Author: Norah Amboko

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RubyCoin

What Is RubyCoin?

Use of cryptocurrencies has grown steadily after the launch of Bitcoin in 2009 by Satoshi Nakamoto. Between 2009 and 2018, over 1600 coins had entered the market. The main goal of most cryptocurrencies is to facilitate the progress of the blockchain niche by improving the technology.

One cryptocurrency that has been performing relatively well in the market is Rubycoin (RBY). This is digital money that is used for online transactions in the entire globe. The cryptocurrency network uses blockchain network to provide users with total control over their coins.

  • A closer look at Rubycoin

Rubycoin was created in 2014 by Jim Nguyen. However, the process had started earlier in 2009 after Bitcoin launch. Jim saw the Bitcoin platform and started thinking about how he could create a more robust platform. Therefore, he registered a company referred to as RubyCoin in 2009 and started working on concepts such as economic independence and financial data protection.

The company progressively reviewed the Bitcoin core code with the primary goal of understanding how the blockchain system works and targeting to launch their own platform. In 2014, they made the breakthrough by launching the Rubycoin complete with its own blockchain.

  • The Rubycoin price performance in the markets

Rubycoin is one of the coins that have been performing well in the market. Between April 2014 and October 2018, the price of RBC grew by more than 19,000% from $0.001 to $0.2. Unlike other coins, the RBC price has been relatively steady.

When the coin entered the market in March 2014, the price was $0.001. The price remained around $0.001 until August 2015 when it started rising progressively. In January 2016, the value had reached $0.1 and advanced further to $0.2 in January 2017.

Between the August 2017 and October 2015, the value grew sharply and broke through the one USD mark to reach $1.06. Then, it dropped sharply to $0.6 in mid-November 2017 before shooting up again to $1.9 in 12th January. This was the highest mark in the RBC price.

The top performance of the Rubycoin did not last long. By February 2018, the value had dropped to $0.68. It continued with the bearish trend culminating to $0.1 in mid-October 2018. The community expects the price to take an upward trend and deliver returns on its investment in the coming months.

What is the problem that RubyCoin Solves?

The Rubycoin platform was created at a time that the blockchain niche was experiencing major issues related to security. For example, the case of Mt. Gox attack that happened in 2011 saw over 600,000 BTC getting stolen and the exchange filing for bankruptcy. The following are the main problems that Rubycoin solves.

  • The problem of centralized financial services

The conventional financial services offered through banks and credit cards are highly centralized. The user data is held in the centralized servers which imply that it can easily be lost in the case of a cyber attack or even fire. But this is not the only problem with the centralized services.

As centralized networks, it means that the companies are bound by regulations of the jurisdictions hosting them. For example, banks scrutinize every money transfer transaction to ensure that the sender and recipient are not involved in ponzi schemes or terror.

In addition to the lengthy processing times, the centralized operators are also profit based. This implies that they have to charge their additional fee to meet the cost of paying staff, rent, and profit. These are the main issues that Rubycoin seeks to address.

  • Centralized mining

When Bitcoin was created, the main idea was to promote decentralization so that nodes spread in the network can help to secure the platform. But the technology introduced the ASIC mining equipment that helps to generate high hashing power to optimize mining returns. This sounds like the ultimate technology, but it is not.

The ASIC equipment cost a lot of money which implies that only the well to do in the society can afford to buy and use them. I

t also indicates that more coins are likely to fall in the hands of a few individuals and raise the danger of 51% attack. Rubycoin targets to address the issue through a different mining algorithm.

  • Poor adoption of cryptocurrencies

If you take a closer look at the cryptocurrencies in the market, the impression is that they are advancing at a very fast rate. However, the rate of penetration into society is relatively poor.

This problem is caused by the complex procedures involved when one wants to own the native coins. The community is also getting influenced by warnings from the governments that cryptos are risky.

  • Lack of privacy in the financial system

One of the reasons for the development of cryptocurrencies is to enhance transactions’ anonymity. However, it has not been an easy thing for many networks.

For example, Bitcoin is not anonymous network because it only uses pseudonyms that can be followed to unmask users.

Rubycoin targets to enhance anonymity by ensuring that all users can operate without worrying about third-party seizures. The focus is on strengthening the models used in the first two main cryptocurrencies, Bitcoin and Litecoin.   

How Does RubyCoin Solve The Problem

  • Proof of Stake consensus algorithm model

One of the early solutions proposed to address the problem of centralized mining is the adoption of proof of stake (PoS) protocol.

At Rubycoin, this protocol is used to redefine how the platform’s governance managed. Instead of relying on the computing power of a computer, the PoS system relies on the stake that one has in the system.

The Rubycoin system also uses scrypt mining algorithm which is ASIC resistant. Scrypt is a memory hard-key derivative function which means that the standard ASIC chips used to solve SHA-256 proof of work would be less effective. This implies that people could mine Rubycoin with CPU and GPU to reduce the danger of 51% attack.

Note: Though Scrypt was very effective when it was first discovered, the technology advanced further resulting in the generation of Scrypt ASIC chips. Though Rubycoin used it effectively at the beginning, it is no longer effective.

  • A completely decentralized blockchain platform

Rubycoin’s main method of addressing the above issues is adopting a completely decentralized blockchain. The system relies on a set of nodes spread in the network across the globe. After releasing the Rubycoin  core code, Nguyen ceased being the owner.

The system now relies on the nodes in its network to confirm transactions, maintain the records, and keep the system secure. This implies that there is no single point of failure and the system is more secure than the centralized systems.

What makes RubyCoin better than it’s competitors?

The cryptocurrency niche has become highly competitive. By mid-2018, over 1600 cryptocurrencies had entered the market. Here are the things that make Rubycoin better than competitors.

  • It operates as a completely decentralized network. This implies that it does not have a centralized point of failure because the records are distributed in the network across the globe. This makes it better than most conventional banking systems.
  • Rubycoin has been performing relatively well in the market. Though the price movement was bearish for the better part of 2018, it has performed better than many coins in the market. Indeed, the bearish trend has been characteristic of most networks such as Ripple and Litecoin.
  • The Rubycoin development team is led by a highly aggressive team. If you want to know the strength and effectiveness of a cryptocurrency network, take a look at the development team. The Rubycoin development team is led by some of the top minds in the blockchain industry including the founder, Jim Nguyen.
  • The platform has been in the market for long and its system proved effective. When a new cryptocurrency platform hits the market, its features are considered unstable until they have taken a couple of years. Because Rubycoin has been in operation since 2014, most of its features have been tested and proved to be stable. Therefore, you can buy the coins or use them for saving funds without worrying that the system will become a pump and dump system.
  • The Rubycoin provides a cheaper way of sending value across the globe. As a decentralized network, the Rubycoin platform provides users with a reliable method of sending value on a peer2peer basis. This means that you can look for a reliable management where all

How can RubyCoin be categorized

Rubycoin can be categorized as a truly decentralized cryptocurrency created with the target to help grow the blockchain niche. As one of the early networks, the coin reflects a growing enthusiasm of the community to understand the technologies and immediately joining to help take the industry to the next level.

The preference for proof of stake consensus algorithm was a great breakthrough for the coin especially in the early years of establishment. This commitment to progressively grow the system has progressively won the network a large community and high value.

To maintain the appeal, it is crucial that the development team rethinks its strategy to beat the fast emerging competition. For example, other networks such as Ethereum and Rchain are targeting to provide cryptocurrency ecosystems where developers can create decentralized applications. Rubycoin has to start competing with them.

What’s RubyCoin’s vision on Security?

The Rubycoin’s vision on security is to provide users with a completely decentralized and secure network of sending funds. The cryptocurrency uses advanced encryption to prevent unauthorized access to user accounts. Even when miners follow back to confirm transactions, they can only check the public address balances as opposed to pulling out personal details.

Other methods used to keep the platform secure include complete decentralization, use of proof of stake protocol, and regular update of the network to keep the platform secure. Remember to also play your part by keeping the Rubycoin client and the main computer updated.

Examples of RubyCoin’s use cases / applications

Unlike the cryptocurrencies created for specific niches such as Steem and Golos, others target wide adoption in different niches. By reaching more users, Rubycoin has managed to maintain a competitive edge against others in the market. Here are the main use cases of Rubycoin.

  • Paying transaction fee on the Rubycoin platform.  If you want to send value to a payee in a different country, Rubycoin is a good option because the transactions are completed on a peer2peer basis. The transactions are direct, prompt and cheaper compared to bank transfers.
  • Trading in the markets. Like other digital assets such as Bitcoin, Rubycoin can be traded in the exchanges such as Poloniex and Bittrex. These are markets that help to bring together buyers and sellers so that prices of digital assets are controlled by forces of demand and supply.
  • Paying for goods and services in the market. Many stores especially e-commerce establishments are now embracing cryptocurrencies as one of the top methods of payment. Unlike the standard methods of payment such as bank transfers and use of credit cards that take longer to clear, paying through Rubycoin is direct and fast.

This is a very reliable method because the stores do not have to keep users in the queue after they have taken additional time selecting items in their stores. The payment is prompt and indeed cheaper to both the trader and customers.

  • Paying for government services in countries that support the digital coins. Though the perception of cryptocurrencies has been negative especially from the governments’ viewpoint, things are changing. The governments are now realizing that there is a positive side of cryptocurrencies.

In the United States, individual states have started creating laws supporting the use of cryptocurrencies. One example is Arizona. After passing the HB 1091, Arizona is now allowing residents to pay taxes in digital coins. Other countries that are positive about cryptocurrencies include Singapore, Venezuela, and Switzerland.

  • Saving funds. Rubycoin uses advanced encryption techniques that help to encrypt the user information and transaction details. The platform has, therefore, become a reliable option for people who want to save funds and store them without worrying about third-party seizures.

Since cryptocurrencies are decentralized and not regulated, vent hr courts of law do not have jurisdictions over them. No one except you can know that you are part of the Rubycoin network or has saved funds.

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BitCNY

What Is BitCNY?

The launch of the first blockchain network in 2009 opened the globe to a new way of looking at financial transactions. By supporting a completely decentralized model of sending funds, Satoshi Nakamoto ushered the next generation of cryptocurrencies. However, the cryptographic community was fast to craft new types of digital assets. Welcome to smart coins.

Smart coins are cryptocurrencies are coins that are based on the fiat currencies.

One of the early smart coins to hit the market was BitCNY. It is one of the older cryptocurrencies launched in 2014 with the target of advancing the cryptocurrency’s adoption in the market.

  • A closer look at BitCNY

BitCNY was created by Dan Larimer (founder of Bitshares and EOS) and Charles Hoskinson Charles (founder of Cardano).  The coin is linked to the Chinese currency Yuan. This puts it in the same group with other coins based on real assets and fiat currencies such as the BitGold, BitUSD, and BitEUR.

At this point, it is important to note that Larimer has been associated with other coins linked to fiat currencies such as Steem Dollar and Gold Backed by Golos (GBG).

BitCNY is based on the Bitshares blockchain and its value follows that of the Yuan.

  • The BitCNY price performance in the markets

The primary goal of creating BitCNY was to stabilize the cryptocurrencies in the market. This is reflected by the price performance of BitCNY in the exchanges. For the entire period that BitCNY has been in the market, the price has remained relatively stable.

When BitCNY entered the market in September 2014, the price was $0.169. The price remained within the same range and only changed slightly to $0.145 by early October 2018.

The only major deviation reported in the BitCNY’s price was in October 13th, 2015 when it rose to $0.261. However, the upward deviation did not last as the price dropped back to $0.15 in the subsequent week. In 2017, the price range of BitCNY was between $0.16 and $0.13.

The stability depicted by BitCNY implies that the digital asset is not a good option for people intending to buy for speculation. The focus was to create a reliable coin that people could easily associate with and use in their lives. Think of it this way; one BitCNY can be used to buy what one Yuan can buy.

 What is the problem that BitCNY Solves?

The BitCNY cryptocurrency was created at a time when the blockchain niche was undergoing major threats such as cyber attacks and high volatility. Therefore, the BitCNY founders had to position the coin articulately to address some of the issues. Here are the problems that BitCNY solves.

  • Poor scalability.

One of the characteristics of the blockchain networks is decentralization. This implies that they rely on a network of distributed nodes that help to secure the system. However, the decentralized nature of decentralized cryptocurrencies comes with one major problem; limited scalability.

If you take the example of Bitcoin, it is interesting that the largest and oldest network can only handle 7 transactions per second. Even the more advanced networks such as Ethereum and Bitcoin Cash can only handle 20 and 60 transactions/second respectively.

When these figures are compared to industry leaders like Visa, it implies that the blockchain niche has a long way to go. This is the gap that BitCNY sought to address.

  • High volatility.

Cryptocurrencies are highly volatile. Their prices in the market can swing to either direction within a very short time.

These movements are driven by competition, new regulation, new technology, or even a positive view about a network by the industry leaders.

For example, if an industry leader indicates that he likes a specific coin, the statement can skyrocket the price of that coin to record high.

In January 2018, the price of OMG shot up by 2500% following Vitalik’s tweet that OMG was his favorite.

Towards the end of 2017, most cryptocurrencies experienced a sharp growth in prices before tumbling and taking a bearish trend in the first, second, and third quarters of 2018.

This volatility is not good for the industry because many people fear that their funds could easily lose value. This is why Larimer settled on a BitCNY smart coin based on the Chinese coin, Yuan.

  • Poor adoption of the blockchain industry.

Though the blockchain technology has been advancing at a fast rate, the penetration into society has been poor. Even when a new startup releases new coins into the market, those who mop them out are strategic investors targeting to rake profit when the value grows.

This implies that it is still hard to get the local stores and groceries that are supporting digital coins. The BitCNY system sought to address the issue by making it easy for all to access and use.

  • Centralization of financial services.

Though the blockchain industry is over ten years, the centralized services still dominate the market. A lot of people still prefer to use the banking system even though they are slower and more expensive compared to decentralized systems.

Even with the cryptocurrencies, the centralization still follows closely through the exchanges. Even though the BitCNY, Bitcoin, and Zcash coins among others are private, there is a risk of personal information getting to third parties when trading in the exchanges.

How Does BitCNY Solve The Problem?

When Larimer and Hoskinson decided to work on the BitCNY project, they were clear about the problems outlined above. As industry experts, they wanted to provide a new way that would demonstrate cryptocurrencies in a positive way and encourage more people to use it. Here are the methods used to address the problems.

  • BitCNY operates as a smart coin

To help address the serious issue of price instability, BitCNY operates as a smart coin attached to the Chinese Yuan. This implies that the coin utilizes the Chinese administration strategies such as printing of more notes or buying them from the market to keep the Yuan stable. If you buy some BitCNY coins, you can rest without worrying they will lose value because of the market volatility.

  • Use of a decentralized exchange

The cryptocurrency industry has been reeling from the reality that even with the decentralization that the industry sought for many years, the centralized exchanges could choke everything. Traders are required to open accounts and verify them with personal information that can be used to identify them. For example, Coinbase is now sharing the records of traders with IRS. To address the problem, BitCNY uses a decentralized exchange referred to as BitShares.

BitShares allows users to trade without joining a centralized exchange. The details of your wallet public address are ample to help facilitate the exchange of your BitCNY for other coins. The decentralized exchange model is being considered the next big thing in the industry.

  • A completely decentralized network

The BitCNY system operates as a completely decentralized network controlled by nodes spread across the globe. This means that the platform does not belong to the founders or the development team. Rather, it is owned by the nodes that operate in its system.

Total decentralization implies that the platform does not have a single point of failure like the conventional financial services. The distributed model also helps to ensure that coins are not dominated by one party. This helps to pull down the risk of 51% attack.

What makes bitCNY better than it’s competitors?

Every cryptocurrency entering the market has to face the fast-growing list of digital assets that target the same audience. Today, there are more than 1600 cryptocurrencies that BitCNY has to compete with in the market. Here are some of the things that make BitCNY better than competitors.

  • The BitCNY has provided a reliable solution to decentralized financial services. As a completely decentralized platform, BitCNY has helped users to address all the issues associated with centralization. This means that users can now join, buy coins and save money without worrying about losing funds or getting discovered by third parties.
  • The BitCNY coins have been in the market for long and proved stable. Having been created in 2014, BitCNY has been in the market for long enough and its design proved to be stable. When new coins are released into the market, people are worried whether they are pump and dump systems or will fail after a short while. In the case of BitCNY, the platform has been tested and users can now join without worrying of losing their money.
  • The platform is led by some of the best blockchain minds in the industry. Dan Larimer and Charles Hoskinson are some of the top minds that have helped to shape the blockchain niche for more than 8 years. Their association to BitCNY has helped to build trust from the community that expects new impressive features.
  • It is a reliable platform for saving money without worrying that it will suffer from industry volatility. Many people have been shying away from using other blockchain networks such as Loopring and Stellar because their coins are highly volatile and can result in major losses. But BitCNY is a stable coin because it is tagged to the Chinese Yuan.

This means that buying BitCNY is the same as having the same amount in a bank. However, the BitCNY system is better because the platform is completely decentralized, private and free from third-party seizures.

  • It is a reliable method of sending funds faster on a peer2peer basis. Because BitCNY platform operates as a completely decentralized system, they are cheaper and faster because there are no profit-seeking organizations involved.

How can BitCNY be categorized

BitCNY can be categorized as a completely decentralized and stable coin that is helping to redefine the blockchain niche. The platform has demonstrated that issues of scalability, stability, and centralized financial services can be solved without foregoing the original dream of blockchain technology founders.

The experience and commitment of the founders to progressively improve the blockchain niche have helped to shine a new ray of hope to the industry. Now, more people can join the industry and operate without worrying that their details will get discovered by third parties or value of invested money will devalue.

What’s BitCNY’S vision on Security?

To make BitCNY more attractive to individual and corporate users, the founders worked extra hard to strengthen the core code of the platform. Other methods used to help keep the BitCNY and its native network secure include;

  • Advanced encryption that helps to keep users’ assets and transaction details private.
  • Complete decentralization that helps to ensure even distribution of the BitCNY coins. This is important in preventing the risk of 51% attack.
  • The BitCNY coins are also based on a very strong

Examples of BitCNY’S use cases / applications

The success of any cryptocurrency in the market can be gauged by looking at its application. In the case of BitCNY, the coin has been a success story with a lot of players going for it because of associated convenience. Here are some of these use cases.

  • Use BitCNY to pay for transaction fee on its native network. When running transactions in the BitCNY platform, the fee is paid using the native coin, BitCNY. Note that the cost involved in transactions such as sending value is very small compared to what the banks charge for wire transfers.
  • Pay for goods and services in the stores that accept it. As more stores start supporting cryptocurrencies, BitCNY is emerging as a better option because it is more stable compared to others such as ETH and XRP. More traders also prefer it because it is faster and clears payments faster compared to banks or credit cards.
  • Use BitCNY to save your funds. The stability brought by the fact that BitCNY is tagged to Chinese Yuan implies that people can rely on the coin to save funds without worrying of high volatility.
  • BitCNY is a reliable medium of sending value. The BitCNY is a reliable coin for sending value on a peer2peer basis across the globe. Because there is no centralized and profit-seeking organization involved, the transactions are fast, cheap, and reliable.

 

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