Month: October 2018

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Patientory

What is Patientory?

Patientory is a patient-oriented protocol targeted at changing the way electronic medical data is managed. The target is to ultimately become a public health institution that interacts with all health organizations to help securely, preserve and transmit data.

  • Patientory: A platform designed to revolutionize how medical records are handled

The platform was founded in June 2017 by a Delaware company referred to as Patientory. It also has its operational labs referred to as TechSquare Labs in Atlanta and San Francisco, California. To make the platform effective, it also features a native coin referred to as Patientory Coin (PTOY). The coin is used to fuel the platform.

The Patientory operates through the use of individual profiles where the medical records are stored. The medical information is then stored on a secure HIPAA channel on blockchain platforms for extra privacy and prompt access. The records allow the patients to easily monitor their medical records both inside and outside the hospital environment.

  • The Patientory coin (PTOY) performance

The performance of the PTOY reflects the high volatility being witnessed in the industry. The price of the token started at $0.6 early in June 2017 before climbing about 170% to $1.62 on 12th June. Then, the price shot down to $0.1 in the subsequent three days before climbing slightly to $0.3 on 21st June and sliding to $0.08 in mid-July 2018.

As more people developed an interest in the coin and the community reacted to the new invention, the trend moved up and down the last two quarters of 2017. In December the price shot up steadily and hit $0.6 on 2nd January 2018. However, the gain was short lived because the price took a downward trend to reach $0.1 early February 2018. From April, it continued on a downward trend culminating to $0.03 in the third quarter of 2018.

What is the problem that Patientory solves?

Many cryptocurrencies entering the market today are designed to address direct issues identified in the society or the predecessor blockchains. For Patientory, the founder wanted to see things in the healthcare system working differently. Here are some of the main problems that the Patientory system sought to address.

  • Centralized health data storage

One of the many issues affecting the healthcare system is the fast-growing quantities of data and its processing. The patient’s medical records should be stored in a manner that they are easily accessible and indestructible for greater efficiency. The current systems of centralized data storage are highly ineffective, and user data cannot be easily accessed. The system is fragmented, and access to patient info is at times completely impossible.  In some cases, patients are forced to undergo new and expensive procedures because the records are unavailable.

  • Poor adoption of blockchain technology in the community

Though the blockchain technology has been in the market since 2009 when Satoshi Nakamoto created Bitcoin, the infiltration into different sectors has been relatively sluggish. In most of the cases, the new blockchains are a replication of what is already in the market especially platforms for sending value. Patientory addresses this problem by venturing in the medical niche with the focus on patient’s data storage.

  • The risk of data loss and corruption in the healthcare system

When a patient visits a health facility, and the details are captured after treatment, the conventional data system poses a serious risk of data loss and manipulation. Some insurance companies collude with health facilities to alter the patient health records in order to lower compensation requirements. In other cases, the records can be altered or removed from the system to influence the outcome of court cases. Patientory targets to address this problem by ensuring that the data captured on the storage system is immutable and permanent.

  • Lack of regulation in the blockchain niche

One of the serious threats facing the blockchain niche is lack of regulation. With the governments threatening to pass harsh laws on blockchain technologies, developers have been wondering how to fit within the current legal framework. However, Patientory has managed to find the perfect fit in line with the Health Insurance Portability and Accountability Act of 1996 (HIPAA).

How does Patientory Solve the problem?

To address the outlined problems, the development team knew it had to be creative because patient information is sensitive and the law insists it must be kept private all the time. Therefore, the system had to be perfected to win the trust of patients, the community and operate within the law. Here are some of the methods used to address the problems.

  • A peer2peer Care Management  System

The peer2peer care management system used at Patientory makes it easy for users to store and access medical records stored in the platform. The focus is on ensuring that the information is stored in many nodes so that it can be validated easily. This implies that there is no single point of failure and the details cannot be lost. No matter the time of the day or night, users are assured of accessing the data for treatment or management.

  • The Patientory issued tokens

Patientory tokens are ERC-20 tokens used for making purchases and payments on the Patientory platform. The tokens are based on the Ethereum platform which implies that they can be traded and even used to send value across the globe. Other uses of the tokens include effecting payments especially by the insurance companies that want to get accurate and correct data.

  • A decentralized network of nodes

The Patientory system uses a network of nodes spread across the globe that help to store and protect data. The system allows people with ample storage to rent it for pay. The nodes include health organizations that also help users to store their information correctly on the platform. To make the system work, the platform utilizes a Data Aggregate Machine that helps to verify the user data using a system of private keys. The machine helps to place secure requests from the blockchain.

  • Deriving partnership with all health organizations

When crafting the Patientory system, the development team knew that they needed to rope other organizations in the health sector to map their road for growth. From insurance to private health facilities, the Patientory platform has become a cheap and reliable option for accessing correct, timely, and permanent data. These organizations can also act as nodes in the platform.

It is also important to note that the platform’s native tokens are based on the Ethereum blockchain. In addition to providing an additional layer of security, the link with Ethereum blockchain means that it can easily be traded for other ERC-20 tokens either in decentralized or other standard exchanges.

What makes Patientory better than it’s competitors?

Unlike other cryptocurrencies that are primarily targeted at helping people send value, the focus of Patientory development team wanted to do things differently. This approach has given the platform a competitive advantage over others. Here are some of the things that make Patientory better than others.

  • The platform is designed and operated in line with the set regulatory standards. By following the Health Insurance Portability and Accountability Act (HIPAA) requirements on data privacy and other regulations, the platform is assured of growing stronger even if the government passes harsh regulations. The platform has made developers start believing that it is possible to craft a high-performance crypto platform without going against the law.
  • By adopting the decentralized approach to data storage, all the profit-seeking operators are bypassed to help make the transactions cheaper and realistic. Note that the lower transaction costs do just simply apply to data storage. You will also enjoy lower charges when clearing payments for organizations that use the Patientory system.
  • The Patientory community has been growing steadily, and the experts are in agreement that the potential of the platform is very high. Though the value of the native coin has been on a negative trend, it is expected to grow as in the coming years as the usefulness of the system is discovered.
  • The Patientory platform targets a very rich niche that has been less explored. Even though some cryptocurrency platforms are dealing with big data, none of them had targeted the medical records. This implies that the platform is likely to enjoy near monopoly because all patients need to have their medical records stored securely.
  • The system is very appealing because many people hold the view that they are not just investing in Patientory, but also in the healthcare system. This makes people own the healthcare system and become part of the force that will take it to the next level.

How can Patientory be categorized?

Patientory is the next generation patient-oriented protocol that will help to define the next step in the health sector. The platform has demonstrated that it is possible to decentralize the patient data and place the control in the hands of the patient. The network has won the hearts of more players because it is created in line with all related laws. By allowing more parties including individuals and healthcare organizations to plug into and use the platform, everyone can now feel part of the healthcare system.

What’s Patientory’s vision on Security?

The Patientory’s vision on security is creating a completely decentralized and secure platform for handling electronic medical data. The development team wanted to demonstrate that it is possible to store and access data without risking unauthorized access or attacks. Here are some of the methods used to guarantee users of optimal security when using the platform.

  • The system strictly adheres to all the security requirements set out in the HIPAA (Health Insurance Portability and Accountability Act). The Patientory system adheres to the HIPAA rules by ensuring that at any moment, only the patient has access to the access and other parties have to get consent to access the data.
  • The development team comprises of experts in blockchain and medical records. The experts carry a comprehensive review of the platform and regularly fix vulnerabilities to keep the platform free from attackers.
  • The native tokens on the Patientory platform are based on the Ethereum blockchain. This provides another layer of security to make it difficult for attackers to break and siphon your tokens.

 Examples of Patientory’s use cases/ applications.

To help advance the blockchain technology, the Patientory development team believe in creativity. While the platform is largely projected in the healthcare sector, the application extends to other sectors including those covered by older cryptocurrencies. Here are some of the main use cases of Patientory.

  • The primary goal of the Patientory coin is fueling the native blockchain infrastructure. Though the patients are allocated free space when their details are captured, they can buy more space using the PTOY. This implies that the patients have total control over their medical records in the Patientory Platform.
  • The Patientory coin is also used by other organizations to make payments. For example, some organizations use PTOY to clear payments for intelligent contracts that have been cleared with health insurance companies. The process makes it easy for insurance companies to get the right information on time for correct assessment and prompt payments.
  • As a decentralized network, users are allowed to lease their space to people for payment using PTOY. The decentralized nature of data storage ensures that there is no risk of information loss or failure like it happens with centralized servers.
  • Trade the native coins to trade in the markets. Like other cryptocurrencies, PTOY is a digital asset tradable in exchanges such as EtherDelta, Liqui, Bittrex, and Latoken. The markets operate like the standard forex trading platforms though they deal with digital tokens as opposed to fiat currencies. Note that you will be required to open a trading account and verify it to be able to start trading.
  • Use PTOY to save funds in the platform. If you have some funds and want to save them anonymously, one of the top options is the Patientory coin. The coin is encrypted so that no third party can know about the balance, transaction, or personal details. You can even rest knowing that even a court of law cannot authorize access or freeze the personal savings.
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MonetaryUnit

What is MonetaryUnit?

MonetaryUnit is a decentralized and open-source cryptocurrency that was forked from another cryptocurrency referred to as Quark in 2014. Quark was designed to take the latest algorithm in cryptography. Now, MonetaryUnit was designed to advance the same ideology through by adopting a special 8-way random hashing algorithm to make the coin accessible to many people.

Like Bitcoin, there is limited information about the MonetaryUnit’s founders. The founders maintain their anonymity to avoid falling into conflict with the law. A closer look at its price performance indicates that its potential was understated until early in 2017.

When the MUE coins were made available in the market in November 2014, the price was $0.0003 and market capitalization only $12,759. From November 2014 to March 2017, the price ranged between $0.000077 and $0.002 before starting to rise steadily. By October 2017, the price had grown to $0.1, an approximate growth of about 33,000%. The price continued to increase and hit the highest mark of $0.4 in 8th January 2018. The market capitalization also grew steadily during the same period to hit $47.9 million.

The impressive price growth to the highest mark did not last long. The price dropped sharply in the subsequent month to $0.1 by February 6th 2018. Then, it continued with the downward trend and settled at $0.02 by the close of the third quarter of 2018. Note that even at $0.02, the price was still about 6,500% higher than the starting price. The community is very optimistic that the price and value of the MUE will continue doing well to deliver high ROI.

What is the problem that MonetaryUnit solves?

  • Poor adoption of cryptocurrencies in the community

When many people hear of the name cryptocurrency, what rings in their minds is Bitcoin. Cryptocurrencies in the market have become a sort of tech-savvy only thing as the rest of the community has lagged behind. However, this approach goes against the primary goal of the blockchain technology pioneers. The target of MonetaryUnit is ensuring that people can identify with and use MUE at all levels of their lifestyles.

  • Centralized mining

The onset of the cryptocurrency era saw some creative developers look for ways to optimize mining rewards especially from the proof of work (PoW) based cryptocurrencies. The most notable of these developments is ASICs mining technology and equipment. These are specialized equipment designed to generate optimal mining power to ensure that the user confirms more transactions and ultimately wins more coins.

While the operation of ASICs might look like the perfect option for a miner, it comes with serious implications for the industry. Because ASICs miners are very expensive, it implies that only the well to do in the community can afford them. It also means that the coins for respective networks could easily fall in the hands of a few parties or mining pools. This greatly raises the danger of 51% attack. The MonetaryUnit seeks to restore both mining and coin ownership to the community.

  • Centralization of financial services

The use of conventional banking services in the market today has resulted in major inconveniences. Whether you want to save funds or send value across the globe, there is no privacy when using the banking services. Besides, it is very expensive to send money, and the process takes very long. The MonetaryUnit seeks to address the problem and restore trust in the blockchain services.

How does MonetaryUnit Solve the problem?

The development team of the MonetaryUnit was concerned that the blockchain niche was slowing down and, therefore, an urgent solution was needed. They studied the platforms that were in existence by 2014 and adopted the following strategies to address the problems.

  • The platform operates as a completely decentralized infrastructure

One of the main solutions used for addressing the outlined problems is decentralization. The MonetaryUnit operates as a blockchain platform of nodes spread across the globe. This implies that the platform does not have a single point of failure because there is no centralized authority. Because the transactions are completed on a peer2peer basis, the cost of sending value is pulled down and the transactions are completed faster.

The decentralized model indicates that there is no single point of failure. The network is governed and secured by the nodes spread in its system. Whether you are sending value across the globe or simply saving funds, the platform guarantees optimal security and privacy through advanced encryption.

  • The platform uses X11 mining algorithm

To address the problem of centralized mining, MUE development team opted to use X11 mining algorithm. The decision to use this mining algorithm arose from the fact that scrypt, the algorithm earlier considered ASICs resistant, was no longer effective. The X11 mining algorithm utilizes 11 hashing functions including Keccak and Blake which make it more secure and ideal for CPUs and GPUs.

The X11 algorithm provides very fast hashes for standard devices that ensure the system remains 30% cooler. This implies that your system will not suffer from overheating and the related power bill will also be low. Consequently, more people with standard devices can easily mine and own the MUE coins.

  • Use of a multiple layered infrastructure and advanced features

The technology infrastructure of MonetaryUnit is made of mining and master node layers. The two layers are designed to help with the faster processing of transactions and resolving conflicts that might arise in the platform. The principle layer is the mining layer that performs validation of transactions to ensure everything is done fairly.

The master node layer is used to scan the activities of the miners to ensure they are legitimate. The two layers operate together to ensure the community can trust the system for fairness, reliability, and security.

What makes MonetaryUnit better than it’s competitors?

Many cryptocurrency networks coming into the market today are designed to deliver better services and greater value compared to those preceding them. For the MonetaryUnit, the focus was and remains to ensure that more people can find meaning in the blockchain technology. With about 2000 cryptocurrency networks in the market today, here are some of the things that make MUE better than competitors.

  • The MUE platform is fully decentralized and minable by more people using different devices. Being completely decentralized implies that more people can join and use the platform. This is the reason why the MUE community has been growing steadily making even the experts believe that the cryptocurrency could be the next big thing.
  • The value of the MUE platform has been performing very well in the market. Though the price of MUE was on a downward trend starting from January 2018 to the third quarter of the same year, the situation was not unique. Many cryptocurrencies such as Bitcoin and Novacoin were also following the same trajectory. Even with the negative trend, the value by the third quarter of 2018 was still more than 6000% higher compared to the starting price in 2014.
  • MUE is a completely decentralized and anonymous platform. The development team uses the latest encryption to ensure that all the transactions are anonymous and no third party can easily access personal information. Even when miners follow back your account to confirm transactions, they can only check the balance in the public address as opposed to pulling out the personal details.
  • Unlike other platforms that only have a single layer of mining nodes, MonetaryUnit uses two layers. This operational design has helped to ensure that all transactions are properly implemented. Even if a group of miners conspire to harm the network, it will be very difficult to get the support of all the layers of operation.
  • As a completely decentralized and peer2peer network, MonetaryUnit helps users to bypass centralized organizations when sending value. This implies that the transactions are faster, cheaper, and more reliable. To make transactions even faster, MUE has a special feature called Instantsend that helps to make payment instant.
  • The MonetaryUnit platform has been in the market for more than three years. When a new cryptocurrency platform hits the market, it is considered unstable because the features are still being tested. However, MUE has been in the market since 2014 and most of its features have been tested and proven to work. This is why its value shot up starting from 2017 because its features were considered stable and reliable. Now, the community expects the platform to continue growing and deliver a higher return on investment (ROI).

How can MonetaryUnit be categorized?

The MonetaryUnit platform is the next generation cryptocurrency created to help people march into the future with ease. The development team comprises of highly committed members who progressively work on new features to deliver high value to the community. Some of the impressive features on the platform are Instasend, Commercial arms affiliates, Masternodes and X11 mining algorithm.

What’s MonetaryUnit’s vision on Security?

When MonetaryUnit was created, there were serious concerns about cryptocurrency niche’s security. For example, the Mt. Gox hack of 2011 shocked the globe as attackers made away with more than $600 million worth of Bitcoins. To make sure that the network is secure, MonetaryUnit adopted a raft of measures including the following.

  • The network is fully decentralized to ensure that there is no single point of failure. MUE advanced this focus of security by ensuring that the nodes work in layers.
  • The network is run by a highly aggressive team that regularly evaluates the platform for vulnerabilities. Then, all the gaps are sealed to ensure that no hacker can take advantage and attack the platform.

  Examples of MonetaryUnit’s use cases/ applications.

The primary goal of most cryptocurrencies is to get adopted and used in multiple cases. In the case of MonetaryUnit, the development team has been very active in promoting the network to increase its use in different areas. Here are some of the main use cases of MonetaryUnit.

  • Paying for transaction fee at the MonetaryUnit’s platform. If you want to send value using the MoneytaryUnit platform, a transaction fee will be levied in MUE. This transaction fee is used to motivate miners who confirm the transactions on the platform.
  • Trading in the market. One of the main methods that MUE holders can use to optimize returns from the coins is trading in the markets. The process works in the same way as forex markets but involves the use of crypto assets as opposed to fiat currencies.

To trade MUE in the market, you are required to pick a market like Bittrex that lists the coin. Then, open a trading account and verify it using personal information such as proof of location and telephone number. The final stage is pairing MUE with another favorable coin such as Bitcoin, Ethereum or Novacoin depending on the available assets.

  • Sending value. One of the reasons for many people rushing to the cryptocurrencies is to enjoy saving their funds anonymously. If you save cash in a bank account, a lot of people including cashiers and banking administration will know about it. But MUE is a completely decentralized and encrypted platform to guarantee users who save funds that no third party can know about it. This means that they can relax knowing that the funds are free from third-party seizures including courts of law.
  • Buying goods and services from stores that accept MUE. As more stores and conventional markets appreciate the special role played by cryptocurrencies, they are starting to accept digital assets for direct payments. You only need to identify a store that accepts MUE to be able to make a direct purchase. Even when only another coin is supported in a store, it is still possible to use MUE by converting to the accepted coin.
  • Use MUE to pay for taxes. If you live in a jurisdiction that accepts cryptocurrencies for official transactions, it might be possible to pay taxes with MUE. A good example is Arizona. After passing of HB 1091 in April 2018, Arizona residents can now pay their taxes using cryptocurrencies such as CUE. The tax department converts the coins to USD immediately and credits the payer’s account. You can also pay taxes with MUE in Singapore.

http://ftreporter.com/monetaryunit-cryptocurrency-what-to-know/

https://monetaryunit.org/