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By feyd27 on ALTCOIN MAGAZINE

The first decade of the existence of cryptocurrencies was everything but lacking events and novelties. The count of “live” cryptocurrency projects has exceeded 2000, with at least an another thousand announced. The number of holders of cryptocurrencies is estimated to be between 13 and 25 million at the end of it.

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Photo by Patrick Lindenberg on Unsplash

Starting with Satoshi’s “A Peer-To-Peer Electronic Cash System”, the use cases for cryptocurrencies have extended, diversified, wandered astray, becoming — especially during the beginning and the bloating of the ICO bubble — mainly means to make a few quick bucks on pompous marketing of white papers and LinkedIn profiles.

Several exposed scams and the loss of the vision presented in the Satoshi paper ultimately lead to the burst of the ICO bubble, several months of continuous loss of value of the total market capitalization of the cryptocurrency market, regulatory pressure in certain (financially significant) countries and the discontinuation or cancellation of many announced projects. …


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Photo by Patrick Lindenberg on Unsplash

The first decade of the existence of cryptocurrencies was everything but lacking events and novelties. The count of “live” cryptocurrency projects has exceeded 2000, with at least an another thousand announced. The number of holders of cryptocurrencies is estimated to be between 13 and 25 million at the end of it.

Starting with Satoshi’s “A Peer-To-Peer Electronic Cash System”, the use cases for cryptocurrencies have extended, diversified, wandered astray, becoming — especially during the beginning and the bloating of the ICO bubble — mainly means to make a few quick bucks on pompous marketing of white papers and LinkedIn profiles.

Several exposed scams and the loss of the vision presented in the Satoshi paper ultimately lead to the burst of the ICO bubble, several months of continuous loss of value of the total market capitalization of the cryptocurrency market, regulatory pressure in certain (financially significant) countries and the discontinuation or cancellation of many announced projects. …


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The search for the “Holy Grail” of crypto — a fully decentralized cryptocurrency with a stable price that comes at no cost of collateralization has introduced the algorithmic type of stablecoins. Algorithmic stablecoins are designed to maintain a stable, targeted price, without locking up any additional assets (crypto- or fiat currencies or commodities) and without having a central party that drives the price to the desired level. …


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The contraction of the cryptocurrency market that happened in the past weeks (months even) has confirmed that stablecoins are a needed instrument in it. During the period since beginning of September to the end of November, the total market capitalization of the cryptocurrency market was close to halved and it was indeed only the stablecoins that managed to keep their price at expected/targeted levels. …


The usage of the universal symbol of value, gold, as an asset backing cryptocurrencies is not a new idea in the industry. Together with gold and other precious and industrial metals, exchange-traded commodities have found their application in cryptocurrency design. While quite similar in design and features to their fiat-backed relatives (described in part 1), the stability of the value of commodity-backed cryptocurrencies is expected to arise from an asset fundamentally different to fiat currencies.

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Commodities are fungible assets which are traded on organized markets. Unlike fiat currencies, the supply of which is regulated by central banks, and is theoretically unlimited, commodities are real-world assets with limited supply due to their nature. The limited supply of commodities comes from their natural scarcity (e.g. gold, diamonds, platinum) or from (international) production and trading agreements (such as the supply of oil). For a commodity to be of interest as a collateral or a backing asset of another financial instrument, it is also important that it is regularly traded in organized markets. Continuous trading of an asset allows for the price to be known — as one of the major tasks of organized markets and exchanges is the price discovery and is an indicator of asset liquidity. …


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Recent months of turbulence and instability on the cryptocurrency market has inspired authors of cryptocurrencies to design and deploy a number of instruments that are supposed to tame the volatility of the cryptomarket and maintain a stable price. There is creativity in the design of these stable assets — in ways how assets are issued and the mechanism that is supposed to keep their price stable. This series aims to identify and describe some of the concepts, with a particular interest in “the spirit of crypto” — decentralization and expense of the stability. …


Following a recent announcement made on the r/CryptoCurrency subreddit, that a 51% attack on the Einsteinium blockchain will be launched and live streamed a week later, a number of us, blockthirsty spectators, gathered at the given Twitch channel at the announced time. The stream started, and after 20 or so minutes of audio and video stream quality adjustments and reading the Satoshi paper, the prospective attacker tried to launch the planned attack, then switched to Bitcoin Private and tried to attack that blockchain, then got banned and no attack happened at all.

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Image credits: Wikipedia

This time the double spend attack didn’t even start, let alone happen or succeed, but successful double-spending attacks are not a novelty in the crypto world. There has been several successful documented attacks, including against crypto exchanges— Monacoin, Bitcoin Gold, the three-time’s-a-charm Verge and Litecoin Cash — which led to loss of funds between several tens of thousands up to 18 million USD and a number of other problems for development teams and holders of affected crypto currencies.

Double spend or 51% attacks are intrinsic to the concept of blockchain. The blockchain is a distributed public ledger governed by a consensus protocol which stores data about transactions. The integrity and immutability of the data stored in the ledger (or in the blockchain) depends on honest nodes (as per the Conclusion stated in the Satoshi paper) and the consensus they reach. Malicious nodes may appear on the network, but as long as the majority of network participants are honest nodes, the data stored on the blockchain remains safe and immutable. The consensus is maintained by always extending the longest chain, which happens by adding new blocks of transactions, after sufficient proof of validity of transactions has been performed by nodes. …


The Call For Code challenge, organized by IBM and the American Red Cross has closed submissions for this year on Friday, 28th of September. The Call For Code challenge calls for developers to produce solutions using top-notch technology that will improve the preparedness to reduce the disruptive impact of natural disasters on human lives, health, and well-being. While there certainly are many remarkable submissions, one of the solutions, relying on blockchain and crypto transactions, presented as an experiment before the expiration of submission deadline, conjured some interest in the media, both crypto and mainstream, showing that a transaction on the blockchain can be much more than just that.

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Image courtesy of pri.org

It began with a tweet published on the 16th of September by one of the Burst community developers, who announced that he succeeded in sending a crypto transaction on the Burst blockchain, using a H.A.M. radio and a portable Burst node/miner, powered by a solar battery. The initial publicity came from the r/amateurradio subreddit, for all the wrong reasons, given the participants in the experiment, dubbed “Proof of Life” had adequate licenses to operate the radio, issued by proper authorities.

Obviously, the news here isn’t that a crypto transaction was sent over radio — while it’s definitely cool, it has been done before. The author of the “Proof of Life”, referred to in the media as “Daniel Jones” (pronounced: “the alleged Daniel Jones”) published an article “Proof of life, resurrecting technology” explaining in detail the motivation to conduct such an experiment and its use cases. …


This past Friday, September 21st, we were witnesses of an event rarely seen in 2018: Lambos flying to the Moon. The celestial event was fueled by the news of PNC Bank, one of the major US banks, joining RippleNet and starting to use the xRapid token based on XRP, which lead to a rally on crypto exchanges, where buyers pushed the price of the XRP high enough to have it land on the second place by market capitalization, pushing Ethereum temporarily to the third place.

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Still image from “Donald And The Wheel” 1961.

Looking back to the origin of blockchain and crypto currency, to Satoshi’s Bitcoin white paper, it is not a surprise that cryptos have been relatively quickly and widely adopted by the financial industry — after all, the original purpose of crypto currencies was to become globally accepted means of payment, with direct peer-to-peer transaction stored on an immutable public ledger. The standards and protocols used in the financial industry have been globally established for decades, which allows blockchain and dApp developers to build and deploy applications suited for the financial sector on a large scale. …


The Proof of Life experiment — sending a crypto currency transaction on the Burst blockchain using an off-grid solar powered portable Burst node/miner and a radio has ignited some sparks and drawn the attention of the public. The motivation of the experiment, as well as the intentions and circumstances of its execution have been explained by the author in Proof of life, resurrecting technology. The intention of this article is to explain why the Proof of Life had to be done on the Burst blockchain.

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What pleases me most is that sustainable development is on almost everybody’s agenda now — Maurice…

About

feyd27

Metal-, meat- and airhead. Replicant. PoC enthusiast. Writer in Altcoin Magazine | Hacker Noon | The Startup | CoinMonks | Data Driven Investor.

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