An introduction to Facebook’s Libra Cryptocurrency

Facebook’s Sudden Plan of Launching Libra:

Being a renowned social platform, Facebook is always set to extend its business to more spheres. The globe of digital currency is no exception. So, on July 15, 2019, Facebook planned to arrange a meeting with the US congressional committee to chalk out and discuss its aims and intentions regarding the digital currency named Libra.

Launching a digital currency is not a matter of joke. It convinced the US congressional team to include the Libra executives and some renowned crypto experts for better guidance before carrying the plan forward. After gathering enough information about Libra’s missions and goals, the conclusion was drawn that Facebook Libra might be a severe threat to the international and global financial setup.

But what are the Blockchain and Crypto enthusiasts there for? After the final hearing, they just denied to give up entirely on the failure of the launch of Facebook Libra. Thus, Libra is here to reside and so let us study a bit more about the soon to be launched cryptocurrency.

All About Facebook Libra:

The first question that strikes all of us is, “Since when Facebook decided to connect with digital currency?” or “Why suddenly Facebook was addicted to a crypto market?”

So the story takes us to the year 2018 when our favorite social media platform Facebook was getting done with the Cambridge Analytica Scandal, and suddenly it was struck with the planning of Libra currency. Gradually, after a more promising discussion, it was decided that the director of Facebook Messenger, David Marcus, would look after the Blockchain of Libra. Libra currency has big plans of including five significant features:

  • Scalable, secure, reliable than other blockchains.
  • Stablecoin for improved volatility
  • Governed by Libra Association
  • Smart contract coding through “Move” language.
  • Usage of LibraBFT mechanism.

Intentions behind the Libra Development:

The decision to purchase a cryptocurrency globe was not a casual one. Facebook hatched a plan to make it possible to transfer money on Whatsapp. Thus, to ensure that the currency was not similarly volatile like our traditional cryptocurrencies, Facebook was determined to make Libra a stable coin. Stablecoins are a sort of cryptocurrency designed to minimize the volatility of the price of the cash.

Final Launch:

In June 2019, after the sought of $1 billion in VC funding for Libra’s proper development, Facebook was all set to announce its launch after realizing its initial whitepaper. The final day can be anytime during 2020 as the basic code has already been released.

Facebook Libra Redesigned: A Whole New Setup of Cryptocurrency

Introduction:

Since the release of the whitepaper and the official launch of Facebook’s Libra cryptocurrency in 2019, the project has undergone various changes that are noteworthy. The changes were significant and required to make the project reach its peak and fulfill the big dreams of Facebook, to transfer money on the Whatsapp platform easily. The key spheres that have undergone alterations are the payment procedure, the cryptocurrency, the stablecoin system, and also some other factors that aim to balance with the regulatory customs and requirements.

All about the Redesigned Whitepaper:

The Libra Association team, after a thorough discussion with the Facebook in June 2019, decided to publish an upgraded version of the whitepaper for the Libra currency. The explanation for the significant changes in the project was announced by Michael Engle, one of the renowned developers of Libra Association.

Reason of the Redesign:

You might be wondering about the reason for redesigning as an initial whitepaper was already published after the launch. So when the same was asked to Mr. Engle, he shared his opinion by stating that the entire Libra blockchain technology aims at shaping an innovative approach to the various bankers, regulators, and officials. So for a smooth, regulated, and licensed payment mode, the upgraded whitepaper and other vital changes were very much required.

The Key Changes:

For achieving special attention, the newly redesigned Libra whitepaper comprises four key features. So let us briefly discuss each characteristic feature to know about the upgraded version better.

  • Single currency stablecoins- This is to allow a volatile transaction mode compared to the traditional currencies and for accessing a stablecoin in the currency for those who reside or work in various other regions.
  • Safe payment system- This is for massive user networks that provide several payments and also support non-financial services. A secure and smooth transaction has been aimed at with the redesigned Libra for commercial and mobile app transactions.
  • Permissionless transaction system
  • Protective Libra Reserve- As the developers are focusing on listing Libra on multiple electronic exchanges across worldwide, this feature can be considered as the most important one. 

Libra Coin:

Along with the whitepaper, the Libra coin has also adopted a new design which will not be a mere separate digital asset, but a composite single currency stablecoins in the Libra network.

Final Launch Date of the Redesigned Version:

Dante Disparte, the head of Libra Association, policy, and communications, revealed that the new Libra version’s launch date had been postponed to mid-November or the closing periods of the current year.

Mempool Mining

Cryptocurrency mining has been a rising trend. These include transaction techniques using blockchain technology. With exponential growth, cryptocurrency has grown rapidly and mining with it. 

Cryptomining or Cryptocurrency mining is a way in which information about transactions is added on a network. These networks are basically constructed in the form of blocks.

However, frequent mining leads to the addition of blocks which actually increases security.

Every time you make a transaction the miner will check if the information is legitimate or not. The mining procedures include competition with other miners. The competition is basically based on solving complex mathematical problems.

A person or individual who cracks this code is a crypto miner. This individual is rewarded on the basis of his/her ability to solve the complex mathematical codes.

Similarly, Mempool is a famous platform for cryptocurrency mining. Mempool offers enticing features that catch the eyes of the miners. It let miners choose their payment methods. They can earn BTC while mining and even BCH.

Mempool is basically a Bitcoin cash mining platform. This lets you mine on both BTC and BCH (SV) network chains. This platform also participates in mining competitions and reward the miner as well.

In simpler words, Mempool is a waiting zone for each node after they pass verification. These nodes are then picked up by miners. Also, this holding area is a place for all pending transactions. However, every node in the network has a separate memory size. In order to manage crashes on the network, Mempool creates a minimum fee limit. If the minimum limit is not met, it removes the transaction. It only accepts large transactions.

Apart from this, Mempool has pivotal roles as well. Mempool lets SPV clients access the transaction and look at information even before they entered a block.

Also, it has a remote network diagnostics.

What to do if your transaction faces traffic? In cases like this, all you can do is wait around 48 hours. After the time limit passes, the transaction funds are returned to the wallet.

Apart from this, there are two other ways to confirm the transaction. Firstly, some wallets let you replace a transaction and instead place another one with a higher fee. Secondly, multifarious mining pools offer a first-come, first-serve basis.

In conclusion, we can surely say that Mempool is a pivotal faction of the bitcoin network. It gives us a vivid picture of the traffic. 

Litecoin Block time

For the past few decades, cryptocurrency has been the burning sensation. Cryptocurrency surely paves a way for safer transactions. This is a digital platform that provides safer and encrypted sources of transactions. Moreover, these transactions are recorded and stored in ledgers. These ledgers are then stored in databases with complex encryption.

Moreover, Bitcoin was the first successful cryptocurrency software that rose to popularity. Other than this, another fork project, litecoin is currently on the rise.

This article focusses on the functionality and block time of litecoin.   

 Litecoin is the brainchild of Charles Lee and a fork project of the famous cryptocurrency platform, bitcoin. This is an end to end open cryptocurrency software. Here, the creation of coins and the transactions take place through highly encrypted cryptographic protocols.

However,  this was a spinoff. Also, litecoin was established in October 2011. Analytics also show that Litecoin is also a good investment for the future.

Being a spinoff of the cryptography giant, bitcoin,  it became evident that it has no correlation to the former.

Here are some common contrasting factors between litecoin and bitcoin.

One of the most common differences lies in the block time. Litecoin creates blocks every 2.5 minutes. Whereas, bitcoin processes block every 10 minutes. Litecoin also has an advantage when it comes to transactions. Litecoin provides fast and secure transactions in comparison to Bitcoin.

Moreover, Litecoin uses much efficient technology. It uses a script in its algorithm. This script is chronological. Also, it provides more memory as it is memory-hard making it much more efficient.

The block time of Litecoin refers to the addition of blocks. These blocks contain information or transactional records. They are encrypted and cannot be altered or viewed easily. However, the block time in the case of Litecoin is 2.5 minutes. The frequent processing of blocks to ensure secure mining. Why? Secure mining safeguards the transactions on the networks.

However, if we were to compare the efficiency of the giant Bitcoin with Litecoin, litecoin proves to be a much efficient one. Litecoin has higher security and frequent block processing. Whereas, Bitcoin takes about 10 minutes. But, Litecoin is has a more complex algorithm as compared to Bitcoin. This also makes it harder to function. Cryptocurrency changed the financial sectors and made it much secure. Surely, litecoin with its much efficient and upgraded algorithm will further be a giant in the cryptocurrency industry.

Best Multi-Cryptocurrency Wallet

We usually underestimate the value of this magical object in our lives, the wallet! A loaded one brings in all the joy and possibilities into the focus whereas the scanty sense of it unfolds the worst nightmares. When the traditional wallet has so much impact and importance in our lives, so will one for cryptocurrencies. When there is money, wallets are synonymous with it. In the plethora of such wallets being available, which one fits the perfect bill?

Apart from understanding how investments on cryptocurrencies can be made, fair learning of the ways to store and transact such wealth is also inevitable. Based on various functionalities and areas of importance, there is a multitude of wallets that exist. Some of the most renowned and trusted wallets are enlisted below:

  • Coinbase

One of the most trusted and recommended wallets for selling, buying and storing cryptocurrencies. It can be directly connected to a bank account and easily enable the flow of dollars to and fro from the account. The wallet comes with an extremely easy interface which is a boon to this fairly new method of transaction.

  • Trezor

Trezor is a device that is connected to a PC, tablet or phone to store and access coins. It has multiple currencies in-store and acts as a password manager. The wallet provides full protection from lost passwords and lost devices. The wallet is known for its super security.

  • Electrum

Electrum is software-based. This means that Bitcoin is stored in a set of encrypted files on the laptop or desktop computer. While accessing the coins is on the go, in case of loss or damage to the devices, there is no provision for retracting or recovery. One is subjected to losing their coins.

  • Blockchain

Blockchain is the technology that empowers Bitcoin and other technologies to exist. One can buy and sell directly using this technology. It also enables the buying and selling of currencies for a small fee. It has three key security features to ensure a cent percent security.

  • Robinhood

Robinhood is a free stock trading platform and includes options for investments and support for options. Robinhood is both like a wallet and an exchange. Wallet because it can store the coins and exchange because it facilitates the transaction of the coins.

  • Mycelium

Mycelium is a mobile-only wallet. This particular wallet is more complicated to use than the other ones. It boasts of “bank-grade security” along with anonymity for the desired bitcoin transaction.

Zcash Privacy

Cryptocurrency is another name for a digital currency that seeks the help of cryptography for security and anti-counterfeiting dealings.  If we research more about this sort of currencies, then we will probably come across two keys named public and private that are mostly needed to transfer these digital currencies between individuals. Now the more we learn about cryptocurrency, we will get to know it is not limited to only one kind, but there are several such currencies that are probing into the economic market day by day.  such a renowned name in the world of cryptocurrency is Zcash.

Get to know elaborately about Zcash: the digital currency similar to Bitcoin

Zcash has its roots in the original Bitcoin codebase and you can use it in ample spheres as a substitute for original currency in a number of international countries. While speaking about this expert digital currency, it is extremely important to know the names of the masterminds who conceived the idea of Zcash, that took the planet of digital currency by storm. Zcash was first produced by a few renowned academic and scientific institutions namely Hopkins, MIT, Johns, and few others on 28th October 2016.

Now as you have already gained a slight knowledge about Zcash, let us lead you to the benefits of this particular digital currency.

Benefits

Zcash was basically built on the terms of privacy protection and sturdy scientific research that makes it a bit unique from the other digital currencies available. With the usage of Zcash, you will not only be able to transact efficiently but also get the advantages of safe transactions with low fees. It also promises you of a complete secured and privacy maintained transaction so that there is a rare scope of hacking. There are also multiple transaction types available in Zcash, thus providing you with the entire freedom of choosing any according to your requirements. They are private, shielding, public, and deshielding, each showcasing your entire transaction details for your convenience. The addresses are private or transparent and every minute details appear on the user’s blockchain. But at the same, it ensures that each of these details is well encrypted and secured. Get to know more from the perfect site dealing with Zcash.

Zcash mainly works via the different addresses that the users need to choose, thus establishing a blockchain between the various users. The fact that makes Zcash innovative from the other digital coins is that the information you are sharing while proceeding with any transaction, is completely under your control and the blockchains can never view your balance. Moreover, if you require more secured assistance while using it, Zcash happily offers special keys with trusted third parties who help you in audits and compliance. For better knowledge and information, none but Trybe.one is the perfect one to seek help from.

What Is Cryptosoft?

Cryptosoft is a trading robot prepared to trade in cryptocurrencies on behalf of the investors. Designed by Mr. Thomas Green and a group of bankers, this digital platform was introduced in September 2017. This software application analyses market trends and make investment decisions with the help of pre-programmed algorithms. This replaces the need/presence of a personalized broker and also facilitates trading from literally everywhere. It is a user-friendly and legit platform you can rely on for your savings.

Features / Advantages:

  1. The minimum deposable amount is $250 and the highest deposable amount is $15,000.
  2. If you research the testimonials you can see that you can make a daily profit of around $1000. It is mentioned in their official website that in a certain condition, you can earn $5489 in just 24 hours. 
  3. The terminal works on the robotic system. This system is proven to ensure a return rate of @88%.
  4. Payment methods available- Credit /Debit card, Bank Wire, etc.
  5. Customer assistance is available 24X7 online.
  6. Ensures profit within 24hours of signup.
  7. Redemption or withdrawal is processed and credited into account within 24 hours.
  8. Absence of hidden costs.
  9. Easy user-interface assuring smooth operation.

Process of opening an account: By following the process explained below, you can learn to invest in cryptocurrencies.

  • Start with entering the official website of Cryptosoft. There you would see a flashy option ‘Get Started Now’.
  • Enter the first name, last name and email address and click on Get Started Now.
  • A form will appear now. Here you have to enter the username, password, phone number. You will now get a confirmation link in your email. Click on the linkage to authenticate your email address.
  • Now your Cryptosoft account is activated.
  • Make a deposit using the various payment options. The minimum deposit amount is 250$.
  • At this moment the live trading feature will be available to you.

Your account is now all set to gain profit.

The legitimacy of Cryptosoft: With the incorporation of AI-driven technology, Cryptosoft can provide you with an impressive rate of success. It covers a vast network to identify the opportunities for you to earn more in the cryptocurrency market. With a thorough analysis of the market value, this software aims to guide you in the right manner to make sure your investments do not go in vain. Cryptosoft works efficiently and effectively to help you achieve the expected financial goal. The 24 hours profit scheme has been reviewed as authentic. Also, the vast modern trading feature offering like- 24X7 support, user-friendly interface, multiple payment modes, high return rate make this platform selectable by anyone. So, you can keep your worries aside and start investing in cryptocurrencies with the help of this platform while keeping your investments safe and secure.

Why Altcoins Are Dropping?

Altcoins can be defined as a different type of cryptocurrencies other than bitcoin. This includes- cryptocurrencies based on mining, stable-coins, security tokens, utility tokens, etc. The word ‘Alternative’ and ‘Coins’ (Cryptocurrency) are joined together to form the term. The estimated number of cryptocurrencies released in the market to date is approximately around 5000. These Altcoins have acquired around 34% market share of the global Cryptocurrency market. In terms of market value, Ethereum & Ripple are the largest Alt-coin in this market.

With the huge market spread, once it was thought that Altcoins will grow even faster than Bitcoins. But now, it has actually turned the other way round. In this article, we will discuss the top reasons behind the downfall of Altcoins.

Primary Reasons for Altcoin value drop:

1) Non-Approval of Bitcoin ETFs:

Securities and Exchange Commission (SEC) rejected proposals from different Bitcoin Exchange-Traded Funds (Bitcoin ETFs) for possible chances of manipulations in buying & selling cryptocurrencies. Though this refusal was meant for Bitcoins, it left the adverse effects on other cryptocurrencies as well, including Altcoins. Well, this digital system works in a strange manner where if Bitcoin’s market cap falls down or happens the other way round, the rest also starts flowing in that trend. So, where SEC’s denial dropped Bitcoin’s value from $6400 to $6200, Altcoins’ value dropped to the amount as low as $220.

So, considering the higher market value and demand for Bitcoins, even though they survived this tumbling situation, Altcoins could not!

2) The popularity of Bitcoin(BTC) :

Altcoins do have the prospect to grow and prove beneficial to the investors but it is always get dimmed in front of the popularity of Bitcoin. For millions of people, who don’t know about the cryptocurrency concept in detail, can’t discriminate against the concept of cryptocurrency & Bitcoin. For them, both are the same.

So, when an investor will want to save his hard-earned money from the govt taxation policies and inflation, they will tend to invest in bitcoin, not in Altcoins. They are aware of the fact that if the government collapse by any chance their Bitcoin investment can save them.

3) Value of Altcoin is less:

The investors of Altcoin are mostly those people who won’t be able to buy Bitcoin for being higher in value. If Bitcoin suffers downtrend, then the value will surely be lesser; but being high-valued the percentage degrowth will not be huge. On the other hand, a similar downtrend can be fatal for an Altcoin. As the value is very low, the downtrend will bring non-coverable losses to the investors. Thus the investor will immediately sell their Altcoin units.

The below illustration will make things clearer to you:

CRYPTOCURRENCY Past Value 50% degrowth Current Value
ALTCOIN $10 Less-$5 $5
BITCOIN $3000 Less-$1500 $1500

Well, to be precise, the entire cryptocurrency market is struggling with this value-drop. However, investors need to research thoroughly before opting for this digital currency. Because let’s be logical, who would be happy to face a loss after investing their pennies!!

Get rich with Cryptos!

One of the latest fads of new-age investors is to dig for newer avenues to offload liquid cash and reap returns. Commodity trading became a phenomenon in the past and is still going strong. With changing time brick and mortar businesses have given way to the more tech-savvy ones. The ones which promise to take the world into the unknown future. It is these companies or institutions which investors bet big on.

Cryptocurrency is certainly one of the avenues, which despite a stormy past, has been able to remain phenomenal. When Bitcoin first appeared on the digital asset horizon, it was being transacted at almost a cent a token. Three years later it hit $20000 and the world went crazy. However, the euphoria was short-lived. Within a span of a few months, it crashed to below $6000.  Currently, it is being traded at around $10000, a rise of almost 100000 times. The ones who had invested initially and waited with bated breath reaped immense rewards.

So the question beckons: is it possible to get rich investing in Bitcoin?

Is it?

To begin with, the greatest characteristic of a successful investment is patience. And when one is dealing with Cryptocurrencies, it is of prime importance. Bitcoin, unlike, other conventional investments, is a volatile asset. Its ups and downs are well documented. It also needs to be kept in mind that Cryptocurrencies are long term assets. Not one investor has ever become rich overnight. It is a waiting game.

However, for the uninitiated enthusiast, here are a few ways to earn notably from cryptocurrencies.

Let’s take a quick tour:

  1. Buy safe cryptocurrencies. Bitcoin, Etherium, Binance, Tezos, etc. These tokens are generally considered safe for investments.
  2. Another popular way is to stake cryptocurrencies. There is a dual advantage in doing so. One gets a price appreciation for holding good crypto coins plus the additional reward as dividends for staking the coins. Staking is basically holding crypto coins 24*7 in a live wallet, hence earning new additional coins as a reward for staking and securing the blockchain network.
  3. Buying and holding cryptocurrencies for dividends is a great way to increase the margins. There are many great cryptocurrencies that pay you a fair share just for holding them and you are not even required to stake them, especially in a wallet.

Cryptocurrencies offer myriad ways to earn handsomely. It is up to the individual to amplify the game.

Bitcoin-NG: Stability enforced

Cryptocurrencies, based on and led by the veritable powerhouse, Bitcoin, have shown promise as infrastructure for semi Anonymous online payments, cheap remittance, trustless digital asset exchange, and smart contracts. However, Bitcoin-derived blockchain protocols have inherent scalability limits that compromise between throughput and latency, which negates the full realization of this potential.

When it first appeared on the cryptocurrency scene, Bitcoin, with the novelty factor, provided a glimpse, to financial pundits and enthusiasts, a sneak peek into the future of trading. Digital assets and their online lives have never been so interesting before. With Bitcoin, remaining semi-anonymous and yet making free or dirt cheap transactions, with no third-party bureaucratic oversight, became a reality. Transfers were lightning fast and the technology on which it was based, blockchain, seemingly impregnable. Hence, a security system with no scope of monetary fraud became an instant hit. Over a period in time, hundreds and perhaps, if you consider the ones that do early deaths, thousands of copies of Bitcoins, flooded the cryptocurrency scene. Each crypto came up with its own version of transaction modes and enhanced services. This led to an overall increment in technology as well as appreciation from a discernible crowd.

Despite its potential, blockchain protocols face a significant scalability barrier. The maximum rate at which these systems can process transactions is capped by the choice of two parameters: block size and block interval. Increasing block size improves throughput, but the resulting bigger blocks take longer to propagate in the network. Reducing the block interval reduces latency, but leads to instability where the system is in disagreement and the blockchain is subject to reorganization. Bitcoin currently targets a conservative 10 minutes between blocks, yielding 10-minute expected latencies for transactions to be encoded in the blockchain. The block size is currently set at 1MB, yielding only 1 to 3.5 transactions per second for Bitcoin for typical transaction sizes. Proposals for increasing the block size are the topic of heated debate within the Bitcoin community. To overcome this issue, Bitcoin came up with Bitcoin NG, a scalable version of Bitcoin. A blockchain protocol built on the same trust model but sans the limitations. Bitcoin-NG’s latency is limited only by the propagation delay of the network, and its bandwidth is limited only by the processing capacity of the individual nodes. Bitcoin-NG achieves this performance improvement by decoupling Bitcoin’s blockchain operation into two planes: leader election and transaction serialization.