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.
Stratis Cryptocurrency appeared in 2016 through an ICO. It is a token used by the homonymous platform. The goal of the project is to promote the creation of private and public corporate blockchain projects. Moreover, the technology allows rapid network deployment. Blockchain can be customized to meet all the company needs. The team is headed by the famous developer Chris Trew. In some ways, Stratis is similar to Ethereum, but there is a difference between them, including programming languages.
Users from all over the world can contribute to the operation of the system by providing their hard drives for networking. Anyone who owns Siacoin can rent disk storage space. Transactions are carried out on the basis of smart contracts located in the Sia blockchain. Thanks to its decentralized system, the crypto project enables users to receive remuneration for providing space for information storage to other users.
Waves cryptocurrency was launched in 2016. The crypto project is a blockchain platform that allows you to transfer and exchange fiat money, as well as tokens without volatility. The platform can benefit traders and investors. Companies can issue their own markers through voting, crowdfunding or other means. The system has created its own DEX exchange. Here you can work with Bitcoin, Waves and other tokens. The network has low transaction fees. The company is one of Ethereum's competitors.
Dogecoin is a Bitcoin clone. It has succeeded solely thanks to its creators’ competent marketing policy. At the same time, the team is constantly trying to assert itself, sponsoring various events, including NASCAR, winter Olympic games, and so on. The maximum number of cryptocoins is 100 billion. The technology is based on the Scrypt algorithm. Mining is carried out using the Proof of Work algorithm. The principle is the same as that of Bitcoin, but the conditions are much simpler, which allows you to engage in mining on even the less powerful equipment.
BitShares appeared in 2014. It is essentially a crypto platform, which can be used to run various decentralized applications in order to issue shares. The first crypto project based on this platform was called BitSharesX. It allowed an opportunity to exchange assets. The company is registered in Hong Kong. The system has fairly high performance indicators – up to 100,000 transactions per second. This cryptosystem’s distinctive feature is the use of the delegated consensus Proof of Stake.
ZClassic is a ZCash fork. It inherited all the functions from her “parent,” including transaction privacy and Zero Knowledge Proof protection. The reasons for the fork were certain points that, according to the community, interfered with the development of ZCash. ZClassic does not offer a reward of 20% of the newly created blocks and does not provide a delayed start system, which led to a very slow production speed of the first 20,000 blocks. But at the same time, this approach allowed an artificial inflation of the ZCash price. The maximum emission of ZCL is 21 million units, which is equal to the maximum emission of Bitcoin.
Decred was launched in 2016. It is an open, progressive technology with a community management system. At the heart of this system is the hybrid Proof of Work/Proof of Stake algorithm. It allows to achieve a balance between miners working with PoW and voting PoS users. DCR is much more affordable than Bitcoin. The system has full compatibility with the BTC platform. Unlike Bitcoin, in Decred the reward is reduced when next 6144 blocks are mined. Moreover, the decrease is only 1%. This allows to avoid sharp exchange rate fluctuations. The network is based on the Blake256 algorithm.
HShare appeared in 2017. The network combines both types of mining - PoW and PoS. Zero Knowledge Proof technology is also used, thanks to which all transactions remain completely anonymous. The total number of tokens is 81 million. At the same time, they are distributed as follows: 21 million is awarded to miners, the same amount is given to validators, another 21 million tokens have been sold as part of the ICO. In addition, 12.6 million tokens are transferred as a reward to project investors. Finally, 4.2 million is distributed among developers and placed in a special Hcash DAO fund.
The ARDR cryptocurrency was created in 2016. The crypto project is a BaaS platform that allows users to create their own subsidiary chains with the option of issuing assets. Ardor is an evolutionary NXT blockchain solution with numerous advantages over its predecessors. The system can be scaled without any loss of efficiency. The project is based on ARDR tokens. They are used to maintain the blockchain and create new tokens via commissions, which is the NXT equivalent of mining. Emission is limited to around 1 billion ARDR.
The Electronium blockchain project has been launched in 2017. Bytecoin is the foundation of ETN. Proprietary blockchain was created for the cryptocurrency. The accessibility of cryptocurrency via mobile devices was one of the goals. Meanwhile, unlike Bitcoin, the transaction speed is significantly higher with ETN. Cryptocurrency mining is carried out automatically. You can use a standard home PC or even a mobile device for this purpose. In total, 21 billion coins are stipulated within the blockchain. Several billion were distributed as part of the ICO.