Author: Norah Amboko

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Waves Community Token

What Is Waves Community Token?

The blockchain technology will change the globe. That is right. Since 2009 when Bitcoin entered the market, over 1600 cryptocurrencies have joined the industry and there is no sign of slowing down.

Every month, there are a number of ICOs (initial coin offerings) running in the market to gather funds for crypto-related or non-related projects. However, purchasing and selling the new tokens is never easy because they run in different countries with diverse laws and currencies.

To remove these challenges, a platform referred to as Waves that harmonizes all the buying and selling of new tokens in ICOs was created. However, even running the ICOs is still complex because of the many evaluations required to ascertain that ICO is right. This is why the Waves Community Token (WCT) was created.

  • A closer look at Waves Community Token (WCT)

The Waves Community Token (WCT) is decentralized and open source cryptocurrency created with the objective of offering a tool for community assessment of various crowdfunding campaigns that are run on the Waves platform. The token was also intended to help incentivize the people who hold the WAVES coin (main coin in the Waves network).

The platform was opened in February 2017 when 20% of the total tokens were released into the market. Note that the coins were distributed to all the people who hold the WAVES tokens. This means that the Waves Community Token (WCT) is an additional incentive to help those with some stake in Waves to carry additional roles of assessing the crowdfunding in the market.

  • The performance of the Waves Community Token (WCT) in the markets

When the Waves Community Token (WCT) was released into the market on February 2017, the value of the native coin was $0.3. It declined to $0.2 in May 2017 before rising sharply to hit a peak of $4.0 in June 2017. But the good performance did not last.

Between June and October 2017, the price declined to $0.5 before rising steadily to reach another peak of $5.25 on 23rd December 2017. This was the highest mark in the Waves Community Token (WCT) history.

Starting from late December 2017, the value of Waves community token took a bearish trend that culminated to $0.2 by the close of October 2018. As ICOs become more important in funding crypto projects, the Waves Community Token (WCT) demand is expected to increase and push the price up.

What is the problem that Waves Community Token Solves?

As one of the fastest growing methods of raising funds, ICOs have become items of abuse by people who only want to raise funds and then running away from the community. Though a noble idea of raising funds fast, the main question remains; “How can you tell the difference between a good and bad crowdfunding project?”

  • Concerns that most ICOs being held today are fraudulent

In September 2017, China banned all ICOs in its jurisdiction indicating that they are fraudulent. China was so furious that it ordered all the exchanges that had received money from ICOs to return to investors. Though China was thought to be against cryptocurrencies, the issue was put into better perspective by the US Securities Exchange (SEC).

To demonstrate that many scammers can go to great lengths to steal from unsuspecting investors, SEC went ahead and created a fake ICO with a spruced website, white paper, and payment structure. Investors could not tell that it was a scam.

This implies that the risk of getting defrauded is still very high. The Waves community token (WCT) targets to subject ICOS to severe scrutiny to ensure that only the good ones run on the Waves platform.

  • The danger of blockchain and tokens losing credibility

Think of a situation where you buy tokens only to realize that they were pump and dump scheme? Such a scenario is likely to make tokens lose credibility in the eyes of investors. Such is the scenario that is likely to play as more fake ICOs hit the market.

However, this problem is likely to affect even the new projects that are seeking funding from the community. The current trend where projects raise a lot of cash in no time is likely to reverse. If investors back and the blockchain projects stall, the entire blockchain niche is likely to recede.

  • Slow uptake of cryptocurrencies in the market

Even as the blockchain niche keeps growing, concerns have emerged that the uptake of cryptocurrencies is slowing down. When an ICO is announced, most of the people who rush to buy are investors seeking to make a profit when the value grows.

What this implies is that though the industry appears to be growing, the application in daily lifestyle such as payment for goods and services is poor. The target of Waves community token is creating ample motivation to attract more people into the network.

How Does Waves Community Token Solve The Problem?

The main target of Waves community token is placing the power of deciding the tokens to be listed in the Waves system in the hands of the community. Here are the main roles that those with Waves community token do to help identify the right crowdfunding.

  • Business side verification: The Waves community token holders help to follow the businesses to establish if they are real enterprises. They also evaluate the operational model to gouge if a business is viable and worth investing in. For example; the community will want to know how long the business has existed, it is licensed, its management, and profit report in the last couple of years.
  • Proof of Concept verification: Before a token is released through an ICO, it has to release a proof of concept. Call it the white paper. This is a detailed outline that defines every component of the new token and its relation to the main concept. If there are mathematical demonstrations, they have to be vividly captured and demonstrated.

The community goes a step ahead to test the concept and its application in different scenarios. In some components are unclear, the token issuer might be required to provide a clarification or get the crowdsale approved or risk getting disqualified.

  • Token specs advice: Having been in the cryptocurrency network for some time, the community members have sharp skills to easily note the crowdsale that have issues. Therefore, they provide advice on different crowdsales not just to pull them down, but to also clarify the core components. If an ICO is lacking in a small area, the community will help with ideas on its improvement.
  • Help with product and services integration: Depending on the service that your startup is introducing into the market, holders of Waves community token will be there to help integrate it into the community. Consider it as a form of marketing for the new ICO and the services that the enterprise is introducing into the market.

What makes Waves Community Token better than it’s competitors?

The Waves community token has been described as the next big thing in the industry. Its design has helped to reintroduce the concept of decentralization in project analysis. Here are some of the things that make Waves community token better than its competitors.

  • The token is associated with a highly successful coin, WAVES. When a new token is released into the market its association with a more successful token or project is considered to have an equally high potential. In the case of Waves Community Token (WCT), its association to Waves has made people develop a lot of trust in it. This is why it has been performing very well in the market.
  • The coin touches on crowdfunding which determines how successful a project operate. If you plan to release a new token, it is important to appreciate that a lot of effort is required. You need a lot of resources to meet the coding, legal, website development, management, hosting, and security consideration. This is why many projects start with crowdfunding.

By attaching the Waves Community Token (WCT) to approval for crypto projects, the token has become a point of interest. This popularity has helped to draw a bigger community and grow the value of the token.

  • The coin has been performing well in the market. As other coins in the market struggle to attract more people and grow in value, it has been, very easy for Waves community token. Since the tokens were distributed to those who already had WAVES, a large following was guaranteed.

The community has continued to grow as more people join the community that helps to determine whether an ICO is okay or not. You can also become part of the community by purchasing the coins in the market.

How can Waves Community Token better categorized?

The Waves Community Token (WCT) is a pioneer coin designed to decentralize the approval or crowdsales. The token was created to help make work easier for the Waves platform while adding credibility to the ICOs taking place in the community.

The token has demonstrated that though the ICOs had become the center of abuse, it is possible to cure the issue with additional scrutiny. The model is likely to get replicated as cryptocurrency communities target bringing back credibility to the blockchain niche.

What’s Waves Community Token’s vision on Security?

The Waves Community Token (WCT) vision on security is to make the token the most secure and attractive in the market. The team wanted to help restore trust in the cryptocurrencies so that individuals and even governments can believe and adopt crowdsales.

To achieve the vision on security, the Waves development team employed the following strategies and features:

  • The platform is run as a completely decentralized network. Before a confirmation is given on whether an ICO is good or otherwise, the community has to come to a consensus.
  • The Waves Community Token (WCT) and user details are encrypted to ensure that third parties do not easily get access to the details.
  • The project is led by an aggressive team that progressively evaluates the network to seal gaps and vulnerabilities.
  • The Waves Community Token (WCT) operates on the Waves blockchain that helps to serve as an additional layer of security.

Examples of Waves Community Token’s use cases / applications

The effectiveness of a cryptocurrency in the market is partly determined by the use cases.  The Waves Community Token (WCT) development team has worked hard to increase the use cases of the token and raise its value. Here are some of these use cases.

  • Waves Community Token (WCT) is used to motivate the members of the team that assesses the effectiveness of ICOs. Once you have the tokens, you can convert them to WAVES or other preferred coins in the exchanges.
  • Trade Waves Community Token (WCT) in the markets. Like other tokens, WCT can be traded in the markets. Note that trading the token requires one to join the preferred exchange and selecting a trading pair.
  • You can use the Waves Community Token (WCT) to send value on a peer2peer basis. As a peer2peer coin, users can send value directly without involving centralized third parties such as banks. This implies that the process is fast and cheap.
  • Use the native tokens to save funds or invest in the industry. If you do not want to save money in a centralized bank, one good alternative is the Waves Community Token (WCT). When you purchase the tokens, they help to store value, and you can recover it by selling in the market.

The Waves Community Token (WCT) is considered a good investment option today because of the growing interest from the community. For example, the bearish trend running from January 2018 to the third quarter of 2018 is expected to change in the coming years as ICOs take root.

Note that even though the Waves Community Token (WCT) is considered a high potential coin, the expectation is speculative. Therefore, it is advisable to invest wisely because cryptocurrencies are highly volatile.

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Cryptonite

What Is Cryptonite?

Cryptonite is a blockchain-based and decentralized payment network for sending digital coins around the globe. Because the network is based on the Bitcoin core, it operates like Bitcoin but differs slightly on how the balance addresses are maintained.

  • The Cryptonite history

The Cryptonite network was established in mid-2014 and the native coins introduced into the market in August the same year. However, the founders of the platform have remained anonymous since inception.

This is considered a strategic way of advancing the concept of anonymity and staying away from the curious focus of authorities.

The price of Cryptonite between launch in August 2014 and October 2018 demonstrates a negative trend. In August 2014, Cryptonite’s value was $0.3. Then, it dropped by 5600% to reach $0.0007 in early October 2018.

This negative performance demonstrates the shifting demand from older cryptocurrencies as users prefer newer and more impressive networks.

After launch, the value of Cryptonite dropped to $0.0006 in the subsequent two months and remained below the $0.002 mark until May 2017. In June 2017, the value shot up to $0.7, the highest mark in the coin’s history.

The impressive performance recorded in June did not last. The Cryptonite’s price dropped sharply to $0.01 before the close of the month.

By October, the price had sunk to $0.0008 before starting to grow steadily in the subsequent months to reach $0.03 in January 2018.

In 2018, the price of Cryptonite has been on a negative trend dropping to $0.0007 in early October. Though the price has been performing dismally, the Cryptonite development team and its community are optimistic that it will ultimately grow to deliver a good return on investment (ROI).

What is the problem that Cryptonite Solves?

For decades, the complexity involved in sending value and saving money has resulted to an increase in transaction costs and loss of anonymity. The society has been in search for better alternatives that can facilitate faster sending of value. Here is a closer look at some of these problems that Cryptonite solves.

  • Centralized financial services

The banking systems operate as highly centralized entities guided by local laws. If you want to send funds from one country to another, the banking system uses know your customer (KYC) and anti-money laundering (AML) rules to ensure that they do not aid in fraudulent payments.

The centralized banking model also implies that the user details are known and easily accessible by many people including cashiers, banking management, and the political administration. This means that you become an easy target for scammers and even unwarranted legal battles.

  • Poor scalability

When blockchain technology was discovered, many people believed that the solution they had been waiting for had finally come. However, the decentralized system of sending value across the globe also brought the problem of scalability. Because most or all the nodes have to come to a consensus about the transactions in respective networks, the process of sending value is very slow.

Take the case of some common cryptocurrencies such as Bitcoin and Ethereum. Bitcoin can only handle seven transactions per second while Ethereum can only manage 20 transactions every second. This means that the scalability is a far cry when compared to the industry leaders such as Visa that can reach more than 20,000 transactions every second.

  • Slow adoption of blockchain technology in the community

Even as the number of cryptocurrencies in the market continues growing, it is ironical that the penetration into the community has been poor. When new coins are released, most of the people who rush to buy are mainly interested in making optimal profits. A good example to demonstrate this is when a new token is released through an ICO.

Many people who go to buy the tokens are investors targeting to make more money when the coins enter the market and the price increases. Even if you aim to buy the tokens from the exchanges, the process is still very complicated. You will be required to open a trading account, verify the account, and pick a cryptocurrency trading pair. These are the complexities that Cryptonite seeks to address.

  • Centralized mining

Centralization of mining is a serious problem threatening to erode the gains achieved through blockchain and decentralized networks. Many cryptocurrencies especially those using proof of work mining algorithm have suffered from centralization following the development of ASIC mining equipment.

While the equipment is advanced and help to generate a lot of hashing power, they are very expensive. This means that only the well to do in the society can afford them. Even the platforms that use proof of stake are still centralized because only the people who have a lot of stakes get a better chance of mining new blocks.

How Does Cryptonite Solve The Problem

Cryptonite was created with the target of ensuring that every person in the community can easily access and use the blockchain networks. Here is a closer look at how the network operates.

  • The Cryptonite account tree

The Cryptonite system utilizes a self-contained type of balance sheet referred to as account tree. This balance sheet is used to help maintain address balances differently from the Bitcoin model that relies on transactions.

When operating on the Cryptonite platform, the user can check the balance without requiring a lot of computational power. This is because the balance is stored in the account tree and every node can access the account tree without having to store the entire blockchain. This is why the platform is referred to as a light-weight platform.

The Cryptonite account tree is encrypted to enhance the platform’s security, anonymous, and transparent. The account tree is also used as an important component in Cryptonite mining.

To mine the network, all the miners only need to access the tree to confirm the balance of the public address of the person seeking to send the Cryptonite coins. The Cryptonite account tree also controls the block rewards that are paid to miners who confirm transactions.

  • The Cryptonite mini-blockchain scheme

This is a new feature provided by the Cryptonite system that uses a decentralized balance sheet approach. It implies that the nodes in the Cryptonite network do not have to struggle for days trying to synchronize the system.

The target of the mini-blockchain scheme is to ensure that Cryptonite can reach optimal scalability. This is achieved by allowing the network to forget older transactions so that only the latest ones are available. The development team indicates that the procedure helps to avoid bloating the system with old transactions.

However, this system has been criticized for facilitating the “forgetting” of older transactions because there are users who buy and hold coins for a long time. It could also make it difficult for individual users to follow own transaction history.

What makes Cryptonite better than it’s competitors?

As the blockchain niche becomes more competitive, every development team of the native network seeks to outdo competitors by demonstrating more value. Here are some of the things that make Cryptonite better than competitors.

  • The platform has managed to address the problem of scalability that had remained a serious threat to many networks. By facilitating faster transactions/ second, it implies that Cryptonite has helped to edge the blockchain technology closer to industry leaders in the market.
  • The Cryptonite system allows users to send value faster and cheaper. Because Cryptonite operates as a truly decentralized network, all the transactions are completed on a peer2peer basis. Because profit-seeking organizations such as banks and credit companies are bypassed, users are able to send value faster and at a lower cost.
  • The Cryptonite platform allows people to use the network and own it. One major advantage of decentralized systems such as Cryptonite is that users are allowed to use the network and own it. After joining the platform, you can be called upon to vote on governance issues such as the introduction of new features or even suggest new models of operation.
  • The platform has been in operation since 2014 and its features have been demonstrated to be stable and reliable. When a new blockchain platform enters the market, the community takes time to assess its features before affirming their stability. In most of the cases, it takes about three years before a network can be considered stable and reliable. .

How can Cryptonite be categorized?

Cryptonite is a creative cryptocurrency network designed to help advance the course of decentralization.

The platform has helped to demonstrate that with creativity, the issues being experienced in the blockchain niche can be addressed.

Though the Cryptonite account tree has received some criticism that it could cause conflict in the coming days because of “forgotten” details, it has effectively addressed the problem of scalability.

Now, even people with standard computers can access the platform and confirm transactions without downloading the entire blockchain.

What’s Cryptonite’s vision on Security?

The Cryptonite’s mission on security is to guarantee all users of optimal security of their assets and personal information.

This goal is aimed to give the platform a competitive edge against the centralized financial operators who easily make clients details accessible to many parties.

To achieve this mission, Cryptonite uses advanced encryption and decentralization. All the user details and their transactions are encrypted so that no one including miners can know their personal details.

For example, miners only follow the account tree to check the public address balance as opposed to personal details.

Examples of Cryptonite’s use cases / applications

The primary goal of the cryptocurrency networks is to win as many users as possible through diverse applications in the society. Here are the main use cases of Cryptonite.

  • Paying for transaction charges in the Cryptonite’s network.

To send value across the globe on the Cryptonite platform, you are required to pay a transaction fee in XCN. The fee is used in the network to facilitate the development of new features and motivating the miners.

  • Use Cryptonite to trade in the markets.

For people who would like to trade in the cryptocurrency markets, Cryptonite is a good option. Note that trading in the market requires pairing the coin with others such as Bitcoin and Ethereum. After joining the preferred exchange that lists Cryptonite, you need to open a trading account, verify it, and deposit the coins to trade.

You will also be required to create an appropriate trading pair before starting to trade. For example, you can pair Cryptonite with Bitcoin to form BTC/XCN or with Ripple to form a pair like XCN/XRP. To effectively trade in the markets, it is also advisable to learn the basics of cryptocurrency market trends.

  • Buy services and goods using Cryptonite coins.

Recently, more stores have come out to demonstrate their support for cryptocurrencies. The stores’ managements argue that the decentralized systems are faster to clear payments and cheaper compared to the standard use of cards and bank transfers. Therefore, you can buy goods and services when you see a store that accepts Cryptonite coins.

  • Use Cryptonite to pay the cost of using trading in the networks.

If you are trading Cryptonite in the exchanges, you will be charged a transaction fee that can be paid using XCN. Note that since trading is done by pairing Cryptonite with another coin, it implies that you have the option of paying the fee using two coins. For example, a person who is trading XCN/ETH can pay the charges either in XCN or XCN.

  • Use Cryptonite to save funds.

If you are looking for a reliable way to save funds, using the crypto networks is a good option. Because the user accounts are encrypted, you can enjoy saving funds without worrying of third-party seizures.

However, it is important to appreciate that the cryptocurrencies are highly volatile. This means that the price of the tokens can easily shift based on emerging regulations, competition, and technology.

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