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Prices Aside, Crypto’s Tech Stack Is Steadily Improving

Prices Aside, Crypto's Tech Stack Is Steadily Improving

Prices Aside, Crypto's Tech Stack Is Steadily Improving

Rachel Rose O'Leary and Alyssa Hertig

Feb 11, 2018 at 14:45 UTC

 

A look at the headlines of late may leave you with a familiar conclusion — with all the ups and downs in the market, it's just too early to take crypto seriously.

And it's true, despite the best efforts of even the industry's most notable developers, the world's largest cryptocurrencies remain not just volatile, but difficult (and risky) to use, at least in a way that their creators' intended.

Still, heading into 2018, enthusiasts the world over are hard at work on improvements.

As such, there's optimism advances could start to compound, creating a user experience that finally starts to transcend the issues — namely, the high fees and long wait times — users of most blockchains have become all too accustomed to.

In fact, in the year ahead, blockchain users could see exciting new features and scientific firsts that just might help push the industry closer to that vision:

 

1. Off-chain channels

What if it was possible for blockchain-based transactions to avoid using the blockchain at all?

That's the big idea behind off-blockchain payment channels, an idea that harkens back to 2015, but whose time may have finally come this year. Most associated with Bitcoin's Lightning Network, the idea is actually more general than this specific instance.

Essentially, off-blockchain payment channels would allow two people using any one cryptocurrency to send small payments back and forth, settling to the blockchain (and dealing with its high fees and slow transaction times) only when absolutely necessary.

Due to the potential impact, the idea is catching on — ethereum developers, while they often don't see eye-to-eye with their bitcoin peers, are at work on the same type of solution.

But there's more than just a rivalry at play, there's also reason to believe 2018 might be different in that actual live transactions could be sent in significant numbers.

The developers behind bitcoin's Lightning Network have declared the technology almost ready based on successful tests. Meanwhile, ethereum's developers have also unveiled successful tests for their versions of the concept, Raiden Network, with a more ambitious version, Plasma, potentially around the corner.

 

2. Real-live staking

As their popularity grows, attention is also being paid to the electricity required to sustain cryptocurrencies.

While the relevant data is difficult to pin down, proof-of-work, the consensus protocol that underlies bitcoin mining, is best defined as an energy-intensive process. As such, there are concerns about its electricity use could have large-scale environmental effects.

This is leading to new research on an idea from 2011. Called proof-of-stake, or "consensus by vote," the idea has been implemented, however, not at the scale intended by ethereum.

As such, it's long-awaited project Casper is likely to be under significant scrutiny this coming year, and early versions are beginning to see the light.

In a testnet released on New Year's Eve, one variation of Casper, was claimed to be functional. Karl Floersch, a leading developer behind the technology, told CoinDesk at the time that the code is working with "no hiccups."

Work remains to adapt this early version of Casper across the different ethereum clients, but ethereum creator Vitalik Buterin has said he expects the technology will be tested alongside proof-of-work sometime in the future.

 

3. Privacy advances

Privacy has been a somewhat neglected promise in the majority of blockchains, but it's nonetheless an issue that could see improvement this year.

Most notable is the advances in zero-knowledge proofs, what Buterin has called "the single most under-hyped thing in cryptography right now," are getting cheaper and easier to deploy.

A form of cryptography that hides information without risking validity, it's already been adapted to a small degree into ethereum, which could lead to a wave of startups experimenting with private smart contracts in novel and unexpected ways.

Plus, in a white paper published earlier this month, a system for achieving zero-knowledge without compromising trust — a point of contention in some earlier iterations of the tech — was released, an update which could have exciting consequences.

And as existing tech matures, privacy-centric cryptocurrencies such as monero and zcash are also set to improve.

In preparation for an upgrade, zcash has been steadily reinforcing its security, while monero is stepping up to implement "bulletproofs," a feature that could cut fees by 80 percent.

 

4. Decentralized exchanges

No, this isn't just a new version of Coinbase or Kraken.

As the industry's largest exchanges struggle to cope with the influx of new adopters, an increasing number of projects are at work developing something called a decentralized exchange. The term denotes not just a new browser-based exchange, but rather a type of software users can use to swap one cryptocurrency with another without a central entity.

2017 saw a flood of new decentralized exchange projects, such as ShapeShift's Prism, 0x, OmiseGo, Kyber Network, and many others.

Expect those efforts to accelerate this year.

So far, hardware wallet Ledger has already integrated with decentralized exchange Radar Relay, allowing users to trustlessly exchange tokens based on ethereum.

While functionality is limited (it's only supported by a single wallet and only ethereum-based tokens can be sent), many in the industry see it as a glimpse into the future of not just cryptocurrency exchanges, but the technology itself.

 

Posted By David Ogden Entrepreneur
David ogden Cryptocurrency entrepreneur

Alan Zibluk Markethive Founding Member

Markethive

Get started in cryptocurrency with this beginner’s directory

Get started in cryptocurrency with this beginner's directory

Get started in cryptocurrency with this beginner’s directory

The wonderful world of cryptocurrency has grown from a budding idea to a full-fledged market bonanza. Hopefully you’re savvy to the terminology and ready to start putting your money where your technology is. This directory should provide you with the basic starting points to begin building your fortune in digital money.

(Don’t forget that cryptocurrency is an investment, and you shouldn’t trust your finances to an article you read on a news-source. We strongly advise contacting a financial adviser before risking your money.)

Bitcoin was founded in 2009. It represented the first decentralized cryptocurrency. It’s the oldest, and, as of August 17th it reached an all-time high of over $4,500. Just six months prior it was worth about $900. While you’re trying to wrap your head around that, keep in mind Bitcoin isn’t the only cryptocurrency.

How many cryptocurrency offerings are there? Over 850 are currently listed on CoinMarketCap. Before you decide which one to blow your speculation money on, make sure you have all your crypto-ducks in a row.

You need a wallet

Before you can buy into an initial coin offering (ICO), purchase cryptocurrency, or execute smart-contracts you’ll need a wallet. There are hardware wallets and software wallets; for now we’re only going to worry about software wallets.

Here’s a few to start you off:

  1. Blockchain — possibly the most popular cryptocurrency wallet

  2. Electrium — has been around since 2011

  3. Gemini — boasts regulation by New York State Department of Financial Services (NYSDFS).

Buy an established coin

You don’t have to start off trying to predict which ICO is the best investment. There are numerous ways to aquire cryptocurrency from an established coin. Here are some of our favorite coins to get your research started:

  1. Bitcoin — The big one. If you’ve got $4,000+ to fork out for a Bitcoin you can get in on the over/under $5,000 action. For what it’s worth there are experts on both sides of that fence.

  2. Ethereum — Things get a little more complicated here, but worth listing as a currency simply because ETH is second only to Bitcoin in popularity.

  3. Litecoin — Launched in 2011 billing itself the “silver” to Bitcoin’s “gold”.

  4. Bitcoin Cash — Bitcoin managed to fork itself and now there’s this.

  5. Siacoin — Sometimes cryptocurrency comes in the form of cloud storage.

  6. World Coin Index — provides a great listing to check valuations out

  7. Coin Market Cap — another listing of coin valuations

Or just find an ICO and dive in

Which is easier said than done. It seems like there’s an ICO for everything. We’re hesitant to even list any here, simply because you should research an ICO much more in-depth than would be prudent for the purpose of this directory. However, we’re happy to provide some links that might help:

  1. Coin Schedule — provides analysis on current and upcoming ICOs

  2. Smith and Crown — A curated list of ICOs

  3. ICO List — One of the most popular international sites concerning ICOs

It’s time to hit the exchange

Depending on which coin you’re investing in you’ll either visit an exchange, or use whatever method of purchase or trade the offering requires. You may be able to set up an online store that accepts Bitcoin or ETH, for example. Or perhaps you know someone who will sell you some. One of the most common ways to get cryptocurrency is to visit an exchange.

  1. Coinbase — probably the most popular exchange there is

  2. Kraken — you’ll find this one is well-reviewed by insiders

  3. Bittrex — US based and supports nearly 200 cryptocurrencies

  4. Buy Bitcoin Worldwide— provides country-specific exchange information

The above links should provide you with enough information to get you started on a path to dominate the cryptocurrency markets and become rich beyond fantasy. Or you could lose a bunch of money.

by TRISTAN GREENE — 13 hours ago in EVERGREEN

 

Posted by David Ogden
Entrepreneur

Alan Zibluk Markethive Founding Member

Markethive

Best Cryptocurrency Exchanges

best cryptocurrency exchanges

Best Cryptocurrency Exchanges

What is a cryptocurrency exchange?

Cryptocurrency exchanges are websites where you can buy, sell or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.

Types of exchanges

Trading Platforms — These are websites that connect buyers and sellers and take a fee from each transaction.

Direct Trading — These platforms offer direct person to person trading where individuals from different countries can exchange currency. Direct trading exchanges don’t have a fixed market price, instead, each seller sets their own exchange rate.

Brokers — These are websites that anyone can visit to buy cryptocurrencies at a price set by the broker. Cryptocurrency brokers are similar to foreign exchange dealers.

The Best Cryptocurrency Exchanges

Today there are a host of platforms to choose from, but not all exchanges are created equal. This list is based on user reviews as well as a host of other criteria such as user-friendliness, accessibility, fees, and security. Here are ten of the best crypto exchanges in no specific order.
 

Coinbase

Backed by trusted investors and used by millions of customers globally, Coinbase is one of the most popular and well-known brokers and trading platforms in the world. The Coinbase platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins or Ether from Coinbase through a digital wallet available on Android & iPhone or through trading with other users on the company’s Global Digital Asset Exchange (GDAX) subsidiary. GDAX currently operates in the US, Europe, UK, Canada, Australia and Singapore. GDAX does not currently charge any transfer fees for moving funds between your Coinbase account and GDAX account. For now, the selection of tradable currencies will, however, depend on the country you live in. Check out the

Pros: Good reputation, security, reasonable fees, beginner friendly, stored currency is covered by Coinbase insurance.

Cons: Customer support, limited payment methods, limited countries supported, non-uniform rollout of services worldwide, GDAX suitable for technical traders only.

Kraken

Founded in 2011, Kraken is the largest Bitcoin exchange in euro volume and liquidity and is a partner in the first cryptocurrency bank. Kraken lets you buy and sell bitcoins and trade between bitcoins and euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen. It’s also possible to trade digital currencies other than Bitcoin like Ethereum, Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Zcash, Litecoin, Dogecoin, Ripple and Stellar/Lumens. For more experienced users, Kraken offers margin trading and a host of other trading features. Kraken is a great choice for more experienced traders.

Pros: Good reputation, decent exchange rates, low transaction fees, minimal deposit fees, feature rich, great user support, secure, supported worldwide.

Cons: Limited payment methods, not suitable for beginners, unintuitive user interface.

 

Cex.io

Cex.io provides a wide range of services for using bitcoin and other cryptocurrencies. The platform lets users easily trade fiat money with cryptocurrencies and conversely cryptocurrencies for fiat money. For those looking to trade bitcoins professionally, the platform offers personalized and user-friendly trading dashboards and margin trading. Alternatively, CEX also offers a brokerage service which provides novice traders an extremely simple way to buy bitcoin at prices that are more or less in line with the market rate. The Cex.io website is secure and intuitive and cryptocurrencies can be stored in safe cold storage.

Pros: Good reputation, good mobile product, supports credit cards, beginner friendly, decent exchange rate, supported worldwide.

Cons: Average customer support, drawn out verification process, depositing is expensive.
 

ShapeShift

ShapeShift is the leading exchange that supports a variety of cryptocurrencies including Bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin and many others. Shapeshift is great for those who want to make instant straightforward trades without signing up to an account or relying on a platform to hold their funds. ShapeShift does not allow users to purchase crypto’s with debit cards, credit cards or any other payment system. The platform has a no fiat policy and only allows for the exchange between bitcoin and the other supported cryptocurrencies.

Pros: Good reputation, beginner friendly, Dozens of Crypto’s available for exchange, fast, reasonable prices.

Cons: Average mobile app, no fiat currencies, limited payment options and tools.

 

Poloniex

Founded in 2014, Poloniex is one of the world’s leading cryptocurrency exchanges. The exchange offers a secure trading environment with more than 100 different Bitcoin cryptocurrency pairings and advanced tools and data analysis for advanced traders. As one of the most popular trading platforms with the highest trading volumes, users will always be able to close a trade position. Poloniex employs a volume-tiered, maker-taker fee schedule for all trades so fees are different depending on if you are the maker or the taker. For makers, fees range from 0 to 0.15%, depending on the amount traded.

For takers, fees range from 0.10 to 0.25%. There are no fees for withdrawals beyond the transaction fee required by the network. One of the unique tools on the Poloniex platform is the chat box which is constantly filled with user help and just about everything. Any user can write almost anything but inappropriate comments are eventually deleted by moderators. It can sometimes be hard to distinguish the good advice from the bad, but the Chatbox is a great tool that will keep you engaged.

Pros: fast account creation, feature rich, BTC lending, high volume trading, user-friendly, low trading fees, open API.

Cons: Slow customer service, no fiat support.
 

Bitstamp

Bitstamp is a European Union based bitcoin marketplace founded in 2011. The platform is one of the first generation bitcoin exchanges that has built up a loyal customer base. Bitstamp is well known and trusted throughout the bitcoin community as a safe platform. It offers advanced security features such as two-step authentication, multisig technology for its wallet and fully insured cold storage. Bitstamp has 24/7 support and a multilingual user interface and getting started is relatively easy. After opening a free account and making a deposit, users can start trading immediately.

Pros: Good reputation, high-level security, worldwide availability, low transaction fees, good for large transactions.

Cons: Not beginner friendly, limited payment methods, high deposit fees, user interface.

 

CoinMama

CoinMama is a veteran broker platform that anyone can visit to buy bitcoin or Ether using your credit card or cash via MoneyGram and the Western Union. CoinMama is great for those who want to make instant straightforward purchases of digital currency using their local currency. Although the CoinMama service is available worldwide, users should be aware that some countries may not be able to use all the functions of the site. CoinMama is available in English, German, French, Italian and Russian. Check out the CoinMama FAQ

Pros: Good reputation, beginner friendly, great user interface, good range of payment options, available worldwide, fast transaction time.

Cons: High exchange rates, a premium fee for credit card, no bitcoin sell function, average user support.

 

Bitsquare

Bitsquare is a user-friendly peer to peer exchange that allows you to buy and sell bitcoins in exchange for fiat currencies or cryptocurrencies. Bitsquare markets itself as a truly decentralized and peer to peer exchange that is instantly accessible and requires no need for registration or reliance on a central authority. Bitsquare never holds user funds and no one except trading partners exchange personal data. The platform offers great security with multisig addresses, security deposits and purpose built arbitrator system in case of trade disputes. If you want to remain anonymous and don’t trust anyone, Bitsquare is the perfect platform for you. Check out the Bitsquare FAQ

Pros: Good reputation, secure & private, a vast amount of cryptocurrencies available, no sign-up, decent fees, open source, available worldwide, good for advanced traders.

Cons: Limited payment options, average customer support, not beginner friendly.

LocalBitcoin

LocalBitcoin is a P2P Bitcoin exchange with buyers and sellers in thousands of cities around the world. With LocalBitcoins, you can meet up with people in your local area and buy or sell bitcoins in cash, send money through PayPal, Skrill or Dwolla or arrange to deposit cash at a bank branch. LocalBitcoins only take a commission of 1% from the sellers who set their own exchange rates. To ensure trading is secure, LocalBitcoins takes a number of precautions. To start, the platform rates each trader with a reputation rank and publicly displays past activities. Also, once a trade is requested, the money is held on LocalBitcoins’ escrow service. After the seller confirms the trade is completed the funds are released. If something does happen to go wrong, LocalBitcoins has a support and conflict resolution team to resolve conflicts between buyers and sellers. Check out

Pros: No ID required, beginner friendly, usually free, instant transfers, available worldwide.

Cons: Hard to buy large amounts of bitcoin, high exchanges rates.

Gemini

Co-founded by Tyler and Cameron Winklevoss, Gemini is a fully regulated licensed US Bitcoin and Ether exchange. That means Gemini’s capital requirements and regulatory standards are similar to a bank. Also, all US dollar deposits are held at a FDIC-insured bank and the majority of digital currency is held in cold storage. Gemini trades in three currencies, US dollars, bitcoin, and ether, so the platform does not serve traders of the plethora of other cryptocurrencies. The exchange operates via a maker-taker fee schedule with discounts available for high volume traders. All deposits and withdrawals are free of charge. The platform is only fully available to customers in 42 US states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK.

Pros: Security & Compliance, slick/minimalistic and user-friendly design, great analytics, high liquidity.

Cons: Limited currencies, small community, average customer support, limited worldwide availability, no margin trading.
 

Blockchain

Blockchain is the world's leading software platform for digital assets. Offering the largest production blockchain platform in the world, using new technology to build a radically better financial system, based in Europe. The software has powered over 100M transactions and empowered users in 140 countries across the globe to transact quickly and without costly intermediaries. They also offer tools for developers and real time transaction data for users to analyze the burgeoning digital economy.

Pros: Security & Compliance, slick/minimalistic and user-friendly design, great analytics, high liquidity.

David Ogden
Entrepreneur

Alan Zibluk Markethive Founding Member