Month: December 2018

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Zennies

What is Zennies?

Zennies is a cryptocurrency and a decentralized platform created to help facilitate secure transfer of value across the globe. The coin name, Zennies, takes from a Japanese term ‘Zeni’ that means small change. It is one of the new coins in the niche having entered into the market in March 2017.

By the close of November 2018, the coin was valued at $247,583 well ahead of other more popular coins such as FORCE and Dinastycoin with market capitalization of $231,741 and $219,991 respectively. Here is a closer look at the coin’s price performance in the market.

  • The price movement of Zennies since its establishment

While the operational model of Zennies is impressive, its value between the time of entry into the market on April 18th, 2017 and close of November paints a concerning decline of about 900%. When Zennies entered the market in April, its value was $0.002 before falling to $0.001 in early May and then climbing back to $0.002 on May 6th, 2017.

In the subsequent one month, the value of Zennies rose steadily to hit the first peak of $0.004 before falling to $0.002 in early May and rising again to hit another peak of $0.003 in August. Again, the price declined to $0.002 in September before rising to $0.004 in January 13th, 2018.

In 2018, the value of Zennies has been on a bearish trend culminating to the lowest mark of $0.0002 by the close of November 2018. Though the price started showing signs of recovery by the close of November 2018, it will be interesting to see how it will perform in the highly competitive market in the coming years.

What is the problem that Zennies solves?

When Zennies entered the market, it sought to address the financial sector’s issues that had dogged the niche for years. Here are some of the problems that Zennies solves.

  • Centralization of financial services

When Zennies was launched, most financial transactions in conventional institutions were run in a centralized manner. If you are sending value using the conventional banking system, it is processed by the staff in the respective institution. The bank pools the user data and deposits in centralized vaults that are run by the organization’s management.

The main issue with centralized financial models is that the risk of failure is very high. For example, the data is an easy target for hackers because it is centralized. The funds can also be mismanaged by the banking leadership resulting in bankruptcy. In such a situation, there is a danger of losing your funds or getting it locked over a long time.

The centralized model of operation also implies that the banks and credit card companies have to follow all the procedures described by their licensing authorities. These include anti-money laundering (AML) and know your customer (KYC) rules. These procedures make processing transactions lengthy and can at times last up to 4 days.

  • Lack of privacy when saving or sending funds through conventional services

When a bank runs transactions, all the users’ details get exposed. Your info is easily accessible to the cashiers, bank management and financial planners of your jurisdiction. But this is not all. A court of law can also order for the transactions in case a lawsuit hauls its way to your doorsteps. The effort to use blockchain networks to guarantee users privacy has also not been very successful.

If you take the case of Litecoin and Bitcoin, the advancing technology is making it easy to know the details of individual nodes. For example, IP address analysis allows investigators to follow the specific computers that initiated or processed transactions. It is also possible to analyze individual transactions to narrow down to the individual user. Zennies targets to enhance the privacy of users when they invest and run transactions.

  • The high cost of sending value at the international level

When banks and credit companies are designed, the primary goal is optimizing returns on investment. For the management, the higher the returns they make, the better. They keep adjusting the cost of transactions upwards to ensure that shareholders can get ample return on investment. But this is not the only reason for the high cost of sending transactions.

Most banks have to be positioned strategically to make it easy for clients to access services. This means running multiple branches downtown. The bank managements have to charge high interest rates to meet the high cost of rent, pay wages, and run multiple marketing campaigns. Zennies target to eliminate all these costs and make the transactions as cheap as possible.

  • Poor adoption of cryptocurrency at the lower level

If you take a closer look at the crypto market, it is easy to conclude that everything is going on well. But that is incorrect.

If you draw closer, you will realize that most of the coins are in the hands of a few people. When new coins are released into the market through initial coin offerings (ICOs), those who are fast and buy them are investors with a lot of money.

The initial buyers hold the coins for sometime and only release them when the price moves up. This is the reason why you can walk downtown and lack a store that accepts payment in digital coins. Zennies targets to ensure that more people can join and start using the cryptos in their daily lives.

How does Zennies solve the problem?

To address the above issues, Zennies took a multi-dimensional approach to reach more, demonstrate value, and encourage users to continue using digital coins in their lifestyles. Here are some of the strategies adopted by the platform.

  • Complete decentralization

Zennies operates as a completely decentralized network. Unlike the centralized banking systems that rely on centralized data centers and staff, Zennies uses a network of nodes spread in its system. When a user initiates transactions, they are picked by the nodes that follow back to confirm they have ample funds to use and prevent double spending.

Use of centralized nodes further means that there is no single point of failure. Unlike banks that can easily be compromised if one staff decides to damage documents, such an attack is impossible on the Zennies system. Because the blocks are stored by different nodes in their computers, clients’ info will always be available no matter the time of the day or night.

Even if one node falls off or is offline, the details will easily be accessible from other nodes. This model gives users the peace of mind that they will never lose their financial transactions. The decentralized approach has made the blockchain to become attractive even to companies that fear losing user data.

  • Proof of Stake (PoS) consensus model

After Bitcoin launched its operations, most of the subsequent crypto networks followed its consensus model of proof of work (PoW) model. However, proof of work protocol has become a major cause of inefficiency because a lot of nodes are required to come to a consensus before new blocks can be added to public ledgers. PoW has also resulted in high power demand and centralization of mining.

To address the issue, Zennies went for a different consensus model referred to as proof of stake (PoS). Unlike the PoW model that requires users to generate a lot of computing power to confirm transactions, proof of stake requires one to only own some coins. You simply need to own some stake in the Zennies network to be able to mine the native coins.

By employing proof of stake protocol, Zennies has made it easy for more people to join and mine the network. For example, you only need a standard CPU or GPU to be able to mine the Zennies platform. Proof of stake protocol also helps to make the network more secure because those who have some stake cannot conspire to damage the platform.

  • Targets multiple niches of application

To attract more people to use the cryptocurrency networks, the Zennies development team opted to diversify the native coin’s application. Unlike Bitcoin or Litecoin that only targeted helping users to send value, Zennies has an extended application. Though it is also a money transfer platform, it is projected at the gaming community.

What makes Zennies better than it’s competitors?

By the close of the third quarter of 2018, there were more than 1600 crypto coins in the market. This means that all coins especially the new ones have to craft winning ways to beat the current competition. Here are the main things that make Zennies better than competitors.

  • The Zennies system allows users to send value on a peer2peer basis. Because they bypass the centralized banking and credit card systems, transactions are faster and cheaper.
  • The Zennies coins make it easy to send value anonymously across the globe. The network use advanced encryption that ensures you can save funds and send value without worrying about third parties knowing about it.
  • The platform is led by a very dedicated team that progressively improves the network to keep user info safe and secure. The community is relying on the strong core code and development team of Zennies to help restore the native coin to a positive growth trend.
  • The Zennies system uses proof of stake protocol that makes it easy for more users to participate without requiring advanced mining equipment. This implies that more people can join and use the network even with standard computers
  • As a truly decentralized network, it implies that users also own the network. This means that you do not simply send value or use the network and walk away. Rather, the stake you have in Zennies system means that you can be called upon to vote when a governance issue comes up.

How can Zennies’ be categorized?

Zennies is a completely decentralized platform created with the primary goal of helping users to see the value of going crypto. Whether it is buying merchandise from the local stores or online, the Zennies creates a new way of running transactions in a private, secure, and reliable way.

The community is especially enthralled by Zennies use of proof of stake protocol because more people can associate to it. The protocol has also helped the coin to enter the market and start competing with others in the market. For example, it was position 457 with a market capitalization of $247,728 by the close of November 2018.

What is Zennies’ vision on security?

Zennies’ vision for security is providing people with a secure and reliable  platform for transferring value on a peer2peer basis. Though it is relatively young compared to others such as Litecoin and Bitcoin, the development team’s focus on security has made it very secure. Here are the main methods used to keep the network secure:

  • The network uses advanced encryption to keep users’ info private and secure
  • The Zennies’ development team regularly reviews the platform to identify and close vulnerabilities
  • The  platform uses proof of stake protocol that helps to evenly distribute the native coins and  keep the system free from 51% attack

Examples of Zennies use cases/ applications

  • Use Zennies coin to pay for goods and services in stores that support it.
  • If you are a resident in jurisdictions that support cryptocurrencies such as Singapore and Arizona, it might be possible to pay for government services with Zennies coins.
  • People who want to trade in the crypto markets can trade Zennies coins by pairing it with other tokens such as XRP and Loopring.
  • Zennies can be used as a coin for storing value on the blockchain network. Simply buy the coins and hold until such a time when the price will move up.
  • The Zennies coin can be used to send value on a peer2peer basis across the globe. Note that both the sender and receiver must be in the Zennies network or have supported coins for the transfer to be complete.

NOTE: If you target to invest in Zennies, it is important to carefully compare with others because the price has been on a negative trend in 2018. The price tag by the close of November was lower than the starting price in 2017. Therefore, it is advisable to exercise caution or spread investment in different assets.

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Project Decorum

What is Project Decorum?

Project Decorum is a decentralized platform for helping users to organize and manage all their digital social activities without worrying privately. As more people adopt the digital lifestyle, the need for related communication has become even more important today.

Project Decorum was initiated under the MaidSafe blockchain in 2016 and run as a research-based system under the leadership of Harmen Klink, an undergraduate at HU University of Applied Sciences Utrecht. The association with more established coin such as MaidSafe Coin gave Project Decorum a larger audience that helped to spread it faster to the crypto community. Despite this, the performance of its price was poor, especially in the first 12 months after launch.

  • A closer look at project Decorum performance in the market

When Project Decorum hit the market in early June 2016, the value was $0.0089. About three weeks after, on June 25th June 2016, the value had dropped by 80% to $0.0056. The price remained between $0.0089 and $0.017 until April 2017 when the value took a bullish trend.

On June 21st, 2017, the price shot up to hit the first peak of $0.11. This was approximately 1250% growth from the starting price about one year earlier. The price continued with the upward trend and hit another peak of $0.244 on September 7th, 2017 before dropping to $0.088 in early December.

The coin’s price continued on an upward trend and hit $0.28 on January 13th, 2018. This was the highest mark in the coin’s history. Despite the positive show in the last two-quarters of 2017 and start of 2018, the value took a negative trend to hit a low of $0.02 by the close of March 22nd, 2018.

However, the coin ceased its operations from the market. The exit since May 2018 has resulted in speculation that it could have been a Ponzi scheme. But the development team of Project Decorum has not provided a reliable explanation about it. It will be interesting to see whether they will start trading in the market and restore the investor confidence.

What is the problem that Project Decorum solves?

When social media platforms entered the market, they made communication especially those targeted at specific groups easily and effective. However, they took away the control of user info and communication. Here is a closer look at the issues that Project Decorum solves.

  • Control of personal data by multinationals

When you add personal info and run communication channels on channels such as Facebook and Instagram, you have no control over how it is used. Though your target might be communicating with a specific group of interest, personal data is still harvested and used for marketing and even political reasons.

Early in 2018, the Facebook community was shocked to realize that the bulk of its users’ details had been mined without personal consent. The data is believed to have been used to influence the performance of various companies and even political contests’ outcomes. Though other social media networks did not come out to indicate they run a similar model of harvesting personal info, it is expected that centralized data storage makes ‘stealing’ of user info easy.

Project Decorum targeted to take control of personal info from the hands of the multinationals and bestow it to users through decentralization.

  • Centralization of data in social events management

If you are organizing an event on a public platform such as social media, the data is stored in centralized vaults. This makes it an easy target for cybercriminals. In the event of an attack, failure of centralized data centers, or mismanagement, you are likely to lose the info.

Think of a situation when Facebook servers go down for a few moments. For example, Facebook and WhatsApp went down on September 2018 leaving users in total confusion for about 20 minutes. If you were in the middle of organizing a crucial social event, your business could run into major losses. This is the problem that Project Decorum targets to address.

  • Lack of privacy in social media and crypto networks

When you communicate on social media, there is no privacy. Your communication can easily be accessed by millions of people in the respective network. Even in the event that you use security features in various networks such as hiding profile details, the management can still pull out personal details. But it is not just the social media that lacks privacy.

The conventional banking system is also run in an open manner. This means that when you run a transaction, cashiers, bank management and political leadership of the time can easily access your financial details. Therefore, you can be an easy target by attackers or even though legal battles.

Interestingly, even the blockchain networks that were designed to guarantee optimal privacy are also proving to be less effective. If you take the case of Bitcoin, you will realize that many people are moving away to other privacy-oriented networks such as Zcash. It has been established that running transaction analysis and IP address analysis can help to uncover the identity of people making transactions on Bitcoin network.

How does Project Decorum solve the problem?

When Project Decorum was created in 2016, SAFE Network targeted to extend the concept of decentralization in the niche. Here are some of the methods it employed to solve the above problems.

  • Proof of concept consensus model

The Project Decorum is created on the proof of concept model that targets to put people in greater control of their activities on digital platforms. Proof of Concept protocol allows users to Create Custom Categories that allow a user can only communicate with the targeted groups in a specific niche.

The protocol further allows users to post new topics and leave replies. This means that it runs like the standard social media profiles but with additional control. If you do not like the progress of a specific topic or its progress, the protocol also allows you to collapse the topic branches.

To maintain greater control over communications, the concept allows Project Decorum users to automatically check queries from clients. Note that all identities on the project use cryptography to sign their content so that personal info cannot be easily harvested without user consent.

Whether you want to facilitate the growth of a specific project, build on an idea or simply run a group under a specific brand, Project Decorum guarantees high efficiency. Note that the payments for services on the network are paid using the project’s native coin, PDC.

  • Total decentralization

Unlike the current highly centralized platforms, Project Decorum operates as a completely decentralized network. The system runs as a network of nodes spread in the SAFE Network. This means that there is no centralized data center for storing data used in the network.

By using a system of nodes, it means that your data will always be available no matter the time of the day or night. There is no risk that the data can be attacked or mismanaged by a centralized authority. When a transaction is initiated on the network, it is taken by miners on the network who also help to mine new blocks.

  • Project Decorum operates on the SAFE Network  

To facilitate better control of personal communication, Project Decorum runs on the SAFE Network. This is a blockchain network that supports the development of decentralized applications. Because all transactions have to be processed on the network, it implies they are safer compared to running them individually.

This model was crucial in selling the platform especially in 2017 as more users appreciated the extra focus on anonymity and privacy. It is because of this association that Project Decorum has never been hacked as others such as Bitcoin Gold hold tags of attacks immediately after launch.

What makes Project Decorum better than it’s competitors?

When Project Decorum was initiated in mid-2016, it ventured into a wildly competitive niche. For example, the number of digital coins in the market had grown to more than 1600 by the third quarter of 2018. Here are some of the things that make Project Decorum better than competitors.

  • The project targets a niche that has been less trodden. As more crypto networks target the financial niche, Project Decorum has targeted a path that is less explored. This means that it is likely to enjoy near monopoly status as more people start running their projects on digital platforms.
  • It is based on a well established SAFE Network. Instead of developing its own network, the Project Decorum is based on the SAFE Network. This is one of the unique methods helping to keep the platform secure and popular.
  • The network allows users to manage their digital social activities without risking their privacy. Unlike the common social media platforms that run projects in an open manner, the Project Decorum has provided users with an opportunity to take full control over their communication.

You can now create own communication groups, branch communication networks, and collapse/ upgrade them at will. Note that all your info remains encrypted so that no one can easily harvest it.

  • The native coin allows users to join and send value on a peer2peer basis. The native coin on the Project Decorum enables users to send value on a peer2peer basis. It allows them to run just like other coins such as Bitcoin or Ripple. No matter where you want to send value, the transactions do not go through centralized organizations such as banks. Rather, they are completed on a peer2peer basis to make them faster and cheaper.
  • It provides users with an opportunity to join and own the network through coin ownership. Unlike the banking system that makes users feel passive, Project Decorum is different. When you join the network, you become part of its governance system. This means that you will be called to vote when decisions about the project are being made.

How can Project Decorum’s be categorized?

Project Decorum can be categorized as a highly ambitious project that targets taking away the monopoly currently held by data companies especially social media platforms. As more people join the blockchain era, Project Decorum is offering them a reliable option to control all communications and advance their operations.

However, it will be interesting to see how the project plays in the highly competitive industry. For example, other platforms that support decentralized applications could release such apps and optimize competition.

What is Project Decorum’s vision on security?

The Project Decorum’s vision on security is to provide users with the most secure platform for managing their digital communication. Here are some of the methods used to keep Project Decorum and user info secure:

  • The project is hooked on SAFE Network whose security has already been proven
  • The system operates on a highly secure proof of concept
  • The project runs as a completely decentralized network to facilitate even distribution of coins and reduce the danger of 51% attack.

Examples of Project Decorum use cases/ applications

To win more people into the crypto space, Project Decorum seeks to ensure that its native coins and and platform have diverse applications. Here are the main use cases of Project Decorum:

  • You can use Project Decorum to manage your digital project communication system.
  • The native coin, PDC, can be used to pay for products and services in stores that support it. You can also buy from stores that support different cryptos by converting the coin to the supported token.
  • Project Decorum coin can also be used to pay for government services. If you stay in states that support digital currencies, it might be possible to pay for government services. For example, Arizona allows users to pay for taxes using cryptocurrencies.
  • Project Decorum’s digital coin can be used as a store of value. Instead of saving your funds in a bank, consider buying PDC and holding them. Then, you can convert the coins when in need of cash or the value goes up.

NOTE: If you target to invest in Project Decorum, it is advisable to exercise caution because of its absence in the market since March 2018. Indeed, no exchange has listed it since then.

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