Author: Norah Amboko

Posted on

DopeCoin

What is DopeCoin?

DopeCoin is a decentralized and open source cryptocurrency for the Smoke Exchange. The coin was created to help make sale and purchase of marijuana easy. Following the widespread legalization of marijuana by different countries, the demand for cannabis has been growing steadily. However, the markets lacked a reliable platform that traders and buyers could use reliably for standard transactions.

To address the problem, James Allen created DopeCoin to act as the native coin for the Smoke Exchange. The coin uses proof of stake (POS) protocol that guarantees even distribution of coins to users throughout its network.

  • The performance of DopeCoin in the market

When DopeCoin was released into the market early in 2014, its value was $0.002. By April 2014, the price had dropped by $3900% to $0.00005. The coin’s price ranged between $0.00002 and $0.001 between April 2014 and April 2017.

In 2017, the value of DopeCoin experienced a steady bullish trend that culminated to $0.2 in early January. This was a sudden rise of about 9900% between April 2017 and January 2018. It also marked the highest point in the history of the coin. But the positive show was short-lived.

Immediately after hitting the peak in early January 2018, the value took a downtrend that persisted the remaining part of the year. By early December, the value of DopeCoin reached a low of $0.003.

What is the problem that DopeCoin solves?

The Smoke Exchange and DopeCoin were designed to address the issues of advertisement and purchase of cannabis in the society. The team also extended the focus to address the problems experienced in the crypto and financial services sector. Here are some of the problems that DopeCoin addresses.

  • Poor uptake of crypto coins in the marijuana niche

While cannabis was associated with negative health for many years, it is now emerging that it also has desirable traits that are making countries to legalize it. Some countries that legalized it include Canada, some states in the US, Mexico, Argentina, Peru, and Jamaica. However, the opening space for legal sale and use of cannabis is lacking in that the existing structures were made for other products such as foodstuffs and industrial products. DopeCoin was created to fill this gap by providing stakeholders with a legal and free platform to sell and buy cannabis easily.

  • Negative perception about cryptocurrencies in the market

When cryptocurrencies entered the market in 2009, they were cast in bad light. Many administrations went to great lengths to demonstrate the risks of using cryptocurrencies. For example, the EU Central bank, Russian administration, and Chinese government have been asking their citizens to exercise caution when handling cryptos. In Russia, the administration has sent the Digital Financial Assets draft bill proposing to criminalize payments for products using cryptocurrencies.

DopeCoin seeks to change this perception by demonstrating the positive side of digital coins. The DopeCoin network targets to demonstrate that users can make purchases with crypto coins just like they do with fiat currencies.

  • The high cost of transactions using the traditional payment services

If you want to send funds to another country using the banking system, the transaction fee is very high. The high cost arises from the fact that traditional financial services are profit based. This means that they have to charge high transaction fees to optimize returns for investors. But this is not all.

The banks and credit card companies have to charge high transaction charges to cater for operational expenses. For example, most banks have to run multiple branches downtown where the cost of rent is very high. Other expenses include paying wages, advertisements, and security.

  • Lack of privacy when making transactions

When you decide to invest, save, or send value through a banking system, there is no privacy. From cashiers to the financial system administration, it is very easy to pull out your transaction details. This puts you and your investment at risk. For example, a case can be targeted at you to ensure you hire some attorneys who will charge a fee for representation.

How does DopeCoin solve the problem?

To address the above problems, the DopeCoin development team adopted a multi-dimensional approach that sought to endear the platform even to others outside the cannabis supply sector. Here are the four main methods used to address the problems.

  • Use of proof of stake (PoS) protocol

Proof of stake (PoS) is a consensus protocol was discovered by Dan Larimer as a solution to the issues that faced cryptocurrencies that use proof of work (PoW) protocol. Unlike proof of work protocol that requires the nodes to generate high computing power to be allowed to mine the network, proof of stake (PoS) is different.

To mine the DopeCoin network, one is only required to acquire some stake in the selected coin. This means that you do not need to acquire special equipment such as Application-specific integrated circuits (ASICs). Simply acquire a standard CPU or GPU and stake some native coins on the DopeCoin network.

  • Proprietary encryption system

To ensure that people using the Smoke Exchange and DopeCoin systems can operate privately, the system employs a proprietary encryption system. Under the system, the encryption technique is maintained by the Smoke Exchange developers as an additional layer of security.

Though proprietary encryption system has helped to make the DopeCoin system faster, concerns about its safety still abound. Experts insist that the best encryption should be open source so that it can be supervised by the community.

  • Grow network

As a cryptocurrency designed for the cannabis niche, one of the goals is providing a reliable network that can connect the entire niche. The Grow Network is a feature on the Smoke Network that helps to connect marijuana growers with the market.

The network allows the cannabis growers peg their products to DopeCoin like the way fiat currencies are pegged to gold. This feature is aimed at helping to stabilize the price of the coin to reduce the threat of high inflation.

  • Complete decentralization

DopeCoin operates as a network of nodes spread in the Smoke Network. When you initiate a transaction in the DopeCoin system, it is taken over by miners who follow back to confirm the balance of the public address. Making the DopeCoin an ERC-20 token helps to add another layer of security to keep user funds more secure.

What makes DopeCoin better than it’s competitors?

When DopeCoin was founded in 2014, the development team knew they would face major competition from other crypto coins entering the market. By mid-2018, the number of coins in the market had risen to about 1600. Here are some of the things that make DopeCoin better than competitors.

  • The coin has been in the market for long and its structures demonstrated to be stable

Today, many people have become skeptical about emerging crypto projects because some such as Bitconnect have proven to be Ponzi schemes. Besides, others have a poor focus on security and risk users’ investment. However, DopeCoin has been in operation since 2014 and, therefore, demonstrated to be reliable.

Since its creation, the DopeCoin features have been tested and proven to work. This means that users joining the network can operate without worrying about losing their funds. Indeed, the fact that the coin and its network have been in the market for a long time is attracting investors even from outside the cannabis supply chain.

  • The DopeCoin is targeted at a niche that is less explored

As more cryptocurrencies focus on the finance sector, many niches have been left out. By targeting the cannabis niche that has been less explored, DopeCoin is likely to enjoy near monopoly status. This means that the chances of DopeCoin’s growing into a major token are very high. This makes it a high potential coin for people interested in joining the crypto niche.

  • The DopeCoin platform allows users to make private payments

To help users complete their payments anonymously, DopeCoin is encrypted to ensure that no third party can easily pull out user details. Even the miners who help to confirm transactions on the network can only follow back to check the balance of user wallets. This means that only you can know the balance in the wallet and transaction history.

  • The DopeCoin network is led by a committed tech team

The DopeCoin and Smoke Exchange network is led by an aggressive team that seeks to help the niche grow to the next level. For example, they have been working on new features that the Grow Network and Proprietary Encryption System.

  • The DopeCoin system is used even beyond the marijuana supply chain

Though the DopeCoin was initially created for the marijuana niche, its structures have made it appealing even to other sectors. This is one of the reasons why the demand for DopeCoin has been growing steadily in the market.

How can DopeCoin be categorized?

DopeCoin is a unique cryptocurrency that seeks to help the cannabis niche operate legally just like other networks. Even as other networks appear unwilling to support the cannabis niche, the Smoke Network and its native network have created a secure and private system for all to use. Whether you are a marijuana grower or trader, the network has proven to be a reliable solution.

The effectiveness of the privacy features used on the DopeCoin has made it appealing even to other sectors. Because people can make payments anonymously, they prefer it to operate without worrying about third-party seizures. Whether you want to pay for services or products in a local store, DopeCoin ensures that you can make payment privately to avoid chargebacks.

What is DopeCoin’s vision on security?

The   DopeCoin’s vision on security is to provide the marijuana dealers and the entire supply chain with a secure payment system. The development team was concerned that attacks on crypto networks were threatening the adoption of crypto coins and success of blockchain technology. Therefore, the team adopted the following strategies

  • The native coin based on the Ethereum blockchain: The DopeCoin is based on the Ethereum platform that serves as an additional layer of security. This means that before an attacker can break your coins, he will need to break through the tough layer of Ethereum protocol.
  • It uses proof of stake protocol. The DopeCoin system uses proof of stake protocol that requires people to own some stake in it to participate in its governance. This implies that by simply purchasing some native DopeCoin on the Smoke Exchange system, you are entitled to some rewards in native coin. You will also be called to participate in the governance system through voting.
  • The DopeCoin platform uses complete decentralization: By adopting total decentralization, it implies that the DopeCoins are evenly decentralized to reduce the danger of 51% attacks.

Examples of DopeCoin’s use cases/ applications

To know if a cryptocurrency is good, simply take a closer look at the applications. Like other cryptocurrencies such as Bitcoin, the DopeCoin development team has been working extra hard to increase its use cases. Here are some of them:

  • The DopeCoin can be used to help send value on a peer2peer basis. Like other coins such as Bitcoin, you can also use DopeCoin to send funds across the globe. Note that both the sender and respondents must be in the DopeCoin network.
  • The DopeCoin coin can be used to pay for goods and services from stores that accept it. As more stores start accepting the cryptocurrencies, it is becoming possible to pay for goods and services. Note that even if only a different coin is supported, you can still use DopeCoin by converting it to the accepted coin.
  • Pay for your cannabis from the legal stores online or downtown. The DopeCoin was created to facilitate direct payment for cannabis either from the growers or the legal sellers.  Remember that the DopeCoin network makes it possible to complete the payment anonymously.
  • The DopeCoin can be traded in the markets. If you want to trade cryptocurrencies in the markets, one of the options is DopeCoin. Remember that to trade cryptos, you are required to join an appropriate exchange and open a trading account. You also need to create appropriate trading pairs with other coins such as Bitcoin or Ripple.

https://coincheckup.com/coins/dimecoin/discuss

https://coincheckup.com/coins/dimecoin/analysis

https://coincheckup.com/coins/dimecoin/charts

https://coincheckup.com/coins/dimecoin/predictions

https://coincheckup.com/coins/dimecoin/purpose

https://coincheckup.com/coins/dimecoin/markets

 

Posted on

CryptoPing

What is CryptoPing?

CryptoPing is an altcoin intelligence bot designed to help crypto traders optimize returns when trading in the exchanges. CryptoPing is aimed at helping traders to easily identify pump and dump schemes to avoid falling victims to such scams. The intelligence bot gathers info from top crypto exchanges such as Bittrex and Poloniex so that any unusual trend is easily identified.

CryptoPing also has a native cryptocurrency referred to as PING. The coin was released during the CryptoPing initial coin offering (ICO) held in May and June 2017. The funds raised during the ICO were directed at supporting the bot development. Note that to use the Bot, users are required to pay a monthly subscription fee using PING.

The bot and crypto coin were developed by a group of trading enthusiasts who wanted to make buying and selling of crypto coins simple. The native coin, PING, is based on the Waves blockchain. Waves was selected because of its vibrant system and high security. This means that the CryptoPing team was able to focus on building the bot without having to worry about building own platform.

  • A closer look at the CryptoPing coin performance

After the May-June 2017 ICO, PING value hit the market early in July at a price of $0.3. However, the price immediately took a downtrend sinking to $0.1 in early August before rising to $0.3 in September 2017. Then, it dropped again to $0.1 in mid-September and remained around that mark until the close of November 2017.

In December 2017, the value of PING rose steadily to hit a number of peaks. For example, it hit the first peak of $0.7 in December 2nd, 2017 before falling to $0.3 and climbing to another peak of $0.9 in December 13th, 2017. Another peak was experienced in January 9th, 2018 when the value of PING rose to $0.97. This was the highest mark in its history.

Starting from January 2018, the value of PING took a downtrend that culminated to a low of $0.1 in early March. Between March and close of April 2018, the value of PING took an uptrend that saw it peak at $0.7 on April 24th. This was a positive show because many cryptocurrencies were experiencing a bearish trend.

Between April and close of 2018, the value of CryptoPingtook a steady decline that culminated to $0.02 by the close of the year. However, the community is optimistic that the value will take an uptrend in the coming years. This will depend on factors such as the emerging competition and looming regulations.

What is the problem that CryptoPing solves?

As cryptocurrencies take the center stage in many payment systems, they have also attracted a lot of interest from traders.  Crypto trading involves exchanging different coins in the market the same way that forex markets operate. However, the crypto trading is faced with a myriad of issues. Here is a closer look at some of the problems that CryptoPing addresses:

  • Use of pump and dump schemes

Pump and dump are scams that involve artificially inflating the price of cryptocurrencies to give a misleading positive statement. The schemes involve targeting cryptos, especially the cheap ones, and demonstrating that they are in demand so that more buyers start purchasing and driving the demand up.

The scammers start by purchasing a lot of the targeted cryptocurrency and running a well-planned media campaign about the positives of the coin. This created a lot of anticipation from the market as more people come out to purchase.

As the demand and price move up, the coins that the scammer had bought are released and sold when the value hits the peak.  Immediately, the price crashes as people come to terms with the fact that it was a plan to hike the price. To avoid falling into such scams, you need an appropriate analytical platform such as CryptoPing.

  • The complex crypto trading environment

While the idea of trading in the crypto markets is exciting, it is important to understand the involved dynamics in order to make profits. This involves carrying advanced analytics to ensure that the trends are understood and moves are made at the right time.

 Unlike the traditional forex markets where traders deal with relatively stable currencies, the crypto niche is wild. Because cryptocurrencies are not regulated their prices are highly volatile. Therefore, there is a danger of making huge losses if you do not have the right skills. This is the gap that CryptoPing comes to fill.

  • Lack of privacy in the traditional financial organizations

If you want to send value using the traditional financial systems, the chances are that a lot of people can easily have access the transaction details. From cashiers to the bank management, it will be very easy to know how much you sent and even the account balance.

A court of law can also order the bank to provide your personal bank account history. For people with a lot of cash in their accounts, it is easy for legal battles to be thrown their way so that part of the money can be paid as legal fees. CryptoPing targets to provide a completely anonymous method of storing funds.

  • High cost of sending value

One notable thing about banks and other traditional financial institutions is the high cost of sending value. The organizations are forced to charge high transaction charges to raise profits and meet the long list of expenses including wages and rent.

It is important to note that in addition to the high cost of sending value, the traditional financial organizations are also very slow. For example, if you want to send value to a recipient in another country, the transaction can take up to four days.

How does CryptoPing solve the problem?

To solve the above problems, CryptoPing development team opted for two main strategies:

  • The CryptoPing real-time tracking and analysis bot

The CryptoPing system was created to help pull and analyze real-time data and provide users with actionable info. To make the analysis possible, the CryptoPing links with top crypto exchanges to be able to identify the recent and emerging trends.

The specific information that CryptoPing bot target include the trend and situation analysis of the targeted coin. For example, if the sudden rise in demand and price of a specific coin is emanating from a single exchange, it is likely to be a pump and dump model.

Other important info that the CryptoPing bot gathers and analyzes include the behavior of a selected coin in the past, the causes of different trends, and its relation to other coins in the market.  For example, the CryptoPing bot will establish whether a coin that has suddenly taken a bullish trend when others are bearish is worth your consideration.  

  • PING is a completely decentralized coin

CryptoPing operates as a completely decentralized system. This implies that it does not rely on a centralized server the way traditional organizations operate. Instead, it relies on nodes that are spread on its system to store data and run transactions. 

Full decentralization implies that transactions are completed on a pee2peer basis to help cut the associated charges. For example, if a user wants to send value using PING, the transaction is processed by the nodes in its system.  This helps to make the transactions faster and private because the nodes only check the balance in a user account and not personal details.

What makes CryptoPing better than it’s competitors?

When CryptoPing entered the market in 2017, the development team appreciated that the market was highly competitive. The close of 2018, the competition had edged a notch higher as the number of cryptos in the market rose to more than 1600. The following are the main things that make CryptoPing better than competitors:

  • CryptoPing has provided  crypto traders with easy to use analytics 

CryptoPing has provided users with reliable trading analytics that helps them to make timely moves and optimize profits. More importantly, the   CryptoPing bot helps people to identify pump and pump schemes to avoid becoming victims.

  • The  CryptoPing system allows users to join and own the platform

Like other coins such as Ethereum and Ripple, CryptoPing allows users to join and own the network. When you buy the native PING coins, you become part of the network. This means that you can be called to vote when major decisions are being made.

As a stakeholder, you can also suggest areas that need improvements. For example, you can suggest new features that can help to improve the user experience. Note that such suggestions have to be voted by other members.

  • The  CryptoPing system is run by a highly aggressive  team

Many people using the CryptoPing system indicate they are impressed by its structures. The development team runs progressive diagnostics that ensure the system is secure and all the features provide the best user experience.

  • The  community has been growing steadily

The community of CryptoPing has been growing steadily. As more people come to appreciate that crypto coins can serve as alternative currencies, the CryptoPing system is becoming an important component to those interested in trading.

The ability to provide real-time analytics and prompt notifications helps to ensure that even novice traders can trade like experts.

  • The native coin provides users with a cheaper and reliable method of sending value

Because CryptoPing is a   decentralized system, it implies that the cost of sending value is low. Even if you are sending value to another country, the transaction is completed instantly. This makes it better than the conventional wire transfers.

How can CryptoPing be categorized?

CryptoPing is a unique crypto project designed to help people understand and operate profitably in the crypto niche. The project has helped people to take the right approach to crypto trading not just to make a profit, but to also extend the use of cryptocurrencies.

The community is particularly impressed by the project’s support for most coins. Though the charges are done in PING, the CryptoPing platform allows users to follow their preferred coins while evading the risks of pump and dump schemes.  The model is very crucial in helping people to understand, adopt and use crypto coins.

What is CryptoPing’s vision on security

The CryptoPing’s on security is to provide its users with a secure platform for analyzing and investing in cryptocurrencies. By assisting users to identify scams on crypto markets, the CryptoPing team insists that traders can have their resources to trade and make profit. Here are other methods used to keep CryptoPing secure:

  • The CryptoPing system is progressively monitored to identify gaps and seal them before hackers can take advantage of them.
  • The CryptoPing system operates as a completely decentralized system. This implies that there is no single point of weakness that hackers can target.
  • The system encrypts user information to make it hard for third parties to access and steal client’s info.

Examples of CryptoPing’s use cases/ applications

 To win a bigger market share in the highly competitive market, cryptocurrencies and their networks target to have as many use cases as possible. Here is a list of the main CryptoPing applications:

  • CryptoPing coin can be traded in the crypto markets. Like other coins such as Bitcoin, PING can be paired and traded in the exchanges that list it. Note that to trade in these markets, users are required to join the exchanges, open trading accounts and verify them with government-issued documents.
  • CryptoPing can be used for crypto market analysis to ensure that the current trends are understood. This is very important because it helps users make profitable moves and avoid falling prey to scams.
  • PING coin can be used to pay for goods and services in the stores that support it. Even if a store only supports a   different coin such as Bitcoin, it is still possible to make a purchase by converting PING to the accepted coin.
  • Like other coins such as Bitcoin, you can buy PING and use the coin to store value. This means holding the coin in a wallet and selling them when in need of fiat currency.
https://coincheckup.com/coins/cryptoping
https://coincheckup.com/coins/cryptoping/charts
https://coincheckup.com/coins/cryptoping/news
https://coincheckup.com/coins/cryptoping/purpose
https://cryptoping.tech/cp_whitepaper_en.pdf?utm_source=coinscheduleb