What is Bata?
Bata (BTA) is a decentralized and open-source cryptocurrency that was forked from Litecoin core. It was launched in May 2015 with the main focus being to provide privacy and anonymity to transactions. The cryptocurrency name is derived from the term “barter” which means exchange of products for others without using a currency.
The cryptocurrency uses scrypt proof of work hashing algorithm just like the mother coin, Litecoin. However, it differs fundamentally by only having five million coins as opposed to 84 million LTC. The focus was to keep the coin supply limited and ensure the value remains high.
However, the effectiveness of the low supply model in keeping the price of the coin high attracted criticism from the community because the value has remained relatively low compared to others in the market. Here is a closer look at the price performance of Bata coin.
- The performance of Bata Coin in the market
When Bata coin entered the market in May 2015, the value was $0.0008. Then, the value dropped marginally to $0.0002 by October before taking a sluggish but steady rise. By December 2015, the value had risen to $0.003 and climbed further to $0.01 in April 2016. The value slid back to $0.007 by December 2016 before taking a steady bullish trend in 2017.
By February 2017, the value had grown to $0.03 before taking a sharp bullish trend that shattered the $1 ceiling to hit $1.2 in June 7th, 2017. This was the highest mark in the Bata’s history. Then, the price took a downtrend sinking to $0.4 before hitting another peak of $0.8 in October 2017.
Again, it fell sharply to hit a low of $0.1 by mid-November 2017 before shooting to $1.13 in January 14th, 2018. But this positive show of 2017 did not last. Between the first quarter and close of the third quarter of 2018, the value of Bata took a steady bearish trend culminating to $0.07 by the close of September 2018.
What is the problem that Bata solves?
When Bata was created in 2015, the founders were responding to the community’s cry that financial transactions were overly complex and expensive. Therefore, they sought for a comprehensive solution that could help address the community issues and advance the crypto niche. Here are the problems that Beta solves.
- Lack of privacy in financial transactions
The conventional financial model is operated in an open manner that makes it easy for people to easily access user info. The banks and credit card companies are required by law to run open and auditable systems that can be used to easily identify the risky parties.
The anti-money laundering (AML) and know your customer (KYC) rules imply that the financial institutions serve as a peeping point for present administrations. Therefore, when you send funds using a bank, the details are known by cashiers, bank management, and political system.
Lack of privacy means you can be an easy target by attackers and even lawyers. Once you are known to have a lot of money in a bank account, a case can be hauled your way in order to force you to seek expensive legal redress. At the end of the case, the lawyers will have made some income from you.
A reliable method of enhancing financial privacy is going the blockchain way. However, even the blockchain strategy does not always guarantee the anonymity that people seek. For example, Bitcoin platform is not as private as people expected it to be after launch.
The blockchain network uses pseudonyms method of encryption which makes it easy for authorities to break through and know individual user’s details. For example, even with the pseudonyms, the IP address can still be followed to reveal the source of transactions. Your details could also be pulled out through transaction analysis.
- The high cost of sending value especially internationally
The cost of sending value from one region to another through wire transfer is very high. Banking institutions are run as profit-based organizations that seek to optimize returns for shareholders. The financial institutions also raise their charges to cater for various expenses such as rent and wages.
Though the blockchain networks such as Bitcoin and Ethereum have helped to pull down the cost of sending value with a great margin, the Bata development team held that it is possible to cut the charges even further.
- Poor adoption of cryptocurrencies into the society
While the society appreciates that blockchain is the way to go in solving major societal problems especially in the financial sector, the uptake has been very poor. If you walk down the city targeting to make a purchase with native coins, the chances are that only a few or none at all will be available.
When new coins are announced through initial coin offering (ICO), the people who run to mop them from the market are investors. Most of them target holding the coins until the price moves up before selling at a profit. Therefore, many users especially those interested in the daily application of the coins end up getting locked from away.
How does Bata solve the problem?
To solve the above problems, Bata opted for a multi-dimensional approach. Here are the main strategies that Bata employed to address them.
- The Onion Routing network
The Onion Routing technology is a method of enhancing anonymous communication in a computing network. Bata uses TOR system by encapsulating the messages in layers of encryption and application of analogous layers. The encrypted data is relayed via nodes referred to as onion routers that ‘peel’ off progressively until the message reaches the final destination.
The TOR system helps to keep transaction anonymous because the involved nodes do not know the ultimate destination. Instead, they only have info to help them hand over to the next node until the message reaches the final destination. Besides, they peel off progressively so that an interested party would not find info to follow once a transaction has been completed.
- 12P technology
To keep user info and communication as private as possible, the Bata development team also employs the invisible internet project (12P). This is an invisible anonymizing network designed using Java. It operates using the same principle as TOR but it is designed to facilitate real-time communication in a decentralized manner.
The commitment to anonymity made Bata get categorized with other top private coins such as Monero and Zcash. This design has also helped to make the native coin more competitive.
- Complete decentralization
Most of the problems that Beta seeks to solve are addressed through through decentralization. Bata operates as a network of nodes that run the platform. This means that instead of relying on a centralized organization such as the banking system, the transactions and governance are operated by users spread in the network.
When a transaction is initiated, it is picked by nodes on the platform that follow back to check whether the initiator has ample funds and also prevent double spending. Note that with advanced encryption and use of 12P technology, the miners can only follow back to confirm public address balance as opposed to knowing the details of the private keys.
By keeping away the centralized financial companies, it means that Bata does not have to incur the cost associated with standard transactions. The only cost that Bata users have to incur is paying miners a motivation fee and supporting the network development. Note that users are also involved in setting the price through decentralized governance.
What makes Bata better than it’s competitors?
When Bata entered the market in 2015, the technology was evolving rather fast and new coins were joining the market at a very fast rate. By mid-2018, more than 1500 coins had entered the market. But Bata is also competing against the conventional financial services providers such as banks and credit card companies. Here are the things that make Bata better than competitors.
- The Bata coin is completely decentralized. This means that it bypasses the profit-seeking organizations which make the transactions faster and cheaper.
- By utilizing the proof of work protocol, it users can use and own the Bata network. This is different from the common banking or credit card models where users are not consulted when new features or decisions are being made.
- The Bata system is a completely anonymous crypto coin. This means that you can save and send money without worrying about getting discovered by third parties such as government authorities.
- The Bata coin has a very aggressive team that focuses on progressively advancing its network. For example, the team explored and adopted TOR technology that helped to enhance anonymity and security of the native coins.
- The platform has been in the market since 2015 and demonstrated that its features and structures are stable. Unlike the newer projects that are viewed with skepticism because users do not know whether they will turn into pump and dump schemes, Bata is attracting more users because it has been proven to work.
How can Bata’s be categorized?
Bata is a completely decentralized, anonymous and ambitious project created to help users run their transactions without worrying about third-party seizures. The application of advanced technologies such as The Onion Routing network and 12P technology has made the coin get categorized together with others such a Monero and Zclassic.
What is Bata’s vision on security?
The Bata’s vision on security is to provide users with a completely anonymous and secure platform for sending value. The platform has demonstrated its commitment to achieving the mission through its unique features such as The Onion Routing technology. Other methods used to keep the network secure include:
- The system utilizes advanced encryption that helps to keep user info free from third parties and attackers.
- The system runs as a completely decentralized system. This implies that there is no single point of failure because the data is stored by different nodes spread in its system.
- The development team progressively reviews the security of the network and releases updates to close all gaps that can result in attacks.
Examples of Bata’s use cases/ applications
To know the suitability and effectiveness of a cryptocurrency and its native network, one of the reliable methods is looking at its applications. Crypto networks such as Bata are projected at reaching more people through diverse applications. The following are the main applications of Bata coins and its platform.
- Bata coins can be used to send value on a peer2peer basis. Like other coins, the Bata tokens can be used to send value on a peer2peer basis. Note that unlike the banking system that comes with restrictions that make it impossible to send funds on weekends and public holidays, Bata coins can be relayed any time of the day or night.
- The Bata coins can be used to pay for goods and services. You only need to identify a store that accepts Bata coins downtown or online to pay for your merchandise. Note that even in the event that only a different coin is supported, it is still possible to make a purchase by converting to the supported coin using crypto exchanges.
- Bata coins can be used as a reliable method of investing or saving money. You only need to buy the coins and hold them awaiting the price to go up before selling. To recover your funds, you can sell to buyers either in peer2peer platforms or centralized exchanges.
- Bata coins can be used to pay for taxes. If you live in a jurisdiction that supports cryptos, it might be possible to pay for government taxes using Bata. One example is Arizona.
After passing bill HB 1091 in April 2018, residents of Arizona can now pay taxes using cryptocurrencies.
- The Bata system can be used to trade in the markets. If you want to trade cryptos, one option is pairing Bata with another token such as XRP. Note that the process will require you to start by joining the preferred market.
Traders are also required to verify their accounts before they can be allowed to trade in the markets. At this point, it is important to be careful because centralized exchanges can result in the loss of anonymity. Therefore, you should consider using decentralized exchanges that allow users to trade directly from their wallets.
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