What Is Circuits of Value?
The Circuits of Value is a decentralized and peer2peer cryptocurrency created in 2015 by Michael Sullivan. Sullivan is known for his achievements especially in coining the term “crowdfunding” in 2006 even before Satoshi launched Bitcoin.
The blockchain is the future of society. While it was less known and Satoshi Nakamoto appeared alone in 2009, every sector is now trying to join the industry with a crypto. One of the older cryptocurrencies to join the market is Circuits of Value (Coval).
Circuits of Value is one of the coins that have been doing well in the market. Its community holds that it has the potential to become the next Bitcoin in the crypto niche.
His target is helping cryptocurrency networks to implement peer2peer communication. His work could not be complete without the support of Shannon Code. Code is an expert in gaming and has been very instrumental in helping Circuits of Value venture into the gaming industry.
- A closer look at the price performance of Circuits of Value
When Circuits of Value entered the market in January 2015, the price was $0.00043. The value remained around the same range for about one year before starting to rise in February 2016. By July 2016, the value of the coin had risen to $0.002 which represented about350% growth.
After the peak, the price dropped to in August and remained around $0,001 until May 2017. In June 2016, the value shot up to $0.01 before falling to $0.004 in November and climbing again to hit a peak of $0.045 in early January. But the good performance did not last.
Starting from January 2018, the price took a bearish trend sinking to $0.005 by April and falling further to $0.003 in October 2018. Note that the bearish trend has been evident in most coins as the prices adjust after the surge experienced in December 2017 and January 2018. Therefore, though the community is indicating that the coin has good potential for growth, it will be interesting to see the performance in the next few years.
What is the problem that Circuits of Value Solves?
If you are looking forward to joining the cryptocurrency niche, it is advisable to check the potential of a coin and its network becoming key players in the niche. One way of doing this is checking how effectively the crypto solves the issues reported in the market. In the case of Circuits of Value, here are the issues it solves:
- Poor adoption of the cryptocurrencies and blockchain technology in the society
Though the cryptocurrencies entering the market are many, it is ironical that the penetration into society has been poor. When new coins are announced either through private sale or an initial coin offering (ICO), those who rush to buy are the investors. For them, the primary goal is not to facilitate faster adoption of technology, but to optimize returns when the price moves up.
As the tokens are mopped out of the market, many people who would have used the tokens to make daily purchases in the local stores left out. By the time the tokens reappear in the market, the price will be very high and unaffordable to many people.
In the markets, the process of buying digital coins is complex. People are required to join centralized exchanges that list the preferred coins and form trading pairs. Note that the exchanges also charge a fee. In many cases, buying tokens from exchanges requires users to start by learning about trading crypto markets.
Poor adoption of cryptocurrencies is also caused by negative publicity about the digital coins. Some governments have been advising their citizens against buying cryptocurrencies. A good example is the EU Commission. The giant union is of the opinion that cryptocurrencies are going to disrupt the smooth operation of the euro and other currencies. Therefore, it has been advising residents against the cryptos citing reasons such as the danger of complete loss and lack of consumer protection.
- Difficulty in cross-chain communication
While the cryptographic experts have been working very hard to take blockchain technology to the next level, one area that has lagged behind is the cross-chain application. This means that if you are in Bitcoin network and want to send some coins to a person in Ethereum, you have to join the two networks. But this is not all.
You will also be required to use a centralized exchange to change the Bitcoins to Ethereum coin before sending to the targeted recipient. This process is lengthy and expensive. It is also risky because the exchanges have become an easy target for hackers.
- Centralization of financial services
For decades, financial services have operated in a centralized way. This means that when you initiate a transaction to send value, it is processed from a central point. The management of the bank or credit card company is required to check the user details and further follow the anti-money laundering regulations.
The lengthy evaluation process makes the process of sending value via a bank to take very long. In some cases, it could take up to four days before the transaction is completed. Circuits of Value addresses the problem by cutting the time to only a few seconds.
How Does Circuits of Value Solve The Problem?
When the Circuits of Value founder started working on the digital coin and its platform, he wanted to present a new and superior system that people could rely on without worrying of suffering from bureaucracies. Here is a demonstration of how Circuits of Value achieves the above goal:
- Multi-chain technology
To address the problem of cross-chain communication, the Circuits of Value system uses multi-chain technology that allows development of side-chains attached to the main network. This implies that the Circuits of Value system supports users to create their own chains but running them attached to the primary blockchain.
The advantage of the side-chains is that they can easily communicate with the main chain (Circuits of Value) and other chains. This means that it will be easy to send value from one side-chain to another without requiring a centralized exchange.
The technology is also encouraging more players to join the blockchain niche because the process of creating new coins is simplified. Most of the work has been done because the main blockchain is already there, Circuits of Value. The Circuits of Value development team can help you craft a side chain promptly and release your coin into the market.
- Integrating crypto exchanges ‘
While the ideal of side-chains is very impressive, the extent of its application still has some limitations because communication can only take place between the hoisted chains. To open the doors for the Circuits of Value users to interact with other coins and trade them easily, the network has integrated ShapeShift exchange into its system.
This implies that you no longer have to worry about perusing through dozens of exchanges to select the best, ShapeShift is right on the Circuits of Value dashboard. Therefore, whether you want to buy Circuits of Value coins using BTC or ETHM, the process is easy and fast.
- Complete decentralization
The problem of centralized financial services is addressed through complete decentralization in the s Circuits of Value system. This method involves using a network of nodes to do all the transactions in the system without involving a centralized banking facility.
The nodes spread in the Circuits of Value network take up transactions and follow the public address to ensure that the sender has ample funds to send. In return, the nodes are rewarded with part of the transaction fee charged on the system.
The distributed nodes are also responsible for all the decisions made on the network. Whether it is a new feature that has been suggested by a member or additional technology, it is the work of the nodes to decide and approve/ disapprove.
The decentralized system ensures that there is no centralized point of failure in the system. This implies that there is no risk of users losing money due to mismanagement or interference by political authorities.
- Use of smart contracts
Smart contracts have become the bottom-line of most crypto applications. They are preferred in the Circuits of Value system because of self-execution. This implies that the system can run a decentralized application such as gaming without requiring a third party to counter-check compliance.
The smart contract development starts by creating the rules to be followed by two parties and implementing them in the blockchain. Once both parties meet the pre-set requirements, the smart contract executes the transaction. It is a reliable method of running advanced transactions without worrying of violation by either party.
What makes Circuits of Value better than it’s competitors?
When the Circuits of Value founders decided to launch the system, they knew that the market already had players who were offering similar services. Therefore, they packaged the Circuits of Value carefully to make it better and more attractive. Here are some of the things that make Circuits of Value better than competitors.
- The Circuits of Value system provides users with a cheaper and faster way of sending value across the globe. Because the network operates as a decentralized system, sending value takes place on a peer2peer basis. This helps to eliminate all the bureaucracies to ensure that the recipient gets the funds immediately.
- The Circuits of Value network is led by some of the top minds in the blockchain niche. The team inspires confidence to the community such that more people believe that the coin will become one of the leaders in the market.
- The system allows users to join and own the system. Unlike the banking systems that make people feel detached because they are not involved directly with the management, Circuits of Value is different. When you join the system to send funds or run a node, the system ensures that you are part of it.
- The Circuits of Value system operates as a completely encrypted network. This means that users can enjoy sending or investing without worrying about third-party seizures.
How can Circuits of Value be categorized?
Circuits of Value is a next-generation cryptocurrency network that is helping to provide workable solutions to issues affecting blockchain niche. The platform is expected to continue showing the way because of its committed and professional leadership. For example, the operation of side-chains has become a reliable technology with other networks picking it to address the same problem.
What’s Circuits of Value’s vision on Security?
The Circuits of Value vision on security is to offer users with a secure platform for their decentralized operations. The target is ensuring that whether users are sending value or running side-chains, they can do it without worrying of attacks and loss of their investments.
Examples of Circuits of Value’s use cases / applications
If you want to know the value of a cryptocurrency and its system, the first stop should be checking how it is applied. Here are the use cases of Circuits of Value coin and network:
- You can use the Circuits of Value system to send value on a peer2peer basis. As a decentralized system, the transaction takes place without involving third parties. Note that the recipient should be on the same network or a supported side chain.
- The Circuits of Value coin presents users with a good opportunity to invest and store value. If the value of the coin goes up, you will enjoy good return on investment.
- The Circuits of Value coin can be used to pay for goods and services. As more stores start supporting digital coins, using the tokens to pay for goods and services is becoming easy. Even if there is a shop that supports a different coin, make sure to use the exchanges to change your coins to the supported tokens.
- Use the Circuits of Value to trade in the markets. Like other coins in the market, you can pair Circuits of Value with other coins such as BTC or XPR to start trading in different markets.
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