Lis 04

Altcoin Report: Zcash ‘Bug’ Diminshes Privacy

Source: bitcoin

Altcoin Report

Zcash encounters technical problems, Mintcoin proves controversial, and BipCoin makes its debut. Want to catch up on your latest altcoin news? Read the stories below.

Also read: Altcoin Report: Ether Outranks Bitcoin as Highest-Performing Cryptocurrency

ZCASH

Zcash, the latest addition to the world of altcoins, has encountered a bug that prevents private transactions.

The official website states:

“There is one known bug, which causes private transactions (those in which all of the inputs and outputs are shielded addresses) not to get mined. We’re going to release v1.0.1 shortly to fix it.”

Funds sent to “t” addresses can be processed, while “z” addresses are out of the picture. While “z” addresses are completely anonymous, “t” addresses present a level of transparency, which has angered some users. Zcash’s biggest claim to fame has been that it is a “completely anonymous” currency, and investors are waiting for the big fix to occur sometime soon.

MINTCOIN

Mintcoin is an altcoin that claims to use less power. Offering “lightning-fast” transaction speed, a representative released the following statement:

“Mint’s code base continues to mature and develop as a guide for what works in the consensus-driven POS industry… Mint transactions are processed quickly and painlessly with 30 second block times. Our community and brand are friendly and trusted. Mintcoin is a truly open source, trusted coin for the people, by the people.”

Why then, is the coin stirring controversy? Apparently, Mint’s pre-min of 700 million coins didn’t go exactly as planned. According to representatives, payments and pre-mine address funds were drained earlier than expected, and developers involved in the project have decided not to stick around. The coin promises security, and many are wondering about Mint’s ability to keep up granted there doesn’t seem to be a solid team offering support.

Still, those standing by continue to push forward, saying Mint’s base is regularly growing.

BIPCOIN

A new currency called BipCoin has made its official debut. Using the same technology as Monero, the cryptocurrency has released a new GUI wallet for both Linux and Windows.

What makes the coin unique? The fact that it is inaccessible to government officials. BipCoin can be used by anyone granted they’re not a government or government agent, bringing the notion of independence to a whole new level.

BipCoin developer Michael Dean says that the no-government stance is the currency’s way of giving users an extra layer of privacy:

“Governments worldwide push on people and want to be up in everyone’s butt-crack… Even non-anarchists are saying ENOUGH, and for the first time in history, high-level encryption in EVERYTHING is available to everyone, not just some super-tech smart geeks.”

Know of any altcoins that deserve mentions in our regular reports? Post your comments below.


Zcash image courtesy of Twitter.

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Lis 01

Altcoin Report: Ether Outranks Bitcoin as Highest-Performing Cryptocurrency

Source: bitcoin

Altcoin Report: Ether Outranks Bitcoin as Highest-Performing Cryptocurrency

Zcash trading goes through the roof; ether is the highest-performing cryptocurrency of 2016, and cross-border payments are possible through Ripple. Want to catch up on your latest altcoin news? Read the stories below.

Also read: Altcoin Report: Ethereum Classic Embraces the Hard Fork

ZCASH

The recent launch of Zcash created a trading frenzy on Poloniex the other day, causing the price to reach an impressive $2 million per coin. It appears the currency’s status changed within a mere matter of seconds, although some attribute the high-level price hike to a potential error which may have added a few zeros to Zcash’s end.

Presently, Zcash is in incredibly short supply. Approximately 100 coins have been mined thus far, while an additional 300 will be mined in the coming days. However, demand does appear to be relatively widespread. Recently, exchanges ranging from Kraken to Bitfinex have added the currency to their respective trading platforms.

ETHER

Pave the way for cryptocurrency’s latest celebrity figure. Ethereum-based altcoin ether is slated to become 2016’s highest performing digital currency, beating out bitcoin for the top spot.

Last January marked a turning point in ether’s history, as usage gradually increased and the coin’s price practically doubled overnight. While bitcoin has recently met the $700 mark for the second time within the span of one year, many have complained that activity has remained relatively stagnant, which may have altered the currency’s reputation over the last 12 months.

Despite the fall of the DAO last summer, the price of ether has still managed to stay well over $10 and experience a value increase of nearly 1,200 percent in just the last year alone. Thus far, value has continued to remain stable.

RIPPLE

12 banks of the R3 lab have undergone trials of Ripple’s blockchain to test cross-border payments and cut relative costs. Some of the banks involved include Barclays, the Royal Bank of Canada, Santander, and Westpac Banking Corporation.

In a statement, Ripple explained:

“This trial introduced XRP to test the feasibility of reducing or retiring the use of current Nostro accounts for local currency payouts.”

The first credit card company to join R3 and be part of the trials is Synchrony Financial. Company CEO Carol Juel expressed enthusiasm, stating its partnership with R3 is likely to open doors in the future:

“Having access to the R3 network and research will be valuable as we think through the many opportunities for blockchain to be leveraged across the consumer finance landscape.”

Know of any altcoins that deserve a place in our regular reports? Post your comments below.


Image courtesy of Twitter

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Říj 30

Zcash: Where Is All the Hype Coming From?

Source: bitcoin

Zcash Hype

Not even Ethereum — a network now worth over a billion dollars, if you combine both its “regular” and “classic” versions — received this much hype at launch. But if the Zcash buzz is just “hype” and not something like “the obvious signal of a shimmering new era in cryptocurrency,” where is it coming from? And more importantly, why is it happening?

Also read: Altcoin Report: Ethereum Classic Embraces the Hard Fork

Explaining the Zcash Hype

Answers to these questions offered in this video — if you don’t want to hear the initial comparison of Zcash to Dash, just skip straight to minute 12:03.

Observing the hype cycles within cryptocurrency — the “pump’n’dumps,” the joys, the sorrows and disappointments — I’ve come to develop a loose and basic theory: that there are two predominant investor types within cryptocurrency at this time. And not much of anyone else.

Investor Type 1

The first investor type solidified in my mind when MIT released their conclusive report recently on their “Bitcoin giveaway to graduates” experiment.

(Yes, did you know it had been an experiment? Neither did I.)

As a refresher, all graduates of MIT were offered $100 worth of free bitcoin in the fall of 2014. Unbeknownst to myself and others, the architects of the giveaway were purposely giving first access to those identified as non-early adopters. Only after that group had been saturated did the architects then offer the bitcoin to those identified as early adopters of technology.

Study architects Christian Catalini and Catherine E. Tucker observed the following:

Our results suggest that when natural early adopters are delayed relative to their peers, they are more likely to reject the technology. We present further evidence that this appears to be driven by identity, […] in settings where the natural early adopters would have been somewhat unique in their tech-savvy status.

Person seeking to feel unique in their tech-savvy status — Investor Type 1.

Investor Type 2

The second type I’ve identified is the kind of person just looking to make a profit, but lacking in a rigorous knowledge of cryptocurrency fundamentals. Because he lacks knowledge, he therefore doubts his own judgment, and instead looks to authority-types to tell him what he should buy.

This frame of mind is all-too-common within the non-crypto investing world, as well, as succintly pointed out by Christian Bale’s character in The Big Short — you know, the character based on real-life fund manager Michael Burry, who made hundreds of millions of dollars shorting the housing market:

People want an authority to tell them how to value things, but they choose this authority not based on facts or results. They choose it because it seems authoritative and familiar.

Then, person wanting to be told how to value things from a familiar authority figure — Investor Type 2.

A quick glance at this very-public Zcash investor list reveals a whole host of familiar, authoritative faces. Check.

Conclusion

With a simple (or potentially super-) majority of the cryptosphere being made up of two investor types — those seeking recognition as early adopters, and those seeking direction on what to buy — it becomes easy to see where the Zcash hype comes from. It has the appeal both of being brand-new, hence affording early-adopter status, as well as a long list of public investor names to inspire confidence in those lacking fundamental knowledge.

What do you think? Let us know below.


Cover image courtesy of Pixabay.

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Zcash: Where Is All the Hype Coming From?

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Říj 27

Altcoin Report: Ethereum Classic Embraces the Hard Fork

Source: bitcoin

Litecoin

Ethereum Classic undergoes a successful hard fork, Zcash prepares for its grand introduction, and Jaxx adds Litecoin. Want to catch up on your latest altcoin news? Read the stories below.

Also read: Altcoin Report: Monero Shutting Down Until January

ETHEREUM CLASSIC

Following a recent DDoS attack, Ethereum Classic has undergone a successful hard fork to set things “back to normal.”

This is not the first time such a move has been executed, and unfortunately, the price of ether has suffered in the long run. Immediately following the hard fork, the cryptocurrency dropped by about three percent, although this may be a direct reaction to bitcoin’s recent rise (currently $681 at press time). Others are arguing that the system has already undergone too many forks and that Ethereum isn’t likely to benefit as it once has.

The decision allegedly stemmed from cryptocurrency developers without any public input, which has ultimately led to controversy. In response, a small group has already formed to “continue the original ETC chain.”

ZCASH

The launch of Zcash is set to take place on October 28, and mining companies are preparing themselves as best they can. The new cryptocurrency has already earned the attention of platforms like Jaxx, which announced plans to integrate the new system into its blockchain wallet.

Describing his venture, founder Zooko Wilcox states:

“Zcash is a new technology that lets you put encrypted data into a blockchain. Blockchains as they currently exist, don’t offer much (or any) control over the disclosure of the data you put on the blockchain. Any data you put in there is visible to all users of the blockchain. Zcash is the first protocol of its kind, and is the accumulation of years of academic research, hard engineering work, and diligent security work.”

JAXX

After several calls to add Litecoin to its system, Cryptocurrency wallet Jaxx has announced plans to comply. The virtual coin will be added to Jaxx’s platform and apps, giving users easier and more refined access to what is being touted as the world’s fourth largest cryptocurrency.

Director of the Litecoin Association Andrew Vegetabile explained:

“Having Litecoin integrated with Jaxx allows our community members, who are also members of other communities, to feel a sense of unity when accessing platforms that allow multiple cryptocurrencies. This partnership enables those cross-community members to access their various cryptocurrencies in one platform without having to worry about keeping up with multiple wallets and applications.”

Know of any altcoins that belong in our regular reports? Post your comments below!


Images courtesy of YouTube, Bitcoinist.

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Altcoin Report: Ethereum Classic Embraces the Hard Fork

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Říj 18

Anonymous Altcoin Komodo Launches ICO

Source: bitcoin

komodo

Komodo (KMD), an anonymous cryptocurrency based on ZCash, launched a public ICO on October 15 that will last until November 20, 2016.

Disclaimer: This article is sponsored by Bitcoin PR Buzz.

Komodo: Full Anonymity Through Zero Knowledge Proofs

 

Supporting zero knowledge proofs and secured by the Bitcoin hash rate, Komodo claims to be fully anonymous with Bitcoin-level blockchain security.

Operating on the delayed Proof of Work consensus model, the currency uses what developers call “custom transactions,” which are broadcast by Komodo’s “notary nodes.” Developers say that these notary nodes can be used by other currencies to secure their own blockchains.

According to a press release, this cryptocurrency has an operational testnet in place, with developers working on improving the protocol.

This project draws inspiration from Bitshares and Steemit, using a delegated proof of stake mining algorithm to “eliminate the use of [Proof of Work] mining,” the team said in a press release.

Other cryptocurrency developers have criticized the Proof of Work algorithm, arguing that its resource-intensive nature opens doors for centralization through economies of scale, and is generally bad for the environment.

To solve those perceived problems, developers built alternative models, such as proof of stake.

Komodo creators say the currency is a product of research done by the BitcoinDark (BTCD) and SuperNET teams. As such, the team told press that BTCD holders can swap their coins for KMD at a 50 percent bonus.

Additionally, BTCD holders will “receive a special asset issued on the Komodo blockchain, that allows them to continue receiving dividends from Bitcoin Dark,” according to a press release.

The cryptocurrency will have an initial supply of 100 million KMD. Developers claim that 90 percent of this supply will be distributed to ICO participants, while the other 10 percent will be held “for development, marketing, advisers, and bounties.

This cryptocurrency project comes amid several announcements of new coins claiming to provide full anonymity through the use of zero knowledge proofs.

What do you think about new currencies using zero knowledge proofs? Let us know in the comments below.


Images courtesy of Komodo.

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Anonymous Altcoin Komodo Launches ICO

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