Month: October 2018

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Databits

What is Databits?

Databits is a counterparty token that holders can trade in the exchanges or use to buy augmented blockchain-based creatures, skins, and relics.

The token is backed by the Bitcoin blockchain with the target of giving users ownership of the virtual world. If you prefer specific augmented creatures, Databits allow you to reach the creator and buy them.

Consider Databits as a layer of augmented reality added on top of the Bitcoin blockchain to extend the technology to the community.

Databits platform and tokens were created by Kyle Haffenden and Michael Deon in 2016. The duo claims that this was the first ever blockchain based augmented reality game in existence.

Their idea had previously been rejected until 2016 when they presented the concept in Shark Tank Africa. Michael points that his commitment to work on augmented reality games is in line with his childhood dreams of helping to revolutionize the gaming industry.

The Databits tokens are part of the augmenters’ ecosystem and responsible for the virtual economy.

An initial 100,000,000 tokens were created and released into the market. 70,000,000 of the tokens were sold on the initial coin offering while the augmenters company held the remaining 30,000,000.

Their report indicates that though the targeted one million was reached, not all the tokens targeted for sale were sold.

The price performance of Databits token in the market shows that the price started at $0.1 in March 2017 before climbing steadily to reach $1.4 in June 2017. T

his was more than 1000% growth.

Then, the price took a downward trend to $0.4 in July 2017 before gaining slightly in August and sinking further to $0.3 in November the same year.

On January 13th, 2018, the price of Databits token had grown to $2.33; the highest point its history.  But the gain was short lived because the price took a sharp downward turn declining steadily to reach $0.1 in September 2018.

What is the problem that Databits Solves?

Since 2009 when Satoshi Nakamoto released Bitcoin, many cryptographers, financial experts, and other professionals have been looking for ways to take advantage of the fast-growing sector. However, many challenges and issues have been standing on the way to effectively transition into the blockchain niche. Here are some of the problems that Databits aims to address.

  • Limited blockchain technology expansion outside the financial sector

Though many blockchain applications have been created since 2009, there are still a lot of sectors that are not covered. Most of the platforms largely concentrate on the financial sector. One of the sectors that have lagged behind is the augmented reality. While efforts to introduce the augmented reality niche into the blockchain niche have been ongoing, little breakthrough had been achieved until Databits augmented reality layer was added on the Bitcoin blockchain.

  • Limited adoption of the blockchain technology in the community

While the use of blockchain technology has been impressive, experts have indicated that the penetration is below par. Many people still do not understand how blockchain operates or even adopt it in their lives. Databits targeted to enhance the blockchain use by reaching more people, especially in the gaming niche especially the augmented reality area.

  • The high cost of sending value across the globe

For many people who want to send value from one part of the globe to another, the process is lengthy and expensive. Banks have to verify the sender and recipient in line with Anti Money Laundering procedures. This makes the transactions to take long before they can be effected. The high cost arises from the fact that the services are offered by profit based organizations.

  • The strict regulatory regime

One of the major issues stifling the blockchain niche is lack of clear regulations. Because cryptocurrencies do not have a clear definition, many administrations are feeling threatened. Therefore, they have threatened to pass very harsh regulations. Databits sought to address this problem by using a different type of token other than the common designs in the market today.

How does Databits Solve the problem?

To address the outlined issues, Databits development team opted for a more radical approach. Here are some of the methods used to address the issue.

  • A new token economy model

This is the most comprehensive solution to the outlined issues that Databits has adopted to address the blockchain issues. Instead of using the standard model tokens, the founders opted for utility tokens. These are the tokens designed to provide users with access to the product or service. When people buy the tokens either in the exchanges or during ICOs, they can use them to purchase services in the respective platform at a discount.

In the case of Databits project, a total of 100,000,000 tokens were released to the market. Therefore, how does the utility Databits token work? The utility token operates in relation to the game economy. The first step involves buying a package using fist currency in an app store using in-app functionality.

The package comprises of key elements such as creatures, $Databits tokens, consumables, and game creatures. When playing the supported augmented reality games, the player battles others and gets rewarded for wining. There is also an option for bidding creatures that were purchased in the package.

  • A system of two tokens in one platform

To make the platform more appealing to users, Databits features two tokens. Database token ($DTB) is the standard token while Databits Tether ($DTBT) is the off-chain token. The Databits Tether is a stable token created to help lock the value of a player’s funds and prevent it from the market volatility. If you want to use the Databits Tether tokens, they have to be redeemed to the standard Databits tokens.

  • The Databit’s diverse features

To help take the blockchain niche to the community, make gaming more enthralling, and workable, Databits operates with the following list of features.

  1. Databits token reserve: This is a reserve that the Databits Company uses to keep the tokens in a different wallet. As more $DTBT get released into the game, the reserve will continue to grow. When a user wants to withdraw, the corresponding $DTBT in reserve is destroyed.
  2. The augmenter store. This is a store where users are allowed to buy creatures, packages, and consumables.
  3. Consumables. This is a collection of gaming assets that users can access on the network.
  4. The trading hub. This is a platform that allows players to exchange the creatures. You will need to have $DTBT to buy the creatures.
  • The blockchain network

Though the Databits Company does not indicate how its decentralized system works, it insists that all transactions are done on a peer2peer basis. This implies that when you send value when trading or running gaming transactions, the process is peer2peer. By removing the centralized and profit-seeking organizations, it implies that the transactions are cheaper compared to the conventional financial organizations.

What makes Databits better than it’s competitors?

The growing blockchain niche has opened the gate to severe competition in the industry. Databits, like other blockchain based projects, has to win trust from the audience for a bigger market share. Here are some of the things that make Databits better than its competitors.

  • The project targets a niche that is less trolled. As more cryptocurrencies target the financial transaction niche, one of the best strategies to win a bigger market share is venturing into a less explored area. By focusing on the augmented reality gaming niche, Databits has carved itself a niche where operations are near monopoly.
  • While the topic of cryptocurrency regulation has become a hot potato in the blockchain niche, Databits appears to have crafted a workable solution without choking itself. By making its native tokens to be utility tokens as opposed to the standard models, the development team has managed to comply with all the regulations including the anti-money laundering and know-your-customer requirements. This means that traders and gamers can use the tokens without worrying about going against the law.
  • The tokens have done relatively well in the market. Though they have not grown to reach the levels of Bitcoin or Ethereum, the performance is impressive. For example, by the close of the third quarter of 2018, Databits market capitalization was $3.1 million at a price of $0.1. This puts it well ahead of other more popular tokens such as ThoreCoin with a market cap of $2.9 million and Bezop with $2.5 million.
  • Databits provides users with an easy way to hold value without worrying of high volatility. If you simply want to save funds, the best option is using Databits Tether that is less prone to price changes. However, you need to appreciate that the Databits Tether can only be used for holding and will not yield much even when the price of the other tokens grow.

How can Databits be categorized?

Databits is a high-risk cryptocurrency network targeted at bringing the augmented reality technology into the blockchain niche. The focus of the founders to take the augmented reality to the blockchain is helping to expand the crypto niche to ensure that everybody has a chance to reap associated benefits.

What is Databits’s vision on Security?

The main vision of Databits on security is to provide users with a reliable and highly secure augmented reality gaming platform. This is achieved in two ways. One, the platform is operated as a layer on the Bitcoin blockchain. This helps to ensure that all the tokens enjoy the Bitcoin level security.

The Databits system follows the recommended anti-money laundering and know-your-customer procedures. This has helped to ensure that all the users joining the platform can be positively identified to lower the risk of attacks and use by high-risk parties.

Even with the platform’s efforts, it is important to appreciate that important components especially privacy are lost. This could be a major undoing at a time when many blockchain based platforms are working on enhancing anonymity. For example, most cryptocurrency networks are working on integrating Decentralized exchanges, ring signatures, and The Onion Router system to enhance anonymity.

Examples of Databits’ use cases/ applications.

When blockchain platforms are created, the primary goal is expanding their applications to ensure that more people can join and find meaning. However, some tokens such as Databits come with limitations because they are specifically attached to the respective niches. Here are the main use cases of Databits.

  • Buying augmented reality creatures in the Databits ecosystem. This is the primary use of the Databits tokens. Developers create these reality creatures and release them into the Databits ecosystem for the gamers to buy.
  • Trade the Databits in the markets. Like other cryptocurrencies, Databits tokens can be traded in the markets that list them. One of the top markets that can be used to trade the tokens is Bittrex. To trade in the exchange, you are required to open a trading account, identify a good crypto pair, and start trading. Note that a transaction fee will also be required when trading in the market.

NOTE: While the model presented in the Databits appears impressive, there are serious gaps that have been identified by experts and the community. These gaps point at the imminent threat of direct manipulation that could result in huge losses. Here are three of these gaps:

  1. The project lacks a clearly defined operational algorithm. Apart from the indication that it is applied as a layer of the Bitcoin blockchain, there is no mention whether it also uses proof of work, proof of stake or other consensus algorithms.
  2. The process of tokens release into the market remains unclear. Unlike other networks such as Ethereum and Bitcoin Cash that outline the mining procedures and how new coins are released; there is no mention of mining in this case.
  3. One component of the white paper that has struck the community hard is the incentives. The community has raised the alarm that the incentive model has the characteristic of a pyramid scheme.

These concerns indicate that though the network is indeed high potential, there is a need to approach it with greater caution. Experts recommend that users should spread the investment across different cryptocurrencies to keep all associated risks as low as possible.

https://www.augmentorsgame.com/wp-content/uploads/2017/11/22112017-DatabitsWhitepaper-v2.0-.pdf

https://coinswitch.co/info/databits/what-is-databits

 

 

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Chronobank

What is Chronobank?

Chronobank is an ambitious blockchain project targeted at disrupting the human resources recruitment and finance industries. In their website, they indicate that they target to create a major disruption in the two industries the way Uber disrupted the tax business in the globe. Therefore; what exactly is Chronobank?

Chronobank is a decentralized recruitment solution that operates on the Ethereum platform.

It is an open source project that targets to bring the blockchain technology to the world or recruitment. It operates as a complete HR system that allows the recruiters and qualified candidates to meet in a decentralized manner.

The project was developed by a blockchain and human resources development team based in Sydney Australia.

The founders, Sergei Sergienko and Paul Glover, started working on the project early in 2016 and completed the initial phase in December 2016 when they issued an ICO.

They raised 5.4 million which was distributed in the following percentage;

  • 88% went to the ICO participants.
  • 10% was allocated to the development team.
  • 2% was released to the company advisors.

The project operates using a set of tokens to help with operations in the market, paying the transaction fee, stabilizing the market, and trading in the exchanges. However, the main token is TIME.

When the TIME tokens were made available for trading in the market late in February 2017, the value was $12.89 before rising steadily to reach a peak of $28.4 in June the same year. Between June 2017 and December 2017, the price ranged between $13 and $27 before shooting to $49.4 in January 6th, 2018.

This sudden growth realized in December 2017, and January 2018 was short lived because the price took a downward trend culminating to $4.9 by the close of the third quarter of 2018. The appealing design and a committed team resulted in speculation that the value could ultimately rival other top coins in the market.

What is the problem that Chronobank Solves?

The blockchain niche was designed as a response to address the societal issues that plagued the globe for years. Note that unlike Bitcoin that primarily targeted to solve the problem of high cost of sending value, Chronobank operates as an ecosystem and targets to solve more issues. Here are some of these problems.

  • The complex and high cost of recruitment

If you want to hire staff for your company, the process is lengthy, expensive and at times very complex. You will need to create a job profile, run an ad, carry interviews, and select the winning candidate. The alternative, that might be considered less complicated, is using a recruitment agency. However, the process is expensive, and you lose control of the candidate that will be hired for your company. Chronobank targets to address the problem by decentralizing the entire recruitment process.

  • Poor adoption of the blockchain technology in the community

While the benefits of the blockchain niche such as low cost of sending value using a decentralized system are evident, the process of uptake by the community has been relatively slow. Even as people rush to take advantage of new tokens when they are released, their main goal is enjoying high ROI when the digital tokens finally get into the market. Chronobank targets to address the problem by expanding the blockchain to the recruitment niche.

  • The high cost of sending value using conventional methods

Though the earlier platforms such as Bitcoin and Litecoin have done a lot in helping to pull down the cost of sending value, people are still using the conventional financial. Some feel uniquely attached to them, others are worried about regulations, while the last group is skeptical about joining the blockchain niche. Now, Chronobank targets to help cut cost through decentralization and demonstrating that it is secure.

  • High cryptocurrency volatility in the market

If you take a closer look at the price of most cryptocurrencies, one common thing is the high volatility rate. For example, the hype about Bitcoin in December 2017 made its price to shoot through the roof to record high of $18,737. But the price took a downward trend responding to every aspect of the market. This volatility has made it very difficult to predict the price movement of the cryptocurrencies. Chronobank targets to address this problem using a stable coin.

How does Chronobank Solve the problem?

When working on the Chronobank platform, Sergei Sergienko and Paul Glover took a lot of time to look at the industry’s problems and craft winning measures. Here are some of the methods used to solve the above problems.

  • The TIME Coin

This is the main token on the platform that was introduced when the platform was launched for the first time. The unique thing about the TIME token is that it supports multiple blockchains. The TIME token was not designed as a security token. Instead, it is designed as the fuel to the ChronoMint ecosystem.

The TIME coin and the platform’s decentralized applications (dAPPs) are designed on the Ethereum blockchain but can also work on the NEM and Waves platforms. Note that because the tokens are linked to the national hourly wages, the inflationary risk is pulled down significantly.

The Chronobank utilizes a decentralized ledger backbone with multiple security levels. This is used to drive transparency and openness in all stages of the working hour cycle.

  • Labor-hour stable coins

In addition to the standard TIME coins, the Chronobank system also features the Labor-Hour tokens. These are tokens linked to the average hourly wages in the respective country of application. They are backed by actual labor force from major recruitment firms.

The development team was live to the fact that labor is abundant for everybody to access but very scarce to be valuable. This is the reason why it is the most tradable resource in the economy. Now, LH token is this scare resource.

Because the tokens are backed by the real labor, they are inflation-proof and considered next to zero-volatility when compared to other tokens such as Bitcoin and Ripple. The solution is considered more sustainable compared to other fiat-pegged coins such as Tether. The LH tokens are hyper-liquid and accessible all the time through LH debit cards.

  • LaborX

This is a 24/7 global marketplace designed to connect companies and candidates to ensure they can transact promptly, safely and easily. The system is designed on the blockchain sector and introduced advanced human resources operation management systems to help companies screen staff and pick the best. Some of these features include smart contract payments and screening hires.

The Chronobank LaborX was created with a consumer-friendly design to facilitate mass adoption by both large companies and small enterprises. Because of the high efficiency brought by the blockchain system, the transaction fee can be pulled down from about 5-15% charged by hiring platforms to about 1%.

  • The Chronobank wallet

The ChronoWallet utilizes smart contracts to make coin management easy and is the main wallet for the platform. The wallet provides users with an interface for managing TIME, most ERC-20 tokens, and Bitcoin. But the most impressive thing about the wallet is providing users with a reliable platform for the creation of ERC-20 tokens. This implies that you no longer have to look at other tokens and wonder how they were created. Instead, you can use ChronoWallet to create your tokens.

What makes Chronobank better than it’s competitors?

The fast-rising number of blockchain networks on the market has made the industry to become highly competitive. By mid-2018, there were more than 1600 cryptocurrencies in the market. This implies that for a new blockchain to win a bigger market share, the blockchain has to win the trust of the target market. Here are some of the things that make Chronobank better than competitors.

  • The platform has simplified the recruitment process and pulled the associated cost very low. This implies that whether you are a new company targeting to open a new branch abroad or want special skills in business, the process of recruitment will be highly reliable.
  • The Chronobank has articulately addressed the problem of inflation with its unique LaborX token. Now, investors do not have to worry that their funds will lose value when the price in the market changes.
  • Chronobank’s debit card is a good way to help people in the blockchain network to link with fiat currencies directly. Many people in the cryptocurrencies have expressed the difficulty of converting their tokens into fiat currencies. In many cases, they are forced to go through the exchanges that support fiat. However, the Chronobank’s debit card makes the conversion of the Labor Hour tokens to fiat or direct purchases easy and direct.
  • The Chronobank system allows users to operate directly on a peer2peer basis. By allowing users to bypass the profit-seeking organizations, sending value on the Chronobank platform is easy and cheap.
  • The community and experts are in agreement that the Chronobank’s system holds great potential that could push the value of TIME and return on investment (ROI) high.
  • The ChronoWallet, the user interface of Chronobank, has a mobile version that allows users to carry the platform wherever they go. This implies that you no longer have to wait to go back home or reach a computer for updates on the price movement of the native coins. Everything can be accessed on the phone no matter where you are.

How can Databits be categorized?

The Chronobank system is one of the high potential, ambitious and flexible platforms that will revolutionize the recruitment industry. Its design and commitment of the development team are two core components that are making the community remain optimistic that the platform could become the next big thing in the industry. The platform is even more fascinating because it allows users to convert their coins to fiat easily and even integrate with other blockchain platforms.

What is Chronobank’s vision on Security?

The Chronobank’s vision on security is to become the most reliable and secure recruitment and financial system. To guarantee users of optimal security on the platform, here are the main features used on the network.

  • The platform is based on the Ethereum platform. This implies that the blockchain offers another layer of security to make it hard for hackers to break into the network.
  • The system operates as a decentralized network of nodes across the globe. This implies that there is no single point of failure because all the nodes have to verify the information about the sender before transaction are verified.
  • The development team of Chronobank is very aggressive. They are always working to fix gaps and vulnerabilities to make it extra hard for attackers to gain entry. This is the reason why no successful hacking had been reported on the network by the third quarter of 2018.

Examples of Chronobank’s use cases/ applications.

When blockchain projects are released into the market, the founders and development teams want to optimize their applications. Here are the main use cases of the Chronobank platform.

  • Use the Chronobank system to recruit staff. The system operates as a complete platform for companies to reach and recruit high-quality staff. You can use the platform to reach the target audience, screen them, and narrow to the most qualified staff at a reduced fee.
  • Use the platform to send value on a peer2peer basis. As a blockchain platform, people who join the system and acquire the native tokens can use them to send value on a peer2peer basis. Sending value on the platform is fast and cheap because the centralized system helps to bypass profit-seeking organizations such as banks.
  • Use TIME token to trade in the markets. One method of optimizing returns from the Chronobank is trading the native tokens on the markets such as Liqui, Kucoin, and HitBTC. Note that to trading in such markets will require you to join them by opening trading accounts because they are centralized.
  • Use Chronobank token to pay for goods and services. Like other cryptocurrencies or fiat currencies, the Chronobank’s native coins can be used to make direct purchases in the markets that accept it. You only need to identify the stores that accept TIME token or Labor hour token debit card.

https://chronobank.io/

https://chronobank.io/files/whitepaper.pdf