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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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Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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