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Ethereum [ETH] Blockchain over Qtum’s – IAME Migration!

Simran Alphonso

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Source: Pixabay

Qtum is an open source blockchain venture that was created by the Singapore-based Qtum Foundation. Qtum is a crossbreed blockchain application stage. Qtum’s center innovation joined a fork of Bitcoin’s center, an Account Abstraction Layer considering various Virtual Machines which included the Ethereum Virtual Machine [EVM] and a Proof-of-Stake agreement signed for handling industry and utilize cases.

The team at Qtum believes that this enables Smart Contracts and Decentralized Applications to keep running on a recognizable establishment while offering a powerful domain for designers.

Today Qtum tweeted:

“I just published “IAME is Moving to Qtum””

Pamela Sandoval, a Twitter user commented:

“Great news. Well done qtum”

When one is building a blockchain venture with a long haul vision, picking the right blockchain is a vital key choice as not all blockchains have been created with the similar goals.

For IAME, their personality structure requires smart contract capacities which are bolstered by both Ethereum and QTUM. However, when working for cell phones, running a full node [downloading the entire blockchain] to work a smart contract is certainly not a feasible alternative.

For IAME, QTUM leads the pack over Ethereum on the grounds that QTUM utilizes UTXO that can use the simple payment verification [SPV] protocol. The SPV protocol operates with light clients that can be used on mobile devices to verify transactions without needing to run a full node. This means that one can technically execute a smart contract from mobile without blowing through storage or having to sync the latest blocks.

Furthermore, QTUM works segwit with 2mb block size and a block time of around 2 minutes. This enables QTUM to deal with 70 tx/s on-chain, and with tentative arrangements in the pipeline, the exchange throughput will be supported to 20,000 Tx/s through trustless off-chain channels, which will make smart contract activities feasible on a huge scale.




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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

Altcoins

Monero [XMR]’s Riccardo Spagni: BAT is lot more centralized than they purport it to be

Priya

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Monero [XMR]s Riccardo Spagni: BAT is lot more centralized than they purport it to be
Source: Unsplash

Monero’s lead developer, Riccardo Spagni aka fluffypony, spoke about Basic Attention Token [BAT], elucidating why he considers it to be centralized in the latest episode of Magical Crypto Friends.

Basic Attention Token is the digital currency used for rewarding content publishers and users for paying attention to the content, a break-through in the digital advertising sector. This also provides advertisers with more in return for their advertisements. For the very same purpose, Brave Browser browser monitors the users’ attention, while ensuring that the data does not leave the users device.

However, the Spagni stated it has a loophole on Twitter:

“I just found out that BAT has a nice loophole that lets them steal funds from users. Permissionless scamovation indeed! […] Users are NOT going to go & buy BAT when their airdropped tokens run out, no matter how slick. There’s simply too much friction. Consider what happens RIGHT NOW when most people hit a paywall: do they (1) disable their ad blocker, (2) pay the publisher, or (3) just close the tab?”

This was followed by a Twitterati, Patrick, stating that the BAT ecosystem is designed to work in manner wherein the advertisers purchase the tokens and then use them to buy advertising space on the browser. He further stated that users will earn 70% share of the revenue if they agree to view the ads, adding that they will be paid in BAT for their attention and can tip this BAT to their preferred content producers.

To which, Spagni said:

“I understand that part of it, and I think it’s safe to disregard it as (1) it’s going to be gamed making it a race to the bottom for ordinary users, & (2) very few people want to see a plethora of ads even if they’re getting paid. I also think the browser lock-in is shortsighted.”

To counter this statement, Patrick attached a tweet of Brendan Eich, the co-founder and CEO fo Brave, wherein he has remarked that Brave uses Uphold for KYC/AML process, which is required for users to be able to withdraw their funds. This is so that “the threat is DoS not theft by fraud”.

The founder added that they make use of Proof of Browsing and “buffering on the device and in a settlement, allowing anti-fraud/Sybil attack analysis and BAT claw-back”.

In the episode, Spagni stated that he found it interesting that it is “a lot more centralized than they purport to be”, adding that this is true when it comes to a lot of dApps. He further stated:

So I was having this debate on Twitter with a bad show and I said okay but that’s gonna be gained at some point you know someone’s gonna figure out the heuristics and they’re gonna have like right a bunch of bots that are gonna be indistinguishable from real humans […] it’s going to appear to be real browsing and they’re gonna airdrop these tokens onto them”

Following this, Spagni spoke about Proof of Browsing, which will determine whether the ‘attention’ is true or not, whether it is a  human or a bot, and callback if a person is taking advantage of the system. The developer stated that if a user fails to complete the KYC/AML process and Proof of Browser, then the money is taken back from the user.

“I mean it’s not it’s not yours yet because you haven’t withdrawn it, is their theory but at the end of the day that’s no different from a database because you know they’re controlling everything, they’re controlling the influx of supply into the market, they’re controlling whether or not somebody legitimately earns that […] but the reality is it’s a centralized system”


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Despite Bitcoin [BTC]’s massive crash in the 2018 bear market, crypto-verse sees massive evolution and adoption

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Despite Bitcoin [BTC]'s massive crash in the 2018 bear market, crypto-verse sees massive evolution and adoption
Source: Unsplash

Bitcoin [BTC] has weathered a total of 82% decrease in its market cap from an all-time high in December 2017, while other cryptocurrencies have undergone losses much worse than that.

Cryptocurrency market has suffered a much worse fate as the cumulative market cap has reduced from a massive ~$835 billion to a mere $100 billion.

Despite such massive drops in the current bear market the adoption of cryptocurrencies keeps on increasing steadily to new heights as per the new research conducted by the Cambridge Centre for Alternative Finance.

Source: Cambridge Centre for Alternative Finance

The total number of users/accounts as seen in the chart above has increased from 2016 to 2018 by a staggering 208%.

The research also shows the number of verified users are on the rise, the report stated:

“It also shows that KYC’ed user growth has dwarfed total user account growth, which means that new users are more likely to get immediately verified. Growth rates were at their highest in 2017, and the number of new user accounts as well as ID-verified users continued to rapidly grow in 2018 as well.”

The same research also shows that the crypto-asset industry, even though global, is mainly driven by companies based in North America, China, India, and Western Europe.

Source: Cambridge Centre for Alternative Finance

The US and China dominate the map, which is shown in the chart, with India, and Canada following these countries in their contribution to the crypto-industry through crypto-based companies.

Another research titled “The State of Bitcoin” by Delphi Digital shows a comparison between the distribution of Bitcoin.

Source: Delphi Digital

The research by Delphi Digital reveals a rather dark and disturbing side of Bitcoin as it shows that out of 22.9 million users that had Bitcoin wallets, 20.4 million users had Bitcoin between 0.01 to 0.1.

According to the research, approximately 679,347 users held 1 to 100 Bitcoins in their wallets. The research further stated:

“Taking a look at the charts on this page, we can see that close to 50% of Bitcoin addresses have less than 0.001 BTC (which is around $3.70 as of December 5th). Additionally, only ~20% of addresses store more than $100 USD at the moment. Lastly, less than 700,000 addresses own 1 BTC or more at this time.”

Although the situation for Bitcoin and other crypto-assets that most of the users observe looks grim, the underlying fundamentals for these assets are growing steadily with strong roots.

The adoption for the digital assets are increasing and institutional investors slowly but definitely getting into crypto-space. Governments and regulating bodies are trying to regulate the assets to avoid misuse and protect investors from getting scammed and all of the above-mentioned pieces of information points the finger to one thing, that these assets are here to stay.


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