Month: November 2018

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Sphere

What Is Sphere?

Sphere (SPHR) is a peer2peer and decentralized payment network that operates through proof of stake (PoS) consensus algorithm.

The focus of the development team is helping to extend the benefits of blockchain technology to more niches especially the social media and e-commerce platforms.

  • A closer look at the Sphere cryptocurrency

The development of the Sphere platform started in 2015 when the mobile application was created for iOS and Android.

The platform was founded by computing experts Andrew Khong, Andy Fuhr, Tamara Mihajlovic, and Jessica Thoennes.

In 2017, the development team worked hard on releasing additional features and also laid down the groundwork for its ICO. Between 12th February 2018 and 9th, April 2018 Sphere held its ICO when 650,000,000 were sold.

  • The performance of the Sphere coin in the market

The performance of the Sphere coin in the market has been impressive growing by 24,900% by the close of October 2018.

After entering the market in May 2015, the price was $0.002 before growing marginally to $0.007 in mid-May. However, the price remained low within the range of $0.002 and $0.03 until March 2017.

From April 2017, the value of Sphere grew steadily and hit the highest mark of $11.15 on January 4th, 2018. However, the price took a bearish trend immediately after hitting the peak. By the close of October 2018, the value of Sphere coin had decreased to $0.5.

Despite the negative show in 2018, the community remains optimistic that the value will take an upward trend as the features described in the crypto’s roadmap such as the marketplace and ad platform get actualized.

What is the problem that Sphere Solves?

Even as the blockchain technology takes root, it is faced by a lot of challenges. Indeed, even the areas that appear to run smoothly are still faced with bottlenecks. Here are some of the main problems that Sphere addresses.

  • Centralized mining

Cryptocurrency mining is the process of confirming transactions in a blockchain network and adding new blocks to their public ledger for a reward. Miners also vote on various governance aspects that require consensus on their networks. However, the process of mining only works effectively when the nodes are completely decentralized.

As mining difficulties for various platforms, especially those that use proof of work (PoW), keeps edging up, mining companies started manufacturing advanced equipment that generates a lot of computing power. The mining equipment threatened to undo the benefits that had been achieved through decentralization.

Because the equipments are very expensive, only the rich in the society can afford them. This means that the process of mining is likely to be left in the hands of a few parties such as mining pools and mining companies. It also raises the danger of 51% attack.

  • Lack of privacy when running financial transactions

If you take a closer look at financial transactions, it becomes clear that the details of transactions are not private. Your transactions, account details, and operational history are accessible to bank cashiers, the bank management, credit reference staff, and political administration.

The problem of privacy is also experienced in blockchain networks such as Bitcoin. While many people believed that the blockchain technology would offer total privacy, the concept is still not easy to achieve. At Bitcoin, the only cover that users have is the use of pseudonyms.

However, it has been proven that advanced technology can still be used to follow individual transactions on Bitcoin and know the details of users. This is one of the issues that Sphere addresses.

  • Poor adoption of cryptocurrencies especially in conventional markets

Even as more digital coins join the crypto market, the adoption as a   means of paying for goods and services in the stores is still low. This problem is contributed by the complex process required to facilitate acceptance of crypto coins in the market.

Sphere targets to address the issue by linking the coin directly with the markets and making it easy for both buyers and sellers to use.  Even with the negative perception that has been created by some administrations about the cryptos, Sphere targets to demonstrate that its native coin is reliable and secure for daily use.

How Does Sphere Solve The Problem?

  • Use of scrypt mining algorithm

To address the problem of centralized mining, Sphere development team opted to use the advanced version of Scrypt proof of work protocol. The protocol is memory intensive and resistant to ASICs mining. This implies that more nodes spread in the Sphere system can now mine the coin using standard GPU.

The Sphere network development team targeted to use Scrypt to help reduce the chances of more coins falling in the hands of a few parties. This approach has helped to reduce the danger of 51% attack. Note that the team progressively improves the protocol to address vulnerabilities.

  • Sphere runs its own marketplace

Though cryptocurrencies have been demonstrated to be more effective than fiat currencies in facilitating payments, many stores are yet to accept them. This is caused by two main factors. One, many governments have cautioned their traders against using the coins. Two, a lot of technical expertise is needed for such operations.

To jumpstart the entire process, Sphere opted to create its own marketplace. This is an open market that allows users to list their items and sell to others on the network. Then, the payment of the platform is effected using Sphere coins.

  • The Sphere platform runs its own ad platform

If you take a look at the big data firms such as Facebook and Google, they rely on user data to run ads and make a lot of profit. Sphere operates differently. Instead of focusing on the centralized operators, it creates a platform that all can utilize to run ads.

The data on the Sphere platform is available on its public ledger and is not a monopoly of one entity. This implies that you can follow the info for additional analysis to either evaluate the market or get additional details about specific items before buying.

  • Sphere operates as a completely decentralized platform

When the Sphere development team started working on the platform, they wanted to make it different from others so that more people could find value and join it. Therefore, they designed it as a completely decentralized platform that is governed by the nodes spread in its network.

Complete decentralization implies that there is no single point of failure on the network. The data on the network is stored by different nodes spread across the globe to ensure that users can still access their info even if one of the nodes is offline or opts out.

The decentralization has been very crucial in keeping the network secure and reliable. Whether it is at night or during the day, you can easily access your data and run transactions.

What makes Sphere better than it’s competitors?

As the crypto space attracts more players, it is becoming highly competitive. Because many networks offer almost similar services, the goal is to offer more customer value to make the platform and native coin attractive. Here are the things that make Sphere better than its competitors.

  • The network runs its own marketplace that makes it easy for users to directly buy or sell products on the system. This edges the network ahead of others that have to rely on the conventional markets to facilitate trading. The feature is very crucial in helping to grow the value of the native coin in the coming years.
  • Sphere operates as a completely decentralized platform. This makes it better than conventional financial services providers like banks because users can operate without a single point of failure.
  • As a peer2peer coin, Sphere transactions are completed without involving centralized third parties such as credit card companies. This implies that transactions are completed faster and can be carried any time of the day or night.
  • Unlike some decentralized networks such as Bitcoin or conventional financial services, Sphere uses advanced encryption and decentralization to make transactions anonymous. Users on the network are, therefore, able to enjoy sending value, investing or even trading without worrying about third-party seizures.
  • The Sphere system provides people on its network with many options to make money from it. You can mine the native coins, run ads, or even sell products on the marketplace.

How can Sphere be categorized?

Sphere is a unique cryptocurrency created to help the industry reinvigorate itself and move to the next level. To address the current issues that have slowed the adoption of cryptocurrencies, Sphere has demonstrated that creativity can help.

By allowing people to use the marketplace and even run ads, Sphere coin is likely to grow in value because more people will find value in joining it. The development team has also committed to advancing the platform further by running a social media network.

What’s Sphere’s vision on Security?

The Sphere’s vision on security is to provide users with the most secure and progressive cryptocurrency network. When the founders created Sphere, attacks on cryptocurrency establishments such as the Mt. Gox hack of 2011 had become very common. Therefore, the development team adopted the following features and strategies to make the platform secure.

  • Advanced encryption on Sphere platform helps to protect user information from third parties.
  • The cryptocurrency platform runs as a completely decentralized system. This implies that all operations rely on a network of nodes and does not have a single pointy of failure.
  • The development team at Sphere progressively improves the network by releasing new updates that seal gaps and vulnerabilities.

Examples of Sphere’s use cases / applications

Since 2009 when Bitcoin was launched, the primary goal of altcoins entering the market is to win a bigger following getting accepted across different niches. Sphere targets to achieve this by diversifying its operations. Here are the main use cases of Sphere.

  • The Sphere tokens are used for paying transaction charges on the native network. This is the cost that people sending funds or selling items on the Sphere platform pay. The charges go to facilitating the development of the network by incentivizing the developers.
  • You can use the native coin to trade in the markets. Like other cryptocurrencies such as Loopring and Ripple, Sphere can be traded in exchanges such as Bittrex and BitBox. Note that trading in the exchanges requires users to register and creating trading pairs with other coins.
  • The Sphere coin can be used to pay for products and services in its native marketplace. The marketplace operates like the standard e-commerce sites but the only accepted method of payment is Sphere. You can also use the coin to make direct purchases in other stores that accept it.
  • Use Sphere to pay taxes in countries that support cryptocurrencies. As more countries appreciate the benefits of blockchain technologies and come out to support cryptocurrencies, it is possible to pay for services such as utility bills. One good example is Arizona.

After passing HB 1091 in March 2018, Arizona now allows residents to pay taxes using cryptocurrencies. The law requires the tax authority in Arizona to accept the coins and convert them to US dollars immediately. Then, the cash is credited to the user’s tax account.

  • Use Sphere for saving your money. Instead of saving your money in a banking system, you can now buy Sphere coins.

The good thing about investing in Sphere is that the coins have a good potential for growth as the development team works hard to add new features. Besides, the cryptocurrency space is growing steadily and you can enjoy additional services such as low cost of sending value across the globe.

Remember that even if you target to invest in cryptocurrencies or use it to save funds, the expected growth is speculative.

The cryptocurrency market is very volatile and the value of different coins can swing in either direction. Therefore, you should invest in the network carefully and follow the best practices such as spreading your funds across different coins, keeping your Sphere client updated, and only investing what you can afford to lose.

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Einsteinium

What Is Einsteinium?

Einsteinium is a decentralized and peer2peer cryptocurrency created with the aim of supporting scientific research, philanthropic and technology project. The developers wanted to create a new method of supporting scientific projects in all fields.

The blockchain technology is growing at a very rapid rate. When Bitcoin was launched in 2009, the focus was only directed on the financial services. Now, blockchain has made it possible to almost carry almost all tasks ranging from sending value to managing medical records.

One of the cryptocurrencies that have been performing well in the market is Einsteinium. The coin was launched in 2014 to serve as an alternative to conventional payment services and advance the concept of scientific research.

  • A closer look at Einsteinium

Einsteinium (EMC2) is similar in many aspects to Bitcoin including the use of proof of work (PoW) consensus algorithm. It is like taking Bitcoin and improving it to include a charitable fund to enhance its utility.

Even though Einsteinium’s coin and platform share some similarities with Bitcoin, its price lags behind with a great margin. Here is a closer look at the price performance of the Einsteinium in the market.

When the coin entered into the market early in April 2014, its price was $0.003. The value remained declined to $0.0006 by June 2014 and remained within the range of $0.07 and $0.0009 by November 2017.

In December 19th, 2017, the value shot up to reach $2.63, the highest mark in its history. However, the high price did not last. It took a sharp decline hitting a low of $0.7 on 1st January 2918 before continuing with the trend to reach a low of $0.08 by the close of October.

Even with the downward trend, the community is optimistic that the value will finally take an upward trend and deliver positive return on investment.

What is the problem that Einsteinium Solves?

When Einsteinium was launched, many people were faced with the complex challenge of sending value using the conventional financial services. Einsteinium, like Bitcoin, targeted to address most of these issues. Here is a closer look at the problem that Einsteinium solves.

  • The high cost of sending money

If you take a look at the conventional financial services, one of the main characteristics is the high cost of sending value. Because they are profit based organizations, they have to charge a fee to optimize returns. Remember that they also need to meet the cost of paying staff and rent.

The high cost of sending value is also caused by the legislative requirements for running financial services. For example, all banks are required to deposit some money with respective central banks and meet the additional cost of running know your customer (KYC) and anti-money laundering (AML) operations.

Einsteinium addresses these issues by running independently without involving the centralized authorities. This means that it is not under the control of any central authority such as a bank of political administration.

  • Lack of privacy in the conventional financial industry

When you run a transaction such as sending money through a conventional financial service such as credit card or bank, the details are known by a wide range of people. These include the cashiers operating in the bank, the bank managers, and even the political administration.

Because these financial services operate under the local laws, you can also be forced to provide financial statements by a court of law. Lack of privacy implies that you can easily become a target through court battles or fraud.

  • Centralization of financial services

The financial services in the market today operate as a highly centralized system. The design is guided by the local laws and closely monitored by different arms of governments for efficiency. Even with this design, the centralized manner of operation implies that a failure in the system can cause severe damage.

One good example is mismanagement of a banking system. It is not uncommon to hear that a bank has filed for bankruptcy or its management is fighting fraud related cases. Other risks of centralized systems include the danger of wrong data entry, fraud, attacks or even missing records.

  • Poor adoption of cryptocurrencies in the market

Though the blockchain technology has been growing in various areas, the adoption is still below par. Because many administrations have held the argument that cryptocurrencies are risky undertakings, a lot of people have opted to still use them.

When new coins are released into the market, the quick buyouts can be deceptive. Many people who rush to buy the new tokens are not interested in using them on a day-to-day basis. Rather, they seek to hold them for some time and sell when the value goes up.

  • Negative perception about cryptocurrencies

Though the applications of cryptocurrencies in the market are increasing, a lot of people still have fear of shifting from the fiat currencies. Some of the negative things that people hold about the cryptos include; that investing in cryptocurrencies will ultimately result in severe losses and the coins do not have consumer protection.

How Does Einsteinium Solve The Problem?

The Einsteinium’s development team targeted to address the outlined problems to help take the blockchain using the following strategies.

  • Supporting blockchain and scientific research

To give cryptos a positive image and attract more people to the blockchain niche, the Einsteinium Foundation supports education and scientific research. The target is ensuring that newer projects delve into the crypto niche to ensure that the blockchain technology trickles to other areas such as gaming, social media, and e-commerce.

  • Einsteinium operates as a completely decentralized platform

Einsteinium, like Bitcoin, operates as a completely decentralized network. The system comprises of nodes that help to confirm transactions and protect the network.

The decentralized design helps to store information about individual users and transactions without creating a central point of failure. This implies that there is no risk of waking up one day and funding that the bank account is not running because of mismanagement or bankruptcy.

By operating as a decentralized system, it also implies that the cost of sending value is very low. Using Einsteinium to send money is also cheaper compared to Bitcoin and Ethereum because its value is low.

  • Direct link to e-commerce platforms

To make it easy and direct for people with Einsteinium coins to use them, the development team has linked with Magento e-commerce. This method allows users to directly make purchases on Magento using Einsteinium coin.

What makes Einsteinium better than it’s competitors?

Though Einsteinium was created at a time when only a few cryptocurrencies were in the market, the market has become increasingly competitive. Here are some of the things that make Einsteinium better than its competitors.

  • Einsteinium operates as an open funding ecosystem for scientific projects. This implies that you can easily raise funds to support your project on Einsteinium platform. Users only need to share their ideas and the operational framework to get funding from interested people. You can raise more funds instead of direct borrowing from banks.
  • The Einsteinium system is a completely decentralized platform. This implies that all the data is stored by different nodes across the network to ensure that there is no single point of failure. Unlike banks, users do not have to worry that their funds can get lost through bankruptcy or mismanagement.
  • The cost of sending value on the Einsteinium platform is very small. Because Einsteinium operates as a peer2peer network, transactions are completed without involving profit-seeking organizations. This implies that the transactions are faster and cheaper compared to banks and credit card companies.
  • Einsteinium provides users with a private method of sending value across the globe. Unlike the standard financial services that provide user details to many parties, Einsteinium is different. When you send funds through the decentralized platform, the transaction details are encrypted so that no one can easily know about you.

Even a court of law cannot order your details in court because cryptocurrencies are not regulated. This means that only you can know and have control of the funds in an Einsteinium account.

  • The Einsteinium system allows users to use and own the network. Like the Bitcoin network, the Einsteinium system is owned by the users on its system. This means that once you buy some coins and join the system as a node, you will be called to vote on governance issues such as the introduction of new features.

How can Einsteinium better categorized?

Einsteinium is a unique coin designed to help advance the blockchain technology in the society today. Though it closely resembles Bitcoin, the unique features make it easy for more people to join and identify with the technology.

The most notable of these strategies is serving as a crowdfunding platform for new projects. This implies that people with great blockchain based scientific projects do not have to stall for lack of funds. Instead, they can simply join the Einsteinium system for funding.

What’s Einsteinium’s vision on Security?

One of the top concerns for Einsteinium’s development team was the high level of insecurity in the niche. The development team was worried that more people were opting away because they feared that their investment would be hacked and stolen.

The Einsteinium’s mission on security is to provide people with a secure platform for exploring blockchain projects, investing, and using the native coins without worrying of attacks. The Einsteinium team uses the following strategies to achieve the mission.

  • The Einsteinium system uses scrypt proof of work algorithm that prevents centralized mining. This has been very important in promoting even spread of coins and preventing 51% attack.
  • The Einsteinium development team updates the platform progressively to identify vulnerabilities and seal them.
  • The platform uses advanced encryption that helps to keep the user details and transaction history secure. Even when miners follow back the transactions for confirmation and mining new blocks, they can only know the balance.

Examples of Einsteinium’s use cases / applications

The efficiency of a cryptocurrency network can be gauged based on its application. Since its launch in 2014, Einsteinium’s development team has worked hard to increase the application in the society. Here are some of these use cases.

  • Use Einsteinium to trade in the markets. Like other digital coins such as Ethereum, Einsteinium can be traded in the crypto markets. Trading in the exchanges such as Binance and Upbit requires users to register for accounts and create appropriate trading pairs.

Note that the exchanges are different from the Einsteinium’s platform. Therefore, you will be required to register and verify identify in line with local anti-money laundering (AML) and know your customer (KYC) requirements.

  • Use Einsteinium to pay for transaction fee when sending value. When you use the platform, a small charge is levied on every transaction to help with development and keeping it secure.
  • Use Einsteinium platform to fundraise money for your science project. This was the original idea of the founders when they created the platform. Now, you only need to demonstrate the project on the Einsteinium platform to get funding.
  • Use Einsteinium coin to pay for taxes if you reside in a jurisdiction that supports cryptos. Though the perception about cryptocurrencies has been negative over a long time, some countries are very positive about it.

One example of the countries that support cryptocurrencies is Singapore. The Singapore administration holds the view that there is no difference between paying services in fiat or cryptos because the primary goal is sending value. Other jurisdictions that support digital coins include Arizona and Switzerland.

  • Use Einsteinium coin to invest or save your cash. Instead of keeping your funds in a banking system, Einsteinium provides a better option. You only need to buy the coins and hold them until the time when you will want to liquidate them.

Remember that it is important to be cautious with cryptocurrencies because their value can grow in an unexpected direction. Therefore, it is advisable to spread the risk across different assets and to only invest what you have.

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