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In late June 2017, Antshares declared that they were rebranding. and less than a month later, NEO was born and turned into China’s most popular cypto overnight. The rebranding totally redesigned Antshares’ social media, technical data, website, and blockchain nodes.

Bitcoin vs other cryptocurrencies:

Then after a couple months later, Antshares – now named NEO – outperformed Litecoin, Bitcoin Cash, and Ripple, growing over 3,053% every month. As of August 19 – NEO went back to the ninth place on the digital currency charts, losing 90% of its expansion. However, the NEO devotees trust this is just the start for what is termed as “Chinese Ethereum,” some are stating that by the end of September, NEO will become number one on the crypto charts.

At the time of writing, Neo was trading at $42.92 per coin.

Proof Of Work:

NEO showcases more POW (Proof-Of-Work) than any other crypto out there. The effortlessness, the 15-second exchange time and the simple to utilize Smart Contract has aided NEO to detonate in China. There are more than 50 renowned organizations that are intending to embrace NEO’s innovation in China. Compared to Ethereum, NEO has accomplished more in terms of a “Quick Witted Economy.”

While NEO is principally cruising in China cryptocurrency, the friendly developer software can make it immense in the west too. Ethereum – while having an elegantly composed code – doesn’t have as much POW as NEO.

Read more: Why Bitcoin Rose More than $1000 in the Last Two Months

What Is Neo Transaction Time?

NEO can deal with numerous transactions through its Smart Contracts. It’s 15 seconds quicker than Bitcoin and 5 seconds speedier than Litecoin. While NEO doesn’t have the standard reputation like Bitcoin or Litecoin, NEO’s reputation in China Bitcoin keeps on developing. It’s being known as the “Smart Startup Trent,” in China, since, the local startups are embracing NEO at a snappy rate.

Additionally, it has front end uses like Digital wallets, voting, forums, and profile management. The organizer of NEO – Da Hong Fei – calls it the ultimate “developer coin.”

NEO Coin In Next 10 Years:

Up until now, Da Hong Fei has unveiled different plans for what’s to come. Da Hong Fei is anticipating on implementing the Catalyst Award Framework to reward miners for mining NEO. Likewise, he plans on creating an environment that will be crowd funding friendly within the NEO community. Investing in NEO, however, has its own risks, similar to any other cryptocurrency out there isn’t any organization managing it to guarantee you a safe investment.

Make sure you have done your research before putting your resources into the currency.

Read more: Monero Security – 3 Main Techniques Behind Monero Anonymity Explained

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Creating a Bitcoin bank with USB drive

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People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store.  However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.

Creating low-cost Bitcoin wallet USB

Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.

First

You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.

Second

Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.

Offline installation of wallet into USB drive

Third

To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.

Forth

Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.

A Little Bank or Bearer Bond Instrument

After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.

 

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Is the Value of Bitcoin Interrelated to its Google searches?

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The price of Bitcoin has a 91% correlation to its volume of Google searches, according to a search engine marketing agency known as SEMrush.

 

Image credits: steemit

 

Basically, this means that the number of Google searches related to “Bitcoin value” fluctuate with the price of google Bitcoin. In simple words, when the price goes high, more people are attracted to it and as it begins to drop, people become less interested.

How was this study conducted?

SEMrush discovered from a database of 120 million US keyword searches that were linked to bitcoin. Some of them are listed below:

“Bitcoin”

Bitcoin price”

“Bitcoin news”

“Bitcoin value”

The total number of Bitcoin and Bitcoin search volume was said to be approximately around 51,400,000 last year.

 

Is the case study simply approving the obvious?

Perhaps. As mentioned earlier, the interest of people is dependent on the price. The higher the price, the more the number of searches online.

Regardless, it’s quite interesting to note this connection and to discover that the numbers actually support what we might be assuming.

image credits: steemit

Statistics:

Since April 2017, the number of bitcoin searches has climbed up by 450%.  During this time, the value of bitcoin had gone up from around $1,076 to a new hit of $5,000 just a couple of weeks ago.

 

Will it Predict the Price of Bitcoin? – That is the Question

Unfortunately, no. That is not the case and it’s silly to think that a search engine would be easily able to predict the price of the world’s most popular cryptocurrency.

 

Story Credits: steemit

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Bitcoin Miners Making Millions in Transaction Fees

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 We all know that our beloved miners are the ones that keep the Bitcoin network spinning. Using complex computers to mine a block on which the transactions are made. According to data collected from blockchain.info, the value of transaction fees paid to miners has gone as high as $2.3 million. Woah!

Miners solve complicated mathematical equations to mine a block. As a reward, they get 12.5 bitcoins for unlocking the block. Along with that, they are let to keep the transaction fees users pay when the payment is made with the cryptocurrency.

Back in the days, miners only got a couple of dollars in Bitcoin transaction fees, however, on Wednesday, miners received an enormous $2.3 million.

“That’s on top of the millions of dollars they received in their bitcoin rewards,” said Aaron Lasher, the chief marketing officer at Breadwallet. He made an estimation that miners were rewarded a total of 1,800 bitcoins or $7 million.

Transaction fees dropped from $1.7 million on June 6 to $205,000 on July 31st. Aaron explained that the reason behind the dip was likely dude to a decline in bitcoin transactions nearing the fork date.

Related: Bitcoin Hard Fork Explained

“Once the fork completed on August 1, people began using bitcoin again,” Lasher said. “But now that Segwit has activated, we should see some easing over the coming weeks and months.”

News Credit: businessinsider.com

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The blockchain immutability myth

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The blockchain immutability myth

Immutability…. We use this word in daily routine to signify a thing, which can never change. Whereas, in the blockchain, this word is referring to the worldwide transactions. Which is adjust by the participants. Here, the basic approach is, once the block blockchain transactions are complete, it cannot replace or reverse by other transactions.

So, the theory goes. Because

Saint Augustine states, “The highest good, than which there is no higher, is the blockchain. And consequently it is immutably good, hence truly eternal and truly immortal.”

Two prominent examples are,

  1. Under certain conditions, through some necessary adjustment transactions, history can change itself. Here, the question is arises, it easy to bring new changes in the content of the blockchain? Is it really easy?
  2. According to cryptocurrency advocates, immutability achieves only in case of decentralization of economic mechanism. Which is not proper fall at the private sector of the blockchain. Because, they totally depend on the collective behavior of a known group of validators, who are not trustworthy.

Above two circumstances are totally wrong. Because in blockchain there is no immutability thing exist. The proper question is,

Under which circumstance the blockchain will or will not change? And,

Do those conditions match with the problem, we are trying to solve?

Instead, the chain’s behavior depends on the network of a computer system. Before we get into the detail of how we ‘ll summarize the basics of blockchain first.

Brief discussion on Blockchain  

A blockchain system is running onto the different set of nodes. Which may be in control of different companies. There is no individual node who control the others. While nodes are connecting with each other through a proper network. These nodes generate and propagate transactions and rapidly spread to other nodes via digital operations in some kind of database.

Every new upcoming transaction is verified by an independent node. Following are some terms of verification;

1.it is totally in obedience of blockchain rule and regulations.

2. it is completely a digital structure

3. If any transaction passes the test of nodes. It will enter to the local list of not confirm transactions means directly in the memory pool. While others will enter in the orphan pool. In addition, pass transactions will be forward to its peers.

With some intervals, a node which contains the set of as-yet unconfirmed transactions on the network generates a new block. Each block contains the hash (32-byt). Therefore, by creating a little block chain, each block includes the timestamp. Accordingly, link to the previous block via its hash.

Validation Process

Blocks move and verified by nodes across the network like transactions. For the acceptance by the nodes, a block must contain proper transactions including no conflict with other ones. Whereas, with the confirmation of the test, it is entering into the local blockchain and transactions are confirm. Any transaction which conflict with others will discard immediately. Whether they are in memory pool or orphan pool.

Participation of the chain, make the strategy to ensure the generation of blocks.   This ensures indicates that any kind of node. whether it is an individual or a group has no ability to take hold of the blockchain’s content.

Authentication and testing

Proof-of-work a public blockchain allow its users to generate block who has the ability to solve the tricky and fiendishly mathematical puzzle. Whereas, to prevent minority control in private blockchains, blocks are signed by authorized members. In order to create a lawful chain, a product needs to legalize validator by using mining diversity.

Two different validator nodes can generate conflicting blocks when both have the same previous points. However, fork happens. While different blocks are seen by nodes and leading them to have the different opinion about the chain’s history. These forks are resolved on the arrival of new blocks on branches by a blockchain software.

Shorter branch’s node spool back its last block and replay these two blocks on the longer one. Unfortunately, if you are unlucky and both branches will extend. Then the conflict will be resolved by the third and so on. In addition, with the increase in fork’s length, the probability of a fork persisting drops increases. After a small number of the blocks, it can be reduced to zero in private blockchain.

Here, the most important thing to remember is, each node is controlled by a particular person. Where blockchain has not authority to ask some changes in transactions. The main purpose of the chain is to help in sync. But, if participants want to change the rule, no one has authority to stop them.

That is why we need to stop asking about the immutability of blockchain. Because the answer is “no”. Arguably, we consider the conditions under which it needs changes.

 

 

The blockchain immutability myth

Public chain’s mutability

Let’s start with the above mention two examples. We will take the start with the claim that authorization process. Which used in blockchain cannot bring true immutability by public chains. e.g.

Ethereum blockchain faces a devastating situation in June 2016. “the DAO”, loophole found by someone. In which, $250 million were invested and start draining its speed. Which distract the both investor and creator’s intentions. After few days, the ethereum software updated to prevent from hackers. It was publicly supported by Vitalik Buterin that ethereum users will control their own computer system. As a result, a large number of users, blockchain comes with the new name and rules is ethereum. Whereas, minority reject this idea and keep going with ethereum classic. There were more choices for names like ethereum compromise or ethereum pure. Whatever, democracy is the democracy, and everyone has their own rights voice. In addition, ethereum is ten times more than ethereum classic.

Now, we will take a common way, in which blockchain’s immutability will be dilute. Recall that mining of bitcoin and ethereum uses proof of work scheme. Where you get a reward for solving a tricky puzzle. In addition, this reward increases the potential of the users and they solve the relating issues more efficiently. Network continually adjust the rate of block creation. In addition, 10 minutes in bitcoin or 15 seconds in

Immutability of blockchain

Bitcoin has faced the factor difficulty of 350,000x from last 5 years. Today, bitcoin mining is on hardware devices with cheap electricity and in cold weather. Antminer S9 mines the block 10,000 faster than a desktop system. Which burns 10 times more electricity than a system with cost $1089.

To undermine the immutability of bitcoin blockchain, you need to install more mining capacity, then the other network creating 51% attack first. Secondly, through proper testing and approval, mine your own secret branches. Finally, at desired time, release your secret branch to the network anonymously. Then, the whole process of a transaction will be without any scams or hacking issue. It is not easy to install a huge program. It needs a lot of money and electricity as well. And a common man or country who has the shortage of both. Unfortunately, are not able to adopt this way for immutability of bitcoin blockchain.

Let’s estimate the cost of a 51% attack which reverses a year of bitcoin transactions. At the current bitcoin price of $1500 and reward of 15 bitcoins (including transaction fees) per 10-minute block. Miners earn around $1.2 billion per year ($1500 × 15 × 6 × 24 × 365). Reasonably, they are not losing money. So, the total expense should be in the same range.

Rewriteable private chains

Now, let’s have a ride to private blockchains. Which was established for the needs of government and well-reputed organizations. According to the organization’s perspective, immutability is the commercial, legal and regulatory non-starter. Because it allows attacking the network anonymously. whereas, immutability can also be ashore in good behavior of other institutions. With whom, they have authority to sue or sign a contract. It is a bonus because private blockchains are less costly to run. Since blocks need just a node’s approval and digital signature. When a number of validators follow the rules. As a result, you get cheaper and stronger immutability than other digital currencies offer. Furthermore, the percentage of immutability may decrease when participants in chain decide to do so together.

Immutability is nuanced

People who don’t like the traditional banking system and government’s currency are perfect to use proof of work blockchain. Whose immutability rely on economic terms instead of participants. It may be an expensive operation. when parties agree to live with government or wealthy actors and bringing down the network. Accordingly, they believe that cryptocurrency technology and its value continue to grow and it will get more secure.

Finally, for most permission blockchain use cases. We probably don’t want validator nodes to be able to easily and cheaply substitute old blocks in the chain. As Dave Birch says “the way to correct a wrong debit is with a correct credit”. Rather than pretending that the debit never took place. Nonetheless, for those cases where we do need the extra flexibility, chameleon hashes help make blockchains a practical choice.

Good luck!

 

 

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Earn Bitcoin Through Games – How To Earn Bitcoin By Playing Games

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earn money by playing bitcoin games

As a kid, I love to play games, online games, upload the games or even buy games CDs or DVDs to release all frustration and tension build up within a week. That time I had a dream, would it have been possible that we earn money by playing games? I spent all of my childhood wondering on this one question. Then I grew up and technology proved to me that I can earn money from games.

We already know that bitcoin asserts itself in all over the world. People accept it, make transactions by using bitcoin. Here the question arises that is, we can earn Bitcoin through game??? Really?

Yes, we can. If you are playing online games, why you don’t try to earn money while you are sitting at home. Here are some tips to convert your gaming habit to little earner. Let me clear one thing, if you are a professional gamer then you can think about earning from games. Moreover, if you are playing games as a fun then don’t think about earning from games. Many websites offer to play games and make money, but be aware of scams. They just want your money from you. So, play the games from a well-reputed site and make yourself and your money secure from scams. Here are some tips to help you in making money.

Earn Bitcoin playing games:

Game Testing:

I wanted to do as a child, wanted to play games all day. Most of the gamers will do agree with me. So, this is not difficult to become a game tester. Basically, Game testing or play testing is same. where large game companies employ video game player and inform the problem they discover in the game.

Become a game tester is not a big deal. They offer low salary package to you and within few month. You will get bored. For example,

A gamer tester said that if you like to play basketball, and playing 12 hours per day. Then within two months, you’ll get bored of that game. Same as with game tester.

Gold Farming:

It may be new for you but professional games players have enough knowledge about farming gold because this is one of the best ways of earning money.

Basically, gold farming is the buying and selling of the items for game’s currency. You’ll be able to grow your character and keep going with your game. Where you can find, and sell it for real money. This is farming, gold farming.

Monetizing on YouTube:

In this process, you have to maintain a YouTube channel, and YouTube allows you to monetize. Video recording of you game played will be uploaded. One thing you have to keep in your mind is, a video should be with running commentary not you are just playing a game with silent mode.

By playing Bitcoin games you can earn money. But be aware of scams. GOOD LUCK!

Tags: Bitcoin earning games.

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