Facts about blockchain
In Holland, cryptocurrency is extracted from the warmth of human body.
A $200,000 white Lamborghini Huracan racecar with a matte finish cost Peter Saddington 45 bitcoins. The same 45 Bitcoins have now soared to $292,500, but Saddington is not upset - he remembers that back in 2011, when he first heard about Bitcoin, he only paid $115 for five Bitcoins. Thus, the supercar, in fact, cost him a hundred bucks.
The OnederX cryptoexchange, registered in Estonia, established a new scheme of work with the meme economy, which involves building composite indexes of meme activity in various communities and creating an exchange-friendly tool. By analyzing the popularity of memes in various thematic communities, special algorithms determine each meme's “exchange rate.” As a result, the memes themselves will not be traded on OnederX, rather, it is their composite indexes, which reflect popularity in leading communities.
Tesla has been bought with Bitcoins on several occasions: in 2013, a Tesla S was bought for 91 BTC, worth $109,000 at the time (today it would be the equivalent of $53.8).
Reports of real estate being bought with Bitcoins began to appear as early as in 2014. In March an anonymous buyer purchased a villa in Bali for 800 BTC ($500,000 at the time, currently the equivalent of $5.2 million), while another anonymous buyer acquired 1.4 acres on Lake Tahoe in California for 2739 BTC ($1.6 million then and over $17.8 now).
The biggest real estate purchase directly for BTC was conducted in February 2018, when Bitcoin investor Michael Komaranski sold his mansion in Miami for 455 BTC – equivalent of $6,000,000 at the time. Currently, as this article is being written, 455 BTC is equal to just under $3,000,000.
The first time a private plane was paid for with Bitcoin was documented in 2014, when a member of the Bitcoin Foundation Olivier Janssens chartered a private plane from PrivateFly.com.
Nikosia University in Cyprus became the first educational institution that began accepting bitcoin for tuition payments in 2013.
Among other universities that accept bitcoin are the European School of Management and Technology in Berlin and the Lucerne University of Applied Sciences and Arts in Switzerland, which declared that bitcoin has been approved as means of payment for tuition in October 2017.
The small island state of Vanuatu in the South Pacific became the first country in the world that sells its citizenship for Bitcoin. The price is approximately $180,000.
The small Caribbean state of Antigua and Barbuda accepts Bitcoin for its citizenship program. It’s slightly less expensive than in Vanuatu – just $135,000.
Gulden is a digital platform developed in the Netherlands. It means ‘golden coin’. The project was intended to become Netherlands’ official digital currency, which should be a real breakthrough in the electronic money sphere. Subway, the fast food chain, was one of the first to accept it as payment in its Leeuwarden locations.
A question on Bitcoin has been included in the test that Dutch students have to pass in order to get a secondary school diploma.
Bitcoin is the very first cryptocurrency created using blockchain technology. The total number of coins is limited to 21 000 000.
Ethereum cryptocurrency emerged in 2014. In order to promote and draw investments, the first ICO in the cryptocurrency world was conducted.
Bitcash appeared as a result of a Bitcoin fork in August 2017. The main difference from Bitcoin was in the fact that BCH (Bitcoin Cash) has a largerblock size (increased from 1 to 8 MB).
Litecoin appeared in 2011 as an alternative to Bitcoin. Its founder Charlie Lee aimed to lower the cost of coin generation, since it was already mining Bitcoin on regular PCs was already inefficient. The total number of units in circulation is limited to 84,000,000 Litecoins. Compared to Bitcoin, Litecoin has a greater transaction speed.
Cardano is one of the least known coins in the rating of the most highly capitalized cryptocurrencies. The project is a decentralized platform, within which one can create apps and contracts. Cardano appeared in 2014. The Cardano Foundation is responsible for the standardization, security and promotion. The IOHK team conducts the development.
The Neo Project is a platform that users can utilize for launching and trading assets. It emerged as the result of Antshares rebranding in 2014. A homonymous token, Neo, is used as the cryptocurrency and traded at major exchanges. The project’s cooperation with Microsoft and Alibaba is considered the key to the success of the cryptocurrency and the company as a whole. A total of 100,000,000 coins had been issued.
Stellar emerged in 2013 as public financial infrastructure. The use of this technology allows to conduct direct transactions between business entities and private persons. Maximal number of coins = 100 billion units. Yearly inflation = 1%.
Dash is distinctive in that its creators tried to implement the maximal level of anonymity via the PrivateSend function. Essentially, it means that all the users’ coins are mixed, and transactions are conducted stealthily. The operations within the network are impossible to trace or analyze, while transactions are confirmed instantaneously. Coins are generated via mining and master node. The first is well-known to all. The second essentially means that users with over 1000 units of cryptocurrency in their wallets receive a percentage for confirming transactions.
IOTA is based on the Tangle registry, which allows to conduct zero-commission operations. This system is easily scalable, which makes it possible to conduct a large number of transactions per unit of time. There are no blocks typical for blockchain within the system. The project functions as a peer network. IOTA cryptocurrency is traded at the world’s leading exchanges. The total number of coins is 2,779,530,283.
Monero appeared in 2014, and is based on the CryptoNote algorithm. It’s mined using classic methods that utilizes the Proof of Work algorithm. Thanks to the “ring signature,” it has become impossible to track transactions online. Its main advantages include full confidentiality, system decentralization and scalability. For instance, Monero has no size restriction for the block size.
Ethereum Classic was created in 2016. This is a community of people who did not want to join the hard fork and cancel part of the already completed transactions.
Lisk emerged in 2016. The project is a platform for decentralized application development. At the core of the work is an innovative concept of a consensus and verification delegation model. It is afforded by 101 selected delegates (elected by voting). In order to participate in such a vote, you must have a registered account on the network. The project collaborates with Microsoft. 100,000,000 LSK units were issued during the ICO and are now traded on many well-known exchanges.
Quantum emerged in 2016. The system is a decentralized blockchain platform that integrates with a virtual platform, i.e., Ethereum. With this technology, users can create smart contracts and business applications. Patrick Dai, a former employee of Alibaba is the founder of QTUM.
BTG appeared as a fork of the classic Bitcoin on block 491407 in 2017. It utilizes the Equihash algorithm, which greatly simplifies the mining procedure and makes it less expensive. In particular, EquiChesh is ASIC-resistant. The main goal of Bitcoin Gold is to provide the chance to mine to all users according to the principle that Satoshi Nakamoto laid down: 1 PC = 1 vote.
ZCash cryptocurrency appeared in 2016. The system uses the Equihash algorithm. This is the first cryptocurrency in the world that’s based on the Zero Knowledge Proof interactive cryptographic protocol (proof of a transaction with zero disclosure). The essence of the protocol is that one of the parties can verify the validity of a mathematical statement without receiving information from the other side. The notion behind the emergence of such a coin is the maximum degree of anonymity and confidentiality.
Verge cryptocurrency appeared in 2016. It is based on the Scrypt algorithm. The project combines the advantages of Bitcoin, Dogecoin with Dash anonymity. A new block is created every 30 seconds.
Bitecoin had appeared in 2012. It was the first cryptocurrency based on CryptoNote technology. The system's main task is to protect transaction anonymity. New coins appear via mining. The system uses the Proof of Work algorithm. The number of coins is limited to 184.17 billion.
Steem emerged in 2015. The total number of coins is 99,692,126. Steem is a decentralized platform. The project's main goal is to motivate the authors of high-quality content and promote it. At the same time, thanks to the system, authors can eliminate advertising on their sites and receive income. Steem tokens can be exchanged for US dollars and other cryptocurrencies, as well as Steem Power, on an exchange. Steem Power has an impact on the reputation and voice in the community.
NANO. This cryptocurrency was previously known as RaiBlocks. It is based on its own blockchain, a proprietary development. The system uses Proof of Stake voting delegation. The project can be scaled to any size. Transactions are carried out instantly and with no commission. Rebranding occurred in January 2018. A feature of this system is that each individual account has its own blockchain, which stores information about the balance and transaction history. Mining tokens is impossible. The maximum amount is 133,248 290XRB.