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NEO’s Biggest Step Towards Decentralization

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NEO has managed to make a big step towards decentralization of its network, and the new development has seen the election of its City of Zion consensus node on the MainNet. Prior to the election, the consensus node has been thoroughly tested on the TestNet for half a year, and everything seems to be working smoothly.

NEO decentralization finally starts

The issue of decentralization is something that a lot of cryptocurrencies, as well as their networks, have yet to achieve. Luckily, NEO has been working tirelessly on doing just that, and one of the largest steps on its way to achieving this is the election of a City of Zion consensus node. Apart from this one, various other consensus nodes were also being tested on NEO’s TestNet, and the vote for those is to be held by the end of the year.

One of these other nodes is hosted by the Netherlands-based KPN, which has announced its intention to be a consensus node host back in January. So far, the company has over 6.3 million customers, all of them with a fixed line. Apart from that, they are also serving over 33 million mobile subscribers in various countries. Finally, they have over 2.1 million customers in the Western Europe who chose KPN as their internet provider.

Another of the independent nodes on NEO’s TestNet is being run by Fenbushi Capital, one of the top 5 blockchain venture capital companies, according to CB Insights. So far, the firm is supposedly invested over $50 million in various blockchain projects. Additionally, Vitalik Buterin, the founder of ETH, also works as their advisor.

These two companies have had their nodes running on NEO’s TestNet for months now, since April of this year.

Reaching decentralization is a delicate process

When it comes to achieving decentralization, NEO has chosen to take a methodical approach. In fact, at some point, it even admitted that it is still centralized, but also stated that it has been working on reaching decentralization. Obviously, the statement was true, and NEO has just made a large step to confirm it.

NEO’s founder, Da Hongfei, stated that the NEO understands that it has to be very careful when approaching decentralization, especially when it comes to consensus nodes. NEO’s protocol is rapidly evolving, and the nodes need to be quick to adjust or to respond to potential bugs or other issues. Because of that, the process of decentralization has been slow, but only for the purpose of doing a quality job.

The additional issue might be the lack of rewards when it comes to running consensus nodes. Instead, the only incentive to do so is the promise of the network’s integrity. Because of that, those willing to run nodes on NEO’s network have it in their best interest to do a good job and ensure that the nodes remain healthy and functional.

What lies ahead?

According to an explanation provided by the City of Zion, NEO has decided to start the process of decentralization by letting various commercial projects, as well as communities, to run consensus nodes. That way, they will form an entire confederation of actors that have a strong interest in ensuring the success of the network. The road to decentralization will be difficult, and the process slow, but eventually, NEO’s network will be less centralized than the majority of other networks.

The additional announcement by NEO states that the timeline of the process was laid out and that it all started with TestNet’s launch that occurred in 2015. Eventually, NEO will open its network for a public campaign, as well as consensus nodes election, that is supposed to be held before 2019. There is even a website made for monitoring the status of NEO’s blockchain, and it can be accessed here.

Naturally, before the election itself, those wishing to participate will have to go through a  special identification process. This is one of the requirements before the access to the MainNet is provided. Additionally, those who prove that they can achieve a certain level of uptime on the TestNet will be considered a capable candidate for the MainNet’s vote.

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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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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