decentralized and secure for all people. To achieve this mission, Vertcoin uses the following strategies.

  • Progressive updates of the core code to identify and seal all gaps.
  • Advanced encryption and stealth addresses to keep the network private.
  • Lyra2RE mining that prevents centralized mining to promote even spread of the native coins. This helps to prevent 51% attack.

Examples of Vertcoin’s use cases / applications.

For about ten years, cryptocurrencies entering the market have been fighting for recognition and acceptance. They are designed with the primary goal being to win a bigger market share and increasing adoption at different levels. On this front, Vertcoin has done pretty well because users can apply it in the following ways.

  • Sending value across the globe anonymously: Thoughts of the many people who know about your transaction, personal and account details when using a bank have made people to seek alternatives that can guarantee total privacy. Vertcoin is one platform that has provided this enhanced anonymity for users who want to send funds across the globe. The stealth addresses, advanced encryption, and LITbox help users in Vertcoin to enhance the transaction anonymity.
  • Paying taxes in jurisdictions that accept cryptocurrencies: As more jurisdictions come to appreciate the crucial role played by blockchain technology, they are starting to accept cryptocurrencies in their systems. For example, Arizona passed bill HB 1091 that allows users to pay taxes using cryptocurrencies. More jurisdictions are also in the race of allowing users to pay taxes with digital coins to increase their revenue.
  • Saving and hiding funds from third parties: When people save their funds in the top financial services and institutions like banks, they become an easy target for third-party entities. For example, your bank account can easily be frozen by a court order if you get entangled in a legal tussle. However, Vertcoin encrypts all the user details on the blockchain so that no third party such as tax authorities or even courts of law can know about the details.
  • Trading in the exchanges: One of the best methods of optimizing returns from your Vertcoin is trading the native coins in the exchanges. This implies joining the markets and pairing Vertcoin with other coins such as Bitcoin and Ethereum. Note that though trading in the crypto exchanges closely mimics what happens at the forex markets, the price of digital coins can be highly erratic. Therefore, it is crucial to pick the cryptocurrency to pair with Vertcoin with a lot of care.
  • Paying transaction fee in the exchanges and on the Vertcoin blockchain: When sending value on the Vertcoin network or trading in the exchanges, users are required to pay some transaction fees. This can be cleared with Vertcoin.
  • Use Vertcoin to make direct purchases in the markets: Like other cryptocurrencies such as Bitcoin and Ripple, Vertcoin can be used to make direct payment for goods and services. You only need to identify a store, whether conventional or online, that accepts payment in Vertcoin. Note that even in stores that only allow other coins, you will only need to convert Vertcoin to the accepted coin.

https://coincheckup.com/coins/Vertcoin

http://vertcoin.org/

https://medium.com/vertcoin-blog

https://www.reddit.com/r/vertcoin/comments/70x75q/frequently_asked_questions/

https://vertcoin.org/wp-content/uploads/2017/10/Vertcoin_Lyra2RE_Paper_11292014.pdf

 

 

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Humaniq

What is Humaniq?

Humaniq is a banking app based on the blockchain technology, and available for both iOS and Android users. It is designed with unique biometric and blockchain recognition features to facilitate opening and extending banking services to the entire globe especially the unbanked. The app is created and run on the Ethereum blockchain to provide key banking operations together with other third-party services including the following;

  • Peer2peer lending.
  • Data security.
  • Loans.
  • Personal financial management.

Humaniq was founded in 2016 by a computing and human rights professional, Alex Fork. The primary idea of the application is premised on the idea that helping people get out of poverty and grow their local economies. The project and platform received huge support including the recognition by the UN (United Nations) for the excellent work of reaching the unbanked.

To achieve its objective, Humaniq also released its native token referred to as HMQ into the markets.  It is an ERC20 token that was released into the market in May 2017. The price of HMQ between launch and August 2018 remained relatively stable within the range of $0.05 and $0.1.

However, the months of December 2017 and January 2018 saw the price surge to $0.61 (the highest mark in its history). The community is expecting the value to keep rising as more people and multinationals appreciate the good work of Humaniq and support it.

What is the problem that Humaniq Solves?

Poor access to banking services in many parts of the globe

According to the World Bank and United Nations, about two billion adults of working age in the world (slightly under 40% of all global adults) lack access to formal and regulated banking services. Interestingly, these members do not just hail from the poorest countries.  Lack of banking services affects virtually every country on the continent.

Financial exclusion is one of the primary causes of extreme poverty in most parts of the globe. A bank account is considered an important part of founding businesses, expanding transactions, enhancing efficiency, promoting transparency, and better management. World Bank reports also shows;

  • India is home to 21% of the world’s unbanked population while China holds 12%.
  • Women make up 55% of the unbanked population.
  • About 95% of the Sub Sahara African is unbanked.
  • More than 20 million the Middle East and North Africa adults are unbanked.
  • The population of unbanked grew by 10% between 2011 and 2014.

Limited reach and use of blockchain technology

Since the introduction of blockchain technology in 2009, the fast growth has largely been concentrated in the cities and large crypto markets. However, in most rural areas, developing countries, and emerging economies are yet to experience the blockchain and its features. This is the niche that Humaniq is reaching to try and give demonstrate the positive side of blockchain technology.

How does Humaniq Solve the problem?

Humaniq system is based on the blockchain technology with the main transactions being run on the Ethereum platform. The focus is to understand the unbanked population and to provide a system that can capture the right information, win and bank them. Here are the main components used to help Humaniq address the outlined problem.

The native token (HMQ) and Ethereum smart contracts

The Humaniq tokens are ERC-20 compliant coins that are emitted to every authenticated user. Part of the tokens was released in an ICO that closed in April 2017. Though it was faced with many hitches, it was very successful and raised $5 million. A total of 11,600 participated in the ICO and made an average investment of $430.

The remaining tokens are released to the target market using the Emission smart contract that executes the predefined reward threshold. Other components of the system are the Humaniq app, Humaniq servers, and the Ethereum blockchain.

BioID technology

BioID technology is being used by Humaniq to make personal identification and registration easy. Humaniq is working with expert companies in bio-identification to ensure that users who want to join the network can sign up by simply letting the application scan their facial features. The process involves the following steps.

  • The user is required to visit Google Play to download the Humaniq app and install it on his/her smartphone.
  • The registrant takes a photo of him/ herself using a smartphone and uploads it in the Humaniq application.
  • The registrant is also required to record a short video grinning, smiling, and pronouncing the texts shown on the screen.
  • Once the details are added, the user is required to add more information including passport, and SMS. Note that there is no risk of losing the password because your face is the password.

Note that the BioID automatically updates your details so that changes in your facial features are captured, and the system updated automatically. For example, Humaniq will sense the changes in the face over time so that you do not have to repeat the entire registration process.

The Humaniq wallet

The Humaniq mobile wallet is an interface for the mobile users that provides a direct interface for checking the balance and running transactions. Like other wallets, the Humaniq mobile wallet helps to generate private and public keys that are required when sending, receiving and managing funds.  A standard token contract keeps track of the token balances and facilitates easy transfer when running transactions.

What makes Humaniq better than its competitors?

In about ten years, the blockchain niche has grown exponentially. Since 2009 when Satoshi Nakamoto released Bitcoin, over 1700 cryptocurrencies have entered the market.

This has opened stiff competition as each cryptocurrency targets to win a bigger market share. Here are some of the top reasons that make Humaniq stand taller than its competitors.

  • Humaniq targets a highly underserved niche yet potential niche. This implies that the community and users are likely to grow over time. Remember that though the focus is the unbanked, even the other population is not restricted from using the technology and investing in the token. For example, some of the people who bought the HMQ tokens during the ICO wanted to show their support for the project and make an investment.
  • The project is implemented with a lot of openness. This helps to make more people identify with it and come out to support the noble course of taking financial services to the unbanked. For example, the management runs startup Humaniq contest for developers, marketers, economists, and entrepreneurs across the globe. The winners of the contests are funded by Humaniq to implement their ideas.
  • The Humaniq project creates real links that unbanked can use to grow to financial freedom. The connection is done by taking groups of people to successful startups and businesses for inspiration. For example, Kenya (one of the East African countries) has been an important learning point for its success story in reaching the unbanked through mobile applications.
  • While it is true that Humaniq has its business edge, the focus on helping the developing countries and poor populations has set it apart from the peers. This focus has made even the governments and international organizations appreciate the positive side of blockchain technology.
  • Though new, Humaniq was carefully designed to run on top of the Ethereum blockchain protocol to enjoy a higher level of security and efficiency. All transactions involving the native HMQ have to be verified by miners spread on the Ethereum blockchain. This helps to make the transactions decentralized, secure, and reliable.
  • The platform provides unique features that help to enhance value of the network and its users. For example, Humaniq has an encrypted chat system, a biometric authentication system, and a unique reward model for people who use the system.
  • The process of registering on the Humaniq platform is easy, direct and highly secure. Unlike many cryptocurrencies that require users to follow lengthy procedures when registering, Humaniq is very easy to join and start enjoying its services. The app captures the facial details of the user so that the entire registration is completed in a very short moment. Note that the system also uses the facial recognition when you need to sign into your account. This implies that there is no risk of ever losing your Humaniq password.

How can Humaniq be categorized?

Humaniq is a blockchain based banking system that is helping to extend the reach of banking services to the large unbanked community across the globe. The platform is also timely in extending the blockchain technology to new niches. The operation is expected to play a pivotal role in helping create new meaning in the blockchain sector.

  • The Humaniq platform is designed carefully to make joining easy and direct.
  • Users from the targeted niches with unique ideas are supported with funding.
  • The platform helps users to operate securely in the network without worrying about hacks, forgetting passwords, or getting their information stolen.

What’s Humaniq’s vision on Security?

Humaniq targets to safely deploy the blockchain technology to help the unbanked access financial services. The Humaniq founder and the development team understood that the focus on safety was very important if the project was to become successful. Because the unbanked was also likely to lack important computing skills, the focus on safety had to be taken a notch higher. Here are some of strategies used to guarantee users of optimal safety.

  • Verification of users is done through facial and voice recognition. This helps to eliminate the need for formal documentation.
  • The tokens are provided as a reward to users who complete various tasks on the network such as signing in and using the native coins. This is meant to keep the platform free from the expensive ASICs mining equipment, centralization of mining, and eliminate the risk of 51% attack.
  • The system’s chat system is encrypted to ensure that no middleman can tap the communication between nodes and become a threat. The chat system and the entire network are also updated regularly to identify gaps and seal them promptly.

Examples of Humaniq’s use cases / applications.

Humaniq is a unique blockchain based platform that targets to accomplish a noble course of reaching and banking the unbanked. As a “bank” the use cases mainly mirror what conventional banks do. However, all the services are offered in a decentralized manner. Here are some of these applications.

  • Sending and receiving value. Like a standard bank, users are allowed to send value to target recipients based on same Humaniq network. This is an important component in any financial services package because users are to send value both locally and abroad. Note that since HMQ is an ERC-20 token, some gas will have to be used when sending the coins on a peer2peer basis.
  • Extending businesses services to the unbanked. As the Humaniq platform extends the reach to more people in various areas across the globe, more players will be able to plug their businesses and offer their services to the community. These include lending, consulting and other business-related services. All the payments are effected in the native HMQ coin.
  • Financial management. When you get banking services, the notion of prudent management becomes very important. Because the transactions involving your account are recorded in a public ledger, you can easily follow them to manage your finances. Just log into your account to see all the payments, deposits and other transactions for review.
  • Trading the native tokens in the markets. Like other cryptocurrencies, you can trade the tokens in the markets such as UPbit, Bittrex, and Mercatox. Note that you will be required to register for a trading account and verify it with personal information such as passport number, date of birth and proof of location. This information can differ from one market to another.
  • Buying products and services. As more traders start embracing cryptocurrencies, it means that you can pay for products and services using digital tokens such as HQM. Note that even if a store only accepts other types of tokens, you can still buy by converting HQM to the accepted tokens.
  • Entrepreneurial support. On top of providing banking services, Humaniq platform has been helping users to link with similar enterprises to help sharpen their skills. From Ghana in West Africa to Tanzania in East Africa, investors are helped to identify the right projects and take them to the right audience. You can even get a financial grant for startup or grow your business.

https://coincheckup.com/coins/Humaniq

https://humaniq.com/

https://blog.humaniq.co/

https://humaniq.com/wiki/about-humaniq/faq

https://humaniq.com/pdf/humaniq_wp_english.pdf