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Crowdfunding Platforms in Blockchain

Long gone are the days when businesses, to raise funds for their business, needed to know a ton of investors and have a great network. Today, there is a large number of substitute for raising money mediums. One of which is crowdfunding. Crowdfunding earned its popularity with the different online sites that enabled business people or ordinary people to raise assets for a wide range of requirements. As time passed, crowdfunding kept on developing and still does. The most recent advancement, crowdfunding withblockchain innovation, has made more straightforwardness and responsibility in the framework.

How did blockchain comprehend these issues?

Smart contracts are agreements give a way to keep the assets bonded. It discredits the likelihood of organizations abusing capital for purposes other than what was expressed. It additionally guarantees that assets are moved back to the financer if the organization is unable tp convey their guarantees.

In peer-to-peer, the whole total gathered in a conventional crowdfunding occasion does not achieve the organization. Blockchain deletes middle people, so permitting the gathering pledges organization to use the entire sum for their tasks.

The above are two reasons why blockchain-based crowdfunding is making waves in the business universe. There are many layers to blockchain innovation that is yet to be found and fused. Crowdfunding is only one viewpoint and can be performed in various ways relying upon an organization’s necessities.

What are the different crowdfunding platforms?

1. Initial Coin Offering (ICO)
Blockchain crowdfunding began off with the ICO, a stage where organizations could raise assets from people in general, without central guidelines. It offered tokens in return for cryptocurrencies. The first ICO was propelled in 2013. But it was in 2017 that the crowdfunding system began drawing into consideration. From all the ICO ventures, a total of 875 brought $6.2 billion up in 2017.

2. Security Token Offering (STO)
As the name recommends, a Security Token Offering is a crowdfunding occasion in which organizations offer the open their advanced tokens sponsored by outside resources. After the ICOs went downhill because of the flood of tricks, STOs made its entrance. An STO is neither an IPO nor an ICO, but instead an amalgamation of the two. A Security Token Offering empowers allow financial specialists and real organizations to take part. An organization can raise assets through three kinds of security tokens – Equity Tokens (speak to the estimation of offers), Debt Tokens (speak to liabilities and remarkable obligations), and Real Assets Tokens (speak to proprietorship to a benefit). STOs expect positive development and are transmuting money on a huge scale.

3. Introductory Exchange Offering (IEO)
IEO or Initial Exchange Offering is very unique in relation to its antecedents. In contrast to the ICO and the STO, an IEO is led by a digital cryptocurrency trade, a built up one. The sale of the token is conducted on the trading platform. Token issuers need to pay a posting expense alongside a level of the tokens sold during the IEO. So, the tokens of the crypto new businesses are sold on the trade’s stages. And their coins are recorded after the IEO is finished. As the digital currency trade takes a level of the tokens sold by the startup. The trade is boosted to help with the token guarantor’s promoting tasks. IEO members don’t send commitments to the smart contract. Instead, tRather, they need to make a record on the trade’s stage where the IEO is directed. The contributors then fundtheir exchange wallets with coins. Then use those funds to buy the fundraising company’s tokens. BitTorrent, Fetch.AI, and VeriBlock are a couple of examples of IEOs gone right.

Conclusion
Crowdfunding has opened up roads for organizations hoping to raise assets and at the same time empowers retail and institutional financial specialists alike to add to the reason. Blockchain innovation has demonstrated to be the foundation of a noteworthy segment of the advances towards a precise and higher standard of business. Crowdfunding Platforms in Blockchain

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Can you mine two coins at a go? for example, synchronous Bitcoin and Ethereum mining or some different Altcoins. Hang on and we will discover it soon enough.

Let’s have a quick introduction to Cryptocurrency Mining.

In cryptocurrency mining, miners verify and add various transactions to the blockchain. In the past few years usage of cryptocurrency has increased tremendously. In the same manner, cryptocurrency mining has also drastically become popular. Cryptocurrency transactions are conducted every now and then. And each and every time a transaction is started, a crypto miner is burdened with the obligation of verification of such transaction and recording it on the blockchain. Mining itself includes rivalry among miners. All with a common objective; to solve complex scientific issues, and to do it as soon as possible.

Merged Mining

Merged Mining is the way toward permitting the miners of a specific cryptocurrency to mine a completely different cryptocurrency based on the same algorithm. Because of this procedure, the hashing intensity of another, cryptocurrency can be expanded rather rapidly. The manner in which it works is that a miner is scanning for a similar response to the riddle engaged with the following square reward of more than one cryptocurrency at any given moment.

Advantages of Merged Mining

  • The security of crypto coins with low hashing force is supported by their connection to a parent chain.

  • With merged mining, miners are impelled to mine two coins at the same time. As it were, one system’s hashing force isn’t decreased at the expense of the other.

  • Miners are urged to channel their assets toward merged mining since they can develop their income without doing any additional work. Since one can create a greater number of assets by mining two coins as opposed to only one, all miners will eventually opt for merged mining.

The History of Merged Mining with Litecoin and Dogecoin

Charlie Lee, the maker of Litecoin, first proposed merged mining Dogecoin with Litecoin back in April of 2014. His principal objective for this new coordinated effort between the two altcoins was to improve the security of both blockchains. Adding all the more hashing capacity to the two systems brings down the risk of a 51% attack on either cryptocurrency, so it ought to be viewed as a success win for the two gatherings.

Jackson Palmer, one of the first organizers of Dogecoin, was reluctant about merged mining with Litecoin at first. He needed to concentrate on expanding the Dogecoin instead of uniting with the Litecoin. Having said that, the choice to permit combine mining with Litecoin was made in August. It was just a couple of brief a long time after Charlie Lee’s unique proposition.

Conclusion

From the above information, one could state straightaway that merged mining is feasible. It is fantastic and likely the most secure approach to develop more youthful ventures and evade 51% attack. This allows low hash powered cryptocurrencies to increase the hashing power by bootstrapping onto more popular cryptocurrenciesMerged Mining – Mining Cryptos Simultaneously.

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In the field of technology Blockchain or DLT (Distributed Ledger Technology) is one of the major transformations that we have seen recently. Being one of the most universal and multifaceted technology. it has managed to garner the attention of many businesses around the world. In this blog, we will study the latest developments in blockchain in the financial sector. We are talking about Quorum. The most recent development which JP Morgan is bringing to the financial industry. one of the leading investment banks in the world. The inclination of big banks towards blockchain technology is unhidden. J.P. Morgan Chase has taken the initiative in this direction.JP Morgan come up with Quorum along with Ethereum Enterprise Alliance. It is a private blockchain and it is working as the bank’s new brain.

What is Quorum blockchain​?
Quorum blockchain is enterprised focused version of ethereum. Quorum is ideal for a private transaction. for any application requiring high speed and high throughput processing. In simple words, it is ethereum based distributed ledger system. In the blockchain, it is private permission implementation of ethereum. which bolsters transaction and contract security.
The primary features of Quorum are:

  • Transaction and contract privacy
  • Multiple voting-based consensus mechanisms
  • Network/Peer permissions management
  • Higher performance

Transaction and contract privacy
One of the characteristics that banks look at is the confidentiality of data. Well, the current technology of Blockchain or Ethereum that we use fail to give a full guarantee of security of data. Since the key aspect of Blockchain is visibility and ease of accessibility is onethe banking and financial institutions restrain from using this technology. When it comes to Quorum, then it makes favourable concept. because its permissioned nature It brings the concept of public and private transactions. The public transactions are related to Ethereum but when it comes to the private transaction. then it is confidential, and the data is not exposed to the public. One of the key features which make the Quorum better to Ethereum or other blockchain platforms is Constellation. It secures the messages by enslaving it. In this enclave, there are previous transactions authenticity and authentication.thus making it a secure and safe mechanism having the cryptographically-heavy work relay within it.

Multiple voting-based consensus mechanisms
Unlike another blockchain mechanism. Quorum blockchain is based on voting consensus mechanism which is also known as QuorumChain. The operation of this consensus mechanism is very simple; it delegates voting rights to others. QuorumChain makes use of the smart contract. To assign voting rights. It not only assigns the voting rights but at the same time, it also tracks the status of all the voting nodes. Quorum transactions include:

  1. Global Transaction Hash
  2. Public State root hash
  3. Block maker’s signature

Network/Peer permissions management
When it comes to one of the astounding features of Quorum then you must know that it is a permission system which means that the Quorum network can’t be open to all. Only the approved and authorized people can be a part of this network. In the system, Quorum has a permission chain of people. the exchange takes place between participants who are pre-approved by a designated authority.

Higher performance
When it comes to speed of transaction in Quorum then it is more uppish than its contemporaries. As per the development team, the system can easily enough more than 100 transactions per second. which are higher than Bitcoin and Ethereum. Thus, for the banking and other financial institutions. Quorum is the preferable choice. The reason for such high speed is its simple consensus mechanism which allows faster transactions.

Conclusion
If we consider all the features of Quorum, then it’s an excellent tool for the banking companies. Yet it works with the restrictive mechanism, this diminishes the trust issues which the banking and financial institutions have when it comes to implementing blockchain. Quorum blockchain is promising blockchain technology. The fact that it is more ideal for real-world implementation. It is permission and hence can be used by the private organization. Another feature of Quorum blockchain is its performance, ability to customize through a smart contract, and overall transparency.

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Proof- of- keys

Proof -of- keys:
Well-known crypto investor Trace Mayer started Proof-of-Keys through Twitter. On Thursday, January 3rd, 2019 investors are being urged to move their cryptocurrency of exchanges (Coinbase, Binance, etc.) and into a Bitcoin wallet where they have control over the private key. Make sure that these exchanges are solvent. Founding by honors crypto’s This Proof-of-keys’ has secure steam and we are supportive.

Why January 3rd?
January 3rd, 2019, is the 10-year anniversary of the Bitcoin Genesis block being mined. Proof-of-Keys is considered to become an annual tradition so a date that’s easy to remember, as it celebrates the creation of the Bitcoin blockchain, was chosen.
At Blockchain, we’ve always trusted that controlling and owning your private key and with it, your crypto. Without having full control over your private key. Blockchain Wallet users to exchange crypto allows next-generation trading product and with ease, for the price you’d pay on an exchange, without giving up control of your keys.

Point of Proof of Keys:
“Not your keys; not your bitcoin.” Trace Mayer stated in his tweet, Most crypto experts, but far too few no coiners .comprehend that cryptocurrency stored on an exchange is, , owned by that exchange. After all the exchange has full control over the private keys (users have no access to them) they have the ability to do whatever they select with the wallets and the crypto stored in them.
This poses a massive risk to investors that Proof-of-Keys is attempting to resolve. By convincing users to move their crypto it having proficient a few things;

    • Urge users to learn, or re-familiarize themselves with, how to create and use Bitcoin wallets (regardless of hardware or software wallets, whether they’re paper in as much as the user controls the private keys)

    • If you control the private keys it will Teach or remind cryptocurrency investors the critical lesson that you only own the asset.

    • As stated by Mayer, “Declare and re-declare our monetary sovereignty” which was one of the primary purposes of Bitcoin, to begin with.

    • keep the creation of the Bitcoin blockchain.

Why Should You Care?
The Proof of Keys concept incorporates the actual purpose of Bitcoin to replace a ‘trusted 3rd-party’, which is liable to errors and vulnerabilities, with machines and math. In cryptocurrency ecosystem Exchanges play an important role but that limited role is in the name itself to exchange one asset for another.
We can’t say that the withdrawal function won’t be unfrozen, or that HitBTCs clients lost all their crypto holdings, but now it proves the point that Trace Mayer and Proof-of-Keys are trying to make. If yesterday you had 1 bitcoin on the HitBTC exchange, today you saw that you couldn’t withdraw it, and tomorrow HitBTC vanished… how would you access that 1 bitcoin? Correct… you wouldn’t.

Should Participate in Proof-of-Keys?
Yes. It’s a short, simple answer. It costs you nothing but the minor withdrawal fee to participate. What you gain in knowledge or practice of controlling your bitcoin, not to mention the declaration of your economicdomination is worth much more than that.

Proof of keys having some case studies:
1. Exchanges handled “failure” incidents
The Proof-of-Keys site lists some exchanges that have reportedly ‘failed’ with bitcoin solvency event. However, some of these listed exchanges do not have withdrawal issues as under the “failures” event.
For example, The issues related to withdrawals challenges were reported by coinbase the end of December last year. However, it is reported the exchange moved to have fixed it within hours Bitfinex is Another exchange have to experience an outage “during an upgrade.” The exchange has tweeted that its platform is running and up, with the issue fixed within an hour.
2. HitBTC fails to respond to “failure”
HitBTC has come under fire as its determination to freeze customer accounts gets reprehend, including by John McAfee who claimed ‘foul play.’ The exchange has not made any comments via its Twitter account about withdrawal issues its users continue to face.

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There’s no doubt that blockchain technology is a creation that could be bound to change the world in manners we can’t even imagine. The most important thing for a blockchain is to function itself appropriately, that’s where the consensus mechanism comes into the picture. It verifies the blockchain and guarantees it works proficiently. There are several consensus mechanisms being developed and one of these is called Proof-of-Burn (PoB). In this, users need to “burn” or make for all time inaccessible some mined PoW cryptocurrency. At the point when the PoW coins are burned, the user gets coins or tokens or other mining benefits on the system.

  • Working of Proof-of-Burn
    The way proof of burn works is that miners send coins to a location. This address is an unspendable address. When coins get burned, they can’t be used and spent again. Since transactions are recorded on the blockchain, there’s fundamental verification that the coins can never again be utilized, and the user can be remunerated accordingly. The thought behind proof of burn is that by consuming a cryptocurrency, a user is showing an ability to experience a momentary misfortune but not anymore for long term investment. Users get compensated after some time through the confirmation of mining, gaining a lifetime benefit to mine on the framework. The more coins a user burns, the chance of his getting selected for mining next time increases accordingly.

  • Proof of burn can be executed in various ways. For instance, the coin burned might be that of the local cryptocurrency or that of an alternative cryptocurrency. With the proof of burn, your stake decays after some time. Much like with Bitcoin and the need to put resources into progressively ground-breaking mining as time passes by, you’ll need to burn more coins after some time so as to keep up your chances of being chosen for mining the following block.

  • The Eater Address
    The eater address is basically a location that is utilized to store coins that can’t ever be reused. While most public addresses are produced from a private key, and the private key holder at that point approaches any coins sent to that address, an eater address is an arbitrarily created location that isn’t related with a private key. Since there’s no private key affiliation, and there’s no real way to create a private key by using the public address, there is no way to ever get to the coins sent to the eater address.

  • Features of Proof of Burn are as follows:
    Sustainable.
    Less energy required
    No hardware mining.
    Coin burns is a virtual process
    Burning coins reduce the circulating supply
    Encourages long-term commitment.

  • Conclusion
    Some well-known examples of implementations of proof of burn incorporate Counterparty and Slimcoin. On account of Slimcoin, proof of burn is utilized as its consensus mechanism and mining strategy. Interestingly, Counterparty utilizes proof of burn for seeding its tokens. Those taking an interest sent bitcoins to an unspendable Bitcoin address and got the Counterparty tokens in return. Be that as it may, it is more than likely that we will keep on observing the advancement of variousconsensus mechanisms. What’s your opinion about Proof of Burn? Tell us in the comments below!

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As we all know that blockchain is going to be a profound technology in the future. It’s a technology on which we can rely on without interruption of third parties. One question always comes to our mind that, “What is the difference between Blockchain and Database ?” or “Is Blockchain a database?” Well, yes Blockchain is a decentralized ledger (database) containing records of transactions. First of all, there is no central authority which controls the blockchain database. Everyone accessing the blockchain is accountable for the data in it. While storing data in the blockchain you should always remember that there is no ‘D’ in ‘CRUD’ operations. In short, whatever data you put into blockchain, it will stay in the blockchain forever. You cannot tamper that data once it is added.

Data stored in the blockchain is not controlled by any central entity, because of which we can get higher security and reliability. Data stored is not limited up to the transaction details only, we can see that a huge data will be stored on its nodes in future including texts, images, videos, infographics and so on. As we all know that with an increase in storage of data, smart contracts will also keep on increasing eventually and as a result, its deployment price will increase.All the transactions which we run on ethereum blockchain require gas. A suitable amount of gas has to be paid to the miners as compensation, for securing our transactions. This gas relies on the complexity and size of the contract, which means if data size increases so do gas. There are certainly other alternatives which we can opt to store data for our systems which we will discuss one by one.

  • IPFS
    IPFS stands for Interplanetary File System. It was invented by Juan Benet. IPFS is a peer-to-peer distributed file system. It relies on a Distributed Hash Table and the BitTorrent protocol. To understand IPFS in a simple manner lets consider an example, suppose there are 100 people sitting in a hall and they are given a task for finding the meaning of a particular word from Google. Now everybody in the hall is accessing google server. Each person is sending a request to Google’s server individually. This is what the existing system does, but if we consider IPFS, then only one person will access the google server, others will simply access google server from that particular person. In short, we can access the server from a nearby node instead of sending a request to a remote server. But there are certain flaws in this system like, if people want to access your system as a server then its necessary for you to be online till the process gets completed.

  • Decentralized cloud-based storage
    You must have heard about Dropbox, it’s simply cloud-based storage. As it is a distributed storage, your data will be stored on the user’s system who gave out their hard drive space for usage unlike centralized servers for cloud services. This does overcome the flaw of IPFS of being online if someone is accessing your data. We can completely rely on this type of storage whereas there are certain flaws associated with this type of storage also like, only static files can be used for storage and as the space for storage is rented, it’s not free of cost.

  • Distributed Database
    Structured data is stored in a Distributed database. This kind of database is quick and fault tolerant. But a flaw is associated with this system also. Distributes database faces the Byzantine problem. In this, all the nodes in the database should run the genuine code, if anyone node runs malicious code then there is no central server present here to discard the node or to modify it. Hence the entire database existence will come at stake.

  • Bigchain DB
    Bigchain DB uses RethinkDB. It is a NoSQL database so it can store huge amount of data and its transaction speed is also very fast. The bigchain team promises to solve the Byzantine problem but it is not achieved because for that we have to modify the basic architecture of the blockchain. In the case of private Blockchain, this is the best-suited option to opt for, but for public blockchain, it is a good option.

  • Ties DB
    Ties DB is the best database system to avail today. It is based on NoSQL, but it gives us some more feature including incentives and responsibility of blocks. In Ties DB, the database will recall the inventor and modifier that block and make them the new owner. So that the owner will be accountable for further processing. Now everyone on the network can read all the records because it is public. This will completely eliminate the Byzantine problem.

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