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Do you think Bitcoin is decentralized? I guess 95% of you will say YES but after this little analysis, I think that number will be lower. First of all, I am not hating on Bitcoin, I love BTC because without BTC, market would collapse. However, I was just curious whether Bitcoin is really decentralized? As I said, most of you will say ” Yeah, it is “, I would say so too but after giving it a few hours of thinking I am not sure if it is decentralized or not.

Why?

To understand this whole review, first you have to know what mining means. Mining is a process where we use special algorithms to find solution on how to confirm transaction. Without mining, transaction won’t be confirmed, price will slump and all bad stuffs would come. So, without mining, there would be no Bitcoin.

bitcoin decentralized

Let’s Suppose If there are 1 million miners, Bitcoin will be decentralized because none of them is able to control Bitcoin.  And here is the biggest problem, there are a lot of miners but there are also mining pools. They are huge. For example, AntPool and BTC.com are the biggest at the moment with percentage of 16.9% and 15% respectively and total 31.9%. So only 2 mining pools are almost one third or all mining power. 3rd one is BTC.top with 13.3%, 4th is SlushPool with 12.4%. These 4 pools have total mining % of 57.6 (Dated: 11 December 2017). So, they are mining more Bitcoins than all others together.

Still think that BTC is decentralized?

What would happen if they decide to cooperate and decide to stop mining or something like that? Bitcoin will encounter a HUGE price inflation. These problems wouldn’t be unresolvable but enough to make big correction that would last for few months if not years. What would happen if they decide to make their own version of BTC and stop supporting current BTC? As we have seen Power of Forked Bitcoin Cash and some glimpse recently when it touched ATH of $1758 back in November.

This is a big problem for BTC. Main idea was to create decentralized money but, for me, result is not same as the idea. They are able to manipulate and make huge money and grow every single day.

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Introducing Blockchain-Based E-Voting system in Moscow

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It was in 2014 when Moscow’s Mayor, Sergei Sobyanin launched an innovative Active Citizen app. This app was actually an e-voting platform designed solely for the residents of Moscow to vote on municipal projects pertaining to non-political city decisions, e.g.; naming of subway stations, setting up speed limits, plotting of bus routes, replacing the building’s entrance door or even hiring a new management company etc.

The Active Citizen app was a huge success since its launch, more than 2,800 polls were being administered and over 2 million users participated via the app. But according to some critics this app grew vulnerable to manipulation with the passage of time.

That’s why, Moscow officials announced that they have piloted the Active Citizen onto the blockchain technology in order to minimize the vulnerability issue.

Usually, the term of blockchain is referred to the cryptocurrency transactions. It is a sort of a digitalized and decentralized online database pertaining to public ledger of crypto transactions and interactions. Though specific for tracking secure financial transactions of cryptocurrency, it will now also be used in the e-voting platform of Moscow.

blockchain based e voting

What makes it a safest choice?

Russia’s National Settlement Depository (NSD) has successfully tested this blockchain based e-proxy voting system. This voting system is comprised of the following steps:

  • In the first step a Bondholder will pass vote to a nominal bondholder (NB)
  • The Nominal bondholder will in turn submit that vote to the blockchain
  • The designated Counting commission will count the votes and submit their results to the blockchain
  • Bondholder can latter verify whether the votes were counted correctly or not.

Hence it can be easily concluded that the process of blockchain based e-voting will resemble the secure crypto transactions to a great extent. Once the vote will be placed, it will be listed in a ledger consisting all the votes taken place across a node-to-node fully secure network. So, there will be no chance of data loss, fraud or third-party alteration once the vote has been casted.

In other words, blockchain is becoming a hallmark of digital accountability and security. It comprises of such a complicated mechanism of digitized security that it is almost impossible for the general public to ‘’hack’’ it in their traditional way.

According to some experts the use of blockchain technology will improve the transparency of e-voting system in Moscow and it should also be tried in the general elections as well.

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Initial Coin Offering – How to Avoid ICO Scams?

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You can find lots of advertisements and links related to ICO startup companies, but do you know what ICO really is? If you don’t, we’re here to help you out. In this blog, we are going to enlighten you about what ICO means, what it involves, and how you can avoid Initial Coin Offering scams.

initial coin offering

What is ICO?

ICO stands for “Initial Coin Offering.” ICO wasn’t known to many people until cryptocurrencies we created and became a trend. The word “ICO” is borrowed from IPO (Initial Public Offering). Now, you must be wondering, what’s IPO? IPO is the event in which a company goes public in the finance world. But, what happens when a company goes public? Well, it means that the company is going to launch stock options publicly, for each and every one out there to purchase its share, with this hope that these purchased-shares would have more worth one day. You can also say that an IPO is one of the possible exoduses of a venture-capital-investment.

 

What Makes It Different?

An ICO is usually used as a crowdfunding project by cryptocurrency startup ventures to fund a startup company. Funds are provided through well-recognized cryptocurrencies like; Bitcoin or Ethereum or in the form of traditional currency and in exchange, they are given a quantity of the cryptocurrency, which they’re funding with, which means, in the form of “tokens!” After the ICO project gets successfully completed, tokens are exchanged into the functional units of a cryptocurrency that is newly created.

 

No Regulations

Many companies find ICOs attractive since they are not under any regulations, and the startup ventures can collect funding without any exertion and cost for the regulatory acquiescence. On the other side, risks for investors also get increased as countries like South Korea and China have banned the ICOs.

 

For ICO crowdfunding ventures, the marketing heavily depends on social media platforms which also include paid-ads. Similarly, there are many ICO ads now, which are being shown on different websites. The social media giant, Facebook has already banned ICO-related advertisements; however, from June 2018, Google is also going to put a ban on advertisements related to ICO.

 

Is ICO a Scam?

No, ICOs are not always a scam. However, the way they work is the main thing that allows scammers to gain a lot of money from those investors who believed in the startup. Just because of this, few top-investors recommend “real businesses” to avoid these ICOs and continue their business in the same way they were doing before. The year, 2017 has shown that almost 46% of all-known ICO ventures have been proven to be unsuccessful and after the payments were made, the websites, as well as social media profiles were left abandoned or were quickly vanished.

Well, all of this data shows that all ICOs aren’t always a scam, however, like other crowdfunding ventures, especially investing in general, you have to very careful where you invest. While assessing Initial Coin Offering scams, make sure to do your research about the individuals behind it. A robust ICO will offer potential investors every single detail about the developers, security experts, advisors, and others linked with the project. A legitimate ICO will offer a variety of places and social media links where investors can communicate with developers. They’ll also provide their Facebook page of the project so that you could assess its engagement levels.

How to Avoid ICO Scams

If we look at the recent lists of Initial Coin Offering campaigns, it’s quite hard to come up with a reasonable filter, and there’s no doubt that experienced investors wouldn’t consider how sceptical it is, but as with any investment, nothing can be predicted related to ICO or about its certainty. Even in some cases, basic managerial accounting data isn’t available; however, many ICO trackers still try to combine lists of seemingly pertinent parameters.

Initial Coin Offering scams show that fraudsters are going to extraordinary-extents to scam gullible investors. Also, when it comes to taking decisions related to investment, it focuses on the needs of investors. According to the founder of Skill Incubator, Chris Dunn, the cryptocurrency community must have to become extra incisive towards new ICOs; otherwise, governments around the world are expected to take stricter stances into cryptocurrencies at a whole new level.

Also, an ICO whitepaper is the initial document for the project, which describes the aim, background, strategy, and concerns for the implementation of all blockchain-related projects. Whitepapers can be extremely skimpy like; companies that have an ostentatious website may unveil that they lack a basic-sound concept. Then again, a company with a website that contains spelling errors might have a whitepaper that shows a rigid concept and a prudently created implementation strategy.

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Escrow and its services

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Escrow and its services

Digital world needs the digital services as well. That is why there is a huge list of escrow services sites. The matter is, you don’t let your money in the scams hands. For that purpose, you want to use secure and clear way of services for your transactions. Escrow is exactly the same, you want for your transactions. Here, in this article. I will tell you about escrow and its services regarding your transactions.

Escrow is basically a legal concept, an account held by the third party during transactions between parties. This temporary account operates until the completion of the bitcoin transactions. The goods or funds will be held by an agent until he receives proper and appropriate instructions. Funds can be held in escrow are assets, fund, security or money.  At the time of absolute certainty, parties are able to fulfill one another’s obligations and rules.

For example, being a third party, escrow will have the authority to take funds and delivers the goods in good condition according to its client’s wish.

Types of Escrow:

Funds deposit is occurring for the payment at the certain conditions. That usually applies to mortgage, property taxes and insurance. Escrow’s agent is fulfilling the need of their customers. Some types of escrow are.

1. Internet Escrow:

Internet escrow works by placing money in hands of the third party. who is totally independent and has a license for this service.

2. Banking:

Escrow provides its service in automatic vending and banking field.automated teller machine (ATMs) and vending machine. Where he or she put the order and get the result in form of transactions.

3. Personal Property:

Sale of mobile homes also falls in this escrow transactions category. Whereas, selling or purchasing of big-ticket assets are through escrow services.

4. Law:

Escrow is also known in law sector. Escrow funds are mostly used to distribute money from a cash settlement to environmental enforcement action. Through this process, defendant has to pay a total amount of judgment to court administration.

5. Escrow Real Estate:

Escrow agent services are used in real estate transactions. For example, you are going to sell or purchase a real estate. Transactions regarding sells or purchase of bitcoins will be processed by escrow service provider.

6. Mergers and Acquisitions:

Escrow arrangements are mostly used in mergers and acquisitions to extra warranties offered by the seller.

7. Mortgage Refinancing:

This type of escrow is much different from the real estate sale. In a case of mortgage refinancing, one house loan use as the payment for the other home loan. These type of transaction needs many formalities and risk. So, escrow provides its services on the behalf of its customers.

8. Escrow Business:

Business escrow services involve the sale of the business. In transactions, it involves the actual company and all its assets. These transactions are similar in form of transfer of the shares in a business. Just like stock transfer, bulk sales, and holdings.

Above is a short note about the types of escrow. Now, we will discuss, how does an escrow service work?

Escrow and its services

How does an Escrow work?

Most of the business dealings need a third party for transactions. Mostly, escrow provides such type of services. Following are some terms;

  1. Both parties say yes to the terms of the transactions through escrow.
  2. Then, buyer deposits the money in escrow account. After, the verification of transaction by escrow management, escrow verify the payment to the seller.
  3. After the verification of the transaction, the seller has some duties to verify and submit the tracking information.
  4. Buyer has an option to accept the order or reject within few days of transactions before receiving an order.
  5. When buyer accepts the order. Escrow release the money from an escrow account.

Your transaction is complete with escrow services. GOOD LUCK!

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How One Simple Trick By Ripple Almost Dislodged Bitcoin

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In 2017, the cryptocurrency conjecture went mainstream. By going mainstream, it means that the market isn’t dominated by cryptocurrency enthusiasts anymore. We’ll have to accept that the mainstream investors with even a little bit of knowledge of cryptocurrencies are in charge of the market.

A Wall Between Investor And Stupid:

The unit price of a coin is a pointless basis for making investment choices. Even a bitcoin could’ve been a sub-cent item if Satoshi had chosen the final cap to be 21 quadrillions instead of 21 million and the unit price of a bitcoin would’ve been $0.00001697 right now instead of $16,790. But the total market cap still would be $284 billion. Nothing would change except that everyone would have million times more bitcoin and the unit price would be also quite cheaper.

 

Since many cryptocurrencies, as well as bitcoin, are divisible down to Satoshis (10^8), no matter what the supply is, as long as the currency has enough particles to go around for the economic use cases imagined so it could function properly. The number isn’t much important itself, although it doesn’t affect the unit prices, which automatically means that it has a massive impact on the investment choices of mainstream investors.

 

You must’ve been wondering the reason why we look for the market caps when we compare coins. Well, this is because it is how we compare cryptocurrency’s values as a whole, instead of just looking at the unit prices. To envisage this in a fine way, we can normalize the supply for various altcoins to see what the prices would be if they all had the same supply.

 

Zcash is the best example to explain what this actually means. Zcash supply when all the coins are mined the same as bitcoin (21 million), but right now, there are only 31 million mined ones. Also, when you’re looking at sites like Coinmarketcap, it’ll tell you that Zcash has a market cap of just $2.1 billion. It places Zcash far down on the list because it has just 0.6% of bitcoin’s market cap.

 

The price of Zcash is $727 which is almost 3.2% of bitcoin’s $16,098. You’ll have to pay 0.035 bitcoin to buy Zcash if you’re buying with a bitcoin. Zcash must accumulate a market cap of $12bn, to climb to the 12th spot on Coinmarketcap. The reason why the site is listing the coins the way they are is that it tells us what the implied valuation is for coins when they’re bought at current prices.

 

You can get far in your determinations to become a more informed trader than most of the people in the market by just using your common sense and a calculator. Being able of properly comparing the coin valuation doesn’t matter if no one else is doing it.

 

It’ll take a lot of time for the markets to eventually force these prices to sort out themselves. Until they do it, it’s your diligence to ensure that you’re on the right side of that alteration.

 

Story credits: news.bitcoin.com

Image: Google images

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Bitcoin Bubble-Mark Cuban is Backing

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1 July 2017, 09:42 AM, entrepreneur Mark Cuban

Well-known entrepreneur Mark Cubam is now planning on switching to another cryptocurrency after dropping the value of the Bitcoin. Accordingly, your clue about the ethereum is absolutely wrong. It may be UnikoinGold.

By offering an initial coin, Cuban is going to participate in fundraising round of his company.

With more than 30 ICOs, ICO method gets popular this year. Companies effort in the different channel to enhance its capability. In that scenario, companies start to sell their own cryptocurrencies and use the return to boost their business fund.

In addition, including Asthon Kutcher, Unikrn has already erected $10 million from investors. According to the CoinDesk, these companies allow its users to place bets with its digital token.

Up to 1 billion UnikoinGold will be available for grabs and the registration for pre-sale will be started in the mid of the July.

Up to now, a company has to set down the Price of the UnikoinGold. Accordingly, investors will be able to start transactions under Ethereum’s token.

 

News credit: fortune.com

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