Month: November 2018

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Breakout

What is Breakout?

Breakout is a decentralized and open-source cryptocurrency of the Breakout blockchain. The breakout platform and its native platform were founded and launched by a Costa Rican company referred to as Breakout Services, Limitada.

The main goal of creating the Breakout coin was to reach the gaming community and present it with a reliable, secure, and easy to use currency. The development team was concerned that though the blockchain technology was advancing in other areas at a fast rate, the gaming niche was lagging behind.

The Breakout blockchain uses both proof of stake and proof of work protocols to make it possible to support different coins and reach multiple niches.

  • The performance of Breakout coin in the market

When Breakout first entered the market in July 2016, the value was $0.08. Then, it dropped to $0.045 in the subsequent month of August and kept declining to hit the lowest point of $0.018 in December 2016.

Starting from early 2017, Breakout started showing signs of recovering. In March 2017, the value grew to hit $0.03 and continued on an uptrend to reach $0.04 in April before hitting a peak of $0.3 in June 2017.

In July, the value dropped to $0.099 before assuming a bullish trend that culminated to the value breaking through the $1 mark and reaching $1.24 on 9th January 2018. This was the highest mark in the coin’s history. Note that the positive show did not last.

By the close of January 2018, the value of breakout had dropped to reach $0.64 before rising marginally to $0.7 at the beginning of March and resuming the bearish trend until the third quarter of 2018. By the close of October, the value of BKR was $0.04. The community is optimistic that the coin value will finally take an uptrend as more people search for a reliable gaming payment and support system.

What is the problem that Breakout solves?

Since 2009 when the blockchain network was launched by Satoshi Nakamoto, more people have started taking note and coming to the niche. But it has encountered serious problems that risk suppressing growth and success. Here are some of the problems that Breakout solves.

  • Centralization of financial services

Centralization of financial services involves relying on a single point to run all transactions in a system. They are systems such as banks and credit card companies that have centralized systems of handling funds, data, and transactions. This is the main structure of most financial systems in the industry today.

The main issue with centralized financial services is the high risk of failure. This failure can result from mismanagement that culminates to bankruptcy or cyber attacks. If the customer documents and info in the banking system get attacked by a malware such as ransomware, it would be difficult to prove that you had deposits in the system. The Breakout system targets to address the issue by creating a system that is free from third-party attacks.

  • Poor adoption of cryptocurrencies in the market

While the idea of cryptocurrencies has been expanding rapidly, application at the local level has been very poor. At this point, one would expect to find many stores supporting crypto coins because of the long list of coins in the market and the speedy nature of tokens uptake in the market. However, you can walk an entire street and fail to get a store that accepts payment in digital coins.

To address the issue, Breakout targets to expand the technology to the gaming niche. The blockchain also targets to reach other segments with additional coins.

  • The high cost of transactions

If you want to send value through the banking system, the cost is very high. This is because banks and financial companies are profit based and have to look for ways and means of optimizing return to investors. Besides, they also have to meet expenses such as rent, wages, insurance, security, and compliance with the law.

  • Centralization of mining services

The design of blockchain networks uses miners who help with all the work in the system. They confirm transactions and use consensus to make decisions that help to improve the networks. More importantly, they help to release new coins into the network.

Though mining was intended to help advance the concept of decentralization, the development of ASICs mining equipment has resulted in centralization and raised the risk of 51% attack in crypto networks.

How does Breakout solve the problem?

To address the above issues, the Breakout platform adopted a multi-pronged approach that targets to promote decentralization and make the cryptos easily accessible to more people. Here are the methods and features used by Breakout:

  • Total decentralization

The Breakout system operates as a completely decentralized system. Instead of relying on a centralized management the way banks or credit card companies work, the Breakout system relies on a system of nodes spread in its network across the globe.

When a user initiates a transaction to send value, it is picked by nodes referred to as miners. They follow the sender to confirm whether he has ample coins to send and allow the transaction to complete. They also add new blocks into Breakout public ledger.

Total decentralization implies that Breakout does not have a single point of failure. The nodes spread in the Breakout system store the information in their computers. Even if one computer is attacked or node drops off, the user information will still be available from other nodes.

  • Breakout supports multiple coins

To promote faster adoption of cryptocurrencies, Breakout was targeted at the gaming niche. As more crypto networks target the financial services, areas such as gaming have been left behind. The Breakout coin targets to be the ultimate coin for the gaming niche.

To facilitate better uptake of cryptos in the industry, the Breakout also hosts other coins such as the Sister Coin, Atomic token, The Deck, and Beakout Stake.

  • Operates as a hybrid of proof of work and proof of stake protocols

Many crypto networks in the market today rely on proof of work protocol. Though it has very impressive features, it has also demonstrated key weaknesses such as allowing mining through ASICs. To make the Breakout network better, the development team opted to use a hybrid model of proof of work and proof of stake protocols.

Proof of work consensus algorithm helps to keep the Breakout platform secure while the proof of stake protocol is used to facilitate even distribution of coins. Proof of Stake protocol also helps to keep the platform secure because users who have some stake are less likely to conspire to harm the network.

What makes Breakout better than it’s competitors?

When Breakout entered the market, it met a growing list of cryptocurrencies that targeted to win a bigger market share. Here are some of the things that make Breakout better than competitors.

  • The Breakout platform allows users to send value and run financial transactions anonymously. This means that you can send value or invest without worrying about third parties knowing about your details.
  • The Breakout system targets a gaming niche that has been less trodden. This implies that it is likely to enjoy near monopoly status and grow rapidly as gamers enjoy the benefits of direct and cheaper payments.
  • The Breakout coin allows users to join and own the system. The decentralized system implies that the platform is not owned by the founders or developers. .Rather, all the decisions are made by the nodes spread in its system. If you join the system by purchasing some stake, you will be called to vote on key governance issues that determine the direction to be taken by the platform.
  • The Breakout system provides users with the total freedom to send value any time of the day or night. Unlike the banking system that limits people to only work during the day and remains closed in holidays and weekends, Breakout system is different. As far as you have ample coins on the network, there are no limitations. You can send any amount during the day, at night, weekends, and even holidays.
  • The Breakout is led by a very aggressive team. To help the niche advance to the next level, the Breakout team is always active and looking for better ways to keep the platform safe and delivering value to users on the platform.
  • The combination of proof of stake and proof of work protocols has helped the Breakout system enjoy high security. Since inception, no successful attack has been reported in the platform.

How can Breakout’s be categorized?

Breakout is a unique cryptocurrency and a platform designed with the primary goal of advancing the original Satoshi Nakamoto’s principle of decentralization. Though there are many issues standing on the path of successful adoption of blockchain technology, Breakout demonstrated that they can be overcome through impressive features such as the combination of proof of stake and proof of work protocols.

What is Breakout’s vision on security?

The Breakout’s vision on security is to become a highly secure platform that all users can join and utilize without worrying that they will lose investment to attackers. Here are some of the methods used to keep the platform secure.

  • The Breakout platform was designed after a thorough analysis of other networks to ensure that causes of attacks were eliminated. This is why some communities consider it to be a better option compared to pioneer coins such as Bitcoin and Litecoin.
  • The development team reviews the Breakout system and other networks to pre-identify vulnerabilities and address them well before they can be used by attackers.
  • The system uses advanced encryption that helps to prevent user info and transaction details from third parties such as government agencies.
  • The combination of proof of work and proof of stake protocols has helped to facilitate even distribution of coins to prevent the danger of 51% attack.

Examples of Breakout use cases/ applications

A cryptocurrency network is as good as the people who support it. The Breakout development team has been seeking partnerships to facilitate faster adoption and use in the industry. Here are the main applications.

  • Breakout coin is a coin of the gaming industry. This means that you can use the coin to pay for games played online or even downloadable options to play with a home computer. The gaming community prefers the coin because payment is peer2peer and direct.
  • If you are running transactions in the Breakout platform, you will be required to pay a small fee that must be effected in BRK. This fee goes to support miners who help confirm transactions and facilitate the development of the network.
  • If you want to send funds abroad, Breakout coin is a better option compared to the standard fiat currencies. Because there are no centralized organizations such as banks used when sending value, the transactions are fast and cheaper.
  • Like other coins such as Bitcoin, Breakout can be used to pay for goods and services in stores that accept it. You only need to look for online or conventional stores that allow payment with BKR to make a purchase. Note that in the event that stores available only support different coins, it will also be possible to make a purchase by converting BKR to the supported crypto.
  • For crypto traders, Breakout can be traded in the market like other coins such as Bitcoin. Note that trading Breakout will require identifying a supporting exchange and registering for a user account. You will also need to create appropriate trading pairs before executing trades.

To trade profitably, it is important to start by learning how the crypto market works. Most of the digital coins are affected by high volatility because the coins are not regulated in law. It is also crucial to follow the best practices such as only using a small amount when trading in the market as opposed to the whole amount.

  • The Breakout coin is a reliable method of paying for taxes in states that support cryptos. As more administrations come out to support blockchain technology, some are allowing users to pay their taxes using digital coins. A good example is Arizona.

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VeriumReserve

What is VeriumReserve?

VeriumReserve is a decentralized cryptocurrency that targets helping pull the cost of financial transactions down and optimizing blockchain scalability. The Cryptocurrency was created by Douglas Pike and Nosker Patrick. The two founders are also the creators of Verium coin and hold PhDs from Rutgers University.

VeriumReserve is a combination of Vericoin and VeriumReserve to create an intertwined network referred to as dual-blockchain. In the dual-blockchain, Vericoin serves as a currency because of its unique properties such a low transaction fee while Verium serves as a store of value because of its high fee.

Therefore, consider VeriumReserve as a system that brings together a very cheap and very expensive blockchain system together. The Binary-Chain is a unique design, a pioneer in the niche that targets to solve most of the issues that have refused to go away from the blockchain niche.

  • The performance of VeriumReserve in the market

When VeriumReserve hit the market in September 2016, the value was $0.32. Then, it rose by 350% to $1.44 in 22nd September 2016 before taking a steady decline that culminated to $0.08 in November 2016.

On 4th January 2017, the value had grown steadily to hit another high of $3.31 before dropping slightly in July and then growing to $17.07 on January 6th, 2018. This was the highest mark in its history. But the good show did not last long.

Between January and close of October 2018, the value had dropped to $0.55. Despite this negative drop, the community is optimistic that the value will take a positive trend and deliver high returns on investment.

What is the problem that VeriumReserve solves?

As the world accelerates towards the cryptocurrencies, every niche is gearing for some changes. However, the crypto networks shave been experiencing serious challenges that have threatened to slow down success in the niche. Here are some of the problems that VeriumReserve solves to help advance the niche to more sectors in the society.

  • Scalability

The idea of using blockchain technology made Satoshi Nakamoto an instant hero after proving that it was possible to run transactions in a completely decentralized way without requiring a centralized organization such as a bank. However, the decentralized system’s requirement that many nodes must come to an agreement before transactions are completed has resulted in poor scalability.

When you look at the top cryptocurrencies in the market today, it is clear that they are chocking from own designs. Bitcoin, the largest network, can only handle seven transactions every second. Even Ethereum and Bitcoin Cash that are ranked at the top can only manage 20 and 60 transactions/ second respectively.

Now, compare the scalability of most cryptos with industry leaders such as VISA that can handle in excess of 20,000 transactions per second. The comparison demonstrates that the crypto niche requires rethinking key strategies to help drive higher scalability. This is one of the problems that VeriumReserve addresses.

  • The high cost of sending value

If you send value through conventional banking services or other centralized methods such as credit cards, the cost of transactions is very high. These companies and institutions charge high transaction fees because they are profit based. Therefore, they want to optimize the returns to ensure that shareholders get good returns on their investment.

Another factor that makes centralized financial services charge high transaction fee is the need to cater for the long list of expenses. For example, a conventional bank located downtown has to pay for rent, wages, power, and compliance related expenditure. All of these operational costs are passed down to customers in the form of elevated transactional costs.

  • Centralization of financial services

If you send money through banking institutions or use credit cards, it implies that both personal info and funds are at risk. As centralized organizations, the operations are largely based on trust. For example, people who put their deposits in a bank trust the management to handle it professionally. However, there are instances when poor management has resulted in banks running bankrupt. In such cases, you are likely to lose your funds or take very long before recovering it.

Because the financial institutions handle important customer data, they are good targets for hackers and malware. Malware such a wannacry ransomware targets such high-value content. When the attacks are perpetrated, it becomes very difficult to prove you had funds in a saving account. At times it might require expensive legal battles.

  •  Cross-chain interoperability

One of the most stressful issues today in the world of cryptos is lack of cross-chain interoperability. If you have some Bitcoins and want to send funds to a person in Ethereum network, the process is lengthy and expensive. First, you will need to join the two networks and acquire appropriate wallets that support them.

The second step requires that you use a cryptocurrency exchange to change one coin to another. In this case, you will change Bitcoin to Ethereum and store in your wallet. Note that depositing the coin in an exchange, changing it to the preferred coin, and withdrawing to an appropriate wallet will cost multiple fees. Finally, you have the opportunity to send Ethereum to the recipient address.

VeriumReserve targets to address this issue by ensuring that people can have a one-stop point for sending coins from one chain to another.

How does VeriumReserve solve the problem?

To address the above issues, VeriumReserve development team sought comprehensive answers that would not just help the network only, but act as a guide to the entire niche. Here are some of the adopted strategies:

  • Binary chain

This is a new protocol model being applied by VeriumReserve that could eventually become the new trend if it proves successful in their blockchain. The protocol involves combining several altcoins such as Verium and Vericoin for storage purposes. This means that it acts as a bridge between a cryptocurrency and a digital reserve.

The protocol helps to improve the immutability of the blockchain beyond anything that people have seen today. As the protocol advances the idea of decentralization, the miners are motivated because they can earn Verium and benefit from the high fee system to store their value.

  • Hybrid of Proof of Work Time (PoWT) and Proof of Stake Time (PoST)

To address scalability, the high cost of sending value, and centralization of financial services, the VeriumReserve development team extended the application of proof of stake and proof of stake protocols to include Time derivative. By introducing time variable, proof of work-time helps to increase the speed of transaction and enhance the mining power. The overall impact is higher network security and mining throughput.

Proof of work-time has also been credited for helping to decentralize mining in the VeriumReserve platform. Unlike the standard proof of work (PoW) protocol, the new consensus protocol makes it possible to mine the network with GPUs and CPUs.

The proof of stake-time, on the other hand, is targeted at helping to advance the concept of decentralization. The target is ensuring that those with stakes remain active so that transactions are completed in record time. It also helps to facilitate even distribution of coins to protect the network from attacks.

  • Support for atomic swaps

To address the serious concerns for poor cross-chain interoperability, the VeriumReserve is designed to support atomic swaps. This is a form of cross-chain trading that involves the direct exchange of coins in one platform for others in a different chain without going through third parties such as exchanges.

The process involves the use of hash time-locked contracts that make the process completely trustless between the two networks. The contract sets the condition that the sender and receiver networks must adhere to. The only issue with atomic swaps is that it is not open to use for all networks. It can only take place between two cooperating networks. Therefore, the application could still be limited to only a few blockchains.

What makes VeriumReserve better than it’s competitors?

The VeriumReserve network is perhaps one of the most progressive platforms in the industry today. Its design and applications have set it apart as others are left to review and probably copy the new technology. Here are some of the things that make VeriumReserve better than its competitors.

  • The VeriumReserve platform is led by an aggressive tech team

As other networks and conventional banking systems continue wondering how to address financial inefficiencies, VeriumReserve development team has trained its system to craft winning solutions. The development team comprises some of the top brains that the industry will count on to move to the next level.

  • VeriumReserve has addressed the  issues of scalability and cost in blockchains

The enhanced proof of stake-time and proof of work-time in the VeriumReserve have reintroduced the vigor that the blockchain had when Satoshi Nakamoto launched the first blockchain in 2009. The most notable thing about the protocols is that they have helped to improve scalability and pulled the cost of transactions.

  • Provides a reliable way to send value across the blockchains

Instead of joining two networks when sending value to a different blockchain, the VeriumReserve system has created structures for atomic swaps. This system makes it easy to send a coin and the recipient to receive it in a different format without using the centralized exchanges. Think of it this way. You send Bitcoin but the recipient receives Ethereum.

  • The VeriumReserve is a completely anonymous platform

Whether you are sending value or running other transactions, the system guarantees total privacy. This means that you do not have to worry about third-party seizures or unauthorized access to your personal details. Even miners who follow transactions to confirm whether you have ample funds can only check the public address.

How can VeriumReserve’s be categorized?

VeriumReserve is a highly ambitious crypto platform that is based on new technology that targets to address issues affecting the industry. It is a next-generation crypto and platform that has helped to define the direction that crypto networks are likely to take in order to improve efficiency, remain relevant, and deliver value to clients.

What is VeriumReserve’s vision on security?

The VeriumReserve’s vision on security is to become the most secure network that every user can join to enjoy decentralized services without worrying of attacks. The platform was created at a time when attacks in crypto networks such as the DAO Child attack and hacking of exchanges such as Mt. Gox has become very common. To achieve its mission, here are the main strategies that the VeriumReserve development team employed:

  • Advanced encryption that helps to keep user info away from third parties
  • The VeriumReserve development team progressively reviews the system to identify gaps and seal them with regular updates
  • The advanced proof of stake-time helps to promote even coin distribution to prevent the danger of 51% attack.
  • Implementation of proof of work-time helped to prevent Application specific integrated circuits (ASIC) mining and improve the security of users in the system.

Examples of VeriumReserve use cases/ applications

A cryptocurrency platform can only be effective if it has followers applying it in various situations. Like other coins such as Ethereum, VeriumReserve development team has been working hard to ensure that the coin is accepted in many areas. Here are the main use cases:

  • You can use the VeriumReserve native coin to pay for transactions in different stores that accept it.
  • VeriumReserve coin is a reliable way of sending value across the globe instantly and at a lower transaction fee.
  • For investors, the unique design of VeriumReserve makes it a high potential coin. The community is optimistic that VeriumReserve coin could become the next Bitcoin.
  • Like other coins such as Bitcoin, VeriumReserve can also be traded in the markets. Note that you are required to identify the supported exchanges, open a trading account, and create appropriate pairs before trading can commence.
  • The VeriumReserve coins can be used to pay for taxes in countries that support it. Good examples include Arizona. The state allowed the tax department through bill HB 1091 to accept payment of taxes by residents using cryptocurrencies.
  • VeriumReserve platform is a reliable mining platform. By applying proof of stake-time and proof of work-time, users can mine the platform with both GPU and CPUs.

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