The hottest Cryptocurrencies to invest right now? Asking an It-Student
Hi there! Today, we from Cryptowizards will publish our first article: an interview with It-Student Sebastian* about cryptocurrencies, in particular about one specific project.
Sebastian* is an It-Student who has a deep interest in cryptocurrencies and the underlying technology. As an early believer, he invested nearly all his savings.
Hello Sebastian, how are you?
I’m fine thanks.
What projects are you interested most at the moment? Do you know any hidden gems for us?
I think it’s important to clear first some misunderstandings. I’m not aiming to shill any projects that want to connect their business model with crypto that probably never will be used in mentionable dimensions. I just want to talk about projects, that really have the power to change the crypto landscape.
In my opinion, there are some really good projects out there: Wanchain (Cross-Chain financial blockchain), Icon (“Hyperconnect the world”), (RChain (Scalability solution) and the most exciting project at the moment: POA Network/Oracles Network, which I want to talk about today.
What is POA Network?
POA is an interledger Ethereum-compatible platform, that aims to solve Ethereum’s scalability and cost problems by connecting Ethereum-compatible networks.
Then what are its main features?
· The POA-consensus (POS-based Idendity consensus)
· Cross-Chain bridge (Connecting all Ethereum-compatible networks)
· Cross-Chain crowdsale (Cost-efficient crowdsale between two different networks)
· ICO-Wizard (launching your own ICO within 10 minutes)
· Verification Dapps (verification on the blockchain)
The Gas Prices are rising, they are incredible high at the moment. How are the Gas Prices of POA?
POA is at the moment ~10000 times cheaper than Ethereum.
How fast is it?
It is able to create 60 transactions/second, so it’s 3 times faster than the main Ethereum.
Fine, it’s 3 times faster than Ethereum, but this won’t be enough tps to satisfy the demand of the masses (if blockchain should ever become a mass-adopted payment solution).
Splendidly fathomed, Watson! And now we’re beginning to talk about the really interesting issues: high tps, really high tps. Not 20, not 60, let’s say 6000 tps. POA’s aim is to enable horizontal scalability by connecting all the different Ethereum-based networks. Furthermore there are possibilities to clone the core POA Network into any number of cloned networks. If we clone it a hundred times, we would already be able to do a 6000 tps. And now add all the other Ethereum-compatible networks as Ethereum, Ethereum Classic, Expanse, Ubiq. They can be easily connected by the Cross-Chain bridge POA has already developed. That would enable a huuuuuuuge number of tps!
Ok, well done. But there are sooooooo many other projects out there that address the same problem. Can POA compete with them all? Aren’t there any other use cases of POA?
Why does POA need to compete with them? Take Raiden Network as an example: Their aim is to make Ethereum scalable, right? In my opinion, POAs biggest advantage is that they’re Ethereum compatible. Do you see what I aim for? Raiden Network can easily be run on POA Network too! They won’t compete cause Raiden can help POA providing more scalability (than already possible).
Regarding use cases: There are a ton of it! Yes you’re right, many other projects address the scalability issue, but the main difference between POA and other scalability projects is that POAis Ethereum-based. And that’sthe point where the first big use case starts: Switching Dapps from the core Ethereum Network to POA Network. If a company decides to use another platform due to its more cost-efficient and faster character, they have to rewrite their whole application. In contrast, POA is Ethereum based, means it uses the same programming language (Solidity) as Ethereum, the have nearly the same network conditions in common, so the only effort to be done is to switch to POA Network.
Long story short: POA is a blockchain of blockchains, that is compatible with Ethereum but way faster and at a fraction of the fees. So companies are likely to switch over to POA. If that happens, we can see a transfer of value from Ethereum to POA Network. And that’s where the POA token can legitimate its value! By the way, this transfer of value doesn’t mean Ethereum will loose value, the two platforms are still always closely connected. This symbiosis would enable both networks a productive coexistence, without becoming real “rivals”.
What is ICO-Wizard?
Take a look at this video, and you’ll see why I’m so excited about POA! https://www.youtube.com/watch?v=p4FP0DfJWh0
Sebastian, stop it! Now we’re becoming excited too!
We three aren’t the only ones! Satoshi funds invested in the pre-sale as well as the cyberblog created an article about it (https://blog.cyber.fund/the-oracles-network-ico-report-a3e3db7b78fb).
The well known cryptocurrency investor Ian Balina rated it as 1 of 5 projects that can rise a hundred times in 2018!
The Presale sold out within 56 (!) seconds (https://www.icodesk.vip/ico/oracles-network/). Did you ever hear of a Presale (!) selling out that fast?
Well Sebastian, that sounds like a real gem. Thanks for answering our questions and for your time effort!
No problem, thanks.
DISCLAIMER: THIS IS NOT FINANCIAL ADVISE! DO NOT INVEST IN CRYPTOCURRENCIES ONLY BASED ON OUR REPORTS. DO ALWAYS YOUR OWN RESEARCH. YOU ARE FULLY RESPONSIBLE FOR YOUR OWN DECISIONS. ALL INFORMATION IS WITHOUT GUARANTEE OF CORRECTNESS AND COMPLETENESS.