Author: Norah Amboko

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VeriCoin

What is VeriCoin?

VeriCoin is a decentralized and open source cryptocurrency designed to use the proof-of-stake-time protocol as a method of addressing deficiencies identified in the blockchain industry.

The platform was created after a careful evaluation of the industry and the myriads of problems it was going through by 2013.

The founders and their target

The founders of VeriCoin platform, Douglas Pike and Patrick Nosker, started working on the platform in 2012 and completed the protocol in 2013.

However, it was not until 2014 that they were able to launch the system officially.

The development of the platform is done by a decentralized team spread across the globe to help identify new features and upgrade the platform for enhanced security. The native currency on the platform is referred to as VRC.

The performance of VeriCoin native coin

A closer look at the performance of VeriCoin in the market reveals that its price has grown significantly.

When it entered the market around May 2014, the price was $0.008. This price grew by 2400% to reach $0.2 by the close of June 2014.

But the value took a downward trend in the subsequent months reaching a low of $0.01 in mid-December 2014.

Between December 2014 and April 2017, the price of VeriCoin ranged between $0.05 and $0.01. The price of VeriCoin grew past $1 mark in mid-December 2017 and continued rising to hit $2.2 in early January, the highest mark in its history. Even with this growth, the gains were short-lived.

Between January 2018 and September 2018, the value of VeriCoin fell by more than 1000% to settle at $0.16. Despite this drop, the value was still 1900% higher than the opening price when the coin hit the market in 2014.

What is the problem that VeriCoin solves?

While the blockchain niche has advanced at a very fast pace starting from 2009, the adoption in the society has slowed down. The blockchain experts hold the view that these networks have reached a point where a new focus is needed to propel the niche to the next level. Here are some of the problems that VeriCoin seeks to address.

  • Centralization of blockchain systems

A closer look at the blockchain networks that use proof of work (PoW) and proof of stake (PoS) consensus algorithms indicates that they are at high risk of suffering from centralization. At Bitcoin, it is no longer possible for people to mine the network using standard equipment such as GPU and CPU.

Instead, miners have to buy very expensive ASIC mining equipment and meet the associated high cost of power. The high cost implies that only the wealthy can mine and own the tokens.

Even the more improved proof of stake (PoS) still puts a lot of weight on those who have more funds to secure the network. This compromises the original goal of decentralization because the less wealthy are left out. VeriCoin targets to address these issues by through enhanced decentralization.

  • Poor scalability

One issue with the blockchain niche is that has persisted for some time is the inability to scale the supported transactions. This is a problem created by the design of decentralized networks that required most nodes to come to a consensus before transactions can be completed.

At Bitcoin, the platform can only support seven transactions/ second while Ethereum can only achieve a total of 25 transactions/ second. This is far too few when compared to the industry leaders such as VISA that can hit a maximum of 24,000 transactions/ second.

VeriCoin targets to become the most scalable blockchain in the industry.

  • Insecurity in the blockchain networks

When people join the blockchain niche, the risk of getting attacked and losing their coins is never far. There is a danger of getting hacked and losing the native tokens at the native network level, on the wallet, or the exchanges.

When reports of attacks are reported in any blockchain network or facility, the community is left wondering if will be the next target. The recent attack in the blockchain industry took place at Coincheck exchange in January 2018 where about $520 million worth of altcoins were lost.

How does VeriCoin solve the problem?

  • Adoption of a new consensus model referred to as proof-of-stake-time

To address the problem of centralized networks and risk of 51% attack, the founders of VeriCoin opted for a new consensus protocol referred to as proof of stake time (POST).

This is achieved by adding a non-linear proof function on the proof of stake (PoS) algorithm.

In their white paper, the development team explains that the additional function helps to define a fraction of stake’s active and idle time, at a given block.

The idle-time is a fraction of the age that no longer supports the distribution of consensus and commences upgrading it.

The new protocol enhances the security of the system while ensuring that the efficiencies of the PoS are maintained. It utilizes the time function to ensure that rewards and the probability to find new blocks increases in proportion to active staking time.

With the VeriCoin’s consensus algorithm, simply buying a lot of stakes will not be enough to give you an added advantage when mining the native coins. This means that even for those with a smaller stake but more active in the network will have a chance to mine new blocks and get rewarded.

  • The binary chain model

The VeriCoin system was created to help consolidate the advantages of proof of stake (PoS) and proof of work (PoS). The main goal is ensuring that the transaction speed remains high while advancing the security of the network.

The combination helped to extend the reach of the network to people who prefer using their stake and hashing power of their systems to be accommodated in the network. It is the reason why the community has been growing at a very fast rate.

  • Enhanced availability and interest for users

To encourage more people to join, VeriCoin offers users an annual discount of 10%. You only need to stake the native coins to benefit. This implies that you do not have to worry about resolving complex puzzles the way it happens with networks such as Bitcoin to earn from your stake in the network.

The approach has helped to win more users especially those targeting to invest or simply buy and hold. Instead of putting funds in with no interest rates or the rates are very low, people prefer the more rewarding VeriCoin.

To make the native coins easily accessible, the development team has been working with very many exchanges. You can buy the tokens in exchanges such as Bittrex, CoinEgg, Cryptopia, and Poloniex.

  • The VeriCoin operates as a completely decentralized protocol

The VeriCoin is a decentralized network of nodes that are involved in the platform’s governance. The most important of these is confirming transactions when users are sending value.

The nodes follow back the respective users to confirm that they own the coins they want to send. Note that the information is encrypted so that users can only check the balance as opposed to the personal details.

The decentralized nature of the VeriCoin platform implies that there is no single point of failure. The nodes also help to protect the network and keep the cost of sending value as low as possible.

What makes VeriCoin better than it’s competitors?

The creators of the VeriCoin wanted to ensure that the platform was better than its competitors by adopting more progressive features. Here are the main things that make the network better than competitors.

  • The network is run by a highly aggressive team that is always looking for new features such as the staking interest to make the platform more competitive in the market.
  • The VeriCoin is a completely decentralized system which implies that it does not have a single point of failure.
  • The network has succeeded in addressing the danger that comes with centralized mining by employing the proof-of-stake-time.
  • To ensure that the platform is more impressive and reliable, the design of the core code combines both proof of stake and proof of work.
  • Though the value of the VeriCoin was on a downward trend between January and September 2018, it is still performing relatively well. This means that the value is higher than the entry point in 2014. It is also more valuable than other cryptocurrencies such as Stealth and Databits.
  • VeriCoin is about ten times faster than Bitcoin. The development team has indicated that it will keep working on improving the platform to make it even more scalable to compete with other leaders such as PayPal and Visa.

How can VeriCoin be categorized?

VeriCoin is one of the creative cryptocurrency networks designed to help address most of the problems reported in the blockchain network. The creative development team has expressed its commitment to using new technologies to remain more competitive in the market.

When the development team worked on the core code, it opted for the unique yet highly effective proof of stake time (POST) but combined key elements of PoW and PoS to make the platform more appealing. This is one of the reasons it has been referred to as the platform that could help to redefine the blockchain’s future.

VeriCoin’s vision on security?

The primary vision of VeriCoin is to become the most secure and progressive cryptocurrency network. The development team had seen the threats that faced other networks such as direct attacks by hackers.

To keep the network secure, the development team opted for advanced encryption, complete decentralization, and the reliable proof-of-stake-time. The platform also features a highly aggressive team that works and releases updates to address emerging vulnerabilities.

Examples of VeriCoin’s use cases/ applications.

VeriCoin, like other blockchain networks, is in the race to getting adopted by a larger community and increasing the applications. Though the competition is stiff, here are some of the top use cases for VeriCoin.

  • Paying transaction fee at VeriCoin network when sending value.

If you want to send value on a peer2peer basis using the VeriCoin platform, the VeriCoin coin will be required to pay the transaction fee. This is a very small amount compared to what the standard banks charge for wire transfers or credit cards.

Note that the transaction fee is not charged as a profit. Rather, it is used to raise funds for supporting the network development and paying interest to VeriCoin stakers.

  • Trading in the markets.

Like the conventional currencies are traded in the forex markets, the cryptocurrencies are traded in the crypto exchanges. You can trade the VeriCoin by identifying an appropriate exchange such as Poloniex and pairing it with other tokens such as ETH or XRP.

Note that most exchanges are centralized and, therefore, users are required to start by opening trading accounts and verifying them. Remember that the price of the selected cryptocurrency pair is determined by the market forced forces of demand and supply.

  • Buying goods and services in the market.

As more traders continue accepting cryptocurrencies, it is becoming possible to pay for goods and services using digital coins such as VeriCoin. Note that even if a specific store only supports a different coin, it is still possible to buy by changing to the supported coin.

  • Paying taxes in departments of jurisdictions that support digital coins.

For people who reside in jurisdictions that support and accept cryptocurrencies, it is possible to use VeriCoin for paying taxes and other government services. One good example is Singapore.

Early in 2018, the Singapore administration indicated that there is no difference between paying transaction charges using fiat and digital coins. The primary goal is relaying value.

In the United States, individual states have started crafting laws that allow users to pay taxes using digital coins. In Arizona, the state passed Bill HB 1091 that allows tax department to accept payment in cryptocurrencies.  Therefore, you can pay for taxes using VeriCoin.

  • Investing and saving.

If you have been looking for a reliable way to save funds and enjoy some returns on investment, VeriCoin might be a reliable method. The good thing with the VeriCoin system is that it allows users to enjoy investing without worrying about third-party seizures.

The impressive features such as the unique proof-of-stake-time have made the community and experts agree that the price of VeriCoin is likely to go up. However, it is important to appreciate that this prediction is speculative and the actual trend will depend on different factors such as the looming regulation.

https://vericoin.info/

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

 

 

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DNotes

What is DNotes?

The first five years after the launch of Bitcoin were characterized by intensive cryptographic and blockchain technology related explorations.

However, the bulk of these explorations was pegged on helping to advance the preceding networks. One of the digital coins created early in 2014 was DNotes.

DNotes was designed to narrow the gap between fiat and digital coins

This is an open source and decentralized currency that targets helping narrow the gap between digital coins and fiat currencies. This means ensuring that more people can use the coin in their lifestyle.

DNotes was designed by Alan Young who raised early concerns that the initial blockchain networks were getting overwhelmed. Therefore, he targeted creating a platform that is more versatile and powerful compared to fiat currencies.

The target was to craft a reliable digital currency that was completely free from manipulation of centralized organizations such as central banks and political administrations. This was achieved by decentralizing the platform and empowering the nodes to make decisions about governance.

The price history of DNotes

After introduction into the market in early March 2014, the price of DNotes was $0.00067. Then, it grew by about 1500% to hit $0.01 in December 2014. The price remained within the range of $0.002 and $0.014 between January 2015 and April 2017.

Starting from May 2017, the price rose steadily and hit the highest mark of $0.27 on June 11th, 2017. In the subsequent months, the price shot down reaching a low of $0.012 in November 23rd, 2017 before rising again to reach $0.13 on January 10th, 2018. Another peak of $0.11 was reached in June 2018 before the price went further down to $0.02 by the close of the third quarter of 2018.

The shifting price is a reflection of the fast-shifting market forces and the high volatility of most cryptocurrencies.

It is also used to indicate the high potential of the coin whose value could explode to rival other top coins in the market.

What is the problem that DNotes Solves?

  • The security risk of centralized financial  services

The conventional services that are offered in a centralized manner are open to security risks. Because the resources are pooled together, they are an easy target for both offline and online attacks.

Whether it is funds stored in a bank or an online service such as credit cards, the risk of getting attacked is very high. Credit card fraudsters can perpetrate this or effect as an inside job. If a financial institution such as a bank with your funds goes bankrupt, the fund funds could get lost.

  • The high cost of sending value across the globe

Because most of the financial institutions are profit based, they fix the transaction fee for sending funds to optimize returns. But this is not all. The transactions also take long before they can be effected. In some cases, wire transfers can take up to four days as the banks review the details of the sender and recipient.

  • The  danger of manipulation of financial services

If you are using centralized financial services such as banks, there is a serious risk of currency manipulation. The banking sector and political administration respond to market forces by printing more currency or mopping it from the market to control inflation.

But this manipulation has become a political tool for countries to maintain a competitive edge in the market. Therefore, you cannot be sure whether the value of the funds saved in a bank is manipulated or not. DNotes targets to eliminate this threat by ensuring that the coin is only subject to the market forces of demand and supply.

  • Lack of privacy in the financial sector

One of the major concerns for people using conventional financial services is that they are not private. Your account balance, its history, and personal information are known to cashiers, bank management, and even the country’s leadership.

If a court battle hauls itself to your doorstep, there is a risk of having the account frozen. DNotes targeted to create a system that would be completely free from third party seizures. Nobody, including the courts, can know about your savings in the system.

How does DNotes solve the problem?

To address the above problems noted in the industry, DNotes opted for a number of strategies. Note that these solutions are not simply targeted at solving the issues. Instead, they are also aimed at positioning the platform to outdo competitors in the market.

  • Blockchain technology

This is the main strategy used by the DNotes founders to address the issues mentioned above. The DNotes is a decentralized platform which implies that there is no centralized control for policies or fiscal management. Instead, the network comprises of a global network of nodes that run all operations of the platform including governance.

The globally spread network of nodes implies that there is no single point of failure. Besides, there is no danger of manipulation because the network of nodes has to agree on every aspect of the network. The development team of the DNotes network progressively works on new methods of improving the platform.

  • A unique business model

To make people using the DNotes platform have a greater sense of ownership, the coin represents 25% of the parent company that created the network. This association is very vital in raising the value of the token. It is also part of the primary reasons making the demand and value of DNotes to take an upward trend.

  • Simple onboarding model

To increase the uptake of cryptocurrencies and encourage people to use it in their daily lives, DNotes has a very simplified onboarding model. Whether you have a PC or a smartphone, only a single download from their website is needed to access the platform.

This means that you can follow the native coin’s performance on the home PC and even when away on the phone.

For those interested in mining the network, they can either do it by setting own rigs or joining a pool. The pools are considered more effective because they combine the mining power to raise the chances of confirming more blocks.

What makes DNotes better than it’s competitors?

Between 2009 and 2018, more than 1500 cryptocurrencies had entered the market. While the primary goal of most networks is advancing the blockchain technology, the competition has been edging higher because most of them offer similar services. Here are some of the main reasons that make DNotes better than its competitors.

  • The DNotes platform has a narrower mandate that makes it easy for developers to focus and deliver better services. Unlike Ethereum or XYTRABYTES that target to extend their mandate by support development of decentralized applications, the DNotes focus is to only act as a decentralized coin for sending value.

Even though the narrower mandate is credited with the ability to make a network grow and become successful like Bitcoin, it is also a major demerit. Today, people are not simply interested in sending value only. Therefore, those who want additional services such as search/ development of decentralized applications will be forced to go to other networks.

  • Though the price of DNotes has not grown explosively like that of Bitcoin or Bitcoin Cash, it is still performing well. For example, the average price of DNotes in the third quarter of 2018 was more than 5000% the opening price in 2014. This implies that those who bought the coins in 2014 are enjoying 5000% growth of their investment.
  • The DNotes has been in the market for more than three years. This is taken to mean that the platform is stable and more reliable when compared to newer and emerging platforms. New platforms require about three to five years for their systems to be proven stable and reliable.
  • Saving and investing without worrying about third-party seizures. The decentralized nature of DNotes allows users to buy the native coins and store value by holding them. Unlike the centralized banks where your account and transaction details are known by people such as cashiers and bank management, DNotes system is fully encrypted.

The encryption and focus on anonymity imply that no person on the platform or away can easily know your details. Even the miners on the network can only follow back to check the balance on the public address as opposed to the personal details.

  • The platform is completely decentralized and operates through a network of nodes. This implies that there is no single point of failure the way it happens with banks and other financial services. This method has been very important in lowering the transaction charges because the profit-seeking organizations have already been bypassed.
  • The DNotes provides a mobile version that allows users to remain in touch with the platform even on the go. This means that you can access the DNotes platform, send value, receive the coins, and manage your account with ease.

How can DNotes be categorized?

DNotes is a completely decentralized platform designed to help bridge the gap between the fiat and digital coins. The platform comprises of nodes spread in the globe to help secure the network and support its improvement.  As a decentralized system, users are sure of sending value and investing their funds in total anonymity.

What is DNotes’s vision on Security?

The DNotes’s vision on security is becoming a completely decentralized and secure platform that can help the blockchain platform to move the next level. The main strategies used to achieve this goal include full decentralization, encryption and regular security review by the development team.

Examples of DNotes’s use cases/ applications.

In their white paper, the DNotes development team targeted to help close the gap between fiat and digital currencies. This is manifested through the following use cases:

  • Using DNotes to pay for goods and services in the stores.

One primary goal of DNotes was to make it a reliable method of payment for goods and services. The development team has been working extra hard to make the native coin accepted for paying goods and services in the market. You only need to identify the store that accepts the coins to make payment with the coin.

Even if only a different coin is supported, it is still possible to purchase by first converting to the supported coin using cryptocurrency exchanges such as Poloniex and Binance. Note that such conversion will cost a fee.

  • Pay for transaction charges on the DNotes network.

To send value on the DNotes network, you will be required to pay a small charge for supporting the miners in the network. Note that the cost is very small because transactions are peer2peer and there is no centralized party involved. Besides, the fee is the same whether you are sending funds to a different continent or the next city.

  • Use DNotes to save funds anonymously.

If you have funds in a bank account, the chances are that a lot of people know about it. However, DNotes allows users to buy the native coins and save their funds anonymously. The good thing with DNotes is that the coins can gain value and deliver significant ROI (return on investment) over time.

Note that the returns you can make using from investing in buying and holding DNotes coins will depend on the market forces of demand and supply. Therefore, it is important to evaluate the market forces carefully and also appreciate that the price can move to the negative side.

  • The DNotes coins can be used for trading in the digital coins markets.

Do you like digital trading assets in the markets? DNotes is one of the cryptocurrencies that you can opt to trade in the markets and expect good returns. Here, you only need to identify an exchange that lists DNotes, open a trading account, and select a desirable trading pair.

To trade in most of the exchanges, you will also be charged a fee for trading in these markets. It is important to factor this transaction fee and also ensure to pick a secure platform before starting to trade.

  • Use DNotes coins to pay for government services such as taxes.

For countries or jurisdictions that support digital currencies, it might be possible to pay with DNotes. A good example is the US state of Arizona. In April 2018, Arizona passed HB 1091 that allows the tax department to accept payment in digital currencies.

https://dnotescoin.com/the-dnotes-story-an-unfolding-big-bold-idea-of-global-scale/

https://dnotesglobal.com/white-paper/