Forex or Foreign exchange and Bitcoin or Crypto markets are nonetheless markets for trading currencies fiat and digital respectively. In both the markets, strategies related to analysing of trends, indicators of price rise, some of the features and principles are similar while some are completely different. Forex is a traditional market which has the potential to earn you profits depending upon calculations and luck too while Bitcoin is comparatively in a nascent stage which is based on Blockchain technology following the model of decentralisation involving no intermediary for transaction. People often have or the other confusions related to both the markets. Is Bitcoin and Forex same? What is the difference between Bitcoin mining and forex trade? In this article of “Bitcoin and Forex” let us try to understand the difference among both the markets.
Cutting The Confusion Between Bitcoin And Forex
Let us compare both of the markets (Bitcoin and Forex) based on a few of the basic parameters and find out the difference between Bitcoin and forex:
In financial markets consisting of both Bitcoins and Forex, if you ask the experts that which one is a better instrument for trading? He might end up in answering that if forex is better with one parameter then Bitcoin might be better with the other one. So, rather than struggle to find one instrument over another or asking Bitcoin trader and Forex traders, I would recommend finding the best fit for your present requirements and future goals.
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Since the time of launch first cryptocurrency Bitcoin, over thousands of cryptos were introduced in the market which is kept on increasing day-by-day with different features and objectives behind them. If some coins were launched with the aim of promoting decentralised Apps, then some launched for revolutionising the banking system. Every coin is being introduced with a unique purpose with the common aim of mas adoption of their coins. In this article, we will discuss the Monaco Coin or MCO coin which was launched in mid-2016 and since then gaining the attention of crypto enthusiasts.
What Is Monaco Coin?
Monaco which is recently renamed as MCO which is aimed at simplifying the accessibility of cryptocurrencies and reinventing the crypto-financial systems. The MCO platform which consists of crypto Visa and crypto wallet app and Financial services having the features of investment and credit products makes the ecosystem of MCO.
Working Of Monaco Coin (MCO)
MCO is headquartered at Hong Kong aiming at introducing the cryptocurrency in everyday life. For keeping pace with its aim, it offers “prepaid Visa cards” which can be easily recharged with Bitcoins and Ether along with fiat currency. Monaco coin was launched in 2017 to back the Visa card having the capacity to hold multiple crypto and fiat currency with access to cross border banks in the minimal exchange rate. To roll out the card globally, Monaco took the support of MCO coins by raising around 26.7 US dollars worth of token sales.
Utility Of Monaco Coin
Monaco coins facilitate the purpose in the following ways:
- MCO coins can be used to enjoy the benefits of premium Visa cards.
- Monaco coins can be treated as collateral for receiving 50% better rate in the Credit card service.
- Coin gives the voting power for adding the coins to the MCO crypto wallet.
- Cashback rewards offered by Visa cards are given as MCO coins.
The supply of Monaco coin was fixed at 31.6 million which signifies that MCO coins will be staked more when premium Visa cards are adopted by mass.
Points To Ponder While Buying ICO
Cryptocurrency is considered a complex medium of exchange as compared to fiat currency. It is essential to know about the factors to be considered before buying any cryptocurrency. To buy Monaco coins, we should consider the following points:’
- Supply- Demand: The supply and demand of the coins represent the liquidity of the cryptocurrencies. The circulation of MCO out of total supply must be high enough at the time of buying and selling also.
- Availability: Monaco coin is available on more than 20 crypto exchanges and can also be exchanged via decentralised exchanges and peer-to-peer platform. You can sign on any of the crypto exchange to buy the MCO coins or can purchase MCO credit card for getting the MCO coins as cashback rewards.
- Competition: Before purchasing MCO coins, you must be assured of the competitors if they are not selling the same products at a better price with better features. You can easily monitor with the help of various news feeds and tools available in crypto space.
- Major partnerships: While buying the Monaro coin, you should be aware of the latest partnerships of Monaco for the better prospects of profits.
Majorly considering the above factors, you can make your choices related to amount and number of coins you wish to invest in Monaco coin.
Pros And Cons Of Monaco Coin
Without knowing the advantages and disadvantages of Monaco coin, the understanding of any cryptocurrency will be incomplete. To enhance knowledge, let us brief the pros and cons of Monaco Coin.
- In terms of competition, Monaco is having quite impressive performance since its launch due to the relatively better in fulfiling the promises related to their services.
- Project on which Monaco coin has been issued even if fails at some point, you can rely on the domain of Crypto.com which is an asset associated with Monaco coin.
- Outstanding Monaco crypto wallet supports not only multiple cryptocurrencies but fit currency also while selling and purchasing crypto assets.
- Two main products which are prepaid credit cards and Crypto invest are quite popular among the crypto community which might assure that price of Monaco will increase.
- Main aim to promote the adoption of cryptocurrency across the world is the key captivator of liquidity and fresh investments.
- Delaying in delivery of cards is one of the issue described by the users of Monaco credit card, thus shakes the reliability of Monaco coin.
- Undisclosed ICO funds collected were invested in bringing the Crypto which stands out as the bone of contention for many people.
- Several layers of the authentication process sometimes irritate the consumers and let them in leaving the process.
Future Of Monaco Coin
Future of any cryptocurrency is difficult to predict because of the continuously changing conditions of crypto markets. Many analysts predict the future of Monaco coin worth of million-dollar while others focus on the loopholes of the project. Prediction related to price might be a difficult task but the development in the features can be expected due to the highly expert development team behind the Monaco project. The success of the Monaco coin is highly dependent on the adoption of prepaid Visa cards offered in the Monaco project. Visa card plays a major role in staking the MCO coins, thereby increasing the value of coins. MCO crypto wallets and Crypto credit also play a significant in pushing the prices of MCO coins. If we track the progress and consider the unique features behind Monaco coin, we tend to incline in a positive direction.
Every other day, a cryptocurrency launches in the market place and vanishes while some stays for a long time and others are just fake currencies meant to dupe the innocent investors. Before investing in any coin, one must read the whitepaper and website of the same to know the team, purpose, roadmap and etc of project, rather blindly investing. Monaco coin is still in the nascent stage which might prove as a gainer in your portfolio.
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Do you need some cash but don’t want to sell your cryptocurrency? Are you a crypto believer who are sacred of cashing out your digital coins (as you might have to pay huge opportunity cost!)? We might suggest an idea of “ Crypto lending” by which you can access the cash without withdrawing your cryptocurrency. Crypto lending is a process to put your coins as the collateral in exchange of fiat currency or any other digital currency. There are a number of platforms available in the crypto space which can lend you money in exchange for the crypto coins. In this article, we will discuss the crypto lending, factors to consider while lendings, risks associated and a few of the popular crypto lending platforms.
What Is Crypto Lending? | Crypto Lending Platforms
Crypto lending can be understood as the process to loan fiat currency or Stablecoins for the fixed duration and interest rate. The process of lending involves a borrower, lender and a platform connecting them though some platforms lend by themselves also. Customers need to log in or create the account on such platforms to borrow money by using their cryptocurrency as the collateral and either has to provide bank account details or the digital wallet where fiat can be transferred digitally.
Working Of Cryptocurrency Lending
Though the platform differs in the process of lending, some of the general steps are followed by every platform. Firstly borrower needs to register on the site or app of the crypto lending platform and signify the sum of the money needed. Then, the crypto loan platform with the help of their inbuilt tools calculates the crypto needed to be deposited as collateral. Once the collateral is deposited by the borrower on the platform, he/she waits for the approval of loan (you need not wait in the long queue, just relax!). Once the approval is accepted, relevant funds will be deposited in the account of the borrower.
Factors To Be Considered Before Choosing The Crypto Lending Platform
Before randomly choosing the crypto lending platform after your friend’s suggestion, you need to take care of a few points :
- Rate of Interest: First and foremost thing you need to consider the interest rate applied on the money borrowed. You need to consider the amount you can pay as an interest amount per month.
- Security: Security is also an important factor to be considered for crypto lending. It is important to consider that the crypto you are keeping as the collateral will be safely kept and not mis-utilised. Don’t forget to read the security policy of the platform.
- Currencies supported: You need to choose the platform which can accept the coin you want to keep as collateral. Some platforms accept BTC and ETH only while others accept hundreds of currencies. You should skim through the listed pairs on the homepage of the website to know about the currency being accepted.
- Flexibility: Some platforms have fixed conditions while others offer customized options for the loans. You should carefully look at the term of borrowing, repayment policy and other policies before choosing the platform.
Best Crypto Lending Platforms In 2020
As the crypto space is expanding, the options for the crypto lending platform has also increased. Different platforms provide different benefits, some with low-interest rates while others with high-level security while some have the optimum solutions. Let us discuss the most popular platforms of crypto lending:
Crypto lending platforms are indirectly meant to accelerate the adoption of cryptocurrencies and maintaining the old ones by allowing them to hold their currency after the completion of the term of the loan. With the diversification of crypto space, several platforms offer the services to borrow the money keeping the crypto as collateral. You need to be cautious and check the few policies before taking loans.
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Cryptocurrency is gaining popularity in the financial markets with new services and products with an already breathtaking decentralised model of Blockchain technology. The cryptocurrency was propounded by Satoshi Nakamoto in 2009 after the global financial crisis with the aim to provide an alternative of fiat currency without any interference of central entities. With over five thousands of cryptocurrencies and more than a hundred of exchanges, crypto space is getting diversified worldwide. With peer-to-peer exchange and consensus mechanism, cryptocurrency is gaining strength as the medium of exchange in everyday life. In this article, we are going to discuss one of the innovative digital currencies, Primecoin and will learn the way to buy and sell them.
Primecoin | Overview | Buy Primecoin
Primecoin is the digital currency but with a twist as it is based on the consensus mechanism of proof-of-work managed by scientific computing to verify, validate and update the transaction in Blockchain. Proof of work mechanism in Primecoin is dependent on the search of primary members contrary to other cryptocurrencies where participants connected to the network solve the complex algorithm as the consensus. But a slightly different technique deployed by Primecoin makes it more secure than other currencies and less prone to attacks like 51% attack, which results in manipulating the transaction. Similar to Bitcoins, it offers instant payments all across the world.
Features Of Primecoin | Buy Primecoin
Cunningham chain and bi-twin chains combine to make prime chains used in the scientific computing based Primecoin,which in a way improves the consensus mechanism. Some prime features of Primecoin are:
- Undefined supply of coins: unlike many altcoins like Ripple which have already announced the maximum supply of their coins, Primecoin have not announced it yet as the number of coins released per block equates to a quotient of 999 divided by the square of the difficulty. Thus, the number of coins depends on coins mined by the community and the adoption by the crypto community.
- Generally, the transaction takes 8-10 minutes to get verified and completed. The team behind Primecoin claims that it is faster than the transaction time of other cryptocurrencies as it is based on scientific computing.
- Pre-defined values in the source code of cryptocurrencies define their scarcity but in case of Primecoin, mathematical property governed by natural occurrence of prime chains in the set of whole numbers and simple function decides the scarcity of coins.
- It is a well-known fact that Bitcoin reassures the difficulty of algorithms after two weeks or mining of approximately 2016 blocks. But in the case of Primecoin, after the mining of each block, the difficulty level is adjusted to minimize the probabilities of the manipulation.
Guide To Buy Primecoin (XPM)
Unlike other cryptocurrencies, you cannot exchange your fiat directly on the crypto exchange to purchase Primecoin. Either you are using credit/debit cards, Paypal, known fiat currencies or bank transfers, you have to buy the other cryptocurrencies (BTC, ETH preferably) to ultimately add the Primecoin into your crypto wallet.
To own the Primecoin, you have to follow a process of two steps:
- Purchase the popular cryptocurrency like BTC or ETH from a known crypto exchange
- Transfer the bought cryptocurrency to the exchange where XPM is listed and can be easily swapped, which can be Poloniex, NovaExchange, Cryptopia, etc.
To purchase cryptocurrency, you can either create your account or fiat to crypto (like Coinbase) or crypto to crypto (like Binance) crypto exchange. You can also purchase the coins from decentralised exchanges like Changelly, Shapeshift, etc or can buy the coins by peer-to-peer exchange with the help of platforms like Localbitcoins, etc.
In case, you choose the platform of crypto exchange, which is the most common one, you can find the option of “Deposit” on their site or app and can transfer the amount of funds you wish to invest in Primecoins. Then you need to mention the relevant public address of your crypto wallet and the number of coins will be added to it after you press the “send” button. Depending upon the platform, transaction fees, mode of transfer, and the few procedural steps can vary with the speed of transaction.
Check your crypto wallet by verifying the transactional history if the coins have been transferred by the exchange. Then, you need to create the account where Primecoin has been mentioned in the list. You have to create the account on that platform by mentioning the few details and then proceed to the Deposit option.
Fill the amount or number of Primecoin you wish to purchase and mention the public address of your crypto wallet (preferably hardware wallet like Trezor, Ledger Nano, etc). Now complete the process by pressing the Send button. Wait for a few minutes, and then you can check your wallet if you have received the amount you have entered.
Guide To Sell Primecoin (XPM)
If you wish to sell Primecoin, you just need to reverse the buying process. XPM or Primecoin can be exchanged with another digital currency and to convert into fiat, it can further be exchanged against that fiat currency that supports the withdrawal of the cryptocurrency. Simply, you need to convert to a known currency like BTC, ETH, etc and send it to fiat-crypto exchange to convert into fiat cryptocurrency. Then, you can just swipe your card in the ATM and can receive the physical notes in your hand.
So, if you are planning to make your first investment to buy Primecoin and going to diversify your portfolio with this innovative cryptocurrency, you must take a note that you need to track your investment just like other cryptocurrencies in your portfolio. Though is based on scientific computing for consensus mechanism but ultimately meant for the mass adoption of digital assets.
Blockchain-based cryptocurrencies are meant to revolutionise the financial system and if some better techniques and methods are aiding them to successfully change the way the system works, then they will always be welcomed by the people all across the world. Thus, we should be ready with other innovations in crypto space which would be responsible for the acceleration of the crypto movement.
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Headlines from Arizona in 2016 portrayed people were standing in a queue up to 5 hours to vote in just a primary election. They stated the reasons for these long lines as the reduction in voting locations to downsize the costs and many contended that at some place people were gathered because of the popularity of some candidates. In a time of technological advancement of hyperloop, driverless cars, drones to monitor defaulters, it will be justified to have advancements in voting technology which can turn the process into the hassle-free, transparent procedure with increased participation of voters. Blockchain enthusiasts believe that technology has the potential to revive the voting process. West Virginia became the first U.S. state to enable internet voting by blockchain in primary elections. While the voter participation within this platform was supposed to be small, the purpose of the administrators was to test the technology in a pilot project with no immediate strategies to perform it at a larger scale. In this article, we will discuss Blockchain and election transparency.
Challenges In Election System | Blockchain And Election Transparency
Many elections still use a paper-based system, leaving open huge security holes that could contribute to fraud and corruption, even interference from nation-state backed hacktivists. Election security includes the protection of election processes like registration databases, voting machines, other systems to manage the election, and systems that report & display results along with critical voting infrastructure from cyber attacks. Some election security methods rely on time-consuming manual processes. Elections are under peril from wicked actors that can infiltrate voting machines, reconstruct voter registration databases, coordinate fake campaigns, and more. Blockchain technology could help in reinventing the Election system. Let us discuss the major challenges in the system:
Dissemination of Fake News
Prior to the election, dismantled opinions were spread through the various media especially social media with the help of fake videos, voice notes and many more. Because of targeted disinformation campaigns, voters face confusions in discovering fact-based sources to explicitly notify their vote. Digital hoaxes spread in the pre-election stages has a profound effect on the outcomes of the election. In the US midterm elections, specialists advocated that it moulded homegrown disinformation operations in a way that it looked like the foreign influence of Russia.
Hacked Registration Database Of Voters
The ability and civic duty of citizens to vote to get hampered after the attack of the registration database of voters. Extracting sections of voters likely to promote one candidate could dramatically swing a close election. An attack that destroys an entire state’s registration database could slow or even stop an election process. A cyber attack on voter registration databases is also prevalent in modern developed countries. These databases often contain personally identifiable information like names, addresses, phone numbers, and more. Hackers sell the data online in prohibited black web markets or utilise it to target voters with disinformation and evangelism.
Hacking Of Voting Machine
At the time of the election, hackers could temper results after exploiting the vulnerabilities in the machinery of voting systems. If the voting system digitally depends on any device, then it is vulnerable to cyberattacks or hacking. The major problem of the digital system is that threat is not associated with a single system but with an entire class of systems involved in the voting process just by attacking one point of disruption, thereby affecting millions of votes at once.
Misleading Election Reporting System
Manipulation in the reporting systems could lead to inaccuracy in voting results. Researchers at Belfer Center of Harvard advocated that once the automated data priorly spread the news among new media regarding outcomes of elections, attackers might use it to manipulate the data and tricking the news for announcing the wrong winner. The election system is tainted even in advanced democracies with accusations of fraud or external influence, application of technology to eliminate rigging is dominant. Public officials will have to understand the nuances of the technology and test feedback received from voters and administrators alike. They must consider the importance of Blockchain and election transparency to reviving the system.
Blockchain And Election Transparency
Electoral committees all across the world are considering blockchain technology as a solution to ensure election integrity. Blockchain voting use-cases continue to captivate the attention of the media, as countries and organizations explore the advantages like security, transparency, and efficiency a distributed ledger offers which will inevitably promote more confidence in elections worldwide.
Verification By Cryptographic Techniques
Cryptographic techniques which ensure the security in the Blockchain network can aid in ensuring the source of digital content to verify the accountability. Basically, voters would only trust the media that is marked with a unique cryptographic identifier, which after cross-referenced with immutable records on a blockchain could establish beyond doubt about the origin of media. In this case, initiating a blockchain system for media verification in coordination with the government and non-governmental institutions can improve transparency at the pre-election stage.
Blockchain Voting With Mobile Apps
Infidels advocated that internet voting is insecure and that mobile superimposes layers of complexity which can further disintegrate security and transparency of the election process. Defenders of the mobile voting suggest that making elections available via mobile devices could increase participation of voters and blockchain technology can secure mobile internet voting. For instance, Voatz app practices facial recognition software to verify voters’ identities, compliant with West Virginia’s laws. Votes are saved on the blockchain, inside “digital lockbox” in the cloud which is made extra-tamper-proof via immutable distributed ledger technology. On the day of the election, county authorities unlock and collect the votes for tabulation. Other startups developing blockchains for elections include Votem, Follow My Vote, Votebox, and XO.1.
Blockchain technology works on the decentralised model of consensus mechanism where the participants connected to network authenticate the transactions. Blockchain could aid in the management of voter identities on the permissioned distributed ledger. Blockchain elections require a combination of identity data like government-issued IDs and biometric data gathered during online registration for matching a voter with his or her digital identity in a government voter registration database. The government can designate a consortium of universities, non-governmental organizations, and others whose consensus authenticates identity and manages which voters can vote. Beyond the secure database use-case, mostly blockchain election needs extra layers of technology for efficiently validating voters’ identity, retaining ballots secretly, and letting voters track and validate votes.
After Election Audit Mechanism
Blockchain technology also extends voters transparency. Given the anonymous nature of blockchain, votes can be tracked, counted and compared by various sources while maintaining voter privacy. As blockchain records are immutable, any vote cast would not be subject to deletion. Instead, auditors could confidently count and verify all votes. A blockchain voting system would also offer encrypted results, thereby encouraging transparency while maintaining privacy.
With a public blockchain, it would permit every voter to audit each ballot to verify that reported vote totals are correct, without disclosing the identity or vote choice of each voter. Blockchain voting startups Votem and Voatz offer systems that allow voters to verify their own votes. Voters cast ballots and get QR codes attached to their vote. By scanning the QR code with another device, voters can convince themselves that it properly recorded their vote. The system does not let voters know with conviction that their vote was part of the ultimate election result, but no form of voting currently in practice offers that level of assurance.
Using blockchain for elections is worth more than just an experiment. It will make it more accessible for citizens to vote while abroad, irrespective of the distance and time. It is also a helpful tool for the election commission to sustain transparency in the electoral process, reduce the cost of conducting elections, streamline counting votes and guarantee that all votes are counted. Using blockchain, all data of the election process can be recorded on a publicly verifiable ledger while keeping the anonymity of voters, with results available instantly. In the future, we could see security experts and election officials gather to develop election infrastructure and processes that would be based on Blockchain technology.
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Do you believe in the potential of cryptocurrencies? In this era of ever-increasing inflationary nature of fiat currency, the digital currency has the potential to complement the paper notes. The glory of cryptocurrency is still in a nascent stage, people are still accepting the fact that money unattached to the country and independent of the geopolitical situations of the country can the medium of exchange in digitally transparent and secured Blockchain network. Crypto enthusiasts are leaving no stone unturned in accelerating the crypto movement by developing and launching the new products and services in the crypto space. In this article, we will learn to develop a secure cryptocurrency wallet, one of the major requirements for storing and trading the cryptocurrencies.
What Is A Cryptocurrency Wallet? | Develop A Secure Cryptocurrency Wallet
Cryptocurrency wallet allows the holders of cryptocurrencies to store, deposit, withdraw, loan and most importantly keeps the record for their cryptocurrency portfolios. Unlike the physical wallet which is used to store the fiat currency, crypto wallets are software, keeping the record of transactions as the digital codes. Crypto wallets can be of distinct types like software wallets (desktop, online, mobile), hardware wallets(USB like device) and paper wallets(key scanned on paper) which stores the records with the help of public and private keys. We consider hardware or cold wallets as the safest options which suffer from the minimum vulnerability of cyberattacks, but nowadays software or hot wallets are also assuring the maximum security by deploying the several methods and layers in their architecture.
Basic Requirements | Develop A Secure Cryptocurrency Wallet
Before starting to develop a cryptocurrency wallet, you must know the general attributes of a crypto wallet which must be the part of functions of wallet:
- It should generate the needed Bitcoin blockchain addresses
- Transactions are expected to recognize by wallet which must be able to complete the transactions to the mentioned addresses.
- Transactions history must be stored in the wallet and will be viewed as and when needed.
- Crypto wallet must be able to handle the conflicts undertaken by the Bitcoin community.
- As the transaction fees of Bitcoin vary based on several factors, the wallet should be efficient enough to calculate the fees dynamically.
- Crypto wallet must be able to broadcast the transaction on Blockchain once the transaction gets completed.
How To Develop A Secure Cryptocurrency Wallet? | From Scratch.
You can kick-start the development of cryptocurrency wallet as following:
- An efficient team of programmers is must for developing crypto wallet. The team of the developer must have the expertise of front end and backend developers, user interface designers, testers or quality assurance specialists and the members have the understanding of cryptographic functions, decentralized protocol, consensus algorithms and many more related to Blockchain.
- The kit of the software tools, in particular, the open-source libraries like Bitcoini, Blockchain Luxembourg Ltd., Coinbase and many more can help you with free APIs, tools for cross-platform development, nodes and many more.
- After you are satisfied with your team and tool kit, you must start with the development process by connecting the APIs (for the authentication process, QR code scanning, balanced view, etc) with the tools from SDK
- Then, start writing the software code in the programming language for the wallet, preferably with the support of multi-currency.
- With the implementation of back features and development of a user-friendly interface, you can continue with the development of crypto wallet.
- Create tools for processing of incoming and outgoing transactions like additional safety, hedging platforms like Veritaseum or Hedgy.
- After every functional element of the wallet gets connected, test the prototype for quality assurance.
While developing the crypto wallet from scratch can be difficult, you can always opt for the solutions which are available in the market in readymade formats.
Develop A Secure Cryptocurrency Wallet | From Readymade Solutions
If you wish to develop the wallet single-handedly, you can try with turn keys or the readymade products to employ in a Blockchain platform. Also, wallet solutions can be integrated with applications like Bitcoin Core, BitPay, Coinify, etc. There are few examples of ready-made Bitcoin payment solutions in which you can integrate your wallet:
- Coinbase Commerce: This suite of services allows you to make the free account for the services of crypto wallet. By using simple payment buttons and pages, you can accept to Bitcoin payment on your website, integrate the services with online shopping platforms like Shopify and tailormade integration is possible with API of Coinbase Commerce.
- Coinify: Digital currency platform Coinify provides with “Coinify Merchant” by which merchants can accept Bitcoin and other cryptocurrency payment on their websites. With easy integration options and automated payment flow, the Coinify Merchant is one of the popular options to develop a Bitcoin wallet.
- Coinkite: Crypto security hardware, Coinkite provides the solutions for payment options with the help of their merchant tool and Point of Sale payment terminals.
- Cryptopay Ltd.: UK based company offers small business owners to add an option of crypto payment to their own website.
We hope that the learning in this article will assist you to answer the question, “How can I develop a secure cryptocurrency wallet app?” As you can perceive, the procedure of developing a crypto wallet requires a steady approach and notable financial input from the get-go. So if you are not ready to contrive all that, we suggest considering the solutions. A wallet built from scratch will equip you with many more inclinations for implementing a particular functionality (you will not be attached to a certain country or cryptocurrency). So if you are thinking to cover the widest TA possible, the development of an original product may be the only plausible solution.
Be sure to sketch all the various skill sets that will be needed during the preparation phase. With any cryptocurrency wallet, your team will require having blockchain experts at the wheel. While there are many difficulties in creating a bitcoin wallet, the rewards are tremendous for those companies who get it right. No one knows where the cryptocurrency market will be 10 years from now, what is assured is that several big players like Ripple, Ethereum, and Bitcoin will still demand the help of cryptocurrency wallets to allow people to use them. Getting your Bitcoin wallet up and operating will give you an opportunity to be a big player in this lucrative market.
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If 20 years ago, you had told the trucking expert of the innovations taking place now in the logistics and commercial transportation industry over two decades, they would have been ecstatic. If you had mentioned regarding the level of increase in demand for intraday shopping and volume of online transactions, they would have been speechless. The logistics and transportation industry has traveled the journey of technological and procedural developments to service with an all-time outrageous demand along with adjusting to an era of ever-changing preferences of consumers and expectations related to delivery time and cost. To make this journey a little farther with more advancement, Blockchain technology has already entered the industry to target some key areas. From resolving disputes to an increase in efficiency of administration along with tracking orders, Blockchain is aiming to revolutionize the industry in terms of efficiency, cost, and services to customers. In this article, let us explore the ways of Blockchain in the transportation and logistics industry.
Problems Of Transportation and Logistics Industry
With an increase in expectations, the logistics industry is in a bit of a mess. The demand for products has been increasing day by day with supply chains diversified in the continents apart and lack of intrusion of modern technologies to track, verify, support customers and many other issues. Major issues of the industry are:
- The heavy expense is tied up with the dispute resolution for the payments involved in the transportation industry because of a lack of verification of shipments and the delay in transfer of payments.
- A rise in processing and administration costs with an increase in transportation costs because of over reliability of transactions being recorded in the hardcover book.
- Mismatch of the records or lack of records of shippers and carriers causes a delay in delivery as transporters to find difficulty in matching with the demand and supply of products.
- Consumers are still lacking the network of transparency where they cannot track the journey of the products.
- Because of the manual process of verification, products like medicines and other sensitive products do not reach relevant temperature, less expiry time and sometimes contaminated too.
- Cross border orders and payments most of the time face the problems related to late payments with lack of an efficient tracking system.
- Issues related to the unwanted but mandatory intervention of middlemen, lack of information of the credibility of the supplier, transparency of the network are also prevalent in the logistics industry.
Solutions | Blockchain In Transportation and Logistics Industry
Blockchain in the transportation and logistics industry can prove as the boon in the following ways:
- Freight Tracking: Demand for the prime or intraday delivery has been increasing with the pacing up expectations of consumers. It results in the adoption of technologically advanced solutions by the transportation industry. With the help of Blockchain technology, scaling of traceability, proper authentication with negligible chances of misinterpretation of data can be assured. Increased speed in the reliable tracing of information can impact the quality of products like the temperature-controlled products can be delivered on time.
- Increased Efficiency: As Blockchain technology can easily integrate with other modern technologies, so, with the innovations of IoT and Artificial Intelligence, it can affect the monitoring system. Transportation companies can detect by deploying the IoT sensors in shipping vehicles, the amount of the space occupied and determine cost accordingly by transmitting the data on the Blockchain network. Also, integration of cloud platforms with Blockchain can assure the documentation throughout the process efficiently. Thus, Blockchain can assure the integrity of the products being transported maintaining the immutable records which are transparent yet secured.
- Traceability of performance history of vehicles: Performance of the vehicles is as important as tracking the movement of shipments, especially when there is a need for second-hand delivery vehicles because of a limited budget. Blockchain networks can authenticate the information based on past performance as it records the decentralised ledger of the information. While the logistics industry has the companies which act as middlemen to authenticate the records, most times their act is biased. If we mention the records on the network, we can utilise then secured ledger as the standardised document to determine price, history and other factors related to purchasing.
- Enhanced verification system: The number of transportation companies is duped by the muddled or duplicated data which results in a misrepresentation of demand and supply. With the help of Blockchain along with a transparent network, time-stamped data verified by the decentralised network can be loaded, while eliminating the need of middlemen while making the different dashboards available to various stakeholders of the industry.
- Seamless payment system: Blockchain-based smart contracts is one of the most helpful applications in the logistics and transportation industry. Smart contracts which contain the self-executing codes on the fulfilment of conditions can aid in the quick transaction of payment, even cross borders with minimal transaction fees. The hassle-free process of transferring the forms from supplier to shipment company to distributor and so on increase the exposure to fraud which can be reduced by deploying the smart contracts in the system.
- Minimising Monopoly: Blockchain technology has the potential to reduce the monopoly, which is currently enjoyed by the various intermediaries over the confidential information. With the help of Blockchain network, any party on the global supply chain has the accessibility of real-time information tracing the mistakes occurred in the documentation or establishing the identities. This can lead to unlocking the opportunities for small and medium business houses in the supply chain.
Blockchain in transportation and logistics can be the future of the industry from quickly transforming the way of storing the data to its management. With a decentralised and distributed ledger of records, Blockchain can cause linking the data and can revolutionize sectors like cross border trade logistics, global supply chain, international shipments and many more. From automating the documentation process to protecting the transactions throughout the logistic chain, Blockchain can practically strengthen the industry while maintaining the new standards all across the globe. In the coming year, we expect Blockchain to turn the tables toward progress in the logistic industry. Thus, Blockchain in transportation and logistics aim to build the trust and credibility of all the stakeholders associated with the industry.
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Cryptocurrency is gaining traction in the mainstream financial systems. Crypto community is getting diversified at every corner of the world, craving to have the more and more coins in their crypto wallets. Undoubtedly, the best way to have the coins is to buy them from the platforms involved in buying and selling but mining process is also getting popular among the people as the way to filling their wallets with Bitcoins or altcoins earning as the incentives in terms of cryptocurrency. Cryptocurrency cloud mining is becoming the prevalent tool of renting out the computer hashing power to earn some BTC. There are several legit service providers that offer you the platform to provide the option for cloud mining. In this article, let us discuss the one such paid service providers Hashflare which is already trusted by thousands of miners.
What Is Hashflare Cloud Mining?
Hashflare is the paid service for cloud mining process. In the normal mining process, one has to purchase hardware and software relevant for mining and has to combine with your skills and hashing power to get the BTC in reward of mining the Bitcoins. In cloud mining, if you are interested in the mining process but want it to hassle-free, you can rent out your computing power to massive mining pools along with some initial fees and can gain the reward after the mining of block or as per the conditions of company related to payments.
Hashflare cloud mining is a company which is owned by HashCoins. Any individual who wishes to be the part of the mining process of the specified coins with low investment can start with Hashflare which offers the five distinct types of contracts. SHA256 is stationed to mine Bitcoin, Scrypt for Litecoin and ETHASH for mining Ethereum and Ethereum Classic, etc. Unlike much other mining services which are involved in one or other scam, Hashflare cloud mining services are legit and the reviews of millions of crypto miners can assure authenticity and auditing firms associated with the pool.
What Are The Benefits Of Using Hashflare Cloud Mining?
Before start the mining process with Hashflare platform, you must know the benefits of using it for cloud mining:
- Reliable: When the huge number of cloud mining websites are involved in scams or going through the tough times in proving their authenticity, Hashflare stands out as the reliable platform which is already been verified by autonomous auditing.
- Mining equipment: The speed of the mining process or hashrate heavily depends upon the hardware and software used for the process. Hashflare uses the newest of mining equipments like Antminer S9 so that the hash rate can be maximum and the mining process could be efficient.
- Interface and Team: The first contact of any individual with any services is the website of that service provider. With an intuitive user interface and variety of features, Hashflare aids in understanding the process and features easily. Also, with highly professional teams of analysts and developers, you can rely on the platform for cloud mining.
- Fees: With fixed initial fees(no hidden costs) and low maintenance fees in every contract associated with cloud mining, Hashflare has a transparent structure in terms of fees associated with cloud mining services.
- Customer support: With round-the-clock customer support with real-time monitoring facilities, Hashflare assures that it invests your money in the process which can earn your rewards.
- Services: Fast withdrawal process, a lucrative affiliate program, convenient terms of contracts, promo codes, payouts on request, support to number of payment forms from web money to bank transfers, Hashflare offers the additional opportunities to save your money during mining.
Thus, unlike the other cloud mining platforms, Hashflare with a variety of features, customer support, monitoring of the mining process, easy withdrawals and payouts can be worth considering while choosing for cloud mining services.
How To Start The Mining With Hashflare Cloud Mining?
- To begin the mining process with Hashflare, you can start with the quick registration process by logging to the website of Hashflare and specifying the details like current email address, password, date of birth and many more.
- After the registration process, you need to buy the desired hashrate for starting the cloud mining process with Hashflare. For buying the hashrate, you need to click on the “Hashrate” section and can choose from the mining contracts (Scrypt for Litecoin, SHA-256 for Bitcoin, X11 for Dash, ETHASH of Ethereum, EQUIHASH for Zcash)
- Once you decide with mining contracts, you can select the amount of hash rate you wish to buy and Click to proceed for the further procedure. Do not forget to redeem promo code if you have one while buying the hashrate.
- After choosing your contract and hashrate, cross-check the details and finally select a payment method to complete the procedure before you can start the mining. And now you are ready to dig the coins with the help of Hashflare.
With a painless withdrawal process and clear payout schemes, you can cash out your reward any time you wish to withdraw.
To mine or not to mine? It is one question you need to solve by yourself. If you wish to walk with the latest trends in the financial market, you could at least try to be the part of cloud mining services and earn a few of the rewards. Even after the latest Bitcoin halving event of May 2020, mining is considered as one of the reliable processes to earn profits. Purchasing your equipment and software and also setting up the apparatus might be the chaotic process to mine so you can start the process with cloud mining service providers. Hashflare cloud mining stands out as one of the established names in the cloud’s field miners, easing out the process to earn cryptocurrencies for enthusiasts with fewer chances of cyberattacks, scams and regulations.
The hype and the utility of the Blockchain-based cryptocurrency increase in future because of the decentralised model and many of the striking features like transparency in transaction, low fees and time involved in transferring the value while maintaining the security and anonymity. So, exploring mining at least once won’t be the terrible option!
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The world is moving at a higher pace and unfolding with many technical innovations in every field leading to change in many sectors. With new technology, the number of perils and hacks are also taking place. Where one community is engaged in technological reinventing others are working with sophisticated techniques to bamboozle the users. In the digital era, cyber-attacks are leading to the disruption of data getting the unauthorized access of the networks. Blockchain-based cryptocurrency is no different for cyber scammers through the cryptographic techniques that are strongly securing the network. Even if you are a beginner, you must have read about the infamous attack of Mt. Gox. In this article, we will be discussing the DDoS attack and the countermeasures for DDoS attacks which bought many exchanges on their knees and successfully manipulated the market price of currencies.
What Is DDoS Attack? | Distributed Denial of Service
DDoS or Distributed Denial of Service attack is one of the attacks which can be proved as highly destructive. In the context of crypto space, hackers utilise a number of algorithms to send the requests to increase the traffic on exchange till the saturation point of exchanges to receive further requests and finally it crashes. In general terms, it can be understood as a group of people crowded at the doorstep of a shop making it difficult for actual legitimate customers to enter into the shop, thus ultimately disrupting the trade. During the DDoS attack, numerous machines target the single resource or the single platform(preferably where the number of users is high) making it a challenge for the team of the platform to stop or track the countless machines by simply blocking or tracing their IP addresses. There are various multitudes in which attack takes place like traffic attack, bandwidth attack and also the application attack.
As per the latest Incapsula Global DDoS Threat Landscape Report, three out of four exchanges or other service providers have been targeted by DDoS attacks in 2019. Hong Kong-based Bitfinex was down for a few hours due to recurrent DDoS attacks in terms of large amounts of malicious small transactions. Similarly, exchanges like Bittrex, Okex, Poloniex, Kraken also suffered from DDoS in one or the other form where the traffic was altered and the network was overloaded with junk requests barring the customers from trading. The infamous attack of Mt Gox was disrupted by similar attacks, resulting in the falling of trading volume and ultimately losing credibility. Not only exchanges but gambling websites, mining pools, online crypto wallets, platforms of the OTC brokers and many more websites of the service providers have been jammed by attackers.
Countermeasures For DDoS Attacks
Blockchain As Boon For Cryptocurrency
In crypto space, DDoS attacks generally take place on the platforms resulting in barring the trading or congesting the network to indirectly get hold of the cryptocurrencies. Before knowing the countermeasures for DDoS attacks, let us try to understand the importance of Blockchain in crypto space. Getting the direct hold on Blockchain-based crypto transactions is difficult because of the following reasons:
- Multiple nodes in Blockchain ensures that attacks won’t get concentrated on centralized entities which can easily be crippled easily. In Blockchain, hackers need to get a hold on the multiple nodes at the same time to implement the attack which is practically difficult and even few of the nodes get hacked then the operation will continue.
- Modified decentralized networks of Blockchain can quickly send the bandwidth to other servers facing the congestion in bandwidth due to DDoS attacks so that the attacked server can absorb the excess traffic without hampering the usual operations.
- Proof of work consensus algorithm ensures the security of data on the network through the cryptographic tools. Getting hold of the Bitcoins while congesting the network is not an easy task as the Blockchain network does not allow the easy alteration of blocks.
Precautionary Measures To Avoid DDoS Attacks
Few of the countermeasures to DDoS attacks can be as follows:
- Buying more bandwidth for the platform can help in making the infrastructure “DDoS resistant” which ensures that enough bandwidth will be able to handle the rise in malicious traffic and the site or platform remains unaffected.
- Building redundancy into infrastructure can make it difficult for attackers to launch a DDoS attack against the servers. By spreading the data on multiple nodes with a load balancing system can distribute the traffic between nodes, thereby countering DDoS attacks.
- Configuring the network hardware against DDoS attacks can be stated as the precautionary measure to protect your server from attacks. For instance, the configuration of the firewall or router by dropping incoming ICMP packets or blocking DNS responses from outside the network can be deployed to prevent volumetric DDoS attacks.
- Deploying the DDoS protection appliances from the vendors like NetScout Arbor, Check Point, Cisco, Radware, etc are designed to sit in front of firewalls of the network and block DDoS attacks before they can take effect. Various techniques like carrying out behavioural baselining, detecting unauthenticated signatures and many more blocks the traffic.
- One of the countermeasures to DDos attacks which must not be forgotten is the protection of DNS servers by creating the redundancy and placing them in geographically different centres or moving to cloud-based DNS.
Blockchain-based cryptocurrency is inclined towards the positive aspects and better adoption in future. Being based on the digital network, stakeholders of the industry must be cautious to protect the network from the malicious cyber-attacks and increase the credibility of the digital assets which can be proved as the game-changer in various industries. Blockchain being already sophisticated technology with the decentralised model of operation can easily cope of with modern attacks by adding the different solutions, modifying the infrastructure and most importantly with the awareness of the users of the crypto industry. Hope in this article of countermeasures to DDoS attacks, you got the idea of sufficient solutions that can be deployed in servers to protect your platform from dreadful DDoS attacks which have the potential to crash your system.
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Cryptocurrency has travelled a long way since its launch in 2009 amid the global financial crisis. Beyond the peer to peer payment in digital money, crypto has moved too further with most genuine use cases. Presently, cryptos with real use cases are more than merely paying for goods and services. The crypto movement was started by Bitcoin for the purpose of storing value and payment and now in 2020 crypto space is flooded with thousands of cryptos each having a different purpose to serve like supercomputing, cloud storage, development of smart contracts and many more. In this article, let us understand the cryptos with real use cases.
Most Genuine Use Cases | Cryptos With Real Use Cases
Bitcoin (Payment and Storage)
Ethereum (Smart Contracts & DApps)
Dash (Digital Cash)
Golem (Decentralized Supercomputers)
Siacoin (Decentralized Cloud Storage)
IOTA (Internet Of Things)
Civic (Universal Digital Identity)
As the crypto space continues to grow, many other cryptos with real use cases will be coming into the industry and serving the users with multiple facilities. The Crypto industry is still in a nascent stage and has started to get diversified in every corner of the world while reinventing the experience in every sector with minimal infrastructure and highly secured architecture of Blockchain. Security tokens, hybrid tokens, crypto commodities, stable tokens and many more are still trying to establish their positions and reinventing the experience of users.