Bitcoin still remains the most major and first blockchain implementation. However, people were able to generate different ways of how to use the system.
The creation of variations in Bitcoin has been one of the used yet creative blockchains. These then advertise them often as enhanced and better Bitcoin versions. Also, these are known collectively as altcoins. If you want more information regarding this, you can go through the bitcoin pro live to better understand it.
Litecoins were launched in 2011, and it has a variation from the system of Bitcoin. One of these differences is that generating blocks takes lesser time. In Bitcoin, an average 10 minutes can be consumed to generate a block, but in Litecoin, it can only take 2.5 minutes to generate a new block. This only means that the verification of transactions is completed quickly. Another thing, there is a used hashing algorithm. SHA256 is what Bitcoins uses for the algorithm of proof-of-work, whereas Litecoin uses a scrypt. The script has a feature that makes it hard to create an optimized GPU or CPU hardware for a faster way of solving the puzzle. This then makes the system fair for the miners. Presently, ASICS exists to be used in mining Litecoin.
In 2016, Zcash was recently launched. Just like Bitcoin, it provides secured transactions over a reliable and distributed ledger. However, it is different from Bitcoin since it utilizes a different algorithm of pro-f-of-work called zk-SNARK. Here, it employs a new and different privacy strategy. In the system of Bitcoin, the receiver, sender, and the amount of transferred money are madepublic. In Zcash, it all remains shielded and private. Another thing, before 2017 came to an end, Zcash was able to cross a market cap of one billion dollars.
As previously mentioned, the system of blockchain can be applied to not only cryptocurrencies but beyond that. Here are some novel ideas that are based on billion-dollar-worth contracts.
While the public is the main intention of Bitcoin, Ripple is meant for payment networks and banks. Presently, there is an employed protocol in banks called Society for Worldwide Interbank Financial Telecommunications (SWIFT) that requires intermediary involvements. Aside from that, there are also fluctuations recorded from currency exchange rates that lead to delayed transactions. Ripple allows financial institutions to transfer, remittance, settle, and exchange payments without causing any huge amount in real-time. Although it is not yet completely adopted, lots of banks are already using Ripple for trial phases. One of its significant difference from Bitcoin is that there is a limitation in allowing the audience to join the network. There must be an identification to be done by the computers and ask for permission if needed. Thus, it makes Ripple not public and decentralized.
Next, we have Ethereum, which refers to the applications altered from a Bitcoin currency. It is responsible for providing an app infrastructure to run even without any central server. Just like Bitcoin, Ethereum depends on nodes found across the internet. This then makes the nodes provide the necessary app on the CPU for it to run. For preventing any abuse and eliminating low-quality apps, it requires the application to spend ether- a currency it uses. The Ethereum network-made code is run by Ethereum’s software referred to as the Ethereum virtual machine. Also, smart contracts are used by developers to effectively develop an application that is automatically executed whenever there specified conditions are met.
For example, there is one smart contract that can be shipped a product automatically once the payment is received. DAPs of Ethereum apps will then be launched in hundreds. Examples are the apps that make dealings with prediction software, digital signatures, online gambling sites, and electric car charging management.
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Campden Wealth Partners with GDA Group to Enter Digital Asset Markets
Blockchain conglomerate GDA Group joins as Campden Wealth’s newest Corporate Partner for 2021. Based in Toronto, GDA group provides access to all verticals of the crypto capital markets to institutions and private investors. The two institutions once operated on different verticals, so the partnership indicates a new era of portfolio allocation and asset diversification. Digital assets, including bitcoin, are becoming a vital component of modern investment strategies. GDA Group provides multiple avenues for digital asset exposure, including trading services through their institutional trading desk Secure Digital Markets, including non-recourse lending up to $100M through GDA Lending, and private placements through their capital markets arm GDA Capital.
“Institutions have spent a decade on the sidelines, evaluating the risks of this burgeoning sector. Now, in less than 6 months we have seen billions in institutional and private capital enter the space,” says James Godfrey, FX and International Banking Advisor to GDA Group. “Our relationship with Campden will illustrate the maturation of this industry and where we are headed next. New stakeholders will need experience, resources and insights to navigate this new market and evaluate upcoming opportunities.”
“The Campden Community is constantly balancing the needs of wealth creation for the future, with wealth preservation…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…