Month: November 2018

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Virtacoinplus

What is Virtacoinplus?

Virtacoinplus (XVP) is a digital asset designed to help drive a balance between investment opportunities and ease of business. The cryptocurrency development started back in 2010 and had evolved progressively to become the Virtacoinplus that people know of today.

The Virtacoinplus is an X11 coin that previously operated as Virtacoin, PayBox.me, and VirtaPay. The PayBox.me was a virtual currency platform started back in 2010. Then, it rebranded to VirtaPay in 2011 and finally to Virtacoinplus. However, the performance of the Virtacoinplus coins in the market can only be traced back to early 2017.

In March 2017, the value of Virtacoinplus was $0.008. Then, it took an uptrend that culminated to a sharp rise of about 1900% to $0.16 in July 2017. This was the highest mark in the coin’s history. Then, the value took a downtrend decreasing to $0.006 in November 2017 before rising significantly to peak at $0.06 in early January 2018.

After hitting the peak, the value took another gradual decline culminating to $0.0031 in April 2017. As the value started growing in May, the coin exited the market. The community has been wondering why the coin simply went off without a word.

What is the problem that Virtacoinplus solves?

The financial niche has been facing major issues that resulted in experts in cryptography and blockchain niches to seek solutions to help the niche grow. One of the solutions has been to use cryptocurrencies as a means of sending value.

However, even the pioneer crypto platforms that came to address the financial issues also came with their share of issues. Here are some of the issues that Virtacoinplus solves.

  • Slow uptake of cryptocurrencies

The uptake of cryptocurrencies in the society has been sluggish since the entry of blockchain technology. Though there were more than 1600 coins in the market by mid-2018, it is ironical that very few stores downtown accept direct payment in digital coins. Many stores and indeed the community have opted to simply watch and see the direction that governments will take on cryptos.

The slow uptake of the coins is also associated with the complex procedures involved in purchasing the digital tokens. In a standard scenario, users are required to create accounts in crypto exchanges and select crypto pairs before making purchases. The process is complex and often scares many people away.

Virtacoinplus and its native platform target to simplify this process so that any person can easily purchase the tokens of choice and use them.

  • Lack of privacy in financial transactions

Many financial organizations out there are operated in strict conformity with the requirement for know your customer (KYC) and anti-money laundering (AML). This means that transactions details can easily be accessed by cashiers, bank management, a court of law, and the political administration of the day.

But it is not just the conventional financial services that lack privacy. The early blockchain networks such as Litecoin and Bitcoin have also been proven to lack privacy. For example, Bitcoin relies on pseudonyms that are easy to follow transactions from a specific IP address to know about the user. The Virtacoinplus coin and platform target to make the system completely anonymous.

  • Centralization of financial services

If you use the standard banking or credit card company to make payment or send value, your funds and data are centralized and at a high risk of getting stolen or damaged. Your resources can be at risk if the leadership of the bank mismanages it. In many cases, mismanagement results in bankruptcy that can take years before customer deposits are recovered.

Another risk of centralized financial services is that data can be attacked by malware such as ransomware. This could result in damage to your details and result in possible loss of money. Virtacoinplus solution is using a decentralized system that does not have a single point of failure.

  • High cost of sending value/ running transactions

For a long time, the cost of sending value has been punitive especially when relaying value between countries. This is caused by the profit model that is used by most financial institutions. Besides, the centralized financial companies have to raise the cost of transactions to help raise funds to pay staff, rent and other expenses.

How does Virtacoinplus solve the problem?

The commitment of the Virtacoinplus development team to address the issues facing the financial and blockchain niche made them adopt a holistic approach.  Here are some of the strategies:

  • The VirtaLocal program

When people want to buy items or services, Virtacoinplus want them to feel connected with the seller. They want to have the attention and get all the questions answered. Virtacoinplus targeted to make this possible by running the VirtaLocal program that stationed agents in different areas. Users can visit the agents to know about the right wallets, the accepted method of payment, and how to process stored coins.

  • Total decentralization

Decentralization is probably the main strategy used to help Virtacoinplus address the above issues. Instead of running as a centralized firm, the Virtacoinplus is a set of nodes spread across the globe on its native network.

When a transaction is initiated, it is taken by nodes spread in the system. The nodes follow the transaction to ensure that the sender has ample funds to send and is not trying to double spend. Once the details are confirmed, they are added to the next block and embedded into the ever-growing blockchain for a reward.

The nodes spread in the Virtacoinplus system also vote on different governance issues. For example, before new features can be introduced, the nodes have to come to a consensus about it. They can also suggest new changes that can help to improve the network.

  • The application of X11 hashing algorithm

This is a proof of work hashing function that was created by Evan Duffield and initially used in the Darkcoin protocol. Its design was targeted at helping the problem of centralization of crypto mining by increasing the time required for Application specific integrated circuits (ASICs) to mine efficiently. The objective was to ensure that more people could mine the Virtacoinplus to reduce the danger of 51% attack.

Despite its impressive show especially in the early years of application, X11 hashing algorithm soon became inefficient. Companies that create ASICs managed to come up with equipment that could mine even the X11 hashing based coins.

What makes Virtacoinplus better than it’s competitors?

The transformation of Virtacoinplus from PayBox.me was meant to help reposition it strategically in the market and outdo competitors. However, the competition has been growing steadily as new cryptos hit the market at a high rate. Here are some of the things that make Virtacoinplus better than competitors.

  • The Virtacoinplus coin and platform operate as a completely decentralized system. This makes it a better option than centralized banks or credit card companies that are easy targets for attackers.
  • Because Virtacoinplus is a peer2peer coin, it implies that transactions are completed faster no matter the location of the recipient. The transactions are also cheaper compared to sending value using the banking system. It is indeed cheaper than even the top crypto networks such as Bitcoin and Ethereum because their value is very high.
  • The Virtacoinplus network allows users to operate anonymously. Unlike credit card companies and banks that take customer information and share it with third parties without consent, the Virtacoinplus is completely anonymous. Since cryptocurrencies are not regulated, even a court of law cannot order for your personal details.
  • The Virtacoinplus system allows people to use and own the network. When you join the Virtacoinplus as a node, you also become part of the governance system. This means that you will be called when key decisions are being made.
  • The Virtacoinplus system has simplified the process of acquitting its native tokens by stationing agents in its target areas. This means that you do not have to worry about selecting the right wallet or installing Virtacoinplus clients. The agents are there to assist you.
  • The Virtacoinplus platform is led by a highly aggressive team. Its commitment to progressively improve the network has helped to grow the community and increase its potential.
  • The Virtacoinplus system can be traced back to 2010. This means that most of its features have been tested and proven to work. Therefore, you cannot risk investing your money in a pump and dump scheme.

NOTE: Note that though these attributes put the coin well ahead of others, it is advisable to start by carrying additional review to establish why it has not been participating in the market. This is a bad indicator! Besides, investing in cryptos should be guided by the best practices including only using the funds you are ready to lose.

How can Virtacoinplus’ be categorized?

Virtacoinplus is a truly decentralized system that is targeted at helping the crypto niche grow to the next level. The development team was especially concerned that though many people appreciated the advantages that come with cryptos, a more aggressive method was needed to encourage their adoption and use in everyday purchases.

What is Virtacoinplus’ vision on security?

The Virtacoinplus’ vision on security is to become a highly secure network and crypto coin that all can use with ease in everyday operations. To achieve the vision, the Virtacoinplus development team ensured that the system is encrypted so that no third-party can easily know about personal details.

The Virtacoinplus system is reviewed regularly to identify gap and vulnerabilities. This helps ensures that all vulnerabilities are cleared through updates and attackers do not have a loophole to enter and attack. It is also important to work ensure that the updates are effected so that your node does not become a simple target for attackers.

Examples of Virtacoinplus use cases/ applications

To know the value of a cryptocurrency, you can simply check at its use cases. The Virtacoinplus development team has been working very hard to win acceptance in different stores and institutions. Here are some of the main use cases:

  • Use Virtacoinplus to send value on a peer2peer basis

If you want to send value across the globe faster and more conveniently, it is advisable to go for a cryptocurrency such as Virtacoinplus instead of a bank. Because Virtacoinplus is a completely decentralized system, the transactions are completed on a peer2peer basis. This helps to make the process instant and convenient.

Note that for such payments to be effected, both the sender and recipient should be in the Virtacoinplus network. They also need to have the right wallets that support Virtacoinplus network.

  • Trade Virtacoinplus in the market

To trade cryptocurrencies in the market, you need to identify and join the exchanges. These are markets that help people to trade digital coins based on the demand and supply. To trade XVP, make sure to register for a trading account in an appropriate exchange such as TradeSatoshi and or BiteBTC. Then, confirm your address, create an appropriate trading pair, and trade depending on the prevailing trends.

To make returns from your trading efforts, it is advisable to start by learning how to trade. For example, do you opt for day trading Virtacoinplus or long-term strategy? Here, you need to learn how to interpret trends so that you take the trading position at the right time.

  • You can use the Virtacoinplus coin to pay for government services

Though governments were very negative about cryptocurrencies when they were founded, the perception is changing and some of them are even supporting direct payment with digital coins. In Arizona, the state parliament passed bill HB 1091 in April 2018 that allowed residents to pay for taxes using crypto coins. When you pay taxes in Virtacoinplus, the coins are immediately converted to USD before being credited to the payer’s tax account.

In Singapore, the county’s leadership holds that there is no difference between making payment in fiat or cryptos. Therefore, you only need to have ample Virtacoinplus coins that are enough to pay for the services of interest.

  • Use Virtacoinplus to invest or store value

Like other cryptocurrencies, Virtacoinplus can be used as a store of value. You only need to buy the coins and store them in a secure wallet waiting for the value to rise before selling. Note that this type of investment requires patience to get the anticipated rewards.

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Dynamic

What is Dynamic?

Dynamic is a decentralized and open source proof-of-stake coin created to ensure that every person in the society can easily access and use the digital coins. After launching Bitcoin, Satoshi Nakamoto opened the doors to faster adoption of cryptos in different niches. However, the price of cryptos has been swinging to the extremes because they are not regulated.

The Dynamic coin was created by Suzuki Nakamura who built on the existing technology from major coins such as  Bitcoin and Ethereum. The coin uses 2XSHA-256 proof-of-work algorithm and has an unlimited number of coins. It is the first coin with no halving and no diminishing rewards.

  • The Dynamic coin price history

When Dynamic crypto entered the market in October 2016, its value was $0.16. The value dropped by about 1100% to $0.08 by the close of October before springing back to $0.19 in early November 2016.

By the close of January 2018, the value of Dynamic had dropped to $0.027 before shooting up to $0.25 in mid-February and falling to $0.035 by the close of the month. Again, the value took an upward trend hitting a high of $0.4 on March 23rd, 2018 and continued on an upward trend to reach $0.9 on May 12th, 2018.

The price remained at $0.99 between May and October 15th when it rose to $1 and immediately crashed to $0.0029. This was a major drop of about 34,000%. Note that the drop did not end there. By mid-November 2018, the value had gone down to reach a low of $0.000064.

As a coin that is dedicated to addressing volatility, the price changes demonstrated above has made the community wonder whether the strategy is indeed workable. It will be interesting to see how the price behaves in the coming years.

What is the problem that Dynamic solves?

When the high number of coins entering the market is mentioned, there is a tendency to think that everything is well. But that is wrong. A closer look reflects that the niche is reeling from serious bottlenecks that are limiting its growth. Here are some of the issues that Dynamic solves.

  • High volatility

The problem of high volatility has become a major challenge for most cryptocurrencies in the market today. If you take a look at the performance of the fiat currencies, their stability is maintained through a system of printing and buying currencies from the market. This helps to keep the price stable and reliable. But there is no control when it comes to cryptocurrencies.

The coins are controlled by the forces of the market only. This is the reason why an announcement about a partnership between a crypto and a highly rated company is likely to send the value up. Other factors that affect the value of the coins include regulations, new technology, and competition.

Dynamic targets to make its native coins stable and ensure that more people can use it without worrying that the coins will lose value.

  • Poor miner motivation

Mining is the process of solving complex mathematical puzzles in cryptocurrency networks and adding new blocks to their public ledgers for a reward. But miners also help to secure the network, confirm transactions, and vote on management decisions. To ensure that miners support the network, they need motivation. In many pioneer networks, such as Litecoin and Bitcoin, the mining rewards halve every four years.

As the rewards halves, the miners are likely to lose interest because they do a lot of work while the reward keeps declining. Some of them are likely to shift to other coins while others could conspire to harm the networks. The Dynamic system removed the halving principle so that rewards are controlled by the market forces only.

  • Poor scalability

The architecture of blockchain platforms is anchored on effective implementation of consensus. This means that for new blocks to be added to the public ledger, many nodes have to come to an agreement. This results in very low transaction outputs for every second.

If you take the case of Bitcoin, the largest network in the niche, its system can only manage 7 transactions per second. Even other top leaders in the niche such as Ethereum can only handle 20 transactions/ second while Bitcoin Cash can manage 60 transactions every second. Now, compare the transactions with industry leaders such as Visa that can handle in excess of 20,000 transactions every second.

This demonstration indicates that the cryptocurrencies are way below the expectations of the society. The community is looking forward as the technology unfolds to see whether the crypto networks will manage to address the difference.

How does Dynamic solve the problem?

Suzuki Nakamura, the Dynamic founder, opted for a multi-approach strategy to address the above issues. Here are the strategies used in the Dybamic platform.

  • The 15 seconds block time

In the Dynamic’s white paper, Suzuki explains that the 15 second block time was adopted to help allow blazing fast transactions. The fast block time is coupled with an unlimited block size to ensure that the system can handle more transactions without worrying of high volume seasons.

If the strategy works well, the Dynamic scalability could be the best in the globe. For example, the block size of Bitcoin is only 1MB and it can only be mined every ten minutes. For Ethereum, the largest block size was 33416 bytes that was recorded in January 5th, 2018. Even with the impressive block time of 20 seconds, Ethereum still lags behind because it only supports up to 20 transactions/ minute.

The Dynamic model was created after realizing that the block size is a major limiting factor that could ultimately threaten the entire industry. However, the Dynamic system is yet to test the effectiveness of the unlimited block size because the volume of users is yet to reach that of top networks such as Ethereum.

  • Unlimited coin production

The idea of limited coin production in crypto networks is meant to help maintain the value of their native coins high. For example, only 21 million Bitcoins will ever exist in its network. For Dynamic, the target is to make its native coin operate as close as possible to the fiat currency. The founder wanted to ensure that the value remains stable by progressively releasing new coins when the price goes up so help stabilize it.

The release of new DMC coins is dependent on the price in the market. The Dynamic system analyzes the market and can release 1DMC or as many as 1,000,000 per block. When the price goes down, the reward is reduced. The Dynamic development team expects to control the price of the coin so that users do not suffer from extreme price swings.

  • The Global Reserve System

This is a non-profit organization that is used to support the Dynamic platform by ensuring that the price remains as stable as possible. The reserve has a large volume of DMC and BTC that are capable of buying and selling huge quantities of DMC to stabilize the price.

  • Decentralization

Suzuki indicates that the bottom-line to the success of the Dynamic system is decentralization. He further points out that the network uses proof of stake model that ensures users with some stake in the system can mine the network and help with its governance.

Even with this argument, the community is concerned that the major decisions are largely made by the Global Reserve System. For example, when the price of DMC falls or increases the Global Reserve System swings into action and releases new coins into the market.

The Dynamic white paper does not demonstrate clearly how the stakers in the platform help with price management, transactions or even governance.

What makes Dynamic better than it’s competitors?

Dynamic was introduced into the market when the competition was approaching the peak. Here are the main things that make Dynamic better than competitors:

  • The Dynamic system allows users to stake or invest without worrying about price volatility.
  • The Dynamic system allows users to join and own the platform. Unlike the conventional banking systems that make users feel passive, the dynamic platform employs proof of stake protocol that allows stakers to participate in decision making through consensus.
  • It is a reliable method to invest and send value without worrying about third-party seizures. By employing advanced encryption, the Dynamic system allows users to operate in total anonymity without worrying of getting discovered by unauthorized users.
  • The system operates as a completely decentralized network of sending value. This means that transactions are confirmed by nodes spread in its system as opposed to centralized systems that come with a high risk of failure or attacks.
  • Since transactions are completed on a peer2peer basis, they are cheaper and faster because the profit-seeking organizations are bypassed. This makes the platform more convenient for sending value both locally and internationally.

NOTE: While the commitment of the Dynamic cryptocurrency and platform are impressive, the effectiveness of the model to address volatility is wanting. In the Dynamic white paper, the founder and development team indicates that more coins will be released into the market to control the price.

However, the impact is likely to see a lot of coins getting into the market and crashing the value of the coin. This is what happened on October 17th, 2016. The development team released large quantities of Dynamic coins into the market with the intention of controlling the price. However, the impact was a sudden crash and progressive deterioration of the price to $0.000063 by mid-November 2018.

The model that the founder wanted to use to control the value of Dynamic has become the primary driver of high volatility. This approach has made investors take a wait-and-see approach because the coin could result in major losses.

How can Dynamic’s be categorized?

Dynamic is a highly ambitious crypto project that targets to address the pressing issue of high volatility. The founder and his development team wanted to create a platform that closely resembles the fiat currency system so that more people can easily join and enjoy blockchain related benefits.

What is Dynamic’s vision on security?

When the Dynamic coins entered the market, the crypto community was still coming to terms with the DAO Child attack that rocked Ethereum in mid 2016 and caused a major division. To prevent similar or more serious attacks on the Dynamic system, the founder came up with the vision of making the network the most secure in the industry. Here are some of the methods used to keep the system secure:

  • Advanced encryption that helps to keep the user info private.
  • The network uses proof of stake protocol that helps to promote even distribution of coins to reduce the danger of 51% attack.
  • The development team works on regular updates that help to seal all gaps that can be used by attackers.

Examples of Dynamic use cases/ applications

To know the value of a cryptocurrency and crypto network, one of the best methods is following the applications in the society. In the case of Dynamic, the following are the main use cases:

  • You can use the Dynamic coins to pay for goods and services in stores that support it.
  • The native DMC coins can be traded in the crypto exchanges. Note that you will be required to join an exchange that lists the Dynamic coin, create a crypto pair, before executing a trade.
  • If you want to send money to another country, one of the reliable methods is using a cryptocurrency such as DMC. Note that the recipient will need to have a wallet that supports Dynamic coins.
  • As a proof of stake cryptocurrency, you can mine the network to get rewarded with native coins.
  • The Dynamic coins can be used to pay taxes in countries that support crypto coins.
  • Like other coins in the market, the Dynamic platform can be used as a method of saving funds. You will only need to buy the coins and sell them when in need cash.

However, it is important to note the negative price movement despite the described system for maintaining stability. If you need to invest in the coin, it is advisable to compare Dynamic with other emerging tokens and only commit a small amount.

 

http://dynamiccoin.org/DMC%20White%20Paper.pdf

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