Author: Norah Amboko

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Mooncoin

What is Mooncoin?

Mooncoin is a proof of work (PoW) based cryptocurrency and platform designed to help advance the blockchain technology.

The name Mooncoin was derived from the large number of coins in the network, 384,400,000,000 coins, which is equivalent to the distance from the earth to the moon.

Since 2009 when Satoshi Nakamoto started Bitcoin, the adoption of the blockchain technology has been very slow.

The design of Mooncoin as an ecosystem seeks to create space for more people to join and become part of the blockchain technology as it moves to the next level.

Is it possible to make blockchain technology applicable even at the local level? The answer is “yes” according to the Moonlight development team.

Mooncoin is a cryptocurrency with no pre-mined coins or ICOs. The target was to facilitate equitable distribution of the coins to keep the network more secure.

The platform was created by a person known as Deaconboogie who remains a mystery just like Satoshi Nakamoto.

However, he is reported to have fallen ill and left from the project. Despite this, the decentralized nature of Mooncoin has made it remain strong and even grow to newer levels.

A closer look at the Mooncoin value reveals it has grown significantly since inception. In early January 2014, the price was $0.000005 and a market capitalization of $66,157. By the close of January 2014, the price shot up with more than 2500% to reach a price of $0.000136 and a market capitalization of $794,248.

The price gain achieved by the close of January did not last long. By early April 2014, the price sank to $0.000001 and remained within that range for the subsequent three years until April 2017. By December 2017 and January 2018, the price grew to $0.000775 and a market capitalization of $173,040,426. This was the highest mark in the coin’s history. By the third quarter of 2018, the price of Mooncoin was $0.000032.

What is the problem that Mooncoin Solves?

When Mooncoin was created, the blockchain network had already started spreading, and weaknesses of the early platforms such as Bitcoin were evident. Here are some of these shortcomings and others that Mooncoin seeks to address.

  • Poor adoption of blockchain technology in the community

In the early years of the blockchain technology, many people were unclear about the applications. Besides, the language of blockchain based developments was still very complex even to standard developers. Mooncoin wanted to simplify this so that both developers and general users could join and enjoy the blockchain niche.

  • Centralized mining

The main consensus algorithm used in the early years of blockchain technology was proof of work (PoW). As the technology grew, companies specializing in cryptocurrency mining started generating specialized equipment referred to as Application-specific integrated circuit (ASIC) miners to optimize returns. But ASICs brought about a serious problem of centralization of mining. Because they are very expensive and generate a lot of hashing power, it implies that mining was becoming a rich man’s operation only. This problem could negate the entire goal of decentralization espoused by Satoshi Nakamoto.

  • High cost and extended time of sending value across the globe

Sending funds across the globe especially through banks’ wire transfers was very expensive when Mooncoin was launched. Both the sender and receiver’s details had to be verified by centralized entities before the funds could be moved. The complex process takes long, it is expensive and can be very inconveniencing especially if the funds are required urgently on the other side of the globe.

  • Lack of privacy in financial transactions

If you save funds in a bank account, the details are known by a lot of people. The bank management, cashiers and political administration can easily access personal details. These details can also be obtained and account frozen through a court order. However, many people want to make their financial information as private as possible and free from third-party seizures.

How does Mooncoin Solve the problem?

The approach used to address the above issues is improving on the already available blockchain technology to help take the niche to the next level. Here are some of these solutions.

  • Simplified Mooncoin programming language

To make blockchain technology easily available and applicable, Mooncoin developers insisted that people needed to have more decentralized applications at the local level.

Therefore, they simplified the programming system with a language referred to as MoonWord.

The language ensures that more programmers can participate in the open-source development for coding and record keeping.

This simplification is what made Mooncoin remain strong and even continue growing after the departure of the founder. New developments have made the platform a better option with low transaction fee and faster block time. Now, people can easily join and build their projects.

  • Decentralization of the network

The Mooncoin system uses proof of work (PoW) consensus algorithm that comprises of nodes spread across the globe. When a user initiates a transaction such as sending value on the platform, the nodes take it up and follow back the public address to confirm whether there are enough coins. When the nodes verify transactions and add new blocks to the Mooncoin blockchain, they are rewarded with Mooncoin.

  • Scrypt proof of work algorithm

To address the problem of centralized mining, Mooncoin development team had to get a reliable method of blocking ASIC mining equipment. They opted for the Scrypt mining algorithm that had been tested and proven to work in Litecoin cryptocurrency network to address ASIC mining.

Unlike the SHA-256 function used in many proof of work networks such as Bitcoin, Scrypt is memory intensive and have a lower hash rate compared to SHA-256. Use of Scrypt mining algorithm ensures that even people with standard CPUs and GPUs can mine and own the MOON.

  • Advanced encryption to enhance personal privacy

To make transactions on the Mooncoin private, the platform uses decentralization and advanced encryption.

When you join the Mooncoin network, the details are encrypted to make it difficult for third parties to access your details.

Indeed, even the miners who confirm the details can only follow to check the balance on the public address. The miner cannot know the personal details of the user account.

What makes Mooncoin better than it’s competitors?

The rising number of cryptocurrencies in the market implies that they are in direct competition against each other.

However, they also compete against other conventional service providers in the field of interest. Here is a demonstration of why Mooncoin is better than its competitors.

  • The cryptocurrency market is considered stable because it has been in the market for longer

One of the growing concerns about blockchain networks is the danger of pump-and-dump schemes.

This is a method where a blockchain project is created and coins released with the sole purpose of defrauding clients. The only way to know this is checking for a project that has been in the market for longer and proven to be highly reliable.

Mooncoin is considered a highly stable network because it has been in the market for more than four years. Indeed, it is a demonstration of the strength of decentralization because the network has continued doing well even the founder left the network.

  • The network has simplified the blockchain development language to make it easy for more users

Even as new blockchain networks join the blockchain niche, many people only use the network either through purchasing the native coins or sending value.

However, Mooncoin simplified the process so that users could join the platform and plug their projects. Using MoonWord language, you can now extend your business operations as a layer on the Mooncoin blockchain.

  • Unlike the Mooncoin price, the community has continued to grow steadily

One way of assessing the strength of a blockchain platform is its community. Since inception, the Mooncoin community has been growing steadily. Even though the price of the native token is not as high as that of Bitcoin or other coins such as Bitcoin Cash, the community is optimistic that it will ultimately grow and even surpass the competitors.

  • Mooncoin is a completely private network

Unlike banks and other financial services that easily make your details accessible to a wide array of parties, Mooncoin is completely private. Indeed, even some blockchain networks such as Bitcoin are no longer considered private. The enhanced privacy of Mooncoin implies that you can now buy its coins and send value without worrying about third-party seizures.

  • Sending value on the Mooncoin network is cheaper and more reliable

As a completely decentralized blockchain network, Mooncoin platform allows users to send value on a peer2peer basis. This implies that the network bypasses profit-seeking organizations to make the transactions cheaper, faster and more convenient.

How can Mooncoin be categorized?

Mooncoin is a truly decentralized cryptocurrency and blockchain that are designed to help take the industry to the next level. The focus of the founder, Deaconboogie, was to help fix issues that were noted in other blockchains of the time especially Bitcoin. The approach has been very useful in attracting more developers and community to the blockchain sector.

What’s Mooncoin’s vision on Security?

The Mooncoin vision on security is to become the most secure network that everyone can join and enjoy decentralized services without worrying of attacks.

Deaconboogie was concerned that blockchain networks and related projects were increasingly becoming a target for hackers. For example, Mt. Gox was hacked in 2011, and more than 600,000 Bitcoins lost. To keep the Mooncoin network secure, Mooncoin development team adopted the following strategies.

  • The development team works on progressive updates that help to seal gaps and address vulnerabilities.
  • By adopting Scrypt mining algorithm, Mooncoin has managed to achieve even distribution of native coins. This is very important in preventing 51% attack.
  • The Mooncoin system is open-source. This coupled with an easy to use MoonWord language has helped to strengthen the Mooncoin system and make it extra secure.
  • The platform uses Digishield that adjusts the coin difficulty in protecting the network against multi-pools and over-inflation. The technology helps to prevent very many coins getting mined when mining pools target minting at a very low difficulty.

Examples of Mooncoin’s use cases/ applications.

Since inception, Mooncoin platform has grown to become a major blockchain ecosystem for all people interested in the industry. Its many use cases have helped to grow the community could help it outdo other top networks in the future. Here are some of the main Mooncoin use cases.

  • Paying transaction fee on the Mooncoin network. When you send funds on the Mooncoin platform, a transaction fee is levied to help motivate miners. This fee is paid using MOON.
  • Paying transaction fee when trading Moon in the markets. If you decide to trade MOON in the markets, a transaction fee can be paid using Mooncoin. Note that trading in these exchanges might include additional charges for making deposits and withdrawals from their accounts.
  • Paying taxes in jurisdictions that accept cryptocurrencies. Unlike in the past when many countries cautioned their clients against cryptocurrencies, things are changing. Some countries are now allowing their citizens to pay taxes using cryptocurrencies. In the USA state of Arizona, citizens are allowed to pay taxes using cryptocurrencies such as Mooncoin coins. Other countries where Mooncoin can be used to pay taxes include Singapore and Switzerland.
  • Paying for goods and services in online and conventional stores. As a cryptocurrency, Mooncoin can be used to pay for goods and services in the stores that accept them. Note that even when only a different coin is involved, it is still possible to pay with Mooncoin by converting using the exchanges.
  • Use Mooncoin as an investment platform. Many people coming to the blockchain network are interested in making investments and expecting huge ROI (return on investment). Even though the price of the MOON has not performed very well, the community is optimistic it will ultimately become one of the best in the market. Therefore, you can buy, hold or even trade in the markets.
  • Use Mooncoin to participate in the blockchain development. Using the simplified MoonWord language, you can opt to become one of the developers in the Mooncoin ecosystem. You could also create projects and plug them on the blockchain and become part of its ecosystem.

https://cryptomining-blog.com/tag/mooncoin-crypto/

http://mooncoin.com/

https://www.krypto-magazin.de/was-ist-mooncoin-coin/

 

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Bitcoin Plus

What is Bitcoin Plus?

Bitcoin Plus is one of the top cryptocurrency and blockchain networks that have demonstrated unique resilience and desirable success in the market. The cryptocurrency was created in 2014 by a group of cryptocurrency enthusiasts largely drawn from the Bitcointalk forum to help advance the original idea by Satoshi Nakamoto and address emerging issues.

The coin has recently shot to fame because of the coin’s good performance in the market.

  • The troublesome history of Bitcoin Plus

The original Bitcoin Plus developer who was only known by the handle XBC Plus ran away after receiving the network funds raised in an initial coin offering (ICO).

The new team that took over the coin development fixed the wallet, and everything appeared to stabilize before some of the members also disappeared with the coins they could get their hands on.

It was not until 2015 when two members of the community, JJMV, and Egghead, took over and helped to steady the ship.

The new ‘Took Over’ team hired a respected developer known as ‘Mammiax2’ who helped to fix the wallet cryptocurrency wallet and made it difficult for individual admins to siphon funds.

The goal of the system is making the cryptocurrency completely self-sustaining.

  • The Bitcoin Plus Shift to a fully proof of stake (PoS) coin

In 2015, a new XBC project was created and a new coin released. The coin still went by the name Bitcoin Plus and even allowed previous users to convert the old coins to the new ones on a ratio of 1:1 basis.

The Bitcoin Plus Coin (abbreviated as XBC) is a proof of stake (PoS) coin which implies that users only need to have some stake to mine the network. Note that it operated as a hybrid of proof of work (PoW) and proof of stake (PoS) until late 2017 when it was switched to a PoS consensus algorithm platform at the height of block 400,000.

  • The Bitcoin Plus value

The Bitcoin Plus value has changed over time to reflect the tumultuous history as its founder and developers changed focus. In May 2014, the price of XBC started at $11 but took slumped by more than 5000% in the subsequent four months to reach a low of $0.2 in August 2014.

The price remained below the $1 mark until August 2016 when it rose slightly and remained within the range of $1 to $3.1until May 2017.

The new development team made Bitcoin Plus very competitive, and the price grew to $189.50 by the close of June 2017. This was the highest mark in its history. In January 2018, the price also shot very high to $182 before declining to an average of $15 in September 2018.

The community holds the view that the coin could easily grow to rival the original Bitcoin.

What is the problem that Bitcoin Plus Solves?

When Bitcointalk forum community came together and decided it was time to create a new coin, the drive was irresistible.

The community believed that it had the power in its hands to help steer the cryptocurrency community. Here are some of the problems that the team sought to address using the network.

Note that the issues include the focus of the new Bitcoin Plus introduced in 2015.

  • Centralization of financial services

Many financial services in the market today are highly centralized. From banks to credit card companies, funds have to be deposited to centralized vaults with diverse management before you can be allowed to send value.

This centralization makes your funds an easy target by attackers. Such attacks can even be orchestrated through a legal battle with the goal of siphoning the funds via attorneys.

Bitcoin Plus aims at helping to make the system completely centralized for enhanced security.

  • The high cost of sending value across the globe

The cost of sending value through conventional means is very high because the organizations are designed to help optimize profitability. For banks, the cost could be double because the funds being sent might attract charges for both the sending and receiving institutions.

This is one of the reasons that have made many people seek refuge in blockchain networks such as Bitcoin Plus.

  • Scalability issues in most networks

When blockchain platforms were founded, their success was largely pegged on the ability to decentralize governance.

However, the requirement that all or most of the nodes must be involved when confirming transactions has resulted in serious scalability issues.

For example, Bitcoin can only handle four transactions/ second while Ethereum can only manage about 15 transactions/ second. This is a far cry when compared to about 24,000 transactions/ second for Visa.

  • Poor adoption of blockchain by the community

While the blockchain networks have been growing at a steady rate, the same cannot be said of the community.

The experts argue that many people still find the process of joining cryptocurrencies complicated. Bitcoin Plus wanted to make the community own and feel part of the blockchain system.

  • Privacy issues

When it emerged that transactions in the Bitcoin network are no longer as anonymous as initially thought, many people were very disappointed. Many cryptocurrencies such as Bitcoin Plus are created with one of the goals being to address privacy.

How does Bitcoin Plus Solve the problem?

When the Bitcointalk forum was created, the community was able to share the issues that affected the blockchain network and come-up with reliable solutions to address them. Here are some of the methods that Bitcoin Plus used to address the issues as mentioned earlier.

  • Bitcoin Plus has a built-in TOR

ToR help keep the Bitcoin Plus network more secure and private, it has an inbuilt TOR system (The Onion Router).

TOR is a system of volunteer nodes (relays) that receives signals and passes them to the next relays. Because the path of the transactions is randomly generated and the next relay can only know where to go once the signal is received, it is impossible to trace the origin of transactions.

This helps to make Bitcoin Plus one of the exclusively private networks.

  • The exchange has an inbuilt and highly effective wallet

Many people targeting to join the cryptocurrency niche often find it complicated because a lot of steps are involved.

For example, some cryptocurrencies require users to join third-party cryptocurrency wallets to store the native coins.

However, Bitcoin Plus has an easy to use wallet ingrained in its system.

This means that you do not need to incur additional costs or subject your XBC to another platform for storage.

  • Bitcoin Plus is available in multiple platforms

To provide users with greater control and guarantee better attachment, the Bitcoin Plus system is available for multiple platforms including mobile phones.

This implies that you can easily carry the Bitcoin Plus system, send value, and manage the XBC coins even on the go.

  • Bitcoin Plus operates as a decentralized network of nodes

Bitcoin Plus operates as a completely decentralized network comprising of nodes spread across the globe.

The nodes help with governance, running transactions and securing the network. When a user initiates a transaction such as sending value, it is taken by nodes that check the sender’s public address balance and add new blocks to the blockchain.

This means that users do not have to rely on centralized and profit-seeking organizations such as banks that are an easy target for attackers.

What makes Bitcoin Plus better than it’s competitors?

The fast-growing blockchain niche has seen many cryptocurrency networks entering the market to take advantage of the rising demand.

It has also opened the space for stiff competition from both blockchain based and non-blockchain based operators. Here are some of the things that make Bitcoin Plus better than competitors.

  • The network has passed through a very difficult past and emerged stronger. It is, therefore, considered a very reliable network compared to most networks in the market. It has also been in the market for more than four years. This implies that most of its network’s features have been tested and proven to work.
  • The native coin XBC has been doing relatively well in the market. The two times that XBC shot to more than $180 is considered a pointer of good things to come. Even at the current rate, the value is still doing better than many digital coins such as Mooncoin and Novacoin.
  • The platform has a very ambitious development team. After the departure of the founding team, the new development group at the helm of Bitcoin Plus is very active. The team easily identifies emerging issues and acts promptly to improve the network. For example, the team saw the threats that came with proof of work consensus algorithm and facilitated the effective shift to proof of stake algorithm.
  • The stable design of Bitcoin Plus has won the trust of most exchanges. This is one of the reasons why a lot of exchanges have agreed to list XBC.
  • Bitcoin Plus is a completely anonymous network that allows users to join and use the system without risking getting discovered by third parties. By using advanced encryption and The Onion Router system, no third party can follow back to know your details or even the transaction details.

How can Bitcoin Plus be categorized?

XBC is a completely decentralized and anonymous network designed to help advance the blockchain network. It was an early effort of the community to address the shortcomings noted in the blockchain network.

Even after the rough start when the initial developers disappeared with investors’ funds, another team took over and helped to push the system to the current revered status.

What’s Bitcoin Plus’s vision on Security?

The Bitcoin Plus vision on security is to help every person to get involved in the blockchain network securely.

The new development team was concerned that the security of the system could be compromised after the previous leaders ran away with investors funds.

Here are some of the methods used on the network to guarantee optimal user security.

  • The system uses proof of stake (PoS) algorithm that promotes even spread of the native coins to prevent the threat of 51% attack.
  • The development team is very active in identifying gaps in the core code and sealing them to avoid attacks.
  • The system uses advanced encryption and The Onion Router system to make the system extra difficult for attackers.

Examples of Bitcoin Plus’s use cases/ applications.

The main goal of the Bitcoin Plus team, like other cryptocurrency networks, is to get adopted as a method of payment by both users and traders. Here are some of the main use cases of the Bitcoin Plus applications.

  • Use the XBC coins to pay for transaction fee on the Bitcoin Plus network. When sending value on Bitcoin Plus, a transaction fee to motivate the miners on the system has to be paid using XBC coins.
  • Pay the transaction fee in the markets when trading XBC. For those who opt to trade in the markets, the operational fee can be paid in XBC coins. Remember that you might also be required to pay an additional fee in XBC such as deposit and withdrawal charges depending on the selected exchange.
  • Use the native coins to pay taxes. Cryptocurrencies such as XBC and Bitcoin are increasingly being accepted as a means of relaying value. In the state of Arizona, cryptocurrencies are accepted as a method of paying taxes. Another jurisdiction that allows users to make official transactions using cryptocurrencies is Singapore. The country’s leadership insists that users can make payment using fiat or crypto coins because the primary goal is sending value.
  • Use Bitcoin Plus coin to invest or save funds. If you want to save money away without worrying that a third party or curious bank managers can know, the best method is going blockchain. Using anonymous systems such as Bitcoin Plus, you can buy the native tokens and hide funds without worrying about third-party seizures. You can also hold on the tokens waiting for the value to go up or even trade them in the markets.

https://www.bitcoinplus.org/history.php

https://www.bitcoinplus.org/