Archiv für den Monat: August 2018

Factom Coin- How does Factom work?

Today, the work of all blockchains depends in one way or another on the interaction between the users of a crypto currency – in one way or another, which requires a certain degree of trust and involves risks that can lead to financial loss. Factom Coin (FCT) makes it unnecessary to trust anyone – the developers of the system present a unique audit that is characterized by its invariance, accuracy and high security checks.

In the past, users were confronted with problems of information protection, long synchronizations and the inability to verify the reliability of data. Today, the Factom Crypto Currency (FCT) is a product that contributes to solving these problems by presenting an innovative onlinebetrug.net/en approach to working with the blockchain. If the bitcoin ecosystem is considered the most reliable for storing and operating crypto currencies, it does not mean that your funds are completely protected.

The system itself was not hacked, but fraud with the individual accounts of the users was still possible with a clever hack. The Altcoin and its ecosystem allow companies and organizations to access the platform without having to deal directly with the crypto currency.

In this article we describe what the Factom Crypto Currency (FCT) is, how users use the
Factom Wallet and the price forecast for the token itself. And much more!

Factom Coin – Who is behind the crypto currency?
Fact/om first appeared in September 2015, its developers are Peter Kirby and Paul Snow. Their goal was to expand the capabilities of the blockchain to store and process information. The problem, according to the developers, was the standard block in a block-chain system that could not contain more than 1 megabyte of information.

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Factom Coin advantages and disadvantages
Fact/om was developed to solve this problem by using sidechains that generate the so-called information layer. The task of the information layer is to create the necessary hash code that links the original block with all added additions. The size of the block is not limited. This makes it possible to maintain the network structure, improving storage and data transfer capabilities.

The crypto currency itself allows to solve these shortcomings of Bitcoin, which is associated with its slowness, the complexity of mining and the problems in the execution of transactions.

Who’s behind Dash?

Unlike Bitcon’s still mysterious inventor, Satoshi Nakamoto, the creator and lead developer of Dash, Evan Duffield, appears in public. That wasn’t always Duffield’s advantage, at least in the beginning. If the author of a crypto currency is known, he can also be held responsible if something goes wrong.

Wikipedia writes about crypto currencies:

Crypto currencies are money or Fiat money in the form of digital means of payment. They use cryptographic principles to implement a distributed, decentralized and secure digital payment system. To this day, unlike central bank money, they have been drawn exclusively from private sources. However, their qualification as a currency is sometimes controversial. In German-speaking media the term crypto money is also used.

And that is exactly what happened in the first days of the new Altcoin. Money creation takes place differently in digital currencies than in state currencies, namely through a process called mining. In simple terms, this means that Dash users make their computing power available to the network and are rewarded with Dash Coins. Mining thus generates new coins in exchange for computing power. This usually takes place in a limited process; it is not possible to generate any number of payment units within a period, but only in a limited number. But this limit for newly created coins failed at the start of Dash and almost 2 million coins currency units were generated by mining within the first two days after system startup. This corresponds to almost a quarter of the coins currently in circulation (March / April 2017).

This shook confidence in Bitcoin Code

This shook confidence in the still young currency, as the crypto currency market was already traversed by enough „rotten“ currencies. New currencies appeared, their exchange rate was artificially raised, the developers quickly sold their coins and let the projects fall asleep. Many feared similar things with Dash. Evan Duffield spoke of an error called „instamining“ and offered to restart Dash after identifying and correcting the buggy code. But the majority of the Dash community at the time disapproved, as did a general distribution of the coins produced by instamining. Thereupon the initial distribution was maintained, the development of the project continued and Duffield managed to restore confidence in his system. Meanwhile, this crypto currency has become one of the most successful Altcoin currencies (the currency has even managed to secure a top position among the Bitcoin Code alternatives) and has the most active Altcoin community on Bitcoin Talk.

Darksend – Anonymity guaranteed?

One of the special features of Dash is the PrivateSend service. This Coin Join-based transaction service from Dash provides an anonymous method for processing transactions. The idea behind Coin Join is based on the consolidation of individual transactions in which the payments of two or more users are bundled in a single process. An ordinary transaction consists of information about the sender and receiver as well as input and output. With PrivateSend, inputs and outputs are now combined in a block in the blockchain and passed on to the respective recipients. The classic transaction as such disappears. PrivateSend is based on distributed network nodes and allows decimal denominations of the currency (0.01, 0.1, 1 dashcoin,… etc.). The maximum amount of a transaction brokered by PrivateSend is 1000 coins. The merging of the transactions of different users is done according to identical inputs and outputs. As a result, it is almost impossible for third parties to trace the cash flows, since although the inputs and outputs can be viewed, they cannot be assigned to individual users.

Dash Course Development

Despite the difficulties described above, the Dash share price developed positively. In terms of market capitalization, i.e. the total value of the payment units currently in circulation, Dash is currently (March 2017) roughly on a par with Litecoin, sometimes in fourth place, sometimes in fifth place, behind Bitcoin and the second-placed Etherium and Ripple as number three. However, despite the back and forth market capitalization, the Dash price is better than that of Litecoin. The price rose in 15 months, from November 2015 to March 2017, by over 2000%. In other words, a Dasch-Coin that was still worth 2 US dollars in November 2015 could be exchanged for more than 50 dollars after just over a year. In March 2017, the price even rose briefly to almost USD 100.

Crypto Currency Facts That Could Solve Bitcoins Problems

Dash starts where others left off. No currency can function without trust. This applies in particular to digital currencies such as Bitcoin. Today more and more places, also outside the Internet, accept Bitcoin as means of payment and through platforms like Bitcoin.de there are also secure market places available for the purchase and trade of virtual coins. But with all the success and confidence in Bitcoin Code the system still has some drawbacks over traditional cash payment. In addition to sometimes long confirmation times for transactions, Bitcoin, contrary to other views, unfortunately lacks anonymity. Mining is now only worthwhile with cost-intensive hardware. This is where the alternative digital currencies, which are summarized under the term Altcoin, become interesting.

What is Dash and what makes this currency so special?
Who’s behind Dash?
Darksend – Anonymity guaranteed?
Dash Course Development
Dash-Masternodes
Buy Dash
Dash Mining
Current application
upshot

These is a Bitcoin Code alternative

These alternative coins try to start where Bitcoin „stops“. One of the most promising Altcoin offerings is Dash. This Altcoin is the acronym for „Digital Cash“ and tries to be just that, digital cash with all its advantages. Dash is not necessarily to be regarded as a substitute for Bitcoin Code, but rather as a useful addition. On the one hand, Dash Mining is currently still worthwhile and on the other hand, the PrivateSend and InstandSend functions offer the possibility of anonymous transactions and real-time transfer. Two features that distinguish conventional cash and are painfully lacking in previous digital solutions. So it’s worth taking a closer look at Dash, also with regard to the course:

What is Dash and what makes this currency so special?
Dash started in 2014 originally under the name Darkcoin and was later renamed in XCoin. Since March 2015, the system has had its final name. Dash is an open source, so-called peer-to-peer crypto currency, which allows anonymous transactions to be executed in real time through the PrivateSend and InstantSend services. „Like Bitcoin, Digital Cash operates completely decentralized by governments and their monetary systems as a so-called DAO (decentralized anonymous organization).

decentralized

A decentralized, anonymous organization, sometimes also referred to as decentralized anonymous cooperation, is based on so-called smart contracts. Smart Contracts are basically computer protocols that make it possible on the one hand to verify or enforce negotiations and contracts and on the other hand to map the logical structure of these contracts for the user. Smart contracts are structured in such a way that their rules are self-executing and enforceable simply by using these systems. Smart Contracts thus enjoy greater security and lower transaction costs for the conclusion of contracts compared to traditional contract law.

Dash crypto currency blockchain
Since a financial transaction is nothing more than a contract, digital crypto currencies such as Bitcon or Altcoins are systems of intelligent contracts. Each financial transaction follows the program rules of a DAO and is stored in a digital journal, the blockchain. This blockchain is a long, chain-like file consisting of sections, the blocks, in which a large number of individual transactions are combined. This chain is structured in such a way that each individual block must first be confirmed decentrally by the entire network and then provided with a digital signature, the HASH. This process protects the individual blocks and thus the entire block chain from manipulation. For example, if an attacker were to change a single block, he would have to change not only the block itself, but also the block’s digital signature attached to it. However, this is almost impossible for an individual user. The attacker could only achieve this by connecting the network, in which his change would have to be confirmed. In case of a one-sided change of the block by a user almost impossible. This security mechanism of the blockchain is called „proof-of-work“ in computer science. A proof-of-work network also prevents misuse of system services, e.g. through spam, by asking the service user for something in return, usually computing time for his computer. This will be important in dash mining, which is still to be read.

Instructions: Buy and sell Bytecoin (BCN)

You want to buy and sell Bytecoin? This guide will help you to buy or sell Bytecoin.

First visit the website www.binance.com* and click on the menu item „Register“ (Figure 1). On the following page you must first enter your e-mail address and a secure password for logging in. You will then receive an email verification link to confirm your account.

Figure 1
After successful registration you have to login to Binance. After you have clicked on the menu item „Login“, a kind of puzzle appears, where you have to insert the missing piece of the puzzle with the help of the slider (Figure 2 – Spam protection). After we have inserted the missing piece of the puzzle, we get to the start screen.

verification

Figure 2

Verify with Binance (not)
Binance* is one of the few exchanges that does not require complete verification. However, you cannot deposit Fiat currencies such as Euro, CHF or Dollar. You can only deposit crypto currencies.

After registration you will have level 1 status. Level 1 status means that you can withdraw coins with a maximum value of 2 bitcoins per day. If you wish to increase your daily withdrawal limit to 100 Bitcoins, you must provide your personal information. The front and back of your identity card and a selfie with your identity card in your hand are required.

No crypto currencies yet?
You cannot deposit FIAT currencies (EUR, CHF) at Binance. Therefore you need crypto currencies, which you can deposit. If you do not yet have any crypto currencies, you have the following options:

You can find a complete overview and reviews of stock exchanges at bitcoinboerse.info.

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Exchange Office Bitpanda

A step-by-step guide to the Bitpanda exchange office can be found here.

coinbase

A step by step guide to Coinbase can be found here.

Buy instructions with PayPal

Deposit crypto currencies at Binance
To make a deposit, click on „Medium“ in the Binance menu and on „Deposit“ in the drop-down menu. Now you have to choose which coin you want to deposit (Figure 3).

Figure 3
Select the crypto currency you would like to deposit and have the deposit address displayed. You can now deposit your digital currency into these (see Figure 4). In this tutorial I will deposit the digital currency Ether.

Figure 4
Buy on Binance Bytecoin
After your coins arrive at Binance, you can start buying Bytecoin. To do this, click on the „Stock Exchange“ menu item and then select the „Traiding Pair“. You can directly exchange Bytecoin for the following crypto currencies:

BTC
ETH
NBB
USDT
If you have not deposited any of the top currencies, you must first exchange your deposited currency for one of the top coins to buy Bytecoin.

To buy Bytecoin now, you must first enter the desired quantity in „Buy BCN“ (Figure 5). You can set the price per BCN here. If you do not do this, the market price will be used.

After you have set the quantity and price, you only have to click on „Buy BCN“. After a few seconds you should receive a confirmation for the purchase. You can find the Bytecoin you just bought in your Binance Online Wallet after shopping.

BCN

Sell on Binance Bytecoin

To sell Bytecoin on Binance, you must first deposit it into Binance (see Figure 3). As soon as the deposit has been credited, you can sell your coins on the exchange (under „Exchange“) for the offered crypto currencies.