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cryptofreak

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cryptofreak last won the day on February 18 2019

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  1. cryptofreak

    tradeandholder - web developer, crypto enthusiast

    Hi, tell us something about yourself
  2. cryptofreak

    OKEx is creating a blockchain

    OKEx (a Malta-based crypto exchange) has revealed its plans to launch a decentralized exchange on its own blockchain. OKEx announced that its operations team has been developing OKChain (a blockchain), which will provide the underlying tech required for OKDEx (its first decentralized exchange). According to the company, OKChain is said to be in its final development stage and in June, a test network launch will take place. As a result of demand, the exchange said that, by April ending, it will put OKB onto an Ethereum ERC-20 standard blockchain, and as soon as the network is stable, it will move all tokens to OKChain. The announcement says: It seems exchanges now see decentralized exchange as a necessary thing they must possess. Binance, which is the largest crypto exchange in the world by adjusted trading volume, is also set to launch a DEX on its own blockchain network.
  3. cryptofreak

    The Cosmos Mainnet has launched

    What is COSMOS? Cosmos is a project developed with the idea that, the same way there are so many internet applications, there should also be many blockchains. The focus is to deliver a network of interoperable blockchains for the industry, which will be scalable and independent. With this, Cosmos claims to have found a solution to the hardest problems faced by blockchains. The COSMOS team have the belief that blockchains should be able to communicate with each other. Their network solves this issue and has provided a foundation of the new token economy. How? 5 Years so far The birth of Cosmos can be dated back to 2014 (five years ago) when Jae Kwon observed that the: “Safety-favoring nature of classical Byzantine Fault Tolerant (BFT) consensus algorithms would allow us to use Proof of Stake (PoS) for Sybil resistance in a public blockchain context without the need for external sources of pseudorandomness.” One year later, Ethan Buchman joined him. They set out to accomplish their quest to prove that a secure public blockchain could make use of the BTF system running on Proof of Stake. And to achieve this, the Cosmos Hub was created which was launched officially yesterday. They are focused at providing a robust and scalable infrastructure and developer hub without making use of Proof of Work: “The vision is to enable communication and connectivity among thousands of cryptocurrency systems, allowing the network to scale without utilizing Proof-of-Work.” They both created Tendermint core as a BFT consensus engine to provide the first layer for any PoS blockchain to build on. Cosmos, to be more developer friendly and accessible, created Cosmos SDK claiming to have reduced the barrier to entry for developing DApps. The team said that, Cosmos is not like Ruby on Rails or Django for blockchain. They also said that it is very easy to use and it helps programmers easily customize their DApps for their business. Some vital facts that give Cosmos credibility The Cosmos Hub blockchain has the industry record of being the first public BFT blockchain making use of PoS. In addition, some big names are in support of this project; investors like Bain Capital and Paradigm. The Swiss Interchain Foundation (ICF) has also partnered on R&D with the project.
  4. cryptofreak

    How Initial Coin Offerings came to be

    “Fundraising on the blockchain is one of the main applications for crypto. That's very important for this industry to grow; we got to help entrepreneurs who build things in our industry.” This was said by Binance CEO, Changpeng Zhao (CZ) who might have started a trend that some are referring to as Initial Exchange Offerings (IEOs). Just recently, many were shocked when a token without much recognition jumped in 3 days by 1000%. Somehow, BitTorrent has done the same thing. Chairman of the Securities and Exchange Commission (SEC) Jay Clayton said: However, some seem to have plans to make him irrelevant using a combination of centralized strength in a decentralized ecosystem. At first, projects create a website that market an ICO with virtually no one performing any vetting, asides perhaps a crypto journalist here or there and even then at a surface view. Now through Binance's Launchpad, they've achieved something new. CZ says: We have no idea of any published evaluation criteria, but they plan doing one or two IEOs every month. On Binance, they are normally purchased with the BNB token and at times with btc or eth. This has been very lucrative, with BNB worth some $2.2 billion. Others want in, so now we have a Huobi token. They say, this is not a launchpad. Others refer to it as one. If a token released by a project can be purchased with your own token, then naturally, your token will be in demand and there'll be a use case for it. This is one good reason why BNB has soared in weeks, risen four times or more. Another one included is BitMax. This is completely different from BitMex because they are not related in any way. What we can see here is something entirely different. As a sort of fees rebate, people are given BTMX tokens. We are yet to know if this is a security, but with respect to the quantity of the innovative energy it occupies in this space, it will be difficult to keep up. Some westerners have cowered infront of these old bureaucrats, but this space is a global one and it still has some smart cypherpunks. What we can see is a solution that looks into the problem of any random person putting up some site, since now exchanges will vet, just the same way we see a solution to arcane restrictions since these are global exchanges and would definitely seek to adhere to the crowdfunding laws. Here's something you need to know: “The users from the following countries and regions are prohibited to participate in the DOS promotion: United States, Balkans region, Belarus, Myanmar, Côte d'Ivoire, Cuba, Democratic Republic of the Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syrian Arab Republic, Zimbabwe, Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, Nepal, Afghanistan, Burundi, Central African Republic, China, Ethiopia, Guinea, Guinea-Bissau, Lebanon, Sri Lanka, Libya, Serbia, Somalia, South Sudan, Thailand, Tunisia, Trinidad and Tobago, Ukraine, Uganda, Venezuela, Yemen.” Governments generally, to the surprise of many, have backed this space very strongly. Infact, some of them can be referred to as allies. For example, the government of England before the Brexit mess, Switzerland, Estonia and from our view, even the Trump administration.
  5. Ethstats.net revealed tha Ethereum's Constantinople and St. Petersburg network upgrades took place. In accordance with the schedule released previously, the updates were live at block 7,280,000 of the main network. The two names of the two originally separate updates of the upgrade has now been merged as one. According to ethernodes.org, the update has not been adopted by all the users of Ethereum. Just 22.3% of Geth and Parity clients are currently running the Constantinople-compliant version. Constantinople aims to bring great Improvements to the platform such as lesser fees charged for some transactions performed on the Ethereum network. As reported earlier, there was a delay in the Constantinople hard fork in January because a new vulnerability was discovered. The St. Petersburg upgrade was designed to clear off the initial update, Ethereum Improvement Proposal (EIP) 1283, from the test networks of Ethereum, since some vulnerability was found in the EIP. In January, major crypto exchange in the United States like Coinbase and Kraken were included among those supporting the upgrade of Ethereum. Other exchanges who have been monitoring the process even before the first attempt of implementation are Binance, Huobi and OKEx.
  6. Crypto lovers on Twitter, Reddit and even on etherscan’s comment section are having a field day after an anonymous crypto user had to pay a transaction fee of $308,000 just to send $14.71. Due to this fact, so many have become inquisitive to know what led to such. Some said that the users must have made a mistake paying the high fee, probably someone old that is not used to making crypto transfers. However, taking a closer look at the same public address, we could see that these kind of transactions have occurred before. For instance, an hour before the initial payment, 420 ethers ($61,744.20) was paid to send 0.02 ethers ($2.94). Also 210 ethers ($30,857.40) was paid as fees to transfer 0.01 ether ($1.47) and 840 ether ($122,715.60) to send 0.02 ether ($2.92). Could this error be made despite the fact that the default gas limit has been set to 2100? This sounds absurd. Nevertheless, the wallet used for the transaction currently holds about $86,000 and has already performed 17,694 transactions from it. Money Laundering Obviously, cryptos are usually used as a medium for money laundering, and due to its high occurrence recently, it is not surprising that this thought comes to mind. Therefore, there is an assumption that whoever sent the cash is in search of ways to hold on to the funds which they’ve obtained through illegal means without leaving traces. Concerning this case, the sender must have decided to spend so much in fees, but decided not to broadcast the transaction over the network. Due to this, other miners won’t locate it because they only get rewarded for taking first place in locating the next block. This tells us that, the block is still open and the sender can still claim their $308,000. High speed of transaction Paying such a high amount for fee can also be due to the fact that the sender needed the payment to be delivered within seconds. It is well known that the faster your transaction on the Ethereum or Bitcoin blockchain, the higher the fees. However, this still makes no sense, because the amount involved in the transaction was small. Asides these, Reddit users have recommended some blockchains that offer high transaction speed without charging a fee. Nano is well recognized in this regard as it carries out transactions within 7-8 seconds; however, it still makes use of user's resources like bandwidth and electricity to facilitate such payments.
  7. Afri Schoedon (Ethereum core developer) due to online criticism is withdrawing from the project. On Sunday, he tweeted that he will “no longer respond on Gitter, Skype, Discord, Slack, Wire, Twitter and Reddit.” By saying this, he meant he will no longer give answers to general technical questions or contribution requests directly from the public. Later, he then added that, this will mark his exit from the project completely. Having being a major contributor to the ethereum codebase for over three years now, other developers had to respond to his comments, voicing their outrage over the actions that led to his decision. Hudson Jameson (community relations manager for the Ethereum Foundation) on Twitter stated that: The comments follow the Frank remarks of Schoedon on Thursday, where he drew comparison between Serenity (Ethereum’s scaling technology) and Polkadot (blockchain interoperability protocol). On Twitter, he wrote: “‘Polkadot delivers what Serenity ought to be. Change my mind.” Some took this as a direct attack against Ethereum, and for this, Schoedon was called out on Reddit and Twitter for what some saw as a “conflict of interest.” Schoedon is the release manager for an Ethereum software managed by Parity (a blockchain startup and company behind the building of Polkadot). Schoedon on Friday tweeted denying any allegations of malicious intentions: “I want to clarify that I put out this tweet to stir discussion, not to cement a narrative.” Since then, Yaz Khoury (Ethereum Classic Cooperative director for Classic operations) on Twitter warned that:
  8. cryptofreak

    Making money with ETH-based games

    Blockchain can transform the gaming industry with the use of NFTs- (non fungible tokens). Of recent, ConsenSys media outlined 16 NFT-based games which users can play and generate some funds for themselves. They revealed that, as the blockchain community is seriously talking about upgrades for the network, scalability and adoption, blockchain-based games are quietly offering some proof that the blockchain tech can transform an industry. ConsenSys went ahead to present a list of games making use of non-fungible tokens and bringing in new and unique tokens to purchase, sell and trade on Ethereum. They listed some category of games, starting with “Collectible and Trading Games.” An example here is CryptoKitties, a well-known Ethereum-based game that permits users to purchase, breed and trade unique digital cats. Ethermon is another. Players of this game capture, train and sell creatures referred to as Mons. Another is PlasmaBears, a game where digital bears can be built, sold and traded, or sent on adventures to find wearable assets. 0X Universe is another game in this category that permits players to build a spaceship and explore the Galaxy, colonize new planets and sell resources. Another category highlighted was “Battling games” like Chibi fighters where users can fight and trade digital warriors and get weapons. Others in this category include: Hyperdragons where players breed and train digital dragons and MyCryptoHeroes whereby players train and combat historical figures. Other well-known games in this category include Blockchain Cuties, God’s unchained, Axie infinity and world of ether. The third category is “Strategy games” like Decentraland. Here users acquire a plot of land where they build and trade assets. CryptoAssault is another, where players can command an army of their own in a 3D world, and the last in this category is CryptoBaseball where players can make use of tokens to play baseball. The last category listed by ConsenSys was “Artwork Trading” where non-fungible tokens are utilized in artwork trading apps like SuperRare and CryptoSketches to purchase, trade and sell unique digital art.
  9. As revealed by a press release published in January, Blockchain tech firm, Bitfury is planning to launch mining centers in Paraguay. Bitfury formed a partnership with Commons Foundation, a peer-to-peer knowledge commons research firm based in South Korea to launch some transaction processing sites which will utilize Bitfury’s BlockBox AC mobile data centers in Paraguay. The press release also reported that, the project holds just a fraction of a greater initiative from Commons referred to as “Golden Goose” whose focus is to expand cryptocurrency and blockchain innovation in Spanish-speaking countries. The mining facilities in Paraguay will take around 200,000 square meters and electricity will be provided by a 500MW power station. Bitfury also revealed that the energy used by the mining centers will be renewable as Paraguay is well known to house power plant Itaipu, the largest operational hydroelectric energy producer in the world. Furthermore, Commons Foundation has revealed its plans to open a global crypto exchange in Paraguay later in the year and provide a Golden Goose token for participants. The crypto exchange will be making use of the Crystal analytics platform of Bitfury in order to adhere to the anti-Money Laundering (AML) and the Know Your Customer (KYC) policies. Both parties, including the Paraguayan officials said they strongly believe the new initiatives will attract new investors to the country and play a vital role in building a blockchain ecosystem in Latin America.
  10. We are in a crypto market meltdown for a year now and we've all been taken from one extreme to the other. We've got to a point where any talk about tokens, bad or good, struggles for money and legitimacy. Finding the middle ground Token-economics is not a concept with meaningless activity, and we can see some proof in the incentive systems of Bitcoin and Ethereum which have sustained decentralized communities in creating products and exchanging value. To think people will make use of similar models across different mainstream industries, when their means of securing life’s necessities depend on compulsory centralized systems is also misplaced. Casting away token economics in total would be a big shame. The fact that there is a general doubt in online media data, and that the building of independent solar microgrids are obstructed by electric utilities, a lot has gone wrong around the globe which needs to be overcome. If digital asset system can make communities enter into exchange without the need of placing their trust on intermediaries. Make the wise choice This is a double-edged challenge: Getting to know the most viable models as a starting point and possible ways of bringing them to the market. A very good place to begin are industries where the traded product is already a formed item of digital value like entertainment, gaming or online media. Lots of projects would do well to build a market that initially makes fiat money, but with plans to bring in a token model as times go on. This is to say that, a good number of token startups who have generated nothing near a critical mass of users should make plans to first of all create a pre-token community or build a token model on top of an existing community. This will lead to real-world questions related to gaining access to financial resources and sustaining self-funded growth. Harsh Reality ICO issuers, especially those that either failed to raise more than enough funds or those that kept too much of their funds in devalued cryptos or both, are faced with some tough questions: At first, how do you fund business development? Venture Capital? Loans? Founder Money? etc. These options facing them were highlighted in two stories that occurred last week. One happened with Michael Novogratz's crypto-dedicated merchant bank Galaxy Digital. To offer credit to upcoming crypto firms, they created a $250M fund. In hard times, as long as your product is viable, credit will always be an option. The second story has to do with BEE Token, whose ICO promised a decentralized platform, has diverted from a token appreciation model to one that requires a fee for services to be rendered. It's now obvious that crypto companies, in order to survive hard times, are pivoting on their funding and revenue models. What we can hope for is that those utilizing the traditional methods can hold back the pressure from investors both within and outside, to simply hold on to the more centralized models required by these approaches.
  11. Alistair Milne, co-founder and CIO of Altana Digital Currency Fund (ADCF) said in January that he remains bullish on Bitcoin, and he gave reasons to back up his idea. Altana Wealth Ltd also called Altana is "a London-based asset management company based in London with an affiliate company based in Monaco." The company is regulated by the UK Financial Conduct Authority and it assists professional clients as well as eligible counterparties to manage their assets. The company, initially founded by Lee Robinson in April 2009, offers two crypto-focused funds for now: Altana Digital Currency Fund (ADCF): This fund aims to capture high volatility and outperform a passive investment. It invests much in Bitcoin as well as Cryptocurrencies having a market cap higher than $20M. Altana Cryptocurrency Trade Finance (ACTF) Lee Robinson and Alistair Milne co-founded ADCF and began trading in May 2014. ADCF won the award for the Best cryptocurrency/blockchain hedge fund, while Alistair Milne won the award for “Rising star (hedge fund or FoHF individual)” category, during the Hedge Funds Review’s European Performance Awards 2018 held in London on November 22nd 2018. Milne, on Saturday explained via his Twitter account why he remains bullish on Bitcoin. He revealed that from the start (2014), his firm saw Bitcoin as an asymmetric investment opportunity. Clarifying further, he said that Bitcoin’s asymmetric nature still holds true till today, just the same way it did when ADCF first invested in Bitcoin. This means that the price of Bitcoin could drop further and also could reach its all-time high of almost $20,000 which it attained in December 2017. He went on to say that he will not sell when next Bitcoin attains the all-time high. He said: Milne then noted that as a result of Bitcoin’s wide recognition, the next comeback for Bitcoin will lead to a lot of retail investors buying the coin due to fear of missing out (FOMO): Finally, he said that Bitcoin is the only cryptocurrency will surely survive the next 100 years:
  12. On 3rd of February, Parity Technologies (Ethereum Blockchain infrastructure developer) in a blog post revealed that, it faced some security issues and advised nodes to carry out an urgent update. Parity revealed that it was notified of the loophole that will give attackers easy access to shut down nodes. Officials have a summary of the situation: Parity took to social media to announce that efforts are being made to fix the vulnerability. A tweet read: At the end of 2017, a Parity Ethereum wallet owner out of carelessness, wiped off 513,774.16 ETH (which is approximately $54M). The following April, an Ethereum Improvement Proposal (EIP) submitted to help restore a disabled contract to unlock the funds was turned down. In January, Parity got a grant worth $5M from the non-profit Ethereum Foundation to help fund the development of Casper, infrastructure and Sharding.
  13. cryptofreak

    Komodo - all about it

    I didn't find any subforum about komodo, so I posted it here.
  14. cryptofreak

    Komodo - all about it

    Komodo is a privacy blockchain with open-source infrastructure that helps businesses and developers with end-to-end blockchain solutions. With this platform, developers create their own blockchain projects, crowdfund, launch or partner with other projects in the crypto industry. The platform enables decentralized initial coin offering (DICO) and Decentralized exchange- BarterDEX. Decentralized Initial Coin Offering (DICO) With two easy commands, the Komodo platform can launch new independent blockchains. The new coin then exists on a separate chain which is backed up on the main chain of Komodo. DICO makes it possible for coins to be distributed across many nodes found on the Komodo blockchain, which reduces the possibility of the possession of larger fraction of the coins by a very few. To make trading easy after the crowdfunding, DICO links directly with BarterDEX (the decentralized exchange). Furthermore, with privacy feature Jumblr, DICO participants can be anonymous. Komodo doesn’t host more than one DICO at a time; mobile e-banking platform Monaize will be the first project to use the service. Decentralized exchange- BarterDEX BarterDEX is the decentralized exchange of Komodo. It makes crypto trading possible without counterparty risk. BarterDEX, in a bid to solve the liquidity issues that faces decentralized exchanges, has two different nodes that run the network. The BarterDEX supports coins based on the Bitcoin protocol, ERC-20 tokens and SPV Electrum-based coins. Consensus The Consensus algorithm used by Komodo is the Delayed Proof-of-Work (dPOW) which was developed by the Komodo developers. The dPOW has two types of nodes: Normal and notary. Normal nodes read and validate transactions in the dPOW chain while Notary nodes publish transactions on the bitcoin blockchain, which is the backup consensus chain. Jumblr The Komodo whitepaper reveals that Jumblr (the privacy feature) is a tech that permits users to anonymize their cryptos as well as their transactions. The average fee to make use of Jumblr is 0.3%, which is paid using KMD tokens. Komodo history Komodo’s history can be traced back to the SuperNET project which was created to build services on the Nxt blockchain. Unfortunately, the SuperNet team were not informed of changes made on the Nxt blockchain which led to James "Jl777" Lee (SuperNET’s lead developer) cutting off himself from the Nxt blockchain. Komodo began in 2016 with James Lee declaring independence from “any single blockchain” after an event that frustrated his SuperNET project. Due to this experience, Komodo was created on the principles of freedom and autonomy. Komodo is an evolution of the BitcoinDark cryptocurrency. Initially, the platform was forked from Zcash. About the team The Komodo team is composed of the administration, management, support, development and marketing teams. Members of the management team are Ben Fairbank (General Manager), Steve Lee (CMO), Kadan Stadelmann (CTO), and Saddam Hossain (Support Manager). Founder, James “Jl777” Lee leads the development team and working with him are 23 other developers and engineers In the marketing section, Komodo has a team of eight members while in the administration and support section, we have 10 people. Komodo advisors include ex VP of Microsoft Michael J. Toutonghi and Dr. Sajib Datta. Also, Komodo has the support of dozens of volunteers. The KMD Coin Komodo’s official cryptocurrency is the KMD coin. Its fixed supply is 200 million euros. During the ICO, 100 million of this was pre-mined and distributed (10 million for the development of the platform and 90 million for investors). The remaining 100 million is still in the mining process. Every month, holders of the KMD coin get up to 5% interest on whatever amount they hold. You only need to send the coins from one address to another to activate this interest, and to earn this interest, the coins must be held in a wallet. KMD coins can be purchased and traded on Bittrex, Binance, Upbit and others. The coin can also be stored on Agama (the Komodo wallet).
  15. Overstock's portfolio company, tZERO has started giving investors the control of their tokens purchased during a completed sale by the firm in August last year. On Thursday, Saum Noursalehi, CEO of tZERO sent a letter to investors highlighting the first steps required to take full control of the tZERO security tokens. Back then, a press statement revealed that, tZERO finalized the $134M offering in August, and in October, said that it had completed the issuance of the tokens, which were then secured in a custodial wallet till 10th of January 2019. Noursalehi wrote: Also included in the letter is that, two alternatives are open to investors: Either they open a brokerage account with Dinosaur Financial Group (tZERO partner and broker dealer) or hold the tokens in a private wallet. The firm said: What we are yet to know is the exact time tZERO will commence trading the security token on its platform. tZERO informed investors to look out for another tZERO update regarding the commencement of security token trading.
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