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Cryptocurrency Datasheet 2017
#1

Cryptocurrency Datasheet 2017

Crypto Currecncy Datasheet; Bitcoin, Ethereum and ICO's

General

Thought I would make this datasheet since I recently did some research on it and saw a few posters wanting information on what Bitcoin or crypto in general is.

This information is the basics of what it is, how it works and what is currently going on in the scene of crypto. I am not an expert on this and do not invest into crypto, it is up to you if you wish to speculate and or invest money into it. I find it extremely interesting in the technologies that are being developed through this method and will be curious how this will reflect in the future.

Bitcoin

Cryptocurrency was started out by a man named ‘Satoshi Nakamoto’, he is the inventor of ‘Bitcoin’. His motives are of a political nature to “win a major battle in the arms race and gain a new territory of freedom for several years”, this is in regard to how governments are restricting freedom. Bitcoin is the starter of cryptocurrency, but there are many alternatives now in the market.

Bitcoin is an online currency that is supported by complex mathematical algorithms and cryptography. Transactions are done relatively quickly, taking 10 minutes to 1 hour to be confirmed. This is a particular advantage for cross-border transfers without added international costs.

In traditional methods, transactions would be logged by ‘trusted-third parties’, these third parties help facilitate the flow of funds between parties but are not open to the public. With Bitcoin, this is handled with the ‘block-chain’. The block-chain is a complex network of transactions that are verified through nodes. This open style of bookkeeping, records details of dates, time and amount/s. When transactions are completed, different nodes must agree that the transaction has occurred and then incorporates it into the block-chain. By using these methods, it provides a secure trusted manner of using funds without the use of payments to a third-party.

Online currencies also provide the advantage of saving costs. Transaction fees are zero or minimal compared to commercial banks, averaging a cost of 1 per cent of transaction value. Businesses can save on transaction fees on credit cards which run as high as 3.5 per cent.

Ethereum

Essentially an improved version of Bitcoin with a feature called Smart Contracts.
Smart Contracts works how a contract works but in the digital world. The user sets the stipulations of the contract and users meet the contractual demand. For example a user creates a Smart Contract to fund a investment project in creating a product such as Don't Bang America. Investors seeking a return and belief in the project invest as a sort of venture funding. There are other forms of contracts but this is the one I will be focusing on.

Other companies have now used this Smart Contracts system to launch their own companies and have crowd funded huge amounts of capital with some companies receiving over $30m in 10 minutes!

Examples of companies now launched from this system:

TokenCard

TokenCard closed its token launch on 2-May-2017 raising $16.7million in minutes closing in the same day. It uses the system of smart contracts from Ethereum to be able to pay and purchase items anywhere that accept VISA debit cards. The ICO funded their mobile app that accompanies the card.

TokenCard is a debit card that is able to be used on payment terminals all around the world, including ATMs. The funds are backed from ERC20 wallets which compromise of ETH, TKN REP, MKR, DGD, ICN, MLN, GNT, 1ST, and SNGLS. Example use TokenCard to pay with TKN to purchase products will incur no additional costs. However using TokenCard to pay with ETH will incur third party fees (licensing and transaction fee)

TKN Asset Contract – accrues a 1% licensing fee on the debit card transactions using other tokens (e.g. ETH). This accrual will enable the user to “Cash and Burn”. This means that the accrued licensing fees made by the user will accumulate and will be held by the TKN Asset Contract and Burn it will enables the user to receive a pro-rata of licensing fees.

Person A wants to send funds to Person B internationally. Person A has funds in token wallet and transfers to Person B’s TokenCard. Person B is able to use TokenCard to purchase or withdraw from available merchants. Process is immediate due to the Ethereum BlockChain. Fees conducted are only through TokenCard and third party issuers.

Humaniq

Humaniq raised $5.1m on 27-4-2017. The ICO was used for people having the chance to invest and to gauge community interest in the token.

Humaniq uses smart phones to use their app for people that are not able to reach a bank. All you need is internet and a smart phone.

Main usage is through the app and with the wallet that gives a snapshot of their balances of respective tokens.

Uses biometrics to identify the person through a picture taken by the smartphone to secure accounts. Facial and voice recognition are used in the instance and a device ID is added to provent counterfeits. Takes five seconds to authenticate and requires no proof of identification.

After ICO, listed on top 7 fintech startups to follow.
Launched Humaniq games in African countries imitate the Humaniq app where they can earn money by inviting users. This was to introduce people to block chain for the intended users that it was created for.

Golem

“AirBnb for computers”
Decentralizing the mining of usage of computers through the Golem network creating a global market for computing power. Uses a P2P network to allow both owners and users to rent resources of computational power. This is used to complete the user’s tasks. Uses Ethereum transaction system which allows for direct payments. Golem Network Tokens (GNT) are used for transactions within the Golem network.
Anyone who is interested is able to enter the Application Registry and sell the power to buyers. Broken down into three groups:
-> Suppliers of computing resources (providers) – access to hardware and software
-> Task creators (requestors) – get paid for renting out hardware
-> Software developers (use it as a distribution channel to access to hardware)
Providers get rewarded for providing the computational resources.
The need is for higher computational resources that a user requires to complete the task more efficiently through the use of payments.

After ICO they have released on Ubuntu, macOSs and windows. Updated resource sharing application on single port and other improvements to the network and connection.

Working on the release of Brass Golem which will be able to render blender projects.

Useful Sites:

Similar to how Yahoo Finance works - General Information with charts & breakdown
https://www.cryptocompare.com/

Shows the Top Market Cap ICO's
https://coinmarketcap.com/

This is kind of the reason why you see Ethereum spiking in price as these projects are funded through this system. There are speculations that it is a bubble but that is up for you to decide on your research.

Interesting space I can see how this will affect the future and that majority of work might be used through the smart contract system worldwide. A few investment banks have started to venture into it and there are certain companies now accepting Tokens as a form of payments. Good luck!
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#2

Cryptocurrency Datasheet 2017

Because the current Bitcoin and Ethereum threads weren't enough, we need another thread?

Although I wouldn't mind a general cryptocurrencies thread, more specifically one that explains in detail the workings of different algorithms (PoS and PoW), some possible applications that cannot exist without blockchain technology, datasheet on mining, list of the big players (individuals) to look out for and follow on Twitter, etc.

Not happening. - redbeard in regards to ETH flippening BTC
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#3

Cryptocurrency Datasheet 2017

Very informative. Thanks so much.
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