Month: January 2019

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Qwark

What is Qwark?

Qwark is a decentralized and peer2peer crypto token based on the Ubique blockchain. It is an ERC-20 token designed to provide a powerful and shared global infrastructure that can easily move value across the globe. Qwark is designed to help developers create markets, store registries of debts and move funds in a decentralized way.

Initially, Qwark was launched as Sarcoin (SAR) by a developer known as Luke William. Unlike other coins such as Bitcoin or Ethereum, all the Qwark coins are pre-mined and distributed via pool miners. This makes it less tasking for more people to own and use the coins. However, it resembles Bitcoin in that it uses SHA-256 hashing algorithm.

  • The performance of Qwark coin

The price of Qwark can be traced back to April 2016 when it ran under the name Sarcoin. On April 21st, 2016, the value of the coin was $0.078 before climbing marginally in one week to hit $0.10 on 27th of the same month. Then, the value took a downtrend sinking to $0.04 by early June 2016.

The price of Qwark remained within the range of $0.01 and $0.04 between July 2016 and May 2017. In early June 2017, the price shot to $0.16 before falling again to $0.08 in mid-July 2017. Again, it shot up to $0.5 in mid-August 2017 before sinking again to $0.1 in early November.

Between November and January 9th, the price rose to $0.55. This was the highest mark in the Qwark’s history. But this positive show did not last.

In a day after hitting the peak, the Qwark price took a downtrend that continued until early December 2018 when it started showing some signs of recovery. By the close of December 2018, the value of Qwark was $0.016.

What is the problem that Qwark solves?

When Qwark developers shifted from Sarcoin, they wanted an outfit that would help to effectively address the existing and emerging challenges in the crypto and financial niche. Here are some of the problems that Qwark solves.

  • Centralization of mining in the crypto niche

When Bitcoin was launched in 2009, the most notable thing was its proof of work (PoW) consensus. This protocol also became the main algorithm for most pioneering cryptos such as Litecoin and Ethereum. However, POW comes with a major problem of centralization of mining.

Because proof of work protocol relies on computing power, miners are required to have very advanced computers/ mining devices. To make mining more viable, the industry started producing ASIC mining equipment that generates very high computing power to make mining proof of work based coins viable. Though this might look like the perfect solution, it came with a myriad of issues such as high cost.

The high cost of ASICs implies that only a limited number of people can afford it. This implies that mining and ownership of proof of work coins is likely to go to only a few wealthy individuals. Qwark solves the issue by adopting a different consensus protocol.

  • High cost of sending value

If you want to send funds across the globe through traditional methods such as wire transfers, the process is very expensive. Most of the traditional organizations operate as profit-based enterprises which imply they use every available method to optimize returns on investment. But it is not just the focus on profits that drives financial organizations to charge high cost.

To reach more people and weather the high competition in the sector, traditional financial services providers have to position their operations in major cities which are very expensive. This means they have to pay the high cost of rent, wages to staff, and marketing related expenses. All of these costs have to be met by raising the cost of services such sending value.

  • Poor adoption of cryptocurrencies in the society

If you take a closer look at the nature of transactions run via decentralized networks such as Qwark or Bitcoin, the operations are easy and direct because they are completed on a peer2peer basis. However, this simplicity does not appear to translate to more adoption at the grassroots level.

If you have some coins such as ETH and want to buy an item in the neighborhood, the chances are that few or none supports payment with digital coins. When you hear of the  large number of digital coins hitting the market today, those who rush to buy are investors seeking to make profits. Qwark addresses the problem by making it easy for more people to access and use the coins.

How does Qwark solve the problem?

To address the above problems, Qwark development team opted for a multi-dimensional approach that would also help the coin to compete with others in the market. The following are the top methods used by Qwark to address issues in the crypto niche and outdo competitors:

  • Employs proof of stake consensus algorithm

Proof of stake (PoS) is a consensus protocol that was first proposed by Sunny King and Scott Nadal in 2012. They were concerned that proof of work that was common with the early cryptocurrencies was becoming a stumbling block to success in the crypto niche because of the ever rising mining difficulty.

Proof of stake protocol requires users to have some stake in the network they want to mine. This implies three key things. One, the platform does not rely on computing power. Therefore, users can qualify to mine the network by simply staking its native coins.

Two, proof of stake protocol is environmentally friendly. Because miners do not need to work harder to solve complex puzzles to mine Qwark, their machines power requirement is minimal. This is one of the reasons PoS has become so popular with top cryptos such as Ethereum indicating they will shift to it.

Three, by allowing more people to mine and own the native coins, PoS helps to facilitate even distribution of the native coins. This has been very crucial in preventing more coins from falling into the hands of a few people and causing 51% attack.

  • Qwark operates as a fully decentralized crypto network

Decentralization is one of the main methods used by Qwark to help address the high cost of sending value and promote the adoption of its coins in the market. Qwark operates as a network of nodes that help to store data, run transactions, and most tasks on its system. Take the case of a standard transaction.

When you initiate a transaction, it is picked by miners who have staked the native Qwark coins. The miners follow the public address of the sender to ensure that he has ample coins to send and there is no double spending. If everything is okay, the transaction is confirmed and added to the next block that becomes part of the Ubique blockchain.

By operating as a completely decentralized system, Qwark transactions do not go through centralized and profit-seeking organizations such as banks. Instead, users are able to enjoy direct liaison with recipients. Transactions are, therefore, cheaper and instant. Note that for such transactions to be effected, both the sender and recipient need to be in the Qwark network.

To make it simple even for novices to join and use Qwark, the development team ensured that all the native coins are pre-mined and distributed from mining pools platforms. This is very helpful in lowering bar for new entrants. It is perhaps

  • An innovative distribution model

In many cases, people targeting to join cryptocurrencies are faced by the problem of understanding where to start because of the involved complexity. For example, people who want to join Bitcoin to start mining have to download the entire blockchain and maintain advanced mining equipment. But Qwark is different. It is this unique distribution model that has helped to make Qwark attractive and to grow the community rapidly.

What makes Qwark better than it’s competitors?

When Qwark development team decided to change Sarcoin and base it on Ubique system, one thing that was clear to them is intense competition. Therefore, they had to look for unique ways to beat the high competition in the market.

Note that the competition is not just against other cryptos. It also includes financial organizations that have held the community captive for many years. Here are some of the things that make Qwark better than competitors:

  • Sending value using Qwark is cheap

If you want to send value using the Qwark system, it is cheaper compared to the conventional systems because transactions are completed without going through third parties. Even the small fee charged for sending value on the network is meant for developing the network as opposed to optimizing profits.

  • Qwark operates a decentralized system

Unlike the centralized financial systems such as banks, Qwark is a completely decentralized model. This implies that it does not have a single point of failure.

Data is stored by nodes spread in the system such that users are always assured of accessing their details n o matter the time of the day or night. This means that your details will always be available even if one of them falls off or is unavailable.

  • Users on the Qwark system enjoy sending value anonymously

When you use the standard financial systems such as credit cards or online wallets such as PayPal, your details are retained by the respective company. Because they operate under local regulations, the info can easily be revealed through a court order.

However, Qwark operates as a completely anonymous system. When you send value, nobody can know about you because the account, transaction history, and personal info are encrypted.

  • The Qwark system makes mining simple and easy for all

By employing proof of stake algorithm and using a pre-mined model, Qwark makes it simple even for new crypto enthusiasts to easily acquire new coins. No matter whether you have a laptop or standard GPU, it is possible to mine Qwark.

How can Qwark be categorized?

Qwark can be categorized as a completely decentralized and ambitious crypto that seeks to redefine the crypto niche. Its development team’s commitment to addressing the problems facing the crypto niche has seen new features such as support for decentralized applications and smart contracts being supported in its system.

Though the commitment of the team and progressive improvements has not deterred the price from plummeting in 2018, the effects are expected to become evident in the coming years. Many crypto experts argue that Qwark could become the next big crypto because of the fast-growing community.

What is Qwark’s vision on security?

The Qwark’s vision on security is to become the most secure crypto network in the crypto niche. When the Qwark system unveiled in 2016, the team was cognizant of the looming dangers, especially from hackers. To keep the Qwark system free from attacks, here are the main strategies used  by its development team:

  • The system uses advanced encryption that helps to keep user info away from third parties.
  • By adopting proof of stake consensus algorithm, Qwark has managed to evenly distribute its native coins and avoid the danger of 51% attack.
  • The Qwark development team reviews the network regularly to identify gaps and seal them before they become serious security issues.

Examples of Qwark’ use cases/ applications

To make the Qwark’s mission a reality, the development team wanted to ensure that the coin had as many use cases as possible. Here are some of the main applications that you need to know:

  • You can use the Qwark coin to send value both locally and internationally. Note that both the sender and recipient must be on the Qwark system.
  • Qwark coins can be traded in the markets. You can pair Qwark with other coins such as Bitcoin and ETH, and trade them in exchanges that list them.
  • Qwark can be used to pay for goods and services from stores that accept it. Note that even if only a different coin is supported, you can still use Qwark by changing it to the supported crypto.
  • You can use the Qwark coins to pay taxes in jurisdictions such As Arizona or other government services in a country such as Singapore.

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vTorrent

What is vTorrent?

vTorrent is a decentralized and peer2peer cryptocurrency of the BitTorent network. When the term ‘BitTorent’ is mentioned, people immediately associate it with movies and music piracy. However, it also serves as a decentralized and peer2peer protocol that offers many benefits for data transfer.

vTorrent is designed with a lightweight model to help users take the advantage of BitTorent features. The coin was launched in 2014 with the target of providing users with a reliable method of payment that is free from third-party seizures. To demonstrate how vTorrent work, it is important to take a closer look at the BitTorent system.

  • How does BitTorent work?

BitTorrent is a communication protocol designed for peer2peer sharing of data and electronic files online. It is preferred for transferring large files such as videos and is estimated to account for more than 70% of internet traffic.

The BitTorrent protocol is used to help lower server and network impact when transferring large files. Instead of downloading the files from a single server, the BitTorrent protocol allows users to join a team of hosts to help upload/ download from them simultaneously.

Note that the idea of sharing does not always go well with governments and centralized companies that want to take control of specific data movement especially videos and music. This is why BitTorrent servers are regularly censored. However, their decentralized nature helps to keep the service available all the time. This is the concept that is used on vTorrent.

  • A closer look at vTorrent  performance in the market

When vTorrent entered into the market in December 2014, the value was $0.001. The value remained low until September 2016 when it started rising steadily. In October 2016, the value had risen marginally to reach $0.007. However, the poor show was about to change in 2017.

In January 2017, the value of vTorrent had risen to $0.02. This was approximately 1900% higher than the starting price. The positive growth continued and hit the first peak of $0.2 in June 2017. After a slight drop in August, the price continued on its bullish trend to the close of the year.

In January 13th, 2018, the value of vTorrent had risen to $1.36. This was about 137,800% growth from the starting price. It also marked the highest point in the vTorrent price history. However, the positive show did not last.

Immediately after hitting the peak in January 2018, the value of vTorrent took a downtrend that persisted for the rest of the year. By 2nd July 2018, the value of vTorrent had sunk to $0.1. Note that the coin exited the market in July 2018.

What is the problem that vTorrent solves?

The digital age has greatly changed the way people consume media. Unlike in the past when people would need to purchase compact discs to play at home, the model has changed to downloading and streaming.  The new model  is largely controlled by multinationals and, therefore, comes with a number of issues that have held the media and entertainment niche hostage. Here are some of the issues that vTorrent addresses.

  • Poor availability of content such as videos because of high licensing charges

When artists produce content such as songs and videos, getting them to the targeted clients is never easy because of the high cost of licenses. The effect is that some artists are forced to drop their potential products or work with companies that can manage pay for licenses. The target of vTorrent is to provide artists and their fans with a direct method of accessing content without worrying about the licensing charges.

  • The monopoly of video and music files in the entertainment industry

If you take a closer look at the entertainment industry, the most notable thing is the dominant multinational companies such as Spotify and Google. These are profit based companies that are created to optimize returns from selling videos and music.

The main problem with the multinationals is that they use all efforts to keep   bulk of the profits at the expense of the artists. For example, Spotify has been accused of using oppressive algorithms when calculating artists’ revenue while Google makes a lot of profit from ads associated with artists using its platforms.

  • High cost of sending value

If you want to send value using the traditional systems, the cost is very high. The main cause of the high costs is that banks and credit card companies are profit-based organizations. For example, banks have to run their branches from top cities which have very high cost of rent. They also have to charge high transaction fees to meet the cost of paying staff, compliance, and advertisements.

It is important to appreciate that using traditional financial organizations also causes a lot of delays because of the many procedures they have to follow. For example, a person sending funds is scrutinized to ensure that the banks comply with anti-money laundering rules.

  • Slow download speeds especially for large files

When a high–demand file such as a song or video is released, requests from interested users can slow down the downloading speeds. The problem is caused by the fact that the file owners want to maintain control of the content and rarely allow other servers to render the files.

vTorrent targets to address the problem by ensuring that downloads can be effected from decentralized locations.

How does vTorrent solve the problem?

To address the above issues, BitTorrent employed a number of strategies including the following:

  • The vTorrent operates as a completely decentralized system

Decentralization is the main method used by BitTorrent to address the issues outlined above. The platform operates as a completely decentralized system. This implies that it relies on a system of nodes to run all transactions on its network. For example, when a user interested in a specific video makes payment, it is taken up by miners who confirm he has ample funds and does not double spend.

By using the nodes on the vTorrent network, it implies that transactions do not have to rely on centralized organizations such as banks or credit card companies. This implies that there is no single point of failure. For example, if data is not available from one node, users can still access it from other nodes in the network.

  • Use of proof of stake consensus model

To make the native vTorrent an effective token for the network, the development team opted for the proof of stake consensus protocol. This protocol requires nodes that want to help secure the network to own some stake in the system. In return, they get rewarded with 5% of the transaction fee collected at the end of every year.

Proof of stake comes with a number of advantages for the network. First, because the users are required to have some stake in the network, they are less likely to conspire to hurt the system. The protocol is, therefore, considered more secure than the proof of work consensus model.

Proof of stake at vTorrent is also considered a better option because it is not energy intensive. Unlike proof of work system that requires users to generate a lot of computing power, proof of stake only requires users to hold some stake. This means that more people can join and mine it with standard CPUs and GPUs.

  • Unique paying and streaming feature

To help artists get direct revenue from their work without going through centralized companies, vTorrent network also has a unique Paid Streaming and Downloading (PSD) feature. The feature allows users to reward artists who create content and stay in touch with them.

The PSD feature also allows users to stream content and get entertainment without worrying about censorship. The entire vTorrent system helps to advance the BitTorrent system so to make content sharing easy and cheap.

What makes vTorrent better than it’s competitors?

When vTorrent was introduced into the market in 2014, the number of crypto coins and blockchain networks were few. However, the development team of vTorrent entered the market with a unique value proposition that won the interest of the community. Here are some of the things that make vTorrent better than competitors:

  • The vTorrent is  targeted at the  rich entertainment niche

Just like the BitTorrent system, the vTorrent is projected at the entertainment niche. This makes it a highly sought after platform because almost all people want to access the latest songs and videos. This is one of the reasons why the vTorrent value rose steadily especially in 2016 and 2017.

  • The vTorrent coin allows users to run transactions in total anonymity

As a payment system, vTorrent allows users to operate in total anonymity. Unlike the centralized financial systems such as banks, the vTorrent system does not disclose details of your transactions to third parties. All the user info is encrypted to ensure that only you have access to the personal account through the private keys.

  • The vTorrent system is old and  its  features have been proven reliable

While the blockchain projects have become common in many industries, people remain skeptical about them until their system are proven to work. However, vTorrent platform has been in the market for more than four years and its structures have proven to work.

Many people like the idea of being able to access videos and music without worrying about licensing restrictions. Besides, vTorrent allows the artists to link directly with users so that most of the revenue reaches them as opposed to getting annexed by multinational media companies.

NOTE: Even with this approval, the community is still concerned about the vTorrent exit from the market in July 2018.

  • It runs as a completely decentralized system

As a decentralized network, vTorrent network allows users to join and own the network. You only need to buy some stake in the vTorrent system to become its owner. This means that you can be called to vote when decisions about the network are being made.

  • The vTorrent  coin’s  uses  go beyond the entertainment niche

Though the main focus of the vTorrent is the entertainment niche, its applications extend to other niches.  For example, the coin can be used to pay for goods and services in the market.

How can vTorrent be categorized?

VTorrent is an ambitious project that has been carefully designed to help redefine the entertainment industry. By helping to remove the centralized multinationals, artists are able to get bulk of the profit coming from the sale of their content.

The vTorrent network has also helped to promote the entertainment niche by ensuring that users can access the latest videos and music without worrying about third-party seizures. By linking the artists and their supporters/ consumers, the industry is expected to grow to the next level.

What is vTorrent’s vision on security?

The vTorrent’s vision on security is to become the most secure blockchain based platform for sharing large files. Here are some of the methods used to keep the platform secure:

  • Advanced encryption that helps to prevent user info from access by third parties
  • The vTorrent system uses  proof of stake  protocol that helps to ensure all the coins are   evenly distributed to prevent the danger of  51% attack
  • The development team is very active in reviewing the network to identify and clear threats targeted at the system

Examples of vTorrent’s use cases/ applications

Though the vTorrent is directed at the entertainment niche, the development team also ensured that even others outside the niche can use it. Here are some of the main use cases:

  • vTorrent can be used to send value on a peer2peer basis
  • The vTorrent network can be used to  access and pay for music and  videos
  • The vTorrent coin can be traded in the market. Note that you will be required to join an exchange that lists the coins, open a trading account, and pair vTorrent with another coin such as Bitcoin.
  • The vTorrent coins can be used as a store of value. For people interested in vTorrent coin, buying and storing in an appropriate wallet can help to store their value instead of saving in a bank.
  • The vTorrent coins can be used to pay for services in stores that support them.

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