Month: December 2018

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KoreCoin

What is KoreCoin?

KoreCoin is a decentralized and open-source cryptocurrency designed to provide users with optimal privacy when running financial transactions. Since its launch in 2014, the coin has won a lot of support from the community because of its privacy features and commitment to progressively improve it to become one of the top coins.

The coin was created by the Kore Projects team that wanted to respond to the emerging reality that cryptocurrency transactions were becoming easy for third parties to access. The coin uses proof of work (PoW) protocol and has a total supply of twelve million coins that will ever exist in the network.

  • A closer look at the KoreCoin performance in the market

When KoreCoin entered the market on June 21st, 2014, the value of the native coin was $0.15. The price remained low between the range of $0.2 and $0.01 until May 2017 when it started rising steadily.

Early in July, the value of KoreCoin hit the first peak by bursting above the $1 mark to reach $1.99. Then, it declined to $0.8 in early August before taking another sharp rise to hit $6.7 on 7th October 2017. Again, the price took a downturn sinking to $3.3 in mid-November before rising to $8.35 in January 12th, 2018. This was the highest mark in the coin’s history.

In 2018, the value of KoreCoin took a downturn that culminated to $0.32 by the close of November. Note that though the value has been on a negative trend, the overall performance of KoreCoin coin has been impressive with $906,375 in market capitalization that puts it at position 238. This is well ahead of other more popular coins such as NeosCoin with market capitalization of $794,072 and BitcoinZ with $780,455.

What is the problem that KoreCoin solves?

The entry of cryptocurrencies into the market in 2009 targeted to help people have an alternative to the conventional financial systems. While the concept of decentralization has indeed worked well, it started facing major challenges that risked chocking it. Here are some of the problems that KoreCoin solves.

  • Lack of privacy in financial transactions

When you run a financial transaction through the banking system, your details are easily accessible to a lot of people. The cashier on the counter, the bank managers and financial system planners can easily pull out the personal history.

This easy access means that you can become an easy target for attacks. For example, attorneys can easily target you with court battles to benefit from the stored cash as legal fees. The info could even be leaked criminals by insiders.

It is not just the banking system that lacks privacy. Even the blockchain networks have also proven to have gaps that can be utilized to get personal info. For example, Bitcoin accounts have been demonstrated to be easy to crack and know the details of individual users through transaction and IP address analysis.

  • Centralization of financial services

The design of traditional financial systems is to operate within the set laws of the jurisdictions they are registered in. This means that the user info and finances are run by qualified management. But the centralization opens a myriad of issues including the danger of losing stored funds.

If the bank is attacked by a malware such as ransomware and the data stored in its system get destroyed, you might end up losing all the funds saved in the institution. The institution can also run bankrupt in case of poor management. In such cases, your funds are likely to get locked for a long time as the problem is investigated.

  • High cost of sending value

If you want to send funds through wire transfer, the cost is prohibitive. The institutions are designed to follow a profit optimization model that often makes the management raise transaction fees. But it is not just the profit that sees them push the charges upward.

Most financial institutions are based in the major cities where the cost of rent is high. Also, they are required to meet other costs such as wages, utility bills, and marketing  bills. To raise the funds, for these expenses, the banks have to raise the transaction charges.

  • Poor adoption of cryptocurrencies into the society

Though the cryptocurrencies have been entering the market at a very rapid rate, it is interesting that very few stores near you accept them. For example, if you have some crypto coins and want to buy an item downtown, the chances are that few or no trader will accept it.

Though there are very many coins out there, they are in the hands of a few well-to-do users. When Initial Coin Offerings are announced, people with a lot of cash rush to buy them and hold awaiting the value to go up. It is a way of optimizing returns on investment.

As the buyers hold the coins, the larger society is denied the chance of owning and using the coins in everyday applications. The KoreCoin targets to open more doors for native coin holders to easily buy what they want online.

How does KoreCoin solve the problem?

To address the above problems, the KoreCoin development team adopted the following strategies and further committed to improving the network over time.

  • The Onion Router Network (TOR)

The Onion Router Network technology is used to enhance anonymous communication in computing by creating layers. The KoreCoin employs TOR by relaying the message in layers in the same manner that an onion works. When a message is released from a source, it is  passed from one node to another in a unique way that a node can only know the node to hand the encrypted message to once it is contacted to be part of the relay process.

Note that the information that the node gets and relays to the next node also peels off so that no history is retained. By the time the message reaches the target destination, it is almost impossible to know the route it followed. There is no way to link the source and recipient.

  • Anonymous proof of burn(PoB)

The KoreCoin system improves on proof of burn (PoB) concept to ensure that all transactions are anonymous. The platform utilizes the unique feature referred to as “Holy Grail” that progressively erases both sent and received addresses by burning them.

When a new address is issued, there is no way that a third party can link the old transactions. This means that you will be able to completely hide the source of your coins so that nothing can be used to trace transactions back to you. Even the receiver will not be able to identify the older transaction code because he will receive the new code.

  • Complete decentralization

Unlike the centralized banking systems, the KoreCoin uses a peer2peer model that relies on nodes spread in the system. This means that when a transaction is initiated, it is processed by the nodes on the KoreCoin blockchain as opposed to a centralized data center.

Operating as a completely decentralized system helps users on the KoreCoin platform to complete their transactions faster. Unlike banks that can take up to four days before a transaction is completed, the KoreCoin network allows for instant transfer of value.

Note that the sender and recipient are required to be on the same platform or at least have wallets supported by the KoreCoin. Note that it does not matter whether it is during the day or night. All that you need is having the recipient public address and ample coins to send.

  • The Korebay

This name was created to highlight the similarity of the platform with the popular e-commerce site, eBay. Korebay is a decentralized marketplace that allows users to buy products and services online.

The good thing about Korebay is that you can shop anonymously. This ensures that your info cannot be easily traced by third parties including government institutions. The history of every transaction is only available to the buyer.

What makes KoreCoin better than it’s competitors?

When KoreCoin entered the market, the competition was only beginning to intensify as more people started to accept crypto coins. This competition continued growing exponentially with more than 1600 coins hitting the market by mid-2018.

The following are some of the things that make KoreCoin better than competitors.

  • The coin provides users with a completely anonymous platform to send value without worrying of third-party seizures.
  • KoreCoin has been performing relatively well in the market as its community continues growing.
  • The KoreCoin network is a completely decentralized platform that helps users send value faster and on a peer2peer basis.
  • Unlike the traditional financial institutions that make users feel passive, the KoreCoin is different. When you join the network as a node, you also own it. This means that you can be called to vote when decisions about governance are being made.
  • The KoreCoin is led by a highly aggressive team that focuses on progressively improving the network. The commitment has given the community hope that though the price was on a negative trajectory in 2018, it will improve in the coming years.

How can KoreCoin be categorized?

The KoreCoin is one of the creative coin and platforms in the market designed to help guide the blockchain to the next level. The special focus on anonymity has helped to provide crypto enthusiasts with an option to hide from authorities and operate without worrying of third-party seizures. For example, the application of proof of burn (PoB) and the onion route (ToR) network ensures that no one can easily follow transactions to know about users.

While the development team commits to keeping the network as secure as possible, it is important to appreciate that your privacy can be compromised when using centralized exchanges. Most exchanges require users to provide additional personal info that can be used to identify them in line with anti-money laundering (AML) and know your customer (KYC) rules.

What is KoreCoin’s vision on security?

The KoreCoin’s vision on security is to become the most secure and anonymous coin in the market that users can rely on for daily activities without worrying of attacks. Here are some of the strategies used to help the network achieve the vision.

  • The KoreCoin uses X13 algorithm that utilizes 13 hashing with 13 varying functions. For an attacker to gain access, he would need to find gaps in all the 13 hashes. This is one of the reasons why no case of successful hacking has ever been reported on the network.
  • The KoreCoin system uses advanced encryption and The Onion Routing network that helps to keep user info completely private. This makes it harder for third-parties to break personal accounts and steal user info.
  • The KoreCoin development team progressively reviews the network to identify gaps and close them before attackers can take advantage.

Note that even with the commitment of the KoreCoin team to keep the platform secure, you also have to do your part after joining the network. This means following the best practices such as keeping your private keys free from third parties, storing the coins in a secure wallet, and not keeping your coins in the exchanges when not trading them.

Examples of KoreCoin’s use cases/ applications

To know the value of a cryptocurrency, one of the best methods is checking at the use cases.

  • KoreCoin can be used to pay for goods and services in stores that accept it. Note that even if a store does not support KoreCoin, you could convert it to the supported coin using an exchange.
  • You can use the coin to directly buy merchandise on the Korebay online marketplace.
  • The KoreCoin is a good way of saving funds instead of using a bank. If the value of the coin goes up, you will enjoy some returns on investment.
  • If you want to trade KoreCoin in the markets, consider joining the exchange that lists the coins.
  • The KoreCoin can be used to pay for government services in jurisdictions such as Arizona and Switzerland. In Arizona, you can pay taxes using cryptocurrencies following the passing of Bill HB 1091 in April.
  • KoreCoin can be used to send value across the globe on a peer2peer basis. The coin is preferred because the transactions are anonymous and no third party can trace them back to you.
  • Use KoreCoin as a gift to your friends and family members. Then, they can cash the coins right away or wait to see if the value grows.

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Zeitcoin

What is Zeitcoin?

Zeitcoin is a decentralized cryptocurrency and open source platform created to help advocate for sustainable use of resources. The founding team insisted that to achieve a sustainable future, they had to bridge the real world by bringing the community to the digital realms.

The focus of the extended mandate saw the team add helping the needy, running environmental protection, and innovation added to the core objective. They wanted to change negative outlook that dogged the cryptocurrencies especially in the first few years of the application after release by Satoshi Nakamoto.

The Zeitcoin was forked from the PeerCoin and launched on 20th March 2014. The community believed that the blockchain technology is an idea whose time has come, and if applied well can be a pillar for a sustainable future.

The Zeitcoin was launched as a hybrid of proof of work (PoW) and proof of stake model (PoS). However, the development team later shifted to purely proof of stake consensus protocol. Here is a closer look at the coin’s value performance in the market.

  • Zeitcoin performance in the market

When Zeitcoin entered the market in March 23rd, 2014, the value was $0.000006. Then, it rose marginally to $0.000038 before dropping to $0.000002 in June 2014 and then grew marginally to $0.000021 in July 2015. The price remained low until March 2017 when it started rising steadily.

On June 13th, 2017, the value of Zeitcoin hit the first peak of $0.00016 before dropping to $0.000056 on 30th October. On January 29th 2018k the value of Zeitcoin shot to the second peak of $0.00067. This was the highest mark in the Zeitcoin’s history. But the positive show did not last.

In 2018, the value of Zeitcoin took a steady decline that culminated to $0.00002 by the close of November. The community indicates that it is optimistic the coin will finally grow to become one of the top coins in the market.

What is the problem that Zeitcoin solves?

When cryptocurrencies entered the market, the community expected that all the financial issues would come to a close. However, the problems still persist while the pioneer blockchains are still facing myriads of bottlenecks. Here are some of the problems that Zeitcoin solves.

  • The high cost of mining

To mine proof of work cryptocurrencies, computers are required to do a lot of work trying to get answers to puzzles that can help them mine the next block for a reward. If you take the case of Bitcoin, it is estimated that the network of computers mining consumes 3.4 Gigawatts every second that translate to approximately 30.1 Tettawatt hours.

The energy is equivalent to what a country such as Morocco requires annually. The worrying thing is that the cost of power is expected to increase as the mining difficulty progressively adjusts upwards. This is the problem that Zeitcoin seeks to address.

  • Centralization of financial services

If you take a look at the financial services in most traditional organizations such as banks and credit card companies, the operations are completely centralized. The data is stored in data centers while the management implements the rules defined in law by respective administrations.

Though centralization ensures that all transactions are run smoothly, it comes with a number of issues. For example, as a centralized unit, the data is an easy target for hackers. Cybercriminals might target the data to steal customer information o plant malware.

If the banking system suffers from poor management it could end up into losses and receivership. In such cases, the customer funds could get lost or locked for a long time as investigations are opened to evaluate the causes.

  • The high cost of sending value across the globe

One of the reasons making people search for alternatives to sending value is the high cost of using credit cards and wire transfers. Even the e-wallets such as PayPal and Skrill are equally expensive. The main cause of high charges is that these services are profit based.

Their design, therefore, targets to optimize returns to shareholders. For organizations such as banks, high cost can result from a long list of expenses such as rent and wages.

  • Bad perception about cryptocurrencies

For more than ten years since the entry of the first blockchain, the community has held a very negative perception about crypto coins. The negative perception stems from governments’ emphasis that the cryptocurrencies are risky.

In Russia, the administration was categorical that digital currencies were risky and should not be allowed into the market. In the proposed digital financial assets draft bill in Russia, the ministry of finance indicates that it will be illegal for traders to accept payment in digital coins.

In other countries such as China, the EU, the UK, and the US, the current administrations feel uneasy about digital coins because they lack control. Zeitcoin development team and community are out to demonstrate that there is a positive side of crypto coins.

How does Zeitcoin solve the problem?

To address the above problems, Zeitcoin opted for a comprehensive strategy that includes the following strategies and features:

  • Advanced encryption

To keep user information secure and free from third parties, the Zeitcoin uses advanced encryption in its system. When a user joins the network or runs a transaction, all the details are encrypted so that no third party can easily know about it.

The Platform uses a set of private and public keys to identify users and keep their operations anonymous. Indeed, even when miners follow back to confirm transactions, they can only access the public keys as opposed to private keys and personal info.

  • Proof of stake consensus protocol

The main cause of high power demand in Bitcoin and other proof of work networks is the requirement that computers must work to solve complex puzzles based on the latest level of difficulty. However, Zeitcoin uses a different protocol referred to as proof of stake (PoS) that does not require computing power to mine.

Under the proof of stake protocol, a user only needs to buy some stake to qualify as a miner. This means that the user can mine the platform using standard computers such as GPU and CPU. Note that the proof of stake protocol is also used to help keep the Zeitcoin system secure by facilitating even distribution coins.

  • Complete decentralization

Decentralization is perhaps the most important strategy used to address the problems above. Decentralization in Zeitcoin involves using a network of nodes spread in its global network to help confirm transactions.

The nodes pick up transactions from users and follow their public address to establish whether they have ample funds to use. The nodes are also used to release the coins through a reward scheme when a miner founds a new block.

The decentralization approach helps to ensure that transactions on the Zeitcoin system are run on a peer2peer basis to ensure that they are cleared faster. Because they do not involve a profit-seeking organization, the cost of sending value is also low.

What makes Zeitcoin better than it’s competitors?

The Zeitcoin entered the market at a time when the rate of new coins getting into the industry was approaching the peak. By 2018, there were more than 1600 coins in the market. Therefore, Zeitcoin development team had to craft a winning proposition to outdo others in the market.

The following are the main things that make Zeitcoin better than competitors:

  • The Zeitcoin system operates as a completely decentralized platform. This means that users on the network run transactions on a peer2peer basis which makes them cheaper and faster.
  • The Zeitcoin network was released in 2014. This means that the coin has been in operation for more than four years and its features have been tested and proven to work. More people coming to Zeitcoin indicate that they prefer older stable coins to newer options that are very difficult to tell whether they are scams.
  • The Zeitcoin network is associated with a noble cause of taking care of the environment. More people are persuaded to join the Zeitcoin system because they feel it is helping them to help make the system a better place for all.
  • As an anonymous network, the Zeitcoin platform allows users to send value and save funds without worrying of third-party seizures. Even miners who confirm transactions can only follow back to confirm the value on the public address as opposed to the public keys.
  • The Zeitcoin allows people to use and own the network. When you join the network by purchasing some stake, you become part of its governance system. When new features are being introduced and some changes are needed you will be required to vote. Indeed, you can also propose changes to improve the platform.

How can Zeitcoin be categorized?

The Zeitcoin coin is a decentralized and social oriented coin that targets to change the perception that people hold about blockchain and associated applications. Its adoption of proof of stake protocol helped to ensure that users do not require a lot of computing power when mining the coins.

As a community-driven coin, the commitment to pull down the cost of sending value has helped to draw more people and demonstrate that blockchains can be used for a positive course. For example, the coin has an unlimited supply of coins to ensure that all people can access it without the limitation that is common in other coins such as Bitcoin and Litecoin.

What is Zeitcoin’s vision on security?

The Zeitcoin vision on security is to provide the community with a secure and reliable platform for sending value across the globe. The coin was established when attacks on crypto establishments such as Mt. Gox and Bitstamp had become recurrent. To keep the network secure, the Zeitcoin development team employed the following methods:

  • The development team progressively reviews the platform to identify gaps and close them before attackers can take advantage of it.
  • The Zeitcoin system is built on the proof of stake consensus protocol that helps to ensure tokens are evenly distributed. This has been very crucial in preventing 51% attack.
  • Zeitcoin network uses advanced encryption that helps to keep user information free from third parties and attackers.

Examples of Zeitcoin’s use cases/ applications

Since its establishment in 2014, the development team and community have been working on increasing the Zeitcoin uses cases. Here are some of the main applications:

  • Zeitcoin is a reliable token for storing value. Instead of using a bank to save your money, using a token such as Zeitcoin is a better method. The good thing with digital coins is that they can deliver high returns on investment if the value increases.

However, you need to appreciate that the value can also take a negative turn. For example, the value of Zeitcoin followed a negative trend causing losses to users especially those who invested in 2017 expecting the value to grow.

  • Zeitcoin can be used as a reliable method of sending value. Like other coins such as Bitcoin, you can send the native Zeitcoin tokens on a peer2peer basis. Note that unlike the standard financial transactions, decentralized networks such as Zeitcoin ensure that value transfer is instant, cheap and secure.
  • The Zeitcoin token can be used to pay for government services. If you live in a country that supports cryptos, it might be possible to pay for government services such as utility bills and taxes. In Arizona, residents are allowed to pay taxes using cryptocurrencies following the passing of bill HB1091 in April 2018.
  • If you are a crypto trader, one of the potential coins to consider is Zeitcoin. Note that trading in the markets requires users to join cryptocurrency exchanges and verifying their identities. Then, you will need to create a crypto pair such as ZEIT/BIT or XRP/ZEIT before running orders.
  • Zeitcoin token can be used to pay for transaction services in the markets. If you are trading in the exchanges, the transaction fee can be paid using either of the coin being traded in the crypto pair. For example, if you are trading XRP/ZEIT, the charges can be paid using Zeitcoin or Ripple.

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