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How Cardano’s IOHK is enabling the creation of verifiable but private cryptocurrencies

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The debate about privacy when using cryptocurrencies has been a long-standing one. From crypto miners, developers and even investors, embracing anonymity and privacy have almost become a requirement for mass adoption and uptake. Even though privacy and anonymity have been used by financial industry pundits to paint a bad picture for cryptocurrencies in general, these are two features that enable any cryptocurrency enthusiast to redeem their right to have total control over their money. AS IOHK CEO puts it,

Privacy is a human right and has to be protected

After all, one of the magical aspects of cryptocurrencies is that they give control of money back to the people. Although Bitcoin has been the golden standard for cryptocurrencies, it does not provide anonymity as most people would think. This has led to the rise of various altcoins claiming to provide anonymity and privacy. To this regard, Cardano’s IOHK partnered with ZenCash at the beginning of the year to come up with a reliable, private but resilient cryptocurrency.

The partnership between IOHK and Zen Cash

The partnership between ZenCash and Cardano’s IOHK will be a step closer towards establishing purely borderless transactional and communication system that allows parties to interact regardless of their background socioeconomic status or location.

ZenCash is a Blockchain project launched on May 30th last year with a focus on providing a networking and privacy infrastructure for anonymous and secure communication, transaction and collaboration. By partnering with IOHK, ZenCash will not only be able to upgrade its Blockchain protocol but it will also build and implement IOHK’s treasury model so as to ensure efficient allocation of decentralized resources on a community-driven governance system.

Building beyond privacy

The research project, led by Dr. Roman Oliynykov who is an IT researcher and cryptographer, will build on the ZenCash Blockchain to enable a first of its kind end-to-end cryptocurrency that runs on secure nodes. Miners on the newly upgraded network will receive rewards of up to 3.5 percent thus enabling sustainability on the network.

Considering the fact that ZenCash has a capped token supply of 21 million, and is treasury funded, not to mention a wallet and an advanced privacy and messaging capabilities, the collaboration between the two entities is surely set to be a game changer in the crypto space.

The partnership so far

So far, the two teams have been working on the core development of the platform and a bunch of features has already been completed. Plus, a consensus scaling protocol that will allow more transactions on ZenCash is being worked on at the moment.

Basically, the partnership is enabling ZenCash leverage on the expertise and scientific research capabilities of IOHK while on the other hand; IOHK gets to create universal solutions for cryptocurrencies apart from Cardano’s ADA.

With this partnership, not only will the age-old problem of privacy Blockchains be solved, but also the creation of efficient governing systems will be made a reality. According to Oliynykov, the IOHK research team is implementing “liquid democracy” as well as “confidentiality for voters”. Simply put, these two features alone will enable verifiable anonymous transactions on Blockchain networks.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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