Sara Garg, Author at Exhibit Tech

Bitcoin vs Gold: Lets Re-evaluate !

A rapid increase in bitcoin values has made cryptocurrencies the highest performing commodity of 2021, outstripping gold, silver, and crude oil. Over the last four months, the price of bitcoin has increased by about a third after a big collapse in March that wiped away more than $4,000 (£3,200) of its worth.

At the same time, gold only grew by around 13 percent, while silver fell by 14 percent, and crude oil plunged by more than 70 percent.

Bitcoin vs. gold in 2021: who was the winner? Before we get into the discussion, it’s worth remembering who won this consequential year. Amazingly, Bitcoin and Gold continued to smash the record highs by 2021. The spot price of gold peaked in the summer, while Bitcoin was gaining considerable traction in the fall. In the last 24 hours of foreign trade, it managed to collect more than $23,000. Gold had a terrific run in 2021.

GOLD

Gold enthusiasts also list the attributes that make it a solid store of value to defend against fiat currency debasement. Let’s go through them:

It’s long-lasting.
Gold can’t be killed by anything.
It’s inherently valuable.
In its pure form, bullion holds the same value regardless of the bar you have in your hand, allowing it to be recognized as a medium of trade and a store of value.
It’s divisible, man. After the smelting process, gold can be broken down into coins and ingots of any size. This is compact.
Tons of gold is mined every day- Byproduct mining, Placer mining, Hard rock mining, gold ore processing.

BITCOIN

We have reached a modern age, where the physical realm is gradually influenced and controlled by only a parallel computing world. The world needs “digital gold,” not physical gold. Bitcoin’s claim to confirmed scarcity, which is central to the store-of-value narrative that institutional investors’ big shots are now globing, relies on more than its math – which, after all, can and has been repeated in altcoin code. It also stems from a huge human effort and investment.

Bitcoin is fully digitalized, can be easily transferred to another user and exchanged for its dollar or euro value. You can transfer your Bitcoin in person using a QR code, or you can use an exchange service that digitally links you to the issuer.
It’s easier to store and transact with assets and cryptocurrency. Bitcoin is the new way of investing and saving for millennials’.
As a decentralized cryptocurrency, bitcoin is created by the collective computational power of “miners,” individuals, and pools of people working to verify transactions that take place on the Bitcoin network and are rewarded for their time, computing power, and bitcoin effort.
To ensure that the market is not overloaded, the Bitcoin Protocol stipulates that these incentives will be halved periodically, predicting that the final bitcoin would not be distributed until about 2140.

COMPARISON

Gold is a precious metal alternative to bitcoin in several respects. Gold is always extracted through mining, much like bitcoin. But while gold is obtained by physical digging, bitcoins have to be “extracted” technologically by deciphering special machine encryption. Another similarity is that gold and bitcoins are only available in small quantities. It is estimated that there are approximately 171,000 metric tons of gold in the world. Although the Bitcoin system will only be able to produce and sustain a limit of 21,000,000 bitcoins before more technical developments have been produced. With such parallels and their market behavior over the last few years, it is understandable that several assume that bitcoin might potentially replace gold in terms of value. However, the potential for both in the future is high. Bitcoin’s scarcity is superior to gold scarcity. But with scarcity strengthening, its security and value are extremely high.

Another explanation that bitcoin is unlikely to replace gold as an investment asset is that the system has yet to gain full status as a genuinely global, legal currency. Nations, including Germany, India, Norway, Russia, France, Thailand, and Korea, refuse to use Bitcoin for fear of possible losses. A few have gone as far as making it illegal in their own country.

In short, both Bitcoin and Gold provide solutions to the problem of overprinting currency. They both work for different people at different times and enhance each other. And because Bitcoin is capturing gold’s thunder right now, it’s tempting enough already to hold some, too.

also read: Animal Manure-Reshaping the Future Energy Frontiers of Cryptocurrency Mining

Animal Manure-Reshaping the Future Energy Frontiers of Cryptocurrency Mining

Cryptocurrency since its inception back in 2009 has created quite a market for itself. A lot of discussions have been put into Crypto mining. It is regarded by some as a savior as it has allowed the investors to get out of the centralized economic systems across the globe. Although there is one drawback to this new innovative digital currency and it is associated with its mining. Before discussing the issue related to mining for those, who are new to this topic let us briefly discuss what is ‘mining’? Mining can be termed as a form of computer control auditing which uses the full potential of a computer’s processor and hence consumes a substantial amount of electricity. This electricity produced through nonrenewable resources is not environment friendly nor cost-effective. Therefore it is deemed unsuitable for mining. This brings in ‘Cow Dung’ or it will be more polite if we say ‘biogas’.

Cow Manure a Relief for Already Depleting Fossil Fuels

Biogas produced from animal manure is a renewable source of energy. Fossil fuels on the other hand are not. Crypto Mining has long been blamed to use a large amount of energy for its mining purposes. The energy has been obtained mostly from fossil fuels. The burning of fossil fuels has resulted in the production of greenhouse gasses. This issue has gained so much importance over time, that even some of the tech giants like Elon Musk who himself has spent a huge fortune on Bitcoins — one of the Cryptocurrencies have said that, “Bitcoin mining was bad for the environment”. This defines a lot about the change in perceptions. The energy that is obtained through anaerobic digestion will not only be renewable but also eco-friendly.

Electricity Shortages and a Surge in Crypto Mining

As the world and especially the third world countries are facing a nose-dive in the energy sector, the crypto mining demands for more energy are ever-growing. This has brought the world to an unprecedented situation which no one had to believe a few years before. In the words of Professor Brian Lucey “Bitcoin alone consumes as much electricity as medium-sized European country”. It is not just hearsay by the professor, as in one of the researches conducted by the Cambridge University, an index suggested that 133.68 terawatt-hours of electricity were consumed by just Bitcoin mining in one year. On contrary, a country like Sweden consumes 131.8 terawatt-hours of electricity. This has forced the energy sectors of the world for new and indigenous methods and what better than ‘biogas’.

A life changer for the Livestock farmers

The production of energy from renewable resources can open a new horizon for the livestock farmers who waste a lot of animal manure annually. The biogas obtained through anaerobic digestion can help the farmers to start a lucrative side business for themselves. They can earn many times the amount of income that they can achieve if they would utilize the energy in some other way. They can start mining the crypto themselves. This is much lucrative for those farmers who have a large number of cattle at their disposal as they can produce more ‘green energy’. This will help the farmers to grow and will also facilitate the crypto industry.

How to Make Electricity From Animal Manure?

I hope you are convinced so far? If yes, then this leaves us with only one piece of the puzzle and that is how to turn the ‘Cow Dung’ into ‘Crypto Coins’. Well, let’s discuss it. The process of making electricity from animal manure is simple starting from gathering animal manure and then putting it in a digester with a continuous supply of heat to produce ‘methane gas’. Which is again burnt in an ignition engine to start a generator and from there the electricity is produced which in this case can be utilized in running the computers for mining the cryptocurrency.

Globalization has posed new challenges. The energy sector is the frontier for future conflicts. This brings us to the need to start answering these challenges with new innovative ways as the saying goes “Modern problems require modern solutions”……..

Whopper with a Side of Bitcoins: Burger King is Giving Cryptocurrency With Its Items

After McDonald’s, another fast-food biggie, Burger King, has jumped into the digital currency world. In a recent announcement, the company said that people who join their Royal Perks loyalty program and spend at least $5 using its app can win Bitcoin, Dogecoin, or Ethereum. interesting isn’t it?

After ordering, you should receive an email from Burger King featuring a link. Follow the instructions to claim your crypto. However, the offer is open only for US residents. The fast-food chain has partnered with online brokerage firm Robinhood to give away these digital currencies to a handful of winners. The eatery announced that they will give away 20 bitcoins, 200 ethereum, and 2 million dogecoins. To win, one has to open an account with Robinhood via the company’s app. The offer is valid till November 21.

“As a brand, we are always looking for ways to reward our most loyal guests with exclusive offers that are exciting, unique, and culturally relevant. Cryptocurrency (crypto) has been a hot topic of conversation recently, but we know it can be difficult to understand. That’s why we wanted to bring crypto to our guests in a way that was accessible and digestible (literally and figuratively) – through our food,” said the company.

A few days ago, McDonald’s had turned its item McRib into an NFT. They will be given away to 10 winners chosen as part of their sweepstakes. “Our McRib NFTs are digital versions of the fan-favorite sandwich – almost as saucy as the McRib itself- and we’re giving them away to a few lucky fans on Twitter beginning November 1,” said a release by the company. This offering comes on the occasion of McRib’s 40th anniversary.

Bringing NFT into the beverages space, a liquor company sold its own NFTs and it was a big hit. Glenfiddich Whisky sold 15 bottles of rare whisky priced at Rs 13.5 lakh each, with NFTs. According to PR News Wire, the brand partnered with BlockBar, a non-fungible token (NFT) marketplace, to launch a series of 15 limited edition liquor NFTs. The tokens not only allow buyers to show off their whisky purchases but also act as proof of ownership. The bottles were reportedly sold out within seconds.

According to the Burger King Crypto website, the chain has partnered with investment app Robinhood Crypto for the promotion. Between today and Sunday, November 21, Burger King will be giving away 2 million Dogecoin, 200 Ethereum, and 20 Bitcoin. As of this writing, one Dogecoin is worth $0.27 cents, one Ethereum is valued at $4,356, and a single Bitcoin clocks in at $61,807. (Burger King puts your odds of winning a Bitcoin at 1 in 100,011.) .lets go get ours.

read more about the blockchain world: Everything You Need to Know About Anthony Pompliano!

Everything You Need to Know About Anthony Pompliano!

Anthony Pompliano is a founder and partner, at Morgan Creek Digital, a pioneering asset manager that invests capital on behalf of institutional investors in the Bitcoin and crypto ecosystem. He is also the founder of – Off the Chain, the most famous podcast and regular newsletter in the industry. Mr. Pompliano developed and sold a variety of businesses prior to his work at Morgan Creek Digital, before overseeing various Product & Development teams at Facebook and Snapchat.

He played football at Bucknell University prior to working in tech and worked on a duty tour in support of Operation Iraqi Freedom.

His ability to think critically has greatly influenced his business: a multi-strategy investment company aimed at providing strategic customers with access to blockchain technology and digital assets. This has also enabled him to become one of the leading lights in the transition of cryptocurrency.

He even hosts The Pomp Podcast that covers interviews with venture capital and crypto industry superstars such as Chamath Palihapitiya, Mark Cuban, etc.

In 2021:

In Sep, a new investment fund focused on his individual and brand identity was introduced.
Morgan Creek is investing $50 million in BlockFi crypto lenders.

Best tweets by Mr.Pompliano:

“Blockchain is to the next 150 years what the combustion engine was to the last 150 years.

One changed the way we transported things in the physical world.

Blockchain changed the way we transport things in the digital world.

Don’t miss out on the revolution.”

“There are millions of people around the world who own cryptocurrencies. 10 years from now, it will be billions.”
“Goldman Sachs NASDAQ New York Stock Exchange Bloomberg JP Morgan. They’re all jumping into crypto. It’s happening. We’re going mainstream.”
Anthony Pompliano has spent much of his recent years singing the praises of cryptocurrency, with a special focus on bitcoin. In 2019 he admitted to holding half of his assets in bitcoin, which “Shark Tank” investor Kevin O’Leary lambasted him for, calling the move “crazy.”
Later, Pompliano revealed that he had even raised the percentage of his money that was invested in bitcoin to around 80 percent of his total assets. His solo firm Pomp Investments invests in early-stage companies and his estimated net worth isn’t known.
Since Snapchat had drawn him away from Facebook with the promise of a $240,000 annual salary plus $3.5 million in stock options that would be vested after four years, Pompliano claimed that he would have had $5 million at the time of the suit if he hadn’t been terminated so quickly.

Pompliano also co-founded and became a partner at Full Tilt Capital, an investment firm focused on early-stage companies. Full Tilt Capital eventually was acquired by Morgan Creek Capital. Through Morgan Creek Capital’s backing, Pompliano co-founded Morgan Creek Digital Assets, which specializes in blockchain and digital assets.

One reason Pompliano is optimistic about bitcoin is that it will hold value regardless of global instability. He said in a Squawk Box interview on CNBC that people might invest in bitcoin because it’s “controlled by software and cannot be manipulated by a single country or politician.”.He is marked as the crypto bull and enthusiast for bitcoin.

Read more about blockchain : Bitcoin: The Arbitrary Ruler!

Bitcoin: The Arbitrary Ruler!

We all have tried a myriad of methods to convince our fathers, to devote part of their hard-earned money to bitcoin, crypto-investments, but most of us have failed badly. For decades in a socialist state, the Asians have a greater tendency to trust in centralized authority, treating political leaders as leaders of the community. Our “intellectual” ideas aren’t just funny, but also too crazy for the generation of our peers.

With more governments around the world entering the authoritarian camp, developing powerful hand-held leaders and authoritarian rulers, the emergence of the Bitcoin class is imminent. This class holds not only a shared social and economic status, as well as a specific theory on right to life. Most significantly, the resources gained by this segment would not be redistributed by social instability, such as conflicts, revolutions, and any future political acquisitions. The Bitcoin class is going to be resilient to all of these and peacefully transfer along with hereditary capital. For the first instance, category classification is not based on the amount of income, profession, or any decides, but on a string of binaries in your cold storage that users can sign and confirm. I can expect that this category will be a powerful influence push in generations to come, affecting all facets of social revolutions and policymaking.

We live in a delusional world. Central bankers keep printing down to infinity. The industry is divided, and agreement is impossible to achieve. Private information is also being compensated with ease. Data duplication, manipulation, and all things termed wrong or illegal are frequently increasing. The coronavirus experience teaches us something that everyone should focus on: we all deserve good governance.

So instead of waiting for a higher good or a fair and equitable system, since most of us are certain and being repeatedly frustrated, why not make a deliberate decision to vote for a bitcoin category?

It is our only effective appeal to peers and the way that they will opt-in. It’s been a challenging year for all accounts. However, for Bitcoin, 2020 was a proud milestone. The cryptocurrency also quadrupled, exceeding $20,000 (roughly Rs.14.7 lakhs) for the first time to record after record. The True believers applauded this along as an inflation remedy in an age of unmatched banking system volume. This is supported as an alternative asset by Wall Street veterans from Paul Tudor Jones to Stanley Druckenmiller, who contributed to the rally.

Bitcoin (BTC-USD) broke through $24K in a major way on Christmas Day, and then pulled out $25K, $26K, $27K, $28K, then $26K for another 4 days. It rose to as high as $28.3K before moving back to the present $26.9K.
Ethereum (ETH-USD) also followed and in-game, raising over $700 for the first time in almost 3 years. Currently exchanging hands at $707.

The potential surfaced earlier in the year when rates were so much lower and markets were rampant with uncertainty and ambiguity. Now it’s just wagering buying big and selling low. All cryptocurrency supports high precarious and pure speculation. In the meantime, many people have been damaged terribly by getting to the top. Perhaps this time it will be different, and the bitcoin network is not going to implode. But again, because cryptocurrency is becoming a parochial economic platform, it’s not the current version to get the wealthy trend.

There is no commitment here. Risk exactly how little you can potentially lose. To know about the crypto world read: –Binance to launch an NFT Marketplace!!

Binance to launch an NFT Marketplace!

By now we all know that Binance is the world’s biggest cryptocurrency exchange by trading volume. It has announced on Tuesday that it wants to launch its marketplace for digital items tied to non-fungible tokens, or NFTs. It would lead to a major venue for the burgeoning digital-assets market, along with intense competition for creators and investors alike.

What are NFTSs?

NFTs are online items created on a blockchain that is commonly used to certify unique ownership of a digital asset such as paintings, music, games, or sports collectibles. The NFT industry has been here for a while, dating back to the invention of blockchain, but it has recently piqued the interest of mainstream investors after greater collectibles were sold at record-breaking prices.

According to NonFungible.com, a web portal that tracks data on NFTs, the sales volume of NFTs skyrocketed to much more than $2 billion in the first quarter of 2021, over 20 times the volume of the previous quarter. Binance’s NFT marketplace will launch in June, with two venues for artists and traders to generate, purchase, and sell digital assets.

In contrast, the norm trading market allows anybody to create or deposit NFTs for sale or auction for a 1% processing fee. The founders of depositors will be paid a 1% royalty on all corresponding trades.

What does Binance CEO has to say but this ?“

“Binance supports millions of users worldwide, most of whom will now be able to receive the thriving NFT space,” said Binance CEO Changpeng “CZ” Zhao in a statement. “In maintaining of our loyalty to international financial autonomy and the development of an inclusive ecosystem, the Binance NFT marketplace will also help small value creators by achieving the best cash flow and the lowest fees for use.”

Binance is the most recent cryptocurrency exchange to launch its NFT marketplace. Gemini’s Nifty Gateway has hosted auctions with good artists such as Eminem and Grimes. In March, Crypto.com launched its invite-only market, which starred content from Snoop Dogg, Lionel Richie, and Boy George.

Crypto exchanges have already benefited from increasing Bitcoin prices and expanding investor interest in digital currencies. Coinbase, the largest cryptocurrency exchange in the United States, went public earlier in the month via a direct listing. Its share prices are now trading near $300, up approximately 20% from the $250 standard price set by Nasdaq before the stock’s trading launch.

The NFT marketplace would provide Binance with a revenue source, though artists and investors are likely to be more uptight as to which exchange they use as more NFT marketplaces become available. But even so, a peek at trading volumes and average prices suggest that the NFT buzz is already receding in recent weeks after spiking Earlier, this year.

What do the NFT statistics say about the marketplace?

The volume of NFTs traded has dropped by about half since the peak in mid-March, but still, it stays high when compared to just a few months earlier. According to the latest NonFungible.com review, the average cost of NFTs spiked by about $4,000 in mid-February but has now declined to around $1,500. Nonetheless, the existing average cost is ten times higher than it was just six months ago.

Some have compared the NFT boom to the late-2017 or early-2018 craziness over initial coin offerings, or ICOs. Though some assume the recent decline in NFT activity is the commencement of a market correction and the bursting of the NFT bubble, NonFungible.com knows it probably reflects — a long—term stability following a theoretical pinnacle.

Want to know more about crypto and blockchain, read about :

How is Singapore leading with Blockchain and Crypto Development in 2021?

As we all know that the usage of cryptocurrencies continues to expand around the world, several countries have identified themselves as pioneers in adoption.

Well, COVID-19 dominated 2020, and several countries were suppressed by the repercussions of the ongoing pandemic. Conversely, the cryptocurrency space witnessed a year of revival that saw decentralized finance becoming a major element, while Bitcoin (BTC) eventually exceeded its previous record. Singapore has paved the way for cryptocurrency moving and blockchain acceptance in 2021.

Singapore

Singapore has developed as a platform for crypto exchange, companies, and blockchain industries in Asian countries. Let’s understand the way Singapore is utilizing the benefits of adopting blockchain across different verticals.

Aviation Industry

Singapore is recognized to be the first country to start utilizing the value of blockchain in the aviation sector. Blockchain technology can provide access to up-to-date and confirmed information of departures, arrivals, delays across all stakeholders involved in airline travel, like airline crew, employees, ground service crew, and passengers. Singaporean Airlines has transformed its payments and rewards program using blockchain for its digital wallet.

Food Industry

Not only aviation but also the food industry, According to the WHO (World Health Organization) estimates, about 1 in 10 people fall ill each year by eating contaminated food.

The implementation of Blockchain technology for the food sector does provide producers and consumers with more validated information on food supplies, where they originated, and much more. Intellectual Property Intermediary (IPI) in Singapore, developed under the Singapore Ministry of Trade and Industry, is already operating on a blockade.

Implementing blockchain in the global food industry will provide vendors with more knowledge regarding food products, including where or for how long, boosting traceability and growing consumer confidence. The use of blockchain would reduce food contamination while still bolstering health and safety regulations.

Supply Chain

The blockchain-based supply chain facilitates the automated monitoring of information on products such as incorporation data, storage temperatures, batch numbers, and shipment. Looking at recent technologies including RFID tagging, blockchain may be an incredible opportunity for every sector that works to grow transparency and accountability via the business supply chain.

SmartCode, the DLT Ledgers Blockchain platform, offers an end-to-end traceability record in an automatically auditable, immutable, and safe way. It has been designed in such a way each product can be clear about its origin and validity, using precise software algorithms to help mitigate product manipulation.

Education Industry

Another field that can benefit from the use of blockchain is the Education sector. Through using smart contracts, institutions, as well as business owners, can rapidly, safely, and inexpensively verify skills. The use of blockchain will enable students to include complete leverage over their academic education by providing versatile access to data and recommended programs based on past qualifications and rankings.

There is no question that the higher education system in the city-state wants to identify the opportunities delivered by blockchain. Last year, the National University of Singapore (NUS) stated that it is collaborating with IBM to establish a curriculum for blockchain and distributed ledger technology.

It is also the first educational institution in Singapore to use blockchain technology to verify the validity of the NP diploma.

Government

From taxes to welfare transfers, voting, and health record management, the Blockchain administration is now used by global governments to improve different actions. Singapore will soon be following an example like Georgia. It reported that the Singapore government could use blockchain technology to do the following things:

Verify vendor track records on Singapore Government’s one-stop e-procurement portal
Track the career of the public officer
Enhance or substitute the audit process
The Singapore customs authority has introduced a national trading platform (NTP) for blockchain technology. It is expected that this platform will be used to connect enterprises, community networks, channels, and government organizations.

With distributed ledger technology, the program has analyzed inter-bank transfers and is now used to determine the effects of using tokens as a digital Singapore dollar. If blockchain-based payments are successful, they may lead to rapid settlements in finance, notably for cross-border business.

Looking at this it can be well inferred that India too can make endeavors in the field of blockchain.

know more about crypto: Evolution Of Currency From Traditional Method To Security Token

Evolution Of Currency From Traditional Method To Security Token

What is the buzz about the term “token”?

The emphasis placed on the terms of “token” and “account” used by the cryptocurrency community and central banking community as mentioned above aims to capture the different ways in which these terms are used by different people about different concepts. Recognition of these terms can help identify areas of misalignment and create problems in the legal framework and supervisory system of digital currencies and so-called tokenized financial markets.

The term is part of an industry phenomenon known as tokenization, which transforms real assets into digital tokens. Security brands have been under discussion for some time, and at least one company wants to put them to the test. In the case of securities tokens, trading assets such as stocks and fixed-income securities are converted into digital assets using blockchain technology, the virtual book of activities that consists of cryptocurrencies such as Bitcoin.

Are security tokens a novel form of assets?

securities tokens and tokenized securities are often mixed up in the new age of blockchain, but it is imperative to understand them not as separate concepts, but about each other. Security brands, in particular, are a form of digital assets that, like cryptocurrencies, act as a value transfer tool while maintaining regulatory protection for traditional securities. Security marks are programmable crypto assets that enjoy the regulatory protection associated with traditional securities. Tokenised securities function in the same way as traditional off-chain securities, except that they are stored and sold on an exchange or blockchain network. Simply put, tokenized securities are digital representations of traditional securities to expand their market reach and increase market liquidity.

Are tokens different from coins?

Blockchain tokens are valuable but are not considered money like crypto coins. Many crypto projects issue their tokens as a representation of an asset or as use-value. They give these tokens to their investors through public sales called ICO (Initial Coin Offering).

Blockchains allow tokens to be used in the community to vote on important business decisions or technical changes to the platform, giving them more functionality than traditional crypto coins. When we talk about tokens and cryptocurrencies, we should not associate the value of these tokens with public systems, such as Ethereum, which wants to introduce new smart contracts defined by tokens without explicit use or transaction value. For this purpose, the creation of tokens can be used to detect the difference between security tokens and tokens. Security marks are created for investment, while utility marks can be created to finance an ICO or create an internal economy on a project as a blockchain. An ICO (or OST offer) is made to sell digital tokens to the general public on a cryptocurrency exchange. The main difference that stands out is the fact that ICO tokens are offered as actual coins, which are digital and classified by utility value. With an ICO token, a new ICO currency is generated ad infinitum. An ICOs value is speculative and results from the perceived utility value that the buyer expects from him.

A better balance can be found in securities brands that are digital, liquid contracts for a fraction of an asset (e.g. A house, a car, a paint job, a company’s equity, etc.). Security brands are a natural bridge between the traditional financial sector and blockchain and benefit from both. The securities token ideas, which are based on partial ownership of real assets, are well structured, meaning that investors can expect their ownership share to remain on the blockchain register.

Although tokenized assets are a promising use case for blockchain technology, there are still some major regulatory hurdles. It is unclear whether ownership of blockchain-linked tokens remains unclear, and the terms may not have legal status.

A boom of startups

A few years ago, innovations in financial markets began to spark discussions about digital tokens and the tokenization of financial assets. Initial coin offerings (ICOs) played an important role in arousing interest in the cryptocurrency market. Startups in the cryptocurrency market produce coins or tokens that are offered to investors by an initial coin offering (ICO) in exchange for legal money or digital currency. Start-ups sell their shares to investors in an initial public offering. While IPOs trade directly with investors, ICOs trade through crowdfunding with eager supporters of their projects.

so this is all about security coins, also read more about: How Can Blockchain Solve Problems Related To Senior Citizens?

How Can Blockchain Solve Problems Related To Senior Citizens?

Old age is an unavoidable part of our life cycle and should be lived gracefully rather than grudgingly. In today’s fast-paced world we only start noticing signs of old age much after the gradual process is well underway…We need technology that will improve the lives of elderlies, the poor as well as the sick, and their families. We need technology that brings all of them together for better companionship and to make this world a beautiful place for them to live in.

Blockchain depends on stakeholder acceptance, and government agencies can use economic incentives to get users on board, such as granting access to certain government data, paying for it, facilitating federal loans, or lowering transaction and service fees. Agencies that implement blockchain can increase citizens “trust and create added value for the government and its citizens. As blockchain follows the path inherited in the economy by network technologies we can expect blockchain innovation to build on one-way applications to create local private networks in which multiple organizations are linked through a distributed register.

Blockchains can help streamline the entire process by eliminating middlemen, lengthy procedures, and the burden of unnecessary time delays. Blockchains record transactions while payments are transferred between recipients. Transactions cannot be reversed or modified, and blockchains ensure better accountability and security when such a system is used. Intelligent and self-executing contracts made possible by blockchain eliminate the need for intermediaries and improve contract preparation and execution.

How Will Blockchain Solve Privacy Problems?
To address this problem, relevant research applications from Azaria Ekblaw, Vieira and Lippman (2016), Juneja and Marefat (2018), Liu, Li, Ye, Zhang, Du and Guizani (2018), and Zheng, Mukkamala, Vatrapu and Ordiere (2019) used the on-chain storage architecture to store large amounts of original encrypted data without the use of trusted third parties. This approach reduces the storage load of the blockchain and ensures the integrity and privacy of private data. When medical records and other information are stored in the blockchain network, this increases the computing effort and storage load due to the fixed and limited size of the block.

Blockchain technology can reduce the complexities of retirement management and give pensioners greater control over their money. By adding cryptocurrencies to investment portfolios, blockchain can create accessible retirement plans that appeal to young people who need to start saving for retirement.

Why do Blockchain technology and the health sector jell?

Blockchain technology can maximize patient satisfaction by providing personalized care based on the patient’s complete indexed medical history and medical record. Blockchain Technology helps diabetics keep better track of their insulin intake. In the EHR system, anyone can upload medical records and other information to the blockchain. Users can leave and re-enter the system at any time, access their historical records according to the index, and download the latest blocks from the blockchains.

The use of blockchain technology in the medical field is not only a consolidated application of real blockchain technology but also blockchain technology with achievable efficiency levels. The use of this technology in neurology could lead to quantifiable advantages in the treatment of neurological disorders by monitoring patient health, clinical history, treatment, disease progression monitoring, recruitment, and clinical trials.

How Blockchain Technology Will Solve Financial Problems For The Elderly
Blockchain, the revolutionary computerized recording technology that acts as a digital register, is coming at a crucial time and could be a savior for pensions, thanks to the unique way it can be applied to ambitious projects in young industries. Blockchain or distributed ledger is an emerging technology that has attracted considerable interest from utilities, startups, technology developers, financial institutions, the national governments, and the academic community. Numerous sources from all these sources have found that blockchain has the potential to bring significant benefits and innovation.

While the core features of decentralization, security, origin, transparency, trust, and better management of data offer clear benefits in addressing acute health needs, a blockchain technology approach is needed to ensure that it is compatible with specific and diverse healthcare challenges. This forum article aims to address this problem by presenting an appropriate framework for the Health Blockchain which includes fundamental questions regarding fundamental blockchain design principles, data exchange, management, decision-making, and governance, examines how the technology can be used to improve blockchain functionality and defines the ultimate goals of blockchain solutions.
conclusion

Nothing is denying the fact that we can solve problems relating to the practical application of the technology, such as security and the lack of public or specialist knowledge that can guarantee the optimal functioning of blockchain protocols and bring maximum benefit to senior citizens.

What is Scrypt Algorithm In Cryptocoin?

Due to its memory intensity, it is seen as a solution to mitigate custom hardware such as ASICs and FPGAs, which are the main sources of centralization in cryptocurrency mining. ASIC’s resistance can hamper ASIC’s mining machines, and it has been seen as an effective alternative to Bitcoin’s SHA-256 hashing algorithm.

It is more complex than SHA-256 and requires more storage for miners, but is more efficient at solving problems. SHA-256 and Scrypt are the two common algorithms and systems used by cryptocurrency miners to verify transaction data blocks. The Scrypt algorithm differs from Sha-256 in that it requires not only pure computing power but also system memory for operation.

For newer cryptocurrencies, I prefer Scrypt to SHA-256 because it is more convenient to use. It is more comfortable to run on available CPUs and requires less power than SHA-256. The Sha-256 hash rate of Scrypt Mined Coins ranges from Kh / s to MH / s (its hash rate is achieved by a single miner with ASIC or additional hardware).

Scrypt is a hash function used in the Litecoin cryptocurrency as an alternative to the SHA-256 hash function. It provides a higher level of security and is one of the safest hash functions. Unlike SHA-256, Scrypt is the most widely used mining algorithm in Litecoin and the Bitcoin protocol.

While other hashing algorithms such as Equihash and CryptoNight for proof-of-work blockchains were developed, Scrypt was developed for use cases that implement blockchain networks. Scrypt is an attempt to improve the hashing algorithm of the SHA-256 algorithm. It is designed as an in-memory hardware algorithm to improve network security against attacks with custom hardware.

Scrypt was developed as a solution to mitigate the increasing dominance of ASIC mining platforms and the subsequent centralization of cryptocurrency mining. Bitcoin was in its infancy at the time, not to mention that Scrypt could be used on any blockchain network that supported cryptocurrencies. In the paper, Percival proposed the scrypt algorithm for Tarsnap, an online backup service.

Consequently, cryptocurrency projects using Scrypt sought to protect the decentralization of their networks. Bitcoin was originally mined with CPUs, GPUs, and FPGAs, but miners began to develop their ASIC chips that were more powerful than previous solutions. In 2013, the first ASICs with Scrypt was introduced, and this type of hardware began to support cryptocurrency mining based on Scrypt.

If your system requires at least 40 zeros to validate a transaction, the miner will have to calculate 2-40 different hash values to find the correct proof of work. As the hash rate increases, so do the difficulty of maintaining the balance.

Scrypt is an encryption method that requires a large storage volume and a lot of time for selection. Scrypt functions are intended to prevent such attempts to increase the resource requirements of the algorithm. The scrypt algorithm is implemented in cryptocurrency mining to make it more complicated for specialized ASIC miners.

It has generated negative feedback from the creators of cryptocurrencies, as it gives miners with large resources advantage and violates decentralization. Scrypt coins enjoy popularity because miners use processors (CPU) and graphics cards (GPU) for mining. The scrypt Bitcoin cryptocurrency and other currencies using the scrypt algorithm are mined using ASIC devices specifically designed to solve the mining task.

An example of this is Vertcoin, which uses the Scrypt algorithm and makes it possible to change the hashing algorithm at any time. The hashing algorithms Scrypt Jane and X11 are trying to resist ASICs. By developing ASICs for Scrypt N-based coins, the hash algorithm can be modified to render ASICs useless and do not influence the relative hash rate of the GPU or CPU miner.

While these new types of hashing algorithms may be able to ward off ASICs, one thing is sure: GPU mining is not dead and never will die.

When the scrypt hashing feature was first implemented in Litecoin, the development team avoided knowing that application-specific integrated circuits (ASICs) would be able to break down the Litecoin blockchain. While Bitcoin ASICs are 1000x more efficient than GPUs, Scrypt ASICs can be up to 100x more efficient.

Due to the coin’s scrypt algorithm, this means that scrypt coin mining requires a large number of participants in the network and all must be involved in the work. Miners who use devices other than ASICs to mine the cryptocurrency will be penalized.

Before selecting a cryptocurrency to use its scrypt algorithm, it is important to know how to mine it. Scrypt was first implemented in Tenebrix, which was released in September 2011 and served Litecoin and Dogecoin as the basis for the introduction of the algorithm. Before we look at Scrypt coins, here is a brief overview of the Scrypt mining algorithm.

Scrypt was implemented in blockchain networks when it was introduced to improve SHA-256. The first cryptocurrency to implement the Scrypt PoW hash algorithm was Tenebrix (TBX), which was released in September 2011.

Scrypt (pronounced S-crypt) [1] in cryptography is a password-based key derivation feature developed by Colin Percival for Tarsnap, an online backup service. A simplified version of Scrypt is used as the proof-of-work scheme in several cryptocurrencies including Bitcoin, then implemented by an anonymous programmer named Artforz Tenebrix and Fairbrix and Litecoin. The UNOT algorithm is a hash function known as a scrypt in the world of cryptocurrencies.

Scrypt works thanks to a well-known method of increasing the derivation of keys, which is a hard sequential storage function. It is a hash that uses a key (a set of key points identified by a hash algorithm) that causes a lot of noise. Noise in Scrypt is a set of random numbers generated by the hash algorithm and stored in memory.

The purpose of the series of random numbers generated and stored in memory by the algorithm is to camouflage the key data from the algorithm and make breaking the hash more complex. The password-based key derived function ( password-based KDF) is designed to be computationally intensive so that the calculation takes a long time, roughly in the order of several hundred milliseconds.

Also read : How are PayPal and Crypto Connected?