Month: October 2018

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Clams

What Is Clams?

Clams is an innovative payment network and a digital coin that is based on Litecoin, Dogecoin, and Bitcoin. Unlike many digital coins that are designed on the Bitcoin platform by copying the basic structure, Claims considers itself as an innovative variation meant to advance the blockchain network.

The blockchain network has been growing steadily as the need for more advanced technology in different areas grows.

The pioneer networks such as Litecoin and Bitcoin only demonstrated that it is possible to run transactions on a peer2peer basis. The new platforms are now building on the original crypto networks to deliver higher value to users.

  • The creation of the Clams platform

Clams was developed in early 2014 and launched in 2014. The cryptocurrency took the initials CLAM which stands for Caritas Libertas Aequitas Monetas that translates to Freedom Fairness Equality Coins.

The philosophy of the coin was aimed to mean the first truly decentralized peer2peer value transfer network without centralized points of failure. The focus was to introduce a new method of sending value that every person could use and associate with.

The coin was introduced as an airdrop to the Litecoin, Dogecoin, and Bitcoin network. This implies that all the people who had some Bitcoins, Dogecoins, or Litecoin by the time of Clams release received a share of Claims.

  • The price performance of Clams coin

The price of Clams has been impressive over the years. Between launch in August 2014 and nearly October 2018, the price of the coin grew with about 200%. The price started at $0.5 in August 2014 and grew significantly to $2.5 by December the same year.

By August of 2015, the price of Clams had grown further to reach $3.49 before sinking to $0.3 in November the same year. Then, the price stabilized at around $0.7 between February 2016 and February of 2017.

From March of 2017, the price took an upward trend that culminated to $13.6 on January 9th, 2018. This was the highest mark in the Clams’ history. But the top performance did not last.

Like other coins such as Bitcoin and Loopring in the industry, Clams value took a bearish trend that culminated to the $1.6 mark late in October 2018.

The community is optimistic that the value of Clams will finally take a positive trend because its system is an improvement of top performing coins such as Bitcoin and Litecoin. However, this is only speculation because growth is dependent on the prevailing market forces.

What is the problem that Clams Solves?

Clams platform was created at a time when cryptocurrencies were facing serious threats from both the cybercriminals and administrations. Here are some of the main problems that Clams addresses.

  • Centralized mining through the use of ASIC equipment

While the decentralization approach used in the early networks was impressive, the advantages did not last. The development of ASIC mining equipment meant that only the people who could afford them would be able to mine, confirm transactions, and receive new coins.

The concept that founding portraits of blockchain technology had worked so hard to achieve was under threat. A new method of addressing the issue had to be sought promptly. The Clams developers opted to use a different consensus algorithm.

  • Centralization of financial services

If you want to send funds using a common system such as banking or use of credit cards, services are centralized.

This implies that the system or data is managed through a central point that makes it is an easy target for attackers and other dangers such as the risk of failure.

The centralized system also implies that the process of sending funds is lengthy and expensive. Every cash transfer request has to be reviewed to ensure that the sender and recipient do not have criminal records related to fraud or terrorism.

  • Poor scalability

Even after Bitcoin and Litecoin adopted a fully decentralized model to facilitate peer2peer transactions, the problem of poor scalability cropped up. Because the platforms require every transaction to be verified by majority nodes, the consensus takes long pulling the number of transactions that can be supported every second very low.

The Bitcoin platform can only support 7 transactions every second while Ethereum handles a slightly higher number of 20ntransatcions/ second.

When these figures are compared to what industrial leaders handle, it indicates that there is a lot of work that needs to be done. For example, Visa can handle more than 20,000 transactions per second.

  • Poor adoption of the blockchain network

When many people talk about the blockchain niche, one might be tested to believe that the niche is progressing in the right direction. But that is the wrong perception. The truth is that many people find the process of joining and using cryptocurrencies very complex.

To buy cryptocurrencies, people are required to join the exchanges, open trading accounts, and fund them. Then they have to create cryptocurrency pairs before executing orders to buy Clams. This is very complex for many people.

How Does Clams Solve The Problem

Clams was created by borrowing the best points from Bitcoin, Litecoin, and Dogecoin so that it could effectively address the above issues. Here are some of the methods used to counter the myriads of problems facing the crypto niche.

  • The proof of concept consensus model

A closer look at the above problems indicates that most of them arise from poor or lack of decentralization. To address them, Clams opted to deviate from the common proof of work (PoW) and proof of stake (PoS) consensus protocols to a new one referred to as proof of concept (PoC) model.

The proof of concept model is a variation of the proof of stake consensus. Under the system, the node to mine the system is selected randomly from the active nodes. This implies that holding the coins is not enough to give you an undue advantage over others. You need to be active in securing the network.

  • A highly simplified CLAM blockchain setup

The process of joining many networks is very complicated. In some cases, people are required to run complex computing procedures that easily keep off non-technical people. However, joining the Clams network is simple and fast.

The interested user only needs to download the light client and install it on a computer. The client synchronizes with the entire network and links with other nodes so that users can start to mine or send value. It is because of this simplicity that a lot of users have been trooping into the platform and enhancing its good performance in the market.

  • The CLAMspeech

The decentralized platforms are surrounded in mystery. In many cases, the network users only hear that there is a development team but there is no way to reach it. The CLAMspeech is a unique way of communicating on the network which helps the nodes to send custom messages or select from the list of messages to accompany new blocks.

What makes Clams better than it’s competitors?

When Clams entered the market in 2014, it had to fight for space with other giant cryptocurrencies of the time such as Bitcoin.

This competition has been growing progressively and the development team at Clams had to redefine its operations to outdo competitors. Here are some of the things that make Clams better than competitors

  • The platform is completely decentralized

Unlike the centralized financial systems that operate as high risk entities, Clams relies on a network of nodes spread in the entire globe. The focus is ensuring there is no single point of failure. The decentralization has also helped to make the platform more secure, cheaper, and reliable.

  • The platform has effectively addressed the problem of centralized mining

Centralized mining is referred to as the killer of blockchain projects. By adopting the proof of concept consensus algorithm, Clams has managed to evade the dangers associated with centralization such as the risk of 51% attack.

  • The network allows users to use and own the platform

If you use a bank to send funds or save cash, there is a disconnect because the decisions are made by a separate party. In most of the cases, the goal is to optimize profitability either through add new rules. However, the Clams system does not belong to any one individual. As far as you have some stake and remain active, you will be called upon to help confirm transactions or vote when major decisions are being made.

  • The Clams network has been in operation for years and its system proved to be stable

Because cryptocurrencies are operated as fully decentralized platforms, the only way to tell that the features in them are working and reliable is seeing them work.

This requires a period of more than three years so that pump and dump schemes will have faded off.

The Clams network has been in operation since 2014 and its features have been tested and proven to work. Therefore, you can join the network and operate without worrying about losing your Clams coins or getting attacked.

How can Clams be categorized

Clams can be categorized as a truly decentralized network that is helping to shape the blockchain niche. Starting from 2014 when the founders created the core code, the development team appears committed to progressively work on new features to help the industry grow.

For example, the platform was prompt to use the proof of concept consensus algorithm and CLAMspeech. The enthusiastic team that is keeping the innovation wheel running is part of the reason why Clams’ popularity has been rising steadily.

What’s Clams’ vision on Security?

The Clams’ vision of security is to run the platform in a completely decentralized and secure manner. The development team was cognizant of the threats from interested hackers who wanted to take advantage of the rising demand for crypto coins. Here are some of the methods used to keep the Clams secure.

  • Advanced encryption
  • Proof of concept consensus algorithm
  • Regular update of the b Clams’ core code

Examples of Clams’ use cases / applications

The primary goal of creating cryptocurrencies was to ensure that as many people as possible can join and use them like the conventional currencies. This is only possible if the cryptocurrencies can be applied in multiple niches. Here are the main use cases of Clams.

  • Use Clams coins to pay for goods and products in the market.

As more stores come out to support cryptocurrencies, people with Clams coins will be able to make direct purchases. Note that even in the event that only a different coin is supported, it is still possible to make a purchase by converting to the accepted token.

  • Pay for transaction charges in the Clams network.

If you are sending value on the Clams network, a transaction fee is paid using the native coin. This is a very small fee used for supporting the development and motivating the miners in the Clams system. Note that this fee is very small compared to what the credit cards and banks charge.

  • Stake the native coins to mine more coins.

If you want to mine more coins in the Clams network, you are required to buy some stake and keep your node active. Therefore, you should start by purchasing the Clams coins and then keep the computer running while waiting for your turn to mine next block.

  • Use the coin to pay for government services.

Governments are changing their negative perceptions about cryptocurrencies. If you reside in a jurisdiction that supports cryptocurrencies, it is possible to pay for services with Clams coin. One good example is Arizona.

In April 2018, the Arizona government passed bill HB 1091 that allows users to pay for taxes using cryptocurrencies. When you pay taxes using Clams coin, they are converted to USD and credited to payer’s account.

In Singapore, you can also pay for government services after the administration indicated that there is no law that prevents sending of value using digital money. The primary goal is sending value.

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RubyCoin

What Is RubyCoin?

Use of cryptocurrencies has grown steadily after the launch of Bitcoin in 2009 by Satoshi Nakamoto. Between 2009 and 2018, over 1600 coins had entered the market. The main goal of most cryptocurrencies is to facilitate the progress of the blockchain niche by improving the technology.

One cryptocurrency that has been performing relatively well in the market is Rubycoin (RBY). This is digital money that is used for online transactions in the entire globe. The cryptocurrency network uses blockchain network to provide users with total control over their coins.

  • A closer look at Rubycoin

Rubycoin was created in 2014 by Jim Nguyen. However, the process had started earlier in 2009 after Bitcoin launch. Jim saw the Bitcoin platform and started thinking about how he could create a more robust platform. Therefore, he registered a company referred to as RubyCoin in 2009 and started working on concepts such as economic independence and financial data protection.

The company progressively reviewed the Bitcoin core code with the primary goal of understanding how the blockchain system works and targeting to launch their own platform. In 2014, they made the breakthrough by launching the Rubycoin complete with its own blockchain.

  • The Rubycoin price performance in the markets

Rubycoin is one of the coins that have been performing well in the market. Between April 2014 and October 2018, the price of RBC grew by more than 19,000% from $0.001 to $0.2. Unlike other coins, the RBC price has been relatively steady.

When the coin entered the market in March 2014, the price was $0.001. The price remained around $0.001 until August 2015 when it started rising progressively. In January 2016, the value had reached $0.1 and advanced further to $0.2 in January 2017.

Between the August 2017 and October 2015, the value grew sharply and broke through the one USD mark to reach $1.06. Then, it dropped sharply to $0.6 in mid-November 2017 before shooting up again to $1.9 in 12th January. This was the highest mark in the RBC price.

The top performance of the Rubycoin did not last long. By February 2018, the value had dropped to $0.68. It continued with the bearish trend culminating to $0.1 in mid-October 2018. The community expects the price to take an upward trend and deliver returns on its investment in the coming months.

What is the problem that RubyCoin Solves?

The Rubycoin platform was created at a time that the blockchain niche was experiencing major issues related to security. For example, the case of Mt. Gox attack that happened in 2011 saw over 600,000 BTC getting stolen and the exchange filing for bankruptcy. The following are the main problems that Rubycoin solves.

  • The problem of centralized financial services

The conventional financial services offered through banks and credit cards are highly centralized. The user data is held in the centralized servers which imply that it can easily be lost in the case of a cyber attack or even fire. But this is not the only problem with the centralized services.

As centralized networks, it means that the companies are bound by regulations of the jurisdictions hosting them. For example, banks scrutinize every money transfer transaction to ensure that the sender and recipient are not involved in ponzi schemes or terror.

In addition to the lengthy processing times, the centralized operators are also profit based. This implies that they have to charge their additional fee to meet the cost of paying staff, rent, and profit. These are the main issues that Rubycoin seeks to address.

  • Centralized mining

When Bitcoin was created, the main idea was to promote decentralization so that nodes spread in the network can help to secure the platform. But the technology introduced the ASIC mining equipment that helps to generate high hashing power to optimize mining returns. This sounds like the ultimate technology, but it is not.

The ASIC equipment cost a lot of money which implies that only the well to do in the society can afford to buy and use them. I

t also indicates that more coins are likely to fall in the hands of a few individuals and raise the danger of 51% attack. Rubycoin targets to address the issue through a different mining algorithm.

  • Poor adoption of cryptocurrencies

If you take a closer look at the cryptocurrencies in the market, the impression is that they are advancing at a very fast rate. However, the rate of penetration into society is relatively poor.

This problem is caused by the complex procedures involved when one wants to own the native coins. The community is also getting influenced by warnings from the governments that cryptos are risky.

  • Lack of privacy in the financial system

One of the reasons for the development of cryptocurrencies is to enhance transactions’ anonymity. However, it has not been an easy thing for many networks.

For example, Bitcoin is not anonymous network because it only uses pseudonyms that can be followed to unmask users.

Rubycoin targets to enhance anonymity by ensuring that all users can operate without worrying about third-party seizures. The focus is on strengthening the models used in the first two main cryptocurrencies, Bitcoin and Litecoin.   

How Does RubyCoin Solve The Problem

  • Proof of Stake consensus algorithm model

One of the early solutions proposed to address the problem of centralized mining is the adoption of proof of stake (PoS) protocol.

At Rubycoin, this protocol is used to redefine how the platform’s governance managed. Instead of relying on the computing power of a computer, the PoS system relies on the stake that one has in the system.

The Rubycoin system also uses scrypt mining algorithm which is ASIC resistant. Scrypt is a memory hard-key derivative function which means that the standard ASIC chips used to solve SHA-256 proof of work would be less effective. This implies that people could mine Rubycoin with CPU and GPU to reduce the danger of 51% attack.

Note: Though Scrypt was very effective when it was first discovered, the technology advanced further resulting in the generation of Scrypt ASIC chips. Though Rubycoin used it effectively at the beginning, it is no longer effective.

  • A completely decentralized blockchain platform

Rubycoin’s main method of addressing the above issues is adopting a completely decentralized blockchain. The system relies on a set of nodes spread in the network across the globe. After releasing the Rubycoin  core code, Nguyen ceased being the owner.

The system now relies on the nodes in its network to confirm transactions, maintain the records, and keep the system secure. This implies that there is no single point of failure and the system is more secure than the centralized systems.

What makes RubyCoin better than it’s competitors?

The cryptocurrency niche has become highly competitive. By mid-2018, over 1600 cryptocurrencies had entered the market. Here are the things that make Rubycoin better than competitors.

  • It operates as a completely decentralized network. This implies that it does not have a centralized point of failure because the records are distributed in the network across the globe. This makes it better than most conventional banking systems.
  • Rubycoin has been performing relatively well in the market. Though the price movement was bearish for the better part of 2018, it has performed better than many coins in the market. Indeed, the bearish trend has been characteristic of most networks such as Ripple and Litecoin.
  • The Rubycoin development team is led by a highly aggressive team. If you want to know the strength and effectiveness of a cryptocurrency network, take a look at the development team. The Rubycoin development team is led by some of the top minds in the blockchain industry including the founder, Jim Nguyen.
  • The platform has been in the market for long and its system proved effective. When a new cryptocurrency platform hits the market, its features are considered unstable until they have taken a couple of years. Because Rubycoin has been in operation since 2014, most of its features have been tested and proved to be stable. Therefore, you can buy the coins or use them for saving funds without worrying that the system will become a pump and dump system.
  • The Rubycoin provides a cheaper way of sending value across the globe. As a decentralized network, the Rubycoin platform provides users with a reliable method of sending value on a peer2peer basis. This means that you can look for a reliable management where all

How can RubyCoin be categorized

Rubycoin can be categorized as a truly decentralized cryptocurrency created with the target to help grow the blockchain niche. As one of the early networks, the coin reflects a growing enthusiasm of the community to understand the technologies and immediately joining to help take the industry to the next level.

The preference for proof of stake consensus algorithm was a great breakthrough for the coin especially in the early years of establishment. This commitment to progressively grow the system has progressively won the network a large community and high value.

To maintain the appeal, it is crucial that the development team rethinks its strategy to beat the fast emerging competition. For example, other networks such as Ethereum and Rchain are targeting to provide cryptocurrency ecosystems where developers can create decentralized applications. Rubycoin has to start competing with them.

What’s RubyCoin’s vision on Security?

The Rubycoin’s vision on security is to provide users with a completely decentralized and secure network of sending funds. The cryptocurrency uses advanced encryption to prevent unauthorized access to user accounts. Even when miners follow back to confirm transactions, they can only check the public address balances as opposed to pulling out personal details.

Other methods used to keep the platform secure include complete decentralization, use of proof of stake protocol, and regular update of the network to keep the platform secure. Remember to also play your part by keeping the Rubycoin client and the main computer updated.

Examples of RubyCoin’s use cases / applications

Unlike the cryptocurrencies created for specific niches such as Steem and Golos, others target wide adoption in different niches. By reaching more users, Rubycoin has managed to maintain a competitive edge against others in the market. Here are the main use cases of Rubycoin.

  • Paying transaction fee on the Rubycoin platform.  If you want to send value to a payee in a different country, Rubycoin is a good option because the transactions are completed on a peer2peer basis. The transactions are direct, prompt and cheaper compared to bank transfers.
  • Trading in the markets. Like other digital assets such as Bitcoin, Rubycoin can be traded in the exchanges such as Poloniex and Bittrex. These are markets that help to bring together buyers and sellers so that prices of digital assets are controlled by forces of demand and supply.
  • Paying for goods and services in the market. Many stores especially e-commerce establishments are now embracing cryptocurrencies as one of the top methods of payment. Unlike the standard methods of payment such as bank transfers and use of credit cards that take longer to clear, paying through Rubycoin is direct and fast.

This is a very reliable method because the stores do not have to keep users in the queue after they have taken additional time selecting items in their stores. The payment is prompt and indeed cheaper to both the trader and customers.

  • Paying for government services in countries that support the digital coins. Though the perception of cryptocurrencies has been negative especially from the governments’ viewpoint, things are changing. The governments are now realizing that there is a positive side of cryptocurrencies.

In the United States, individual states have started creating laws supporting the use of cryptocurrencies. One example is Arizona. After passing the HB 1091, Arizona is now allowing residents to pay taxes in digital coins. Other countries that are positive about cryptocurrencies include Singapore, Venezuela, and Switzerland.

  • Saving funds. Rubycoin uses advanced encryption techniques that help to encrypt the user information and transaction details. The platform has, therefore, become a reliable option for people who want to save funds and store them without worrying about third-party seizures.

Since cryptocurrencies are decentralized and not regulated, vent hr courts of law do not have jurisdictions over them. No one except you can know that you are part of the Rubycoin network or has saved funds.

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