Success Factors for Initial Coin Offerings (ICOs)

An Initial Coin Offering (ICO) is a fundraising method that trades future crypto coins for cryptocurrencies which have an immediate, liquid value. Usually, a percentage of the tokens is sold to ICO participants and a percentage kept for the company’s needs (private investors, etc. Terms differ from one ICO to another). An ICO allows both big and small investors to fund the projects they like. The recent year carried thousands of successful ICO stories. The purpose for the project is obvious. The goal for the investors of the ICO is that the price of the token would be higher (or much higher) than the token’s price during the ICO. ICOs are really hot among the crypto investors. Recently, Hdac and Filecoin collected respectively astonishing amounts of $258 and $275 million. Whether you are seeking funds or looking to invest funds perform your 360 degree due diligence to ensure the coin originators, their company and legal structure are all above board before joining the company let alone investing your hard-earned funds. Hope this helps. Lawrence, Crytptocurrency Academy (https://cryptocurrencyacademy.blogspot.com) 

Blockchain – On the Cusp of a New “Foundational” Technology

Blockchain - the peer-to-peer network that sits on top of the Internet—was introduced in October 2008 as part of a proposal for Bitcoin. While blockchain was the secret sauce which enabled the rise of Bitcoin, the applications of blockchain reach far beyond the Fintech sector. Yes, the parallels between blockchain and TCP/IP are clear. Just as e-mail enabled bilateral messaging, bitcoin enables bilateral financial transactions. The development and maintenance of blockchain is open, distributed, and shared—just like TCP/IP’s. And just like e-mail, bitcoin first caught on with an enthusiastic but relatively small community. TCP/IP unlocked new economic value by dramatically lowering the cost of connections. Similarly, blockchain could dramatically reduce the cost of transactions. It has the potential to become the system of record for all transactions. If that happens, the economy will once again undergo a radical shift, as new, blockchain-based sources of influence and control emerge. The problem is, reconciling transactions across individual and private ledgers takes a lot of time and is prone to error. More details to follow. Lawrence, Cyrptocurrency Academy (https://genesysinternetdesigns.blogspot.com) 

Are IBOs a viable Alternative to ICOs?

U.CASH has invented the so-called ‘Initial Bounty Offering’ (IBO) which asks for contributions in the form of contributors’ time and skills in exchange for cryptocurrency. U.CASH said that the practice was “a way to crowdsource human resources, business development, marketing and user acquisition for blockchain technology ecosystems.” By contrast ICOs have swept the globe over the past year as the latest method of gaining fast amounts of large startup capital. Miko Matsumura, limited partner of Pantera Capital, recently estimated that approximately 900 ICOs took place in the month of November; over $3.75 billion has been raised through ICOs this year alone. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin. Which is the better choice – ICO or IBO? It primarily depends on your end goal – raise capital or acquire cryptocurrency. Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com) 

Which Cryptocurrency Wallet is Right for You?

Cryptocurrency itself is not actually “stored” in a wallet. Instead, a private key (secure digital code known only to you and your wallet) is stored that shows ownership of a public key (a public digital code connected to a certain amount of currency). So your wallet stores your private and public keys, allows you to send and receive coins, and also acts as a personal ledger of transactions. Universal wallets that can be used like HolyTransaction (one of if not the most popular). In general, use an officially endorsed wallet for any given coin. So, for Bitcoin our recommendation is to use the Bitcoin Core Wallet, for Litecoin we would suggest Litecoin-QT, and for Ethereum we would suggest either Ethereum Wallet or MyEtherWallet. Bye for now. Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com) 

Proof of Working Mining for Cryptocurrencies

Cryptocurrency miners are in a race to solve a mathematical puzzle, and the first one to solve it (and get it approved by the nodes) gets the reward. This method of mining is called the Proof-of-Work method. But what exactly is this mathematical puzzle? And what does the Proof-of-Work method involve? To explain this, we need to understand which stages are involved in the mining process: 1. Verify if transactions are valid. Transactions contain the following information: source, amount, destination, and signature. 2. Bundle the valid transactions in a block. 3. Get the hash that was assigned to the previous block. 3. Solve the Proof-of-Work problem (see below for details). The Proof-of-Work problem is as follows: the miners look for a SHA 256 hash that has to match a certain format (target value). The hash will be based on: 1.The block number they are currently mining. 2. The content of the block, which in Bitcoin is the set of valid transactions that were not in any of the former blocks. 3. The hash of the previous block. 4. The nonce, which is the variable part of the puzzle. The miners try different nonces to find one that results in a hash under the target value. Hope this helps. Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com) 

Blockchain: Uncovering Blockchain Technology, Cryptocurrencies, Bitcoin and ...

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How Much of the World’s Enegry Will Bitcoin Mining Consume?

Bitcoin Energy Consumption Index. To put the energy consumed by the Bitcoin network into perspective we can compare it to another payment system like VISA for example. According to VISA, the company consumed a total amount of 674,922 Gigajoules of energy (from various sources) globally for all its operations. This means that VISA has an energy need equal to that of around 17,000 U.S. households. We also know VISA processed 111.2 billion transactions in 2017. With the help of these numbers, it is possible to compare both networks and show that Bitcoin is extremely more energy intensive per transaction than VISA (note that the chart below compares a single Bitcoin transaction to 100,000 VISA transactions). Visit our web site. Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)