CryptoKitties Donates Over $25,000 to Charity From Rare Digital Kitty CryptoKitties, the world’s largest blockchain game, teamed up with Marine conservation organizations in order to create a rare crypto kitty named “Honu Kitty”. ACTAI Global
CryptoKitties, the world’s largest blockchain game, teamed up with Marine conservation organizations in order to create a rare crypto kitty named “Honu Kitty”.
ACTAI Global , Ocean Elders, and 2 other communities consisting of global leaders, athletes and technologists created an auction for cryptocurrency users which began on July 9, 2018 and ended July 18, 2018.
The rare crypto kitty received 18 bids and the winner who paid $25,000 for this one-of-a-kind digital collectible, was awarded. The funds are to be donated to the Sea Shepherd conservation Society’s operation Jairo and Unite BVI Foundation Saving the Turtles Project.
A few days later, another campaign was initiated called “Kitties for a Cause” which sold 370 crypto kitties and raised $15,000 for Children’s Hospital in Seattle.
Over the last several months other crypto blockchain programs have donated to various charitable causes. The Pineapple Fund, which was the largest cryptocurrency donation ever recorded, by the anonymous Redditor “Pine” back in December 2017, received over 100,000 applications and donated over 5104 BTC ($34 million) to 60 different charities.
Organizations who supported the fund range from clean water projects to complex disease research foundations.
Brian Armstrong, Coinbase founder, launched a charity platform called GiveCrypto. The foundation has received many donations and plans to distribute these cryptocurrencies to people all over the world in need.
Whether you’re looking to save up for retirement or just want to try your hand at compounding your income instead of it collecting digital dust in your bank account, then investing in cryptocurrency could be a great investment alternative for you.
Many people understand the fundamental idea of investing in crypto, but can the same methods translate over to trading? As you might’ve guessed, the two require very different ways of thinking and investing.
As far as the investing part is concerned, it all boils down to the fundamentals, like the technology and development team behind the project. Solid marketing and partnerships also play a major role when deciding to invest in a newer cryptocurrency or ICO. Other than that, HODLing seems to work well for most and can benefit you in the long run if you stay strong during the inevitable dips.
However if you’re looking to make money right now, you need a more short-term trading strategy…
This means you’ll be looking for more volatile, high liquidity cryptocurrency. The potentially lucrative nature of this digital asset, is a lot more volatile than traditional stocks or forex, which opens you up to a world of potentially high profit margins and risk.
That’s why cryptocurrency trading can get a bit complex and the reason why so many crypto traders need a wide variety of tools to help them navigate this newfound territory.
I’ve listed a variety of high end resources and tools that can help you improve your cryptocurrency trading success. Bookmark this page as you’ll most likely need to reference it throughout your crypto trading journey.
There are a ton of tools out there used for a variety of purposes. You can use them in combination with each other, whether you’re investing or trading. Strategy is a huge part of cryptocurrency trading and so are the tools that you have in your arsenal.
Arming yourself with the right intel is everything when it comes to choosing the right cryptocurrency to trade or invest in. News sources will supply you with the most accurate and up-to-date information within the crypto sphere. Technical analysis will help you formulate a solid trading strategy off of the latest news.
If you end up choosing the right asset, at the right time, and formulate a congruent trading strategy, you’re halfway through the battle. So it’s very important to take your time and utilize these tools, to the best of your ability, in order to put all the odds in your favor.
Let’s start this list off with the most obvious choice…
You can’t start a “crypto trading tool list” without mentioning this coveted resource. If you’ve spent more than five minutes within cryptocurrency ecosystem, I realize you’ve probably used this tool on many occasions by now.
This useful tool is your headquarters for all things cryptocurrency. It contains all the information you’ll ever need, on any cryptocurrency and exchange released to the public. Everything from graphs, official coin websites, social media information, market cap, exchanges that trade a particular coin you’re looking for, etc.
I’m sure you’re already very familiar with this tool by now, so let’s move on to the other goodies…
This technical analysis trading portal contains anything and everything you ever wanted to know about the technical side of cryptocurrency like chart patterns, candlestick formations, as well as the most comprehensive list of charting tools and indicators you can find anywhere on the net.
This massive powerhouse of a site also contains a social media style platform where traders can share and discuss their charts and trading strategies. I can’t even begin to tell you how valuable this is.
Learning to trade from real trading experts and viewing how they set up their real life trading strategies is a powerful learning tool to add to your educational cryptocurrency trading arsenal.
TradingView is accessible from anywhere in the world and they even allow you to utilize their charts, drawing tools, and indicators for free. If you spend any amount of time on various cryptocurrency trading sites, you’ll notice that most of them, including reputable crypto exchanges, use TradingView charts.
If there’s one place that you want to learn more about technical analysis via plotting your own charts as well as learning from a network of professionals, TradingView is the place to be.
I could write an entire book on how valuable TradingView is, but I don’t think either one of us has the time for that.
DISCLAIMER: Coinigy is another widely used trading platform that many crypto traders use. I started out on this platform but find it to be extremely buggy and takes up a lot of your computer resources if you leave the chart up for too long. Their customer support isn’t that great either.
I highly recommend TradingView over Coinigy for serious traders. I’ll most likely write up a detailed comparison in the near future.
Moving down the list…
Ditch those bloated Google spreadsheets and let CoinTracking do all the heavy lifting for you. Keeping track of your cryptocurrency trading activity is a rather daunting task this tool quickly eliminates for you.
The service imports your trades from 24 of the most popular cryptocurrency exchanges. Importation can be done via CSV files or API. Once all your trades have been imported, you can start analyzing your ROI and stay up-to-date with your profit loss ratios and resulting taxes.
This is the ultimate cryptocurrency tracking tool. I highly recommend it if you plan on trading more than a few times per month. Read more about the tool here.
|I suppose this isn’t so much of a tool “per se” but a place you want to frequent when you want to keep a pulse on the latest happenings within the crypto ecosystem. Look at it like your daily newspaper for stocks, which is absolutely essential if you want to keep up with your expanding investment portfolio or current trades.|
Some of the more established sites are:
These news portals never post misleading information and are always the first to bring you the latest updates on the crypto world. There are many other sources like CryptoCoinJunky (shameless plug), where we filter through some the more important news releases of the day as well as provide you with trading guides, altcoin reviews, exchange reviews, and other useful information that will help you along your trading journey.
Sign up for our newsletter on the sidebar above (or below related news on mobile) and receive a free Crypto Coin Junky Handbook that contains 147 pages on everything you ever wanted to know about trading, investing, and other various aspects of the game.
<End of shameless plugin>
Moving onto more pressing matters….
This is an incredible tool if your into investing in ICO’s and are looking for a type of CoinMarketCap style site that specializes in Initial Coin Offerings. Here you’ll find basic information on any particular ICO that’s currently available or soon to be released to the public and accepting investors like you.
There’s also a very handy tool that calculates the potential profit (or loss) of your ICO, which will come in handy when you’re looking to keep track of how much you currently earned on your investment.
The ideal security device for your precious cryptocurrency coins and the Cadillac of hardware wallets. It’s robust security features are unrivaled. It connects to your computer via a USB and embeds a secure OLED display to confirm each transaction with a single press of its side buttons.
There are many different reasons to use this wallet over others like…
The first time you view this site you might think you’ve been transported back to the 1990s era of the internet, however don’t let the retro appearance fool you, as it’s one of the top trading platforms to buy and sell digital assets, with all market comparisons located in one spot.
This site is owned by the cryptocurrency exchange, Kraken, and is a comprehensive charting and trading platform that offers technical charting for a large variety of crypto exchanges. Despite handling real-time data from over 22 different exchanges, the platform also provides accurate currency statistics (no lag) which will allow you to execute instant trades from their intuitive trading panel.
Many popular cryptocurrency platforms support Cryptowat.ch like Coinbase, Poloniex, CES.IO, Bitfinex, Huobi, and many others. Click here for a list.
One of the most beloved tools from the crypto trading community. This Android/iOS app works as a position and investment tracker. It allows you to pin various cryptocurrencies on your customized dashboard and view them on a simplified graph. This allows users to keep track of orders, set alarms for particular price notifications and most importantly, allows you to input your trade data. This is the type of tool you need to have in order to track how much you’ve earned from a particular trade.
This is a must-have tool for those of you who are meticulous about keeping track of all the various cryptocurrencies circulating in your portfolio. The only issue I have with it is that it doesn’t connect via API to any market or exchange, so your trading data is not entered into the app automatically. So for now, you have to manually input your trading data.
All in all, it’s worth having as it’s free. If you’re trading or investing with over a dozen or so cryptocurrencies, keeping track of your profit ratio can prove to be a difficult task without it.
Another great alternative to Blockfolio is Delta . I’ve been hearing a lot of people singing its praises lately.
This site is a great “evidence based”, community driven, crypto news verification portal that accumulates 6 months of history on many various news reports, altcoin releases, and just about anything going on within the crypto ecosystem.
This is THE perfect tool to differentiate between authentic news and rumors on your favorite cryptocurrency. Once you’ve gathered the authentic up information, only then can you formulate your trading strategy.
You can expect an accuracy rate of well over 90% due to the fact that it’s community evidence driven. This is a great place to visit in order to substantiate the difference between rumors and the news.
This research platform gives you a ton of insights from various angles like…
One of my favorite features is the “general average investment stats”. It gives you a great overall picture of volatility and returns of a particular coin over the course of a 7 to 30 day period.
They’ve also recently added an ICO analysis chart, pump and dump updates, arbitrage opportunities, and a host of other categories.
Check out all their analyzation features here.
This site is an accumulation of numerous shitcoins which lists the ones that you’ll end up losing your hard earned money on. Deadcoins operates in the way Wikipedia does, where people find a report coins with absolutely no growth potential and report them as a way to prevent other users from falling into their trap.
I highly recommend you bookmark a few these tools in order to better help you decide where to put your money when investing in any future crypto project.
These tools don’t necessarily mean that you’re going to make a guaranteed profit, however it does allow you to make a very informed buying decision, which is half the battle. Placing probability in your favor is the name of the game when it comes to any solid trading strategy.
Let me hear from you in the comments below regarding your thoughts are on the tools outlined above. If you have any other useful tools that you think should be added to the list, let me know. Up
CoinMarketCap, the cryptocurrency data aggregation site, recently removed their volume requirements for crypto exchange listings on their platform, citing data transparency and clarity concerns.
The giant cryptocurrency portal made the announcement on their blog post today, which responded to criticism that cryptocurrency exchanges have been gaming their statistical algorithms in order to get listed more easily and rank higher. This leads to more visibility and prestige among newer exchanges.
Many users have long complained that newer cryptocurrency exchanges inflate their volumes by utilizing a low fee model. This encourages traders to increase activity by using bots or taking advantage of the low cost per trade fees.
Some exchanges have been accused of more questionable methods of increasing their volume through “exchange operated market-making services” or other unscrupulous methods known as washed trading.
Another recent volume enhancing scheme is known as “transaction mining”. This crypto exchange model charges the user a transaction fee, however indirectly refunds them by issuing their own tokens. This method has become popular among many trading platforms that now rank towards the top of the CoinMarketCap daily volume charts.
CMC stated that rather than censoring these exchanges, they will attempt to over provide more data and tools to analyze these conditions so that individuals have the ability to reach an informed decision on their own.
These newer tools include the ability to view an exchanges volume over a longer period of time other than the typical 24 hour rankings that are currently available. Users can also utilize filtering tools that help them distinguish between exchanges that operate on different fee models.
A rep from CoinMarketCap states…
|“Our philosophy is to provide users with as much information as possible so that they can form their own interpretations and conclusions. This is an extremely demanding problem that requires all our users in the crypto community to resolve”.|
Josh Bottomley, the Global head of digital act HSBC, stated that their bank is “cautiously looking” at cryptocurrency for several use cases as reported by Forbes on July 19.
Forbes interviewed Bottomley in their press release stating that HSBC is “cautiously looking towards the area of cryptocurrencies” when questioned about the banks stand on cryptocurrency.
Bottomley stated …
|“There are several use cases where a token or digital currency is useful for a particular purpose and serves a particular need. However this is very different than if it’s used for pure speculation. “|
Bottomley also explained that….
|“at the present moment, I don’t see cryptocurrency as a genuine investment asset, but that may change in the future. One of the criteria we stay away from regarding an asset is the showing of incredible volatility. For the vast majority of our clients, that doesn’t make it an efficient savings or investment vehicle”.|
HSBC may still remain weary of cryptocurrency, like most other major financial institutions, it has been testing out the potential of blockchain technology within a variety of their in-house applications.
In August 2017, HSBC joined a project called (USC) Utility Settlement Coin which intends to facilitate the issuing of global currency by central banks utilizing blockchain technology. Hyder Jaffrey, the cofounder of the project stated that the initiative will serve as a stepping stone towards the future of central banks using their own virtual digital currencies.
India’s Supreme Court has upheld the central bank’s directive of prohibiting banks from offering services to the domestic cryptocurrency sector following a hearing today.
On Friday, India’s Supreme Court held its latest hearing of the case against the Reserve Bank of India’s (RBI) circular forbidding all regulated financial institutions, including banks, to provide services to business in the cryptocurrency sector. Introduced in April, the policy also forbade banks from allowing their own retail customers from purchasing cryptocurrencies through bank accounts. The ban came into effect on July 5, after an unsuccessful final-hour attempt to convince the Supreme Court to delay the ban earlier this month.
The petition was put forth to chief justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud with India’s attorney general KK Venugopal also present, underlining the significance of the matter.
The hearing saw ‘limited arguments’ brought forward by lawyers on behalf of the Internet and Mobile Association of India (IAMAI), which counts domestic cryptocurrency exchanges as its members, and the Reserve Bank of India. The lack of opinions from other prominent authorities in response to the regulation-seeking petition by the cryptocurrency sector has seen the Supreme Court defer the date of hearing again, with final arguments to be heard on September 11.
CryptoKanoon, a domestic industry news resource following India’s cryptocurrency saga tweeted:
Representing the IAMAI and the cryptocurrency sector, senior advocate Gopal Subramaniam underlined the severity of the matter surrounding the RBI circular and called for the hearing to be heard without any further delays.
Appearing for the central bank, senior advocate Shyam Divan also called for a final hearing while claiming cryptocurrency could encourage illegal transactions, according to Indian legal news blog Bar&Bench.
He reportedly stated:
“The policy of RBI is of extreme caution.”
The advocate representing the cryptocurrency industry argued Indian adopters and the wider Indian market stand to lose among global counterparts as a result of the RBI-led banking curbs.
While September 11 is shaping up to be judgment day for the domestic cryptocurrency sector, an unlikely ally could see India’s government could bring respite to adopters and the wider ecosystem by establishing regulations, currently in draft, to effectively recognize and legalize the sector in the near future.
Last week, an inter-governmental committee of multiple ministries tasked to form a framework for the cryptocurrency sector isn’t considering any outright ban of cryptocurrency trading. Instead, authorities could enforce new regulatory norms that are likely to classify cryptocurrencies as commodities.
American investment banking giant JPMorgan Chase is pursuing a patent for a distributed system that uses blockchain technology to issue virtual depository receipts that sound suspiciously like initial coin offering (ICO) tokens.
The patent application, filed by JPMorgan in January and published by the U.S. Patent & Trademark Office (USPTO) on Thursday, outlines a method whereby users on a distributed network such as a blockchain can tokenize assets and trade these virtual depository receipts.
To create a security token, an originator such as an asset owner or broker will encumber the asset by entrusting it to a qualified custodian, who will then authorize a virtual receipt for the deposited assets.
This virtual depository receipt would essentially be a security token, regulated under the authority of the U.S. Securities and Exchange Commission (SEC) or other local securities regulators. This designation would necessarily restrict how and where the tokens could be traded.
Depending on the nature of the asset, a token holder would also be able to redeem the receipt for the underlying asset by transferring it to the custodian, who would then cancel the tokens.
Notably, JPMorgan believes that one use case for this proposed system is to allow companies to hold initial public offerings (IPO) in a blockchain environment, more or less fulfilling the ultimate promise of the initial coin offering, though it is doubtful both that the firm would ever acknowledge that fact or refer to such token distribution events as ICOs.
The patent also notes that the tokens could represent obligation-backed virtual receipts, more commonly known as debt equity.
This is not the first time that JPMorgan has mulled creating a platform to issue debt on a blockchain. Earlier this year, the firm partnered with the National Bank of Canada and a group of other firms to simulate the issuance of a $150 million Yankee certificate of deposit (CD) on Quorum — JPMorgan’s Ethereum-based enterprise blockchain platform — in parallel with an actual CD issued through conventional means.
“One of the mandates of the J.P. Morgan blockchain program is to identify how blockchain technology can create value, efficiency, and a better experience for our clients across the financial markets value chain,” said Christine Moy, JPMorgan’s blockchain program lead, at the time. “ We look forward to exploring blockchain-enabled capital markets applications, how these types of transformative opportunities can benefit our clients and counterparts.”
While JPMorgan has been generally hostile toward cryptocurrencies — CEO Jamie Dimon, many will remember, once routinely referred to bitcoin as a fraud — the firm has for years been a leader in the development of enterprise blockchain applications, which seek to capitalize the benefits of distributed ledger technology (DLT) in a private, permissioned environment, most notably through its development and promotion of Quorum.
The San Francisco-based financial institution, Stronghold, has been developing a trade-in payment ecosystem which is launched an asset backed token on the stellar network. Buyers will be able to deposit US dollars into the Stronghold partnering bank (Prime Trust), which will then enable Stronghold to issue a one-to-one ratio of tokens to USD according to this report by Reuters.
The company also announced a partnership with IBM Blockchain in order to identify uses for blockchain within their business network. The goal of the partnership is to test various ways that financial institutions as well as other companies, can achieve more efficient, faster, and safer transactions. Stronghold plans to use the Stellar protocol for their transactions as well as provide witty through their crypto exchange services.
The USD backed token, which will hold its reserves and estate charter trust, will provide liquidity for global foreign exchange settlements. In addition to this, the allow banks to provide credit to transactional networks and trading ecosystems.
These tokens offer the benefits of cryptocurrency a while reducing the inherent price volatility with stable monetary policy. Strongholds cofounder and CTO, Sean Bennett, stated “asset backed tokens provide seamless access to all currencies, thus improving the global transfer of money”.
Stronghold’s network will allow institutional investors to exchange US currency for Stellar Lumens as well as any other cryptocurrency or token on the stellar network, as noted by Tammy Camp, co-founder of the company.
According to Camp, this partnership delivers major implications to the blockchain industry as previous access to the Stellar protocol have impeded adoption. “In the past, traders have exchanged USD for Bitcoin and Ethereum with exchanges like Coinbase”. However, the trade-off for these partnerships have always resulted in longer wait times and increased transaction fees”, states Camp.
Those seeking to invest in Stellar have had to initially purchase Bitcoin or Ethereum and convert it to the XLM token, which requires numerous wallets, transactions, and wait times in order to access their network. Now that the platform can support USD, traders can now exchange XLMs without first transferring over to BTC or ETH.
Stellars’s protocol is very helpful with cross-border transactions as it provides the best choice for quick and low-cost transfer of funds. Other users besides traders and investors will also have direct access to XLM cryptocurrency, allowing them to take full advantage of the platform.
Stronghold recently opened enrollment to institutions for private beta. Tokens are not currently available to retail customers at the moment; however this will most likely change in the next few months. Retail customers can open a Stronghold account and provide KYC (know your customer information) if they’d like to receive updates on the service as it becomes available.
The development of blockchain technology and cryptocurrency in general have everything to do with the inadequacies of the current financial system. Consumers are sick and tired of the long wait times associated with transactions or payment validations along with sky-high transaction fees. Blockchain and cryptocurrency have been able to overcome these issues within a rather short timeframe.
For example, blockchain transactions are able to be validated 24 hours a day, seven days a week. They often process within seconds or a few hours at most. When you compare this to the waiting periods of 3 to 5 business days for most cross-border transactions, blockchain technology is leaps and bounds better than what more traditional financial systems currently use.
Also consider the fact that a “financial middleman” is no longer needed. This lowers the transaction costs considerably. The inherent decentralization of cryptocurrency means that there is no central hub where the transactional information is stored. This ensures that there is no single company or group that controls cryptocurrency. Due to this fact, cyber criminals can never bring a digital currency to its knees.
Regardless of how efficient or cost effective blockchain technology is when compared with our current financial systems, if it doesn’t have the ability to exceed current network transaction speeds, then blockchain could struggle to break new ground.
I’ve taken data from various reliable 3rd party data sets (conducted by HowMuch and CoinAnalysis) in order to compare the transaction speeds of some of the largest cryptocurrencies by market cap in relation to other well-known payment providers like Visa and PayPal. Each cryptocurrency (or payment network) is ranked from largest to smallest based on the number of transactions are processed per second.
|NOTE – This study was completed by 3rd party providers and in no way reflect the smaller market cap cryptocurrencies which release newer and faster tps everyday (some substantiated and others are not). We will continue to list the latest currencies below under “worth mentioning” as they gain more momentum and acceptance among the crypto community.|
The info graphic below represents these transactions in relation to the size of the balloons. This will allow you to clearly view how some of the most popular cryptocurrencies compare to more traditional payment methods.
Although Visa has the fastest transactions over any payment network at 24,000 transactions per second (tps), it’s surprising to see that Ripple actually comes in 2nd, above PayPal by 1307 tps. This shows the viability of Ripple in having the capacity to be a payment solution provider on a much larger scale.
PayPal is still the most popular and well-known digital peer-to-peer platform, however Ripples transaction speed could be the key to its rise as the next generation peer-to-peer payment platform provider. It’s not only faster, but much cheaper and secure as well.
Bitcoin Cash is the second fastest cryptocurrency according to tests. It can handle up to 61 transactions per second (on average). However, it does have a blockchain size issue. For more on this issue I highly recommend you check out this article.
Coming in at a close third, is Litecoin at 56 transactions per second. I don’t think too many of you are surprised that this would rank in the top five. This coin has always been known as one of the faster and lightweight cryptocurrencies (hence the name). Litecoin has an average speed of 30 minutes and a maximum capacity of 56 transactions per second. Not only is it fast, but the cost of each transaction are some of the lowest in the crypto sphere.
Dash comes in at 4th place with 48 transactions per second. The average transaction speed for this cryptocurrency is at around 15 minutes. As the name suggests, this cryptocurrency has been created for the primary purpose of speeding up transactions that have been lagging, like Bitcoin. They are also have very low transaction fees.
In 5th place, we have the ever popular Ethereum. The second most well regarded cryptocurrency has an average transaction speed of six minutes and their maximum capacity is at 20 transactions per second. This cryptocurrency is not only known for its speed but also having the additional smart contracts feature, which has been used for multiple purposes within the crypto sphere. As an open source platform, Ethereum has been a fundamental staple of the crypto ecosystem, which has become the foundation for 100s of other altcoins.
In sixth place, it’s not a shock to see that Bitcoin is bringing up the rear. Cryptocurrency traders are consistently hit with transaction delays when transferring Bitcoin as their expanding popularity seems to outpace their networks processing capabilities. However, the lightening network hopes to change this fundamental flaw.
Payments within this network will no longer have to worry about block confirmation times. It’s enforced by blockchain smart contracts which will no longer have to create an on-blockchain transaction for payments. Payment speed for this network is measured in milliseconds to seconds.
The Lightening Network has not yet been fully adopted by all exchanges and crypto wallets as it’s still in its beta version at the time of this release. I will update changes to this article regarding Bitcoin’s speed, as the network gains more acceptance and is thoroughly tested through various trials.
EOS – has recently blown transaction times out the water with it’s almost near instant processing time and has broken records as it nears 3,000 transactions per second. So far, it’s at an all time high of 2822 TPS.
The network has surpassed many other popular crypto coins like BTC, ETH, XRP at the time of this release. It will be interesting to see how it fairs against the amount of traffic that these more popular and widely used coins get on a daily basis.
*The latest speed was confirmed via Monitor.io, a data-speed checking website.
NEO – reported average transactions of 15 seconds and comes with a more streamlined PoS protocol which is able to offer one 1,000 transactions per second.
Stellar – average transaction speeds are at around 5 seconds. The transaction cost is extremely low at 0.00001 lumens per transaction. The Stellar development team claims the network can easily handle 1,000 transactions per second.
Steem – the reported average transaction speed is three seconds and doesn’t require you to pay transaction fees due to the technology that the platform uses, called Graphene.
Cardano – has an average transaction speed of approximately five minutes. All nodes within its network can accept transactions and verify them.
IOTA – reported average transaction speeds are at three minutes as IOTA currently has no daily limitations as well as transaction fees. It reportedly gets faster as you throw more at it.
I’m sure the first thing you’ll notice about the test results is how far ahead Visa is from the rest of the competition. Keep in mind that Visa has had many decades to adapt and upgrade their payment system infrastructure which leaves it to its final transaction rate of 24,000 transactions per second. I highly doubt that rate will be challenged anytime soon. However I’m fairly certain that cryptocurrency will far surpass this number in the near future.
What also might have come as a shock to you is the speed that Ripple was tested at in relation to PayPal, as well as the rest of its peers. Ripple’s more than 6X the speed of PayPal at 1,500 transactions per second. That’s saying a lot considering how new Ripple is to the market and how much older and developed PayPal is. What’s even more astonishing is that Ripple’s transaction fees come in at just a fraction of a cent, which makes it significantly more cost-effective than PayPal.
On the other side of the spectrum, Bitcoin and Ethereum seem to perform rather poorly at a mere 20 transactions per second. However you have to keep in mind that they are the most popular blockchain (and cryptocurrency) in the world. They are being used and scaled considerably more than Ripple or Dash. While it doesn’t necessarily excuse slow transaction times, the popularity between these two coins help explain the gap between its competitors.
One of the biggest concerns regarding the emergence of blockchain technology is how well they perform once their traffic is fully ramped. Bitcoin and Ethereum are much slower than PayPal and Visa as a result of being an extremely popular destination for cryptocurrency users.
Although Ripple may be substantially faster now, the future speeds of this cryptocurrency remains unclear as we’ve yet to see what happens when it really gets put to the test with numerous banking clients and other real world applications.
Blockchain has yet to be fully tested with more large-scale, real-world scenarios, so it would be foolish, at this time to assume that it could keep up with more traditional payment networks. Very few would argue that blockchain technology has real-world, game changing potential.
Until recently, we’ve seen many billion dollar corporations and banks patent and utilize the technology for small-scale operations. Only the future will tell if blockchain can handle larger, industrial sized traffic.
Potential solutions like the Lightening Network promise to enhance transaction speeds for Bitcoin, Litecoin, and a handful of other massive cryptocurrencies to breakthrough numbers. The teams behind the coins listed above are constantly developing new solutions to scale transactions per second at an exponential rate.
These solutions are still being rolled out and tested. Many scaling solutions are “second layer” and offer the use of fewer validator nodes to complete transactions, which arguably pushes crypto closer to centralization.
However, coins like Zilliqa and Nano, along with off-chain scaling solutions like the Raiden Network proclaim that they will completely change the game. With their almost instant, low fee, scalable payment system, that’s complementary to the Ethereum blockchain, this will soon enhance new protocols for future cryptocurrency transaction speeds.
A congressional hearing before the U.S. House Committee on Agriculture today struck a positive tone towards the impact that cryptocurrency and digital assets can have for the economy and processes.
The hearing included academics, engineers, and entrepreneurs in the cryptocurrency industry. They included:
The recent indictments of 12 Russia-linked hackers related to their alleged involvement in the 2016 U.S. elections was brought up. Bitcoin was mentioned as the means the hackers used to fund their activities and whether this helped hide their indentities.
However, committee members were informed that bitcoin’s public ledger allowed investigators to pinpoint the movement of funds much more easily than cash. The committee chairman, Michael Conaway, said, “As long as stupid criminals keep using bitcoin, that’d be great.”
With the numerous subject matter experts on the panel, the discussion went into much more detail than others, like the ones at the SEC.
Amber Baldet made a good case for current blockchain technology as an early open framework built on open-source technology, much like the infrastructure of the Internet. In its early state currently, blockchain technology has the potential to grow into new, foundational technologies like the SMTP email protocol. Baldet thus recommended a sensible and moderate regulation.
Baldet said, “the committee can take a more proactive approach to regulation” as a means to support a blockchain becoming a global infrastructure, as the United States did with the internet. This is in contrast to “reactionary” regulations.
The questions from some committee members did keep the common concerns over bitcoin’s price volatility and ICO scams. Gorfine, of the CFTC, conceded that there were a large amount of bad actors in the space and that upwards of 80% of the ICOs have gone bankrupt.
However, Daniel Gorfine stated that his work is focused very much on a “fintech primer”, which ultimately helps educate investors and regulators understand the technology and avoid scams. The lack of education is a large source of fraud in the industry for market participants, in addition to still-murky regulations.
Gary Gensler, Senior Lecturer at the MIT Sloan School of Management, encouraged speeding up decisions about sensible regulations in order to keep innovators in the United States.
Gensler believes that strict or unclear regulations could move innovation and economic benefits offshore. If other countries get ahead of the United States in the industry, this could be a concern. History from other sectors has shown that once innovators leave the country, it’s more difficult to bring them back once the regulatory decisions are made.
Chairman Conaway concluded that “the hearing was very elucidating for them on different issues.”
However, a recurring concern throughout the hearing is the centralization of capital and mining in bitcoin. One problem is that only a few wallets contain over 90% of all circulating bitcoin. Another point is that the largest miners of bitcoin are in China and Russia, both of which make up about 50% of mining power. Bitmain is rapidly expanding its business globally.
Overall, it is encouraging to see that the committee brought experts in private industry and academics to inform regulators on the complexities of blockchain technologies. The group appeared to synergize their specialties in the industry. The committee members could do well to bring more experts on board in the future, since many still appear to be learning about the technologies.
The newly published application details a system in which any type of data element — whether a document, graphic, or database value — could be located, accessed, and protected by means of tokenization.
Tokenization, as the patent filing outlines, uses encryption methods to process an originally unrestricted data element into a corresponding restricted token that can subsequently only be retrieved — or ‘detokenized’ — by a specified user. The system harnesses cryptography to bind specific values to data under an authenticated digital signature.
The tokenized system can thus be used to both control access and confidentiality, authenticate data origins, and maintain data integrity by detecting any undue modifications to an element.
Wells Fargo explains that tokenization can be used to protect data “even when it is stored in a publically accessible environment, such as the cloud, within a blockchain…in a flexible way that is file and data element neutral”:
|“Unlike the limited, anonymous signatures supported by existing systems, this tokenization manifest supports single signers, multiple signers, or co-signers to store information publicly without loss of confidentiality of any sensitive content.”|
The proposed system would furthermore flexibly allow content owners or managers to select a desired output for tokenization — which can be used for any file in part or in its entirety — and select how it will be manifest for restricted users, e.g. through blurring, randomized text, or blacking out.
Just last month, Jeremy Allaire, Co-Founder & CEO of payments company Circle spoke at MoneyConf Dublin of an unprecedented “crypto-revolution,” suggesting that global society is “at the beginning of a tokenization of everything” that will extend to “every form of value storage and public record.”
While evidently embracing the technology that underlies cryptocurrencies for its own purposes, Wells Fargo has recently moved to prohibit its customers from purchasing crypto using credit cards issued by the bank due to perceived investment risks.
The bank was nonetheless an early pioneer of the first-of-its-kind international freight shipment to China back in 2016, in what was the world’s first reported interbank trade using a blockchain system.
In related news, Bank of America also filed for a patent today regarding the use of blockchain for data validation.
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