Author: Norah Amboko

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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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HunterCoin

 

What is HunterCoin?

HunterCoin is and decentralized and open source cryptocurrency created for the gaming community. It was designed to extend the application of blockchain technology to the society to help more people enjoy the benefits of decentralization.

The coin was created in 2014 by a team only referred with the name Snailbrain. The coin works by requiring users to collect the tokens on a virtual map after fighting other players for the resources. It has helped to bring the element of artificial intelligence into the blockchain to improve the gaming experience and thrill for players.

  • The price performance of HunterCoin

HunterCoin, like other digital currencies such as Bitcoin, took a bearish trend in 2018. The price drop went down and sunk below the starting point. This implies that investors who bought the coin when it first hit the market in February 2014 were counting loses of more than 2400% by the close of November 2018.

After entering the market in mid-February, the value of HunterCoin was $0.5. Then, it shot up to $0.8 in the subsequent three days before crashing suddenly to $0.08 on April 13th, 2014. But the drop did not stop there.

By September 2014, the price had reached a low of $0.0099 and remained within the same range until August 2016 when it started rising steadily. In early 2017, the price set on an early uptrend that would define the performance of the year.

On 13th January 2018, the price had risen to reach the starting mark of $0.5. But the positive show in 2017 was followed by a steady decline in 2018. By the close of November 20o18, the value of HunterCoin had reached a low of $0.01.

What is the problem that HunterCoin solves?

Since 2009 when Satoshi Nakamoto released the first blockchain, newer networks have been exploring the gaps in pioneer coins and sealing them with improved tokens. This is the model that was used to create HunterCoin. The coin was created to help address the following key issues:

  • Poor extension of cryptocurrencies beyond the financial niche

If you take a closer look at most cryptocurrencies in the market today, they are targeted at the financial sector. By only focusing on the financial sector, it implies that other niches are left out and people in those industries miss the benefits associated with blockchain technology.

One of the areas that have lagged behind is the reality gaming niche. While the gaming concept has grown steadily especially with the fast-growing numbers of smartphones in the market, people have been looking for better user experience with digital coins. This is the gap that HunterCoin came to fill this gap.

  • High cost of sending value especially international payments

If you take a closer look at the conventional financial model used by banks, the transaction charges are very high. The cost is especially high when users are sending value to different countries.

The main cause of the high fee is that banks and credit card companies are designed as profit-based entities. The management of these enterprises has to explore all the available avenues to increase revenue generation and please the shareholders. One of these methods is increasing the transaction charges.

The financial systems also have to explore the available method of raising more funds to meet their expenses. For example, banks have to set up bases downtown the main cities where rental space is very expensive. They also have to pay wages and other costs such as power and maintenance.

  • Poor scalability

When blockchain technology entered the market in 2009, people believed that the solution they had been waiting for many years had finally dawned. It was impressive. But the blockchain technology suffered from own design.

Because the networks are decentralized and do not have centralized management to guide operations, most roles are done by miners spread in the respective blockchains. Though impressive, the consensus system takes long especially in the pioneer coins that rely on proof of work (PoW) protocol.

If you take the case of Bitcoin, it can only manage less than ten transactions every second. Even newer networks such as Ethereum and Bitcoin Cash can only handle 20 and 60 transactions/ second respectively.

As the crypto niche grows, the demand for networks that can deliver higher scalability keeps going up. The crypto networks also have to compete with other conventional financial providers such as Visa that can manage more than 20,000 transactions every second.

How does HunterCoin solve the problem?

To address the above issues, the HunterCoin development team opted for the following strategies and features.

  • The HunterCoin operates as a completely decentralized platform

The main strategy employed by HunterCoin to address the above issues is decentralization. The network operates through a network of nodes spread in its system. This implies that it does not rely on centralized profit-seeking organizations such as banks or credit card companies.

When a transaction is initiated, it is taken by miners spread in the HunterCoin network. Then, they follow back to confirm the user has ample funds and prevent double spend. This model means that all transactions on the platform are peer2peer and, therefore, are cheaper and faster.

When users join the HunterCoin network to act as nodes, they also own the platform. The system requires them to vote on various governance issues to advance the system to the next level. For example, you can be called to vote when a new feature to improve the network is proposed.

  • Supports merge mining

The HunterCoin development team adopted the merge mining model to help motivate their miners to stay on the network and protect the system. Like other coins such as Bitcoin and Litecoin, the mining reward in HunterCoin half every four years. However, this can demotivate the miners because the mining difficulty keeps increasing.

Merge mining means that the same computing power can be used to mine another coin without reducing its efficiency on the original coin. In the case of HunterCoin, users can simultaneously mine Bitcoin and Litecoin. This implies your computing power will deliver more to keep you motivated.

  • Dual-algorithm

The target of reaching more people and making them join the niche requires a lot of creativity. The HunterCoin development team opted to use two algorithms, SHA256, and Scrypt in the same network. This was aimed at helping people with advanced mining equipment such as ASIC as well as those with GPUs to easily mine the network.

What makes HunterCoin better than it’s competitors?

To win in the crypto market today, development teams have to craft good strategies to outdo competitors in the industry. By the third-quarter of 2018, there were more than 1600 coins in the market. But HunterCoin is also competing against other players including non-blockchain based games and traditional financial service providers. Here are the main things that make HunterCoin better than competitors.

  • The coin has targeted a niche that has been overlooked by other cryptos. This reality gaming niche has been sidelined by many developers because of its complexity. However, the HunterCoin option of venturing in the niche is likely to give it a near monopoly status.
  • The HunterCoin allows users to join and own the network. This means that once a user joins the platform and acquires some coins, he will also be called to vote on governance issues. This helps users to identify more with the platform compared to the conventional banking or credit card models.
  • The HunterCoin system allows people to send value and invest in total anonymity. Unlike in the banking system where all transaction details and user info can be accessed by many people such as cashiers and financial planners, the HunterCoin system is different. All the personal details are encrypted so that no third party can know about your details.
  • The coin has been in the market for long enough and its features can be trusted to work. Today, the cryptocurrency community has become concerned about new projects being released into the market because some have proven to be scams while others are pump and dump models. But HunterCoin is a tested and proven project after being in the market since 2014.
  • The HunterCoin has helped to bring down the cost of transactions with a great margin so that users can send funds without worrying that v bulk of the value will be taken as a fee.
  • The HunterCoin network uses artificial intelligence to enhance user experience. This method has helped to keep players coming back to play and maintain the network through mining.

How can HunterCoi’s be categorized?

HunterCoin is a completely decentralized cryptocurrency designed to help extend the blockchain technology to the gaming niche. The development team was very committed to try new ideas and seek reliable solutions for the industry. For example, it was the first to demonstrate that a blockchain can use dual-algorithm to increase the efficiency of its operations.

What is HunterCoin’s vision on security?

The HunterCoin’s vision on security is to become the most secure crypto and gaming platform in the market. The coin was developed at a time when attacks directed at crypto establishments, especially the exchanges had become rampant. For example, MT. Gox and Bitstamp were attacked millions of dollars worth of digital coins siphoned away.

To keep the HunterCoin secure, the founder and development team employed the following strategies.

  • Progressive review of the crypto network to identify gaps and seal them before attackers can take advantage of them.
  • The platform uses advanced encryption that helps to keep user info private and away from third-parties.
  • By operating as a completely decentralized platform, HunterCoin native tokens are evenly distributed to help reduce the danger of 51% attack.

Examples of HunterCoin’s use cases/ applications

When cryptocurrency networks join the market, the goal is to attract as many users as possible. This is achieved by increasing the use case for different communities. Here are the main use cases of HunterCoin.

  • HunterCoin is a reliable network and coin for sending value on a peer2peer basis. As a decentralized crypto network, the transactions are completed on a peer2peer basis to make them faster and cheaper.
  • The coin is designed as the native coin for the HunterCoin network. This means that you can use the coin to pay for different games offered on the platform. It is also becoming a preferred coin in the gaming niche and can be used to pay for games in other supported networks.
  • Like Bitcoin or other crypt coins, HunterCoin can be used to pay for goods and services in the market. You only need to identify a store that accepts HunterCoin to be able to make direct payments. Even if a store only supports a different coin, you can still use it by changing it to the accepted coin in the markets.
  • The HunterCoin can be traded in the exchanges. If you want to make more cash from HunterCoin, consider trading it in the exchanges. Crypto trading works like the forex markets but deals with digital coins as opposed to crypto coins.

Note that trading will require you to start by joining the targeted exchange and registering for a trading account. You will also be required to identify an appropriate trading pair before executing a trade.

  • If you live in a jurisdiction such as Arizona or Singapore that support cryptocurrencies, it might be possible to pay for government services using HunterCoin. For example, Arizona allows users to pay for taxes using digital coins.
  • HunterCoin can be used as a method of storing value. Instead of saving money in a bank, you can buy the native coins and hold them until the time you will need the funds. The good thing about storing value in cryptos such as HunterCoin is that you can enjoy good returns when the price grows.

However, it is also important to appreciate that the price can take a negative turn and cause major losses. Therefore, it is crucial to follow the best practices when buying native coins. For example, you should carefully review the preferred coin to ensure that only the high potential tokens are purchased.  Besides,  it is advisable to spread investment between various assets to reduce the risks of loss.

 

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