Month: November 2018

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Steem Dollars

What is Steem Dollars?

Steem Dollars (SBD) is a decentralized cryptocurrency designed to operate as a stabilizing coin for the Steemit platform. The coin differs from others such as Bitcoin and Ethereum because it is pegged to USD at a ratio of 1:1. This means that it is stable and people should not have the problem of associating it with the standard fiat currency.

The coin was launched in July 2016 by the Steemit platform founder, Dan Larimer. Dan Larimer is known for his works in the blockchain realms especially for creating BitShares and EOS that raised in excess of 4 billion through its ICO that ended in May 2018.

The Steemit platform is a social media platform that operates like Reddit but differs in design because it is based on the blockchain. This means that there is no censorship or danger of centralized failures. Here is a closer look at the Steem Dollar performance in the market.

  • A closer look at the market performance of Steem Dollars

From the definition and founder’s target, Steem Dollars (SBD) is supposed to be stable and experience little or no variation. The coin appears to have achieved this goal though there have been cases of surges when the demand shoots up. Here is a closer analysis.

When Steem Dollars (SBD) entered the market in July 2016, its value was $1.34. The value swung slightly on both the positive and negative sides of the USD value until May 2017. For example, it hit $0.8 in July, $0.9 in October, and $1.01 in December 2016.

In May 2017, the value shot to $1.9 before falling back to the main trend of around $0.9 in August 2017. Towards the close of 2017, the demand of the coin suddenly shot up pushing the price to unprecedented heights. On December 8th, 2017, the value had risen to hit $7.36. But the growth did not stop there.

On December 21st, 2017, the value had grown to $13.8. This was the highest mark in its history. However, it was not good news because traders would find it hard to steadily market their products. After hitting the peak, Steem Dollars (SBD) value took a downtrend reaching its preferred rate of around $1 by June 2018. Around July 2018, the value was around $1.3 before declining further to $0.98 in October 2018.

What is the problem that Steem Dollars solves?

When Dan Larimer created Steem Dollars (SBD), he was very clear about the major challenges that faced the niche. Larimer had been in the industry since the early years of Bitcoin and had seed seen the industry get shocked by issues that had refused to go away. Here are some of the issues that Steem Dollars solve.

  • High volatility

If you take a closer look at most cryptocurrencies in the market today, the most notable trend is high volatility. The value of the coins can swing to the extremes within minutes, hours, or days. The main cause of high volatility is that crypto coins are not regulated.

In the case of fiat currencies, the number of coins and notes in the market are increased or bought by central banks to control inflation. This helps to keep the supply and price of the coins steady. However, the crypto coins are not regulated and any surge in demand or supply results to price swings. This is the main problem that Steem Dollars (SBD) addresses.

  • Poor adoption of cryptocurrencies in the market

Though the cryptos have been in the market since 2009, the adoption and use in the community has been very poor. For example, if you have coins such as Ethereum or XRP, the stores that accept them are very few. This means that those with native coins have to follow lengthy procedures of converting their coins to fiat before making purchases.

Poor adoption is also fueled by the fear of buying the coins and losing value. Many governments such as the Russian and Chinese administrations have been advising their citizens to stay away from cryptos because of the risk of losing money through high volatility.

  • Centralization of financial services

Even as cryptocurrencies take the center stage of the emerging payment methods, the centralized systems still control the large market share. The main issue with centralized service is that they are run under local laws and also depend on the professionalism of the management.

The rules make processing transactions lengthy and expensive. In addition, users also risk losing their money in the case of mismanagement of their resources by the bank management. Take a situation where a bank is declared bankrupt. People with savings in the institution are likely to lose their funds or have them locked for a long time.

  • Poor motivation for publishers and social media users

One of the main goals of Steemit is supporting the growth of social media. The social media community has for years failed to articulately motivate publishers who create quality content. For example, many people are rarely rewarded when they create quality content that attracts a lot of support on Facebook or Twitter. They only get likes and following. Steemit addresses the problem by creating a method of rewarding publishers and others who discover content in its system.

How does Steem Dollar solve the problem?

Having worked on previous blockchain projects such as BitShares, Larimer calculated the moves for the Steemit well to try and reach as many people as possible. Here are some of the methods he employed at Steemit with Steem Dollars (SBD) to address the above issues.

  • Steem Dollars (SBD) value is tagged to USD

The Steem Dollar (SBD) was created to be a stable coin. This means that users can easily adopt and use it without worrying that the value will fluctuate. It is especially reliable for traders who want to appear stable and reliable for clients in online marketplaces.

The value of Steem Dollars (SBD) is attached to one USD. This means that if you have 1000 Steem Dollar (SBD), it is an equivalent of about $1000. Many people are finding it easy to run direct calculations when running transactions whether on the Steemit blockchain or making payment in the stores.

  • The Steem Dollars (SBD) is run in conjunction with other coins in the same network

Steemit blockchain was the first to run a system with multiple cryptocurrencies. The Steem Dollars (SBD) is used as a stabilizing coin to help traders and people who want to make savings operate without worrying that their coins will lose value. But the Steemit development team argues that Steem Dollars (SBD) could not operate on its own. Other coins that work together with Steem Dollar (SBD) on the Steemit platform include Steem Power, and Steem.

Steem is the primary coin on the Steemit network that can be compared to others such as Bitcoin and Ripple. Note that unlike other coins, Steem is released on a daily basis with 75% going to authors and curators of content in the network. Only 10% of the coins go to reward block founders.

The other coin that works together with m Steem Dollars (SBD) is the Steem Power. This token symbolizes the amount of voting power that users have in the Steemit network. The more the Steem Power you have, the more the voting authority you have to upvote or downvote content on Steemit network. Note that you can only increase your Steem Power by purchasing Steem coins.

  • The application of proof of stake protocol

One of the main causes of centralized mining and limited adoption of cryptocurrencies is the application of computing based proof of work protocol. Dan Larimer opted for Proof of Stake protocol because it does not require users to generate high computing power to mine the network.

The only thing that nodes need to do is staking the Steem Dollars (SBD) in the Steemit platform. This means that you can easily get rewarded by simply purchasing the Steem Dollars and holding them. The protocol ensures that the coins are spread evenly to avoid the danger of 51% attack.

  • Targeting a niche with a lot of following

To help the crypto niche to grow rapidly, Steemit targeted a niche that has a lot of following. Today, almost everybody has some presence on social media. By using one of the Steem Dollar (SBD) sister coin, the Steem Power to read publishers and curators of content in the network, more people are likely to join the crypto niche and start using the native coins.

What makes Steem Dollar better than it’s competitor?

When Steem Dollars (SBD) entered the market, the rate of new tokens generation was approaching the peak. Therefore, the founder and his development team had to craft winning strategies to remain competitive. Here are some of the things that make Steem Dollars (SBD) better than competitors:

  • The Steem Dollars (SBD) operates on proof of stake protocol that requires less power to mine. It also helps to ensure that more users can join and use the network with standard CPUs and GPUs.
  • SBD coin allows users to join and own the network. Like other cryptocurrencies, the Steemit platform is owned by people who join and use the network. This means that you do not simply join the system to send value or upvote content, you also own it.
  • The system provides users with a reliable network for sending value across the globe. Because the network operates on a peer2peer basis, sending of value is direct and easy. The transactions are near instant and there are no limitations on the value you can send.
  • It is a reliable method of sending value without compromising personal privacy. When users join the network, all the details such as personal and transaction info is encrypted to ensure that no third party can easily acquire it. This implies that unlike banks where a lot of people have access to your transaction details, it is only you who have access to the personal account.
  • The Steem Dollars (SBD) has been demonstrated as a reliable method of operating in the crypto world without worrying of price volatility. Whether you are saving money or pricing items on your store, there is no worry that the value will fluctuate and result to losses or scaring away clients.
  • The Steem Dollars (SBD) operates together with two sister tokens, Steem Power and Steem that help Steemit to reach a wider niche. This means that users who want to save money, publish or curate content can operate in the network without having to look for alternative tokens from other platforms.

How can Steem Dollar be categorized?

Steem Dollars (SBD) is a unique coin designed to help blockchain reach a larger community in the society. The token has managed to address the issue of high volatility in crypto niche and made more traders to adopt it because they can convert, link and operate just like standard coins.

What is Steem dollars’ vision on security?

The Steem Dollar’s vision on security is ensuring that all its users can save, send funds, or operate in the native network without worrying of attacks. The token was released at a time when DAO Child attack on Ethereum had just resulted to split in the Ethereum blockchain. Therefore, the development team at Steemit opted to use the following methods to keep the network secure:

  • The platform uses advanced encryption.
  • The Steemit employs proof of stake protocol to facilitate even distribution of coins.
  • The development comprises of some of the top minds in the niche. They regularly review the network and release new updates to keep the platform secure.

Examples of Steem Dollars use cases/ applications

In his view, Dan Larimer argues that any cryptocurrency can only be successful if more people appreciate and apply it in their daily lives. Here are the main use cases of Steem Dollars (SBD).

  • Steem Dollars (SBD) can be used for paying goods and services.
  • You can use the coin as a method of saving your money.
  • The Steem Dollars (SBD) is a reliable method of sending funds across the globe.
  • Paying for government services in countries that support Steem.
  • Convert SBD to Steem Power to vote content on Steemit platform.
  • Use it as a gift to friends and family.

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Boolberry

What is Boolberry?

Boolberry is a decentralized and open source digital coin created to help simplify financial transactions. The token was created in 2014 by Crypto Zoidberg team that targeted to take cryptocurrencies to the community to optimize their uptake.

For the five years that Bitcoin had operated in the financial sector before Boolberry was launched, major issues such as lack of anonymity, slow transaction rates, and scalability had emerged.

  • A brief history of the Boolberry value

When the Boolberry coin entered the market in June 2014, the value was $1.1. Then, it immediately took a downtrend and hit a low of $0.42 in September 2014 before rising slightly and then continuing with downtrend that culminated to $0.02 in January 2015. The price remained around $0.02 until August 2016 when it took an uptrend.

The price rose progressively to reach $0.5 in February 2017 and falling to $0.1 in May the same year. The most notable growth in 2017 was towards the end of the year and in January when the value shot to the highest point in the coin’s history.

On 4th December 2017, the value of Boolberry hit the first peak of $2.74. This was just a preparation of the main peak in January 2018 when the value hit $4.02. This was about 490,000% growth on the coin value towards the close of 2016.

In 2018, the value took a downward trend but with short recoveries in May, July, and September. After hitting a low of $0.5 in September 2018, the value of the coin started recovering and grew to $0.9 by the close of October 2018.

The early signs of recovery have made the Boolberry become a coin or interest as more investors take note and seek to take advantage of additional growth. Whether you are new or a seasoned crypto investor, this is one interesting coin that could start competing against the top performers.

What is the problem that Boolberry solves?

A closer look at financial transactions reveals that they are complex because of multiple factors coming into play to ensure that all stakeholders operate within the legal frameworks. But it is the same compliance that has often made it difficult and inconvenient for stakeholders to operate effectively. Here are some of the main issues that Boolberry addresses.

  • Lack of privacy in the financial services

When cryptocurrencies were discovered in 2009, the community thought that the issue of privacy had finally been addressed comprehensively. Most of the pioneer coins such as Bitcoin and Litecoin mainly use encryption to help conceal the user details and transaction info. The following two things make it easy to know user info in the Bitcoin network.

One, the Bitcoin system uses pseudonyms that are easy to crack and know the user particulars. This means that though the name used in the blockchain is an alias, the IP address is real. By following different transactions arising from a specific address, one can narrow down to the user’s geo-location, home and even names. The ease of pulling out individual user details has made some people opt to look for alternative coins such as Monero and Boolberry.

Two, it is possible to follow the transactions in the Bitcoin public ledger and tie them to a particular user. Note that this does not have to be direct. If a person you transact with regularly is identified, it will be easy to analyze where the traffic coming from and know your details.

  • Centralization of financial services

Though the society has been embracing cryptocurrencies in the recent past, conventional financial services still control a big market share. The centralized services pose serious risks to user information and their deposits. Here are some of the main risks associated with centralization of financial services.

One, centralized firms such as credit card companies have become direct targets for attackers. Think of a bank or credit card company that fall victim to attacks such as ransomware that damages the customer files. When the details stored in the centralized system get damaged, you are likely to lose personal information and even funds.

In other cases, centralized financial services can easily run into poor management resulting in losses and even bankruptcy. In such cases, your funds are at a risk of getting lost or getting locked for a long time until the bank resolves the causes of bankruptcy.

  • High cost of sending value using the conventional financial services

If you want to send funds using conventional financial services such as banks, the involved cost is very high. This is caused by the fact that the financial services are profit-based organizations. They need to make as much profit as possible to reward shareholders and grow. In addition to optimizing on profits, the banks and credit card companies also have to meet expenses such as rent, insurance, and wages.

How does Boolberry solve the problem?

To address the above issues, Boolberry team opted for a holistic approach that would help to make the crypto impressive to a larger community.  Here are some of the methods used at the platform:

  • CryptoNote Technology protocol

This technology was designed to help improve the technology used in the pioneer coins such as Ethereum and Bitcoin. The technology is essentially like Bitcoin public ledger but with crucial improvements for enhanced improvement. The most notable of these improvements is the one that makes it impossible to know where the node that sent the value is located.

At Boolberry, the CryptoNote technology employs proof of work algorithm that uses memory bound function referred to as CryptoNight. The technology makes it very difficult for ASIC miners to mine the Boolberry network. Therefore, even users with standard CPU and GPU can still participate in mining the Boolberry network.

The CryptoNote protocol also helps to protect the blockchain from double spending. The purpose of CryproNote technology is to help a network to remain ahead of others. It also allows the development teams to improve the network and grow over time.

  • Total decentralization

Centralization is perhaps the main strategy used by the Boolberry to help address most of the outlined issues. Unlike the centralized financial services, Boolberry operates as a network of nodes spread in its network across the globe. The nodes most tasks in the system such as releasing new coins.

When you initiate a transaction, the nodes take it up and confirm whether you have ample funds to send to the target address. They also add the next blocks in the public ledger to get rewarded with Boolberry coins. This is the main method used to release new coins into the market.

The entire process means that there are no centralized financial services involved when running transactions. Therefore, the transactions are secure, faster and cheaper compared to the conventional banking system.

What makes Boolberry better than it’s competitors?

The crypto niche has been attracting a lot of players as the demand for native coins keeps rising. Between 2009 and 2018, over 1600 coins had entered the market. To outdo the competitors, here are the main strategies employed by Boolberry.

  • The cryptocurrency helps to send value at a lower and faster rate. Because the Boolberry crypto operates on a peer2peer basis, users can complete transactions without subjecting them to unnecessary assessments such as those used in the banking system. This means that transactions are near instant.
  • The Boolberry cryptocurrency allows people to use and own the network. Unlike the conventional banking services such as credit card companies that make users feel passive, Boolberry is different. When you join the Boolberry by operating a node, you become part of its governance system.

When key decisions that help to determine the direction of the coin are being made, you will be called to vote. Indeed, you can even propose new changes, applications and other improvements that can be adopted to help improve the network.

  • Boolberry coin has been performing relatively well in the market. Unlike other coins that have been on a speedy fall starting from January 2018, the Boolberry coin has followed a different trajectory. The bearish trend has been characterized by major cases of value growth.

Notably, the value of the coin even started early enough in September when other coins were still on a downward trend. This show is being used as an indicator that the coin is likely to recover and grow faster to outdo other top performers.

  • The Boolberry coin development is led by a tech team that targets to progressively improve the platform. The impressive features especially the use of CryptoNote technology has won the platform praise from far and wide. For example, a lot of people joining the network are coming from other networks such as Litecoin and Bitcoin that do not put a lot of effort on privacy.
  • By using CryptoNote technology, Boolberry operates as a completely anonymous coin. This means that users can invest or use them to make purchases without worrying about third-party seizures. No one except you can know about your personal account details. Indeed, even courts of law do not have jurisdiction because the coins are not regulated.

How can Boolberry’s be categorized?

Boolberry is a completely decentralized cryptocurrency that guarantees users of optimal privacy when sending value. By adopting the CryptoNote technology, Boolberry consolidates the best technologies from the pioneering coins and improves on them to become the better option.

The selling line that Boolberry is better than Bitcoin and Ethereum among other early coins has helped it draw a lot of interest from the community. The community expects that the value will continue on an upward trend in the coming years.

What is Boolberry’s vision on security?

The Boolberry’s vision on security is to become the most secure and private network that users can rely on to send value anywhere on the globe without worrying of attacks. Here are some of the methods used to guarantee high security:

  • The Boolberry system uses advanced encryption.
  • The CryproNote technology helps to make the network anonymous and more secure
  • The development team progressively reviews and updates the system to keep away attackers
  • The system supports GPU and CPU mining to ensure that native coins are distributed evenly to reduce the danger of 51% attack.

Examples of Boolberry use cases/ applications

To know of a high-value cryptocurrency, the first thing should be checking the main use cases. Boolberry’s development team has been working hard to win more stores, communities, and government departments to accept it. Here are some of its use cases.

  • Boolberry coin can be used to send value anywhere across the globe. As a decentralized network, all that is required is for the sender and recipient to be on the same network in order for payment to get effected.
  • As more stores and shops come to embrace cryptocurrencies, Boolberry is emerging as the preferred coin for direct payment because of the focus on privacy. To make direct payment using Boolberry, you only need to have ample coins and identify a store that accepts them.
  • Boolberry coin is a favorite for trading in the markets. Because of its good performance, traders are rushing to buy and waiting for the value to move up in future. If the value takes the anticipated uptrend, investors will reap positive returns on their investment.

However, it is also important to appreciate that cryptocurrencies are highly volatile and their prices can swing even in the opposite direction. Some of the factors that could define the direction that Boolberry coin value will take include competition and looming regulations.

  • Use the native Boolberry coin to pay for taxes. As more jurisdictions appreciate the important role that blockchain is playing today, some are starting to allow residents to pay taxes in cryptos. A good example is Arizona.

After passing bill HB 1091 in April 2018, it is now possible to pay for taxes using coins such as Boolberry in Arizona. Other countries that support cryptos include Malta, Singapore, and Venezuela.

  • Boolberry is the main coin for paying the charges on the native network. Note that the transaction fee is not targeted at helping to raise profit from the organization. Rather, the funds raised are used to motivate miners in the network and support the development of the network.

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