Month: October 2018

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Infinitecoin

What is Infinitecoin

After Bitcoin was released in 2009, the finance and cryptographic experts saw a new way of looking at payments by crafting new blockchain.

Most of them were aimed at identifying shortcomings in the blockchain niche and addressing them. One such platform is Infinitecoin.

Infinitecoin is a decentralized and peer2peer cryptocurrency forked from Litecoin in 2013 with the primary goal of facilitating stress-free online payments.

The target of the founders was to come-up with a network that allows users to effect payment without involving third parties such as banks and credit card companies.

One notable thing about Infinitecoin is the high supply of its coins. Unlike Bitcoin and Litecoin that have 21 million and 84 million coins that will ever exist in their networks, Infinitecoin has 90.6 billion native coins abbreviated as IFC.

The large supply is aimed at promoting even distribution across the globe.

Around August 2013, Infinitecoin was trading at a price of $0.000006 and remained within the same low range before gaining marginally to hit $0.00011 in January 2014.

The price remained within the range of $0.000001 and $0.000026 until May 2017 when it started rising marginally. On January 10th 2018, the price shot to $0.000342, about 5600% growth from the price recorded in August 2013.

Note that the price gain of Infinitecoin did not last.

By January 19th2018, the price had dropped to $0.000236. It continued with the downward trend and stabilized at around $0.000033 starting from July 2018 through to the close of the third quarter of 2018.

What is the problem that Infinitecoin solves?

Infinitecoin was created at a time when the pioneer blockchain’s popularity was approaching pitch high. Many cryptographers were focusing on crafting their networks with the expectation to improve what the existing platforms had achieved. Here are the main problems that Infinitecoin targets to address:

  • Centralized mining through use of ASIC equipment

When Bitcoin was created, it was possible to mine BTC using a standard desktop. However, things changed when new mining equipment such as Application specific integrated circuits (ASICs) were created and released into the market.

These are specialized equipment created to generate high mining power to optimize profitability. Though this might sound appealing because one would make a lot of profits, the associated damage is too much. Because of the high cost of the mining equipment, it implies that they can only be owned by the well to do in the society.

This raises the risk of the coins falling into the hands of only a few people and danger of 51% attack. With the coins being funnelled to only a few individuals, it implies that many are those who will be left out. This compromises the original objective that the founding portrait of blockchain technology had of a completely decentralized system.

  • The high cost of sending funds across the globe

If you take a closer look at the conventional banking system, one notable thing is the high cost of sending value, especially at the international level. Because they are designed as profit-seeking organizations, banks have very high transaction charges to optimize returns.

But it is not just the high cost of sending funds that plagues the conventional financial system. The transactions also take very long. In some cases, users are forced to wait for several days before both parties (sender and recipient) are verified and transaction completed.

  • Lack of privacy in the financial system

Every time that you make payment or send value using conventional banking systems such as banks or credit cards, the details are known to a wide array of people. There is not privacy. For example, the cashiers who serve you over the counter and banking management can easily peruse your transaction, personal details, and history.

Other people who have access to your account into are the political administrators who are responsible for management of the economy. The details can even be accessed if a court issues such orders. Infinitecoin system was created to help people operate in total privacy.

How does Infinitecoin address the problem?

To address the different problems that faced the blockchain niche, Infinitecoin developers opted to improve on the existing technologies. They were especially focused on ensuring that the platform remained fully decentralized. Here are some of the strategies adopted to address the problem.

  • Scrypt Proof-of-Work

To address the problem of centralized mining and the danger of 51% attack, Infinitecoin team had to look for a mining algorithm that was resistant to the ASIC mining systems. They opted for the Scrypt proof of work mining system. What exactly is scrypt and how does it work?

Scrypt denotes the hashcash proof of work consensus algorithm that uses scrypt as the primary hash function. This function is memory intensive designed to lower the efficiency of logic circuits such as ASIC mining systems. The focus was to make it completely unviable to use ASICs to mine Infinitecoin.

While scrypt was highly effective at the beginning, the efficiency in preventing the use of ASICs on Infinitecoin was watered down after scrypt ASICs mining equipment was discovered. This means that people with advanced scrypt ASICs equipment still have the advantage of mining more IFC.

  • The Infinitecoin decentralized blockchain

The centralized system used in the conventional banking system implies that the data and funds can easily get lost or compromised in the event of an attack by viruses, malicious staff or even physical damage such as fire. To address this, the Infinitecoin operates as a decentralized network.

The system comprises of nodes spread in the Infinitecoin system to ensure that there is no single point of failure. All the data is stored in different nodes so that even if one node opts out or is not available, the integrity of the data and system cannot be compromised.

For transactions to be completed, the nodes spread in the Infinitecoin network have to come to a consensus. This involves checking that the sender has the funds he wants to send and there is no double spending. Then, all the details are captured in the next block and added to the Infinitecoin’s public ledger/ blockchain.

  • Infinitecoin is fully owned and controlled by users

The people who use the platform own it. Unlike the banking system where users only feel passive about the platform, people own and control all components in the Infinitecoin system. When a person joins the platform as a node, he is part of the main decision making organ. This implies that he will be called to vote on major changes taking place on the network such as the introduction of new features.

  • The difficulty of Infinitecoin blockchain generation adjusts with every block

For the five years that Bitcoin blockchain had existed when Infinitecoin was launched in 2013, the community had learnt how to go about optimizing the mining difficulties. Because the mining difficulty adjusts every 14 days in the Bitcoin network, miners who get it right early in the two weeks period can easily take advantage of their answers to mine the remaining block with ease.

To avoid this danger, the Infinitecoin system’s mining algorithm adjusts the mining difficulty after every block. Therefore, even if you have just created a block on the Infinitecoin, that alone does not give any added advantage over others. To mine every new block, all miners have equal opportunity.

Why is Infinitecoin better than its competitors?

The design of Infinitecoin was targeted at surpassing what the competitors were offering. The main platform’s benefits are linked to its decentralized outlook. Here are some of the things that make Infinitecoin better than competitors.

  • The Infinitecoin operates as a completely decentralized platform. The decentralization helps to bypass profit-seeking organizations such as banks and credit card companies. Sending value using the Infinitecoin platform is, therefore, cheaper and faster.
  • The Infinitecoin system is considered one of the most stable systems because it has been in operation for more than four years starting from 2013. This implies that most of its features and structures have been tested and proven to work. It is, therefore, considered better than newer systems.
  • Though the price of Infinitecoin has been on a downward trend starting from January 2018, it is still far higher than the starting point. The community is optimistic that the value of the coin will ultimately go up and deliver a high return on investment.
  • The platform allows users to use the network anonymously. When people join the Infinitecoin platform, their details and transaction info are encrypted so that no one can easily pull out the info. Even the miners who help to confirm these transactions can only follow back to the public address as opposed to the private keys.
  • Though a large number of coins for the Infinitecoin platform was created to ensure that more people can access and use them, the approach has been contested. One part of the Infinitecoin community has blamed the large supply for the poor performance in the market.

How can Infinitecoin be categorized?

Infinitecoin is a fully decentralized platform designed to help make sending value cheap, fast, and reliable. The platform was created to help take the decentralization to the next level by ensuring that everybody has a chance to own and use digital coins through decentralized mining and a large supply of coins.

What is Infinitecoin’s vision for security?

The Infinitecoin’s vision for security is ensuring that people joining the platform can send their funds across the globe without worrying of attacks. When the Infinitecoin platform was launched, cases of attack on crypto networks had become very common.

The most notable of these security breaches was the MT. Gox attack that resulted to loss of more than 850,000 Bitcoins. To guarantee users of optimal security, here are the main strategies and features used at Infinitecoin network.

  • The platform uses checkpointing to prevent the system from 51% attacks.
  • Advanced cryptography helps to keep user information free from third parties.
  • The platform is progressively reviewed by the development team to identify the vulnerabilities and seal them before they become major issues.
  • The platform is fully decentralized to ensure that there is no single point of failure. The nodes use the scrypt algorithm to keep the system and information secure.

Examples of Infinitecoin’s use cases/ applications.

As a platform designed for facilitating peer2peer payments, Infinitecoin’s use cases in the society include:

  • The Infinitecoin’s network is used for sending value on a peer2peer basis. Whether you want to send value across the globe or in the country, the transactions will be easy to run no matter the time of the day or night.
  • Use Infinitecoin to pay for goods and services. As more traders and communities start appreciating the role of cryptocurrencies, it is becoming possible to make direct payment for goods and services. You only need to identify the stores that accept Infinitecoin for direct payment.
  • Infinitecoin can be used to pay for transaction charges in the native network. This is the fee used to meet the cost of developers of the network. The coin can also be used to pay the trading fee in the exchanges that list Infinitecoin.
  • If you live in jurisdictions that allow people to pay for government services with cryptocurrencies, it might be possible to use Infinitecoin. One example of such jurisdiction is Singapore. Unlike other countries that have been considering cryptocurrencies as threats, Singapore administration insists that they are accepted forms of sending value.
  • Use Infinitecoin as a saving and investment platform. If you want to invest or save funds in the blockchain niche, it is advisable to select the high potential ones such as Infinitecoin. Its growth of more than 5600% towards the end of 2017 and early 2018 is considered an indicator of the platform’s potential. Therefore, if you want to invest and see the returns grow with a huge margin, this could be a great opportunity.
  •  The Infinitecoin coin can be used to trade in the exchanges/ crypto markets. The exchanges require users to create accounts and pair Infinitecoin with other coins such as Ripple and Ethereum to start trading. Remember to follow trading best practices such as picking secure platforms and always moving the coins to a cold store after trading.

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LoMoCoin

What is LoMoCoin?

When Bitcoin was launched in 2009, Satoshi Nakamoto probably never knew that he was opening a very important era of blockchain technology.

Now, new blockchain platforms are being created and projected to other areas other than the financial niche. One of these platforms is LoMoCoin.

  • The LoMoCoin platform and its founders

This is a Chinese entertainment application created on the blockchain technology that helps to bring together augmented reality and real maps to drive commerce.

The focus is on serving the gaming industry and offering a fun experience to all users across the globe.

The platform was founded by a team of blockchain and gaming experts who wanted to see the industry grow to reach more people in the niche. This team brings huge experience that has made the industry to start looking at LoMoCoin as the pointer to the next generation of augmented reality games.

The most notable of the founding team is Xiaong Lijian. Lijian has many years of experience in programming and blockchain management. In 2013, he was part of the research and development team that created the first Gridseed Litecoin miner. He also created Wiibox.

Other members of the founding team include Wen Gebin and Xu Yang. To drive the platform to its current status, the founders introduced Wang Xiaodong, Zhu Guiliang and Zou Taoji as part of the development team.

  • The LoMoCoin price performance in the market

The LoMoCoin coin (abbreviated as LVC) was first introduced into the market in September 2016. The starting price of the token in that September was $0.006 before growing by 500% to reach $0.04 in December 28th, 2016.

The price of LoMoCoin remained within the range of $0.04 and $0.01 between December 2016 and June 2017 when it rose marginally to $0.1. In December 2017 and early January 2018, the price of LoMoCoin grew to hit the highest point in its history.

On January 14th, 2018, the value of LoMoCoin was $0.3. However, this impressive growth did not last. By early February 2018, the price of LoMoCoin had dropped to $0.06. It continued on a downward decline hitting $0.01 by the close of the third quarter of 2018.

Note that even with this drop, the mark recorded in the third quarter of the same year, the price was still 800% higher than the starting price. This difference and the huge growth in December 2017 and early 2018 are being used to point at the high potential of LoMoCoin.

What is the problem that LoMoCoin solves?

Though the blockchain niche has been growing steadily, the main focus of new developers has been how to advance it to more sectors. This is hampered by the different problems in the blockchain niche. Here are some of the problems that LoMoCoin solves.

  • Low uptake of blockchain technology in the gaming industry

Blockchain experts are of the view that the industry has started slowing down. Most of the networks in the market are mainly designed for the financial sector. This implies that many sectors such as the gaming niche are lagging.

Despite the industry being very lucrative, developers have either not seen the opportunity or the growth into the niche is very slow. This is why LoMoCoin was created to ensure that the virtual reality niche can also be part of the irresistible blockchain wave sweeping the globe.

  • Complex process involved when acquiring digital coins

When the problem of poor adoption and use of cryptocurrencies is being discussed, the complex process of acquiring the tokens always comes up. Today, the process of buying new tokens requires users to join cryptocurrency exchanges and opening accounts.

Note that the process is charged a fee that makes the process expensive and unreliable. The markets are also very risky, and users are required to operate with caution or risk losing their assets.

The LoMoCoin seeks to address this problem by simplifying the purchase process and making it available on multiple platforms.

  • Difficult of bringing gaming experts/ developers together

The augmented reality industry operates in a highly fragmented way. The developers work individually or in their respective companies to support and promote respective games. This has limited the ability to pool synergies and grow the industry at a faster pace. LoMoCoin seeks to address the platform by opening the lid to allow for open source development.

  • Lack of incentives for people seeking to participate in the blockchain network

Though there have been calls for people and traders to join the blockchain niche, the efforts have been unfruitful. It appears that the industry is reeling from the lack of incentives for both traders and individual users.

LoMoCoin targets to open the incentives groove so that more people can identify with the blockchain and exploit associated features.

How does LoMoCoin solve the problem?

The development of LoMoCoin was considered a great success for the gaming industry after a long time of being “left out”.  LoMoCoin has finally made it possible to bring the industry to the blockchain sector. Here are some of the methods that LoMoCoin uses to address the outlined problems.

  • The LoMoCoin mobile application

The mobile application is an important part of any augmented reality game. LoMoCoin has its mobile app designed for both Android and iOS platforms. The application provides the user with direct access to the blockchain and their wallets.

Whether you want to send value or pay for the AR game of choice, the application makes the process easy and fast. It also helps users to keep their clients updated for optimal security.

The main challenge for the application is that those outside the Android and iOS platforms cannot use it to enjoy the AR games of the LoMoCoin.

  • The LoMoCoin proof of stake consensus algorithm model

The LoMoCoin system administration is based on the proof of stake (PoS) consensus algorithm. This implies that for you to participate in the voting and mining process, you will need to have a larger stake of LMC coins.

This consensus method is considered an improvement of proof of work (PoW) that requires people to generate very high hashing power to be allowed to mine the next blocks. But the PoS consensus model has equally attracted criticism from experts and the community.

By putting weight on people who have a lot of stakes, it implies that those who can only afford a few stakes will rarely get a chance to vote or mine the network. Therefore, this protocol is considered a form of centralization that could ultimately risk the platform with 51% attack.

  • Direct cooperation with offline shops

When people hear of digital assets, some find it hard to establish how the coins can link with their daily lives. To help bring more aboard the blockchain industry, LoMoCoin works with offline stores to position the characters in their premises and then direct gamers there.

It has become a very reliable method of driving traffic and in various stores. Some of these stores are now coming forward to contribute to the development of the LoMoCoin platform. Some contribute directly by supporting research through funding while others use their premises for LoMoCoin ecosystem advertisement.

  • Complete decentralization of the native LoMoCoin coin

The LoMoCoin coin is one of the crucial components of LoMoCoin ecosystem. The coins are used for payment in the ecosystem but can also be traded in the markets. You could also use them in the stores that support digital currencies.

The LoMoCoin has a total of one billion coins that will ever exist on the platform. In June 2016, 100 million coins were sold during the LoMoCoin token ICO. By the third quarter of 2018, the total coin supply was 331.3 million.

Unlike the few coins in other platforms such as Bitcoin, that only has 21 million; the large supply in LoMoCoin implies that more people can have the opportunity to own the coins without causing unnecessary pressure on the coin’s price.

What makes LoMoCoin better than its competitors?

The competition in the blockchain has made developers become extra creative to win more clients and a bigger market share. Here are some of the things that make LoMoCoin better than its competitors.

  • LoMoCoin targets a niche that is less explored.

The LoMoCoin is directed to a high potential niche that has been less explored by other developers. By extending to the virtual reality niche, LoMoCoin is expected to enjoy near monopoly status. This is expected to grow the value of the network and price of the native LMC coin.

  • LoMoCoin supports multiple platforms.

Unlike other platforms that are largely available for the desktops only, the LoMoCoin platform is also available in mobile versions. This implies that whether you are at home or away, it is possible to stay connected with your LoMoCoin account.

  • A highly enthusiastic development team leads the LoMoCoin platform

The development platform of LoMoCoin is managed by an enthusiastic team of experts in both gaming and blockchain niches. This is the reason why the team has progressively been working on new features to help advance the industry. The community is looking at the team for a new and more impressive gaming experience.

How can LoMoCoin be categorized?

LoMoCoin is a pioneer of blockchain technology in the virtual reality niche. The design and commitment of the team has helped to extend the blockchain niche to an area less explored and opened new ways of attracting more players.

From offline stores down town to new gaming enthusiasts, the LoMoCoin platform has demonstrated that they can be brought together using the blockchain technology. The platform has also opened doors for more developers to join and help craft better games.

What is LoMoCoin’s vision on security?

The LoMoCoin’s vision for security is to become the most secure platform for virtual reality gaming around the globe. The development team seeks to offer the gamers and LoMoCoin coin users’ optimal security when using the ecosystem. They use encryption, progressive review, and complete decentralization to keep the platform secure from attacks.

Examples of LoMoCoin’s use cases/ applications.

The main target of many blockchain niches is to have more use cases for greater adoption and ability to deliver value to clients. Here are the main use cases of LoMoCoin:

  • Use the LoMoCoin coin to make payment on a peer2peer basis.

Like other cryptocurrencies, LoMoCoin can be used to send value in the network. However, the platform was only available in China by the close of the third quarter of 2018. For those outside China, you will have to wait until the platform is extended globally.

  • Use the native coin to invest and save funds

As a digital currency, it implies that people can still use the coin to save value. Many prefer to buy and hold the coins waiting for the price to grow and enjoy the return on investment or trade it in the markets.

  • Use LoMoCoin coin to pay for augmented reality games

This is one of the primary roles of the native LoMoCoin coin. The platform has many games from different developers for the users to select what they prefer. As a decentralized platform, it implies that LoMoCoin will attract more developers and ultimately feature more games. This will give users a more enthralling fun experience.

  • LoMoCoin is used to drive traffic to shops by positioning the imaginary characters there

This is one of the most of the creative ways of incentivizing the local shops to become part of the blockchain niche especially the LoMoCoin.

Because augmented reality involves positioning virtual characters such as monsters at strategic points so that gamers can search, fight, and win/lose games, the LoMoCoin platform has become a great way to direct traffic to specific stores. This is done by placing these virtual characters inside conventional shops downtown.

  • Use the LoMoCoin platform to create augmented reality applications.

As an open-course platform, developers are open to join the network and develop new AR (augmented reality) games for sale on the platform. This is one of the main targets for helping to progressively advance the program by crafting games that are more appealing to players.

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