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Here is how Tron (TRX) POS to DOS switch will affect the cryptocurrency

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As the 11th largest cryptocurrency in the world, Tron (TRX) has been making headways and headlines in the cryptocurrency sphere for some time now. Tron (TRX) recently launched its new Mainnet platform assisting the blockchain technology company get significant media attention and market penetration after the launch.

After launching it mainnet project, Tron (TRX) also launched its Virtual Machine project with some other ongoing projects in the pipeline, that is to include Tron’s Super Representative election.

Over the past few months, Tron (TRX) has managed to secure a lot of significant listings and partnerships, launching its official TronWallet recently for its Android users. Information from Tron (TRX) tells us that a similar mobile wallet will soon be available to iOS users.

Proof-of-Stake (POS) Vs. Proof-of-Work

One of the areas this article will try and shed more light on is the highly contentious consensus validation methods within the virtual currency ecosystem. For the longest period, there was a simple contradiction between Proof-of-Work and Proof-of-Stake better known as POS.

While the later is known for being more flexible and scalable, the former is said to be more expensive and difficult to execute. But as PoS technology continues to grow and evolve becoming more and more enhanced, the virtual currency community began to request that PoS upgrades its systems to a more secure platform to become the preferred automatic transaction authentication blockchain method.

Conceding from the community’s pressure, PoS upgraded their systems to a more secure level ensuring they were safe from simple attacks and vulnerability on their platform.

And just like the requirement that was given by the crypto community, PoS started converting many institutions and companies to their Proof-of-Stake platform to grow and emerge as the most operational validation network available on the blockchain environment.

But as time goes by, the competitive landscape is changing as well. It is no longer a battle between PoS and PoW, rather a new crop of verification networks is emerging to give institutions newer avenues and platforms to validate transactions and settlements on the blockchain.

More specifically, the emergence of Delegated Proof of Stake (DPoS) into the validation method space has not only changed the playing field but has added introduced democracy as a new factor into the equation.

Recently, Tron Foundation came clear of their intentions to dump PoS for DPoS. PoS has been the prior default validation method used by the Tron blockchain.

The decision to shift to DPoS has caught many by surprise in the cryptocurrency world with reports telling us that the decision to undertake this iconic move was influenced by the in-depth study of the advantages and differences between the two validation methods.

It was on the weekend that Tron foundation disclosed to the world through their Twitter page that the DPoS network would be good for them as it would allow Tron community members to cast their vote in the incoming SR elections.

PoS, like Tron’s (TRX) previous default protocol, miners used to use their own tokens on a block if they wanted to verify the settlements associated with the block. Depending on the length of the transaction and the amount involved, they would then choose one miner to verify the transaction using sophisticated methods to come to that conclusion.

The decision by Tron (TRX) to adopt DPoS is expected to have a weighty and positive effect on the blockchain technology and the public’s perception of the entire consensus validation procedure.

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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.

Image courtesy of Pixabay.com

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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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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