Month: November 2018

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Circuits of Value

What Is Circuits of Value?

The Circuits of Value is a decentralized and peer2peer cryptocurrency created in 2015 by Michael Sullivan. Sullivan is known for his achievements especially in coining the term “crowdfunding” in 2006 even before Satoshi launched Bitcoin.

The blockchain is the future of society. While it was less known and Satoshi Nakamoto appeared alone in 2009, every sector is now trying to join the industry with a crypto. One of the older cryptocurrencies to join the market is Circuits of Value (Coval).

Circuits of Value is one of the coins that have been doing well in the market. Its community holds that it has the potential to become the next Bitcoin in the crypto niche.

His target is helping cryptocurrency networks to implement peer2peer communication. His work could not be complete without the support of Shannon Code. Code is an expert in gaming and has been very instrumental in helping Circuits of Value venture into the gaming industry.

  • A closer look at the price performance of Circuits of Value

When Circuits of Value entered the market in January 2015, the price was $0.00043. The value remained around the same range for about one year before starting to rise in February 2016. By July 2016, the value of the coin had risen to $0.002 which represented about350% growth.

After the peak, the price dropped to in August and remained around $0,001 until May 2017. In June 2016, the value shot up to $0.01 before falling to $0.004 in November and climbing again to hit a peak of $0.045 in early January. But the good performance did not last.

Starting from January 2018, the price took a bearish trend sinking to $0.005 by April and falling further to $0.003 in October 2018. Note that the bearish trend has been evident in most coins as the prices adjust after the surge experienced in December 2017 and January 2018. Therefore, though the community is indicating that the coin has good potential for growth, it will be interesting to see the performance in the next few years.

What is the problem that Circuits of Value Solves?

If you are looking forward to joining the cryptocurrency niche, it is advisable to check the potential of a coin and its network becoming key players in the niche. One way of doing this is checking how effectively the crypto solves the issues reported in the market. In the case of Circuits of Value, here are the issues it solves:

  • Poor adoption of the cryptocurrencies and blockchain technology in the society

Though the cryptocurrencies entering the market are many, it is ironical that the penetration into society has been poor. When new coins are announced either through private sale or an initial coin offering (ICO), those who rush to buy are the investors. For them, the primary goal is not to facilitate faster adoption of technology, but to optimize returns when the price moves up.

As the tokens are mopped out of the market, many people who would have used the tokens to make daily purchases in the local stores left out. By the time the tokens reappear in the market, the price will be very high and unaffordable to many people.

In the markets, the process of buying digital coins is complex. People are required to join centralized exchanges that list the preferred coins and form trading pairs. Note that the exchanges also charge a fee. In many cases, buying tokens from exchanges requires users to start by learning about trading crypto markets.

Poor adoption of cryptocurrencies is also caused by negative publicity about the digital coins. Some governments have been advising their citizens against buying cryptocurrencies. A good example is the EU Commission. The giant union is of the opinion that cryptocurrencies are going to disrupt the smooth operation of the euro and other currencies. Therefore, it has been advising residents against the cryptos citing reasons such as the danger of complete loss and lack of consumer protection.

  • Difficulty in cross-chain communication

While the cryptographic experts have been working very hard to take blockchain technology to the next level, one area that has lagged behind is the cross-chain application. This means that if you are in Bitcoin network and want to send some coins to a person in Ethereum, you have to join the two networks. But this is not all.

You will also be required to use a centralized exchange to change the Bitcoins to Ethereum coin before sending to the targeted recipient. This process is lengthy and expensive. It is also risky because the exchanges have become an easy target for hackers.

  • Centralization of financial services

For decades, financial services have operated in a centralized way. This means that when you initiate a transaction to send value, it is processed from a central point. The management of the bank or credit card company is required to check the user details and further follow the anti-money laundering regulations.

The lengthy evaluation process makes the process of sending value via a bank to take very long. In some cases, it could take up to four days before the transaction is completed. Circuits of Value addresses the problem by cutting the time to only a few seconds.

How Does Circuits of Value Solve The Problem?

When the Circuits of Value founder started working on the digital coin and its platform, he wanted to present a new and superior system that people could rely on without worrying of suffering from bureaucracies.  Here is a demonstration of how Circuits of Value achieves the above goal:

  • Multi-chain technology

To address the problem of cross-chain communication, the Circuits of Value system uses multi-chain technology that allows development of side-chains attached to the main network. This implies that the Circuits of Value system supports users to create their own chains but running them attached to the primary blockchain.

The advantage of the side-chains is that they can easily communicate with the main chain (Circuits of Value) and other chains. This means that it will be easy to send value from one side-chain to another without requiring a centralized exchange.

The technology is also encouraging more players to join the blockchain niche because the process of creating new coins is simplified. Most of the work has been done because the main blockchain is already there, Circuits of Value. The Circuits of Value development team can help you craft a side chain promptly and release your coin into the market.

  • Integrating crypto exchanges ‘

While the ideal of side-chains is very impressive, the extent of its application still has some limitations because communication can only take place between the hoisted chains. To open the doors for the Circuits of Value users to interact with other coins and trade them easily, the network has integrated ShapeShift exchange into its system.

This implies that you no longer have to worry about perusing through dozens of exchanges to select the best, ShapeShift is right on the Circuits of Value dashboard. Therefore, whether you want to buy Circuits of Value coins using BTC or ETHM, the process is easy and fast.

  • Complete decentralization

The problem of centralized financial services is addressed through complete decentralization in the s Circuits of Value system. This method involves using a network of nodes to do all the transactions in the system without involving a centralized banking facility.

The nodes spread in the Circuits of Value network take up transactions and follow the public address to ensure that the sender has ample funds to send. In return, the nodes are rewarded with part of the transaction fee charged on the system.

The distributed nodes are also responsible for all the decisions made on the network. Whether it is a new feature that has been suggested by a member or additional technology, it is the work of the nodes to decide and approve/ disapprove.

The decentralized system ensures that there is no centralized point of failure in the system. This implies that there is no risk of users losing money due to mismanagement or interference by political authorities.

  • Use of smart contracts

Smart contracts have become the bottom-line of most crypto applications. They are preferred in the Circuits of Value system because of self-execution. This implies that the system can run a decentralized application such as gaming without requiring a  third party to counter-check compliance.

The smart contract development starts by creating the rules to be followed by two parties and implementing them in the blockchain. Once both parties meet the pre-set requirements, the smart contract executes the transaction. It is a reliable method of running advanced transactions without worrying of violation by either party.

What makes Circuits of Value better than it’s competitors?

When the Circuits of Value founders decided to launch the system, they knew that the market already had players who were offering similar services. Therefore, they packaged the Circuits of Value carefully to make it better and more attractive. Here are some of the things that make Circuits of Value better than competitors.

  • The Circuits of Value system provides users with a cheaper and faster way of sending value across the globe. Because the network operates as a decentralized system, sending value takes place on a peer2peer basis. This helps to eliminate all the bureaucracies to ensure that the recipient gets the funds immediately.
  • The Circuits of Value network is led by some of the top minds in the blockchain niche. The team inspires confidence to the community such that more people believe that the coin will become one of the leaders in the market.
  • The system allows users to join and own the system. Unlike the banking systems that make people feel detached because they are not involved directly with the management, Circuits of Value is different. When you join the system to send funds or run a node, the system ensures that you are part of it.
  • The Circuits of Value system operates as a completely encrypted network. This means that users can enjoy sending or investing without worrying about third-party seizures.

How can Circuits of Value be categorized?

Circuits of Value is a next-generation cryptocurrency network that is helping to provide workable solutions to issues affecting blockchain niche. The platform is expected to continue showing the way because of its committed and professional leadership. For example, the operation of side-chains has become a reliable technology with other networks picking it to address the same problem.

What’s Circuits of Value’s vision on Security?

The Circuits of Value vision on security is to offer users with a secure platform for their decentralized operations. The target is ensuring that whether users are sending value or running side-chains, they can do it without worrying of attacks and loss of their investments.

Examples of Circuits of Value’s use cases / applications

If you want to know the value of a cryptocurrency and its system, the first stop should be checking how it is applied. Here are the use cases of Circuits of Value coin and network:

  • You can use the Circuits of Value system to send value on a peer2peer basis. As a decentralized system, the transaction takes place without involving third parties. Note that the recipient should be on the same network or a supported side chain.
  • The Circuits of Value coin presents users with a good opportunity to invest and store value. If the value of the coin goes up, you will enjoy good return on investment.
  • The Circuits of Value coin can be used to pay for goods and services. As more stores start supporting digital coins, using the tokens to pay for goods and services is becoming easy. Even if there is a shop that supports a different coin, make sure to use the exchanges to change your coins to the supported tokens.
  • Use the Circuits of Value to trade in the markets. Like other coins in the market, you can pair Circuits of Value with other coins such as BTC or XPR to start trading in different markets.

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FlorinCoin

What is FlorinCoin?

FlorinCoin is a scrypt minable digital coin designed to offer faster processing speed compared to other coins such as Bitcoin and Litecoin. The cryptocurrency was forked from Litecoin and released on June 2013. Though the development team targeted to address issues that were reported in the pioneer coins especially Bitcoin and Litecoin, many functions are pretty similar.

The entry of blockchain technology into the finance sector opened a new chapter that has been evolving rather fast and offering new solutions in the industry. When he launched Bitcoin, Satoshi Nakamoto motivated developers  to start looking at the blockchain and even extend it to other niches.

One such development is FlorinCoin that was created by a group of developers only referred with the term Skyangel (part of the Bitcoin.org community) that closely followed in the footsteps of Satoshi Nakamoto.

Like Satoshi, they opted to remain anonymous in order to advance the core concept of decentralization and avoiding third-party seizures.

  • A brief history of FlorinCoin

The most notable addition in the FlorinCoin blockchain was “transaction comments” that allows users to include unique applications and enhancements. Even with its focus on anonymity, the development team has been consistent in improving the network to enhance its value.

  • The performance of FlorinCoin in the market

When FlorinCoin was released, a total of 160,000,000 coins were created. Because the cryptocurrency and its platform were launched without an ICO (initial coin offering), all the coins are minable through scrypt proof of work (PoW) algorithm.

The performance of the native coins, FLC, in the market has been impressive. In November 2013, the value of FLC was $0.0003 before rising by about 13,000% to $0.04 in mid-December. In the subsequent months, the price shot down to $0.001 in April 2014.

Between April 2014 and April 2017, the price of FLC remained below $0.01. Starting from May 2017, the price took an upward turn growing steadily to hit a high of $0.32 on January 13th, 2018. This was the highest point in the coin’s history.

It is important to mention that 2017 saw the price of many coins take a bearish trend hitting the highest points in their history by the close of the year. For example, Bitcoin, Ethereum, and Ripple prices grew to the highest marks in their history in 2017. But the gains were short-lived.

By early February 2018, the price of FlorinCoin had dropped by more than 300% to $0.08. This bearish trend continued culminating to $0.05 by the close of October 2017. The community is, however, optimistic that the price will take an upward trend in the coming years.

What is the problem that FlorinCoin Solves?

When the pioneer cryptocurrencies such as BTC and LTC were released into the market, the founders did not anticipate that a lot of issues would emerge. Some of these issues arose from the direct application of blockchain technology and the growing community. FlorinCoin targeted to address these issues as well as others associated with conventional financial institutions. Here are some of the issues that FlorinCoin address.

  • The high cost of sending value using the conventional financial institutions

By 2013 when FlorinCoin was created, a lot of people were sending money through traditional financial institutions such as banks and credit card companies. However, these organizations charge a lot of money to facilitate the transfer of value because they are profit based.

But the problem with conventional financial organizations goes beyond the cost of transactions. Because the organizations are run in line with local laws, banks are required to implement know your customer (KYC) and anti-money laundering (AML) strategies that result in delays in sending value. In some cases, wire transfers can take more than 3 days.

  • Centralization of mining services

After the launch of Bitcoin, companies specializing in the manufacturing of advanced mining equipment sprung into action to help people mine more coins. The specialized equipment such as ASICs (Application specific integrated circuits) were highly effective because they generated high computing power required for mining coins especially Bitcoin.

Though the ASICs might sound appealing because they help user’s mine more, they also have a negative side associated with their costs. Because they are very expensive, it is only the well to do in the community that can afford them. This resulted in the serious issue of centralized mining that means only a few people could own the coins. This raises the danger of 51% attack.

  • Poor adoption of blockchain technology in the community

As the blockchain technology grew rapidly, the advantages of its application in different areas became even more evident. For example, people could send fund faster, any time, and at a lower cost. Despite these benefits, the uptake of the technology by the community was very poor.

Many people felt that the cryptocurrencies, like governments’ posited, were risky and could result in major losses. FlorinCoin sought to correct this perception by providing an easy to use platform for both tech and non-tech people in the community.

How does FlorinCoin Solve the problem?

From the beginning, the FlorinCoin’s development team knew that they had to develop a stronger code that appealed to both developers and the larger crypto community. Here are the strategies and features used to address the above issues.

  • FlorinCoin implemented a decentralized layer referred as floData

To make the FlorinCoin platform progressive, receptive to the community, and easily adaptable, the platform used a decentralized applications data layer referred to as floData. The layer allows developers to easily read and write on the blockchain.

Though the layer is not as advanced as the DApps developments platform offered by Ethereum, it allows the members of the community to easily contribute to the platform’s growth. Remember that as a completely decentralized platform, anyone is welcome to join and help define the direction of the platform.

Some of the main applications developed through floData support include Flotorizer that notarizes files in the FLO blockchain and Shared Secret that allows users to encrypt data added to the blockchain.

  • The transaction comment

While FlorinCoin was designed to largely operate as a platform for sending value, the development team wanted to keep it different. They enriched the code by adding the transaction comment. This is a text field that is attached to the blockchain when sending value.

The text field of transaction comment is 528 characters and allows users to send a special message to the recipient. You could also use it to simply attach a thank you or greeting message. One thing you need to appreciate is that the message is public unless you decide to encrypt it before sending value on the network. You can use Flotorizer DApp to encrypt the message.

  • FlorinCoin uses scrypt proof of work mining algorithm

To address the problem of centralized mining, FlorinCoin opted to deviate from the SHA-256 proof of work (PoW) mining algorithm used at Bitcoin for the advanced scrypt proof of work. The scrypt mining algorithm was first used at Litecoin blockchain.

The main distinction between SHA-256 and scrypt used at Bitcoin is that the later is memory intensive. This means that on top of being able to generate numbers fast, these numbers are stored in RAM (random access memory) of the processor that must be accessed before results are submitted.

The overall effect of scrypt proof of work (PoW) was that it was resistant to ASICs and allowed people to mine with GPUs and CPUs. While this early intervention was effective at the beginning, manufacturers soon created scrypt ASICs. This implies that the problem of centralized mining still persists in the FlorinCoin network.

What makes FlorinCoin better than its competitors?

When FlorinCoin entered the market, the competition was largely against other coins in operations such as Litecoin and conventional banks. Today, the competitor’s list has grown. The following are the main things that make FlorinCoin better than its competitors:

  • The coin has been in the market for some time and won trust from the community. When a new coin enters the market, the community rarely trusts it until all the features are tested and proven to work. It takes more than three years for the community to have the assurance that a coin is not a pump and dump scheme.

FlorinCoin has won the community support because it has been in the market for more than five years. This implies that its features have been tested and proven to work. It is because of this trust that the FLC coin price has been performing relatively well in the market.

  • It is a cheap and prompt method of sending value across the globe. If you want to send funds through a wire transfer, it is very expensive. Indeed, even using Bitcoin, Ethereum or BTC to send value is still relatively high because of the high value of their native coins

However, FlorinCoin has proven to be a cheaper alternative because of its low value compared to both banks and higher value coins such as Bitcoin and Bitcoin Cash. However, it could suffer the same fate if the price rises in the coming years.

  • People on the network enjoy using and owning the network. As a completely decentralized platform, the network is not owned by the founders. Rather, all the nodes spread in its network are involved in making related decisions. This implies that when you open a node to send value or mine the network, you become part of its governance system.
  • It has a very aggressive team that progressively works on new features. The effectiveness of a cryptocurrency is dependent on the development team working behind the scenes to support it. The FlorinCoin development team has demonstrated its commitment to develop the platform and compete against the emerging networks.
    For example, they have been releasing updates regularly to keep the platform secure.
  • The price of the coin has been impressive in the market. Though there are more than 1600 cryptos in the market today, many are those that have been performing dismally.

    Despite most cryptocurrencies being on a bearish trend especially from January to the third quarter of 2018, FlorinCoin still maintained a positive show. For example, FLC coin was still over 10,000% above the starting price.

How can FlorinCoin be categorized?

FlorinCoin can be categorized as a completely decentralized cryptocurrency designed to provide the blockchain industry with a stepping stone to the next level. The cryptocurrency provided early insights on supporting decentralized applications. For example, Vitalik Buterin used the idea of FlorinCoin’s support for decentralized apps to broaden his focus on designing Ethereum platform.

What’s FlorinCoin’s vision on Security?

The FlorinCoin’s vision on security is to become the most secure platform and coin for all. The FlorinCoin platform was created at a time when attacks on cryptocurrencies and related platforms such as Mt. Gox had become very common. Therefore, the Skyangel team wanted to demonstrate that things can be done differently. Here are some of the methods used to keep the FlorinCoin platform, native coins, and user information secure.

  • Progressive review of the network to identify vulnerabilities and addressing them.
  • Operating as a completely decentralized platform.
  • The system is based on the Bitcoin and Litecoin core code.

Examples of FlorinCoin’s use cases /applications.

One of the methods used to gauge the effectiveness of a cryptocurrency in the industry is acceptance in the market. For example, Bitcoin has gained acceptance in the gaming, retail stores, and even payment of official services in some jurisdictions.

FlorinCoin development team has also worked hard to ensure that its native coin is accepted as a means of payment in different niches. Here are the main FlorinCoin use cases.

  • You can use FlorinCoin to pay for goods and services in stores that accept it.
  • Use the native FLC coin to trade in the markets that list it. These are exchanges such as Bittrex and Novaexchange that allow users to exchange FlorinCoin with other coins.
  • FLC coin is also the main method of payment for transaction charges in the FlorinCoin network. Note that the cost is not targeted at raising profit. Rather, the charges are directed at supporting the platform’s development.
  • If you reside in a jurisdiction that supports digital coins such as Arizona or Singapore, it might be possible to pay for government services using FLC coin. For example, Arizona started allowing residents to pay taxes using cryptocurrencies after passing bill HB 1091 in April 2018.

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