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BlockPay

What is BlockPay?

BlockPay is a simple, fast and independent digital platform designed to allow businesses to accept payment in digital coins at zero cost. The network also features a native token referred to as BlockPay Coin. This means that BlockPay and BLOCKPAY can be used as a standalone platform or together with other coins.

BlockPay was founded by Christopher Hering in 2016. It is important to point that Hering has been a notable personality in the development of Bitshares Munich; the company is behind the development of Echo and BlockPay.

The design of BlockPay was aimed at providing a robust solution that the industry can rely on for faster growth and success. Its development team was concerned that the crypto niche was slowly fizzling out for lack of support from the community.

  • The BlockPay coin’s performance in the market

When BlockPay entered the market in September 2016, the value of its native coin was $0.22. However, the price took a downtrend that culminated to $0.074 by the close of October 2016.

Starting from January 2017, the value took an uptrend that continued steadily to hit a high of $0.6 in June 2017. This was about 170% growth from the starting price. In the subsequent month of February, the value dropped to $0.26 before taking an uptrend that culminated to another peak of $0.61. This was the highest mark in the coin’s history.

Though the general trend followed by BlockPay coin from June 2017 to the close of 2018 is bearish, it is market with regular peaks. For example, the price shot up and peaked at to $0.5 in August 2017, $0.04 in October 2017, and $0.4 in January 2018. Other peaks were recorded in February and April 2018.

The development team indicates that with the commitment of BlockPay to deliver reliable solutions to the crypto niche, the value of its native coin has a good chance of becoming the next great token in the niche. However, the success of the network will depend on the adoption of decentralized exchanges that are also targeted at facilitating direct payments.

What is the problem that BlockPay solves?

Take a closer look at the crypto niche and you will notice that everything looks okay. But the reality is that it is slowing down because of the emerging forces. For example, many people are running away from Bitcoin after it emerged that it is not anonymous and its network is simple. The following are the main problems that BlockPay addresses.

  • The high cost of sending value

The cost of sending value using standard financial services is very high. The high cost arises from the fact that traditional financial organizations follow a profit-based model. The organizations charge high transaction fees to ensure that shareholders get high returns and all the expenses such as rent catered for.

  • Poor adoption of cryptocurrency networks

Starting from 2009 when Satoshi Nakamoto released the first crypto coin, it has been a race to add more altcoins. By mid-2018, there were more than 1500 coins in circulation. However, the adoption of the native coins as a means of payment in the market has been slow.

If you have some coins and want to spend them, the chances of getting a store that supports them in the neighborhood are very few. BlockPay targets to address this problem by creating a system that allows traders to accept many coins at no extra cost.

  • Poor scalability

When blockchain technology was founded, people believed that the solution they were waiting for had finally dawned. Though they were right, it soon emerged that blockchain networks were not designed to handle massive transactions. The nature of blockchain systems that require all or most nodes to come to a consensus before transactions are completed has been causing major lags.

If you check the most valuable network today, Bitcoin, its system can only support seven transactions per second. Even the more advanced Ethereum system can only support 20 transactions/ second while Bitcoin Cash can handle 60 transactions every second. These are very low rates when compared to industry leaders such as VISA that can run up to 20,000 transactions every second.

How does BlockPay solve the problem?

To address the above problems, the BlockPay founder and CEO indicated that they sought a creative approach that would assist even other coins. This is why BlockPay supports even other coins. Here are the main methods that BlockPay uses to address the problems.

  • The BlockPay integrated system

For cryptocurrencies to gain greater acceptance, the secret is ensuring that more stores can accept them for payments. Many people get deflected from cryptos when they realize that lengthy processes are required for direct purchases from stores. BlockPay addressed this problem by introducing a downloadable standalone app for stores referred to as BlockPay integrated system.

The system is used by merchants such as e-commerce and conventional stores as Point of Sale app for crypto coins. It allows traders to accept payment in cryptocurrencies without changing them. For example, if you want to buy a freezer from a store that has BlockPay integrated system, you have the option of paying in Bitcoins or BlockPay coins and other top coins.

The interesting thing is that the BlockPay integrated system is free. This means that merchants do not have to worry that using the native coins will raise the price tag of their products. Besides, the payment transactions complete fast to ensure that clients do not get stuck in the queue.

  • The Echo multi-currency wallet

This wallet is considered an important part of bringing together the crypto niche and make adoption of native coins faster. The wallet allows users to store and pay for products using multiple coins such as Steem, Dash, Bitcoin, Ethereum and BlockPay coins.

The wallet also helps users to manage their coins from one point and take advantage of the low transaction charges. To help users make their transactions anonymous, the wallet employs stealth addresses to ensure that no third party can easily follow your transactions.

Note that the BlockPay system also integrates with other top wallets such as Jaxx Dash wallet, and Mycelium. This operational model has helped to provide a stepping stone for other coins to get accepted in the market.

  • Complete decentralization

BlockPay coin operates as a completely decentralized system. The primary goal of starting the BlockPay system was to advance the idea of decentralization. The BlockPay coin operates as a completely decentralized network where transactions are confirmed by miners spread in its network.

By supporting total decentralization, BlockPay ensures that the centralized profit-based organizations are bypassed. Therefore, you can expect the transactions to be cheaper and faster. Most transactions are completed in about 5-15 seconds.

With the new BlockPay integrated system, users no longer have to fear of getting stuck with coins for direct payments. As more stores adopt the BlockPay integrated system, the chances are that even the neighboring stores will start accepting payment using top coins.

What makes BlockPay better than it’s competitors?

When BlockPay was launched in 2016, the market had become highly competitive. By mid-2018 the number of native coins had reached 1500. To beat the competitors and win a bigger market share, here are the things that make BlockPay a better option:

  • BlockPay does not charge buyers a transaction fee

This is one of the selling points for BlockPay that has helped it capture a large market share in the niche. By providing a free platform, more buyers are willing to buy through BlockPay because there are no additional costs. Why pay a transaction fee when you can complete the payment complete free?

  • BlockPay allows users to operate in total privacy

Unlike the banking system or Bitcoin that could easily get your personal details exposed to third parties, BlockPay is different. The system encrypts users’ details and also uses stealth addresses in the Echo wallet to ensure that all transactions are private. This means that you can make a direct purchase without worrying of chargebacks or getting tracked by authorities.

  • The transactions are completed faster and cheaply

Unlike the traditional financial services through banks where payments can take up to four days, the BlockPay clears in less than five seconds. The maximum that you can expect for transactions to last is 15 seconds for crypto coins such as Bitcoins.

  • The BlockPay system allows traders to plug into other points of sale

The good thing about BlockPay is that it allows traders to integrate it with their points of sale. This means that traders who accept BlockPay will only be adding another line of payment for their stores.

  • The BlockPay is led by an aggressive team

A cryptocurrency or crypto network is as good as its development team. The team has demonstrated that it can provide the solution that the niche has been looking for. From the previous highly successful projects such as the Echo wallet to the integrated API, the BlockPay’s development team targets to guide the industry to the next level.

How can BlockPay be categorized?

The BlockPay is an innovative project that seeks to address the problem of poor adoption in the society. By making it easy for traders to download and use the BlockPay integrated system, BlockPay has helped more people to see the coins like the standard fiat currencies. For example, you can simply walk into a store and pay for the products using Bitcoins or Ethereum in seconds.

What is BlockPay’s vision on security?

The BlockPay’s vision on security is to become the most comprehensive and secure crypto platform in the industry. The development team puts a lot of emphasis on securing the platform by ensuring that its native coins, as well as those secured using the Echo wallet, are secure. Here are some of the methods used to keep the system secure:

  • The BlockPay operates as a completely decentralized system. This ensures that there is no single point of failure that can give attackers an easy target for users’ assets.
  • The BlockPay system is completely encrypted. This means that those using its native coin can operate without worrying about third-party seizures.
  • The development team is regularly reviewing the BlockPay code to ensure that gaps and vulnerabilities are identified and addressed promptly.

Examples of BlockPay’s use cases/ applications

When the BlockPay’s development team set out to launch the BlockPay system, it knew that success was only possible if they could attract more users. Therefore, they have been growing the platform and native coin’s applications to include the following:

  • The native BlockPay coin can be used to pay for goods and services. You only need to identify the store that supports the native coin to make a direct purchase.
  • The BlockPay integrated system is an easy to use application that allows stores to accept payment in crypto coins and top fiat currencies. This means that your store no longer has to restrict buyers who only have fiat currencies. Rather, the BlockPay system makes it possible to accept payment in crypto coins.
  • The BlockPay coin can be used to pay for government services. If you reside in a jurisdiction such as Singapore or Arizona that support crypto coins, it is possible to pay for services such as utility bills and taxes. Take the case of Arizona.

After passing Bill HB 1091, Arizona residents can now pay taxes using digital coins. The new law requires the tax department to convert the digital coins into fiat currency and credit it to the payer’s account.

  • The BlockPay coins can be traded in the markets. The crypto markets operate like the forex markets that are driven by market forces of demand and supply. However, it is important to appreciate that the cryptocurrencies are not regulated and their value can fluctuate with a huge margin in a short time.
  • The BlockPay coins can be used as a store of value. Like other coins such as Bitcoin and Ripple, you can purchase the native BlockPay coins and use them to store value.

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Dimecoin

What is Dimecoin?

Dimecoin is an open source, peer2peer electronic cash system and a crypto coin created to help advance the cashless economy. The coin was created in 2013 by an anonymous team that wanted to enhance the security of users and their coins.

The Dimecoin development team was concerned that though the cryptocurrencies were increasing rather fast, the adoption and use at the community level was still very poor. In their whitepaper, the Dimecoin points that they target a situation where every adult, child, and business will be able to use DIME to enjoy the benefits that come with blockchain technology.

  • A closer look at the Dimecoin price performance

Though Dimecoin work started in 2013, DIME trading in the market can only be traced back to early 2014. On 6th January 2014, the value of DIME was $0.000002. Then, it fell to $0.000001 in March 2014 and continued on the downward trend to hit a low of $ 1.25e-7 by October 2015.

The poor performance continued throughout 2016 and early 2017. In February 2017, the price rose marginally to hit $0.000002. By December 18th, 2017, the value had risen to reach $0.000036 before climbing further to $0.00027 in January 2013. This was a huge leap of about $13,400% from the starting price.

However, the good show did not last. Immediately after hitting the highest mark in its history early January, the value took a bearish turn and continued dropping for the better part of 2018. By early December 2018, the value of DIME had sunk to $0.000005.

Though the development team led by the Ryan Downey is optimistic that the coin will finally become the best in the market, the poor show in 2018 calls for extra caution when investing in it.

What is the problem that Dimecoin solves?

When Dimecoin was created in 2013, the development team wanted to change the face of cryptocurrencies. It is important to point that in the previous three years, the crypto niche had attracted the interest of hackers resulting in major losses such as the 600,000 BTC from Mt. Gox. The following are the main problems that Dimecoin solves.

  • Poor adoption of Dimecoin by the community

When Dimecoin was released in 2013, the crypto space had become very attractive to cryptographers and financial experts. While many coins such as Litecoin, Novacoin, and Devcoin had hit the market by 2013, the adoption at the community level was still very poor.

For example, if you had Litecoin tokens in 2013, finding a trader who could accept it would be very difficult. Dimecoin wanted to be a coin that every party including businesses could easily adopt.

  • The complexity of the SHA-256 algorithm

In the initial years of blockchain application, most coins employed the SHA-256 consensus algorithm. This is a secure hash algorithm created with Merkel-Damgard structure and the Davies-Meyer structure. Though it is considered very secure, it comes with some major limitations that Dimecoin targeted to address.

The SHA-256 makes the systems very slow. For example, Bitcoin can only handle less than 10 transactions every second. The slow speed makes networks using SHA-256 an easy target for attackers. The development team was concerned that SHA-256 networks were likely to become exposed to transferable state attacks. Therefore, they held that it was time to try a different hashing algorithm.

  • Centralization of mining

Most coins launched a couple of years after Bitcoin’s release used proof of work (POW) protocol. The protocol requires miners to generate high computing power to solve complex puzzles in order to confirm transactions. The main issue with the protocol is that the mining difficulty grew so much making it uneconomical to mine using standard CPUs and GPUs.

To address the problem, the industry started generating advanced mining equipment referred to as Application specific integrated circuits (ASICs). These are advanced equipment that generates high hashing power to make mining easy and fast. While this sounds impressive, it has a serious downside of cost.

The ASICs are very expensive such that only the rich in the society can afford. This raises the risk of only a few wealthy parties taking control of mining, and owning the majority of coins. It also raises the threat of 51% attack.

  • The high cost of sending value

Though many coins were making inroads into the community by 2013 when Dimecoin was launched, a lot of people still clung to the conventional financial services. The main issue with traditional financial services such as banks and credit card companies is that they are very expensive.

Because financial organizations such as banks are profit based, they explore every possible method that can be used to help optimize returns. Therefore, they raise the transaction charges to meet the targeted profit margin and costs of operations.

 

How does Dimecoin solve the problem?

When the Dimecoin’s development team set out to address the above issues, they appreciated that only multi-dimensional approach would deliver results. Here are some of the methods they used to address the problems.

  • The application of quark hash function  

Quark is a cryptographic hash function that was designed by Jean-Philippe, Willi Meier, Luca Henzen, and Maria Naya-Plasencia. The hash function was created as a light-weight cryptographic option to operate with minimal memory requirements.

Though SHA-256’s security is not in question, Quark improves on it by ensuring it is resistant to ASICs. This means that more miners can participate with their standard devices such as CPUs and GPUs.

By making it easier for more people to mine the coin, Dimecoin solved the problem of the token penetration into the community. For example, you do not have to purchase the coins from the exchanges in order to own and use them. Your standard CPU can be used to mine them.

  • Complete centralization

To address the problem of high cost of sending value and poor adoption in the community, the Dimecoin team ensured that the network is fully decentralized. The network operates as a network of nodes spread across the globe.

When users join the platform, they become part of its system. For example, when a user who wants to send value initiates a transaction, it is picked by miners. Then, they follow the sender’s public address to ensure that he/she has ample coins and there is no sign of double spending.

When every detail is confirmed, the transaction is added to the next block before getting enjoined to the public ledger. The whole process implies that sending value using Dimecoin is direct and cheaper because no profit based organization is involved.

What makes Dimecoin better than it’s competitors?

When Dimecoin entered the market, it was faced by a monumental task of winning significant market share in a highly competitive niche. Other more established coins of the time such as Litecoin and Bitcoin had already established themselves. But this was not all.

Dimecoin also had to compete with other conventional financial services. Today, the crypto market has become even more competitive and Dimecoin has to face newer technologies being introduced in the niche. Here are some of the things that make Dimecoin better than competitors.

  • The coin uses a more advanced proof of work hashing model. Instead of adopting the common SHA-256 hashing model, Dimecoin uses the Quark hashing model that is considered more secure and effective.
  • Dimecoin provides users with a cheaper and faster method of sending value across the globe. As a completely decentralized network, it implies that Dimecoin allows users to send value directly without relying on centralized operators. This means that transactions are completed instantly and at lower rates. Instead of using wire transfers that can take up to four days, Dimecoin ensures that your funds are sent in less than a minute.
  • The design of Dimecoin provided improvements to the major coins that existed in 2013. This makes it very impressive even today. Some of these improvements include; 30 seconds block time and mining difficulty adjustment after every 20 blocks. This is better than Bitcoin that has block generation after every 10 minutes and mining difficulty after 2016 blocks.
  • The Dimecoin allows users to send value and invest anonymously. If you send funds through the conventional banking system, there is a risk that a lot of people will know about it. For example, the cashiers and bank management can easily access your details.

To enhance the privacy of users, Dimecoin uses advanced cryptography. From user account details to their operational transaction history, all the details are out of reach. Even the miners who follow the transactions and confirm them can only check the balance on public addresses.

You can, therefore, send value or invest on the network without worrying of getting discovered by third parties.  Nobody can know about your details. Even a court of law cannot order for production of your financial reports from Dimecoin because it lacks jurisdiction.

  • The Dimecoin network allows people to use and own the network.  If you use a credit card to send value, there is little association with the company. The only association is that the credit company is allowing you to make payment or send value for a fee. However, Dimecoin is different.

The development team wanted to ensure that users also own the network. When you send value on Dimecoin system, you also become part of the owner. You could even become a node and participate in confirming transactions. When major decisions about the network are being made, you will be called to vote.

How can Dimecoin be categorized?

Dimecoin can be categorized as a completely decentralized network. This means that the network does not have a single point of failure. By relying on nodes spread on the system, you can easily send Dimecoin and use them for daily purchases.

What is Dimecoin’s vision on security?

The Dimecoin’s vision on security is to provide crypto enthusiasts with a secure and reliable platform for their operations. Here are some of the methods that Dimecoin uses to guarantee users of optimal security.

  • Complete decentralization: By operating as a completely decentralized system, Dimecoin ensures that there is no single point of failure. Your data is stored by different nodes so that there is no risk of getting lost.
  • Quark hashing algorithm. This hashing model is a departure from the standard SHA-256. In addition to being lighter, it is more secure because it facilitates better spread of native coins in the network.
  • An aggressive development team: The Dimecoin’s development progressively reviews the network to identify security gaps and closing them on time.

Examples of Dimecoin’s use cases/ applications

One of the main reasons why Dimecoin development team moved out of their way to create a new platform was to facilitate faster adoption and use of DIME in the society. The team targeted to ensure that the coin had as many applications as possible. Here are some of these use cases.

  • You can use the Dimecoin native coins for direct purchases from stores that accept them. Note that even if only a different coin is accepted in your preferred store, it is still possible to buy by converting Dimecoin using the crypto exchanges.
  • Dimecoin crypto network can be used for saving funds. You only need to buy the native coins and store them in your wallet. Note that if the coins value goes up, the value of the investment will also improve.
  • Like other coins such as Bitcoin, Dimecoin can also be used to send value on a peer2peer basis. The good thing with Dimecoin is that it is cheaper and faster because there are no third parties involved in the process.
  • The Dimecoin coins can be traded in the crypto markets. These are exchanges that bring together buyers and sellers so that the prices of native coins are driven by demand and supply.
  • Dimecoin can be used to pay for government services in jurisdictions that support crypto coins. One example is Arizona. After the passing of bill HB 1091, residents of Arizona can now pay for taxes using cryptocurrencies. The tax department is required to convert the coins to USD and deposit them to the payer’s account.

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