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Ultimate glossary of crypto currency terms, acronyms and abbreviations
Are you looking forward to investing in cryptocurrency? Well, one of the first cryptocurrency that comes to your mind is Bitcoin. The pioneering cryptocurrency has paved the way for some remarkable transformations in the world of financial technology. Bitcoin works on a Blockchain platform that enables peer-to-peer interaction, and there is no interference from the third-party. In addition to the revolution which Bitcoin created, it lead to the surge of many cryptocurrencies. Presently, around 500 cryptocurrencies are floating in the market. Before going ahead to explore about Bitocin farms and bitcoin farming, let’s have a glance at some eye-popping stats: · By the end of 2019, around 42 million Bitcoin wallets have been set up globally. · Around 5% of Americans hold Bitcoin · There are around 7.1 million active Bitcoin users · One of the best cryptocurrency exchanges, Coinbase has more than 13 million users The volume of Bitcoin trading from peer-to-peer exchange LocalBitcoin shows that countries like Brazil, Venezuela, Colombia, and many African companies are jumping into the pool of cryptocurrency trading. With Bitcoin being an all-time favorite of many investors, other cryptocurrencies like Litecoin, Ethereum, Ripple, and many others have generated a fair amount of popularity. What does it mean for us? Any individual who wishes to invest in Bitcoin must have a fair knowledge about Bitcoin and Bitcoin farming. In simple words, Bitcoin farming is all about extracting value from Bitcoin. Bitcoin miners, similar to framers, work on a complex algorithm and extract value from it. In simple words, Bitcoin farmers or miners, as we know them, work on computational problems, they ensure that the system is secure, and using this, they solve complex problems. The ones who can solve these complex problems get a reward in the form of Bitcoin. All these transactions and records are stored on the Bitcoin ledger, making it tamper-free and hacks- proof. There are two ways via which you can start exploring more about Bitcoin, you can either star working as Bitcoin farmer or miner, and work in computation problems or you can start investing in it by choosing the best cryptocurrency exchange platforms. Investing in cryptocurrencies is the best move that you can make. Bitcoin and other cryptocurrencies will surely make a strong presence in the future, and this is the right time to start investing in it. You can opt from the different Bitcoin exchange platform. Some of the best cryptocurrency exchanges you can consider are Coinbase, Binance, CashApp, Bisq, and many others. You can choose from either of these and start your investment in Bitcoin. If you wish to invest in Bitcoin, then you can also consider buying using Bitcoin ATM. You can buy and sell Bitcoin from Bitcoin ATM using cash or debit card. There are some Bitcoin ATM that allows you to sell and purchase Bitcoin. Conclusion This was the basic information about Bitcoin farming and Bitcoin trading. If you are futuristic and wish to invest in it, this is the right time to start your investment journey. Ensure that you thoroughly assess the market and study the market trend, based on it; you can start working on it. For more interesting information, connect with Blockchain Council today.
Monthly Nano News: December 2019 + Year Recap Special
This is what NANO has been up to lately. I don't think I lie if I say it has been quite an amazing year! See you soon and happy new year! Something nice is coming soon that I have been working on for a while, stay tuned..
The Ultimate Guide to Binance Leveraged Tokens | Binance News
Leveraged Tokens (LT) will eliminate this trade-off and allow users to safely use leverage without having to worry about liquidation risks and save effort when managing a leveraged investment position. Although LT in the past time is widely known for its advantages, it is also extremely controversial and causes misunderstanding from users. Compared to traditional leveraged margin products, LT has much less profitability in the long term. Despite these shortcomings, LT still receives a lot of attention from global users. So, Binance took action to fix the problems of existing tokens and launched Binance Variable Leveraged Tokens (BLVT). https://preview.redd.it/nb9vhdxpqxg51.jpg?width=750&format=pjpg&auto=webp&s=3476e5a653ec49932253e127f325394da1bcec28 What is Binance Variable Leveraged Tokens? Binance Variable Leverage Tokens (BLVTs) - Binance Mobile Leverage Tokens - are designed to overcome the limitations users often encounter in traditional leveraged tokens. Unlike the existing LTs, BLVT does not maintain a “fixed” level of leverage. Instead, BLVT uses a mobile lever frame that ranges from 1.5x to 3x. It can be traded on the Binance spot market and derives its value from the Binance Futures non-term BTC contract. Currently, there are two types of BLVT: BTCUP and BTCDOWN.
BTCUP allows users to get a leveraged return of 1.5 to 3x as the price of Bitcoin increases.
In contrast, BTCDOWN allows you to make money when the price of Bitcoin falls.
Kava "In The News" Media Tracker: This is a thread to track noteworthy Kava mentions within the news! This thread will not include "copy & paste" news - meaning, and article that was taken from somewhere else and republished. (Kava does like when that happens, but this thread is meant to track original stories only!)
Wall Street 2.0: How Blockchain will revolutionise Wall Street and a closer look at Quant Network’s Partnership with AX Trading
AX Trading LLC (AX), a technology-enabled registered broker-dealer and Alternative Trading System (ATS) operator, today announced a strategic partnership withQuant Networka pioneering technology company providing financial and regulatory technology as well as interoperability in financial services, payments and capital markets infrastructure.Through this partnership, Quant Network’s technology, Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of interoperable regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets.George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”It is expected that the first interoperable digital asset offering may commence as soon as January 2020, and that the AX Trading ATS may be ready to enable and list interoperable digital assets and securities in 2020.
An institutional investor is an organization that invests on behalf of the organization's members. They consist of hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds, or any other type of money management firm. Institutional investors account for about three-quarters of the volume on the New York Stock Exchange (which alone handles more than $20 Trillion a year in volume). In the US, Institutional investors own about 80 % of the total market value of the equity (stock) market, which globally is worth more than $73 trillion. Wall Street refers to the institutional investors I mentioned above whereas Main Street refers collectively to members of the general public who are not accredited investors and the overall economy as a whole. Whilst the Equity Market is huge, Institutional investors also invest in other securities which are prime to be tokenised such as Real Estate Market (Globally worth $217 trillion), the Debt Market (Globally worth $215 trillion) and the Derivatives Market (Low end estimates at $544 trillion and high-end estimates at $1.2 quadrillion). All of which makes the current market cap for cryptocurrencies look like a drop in the ocean.
Who are AX Trading?
AX Trading is a SEC-registered broker-dealer and Alternative Trading System (ATS) Operator. They are a member of FINRA (Financial Industry Regulatory Authority)and SIPC ( Securities Investor Protection Corporation) regulated authorities. The SEC has some of the most stringent regulations in the world for listing securities and there are fewer than 50 SEC-registered Alternative Trading System Operators in the United States, of which only a handful are currently implementing Digital Assets. Others are awaiting regulatory approval with Coinbase, Circle etc are all looking at getting into this huge market. https://www.coindesk.com/stonewalled-by-finra-up-to-40-crypto-securities-wait-in-limbo-for-launch AX Trading have investors and sponsored brokers including the likes of Credit Suisse, (a multinational investment Bank and Financial services company worth $27.5 billion). AX currently have over 800 Institutional traders (these are not individuals, but corporations such as hedge funds, banks, investment banks, pension funds, insurance companies, endowment funds etc). AX Trading have also partnered with Euronext, the largest Stock Exchange in Europe with a market cap of $4.65 trillion as of 2018, in the creation of Euronext Block which utilises AX Trading.
What is an Alternative Trading System?
An Alternative Trading System (ATS) is an SEC-regulated trading venue which serves as an alternative to trading at a public exchange. ATS account for much of the liquidity found in publicly traded issues worldwide. They are known as multilateral trading facilities in Europe, electronic communication networks (ECNs), cross networks, and call networks AX is the world’s first “Electronic Trading Network” (ETN) where institutional traders can proactively connect and trade with other counterparties in a secure environment. Unlike traditional stock exchanges/ECNs that show orders to everyone and traditional dark pools/crossing systems that show orders — presumably — to no one, AX allows institutional traders to pick and choose WHOM they want to notify and also WHAT information they want to share with them. Institutional investors may use an ATS to find counterparties for transactions instead of trading large blocks of shares on national stock exchanges. These actions may be designed to conceal trading from public view since ATS transactions do not appear on national exchange order books. The benefit of using an ATS to execute such orders is that it reduces the domino effect that large trades might have on the price of an equity.
How does AX Trading Work?
The AX Trading process begins when one trader sends an “initiated” order to AX. The order can be routed to the AX ATS via one of our broker sponsors such as Credit Suisse. The initiated order triggers a “Call Auction” on AX, a period of time when the order will rest in AX to be matched against other orders from auction responders. The Initiator of an AX auction decides who they want to invite to participate in the auction, whether they be all 800+ institutional members or targeted to specific ones, as well as how much info they want to disclose about the order. Based on these instructions, the AX ATS then notifies the members inviting them to participate in the trade. The invited members can then participate in the trade by either placing buy orders of their own or placing sell orders. At the end of the AX auction period, all orders are brought together, and a match is performed. In the traditional, continuous market with displayed bids and offers, traders are often chasing liquidity. In other words, the price may move away from them the more they buy or sell to what is commonly called “market impact.” On AX, the advantage of their call auction model is it brings liquidity — in the form of participant orders to the buyer rather than them chasing liquidity.
What is a Security Token?
Security Tokens are different than Utility Tokens or Cryptocurrencies. A security token is a digital representation of a traditional security. It may represent shares in a company, interest in a fund, real estate, art collectables, or essentially any asset a party can own. Anthony Pompliano wrote an article explaining tokenised securities in more detail which you can see here
Security Tokens are digital assets subject to federal security regulations. In layman terms, they are the intersection of digital assets (tokens) with traditional financial products — a new technology improving old things.If cryptocurrencies like Bitcoin are considered “programmable money” then you can consider Security Tokens a version of “programmable ownership.” This means that any asset with ownership can and will be tokenized (public & private equities, debt, real estate, etc).
The Tokenisation of assets is thereforeinevitable, because it is a better way torecord,exchangeandmonitorasset ownership for all parties involved. The amounts at stake representmany hundreds of trillions of US dollars
What are the benefits of a security token?
Lower Fees — having Smart Contracts and compliance programmed into the token itself removes the need for middlemen, reducing costs. Post Trade businesses such as clearing houses would also no longer be required further reducing costs.
24/7 markets — Currently the major US stock markets trade between 9:30am and 3pm during weekdays only. Trading can be done 24/7 and globally whilst remaining compliant.
Fractional Ownership — This greatly increases liquidity for previously illiquid assets. Real estate, Artwork, even assets such as Oil Refineries are already in talks about being tokenised through Overledger. If you have an asset such as an oil refinery worth billions of dollars, then naturally this limits the market should you ever want to sell it. However with fractional ownership you could own a tiny percentage of it and receive profits from the oil refinery based upon the percentage you own, which exponentially increases the number ofpotential buyers, increasing liquidity.
Rapid Settlement — Currently it takes 3 working days to settle a securities trade, this can be reduced to minutes by having the asset and fiat represented on a blockchain and handled through smart contracts.
Automated compliance — Security tokens are programmable, and rules and regulations are hard-coded into the architecture of the token to ensure they always remain compliant. This means that they can be traded globally and still ensure they respect the relevant countries regulations that the participants are located in.
The benefits that a blockchain provide such as transparency, security, immutability, high availability. Regulators can also run a node and verify compliance in real time.
Security Token Issuance Platforms
Security token issuance platforms allow issuers to issue Security tokens that represent the security such as Shares in their company etc in return for capital. This is known as a Primary Market. Importantly it’s not just the issuance that they look after, it’s the whole life cycle of a digital security to ensure they remain continuously in compliance as they are traded etc. They also provide reporting to the issuer so they can see who owns the tokens and what dividends to pay out. Securitize are one of the leading security tokens issuing platforms. They have created the DS Protocol, a blockchain agnostic protocol for security tokens which manages the whole lifecycle of a digital security, ensuring it remains continuously in compliance. They have issued a number of security tokens on the Ethereum network as well as recently working with IBM to tokenise the Corporate Debt Market (worth $82 Trillion). On the back of this they joined Hyperledger, an open source project which includes Enterprise blockchains such as Hyperledger Fabric which IBM is heavily involved with. https://tokenpost.com/Quant-Network-Securitize-and-others-join-Hyperledger-blockchain-project-1544 They recently also became the first SEC-registered transfer agent, which means Securitize can now act as the official keeper of records about changes of ownership in securities. There are many companies in this sector which are utilising various blockchains, Other examples include:
Harber — R Token protocol for Ethereum
Polymath — ST20 protocol for Ethereum
Blockstate — a security token issuance platform recently announced plans to migrate a number of ERC-20 tokens from the public Ethereum blockchain to the permissioned blockchain R3 Corda
Whilst the issuance platforms above generally also include their own exchange where the token can be traded on, secondary markets such as those offered through traditional stock exchanges and Alternative Trading Systems provide significantly more liquidity. Traditional Stock Exchanges have been very active in blockchain with some going through proof of concepts, to those like SIX SDX Digital Exchange which is due to launch later this year. They are using various blockchains and cover the full process from Issuance, Trading and Post Trade / Settlement services. I have briefly outlined which blockchain they are using / testing with along with source to read more about it below:
Switzerland’s Stock Exchange — SIX Digital Exchange issue, trading, settlement, custody — Corda — Source
Largest Stock Exchange in Germany — Deutsche Borse Franfurt Stock Exchange — Corda — Source and Source
South Korea’s Stock Exchange — Korea Exchange — Hyperledger Fabric — Source and Source
Japan’s Stock Exchange — Tokyo Stock Exchange — Hyperledger Fabric — Source which the consortium has now grown to 44 companies. Tokyo Stock Exchange are also testing JP Morgan’s Quorum for voting on the blockchain — Source
London Stock Exchange Group — Hyperledger Fabric — Source . They are also invested in Nivaura which utilises Ethereum — Source
Largest Stock Exchange in Europe — Euronext — Permissioned Ethereum via Liquidshare — Source as well as recently investing in Tokeny a blockchain based project based on public version of Ethereum — Source
Situated at the end of the post-trading process, CSDs are systemically important intermediaries. They thereby form a critical part of the securities market’s post-trade infrastructure, as they are where changes of securities ownership are ultimately registered. CSDs play a special role both as a depository, involving the legal safekeeping and maintenance of securities in a ‘central depository’ on behalf of custodians (both in materialised or dematerialised form); as well as for the issuer, involving the issuance of further securities by issuers, and their onboarding onto CSDs’ platforms. CSDs are also keeping a number of other important functions, including: dividend, interest, and principal processing; corporate actions including proxy voting; payment to transfer agents, and issuers involved in these processes; securities lending and borrowing; and, provide pledging of share and securities. Blockchain technology will enable real-time settlement finality in the securities world. This could mean the end of a number of players in the post-trade area, such as central counterparty clearing houses (CCPs), custodians and others. Central Security Despositories (CSD) will still play an important role according to reports: “CSDs could have an important role to play in a blockchain-based settlement system. As ‘custodians of the code, CSDs could exercise oversight of, and take responsibility for, the operation of the relevant blockchain protocol and any associated smart contracts.” Euroclear Report Another group of 30 central securities depositories (CSDs) in Europe and Asia are researching possible ways to “join hands” in developing a new infrastructure to custody digital assets. The CSDs will attempt to figure out how to apply their experience in guarding stock certificates to security solutions for crypto assets. “A new world of tokenized assets and blockchain is coming. It will probably disrupt our role as CSDs. The whole group decided we will be focusing on tokenized assets, not just blockchain but on real digital assets.” You can read more about how blockchain will affect CSD’s here Examples of CSD’s in blockchain
SIX Digital Exchange and Deutsche Borse are utilising Corda as explained in the trading venues section
DTCC the largest in the US process 1.7 Quadrillion US Dollars of securities every year and are planning on moving their Trade Information Warehouse to Axoni’s AXCore Blockchain (Based on permissioned version of Ethereum) later this year — Source
Canada CDS are using the Quartz blockchain from Indian IT Services Company Tata Consultancy Services — Source
Euroclear in collaboration with the European Investment Bank (EIB), Banco Santander, and EY are developing a blockchain solution — Source
French CSD’s too soon go live on Setl Blockchain — Source and Source
Russia’s National Settlement Depository is launching a blockchain project using D3ledger (based off Hyperledger) — Source
The Importance Of Interoperability
The evolution of DLT and the wide adoption across industries and across different market segments is resulting in many different ledgers networks, but the ultimate promise of DLT can only be realized when all ledger networks can seamlessly interoperate. — from the recent DTCC whitepaper with Accenture Some challenges and constraints related to the market infrastructure ecosystem remain open and will need to be addressed in the future to sustain the development of DLT platforms for trading and the post-trade process.At this stage, the questions of interoperability and standardization across these DLT (probably permissioned) platforms remain open and we may see a list of platforms offering no scope for interconnection. This will prevent them from fulfilling the key “distribution” criterion of DLT.Another related challenge that may determine whether or not the technology is adopted is the ability to provide Delivery versus Payment (DvP) settlement, in particular in central bank money. Nevertheless, it is worth mentioning that settlement can also be facilitated in commercial bank money. —https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/technology/lu-token-assets-securities-tomorrow.pdf
It’s clear from the above that interoperability will be crucial in order to unlock the true potential of Distributed Ledger Technology. Issuance platforms will seek to interoperate with as many secondary exchanges as possible to provide maximum liquidity for issuers. Issuance platforms and secondary exchanges are each using a wide range of different blockchains that all need to interoperate as part of the trade process. CSD’s will also need to have interoperability between other CSD’s as well as to the secondary exchanges (again each using different blockchains).
Enter Quant Network’s Overledger
Quant Network’s blockchain operating system, Overledger, provides interoperability between any current and future distributed ledger technology as well as easily connecting Off Chain / Legacy networks as well as plans to connect directly to the Internet. Within 10 months it has proven it can provide interoperability with the full range of DLT technologies from all the leading Enterprise Permissioned blockchains such as Hyperledger, R3’s Corda, JP Morgan’s Quorum, permissioned variants of Ethereum and Ripple (XRPL) as well as the leading Public Permissionless blockchains / DAGs such as Bitcoin, Stellar, Ethereum, IOTA and EOS as well as the most recent blockchain to get added Binance Chain. All without imposing restrictions on connected chains, being Internet scalable and able to easily integrate into existing networks / infrastructure. https://preview.redd.it/8p6hi942t0m31.png?width=1920&format=png&auto=webp&s=b0536ea9981306feb8bd95788c66e9a5727a4d58 Overledger a blockchain operating system, will enable universal interoperability for regulatory-compliant security tokens and digital assets to be traded on AX ATS, a regulated secondary trading market. AX intends to integrate Overledger to help foster the evolution of traditional capital markets infrastructure to facilitate the mass implementation of regulated digital assets. With the increased market adoption of digital assets and banking “coins” such as JPMorgan Coin, AX and Quant Network are at the forefront to enable the transferability and movement of digital assets https://www.quant.network/blog/redefining-wall-st-with-decentralised-capital-market-infrastructure-the-possibilities-of-quant-networks-overledger-technology-in-regulated-capital-markets Overledger enables Universal Interoperability where digital assets can move across blockchains so that they can interact with smart contracts on different blockchains. It does this by locking the asset on one blockchain and then representing it on another blockchain either by creating a representing token or representing it via metadata. This will enable all of these different parties such as Issuance platforms, Exchanges, CSD’s, traders etc to move the digital asset from their respective blockchain onto AX Trading’s platform for secure, immediate and immutable trading to take place. Potentially it would even allow Digital Assets / Securities to settled on a public permissionless blockchain such as the recently connected Binance Chain in a completely safe, secure and compliant way. https://preview.redd.it/a3o9qxq5t0m31.png?width=443&format=png&auto=webp&s=78d7a7e7d47213bbb354336ba9d5ad92c1c2254a Regulators would be able to run a node and view transactions in real time ensuring that compliance is being kept. Potentially they could also benefit from using Quant Networks Multichain Search capability http://search.quant.network/ to be able to fully track assets as they move across blockchains.
George O’Krepkie, AX CEO said: “we look forward to partnering with Quant. Their technology will allow our blockchain agnostic security token exchange to communicate seamlessly with issuers, traders, investors, and regulators across different blockchain protocols. This is a key technological breakthrough that will help us bring the benefits of security tokens to Main Street and Wall Street.”
AX Trading have also partnered with Securrency (who have previously tokenised over $260 million in real estate assets). Securrency provide a protocol that enables security tokens to remain in compliance regardless of what blockchain the token is on. Due to the layered approach that Overledger has adopted from the learnings of TCP/IP, this protocol can be easily integrated on top of Overledger to enable security tokens to move across blockchains as well as ensuring they remain in compliance with regulations programmed into the token. https://youtu.be/vSQ2fu9iZGs
Delivery vs Payment (DvP)
A DvP transaction involves the settlement of two linked obligations, namely the delivery of securities and the payment of cash. DvP avoids counterparties being exposed to principal risk, i.e. the risk that the seller of securities could deliver but would not receive payment or that the buyer of securities could make payment but would not receive delivery.Following this requirement, a DvP securities settlement mechanism has to ensure that the delivery of securities and the payment of cash are linked in a way where one leg (obligation) of the securities trade is conditioned to the final settlement of the other leg (obligation) of the trade. Thereby final settlement is defined as “the irrevocable and unconditional transfer of an asset or financial instrument, or the discharge of an obligation by the FMI or its participants in accordance with the terms of the underlying contract”. —STELLA — a joint research project of the European Central Bank and the Bank of Japan
We have seen how Overledger can provide interoperability for the securities to move across Issuers platforms, integrate with Stock exchanges, Central Security Depositories and AX Trading. Now we need to be able to ensure that payment is guaranteed and in a way that offers immediate settlement which is irrevocable. To do this we need to represent FIAT on the blockchain so that it can interact with smart contracts and settle transactions on the blockchain.
J.P.Morgan is the largest bank in the United States and ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion. J.P. Morgan was the first U.S. bank to create and successfully test a digital coin representing a fiat currency. The JPM Coin is based on blockchain-based technology enabling the instantaneous transfer of payments between institutional clients. With J.P.Morgan’s $2.6 trillion balance sheet, expertise in blockchain and global payments network, J.P. Morgan can seamlessly and securely transfer and settle money for clients around the world. J.P. Morgan are supervised by banking regulators in the United States and in the international jurisdictions in which it operates.
How does JPM Coin work?
A Buyer purchases JPM coins in advance which get represented on the Permissioned Quorum blockchain ($1 =1 JPM Coin). Quant Network’s Overledger could then provide interoperability to lock those tokens on Quorum and represent those onto another blockchain / AX Trading’s Network. By being able to represent securities and FIAT on the same blockchain (even though the underlying assets are on different blockchains) this provides instant finality / settlements to occur. Once the seller receives the JPM coin in exchange for the securities they have sold they will be able to redeem them for USD. It also doesn’t necessarily mean that they have to have a JP Morgan account to redeem them, you could imagine in the future that the Bank instead redeems the JPM Coin and credits the users account. Similarly the buyer of the security token redeems the represented token and unlocks the security token on the original blockchain. You can read more about JP Morgan’s Coin here as well as its use cases
J.P Morgan is betting that its first-mover status and large market share in corporate payments — it banks 80 percent of the companies in the Fortune 500 — will give its technology a good chance of getting adopted, even if other banks create their own coins.“Pretty much every big corporation is our client, and most of the major banks in the world are, too,” Farooq said. “Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back.”
Overledger enables different securities tokens / digital coins representing FIAT currencies to be brought together from the various permissioned / permissionless blockchains onto one platform where trading / settlement can take place. Overledger is the only technology that can do this today across the leading permissioned and permissionless blockchains as well as existing networks, all in a secure, scalable and easy to integrate way. https://preview.redd.it/ngt7q7hdt0m31.png?width=738&format=png&auto=webp&s=60166bdc0fcdf72a502e3472a09de5ddb5e1eb69 Quant Network are working with AX Trading to bring more digital assets, securities and tokenised assets to their existing 800 institutional traders in an already live and connected FINRA and SEC regulated exchange. AX Trading is not just about trading securities but other digital assets such as Bitcoin, Ethereum and potentially even Quant in the Future. https://preview.redd.it/ibecorcft0m31.png?width=1286&format=png&auto=webp&s=94540cf49654e36a8155f424c2a4bdb5fd549558 This is a multi-trillion dollar market with huge global enterprises, traditional exchanges and global banks are all adopting DLT at a rapid pace and going into production at scale in a matter of months, examples include the NYSE Bakkt launching Bitcoin futures later this month, Swiss Stock Exchange ($1.6 Trillion market Cap) is due to launch their digital exchange running on Corda (SDX) by the end of the year. The DTCC are due to launch their Trade Information Warehouse which processes $10 Trillion of cleared and bilateral derivatives by the end of the year. JP Morgan who transfer $6 Trillion every day are due to launch their JPM coin at the end of year and AX Trading is due to offer their first digital asset by January 2020. Quant Network’ Overledger enables the bridging of traditional finance infrastructure with the new decentralised finance infrastructure DeFi of the future, helping to redefine Wall Street and Capital Markets. https://medium.com/@CryptoSeq/wall-street-2-0-17252ffd8919
Interviewer: Moose Team Member: Michael Luckhoo Telegram channel AMA: https://t.me/CryptoGEMS_official Digitalbits Telegram: https://t.me/digitalbits Token ticker: XDB AMA: Interviewer: Q1 Looks like Libra is moving forward. Is this bullish or bearish for you? Michael Luckhoo: Definitely bullish. Firstly, this is further validation that brands like the Libra members including Facebook are embracing cryptocurrencies. That being said, not all enterprises have the internal technical capability like Facebook/Libra to build their own cryptocurrency internally. This is a massive market opportunity and the DigitalBits blockchain along with certain ecosystem participants are well positioned to support various brands with creating their own form of branded cryptocurrency on the DigitalBits blockchain. Interviewer: glad to hear that , Libra would probably become the biggest branded coin out there Michael Luckhoo: yes, but we can also help other brands to deploy their own and connect with others, such as Libra. Interviewer: most brand dont have the capability like libra to build their own Stablecoin , that lead us to the next question from a community member. Interviewer: Q2: I'm a business owner, I want a loyalty program. Why would $XDB be a solution for me ? Michael Luckhoo: Businesses imploring the use of a blockchain based loyalty systems can provide a number of benefits: deeper marketing intelligence into the consumer buying behaviour, greater connectivity to other brands on the network and access to other value-adds on the network for both program operators (brands) and their consumers. For branded cryptocurrencies that are also listed on secondary-markets / exchanges, there is also the potential for enhanced liquidity for that branded cryptocurrency when compared to the legacy form of that asset, and in turn increasing the potential for such a brand's reward to appear more desirable to certain consumers given the enhancement to utility. Interviewer: would it be easy for a client to reach you and setup the loyalty program? like a key in hand solution for new client ? Michael Luckhoo: Ultimately DigitalBits serves as the network layer to support this industry, therefore we are agnostic to which parties build on the network. As a result we are forming strong partnerships to become the application layer to support the on-boarding of such clients that wish to have a one-stop setup. These ecosystem partners are an integral part to develop a key-in-hand solution as you suggest. Stay tuned for some updates on this :wink: Interviewer: lovely ! your talking about forming partnership to become a easy step solution for new client ... with established partnerships with Pundi X, Kucoin - is Asia your primary market? Or you're going to develop other markets (Europe, North America, South America, Africa) at the same time? Michael Luckhoo: Asia is obviously a massive market, however, it is not the only market wherein enterprises are embracing the DigitalBits blockchain. North America and Europe are home to other companies already collaborating with the DigitalBits blockchain. Interviewer: i see you said companies with a (s) :grin: Michael Luckhoo: :wink: next question.. Interviewer: lets go to the 4th question then eheh Q4: Is there truth in Bittrex maybe adding XDB to their trading pairs? Michael Luckhoo: We cannot comment at this time specific to any future exchanges. However, we are routlinely contacted by exchanges…. Interviewer: gotcha , anyway i think Kucoin is a solid add to XDB and again congratz on this listing Michael Luckhoo: I think so too, thank you. Interviewer: The XDB roadmap is still not fully filled Q5:What are the time scales for the partnership announcements? Michael Luckhoo: As we have just commenced Q2, we have commenced partnership announcements with critical players that will support the industry of branded cryptocurrencies. Considering the news of the ECD service with KuCoin, each of these parties play a specific role in supporting DigitalBits, from procurement and liquidity (ECD), to custody solutions, business registries and payment operators. This ecosystem is able to provide brands with a wide range of support to launch their own branded currency. We are also actively supporting new ecosystem additions that will each play a role in expanding use of the DigitalBits blockchain, some of which will be announced shortly. Interviewer: Regarding the new partnership with Kucoin , what does it mean for XDB in term of volume / exposure / utility ? How can it affect the demande of the XDB token? Michael Luckhoo : We are obviously excited to see KuCoin launch their Enterprise Currency Desk (ECD) service and XDB to be one of the first to support this. The ECD may provide a host of benefits to the businesses in a more frictionless way, some of the benefits include: Ease of transaction for token procurement, Guidance on requirements for specific functions depending on the blockchain application, automated business function, similar to a subscription plan for the blockchain - businesses not only need the access to tokens for certain functions, they need a "refuel system" to guide them for the next batch and so forth in a cost-effective and seamless way. We cannot comment on expected volume that Kucoin's ECD will drive for XDB. That being said, any demand Kucoin creates in marketing its ECD service to enterprises is obviously positive exposure for DigitalBits and the XDB token. Interviewer: ease of transaction for token procurement .. it mean kucoin will buy the token for the client? Michael Luckhoo: yes, they can enact this type of service on the clients’ behalf. Interviewer: nice ! perfect so next question Q7 : Is Julie the CMO of walmart still working with you actively? Michael Luckhoo: yes, Julie continues to be a very active advisory board member. She is also engaged, through her role with another organization, in other aspects of the DigitalBits ecosystem that we cannot comment on at this time.. Interviewer: glad to hear she is still there actively , its a big name to have onboard ! Soo during your last AMA your team was talking about a client with 10 000 000user ... where will companies get the amount they need to create their loyalty program knowing it need 10xdb per wallet? Lets say the current one have 10m user , it need 100m XDB to make their program , where will they get that amount? Will it have any effect on the trading token? Michael Luckhoo: DigitalBits doesn’t have the obligation to supply consumer wallets with XDB tokens. Therefore, companies and their respective applications that are used by consumers will have the responsibility to ensure that their wallets have a sufficient amount of XDB tokens. With that being said, the company may source these tokens from the open-market and utilize services such as Kucoin's ECD to purchase XDB tokens. Interviewer: ah that make sense. hence why this partnership is so important ! So any new client could refer to kucoin EDC and get their amount for their user Michael Luckhoo: yes, they can. We hope to see other major exchanges explore concepts such as this as well in the future to induce a more business-centric approach to engaging with blockchain. Interviewer: I'll be more than happy to see Binance going this way... knowing CZ is constantly talking about Stablecoin its looking good ! Q9: What is the number 1 feature of XDB that will drive adoption? When is the peak of adoption as a guesstimate? Michael Luckhoo: Beyond technology features, the key to adoption is Execution. At the end of the day, its nice to have a product and/or a service that is viable, but ultimaltely the team and experience of a strong go-to-market strategy is what brings adoption. To date, many crypto projects have been lacking in this department. It’s hard to state when the peak of adoption will occur, but we are in the growth-stage of this industry as it would seem. The early adopter and the early majority being able to connect in this stage is what is key to bring adoption and signifies this stage as well, we refer to it as crossing the chasm. Interviewer: Its true , and most project depend on the crypto success ... however loyalty program are already a thing that hasn’t change a lot during past year Does the situation with the Covid19 affect the work of the XDB team ? Michael Luckhoo: Not at all, we are working very well remotely and still advocating the benefits of blockchain technology to support the consumer industry even more so now as consumers are even in heightened alert of how they spend, save and earn with the brand! Interviewer: Nice , as long as all of you guys stay safe so you keep these update coming in !! lest go to the next and sadly final question for this Ama ! à Q10: Bringing the masses to crypto instead of crypto to the masses"" Will we see this kickstart in 2020 or rather mid-longterm?" Michael Luckhoo: This is a pivotal year in crypto as we continue to see companies expand their interest in the space (Facebooks' Libra coin, to Bakkt's acquistion of Bridge2, Walmart patents surrounding Stablecoin). Blockchain cotninues to gain greater validation regardless of market conditions. We continue to be a voice advocating this along with major players in bringing the masses to crypto by using pathways already familiar to the average user via seamless integrations. The average new person in this case may first own a branded cryptocurrency as their first crypto vs it first being Bitcoin, which is a big leap forward. As mentioned, as we enter into an economic downturn, consumers will be on heightened alert to want to save and earn more rewards from brands. Therefore, we expect no slow down in the use cases for branded cryprocurrencies, including branded stablecoins. Please check out this interesting read: Bailouts, CBDCs and Branded Currencies Tangible Solutions Amidst Global Crisis: https://techbullion.com/bailouts-cbdcs-and-branded-currencies-tangible-solutions-amidst-global-crisis/ Interviewer: i will sure read this just after , its exciting to see these massive player getting into stablecoin in 2020 I know you guys dont have much time and again thank you for this AMA , i was wondering if you can drop us something for new potential investor , we are many here invested in XDB but some people here dont even know what it is ! Im just trying to flex more info here before it end 🙃 Michael Luckhoo: Thank you for all of your support Moose and I realize the tremendous support from your community. What I can say is that we have some major news coming in light within the upcoming months, this is not something that is recent, but rather what we have been working on for the past few years. As this seems to be the year that businesses are entering the space, it would not be unreasonable to hear a few big name companies of which will be announced this year.. I can’t say much more due to confidentiality agreements, but I can say that big-hitters are coming to crypto-town. Talk to you all soon 🙂
https://preview.redd.it/l17mvn9d2hs31.png?width=1600&format=png&auto=webp&s=7cafeb1a309af23a8ee5e55cc4101e3c8e0aaa91 In the cryptosphere, there are two broad categories of exchanges for you to trade coins and tokens. They are centralized exchanges (i.e. CEX, such as Binance, Poloniex, and Bittrex) and decentralized exchanges (i.e. DEX, such as DINNGO, IDEX and Switcheo). Most people first started crypto trading on CEX for its simple and fast experience until they realize the compromise of giving their private keys to CEXs for the convenience. As the saying goes, Not your keys — not your Bitcoin. From there, we see more and more people started trading on DEXs to join the ship of ending third party control of your funds. However, trading on DEXs can sometimes be confusing to people who are used to trade on CEXs. That is why for this article, we provide you an ultimate guide of how to navigate on a DEX easily and efficiently.
1. Register an account
In most DEXs, no account sign up would be required. Users can start trading as soon as they connect their wallets to the exchange. But on DINNGO, you will need to sign up for an account. Here’s why. On average, users don’t have just one wallet. Some in cold wallet, some in hot wallet. It can be problematic to manage all different types of wallets. With the account system, we are able to provide advanced features and services to users, this includes
Wallets management. Where you can view your portfolio and performance of multiple wallets easily under your account.
Higher security. We monitor our trading activities closely. If there is any abnormal actions, we notify you immediately.
Instant customer support. Contacting us through your registered email can help us provide immediate support to without having to ask you to verify yourself as wallet owner, or provide loads of technical information.
First hand updates. Latest promotion, system maintenance, new features, etc, you won’t miss any of that.
2. Trading directly from your wallet
Unlike CEXs where users send their tokens to the exchange, DEXs let users to make trades directly from their wallets. To start with using a DEX, you need a wallet that can interact with the blockchain that is built on. For DINNGO, it is built on the Ethereum, so you will need an Ethereum wallet such as MetaMask. This wallet can be thought of as a place to store your tokens and you can trade your tokens on the DEX through your wallet.
3. Deposit your funds on the blockchain
Before you place the order to trade, you need to send the tokens that you want to trade to the DEX’s smart contract. We call this process “Deposit”, but instead of keeping tokens with a centralized ledger like most CEXs, your tokens are deposited on the blockchain and you are still the only person that has access to them. This is why, even after you deposit your tokens, you still need to sign each transaction. What does sign each transaction mean?
4. Signing transactions
The most different experience of trading on DEX is that you are the boss, which means, every transaction can not be processed without your approval. Be ready to see pop-up windows or alerts that ask you to “Sign”. For example, when you first connect your wallet to a DEX, your wallet would ask you to give the DEX permission to interact with your wallet. After which, every interaction with the exchange, such as authorizing a deposit, placing an order or canceling one, will also require a transaction with the blockchain hence you need to sign.
5. Mining time
Unlike CEXs, where transactions are written onto a centralized ledger, DEXs process all transactions onto the blockchain. We call this process “mining”, which means exactly “processing”. It just sounds more professional and cool to say “mining”. And this is why when you sign a transaction, it doesn’t just go through and complete instantly. It has to be “mined” into the blockchain. On Ethereum, and when the network is not congested, this should only take 15–30 seconds.
On CEXs, transactions are written into a private ledger and handled by a centralized engine, which is not on the blockchain. But on DEXs, all transactions on the Ethereum network cost gas, which is the currency paid to miners for performing blockchain operations. To trade on a DEX, users are usually responsible for covering all gas fees required to use the exchange. On DINNGO, deposit gas fees are paid directly by the user and all other transactions and withdrawals, DINNGO pays the gas fee to the network and deducts this fee from the user’s transaction. In general, the biggest difference between CEX and DEX is that you hold 100% control of your assets. Any changes of your assets must be approved by you and we believe this is the only way to be your own boss, to fully manage your assets in your hand. With that being said, DEX is the place to provide you better and safer crypto trading experience. We hope this guide is helpful for you to better navigate on a DEX. Visit dinngo.co to start trading today and earn $5 worth of USDT by simply complete one trade. 【 About Us 】
Hashrate: went from 54 to 76 PH/s, the low was 50 and the new all-time high is 100 PH/s. BeePool share rose to ~50% while F2Pool shrank to 30%, followed by coinmine.pl at 5% and Luxor at 3%. Staking: 30-day average ticket price is 95.6 DCR (+3.0) as of Sep 3. During the month, ticket price fluctuated between a low of 92.2 and high of 100.5 DCR. Locked DCR represented between 3.8 and 3.9 million or 46.3-46.9% of the supply. Nodes: there are 217 public listening and 281 normal nodes per dcred.eu. Version distribution: 2% at v1.4.0(pre) (dev builds), 5% on v1.3.0 (RC1), 62% on v1.2.0 (-5%), 22% on v1.1.2 (-2%), 6% on v1.1.0 (-1%). Almost 69% of nodes are v.1.2.0 and higher and support client filters. Data snapshot of Aug 31.
Obelisk posted 3 email updates in August. DCR1 units are reportedly shipping with 1 TH/s hashrate and will be upgraded with firmware to 1.5 TH/s. Batch 1 customers will receive compensation for missed shipment dates, but only after Batch 5 ships. Batch 2-5 customers will be receiving the updated slim design. Innosilicon announced the new D9+ DecredMaster: 2.8 TH/s at 1,230 W priced $1,499. Specified shipping date was Aug 10-15. FFMiner DS19 claims 3.1 TH/s for Blake256R14 at 680 W and simultaneously 1.55 TH/s for Blake2B at 410 W, the price is $1,299. Shipping Aug 20-25. Another newly noticed miner offer is this unit that does 46 TH/s at 2,150 W at the price of $4,720. It is shipping Nov 2018 and the stats look very close to Pangolin Whatsminer DCR (which has now a page on asicminervalue).
www.d1pool.com joined the list of stakepools for a total of 16. Australian CoinTreeadded DCR trading. The platform supports fiat, there are some limitations during the upgrade to a new system but also no fees in the "Early access mode". On a related note, CoinTree is working on a feature to pay household bills with cryptocurrencies it supports. Three new OTC desks were added to exchanges page at decred.org. Two mobile wallets integrated Decred:
Coinomiadded Decred to their Android and iOS wallets. In addition to the Apple App Store and Google Play you can download the APK directly. Coinomi features an integrated cryptocurrency exchange and is the first company to offer a mobile Decred wallet.
Reminder: do your best to understand the security and privacy model before using any wallet software. Points to consider: who controls the seed, does the wallet talk to the nodes directly or via middlemen, is it open source or not?
Bit Dialsannounced DCR support via GloBee at their bitdials.eu luxury boutique. Their separate supercar and classic car shop bitcars.eu also accepts DCR, either via GloBee or with manual invoicing in case of privacy concerns.
Targeted advertising report for August was posted by @timhebel. Facebook appeal is pending, some Google and Twitter campaigns were paused and some updated. Read more here. Contribution to the @decredproject Twitter account has evolved over the past few months. A #twitter_ops channel is being used on Matrix to collaboratively draft and execute project account tweets (including retweets). Anyone with an interest in contributing to the Twitter account can ask for an invitation to the channel and can start contributing content and ideas there for evaluation by the Twitter group. As a result, no minority or unilateral veto over tweets is possible. (from GitHub)
Meetup in Puebla City, Mexico, organized by @elian. (photo, slides, missed in July issue)
@joshuam discussed Decred and decentralized organizations with Craig Laundy, Federal Minister for Small Business, the Workplace, and Deregulation with the Australian Government, at @YBFVentures. (photos)
Meetup at @TheBlockCafe in Lisbon, Portugal. @mm presented "Decred 101 - Governance with Skin in the Game" and @moo31337 talked about Decred's 2018 roadmap. (photos: 123)
Meetup in Taipei, Taiwan. @morphymore made a short intro of Decred and noted: "After the talk, many have approached to tell me that they literally don’t hear of Decred until today, and are interested in finding out more about the merit of a hybrid consensus system.". Longer report here, some photos and a video are here.
@eSizeDave introduced Decred to the SILC Undergraduate Program students at @YBFVentures. (photo)
OKEx Global Meetup Tour in Ho Chi Minh City, Vietnam. @joshuam gave a brief presentation covering the history of Decred, how the project functions, and the importance of governance. Afterwards he joined a panel discussion and spoke about Decred's incentives for long term viability. (video, video, photo)
Blockchain Futurist Conference in Toronto, Canada. @zubairzia0 noted: "Devs and the community were held in high regard for the people who knew about decred ... one positive thing I remember was someone defending us saying 'Decred does not need a booth', I believe that comment was reflective of the quality of projects being showcased at the conference.". (photo)
Meetup at @YBFVentures in Melbourne, Australia. @joshuam discussed Decred with Graham Stuart, U.K. Minister for International Trade. (news, photos)
Small meetup with Jackson Palmer in Melbourne, Australia. (photo)
Hawthorne Street Fair in Portland, USA. Raedah Group was out answering questions about crypto and Decred. (photos)
Blockchain APAC in Melbourne, Australia. @joshuam joined a panel discussion with reps from banking, university and ISO/TC 307. @eSizeDave reports: "This enterprise conference was indeed a whole lot better than I expected. The presentations were actually full of very worthwhile information from credible people, articulated aptly to a very government, academic, and corporate crowd, who genuinely took on board valuable insights. Good to know some of these key people are Decred holders and stakers as well. I got to use the entire day to speak directly with some of the most pivotal personalities in this particular populace. Ongoing relationships have been built and strengthened.". (photos: 123)
For those willing to help with the events:
BAB: Hey all, we are gearing up for conference season. I have a list of places we hope to attend but need to know who besides @joshuam and @Haon are willing to do public speaking, willing to work booths, or help out at them? You will need to be well versed on not just what is Decred, but the history of Decred etc... DM me if you are interested. (#event_planning) The Decred project is looking for ambassadors. If you are looking for a fun cryptocurrency to get involved in send me a DM or come talk to me on Decred slack. (@marco_peereboom, longer version here)
One private work channel was successfully migrated to Matrix.
Stylish room avatars were set.
@Haon has prepared a short guide to help new Matrix users get started and join the Decred rooms.
A thread was started to discuss changes to Decred jargon with the intent to make it more consistent and accessible to newcomers. The question whether changing "official" terminology requires stakeholder approval was touched in this thread and in #documentation.
Project fund transparency and constitution were extensively discussed on Reddit and in #general.
Pre-proposal to use Politeia to approve Politeia as a legitimate decision-making tool for Decred.
Reddit: substantive discussion about Decred cons; ecosystem fund; a thread about voter engagement, Politeia UX and trolling; idea of a social media system for Decred by @michae2xl; how profitable is the Obelisk DCR1. Chats: cross-chain trading via LN; plans for contractor management system, lower-level decision making and contractor privacy vs transparency for stakeholders; measuring dev activity; what if the network stalls, multiple implementations of Decred for more resilience, long term vision behind those extensive tests and accurate comments in the codebase; ideas for process for policy documents, hosting them in Pi and approving with ticket voting; about SPV wallet disk size, how compact filters work; odds of a wallet fetching a wrong block in SPV; new module system in Go; security of allowing Android app backups; why PoW algo change proposal must be specified in great detail; thoughts about NIPoPoWs and SPV; prerequisites for shipping SPV by default (continued); Decred vs Dash treasury and marketing expenses, spending other people's money; why Decred should not invade a country, DAO and nation states, entangling with nation state is poor resource allocation; how winning tickets are determined and attack vectors; Politeia proposal moderation, contractor clearance, the scale of proposals and decision delegation, initial Politeia vote to approve Politeia itself; chat systems, Matrix/Slack/Discord/RocketChat/Keybase (continued); overview of Korean exchanges; no breaking changes in vgo; why project fund burn rate must keep low; asymptotic behavior of Decred and other ccs, tail emission; count of full nodes and incentives to run them; Politeia proposal translations and multilingual environment. An unusual event was the chat about double negatives and other oddities in languages in #trading.
DCR started the month at USD 56 / BTC 0.0073 and had a two week decline. On Aug 14 the whole market took a huge drop and briefly went below USD 200 billion. Bitcoin went below USD 6,000 and top 100 cryptos lost 5-30%. The lowest point coincided with Bitcoin dominance peak at 54.5%. On that day Decred dived -17% and reached the bottom of USD 32 / BTC 0.00537. Since then it went sideways in the USD 35-45 / BTC 0.0054-0.0064 range. Around Aug 24, Huobi showed DCR trading volume above USD 5M and this coincided with a minor recovery. @ImacallyouJawdy posted some creative analysis based on ticket data.
StopAndDecrypt published an extensive article "ASIC Resistance is Nothing but a Blockchain Buzzword" that is much in line with Decred's stance on ASICs. The ongoing debates about the possible Sia fork yet again demonstrate the importance of a robust dispute resolution mechanism. Also, we are lucky to have the treasury. Mark B Lundeberg, who found a vulnerability in atomicswap earlier, published a concept of more private peer-to-peer atomic swaps. (missed in July issue) Medium took a cautious stance on cryptocurrencies and triggered at least one project to migrate to Ghost (that same project previously migrated away from Slack). Regulation: Vietnam bans mining equipment imports, China halts crypto events and tightens control of crypto chat groups. Reddit was hacked by intercepting 2FA codes sent via SMS. The announcement explains the impact. Yet another data breach suggests to think twice before sharing any data with any company and shift to more secure authentication systems. Intel and x86 dumpsterfire keeps burning brighter. Seek more secure hardware and operating systems for your coins. Finally, unrelated to Decred but good for a laugh: yetanotherico.com.
About This Issue
This is the 5th issue of Decred Journal. It is mirrored on GitHub, Medium and Reddit. Past issues are available here. Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research. Feedback is appreciated: please comment on Reddit, GitHub or #writers_room on Matrix or Slack. Contributions are welcome too. Some areas are collecting content, pre-release review or translations to other languages. Check out @Richard-Red's guide how to contribute to Decred using GitHub without writing code. Credits (Slack names, alphabetical order): bee, Haon, jazzah, Richard-Red and thedecreddigest.
The History, The Current State And The Future Of NavCoin
The History, The Current State And The Future Of NavCoin
This is it. If you're interested to see what NAV is all about, this is the ultimate guide for you. You will learn about the history of NavCoin and how it evolved. You will learn about the current state and features of NavCoin and you will learn about the exciting new features that are planned and coming up in the (near) future. So buckle up, this is going to be a long ride!
Table Of Content
What is NavCoin?
Rebranding to SummerCoinV2 /NavajoCoin
Rebranding to NavCoin
The Current State
Tutorials And Guidelines
Where can you use NAV?
Introduction - What is NavCoin?
NavCoin is a cryptocurrency that has been publicly traded since mid 2014. It's a fork of the latest version of Bitcoin Core with many additional features and functionalities which differentiate NAV from other cryptos.
NavCoin has been one of the first projects to switch to Proof of Stake and is still using PoS to validate and generate blocks. NavCoin didn't have an ICO or a premine. It is self-funded from the beginning and primarily, but not solely maintained by developers of Encrypt-S - the NavCoin Core team (see below for more info about the team).
NAV is trying to simplify cryptocurrencies for the masses. It does this by providing features which make it easy to use like the implementation of OpenAlias, which allows people to send NAV to an email-like address (for example [[email protected]](mailto:[email protected])). It also provides very easy to use desktop and mobile wallets.
NAV also provides optional privacy. You can send transactions publicly or private, as you prefer.
It's block speed is really fast with about 30 seconds per block. Transactions are confirmed as spendable within only 30 second which makes it ideal for retail and e-commerce.
High levels of scalability (260+ transactions per second)
It currently has a market cap of 11.6kk (as of writing) and trades for about $0.18 / 4'872 Sats per NAV. The circulating supply is 64kk with no max supply (with an inflation of about 4%).
Staking NavCoin currently yields about 8–10% of your holdings per year. This number depends on how many NAV are currently staking. The minimum return is about 4% (if every single NAV would be staking).
NAV is available on many different exchanges with the biggest ones being Binance, Bittrex and Poloniex.
Introduction The following chapter will summarize and break down the history of NavCoin in a few sentences. NAV started a long time ago, went through rebrandings and changes of the core team before it became what it is today. SummerCoin NavCoin was initially first introduced under the name SummerCoin on April 23 in 2014. SummerCoin was a fork of the Bitcoin blockchain. It used to have a PoW/PoS hybrid algorithm with a block time of 45 seconds. SummerCoinV2 /NavajoCoin Soon after the initial launch of SummerCoin, the original developer left and SoopY (soopy452000 on bitcointalk) took over as the main developer and rebranded the project to SummerCoinV2 respectively NavajoCoin and introduced new features. The name NavajoCoin was chosen in honor of the Navajo Code Talker. The unbreakable Navajo code was used to encrypt highly classified military information and commands and decrypt the same in WW II. SoopY introduced a technology which allowed sending transactions anonymously and private. This technology was called "Navajo Anonymous Technology". SoopY also released a new wallet and set the Proof of Stake rewards at 10% for the first year, 5% for the second year and 2% for every year after. NavCoin On August 12, 2014, Craig (current lead core developer, pakage on bitcointalk) started to get involved with NAV by helping to set up a website . It was officially announced that Craig joined the core team as a "Wallet & Web Developer" on November 06, 2014. The last tokenswap and restart of the blockchain of NAV happened on May 12, 2016. Soon later, SoopY stopped showing up and Craig stepped into the role of the lead core developer. Since then, Craig has assembled a strong team with which he built NavCoin into what it is today. Currently, Craig and the NavCoin Core team is located in New Zealand and they are actively developing many ground-braking features which differentiate NAV from other cryptocurrencies. You will read more about that later in this article.
The Current State
Introduction The year 2018 has been a thriving year for the NavCoin ecosystem. Despite the USD price of NAV not reflecting it, in 2018 the core team has developed a whole bunch of new features. Also the core content creators published the first official guidelines that function as an orientation guide for community content creators. This chapter will give you an overview of the current team, the features, the prior mentioned guidelines and the community of NavCoin. Core Team  Last year, the core team has grown alot. It contains of developers, content creators and interns. The core team are employees of Encrypt S, the New Zealand's leading blockchain R&D lab. Encrypt S is developing blockchain solutions since 2014 and values building open-source software highly. Craig MacGregor - Chief Executive Officer Craig is the CEO of Encrypt S and the founder of NavCoin. He is one of the world's most experienced blockchain developers. Craig founded NavCoin in 2014 and is developing software for it since then. He has assembled a strong team of like-minded people. Craig also speaks at seminars and conferenced. Some of the companies and conferences he did blockchain education sessions at are Oracle, Xero, Air New Zealand, Blok Tex and trademe. Together with the team, he is also doing a education series on YouTube where he explains upcoming features in-depth for the community. Alex Vazquez - Chief Technical Officer Alex is the CTO of Encrypt S and the most active contributor to the NavCoin core Github. He has incredible knowledge of blockchains and proposes and implements solutions for challenges and features. He supports community developers frequently and answers any questions of the community thoroughly. Like Craig, Alex is developing software for the NavCoin ecosystem for a very long time. Alex speaks at universities at times and educates students about the blockchain technology. Paul Sanderson - Lead Software Engineer Paul is the Lead Software Engineer at Encrypt S. He has a flair for technology. His technical and management skills are perfectly suited for consultancy and investment advising. He also frequently contributes to the NavCoin core source code. Rowan Savage - Senior Software Engineer Rowan is a full stack software engineer with more than a decade experience in developing complex front-end web applications. He joined Encrypt S in February 2018 and has since been involved in the Valence Plattform, the Kauri Wallet and NavCoin Core. You will read more about these feature/projects later. Carter Xiao - Lead UX/UI Designer Carter specializes in user-centric design and is also very talented with 3D animation, motion graphics and programming. One of NavCoins core principle is "Simplifying Crypto" and UX/UI is a very important part of that. Matt Paul - Software Engineer Like Rowan, Matt is a full stack Software Engineer. He joined the core team in Mai 2017 and has since worked on NavPay, NavPi, the Kauri Wallet and NavCoin Core. Kieren Hyland - Chief Strategy Officer Kieren is one of the employees that are working for Encrypt S for a very long time. He is the CSO and is a digital strategist and growth hacker with a passion for new technology and has a lot of experience in online marketing. Laura Harris - Creative Director Laura has a combination of commercial and creative flair. She manages the social media accounts for NavCoin and ensures, that NavCoins' message is always powerful, relevant and distinctive. John Darby - Content Creator John is an internationally awarded Technology and Financial sector marketing communications specialist. He is one of the Core Content Creators for NavCoin. Features of NavCoin  The following features are currently available and have been developed in the last months and years. It is sorted from newest to oldest. Static Block Reward The soft-fork for the enabling of static block rewards have been accepted and became active recently at 5th January 2019. This means, that the block reward was changed from a percentage based reward to a static reward. This will incentivize the stakers to have their node online 24/7 which increased the security of the network. It also aligns NavCoin with the PoSv3 specification. With this implementation, the yearly inflation will be 3.6% currently and will exponentionally decrease because of the static value of the rewards. Every staked block will now give the staker 2 NAV. Depending on how many people are staking, the yearly percentage varies. With the network weight currently being around 20'000'000 NAV, stakers earn around 10% rewards from staking 24/7. Cold staking To provide extra security to participants in the staking process in the NavCoin network, the core team decided to implement cold staking. This allows to store NAV offline and still be able to sign staking inputs. Looking forward, a possible integration into the Ledger Nano S would mean, that one can stake NAV securely from a offline hardware wallet. How cool is that? OpenAlias One of the core principle of NAV is to simplify cryptocurrencies. Many non-technical people are deterred from the long, cryptic addresses used in wallets. When sending funds, you have to make sure that every single letter and digit is correct which is nerve-wracking for the average person. NavCoin has implemented OpenAlias, which allows to transform the wallet address into a email-like form. Everyone can register a name like "[[email protected]](mailto:[email protected])". Funds can then be sent to this name, which makes sending crypto much easier and less error-prone. Community Fund This is the one big feature I was most excited about. NavCoin core has implemented the first fully decentralized community fund. Acceptance of proposals and release of funds is all approved by the decentralized network. No central authority has access to the fund. The community fund enables everyone to propose their ideas to the NavCoin community and to get paid to implement these ideas. Everyone can propose whatever they like (of course there is a higher rate of success if the proposal contributes to the NavCoin ecosystem ;-)). In fact, this article was sponsored by the NAV-Community by voting "yes" for my proposal. The fund works like this: For a fee of 50 NAV, everyone can create and present his idea/proposal to the entire NavCoin network. The fee is here to help prevent spam attacks. Proposals can literally be anything - be it development, marketing or anything else you can some up with. After creating the proposal, everyone contributing to the NavCoin network can then decide if they like the proposal of not. They vote with "Yes" or "No" for the acceptance of the proposal. Voting happens via staking. Every transaction that gets validated by you gives you one vote. This means that the more NAV you are staking, the higher your voting weight is. The proposal stays in the state "Pending" until it is accepted or rejected. To be accepted, a proposal has to have a participation of at least 50% of all staked blocks and at least 75% of these votes have to be "Yes"-votes. Like-wise to be rejected a proposal need 50% participation of the network and 75% of these votes have to be "No"-votes. Additionally, if a proposal didn't pass after 6 voting cycles (about 6 weeks) it is also rejected. After a proposal has been accepted, the creator of the proposal can start his work. When the work is finished, or at in the proposal defined checkpoints, the proposal creator can create a payment request for the full or part of the requested funds. The NavCoin network can then again decide, if the work is what the creator promised to do and vote for the funds or reject the payment request because it was not what he promised. This mechanism ensures, that the funds are only release if the creator of the proposal did what he promised. The NavCoin network decides everything, there is no central authority which makes the community fund 100% decentralized. The community fund is quite new but there have already been some proposals that were accepted like paying for the development & hosting of NAV block explorer, the creation and distribution of NAV car stickers to the community for free (or paid by the community fund), the funding of interns for NavCoin Core, translation of the website into other languages and YouTube videos. What ideas could you come up with? By the way: this article was also sponsored by the community fund :-) Proof of Stake Like said before, NavCoin uses the Proof of Stake algorithm to create and validate blocks. Participants of the NavCoin network can earn rewards by putting their coins to stake and thus validating blocks and securing the network. The reward used to be 4% fixed but recently changed with the implementation of PoSv3. Currently, rewards for stakers that are staking 24/7 is about 10% but it is dependent on how many people are staking. If more nodes come online, this reward will go down. If 90% of all NAVs would be at stake, stakers would still earn 4%. Tutorials And Guidelines  The NavCoin Core team pushes the community to contribute to the NavCoin ecosystem constantly. They emphasize that NavCoin is an open source project and everyone can contribute. The team tries to make it as easy as possible for the average person to contribute and thus created different tutorials and guidelines. Tutorials To Contribute To The Website The whole website is open source. Everyone can contribute to the website. The team created different guides for people to follow . The NavCoin Developer Manifesto The content creator core team has build a developer manifesto. It defines the values that should be uphold like for example that they will always operate in the best interest of the network. If defines the principles, purposes, scope of involvement and operational requirements . The NavCoin Content Creation Manifesto Similar to the developer manifesto, there is also a content creation manifesto. Again it defines the principles for creating content, the purpose, the scope of involvement and the operational requirements . NavCoin Brand Guidelines In addition to the content creation manifesto, there is also a brand guideline booklet. This should help content creators to create images, videos, articles etc. in the same style as the core team. It defines the NAV brand. The brand guidelines contain definitions, the language to use (words to use, words not to use), the tone of voice, what the community aspires to be and what we discourage to be. It also contains the logo pack which can be used in graphics etc. It describes correct logo spacing, logo placement, the colors of NAV and different web assets. It gives tips about gradients and overlays, the typefaces (with a font pack) and many more. Check it out yourself . NavCoin Educational Series The core team has decided to actively involve the community in the creation of new features. For this reason and to allow users to ask questions, they created the NavCoin Educational Series. The core team schedules an online live meetup which can be joined by everyone. On YouTube they do live-streams and explain upcoming features. Examples of these series are explanations for cold staking, static rewards (PoSv3) and the community fund. The community can ask questions live and the core team will answer them immediately. Community During the last year there have been an influx of software developers from the community starting to create features for NAV. navexplorer.com An examples is navexplorer.com which is programmed by community developer prodpeak and is a block explorer for NavCoin. Additionally, it functions as a interface to see what is going on in the community fund. It shows pending proposals and payment requests. NEXT Wallet The NEXT Wallet is an alternative wallet for NAV and other cryptocurrencies. It has a beautiful user interface and is additionally the easiest interface to interact with the community fund (create proposals, create payment requests and vote for proposals and payment requests). It is programmed by community developer sakdeniz who put hundreds of hours into it during last year. There were also some marketing activities starting to emerge with the release of the community fund. Some of these were for example free stickers for everyone in the NAV community to stick to their car / shop / window etc. or YouTube videos of CryptoCandor and Cryptomoonie that explained the details of NAV. I am sure, that with the 500'000 NAV available in the community fund per year there will be an influx of gread ideas - development as well as marketing activities - that will be funded.
Introduction These features are planned for the future. Many of the following features are part of the 2019 roadmap. Some will not be described in great detail because not much is known about them yet. I've still listed them as they are part of what is yet to come. Features Rimu - Improved Privacy Solution NavCoin used to be a optional privacy coin. That means, that you could choose to send a transaction in private. NavCoin was criticized for the way it handles private payments because it relied on a few servers which didn't make it that decentralized. The technology was called "NavTech" and was a secondary blockchain that obscured the transaction and the amount that was sent. NavCoin Core is currently developing a new improved privacy solution that will make the private payment system completely trustless and districuted and runs at a protocol level. Alex of the NavCoin Core team has published a paper that describes this new privacy solution. It's called Zero Confidential Transactions and can be found here: https://www.researchgate.net/publication/330366788_ZeroCT_Improving_Zerocoin_with_Confidential_Transactions_and_more. What I want to highlight is the collaboration between Alex as the proposer of the solution and the Veil team, a Bitcoin Core developer and Moneros main cryptographer as reviewers. When the best work together, it will be interesting to see what the outcome is! Valence Plattform  Valence is an applied Blockchain platform that can help businesses realise the tangible benefits of blockchain. You can think of Valence as a platform with which you can build Anonymous Distributed Applications (aDapps) with. But Valence is a different kind of platform that enables developers to create new types of blockchain applications. The problem with current (turing complete) dApp platforms are their complexity and rigid nature. Security holes in smart contracts and scaling issues happen frequently . Valence provides transitional pathways that let businesses migrate only part of their activities to the blockchain without having to restructure their entire business model .
Valence will provide a spectrum of blockchain application solutions which sit along the decentralized spectrum, offering businesses simple ways to dip their toes into the blockchain at minimal risk or complexity .
Thanks to the proof of stake nature of the Valence blockchain, more of a node's resources can be used for processing and routing application data which makes the platform faster and scalable.
Valence aims to make building blockchain applications as accessible to the general public as WordPress or Squarespace has made building websites.
The developers NavCoin and Valence aim to make Valence extremely easy to work with:
A Valence application could be an open source mobile or web application that submits unencrypted or encrypted data directly to the blockchain. The only configuration necessary for the app developer would be setting up the data structure. Once they've done that they can start writing to the blockchain immediately. The Valence blockchain interface is language agnostic, meaning developers are free to build applications in whichever language they're familiar with, which greatly reduces the barrier to entry. As the platform progresses, Valence will introduce more and more smart contract templates in collaboration with the development community. These will be like plugins that users can simply select and configure for their application, without having to reinvent the wheel and risk contract errors or spend countless hours of research to program them.
NavShopper The following information is taken from the latest weekly news: NavShopper is a new project which will allow people to spend NavCoin on a growing list of retailers and service providers. NavShopper sits between traditional retailers accepting fiat and NavCoin users and purchases products on behalf of the user by managing the crypt-fiat conversion, payment and shipping. This project will unlock many more ways for people to spend NAV on existing websites/marketplaces without requiring each site to individually accept cryptocurrencies. Some of the prototypes we are working on include crediting your Uber account, buying products on Amazon and donating to charities. Kauri Wallet The Kauri Wallet aims to be an open-source, multi-currency wallet which functions as a foundation for other features. Kauri Enhanced Enhancements to the Kauri Wallet will allow multiple accounts, pin numbers, recurring payments and more. Kauri DAEx The Kauri DAEx is a Decentralised Atomic Exchange that utilises the features of the Kauri Wallet and enables users to create safe peer to peer atomic exchanges for any currency supported by the Kauri Wallet. NavDelta NavDelta will be a payment gateway that allows users to spend NAV at any business which accepts currencies supported by the Kauri Wallet. NavMorph NavMorph is a fusion of Rimu and Kauri DAEx and will allow to privately send every cryptocurrency supported by the Kauri Wallet.
If you have made it this far: Congratulations! You have learned about how NAV evolved, what its current state is and what the future will bring. To sum all up: NavCoin has made incredible progress during last year and released many long awaited features despite the bear market. Many more exciting features are yet to come and it's going to be very interesting to see where we will stand on this day next year.
Unfortunately, the giveaway was not possible in the cryptocurrency-subreddit because of their rules, so I'm doing it here :-) As a surprise, in the next 2 hours I am going to send some NAV to everyone who wants to try out the awesome features and NavPay you read about above. To get your NAVs, all you have to do is the following:
Download the app NavPay from the Android Play Store or as a iOS user, use the NavPay website
Follow the steps to set up your mobile wallet
Backup your private key (the random words) so you could restore your wallet if your phone breaks or something like that!
Post your public address, so I can send you some NAVs
If you liked the experience, I'd be happy to hear back from you :)
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