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The Top 10 Cryptocurrencies of 2018: An Overview

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Last week, we explored the revolutionary mechanics of the blockchain in the fourth installment of our series on cryptocurrencies. This week, we’ll take on the top 10 cryptocurrencies of 2018.

The surge of Bitcoin has led to a major boon for all kinds of cryptocurrencies. The discovery of blockchain technology has given rise to a plethora of cryptocurrencies outside of Bitcoin, each with their own strengths, weaknesses, and variations. With constant volatility dictating the markets, it will be difficult to know what cryptocurrencies will play out in the long run; however, websites like WorldCoinIndex.com can help one keep in the loop on market trends.

Monitoring the highest valued cryptocurrencies is a great way of keeping tabs on what cryptos are on the rise and fall. Here are the top ten cryptocurrencies of 2018, including the top three your business should consider accepting.

WHAT CRYPTOCURRENCIES SHOULD MY BUSINESS CONSIDER ACCEPTING?

Approximate Market Cap on January 17th: $165.10B

There is no better place to begin the conversation about cryptocurrencies than at the beginning with the original: Bitcoin. Bitcoin saw a momentous rise in 2017 of over 1,500 percent. Since it is the most popular cryptocurrency on the market, there’s no question businesses might want to follow Subway’s lead in starting their cryptocurrency endeavor by accepting Bitcoin.

Check out this fairly comprehensive list of major merchants that accept bitcoin.

Approximate Market Cap on January 17th: $24.97B

Bitcoin Cash is a major cryptocurrency to watch out for. Bitcoin Cash was designed by its founder Roger Ver, the CEO of bitcoin.com.

While Roger Ver was an early investor in Bitcoin and has made hundreds of millions of dollars, he has insisted that Bitcoin is not a safe bet considering it has been plagued lately with rising transaction costs. Instead, he recommends Bitcoin Cash, which is designed to be a much more mobile cryptocurrency.

Bitcoin Cash was recently embroiled in controversy. When Coinbase began trading it on their platform, its value spiked up and Coinbase was almost immediately accused of insider trading. Regardless, if Bitcoin Cash can uphold its promise to be a fluid, mobile cryptocurrency with low transaction fees, it’s here to stay and it’s one businesses should consider accepting.

Learn about what merchants currently accept Bitcoin Cash via acceptbitcoin.cash.

Approximate Market Cap on January 17th: $8.44B

Litecoin is a fully decentralized peer-to-peer Internet currency that enables instant global payments. Litecoin was created by Charles Lee, a former Google engineer who now works at CoinBase.

Litecoin is designed to be the silver to Bitcoin’s gold. It is the third oldest cryptocurrency in existence. It has a total of 84 million coins, quadruple the 21 million Bitcoin currently on the market. It also was designed for smaller items with quicker transaction times. As Lee told Fortune: “Bitcoin can be used for like moving millions of dollars between banks, buying houses, buying cars. It’s really secure… Litecoin can be used for cheaper things.”

Litecoin is intended to be used for smaller purchases than Bitcoin, making it a great option for businesses looking to accept cryptocurrencies.

OTHER TOP CRYPTOCURRENCIES:

Approximate Market Cap on January 17th: $80.37B

Ethereum is a decentralized platform designed to run smart contracts and applications exactly as programmed without the possibility of downtime, censorship, fraud, or third-party interference. Ethereum is one of the top three cryptocurrencies in the world. Created by Swiss developer Vitalik Buterin, Ethereum sets itself apart as a platform that can be used to program applications and smart contracts.

Approximate Market Cap on January 17th: $38.59B

Ripple is a real time global payment network. Created by Ryan Fugger, Jed McCaleb, and Chris Larsen, it is designed as a compliment to Bitcoin to facilitate transactions quickly among any form of currency. Ripple grew by 37,400% in 2017, giving it one of the three highest approximate market caps of all cryptocurrencies.

  • TRON

Approximate Market Cap on January 17th: $3.30B 

Tron began 2017 with an approximate market capitalization at $2.8 billion and finished 2018 with over $18.7 billion. Tron is not only the sixth most valuable cryptocurrency, it serves a specific purpose: Tron is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system. Tron makes it possible for content creators to freely publish, store, and own data in a decentralized, autonomous form. Tron eventually hopes to cut out centralized platforms like Google Play and Apple’s App Store.

Tron was created by Justin Sun, creator of Peiwo—a live voice streaming platform considered China’s equivalent to Snapchat. Tron has attracted some detrimental attention, including from bitcoin.com which claimed Tron is “Vaporware”.

Approximate Market Cap on January 17th: $860.41M

Like Tron, Verge has been labeled “Vaporware”. Verge is designed with privacy in mind, their website states that: “Verge uses multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable.” Despite Verge’s claims of prioritizing privacy, a website recently appeared revealing the IP addresses associated with hundreds of Verge transactions. Despite being embroiled in controversy, Verge has managed to maintain its value and is currently one of the top 10 cryptocurrencies on the market.

Approximate Market Cap on January 17th: $2.27B 

The history of Ethereum and Ethereum Classic dates back to the early days of cryptocurrency to the $50 million DAO Hack of June 2016. DAO was a smart contract running on Ethereum and when a hacker managed to swindle $50 million from it, the Ethereum community held a vote and elected to change Ethereum’s code so they could return the money to its rightful owners.

One of the main principles of the blockchain is immutability, so the detractors who disagreed with the decision to change Ethereum’s code took action and created Ethereum Classic, which is a copy of the old version of the Ethereum blockchain featuring a few minor improvements in response to the hack. Ethereum Classic has the support of some big crypto players, but the majority of the Ethereum team stuck with Ethereum.

  • QTUM

Approximate Market Cap on January 17th: $2.99B

QTUM is designed to mix the best of Ethereum and Bitcoin. It enhances the Bitcoin Core protocol, while allowing for businesses to execute smart contracts, like Ethereum. Created by Patrick Dai and based out of Singapore, QTUM has the ability to execute smart contracts in lite wallets via mobile applications, giving it the potential to bring blockchain-based applications to mobile devices.

While QTUM is currently seeking out their first major partner, its potential has many investors very optimistic.

Approximate Market Cap on January 17th: $8.27B 

EOS is considered a direct competitor to Ethereum. In fact, the founders of EOS and Ethereum have feuded on Twitter. Created by Hong-Kong-based entrepreneur Brendan Blumer and programmer Dan Larimer, EOS is a platform that executes smart contracts using an operating system-like construction upon which applications can be built.

The main difference between EOS and Ethereum is in their design philosophy. While Ethereum has neutrality in mind and does not offer common high-level use cases as intrinsic parts of the protocol, reducing bloat among applications but also reducing efficiency for app developers. EOS on the other hand recognizes that many different applications require the same functionality and seeks to provide these functions. Although it would be difficult to dethrone Ethereum, EOS has practical value for app developers that make it a cryptocurrency to watch.

CONCLUSION

While blockchain technology is here to stay, many alt-coins can fade away fast. If you are investing in cryptocurrency, research will pay off in the long run. Understanding the differences between each currency will help investors figure out where best to place their bets.

This is the final entry of our five part series on Cryptocurrency. Thank you for reading! Check out our previous articles below if you need to catch up.

Part 1: Should My Business Consider Accepting Cryptocurrencies? An Overview

Part 2: How Adopting Cryptocurrencies Could Benefit Your Business

Part 3: Secure Your Cryptocurrency with the Right Wallet

Part 4: How the Revolutionary Mechanics of Blockchain Could Serve Your Business

How the Revolutionary Mechanics of Blockchain Technology Could Serve Your Business

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In the last entry in our cryptocurrency series, we explored how to secure your cryptocurrency with the right wallet. This week, we’ll take a look at the mechanics of the Blockchain across industries.

While the debate over whether Bitcoin will become the dominant cryptocurrency is far from over, the mechanics behind Bitcoin are unquestionably revolutionary. Blockchain technology has the potential to disrupt more than just currency, but industries ranging from healthcare to Wall Street.

The Blockchain is a secure ledger database shared by all parties participating in an established, distributed network of computers. The Blockchain decentralizes the process of validating transactions, allocating the duties to computers throughout the network.

Blockchain is revolutionary because it eliminates the need for a central authority, allowing for a real-time ledger that is not dependent on a single entity governing the transactions.

Imagine if in order to make changes to a text document, you had to email a colleague who would then update the document on Microsoft Word and send the updated file out to all relevant parties on the team. The updating of information would quickly become an inefficient process that is heavily dependent on the central entity (the colleague). Blockchain posits a workflow that is more like Google Docs in that it allows updates to be made in real time and shared across the network instantly without the need of a central authority. Blockchain enacts this principle by relying on computers within the network to independently validate transactions through cryptography. Thus, the validity of the ledger is determined by the many objective computers on the network rather than a single powerful entity.

The idea of decentralization can also be applied to WhatsApp, the popular messaging app that revolutionized texting and cut the cost of transactions globally. WhatsApp cut out the central authority of phone carrier companies by building the same functionality on a decentralized network (the Internet).

If you’re still confused about Blockchain, check out this awesome video by Wired breaking it down in 2 minutes:

https://www.youtube.com/watch?v=Q-UYHvPKt9E

Blockchain has already found usages in many different industries.

  • SMART CONTRACTS

Smart contracts are coded contracts embedded with the terms of an agreement. They are a method for businesses and individuals to exchange money, property, materials, or anything of value in a transparent way that avoids the services of a middleman (such as a lawyer). Smart contracts not only define the rules of an agreement, they automatically enforce the obligations provided in the terms of the contract.

Smart contracts have revolutionized the supply chain and threaten to eliminate the use of lawyers for enforcing contracts. Smart contracts and blockchain ensure data security that could also lead to the transferring of voting to an online system, potentially increasing voter turnout significantly.

  • HEALTHCARE

Within the healthcare industry, Blockchain has the potential to revolutionize data sharing between healthcare providers, resulting in more effective treatments and an overall improved ability for healthcare organizations to offer efficient care. A study from IBM showed that 56% of healthcare executives have a plan to implement a commercial blockchain solution by 2020.

  • SUPPLY CHAIN

Both within the Healthcare industry and elsewhere, blockchain is redefining supply chain management. Blockchain can provide a distributed ledger that tracks the transfer of goods and raw materials across wide-ranging geographical locations and stages. The public availability of the ledger makes it possible to trace the origin of the product down to the raw material used. For this reason, blockchain has also been applied to track organic produce supply chains.

The boon of the Internet of Things and smart objects means that blockchain technology can be extended to process data and manage smart contracts between individuals and their smart devices or even smart homes. Imagine a world where your refrigerator automatically orders eggs when it senses you are running low based on your egg eating habits. This world will be facilitated by a smart contract run on Blockchain technology embedded in an IoT device.

CONCLUSION

While the first blockchain was created for Bitcoin, applications for blockchain are constantly being implemented across industries. As Harvard Business Review smartly points out, the question in most industries is not whether blockchain will influence them, but when.

Many different cryptocurrencies are utilizing variations on Blockchain technology in order to process transactions—some of which are doing so in a more efficient manner than Bitcoin. Next week, we’ll explore the top cryptocurrencies on the market right now and which ones your business should accept.

Secure Your Cryptocurrency with the Right Wallet

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While blockchain technology ensures that cryptocurrency transactions are immutable, irreversible, and secure, where cryptocurrency is stored is a determining factor in how secure it is. Having a vulnerable cryptocurrency wallet is like storing money at a suspicious bank: it’s unsafe and it behooves the investor to do enough research to sleep at night knowing their assets are safe.

WHAT IS A CRYPTOCURRENCY WALLET?

Every transaction in the blockchain shared record is signed by a private key linked to the user’s account. As we covered in the first blog in our cryptocurrency series, the blockchain is the decentralized mechanism that prevents double spending and validates transactions. Cryptocurrency wallets store the private keys. Although cryptocurrencies are not stored within the wallet, they are protected by the address created and stored by the wallet. Deciding on the right wallet for your cryptocurrency is one of the most important decisions since it will make or break the security of your assets.

There are five different types of wallets to choose from: mobile wallets, desktop wallets, hardware wallets, paper wallets and online wallets.

PAPER WALLETS

Paper wallets are the most basic form of wallet. They are an offline wallet consisting of two QR Codes. One of the codes is the cryptocurrency address and the other is the associated encrypted private key.

The benefit of a paper wallet is that it cannot be hacked. It is essentially a piece of paper that is stored in a safe place like a safe or safety deposit box. Unfortunately, while paper wallets may be exceptionally safe since they are unhackable, they are not exceptionally nimble. If you are looking to buy and sell cryptocurrencies frequently, this may not be the option for you.

ONLINE WALLETS

If you are new to cryptocurrency and have recently invested, chances are you are currently using an online wallet like Coinbase, Blockchain, or Xapo. Online wallets are run by third-party providers, so the security of currency is dependent on the company running the show. As the hack of NiceHash proves, this is not always the best thing. CoinBase insures their client’s investments and stores the majority of their cryptocurrency offline. While Online Wallets provide an easy avenue for buying and selling cryptocurrencies, storing cryptocurrency offline is significantly safer.

MOBILE WALLETS

Mobile cryptocurrency wallets are software wallets that make cryptocurrency available through mobile devices. One of the benefits of a mobile wallet is that merchants that accept cryptocurrency can use NFC technology to sync with their apps and provide wireless payments.

The most popular mobile wallets include Copay, breadwallet, and for Android users: Bitcoin Wallet. While mobile wallets make cryptocurrencies nimble, they are only as secure as the smartphone on which they are being used. Storing large amounts of cryptocurrency on mobile devices is not recommended, but they can be a good tool for investors who are buying and selling cryptocurrency on the go.

DESKTOP WALLETS

Like mobile wallets, desktop wallets are software designed for desktop computers. They are more secure than mobile wallets, but less nimble. Still, for those who want to secure their cryptocurrency and don’t mind being limited to their computer, desktop wallets are a great option.

Bitcoin Core is the original Bitcoin wallet, but it is somewhat techy and precarious to install as it requires downloading the entire blockchain.

Electrum is one of the most popular desktop bitcoin wallets. It’s easy to use and it can be configured for advanced features like TOR and cold storage, making it accessible to newbies with higher functionality for high-tech users.

Exodus features one of the best UIs available for a wallet. It allows users to instantly trade currencies stored within the exchange between themselves and it is partially open source.

HARDWARE WALLETS

Aside from paper wallets, hardware wallets are the most secure method of securing cryptocurrency. Hardware wallets are small computers, smartcards, or dongles created to generate private keys offline, securely signing transactions in the offline environment. Like paper wallets, hardware wallets cannot be hacked remotely and are as secure as the place in which they are stored. The only difference is that hardware wallets, like all technology, can lose functionality with age and improper upkeep.

The best hardware wallets are Ledger Nano and Trezor. Ledger Nano is a smartcard-based hardware wallet that can be used on any computer or Android phones with Mycelium or Greenbits mobile wallets. Trezor is a tiny computer, rather than a smartcard, but both upon set-up generate a random 24-word seed that backs-up the funds and can be used to recover all funds within the wallet. It is best to have a hardware wallet with its own screen, like Trezor, since hardware wallets that plug into the computer expose themselves to the security vulnerabilities of the computer.

TAKEAWAY

There are many ways to store cryptocurrency with varying levels of security. For those who are looking for the most secure method, hardware and paper wallets are the best route. For those who are looking to trade on the go, mobile and online wallets provide the best flexibility. Desktop wallets are the happy medium. So long as wallet options have been researched, cryptocurrency investors can rest easy knowing they made the informed decision.

Next week, for the next installment of our blog series on cryptocurrencies, we will explore the revolutionary mechanics of the Blockchain. Stay tuned!

How Adopting Cryptocurrencies Could Benefit Your Business

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Bitcoin-Trading-featured-898x463Are you missing out on a once-in-a-lifetime opportunity to get in on a currency that could continue to dramatically increase in value over time?

Whether or not the recent surge in value of Bitcoin is a fluke, many agree the idea of cryptocurrency is here to stay. With physical cash having already taken a backseat to credit cards, does it stand to reason that digital currencies will become more prominent in the years to come? Many people are betting big on the answer to that question being yes.

Last week, we explored an overview of cryptocurrencies. For businesses with their eyes on the bottom line, the question becomes: Should you accept cryptocurrencies?

Here are the major factors to consider in making your decision of whether or not to accept cryptocurrencies:

THE POSITIVES:

FRAUD PROTECTION

One of the biggest pros of cryptocurrency is the way in which it protects your business from the risk of fraud. When payments are made through credit cards and PayPal, merchants risk these charges later being reversed if they are deemed a fraudulent purchase. With Bitcoin, payments are irreversible, so the bill for fraud is no longer footed by merchants.

INSTANT INTERNATIONAL PAYMENTS

The internet enables the sending of cryptocurrencies overseas to be as easy as sending them across the street. With no central authority to verify transactions, not only do international payments come with no additional cost, they are instant. Cryptocurrencies offer international payments with no extra fees, 0 business days to transfer, and no minimum or maximum transaction amounts, making them an excellent payment option for businesses looking to expand to far-reaching markets.

CHOOSE YOUR OWN TRANSACTION FEES

Instead of paying fees per transaction, cryptocurrencies allow you to pay fees that determine the speed at which money is received. The processing power required to process transactions is distributed across computers on the internet. Network owners make money by allowing merchants and users to use their systems to process transactions. Thus, users can choose their fees based on how fast they require their payments to be sent.

NO PCI-COMPLIANCE NECESSARY

While accepting credit cards online typically requires PCI-Compliance to ensure credit card information is stored safely, cryptocurrencies require businesses to secure their wallets without necessitating the federally-imposed fees that come with processing sensitive information like credit cards. Blockchain technology ensures that cryptocurrencies are secure and that security is cheaper to maintain.

ACCESS A NEW CROWD

As an emerging market with niche followers, the cryptocurrency audience is known for their fervor for all things related to their passion. By adopting cryptocurrencies at an early stage in their development, a business can set itself apart and expand their market to receive visibility from the avid cryptocurrency crowd that has invested in cryptocurrencies at this early stage.

THE NEGATIVES:

MARKET VOLATILITY

Perhaps the greatest detriment to the cryptocurrency movement is the erratic nature of the value of the currency. Bitcoin is the staple cryptocurrency and with its value fluctuating wildly from day-to-day, most cryptocurrency owners would rather save their Bitcoin in hope that its value continues to spike than spend it on consumer goods.

What’s more, retailers may be afraid of accepting something that could lose value fast. When Square announced it was piloting a program to buy and sell Bitcoin through its app, Bitcoin’s price skyrocketed. If a major retailer like Amazon or Target were to elect to accept Bitcoin at their locations, no doubt Bitcoin’s value would spike once again. Thus, the silver lining of the market volatility is if a retailer does begin to accept it early, they could potentially make a large return on their initial investment.

REGULATORY LANDSCAPE

Another major issue for merchants to consider is forthcoming regulations and potential litigation relating to the cryptocurrency markets. With cryptocurrencies still in their infancy, lawmakers are working to enact regulations to govern and tax them. As cryptocurrency becomes more mainstream, merchants that accept cryptocurrencies will have to be adaptable to periodic changes in the laws which govern cryptocurrency.

BOTTOM LINE

While there are some risks in accepting cryptocurrencies, there are potentially massive rewards. Becoming an early adopter of major cryptocurrencies when they are low in value is an investment that could pay off big time if the value of the currencies continues to rise. For forward-thinking entrepreneurs who are ready to adapt to their business environment, the decision to accept cryptocurrency is an easy one. As they say: the early bird gets the worm.

Should My Business Consider Accepting Cryptocurrencies? An Overview

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Recently, Bitcoin has flooded the news cycle, rising in value from about 1,000 per bitcoin on January 1st 2017 to upwards of $16,000 as of December 7th 2017. Square, a prominent payment app, recently announced they will pilot a program that allows for Bitcoin trade. With Bitcoin on the rise, the all-important question becomes: Should your app or website accept cryptocurrencies?

Over the next several weeks, we will endeavor on a series of blogs to answer all of the questions necessary to make that decision, including:

  1. What cryptocurrencies are, how they work, and why they are important.
  2. The pros and cons of accepting cryptocurrencies on your app or website
  3. Choosing your cryptocurrency wallet.
  4. What Blockchain is, how it’s important to cryptocurrencies and its other revolutionary applications.
  5. An exploration of why Bitcoin is the most popular cryptocurrency and of  other prominent cryptocurrencies.

In order to explore cryptocurrencies, we must start at the beginning. The first successful cryptocurrency was Bitcoin, created in 2008 by the still unknown inventor Satoshi Nakamoto. While Nakamoto’s identity is still a mystery, the significance of their invention is not. They initially announced it as a “Peer-to-Peer Electronic Cash System”. Past attempts at creating digital currency involved a decentralized system, however, Nakamoto attempted to decentralize the currency by mimicking the technique of Peer-to-Peer file sharing networks.

In order for a payment network to function, there must be a ledger to prevent fraudulent double spending—forged transactions. In the physical world, banks function as the central entity which keeps records about balances. With Bitcoin, Nakamoto created an alternate system. Since the network is decentralized, every entity on the network must have a list with all transactions to check if future transactions are valid. Not only that, there must be an absolute consensus about the records in order for them to become a part of an immutable record of historical transactions known as the “Blockchain”.

Nakamoto set in place a rule that only “miners” can confirm transactions. Miners take transactions, verify them in exchange for a token of cryptocurrency, validate them, and spread them in the network so that every node adds them to the database and the transaction becomes a part of the blockchain. The only way to create a valid Bitcoin is for a miner to complete this function.

Technically, anyone can be a miner. Since there is no central authority to regulate mining and prevent a ruling party from abusing it, Nakamoto set a rule that miners need to invest some of their computing power to the solving of a cryptographic puzzle using the SHA 256 Hash algorithm, in order to verify transactions. Without getting too technical, the miner must complete a cryptographic puzzle in order to build a block and add it to the blockchain, the reward for which is a specific number of Bitcoins depending on the difficulty of the puzzle. Miners compete to solve these problems and the first to solve it and validate the transaction receives the reward. This is part of the consensus that no peer can break.

While the system is complex, the use of the currency is ultimately quite simple. As outlined in BlockGeeks overview, 5 properties separate Bitcoin transactions from other transactions:

  • Bitcoin transactions are irreversible.
  • They are not tied to real-world identities but to pseudonymous addresses. This is one of the reasons Bitcoins are frequently used on the black market.
  • Transactions are enacted instantly and are global.
  • Cryptocurrencies are secured by a cryptography, making them extremely secure.
  • Without a central authority, cryptocurrencies are permissionless to use.

Cryptocurrencies often limit the supply of tokens, which is true of Bitcoin. The token supply of Bitcoin decreases in time and will reach its final number sometime around 2140. The monetary supply is controlled by a schedule written in code—in other words, purely through mathematics.

Whereas the statement on your bank account represents a debt owed to you by the bank, Bitcoins are not indicative of debts, they are literal currency with inherent value like a diamond. And the value of that currency has skyrocketed in the past year. Only 10 years after its creation, Bitcoin and cryptocurrencies are currently in an inchoate stage, making it all the more important for intelligent citizens to track their progress and global impact.

Next week, we will review the pros and cons of accepting cryptocurrencies through your app or website. Stay tuned!

How Artificial Intelligence Has Revolutionized Digital Marketing

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Last week, we explored the real power of Artificial Intelligence. AI’s ability to comprehend complex data sets and form patterns enables infinite new possibilities for personalization through the analysis of digital activity. Within the digital marketing industry, AI has been nothing short of a revolution. Here are the top ways in which Artificial Intelligence is impacting digital marketing:

NATURAL LANGUAGE PROCESSING

Natural Language Processing (NLP) is a field that focuses on the ability for computers to process human language to the point where it can generate replies based on inferred meaning. Machine Learning has sharply increased the ability for machines to generate sentiments designed to not only seem as if they were written by a human, but that are optimized based on data to elicit a specific action or emotional response.

Digital marketers fret over when to reach out, what to say, and what channel is most appropriate. AI’s NLP abilities mean that the guessing game has come to an end. AI can analyze big data to decide upon what the best method, channel, and timing will be in order to foster growth, engagement, and sales.

NLP as a trend is on the rise. Angel.co recently valued the average NLP start-up at $4.8 million.

SEARCH FILTERING

In days of yore, Google search rankings were determined by human-created metrics and social media feeds showed posts in chronological order. Now, programs like RankBrain are vital to deciding the criteria for Google’s search rankings while Facebook’s DeepText creates your newsfeed.

ADVERTISING

Artificial Intelligence drives programmatic purchasing, which is when AI determines who to show ads to and when to show them. Removing the burden of purchasing analysis leaves marketers room to focus on crafting powerful messages.

NLP enables AI to understand (through numbers and sentiment analysis) the abstract criterion of “context” and to match individuals with ads based on context to maximize the chances of generating a click or purchase.

According to Ad Exchange, programmatic purchasing accounted for 67% of all global display ads in 2017.

PSYCHOGRAPHIC PROFILES

Perhaps the most anxiety-inducing example of Artificial Intelligence impacts not only digital marketing, but politics.

Psychographic profiles are data-driven psychological profiles of consumers designed to shed light on why they do what they do. Firms like CaliberMind and Cambridge Analytica have turned this into a multi-million dollar industry. Insights gleaned from psychographic profiles are intended to optimize the messaging of both political and commercial ads to induce a desired action from the viewer.

Cambridge Analytica has taken credit for influencing both the Brexit vote and the 2016 presidential election; however, many (including the New York Times) cast a shadow of doubt over the extent of their impact. Regardless, as long as there are insights to be gleaned from digital activity, psychographic profiles will only continue to develop.

SELF-DESIGNING WEBSITES

That’s right, AI has become adept enough to design websites based on data. Wix ADI created this personal trainer’s website and Grid has been designing websites since 2014.

CONCLUSION

Every application of artificial intelligence in digital marketing is relatively new. While these applications are increasing in popularity, expect them to also increase in efficiency and effectiveness as technology continuously advances.

The Real Power of Artificial Intelligence

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Technological innovations expand the possibilities of our world, but they can also shake-up society in a disorienting manner. Periods of major technological advancement are often marked by alienation. While our generation has seen the boon of the Internet, the path to a new world may be paved with Artificial Intelligence.

WHAT IS ARTIFICIAL INTELLIGENCE

Artificial intelligence is defined as the development of computer systems to perform tasks that normally require human intelligence, including speech recognition, visual perception, and decision-making. As recently as a decade ago, artificial intelligence evoked the image of robots, but AI is software not hardware. For app developers, the modern-day realization of artificial intelligence takes on a more amorphous form. AI is on all of your favorite platforms, matching the names and faces of your friends. It’s planning the playlist when you hit shuffle on Apple Music. It’s curating the best Twitter content from you based on data-driven logic that is often too complex even for the humans who programmed the AI to decipher.

MACHINE LEARNING

Currently, Machine Learning is the primary means of achieving artificial intelligence. Machine Learning is the ability for a machine to continuously improve its performance without humans having to explain exactly how to accomplish all of the tasks it has been given. Web and Software programmers create algorithms capable of recognizing patterns in data imperceptible to the human eye and alter their behavior based on them.

For example, Google’s autonomous cars view the road through a camera that streams the footage to a database that centralizes the information of all cars. In other words, when one car learns something—like an image or a flaw in the system—then all the cars learn it.

For the past 50 years, computer programming has focused on codifying existing knowledge and procedures and embedding them in machines. Now, computers can learn from examples to generate knowledge. Thus, Artificial Intelligence has already permanently disrupted the standard flow of knowledge from human to computer and vice versa.

PERCEPTION AND COGNITION

Machine learning has enabled the two biggest advances in artificial intelligence:  perception and cognition. Perception is the ability to sense, while cognition is the ability to reason. In a machine’s case, perception refers to the ability to detect objects without being explicitly told and cognition refers to the ability to identify patterns to form new knowledge.

Perception allows machines to understand aspects of the world in which they are situated and lays the groundwork for their ability to interact with the world. Advancements in voice recognition have been some of the most useful. In 2007, despite its incredibly limited functionality, Siri was an anomaly that immediately generated comparisons to HAL, the Artificial Intelligence in 2001: A Space Odyssey. 10 years later, the fact that iOS 11 enables Siri to translate French, German, Italian, Mandarin and Spanish is a passing story in our media lifecycle.

Image recognition has also advanced dramatically. Facebook and iOS both can recognize your friends’ faces and help you tag them appropriately. Vision systems (like the ones used in autonomous cars) formerly made a mistake when identifying a pedestrian once in every 30 frames. Today, the same systems err less than once in 30 million frames.

EXPANSION

AI has already made become a staple of mainstream technology products. Across every industry, decision-making executives are looking to capitalize on what AI can do for their business. No doubt whoever answers those questions first will have a major edge on their competitors.

Next week, we will explore the impact of AI on the Digital Marketing industry in the next installment of our blog series on AI.

The Best New Features of iOS 11

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While we thoroughly enjoyed iOS 10’s open functionality and all it offered app developers, Apple’s premiere operating system is due for a refresh. iOS 11 has been making waves in its public beta release, here are the top upgrades coming to Apple’s landmark OS:

MAJOR UPGRADES FOR IPAD

Apple’s iOS 11 preview states right off the bat: “A giant step for iPhone. A monumental leap for iPad.” iOS 11 offers a number of improvements for iPad users.

The improved Dock now looks a lot like the macOS dock. Users can put dozens of apps in the doc and easily pull it up by swiping upward.

Need to use two apps at the same time? iOS has your back. Like Picture-In-Picture Mode for Android, which we detailed last week in our coverage of Android Oreo, iOS 11 allows you to use two apps at the same time—something that will inevitably come in handy on the large screens of the iPad.

Apple Pencil Instant Notes via Redmond Pie

APPLE PENCIL receives a major upgrade in iOS 11. Instant Markup makes it easy to mark up PDFs, screenshots and more. Instant Notes and Inline Drawing let you customize your screen. The Scan and Sign feature also makes it easy to sign important documents online and send them in the flash of an eye.

SIRI MATURES

WIRED recently detailed the path toward improving the voice of iOS: Siri. While Google and Amazon have excelled in their virtual assistant development, Siri seems to have lagged behind. iOS 11 revamps Siri’s voice to sound much more natural, while also teaching her to translate Chinese, Spanish, French, German, or Italian.

GET READY FOR AUGMENTED REALITY!

When Pokemon Go took the world by storm, “Augmented Reality” became a household name. Now, the time has come for app developers rejoice! iOS 11 features ARKit, a new development framework that makes it easy for developers to build incredible AR experiences.

ARKit allows developers to create 2D or 3D elements in the live view from iPhone and iPad camera’s in order to make them appear as if they exist in the real world. ARKit combines device motion tracking, camera scene capture, advanced scene processing, and display conveniences to make building AR experiences a breeze.

Check out some of the best AR experiences built with ARKit so far.

CAMERA TIME

Thanks to a new compression technology, iOS 11 will be able to store video using less space than ever. Additionally, the camera will allow users to loop live videos, to trim and edit live videos, to grab a still from a live photo, and to capture time and movement with long exposure photos.

Apple App Store via BGR

APP STORE REDESIGN

The rigorous standards of Apple’s App Store always lent itself to curation. With that in mind, Apple has redesigned the App Store to emphasize discovery. The new App Store will offer a completely separate tab for Games, a variety of daily stories and a tab for the best apps of the day, all curated by Apple!

FILES, PAYMENT, AND MORE

iOS 11 is a comprehensive upgrade that comes equipped with a host of other great additions, including:

– FILES: Never lose track of important documents again! The Files app makes it easy to find files stored on iOS devices, in iCloud Drive, and even across other cloud services like Box and Dropbox.

– APPLE PAY IN IMESSAGE: iOS 11 will make peer-to-peer payments easy, allowing users to send Apple Pay payments as a part of iMessage.

– CONTROL CENTER: The Control Center has received a complete redesign. The new Control Center will appear all on one page and is customizable, allowing users to personalize the design to the most helpful layout.

TAKEAWAYS

If you are an iPad user, you are truly in for a treat when iOS 11 comes out. If you only use iPhone, iOS 11 still delivers a fresh redesign with improved functionality. iOS 11 is yet another solid entry in Apple’s OS canon.

Android Oreo Serves Up the Sweets

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Like the candy, Google’s newest delectable dessert-themed operating system Android 8.0 Oreo offers the best of both worlds: crunchy cookie goodness of versatile functionality and the creamy frosting of beautiful UI and presentation.

PROJECT TREBLE 

Project Treble is one of the major aspects of Android Oreo that makes it a full 1.0 update. Project Treble is designed to reduce device fragmentation by making it easier for hardware manufacturers to issue updates on Android devices. The architecture redesign modularizes the Android OS away from the drivers and other hardware-specific code. By making it easier for manufacturers to update Android devices, Project Treble makes accessing the latest Android OS from your devices  easier than ever.

HIGH-PERFORMANCE BLUETOOTH AUDIO

Android Oreo is loaded up with BLUETOOTH 5 and LDAC, making Oreo capable of supporting audio quality that surpasses what the vast majority of high-end audio equipment can reproduce.

LDAC is a codec that supports the transfer of 24 bit, 96kHz audio via Bluetooth. The closest competitor is Qualcomm’s aptX HD which supports 24 bit, 48kHz technology. LDAC was created by Sony, who donated the codec to Android for Oreo as a part of the core AOSP code for other OEMS to implement.

Whereas previous iterations of Bluetooth offered a range of 50m-100m outdoors and 10m-20m indoors, Bluetooth 5 can reach up to 200m outdoors and 40m indoors. Additionally, Bluetooth 5 BLE doubles Bluetooth 4.x BLE’s data transfer rate with up to 2Mbps. The kicker is: Bluetooth 5 actually utilizes up to 2.5 times less power while increasing range and speed.

BATTERY LIFE

The Android Oreo update includes multiple initiatives designed to improve battery life. Background execution limits have been enacted to limit requests to scheduled windows of activity, resulting in longer battery life and less strain on the device by inactive apps.

Android Oreo places two major limitations on what apps can do while users aren’t directly interacting with them:

  1. Background Service Limitations limit the use of background services by idle apps. This does not apply to foreground apps, which are defined as apps with visible activity, apps with a foreground service, or apps that are connected to another foreground app.​
  2. Broadcast Limitations prevent apps from using their manifest to register for implicit broadcasts. Apps can still use their manifest to register for broadcasts at runtime and for explicit broadcasts targeted specifically at their app.

For the most part, app developers can work around these limitations using JobScheduler jobs. Android has also made several improvements to JobScheduler.

Background execution limits will have a major impact on the functionality of existing and future apps, check out a full breakdown of the new functionality directly from Android.

Additionally, Android Oreo comes with Vitals. Vitals is an initiative by Google that improves system performance and stability by offering developers various tools to monitor app usage on a device. Vitals enables developers to  optimize their apps for improved battery life and performance.

UI

Google’s strategy with OS updates has become more and more minimal in recent years. The last major visual OS overhaul was enacted by Google in Android 5.0 Lollipop. Android Oreo does not change the name of the game, but offers a variety of UI improvements.

DOWNLOADABLE FONTS: Android 8.0 Oreo offers support for apps to request fonts from a “provider” application, reducing the amount of disk space spent by apps on storing font libraries individually.

NOTIFICATION CHANNELS: Notifications have always been one of the strong suits of Android Operating Systems. With Android Oreo, app notifications must be sorted by the developer into channels based on type, so that the user can then customize what types of notifications they would like to receive and how they receive them.

For example, users can modify characteristics of notification channels that apply to all notifications in that channel, including:

  • Importance
  • Sound
  • Lights
  • Vibration
  • Show on lock screen
  • Override do not disturb

PICTURE IN PICTURE MODE: Oreo ports Android’s famous “Picture-In-Picture Mode” for phones and tablets. Picture-In-Picture Mode allows users to view multiple apps at the same time. It is most handy for watching video or having a video call while using another app.

TAKEAWAY

Overall, Android 8.0 Oreo delivers the goods. It’s sleek, supports the best audio quality available, allows more UI customizability, saves battery life, and it’s a major step toward conquering device fragmentation which has plagued Android since its inception.

Generate Downloads with the Ultimate App Promotion Guide

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App PromotionAs app developers, retaining an adept understanding of the marketing side of the business is of the utmost importance. An improperly promoted app, whether it’s good or not, will falter in the 6 million apps in app stores. Some larger companies can afford to outsource this work. Independent developers and companies developing apps for clients must have the knowledge to guide projects from development through release regardless of their expected level of involvement in enacting a release strategy. When developing your app, take into consideration our overview of app promotion strategies and best practices.

APP STORE OPTIMIZATION 

App Store Optimization is the bread and butter of all app marketing efforts. App stores are the largest driver of downloads for the vast majority of apps. When enacted properly, ASO will drive tens, hundreds, or even thousands of daily downloads from app stores depending on the search traffic of the keywords. Experienced developers create ASO strategies before they begin the programming process.

Selecting keywords is the first and most important process of ASO. Searches in the app store are typed out with thumbs rather than a full keyboard, thus thinking of key shorthand terms is vital to improving search rankings. Developers must evaluate the amount of search traffic for each keyword and how competitive that search traffic is. Pursuing high traffic search terms can backfire because apps can falter against the high level of competition. Developers should continually refine their keywords and have a strategy ready for when their apps improve in search rankings. Over time, apps grow stronger in app store search and can eventually rank for more competitive keywords. It’s vital for developers to constantly refine their ASO strategies and build toward more competitive search terms. Many companies create one strategy for when their apps are first entering the store and a separate strategy for when they improve in ASO strength and can compete with higher volume search terms.

ASO does not end with the release. Engagement signals like retention, number times people open the app, and length of usage increase app store rankings. Developers must constantly be working toward improving the UI of their apps, as retention will boost ASO.

PAID ADVERTISING

While paid advertising, specifically social media ads, can be a major driver of app downloads, it’s important to understand where paid advertising factors into the equation. Before enacting paid ads, developers should have established a proven revenue model and overall business model. How much revenue an app generates per download will dictate the paid advertising budget. Without a model for revenue per download, app promotion can quickly become too expensive to maintain and end up in the red.

THE BENEFITS OF A SOFT LAUNCH

A soft launch is when developers make their app available in app stores without any promotional push. The small set of users you acquire through a soft launch can act as an initial beta user group that will inform your understanding of how consumers are using your app.

App developers often come to realize a major disconnect between why they think their app is good versus the opinion of their users. Experienced developers make the most of their analytics and continuously dedicate resources to the iterative process of improving their apps.

THE DANGERS OF CROSS-PROMOTION

While cross-promotion is a popular tactic, it’s also one that can backfire. App developers find partners with relevant but separate audiences and promote traffic to one another’s pages or content. The key to cross-promotion is finding a partner with an audience that is going to give an equivalent amount of exposure. The potential pitfall is that when users redirect out of the app, it reduces retention, ultimately damaging ASO.

Rather than partner with another app or company, some developers elect to develop feeder games and alternate apps which cross-promote to one another, maximizing downloads without detracting from outside marketing efforts.

SEARCH ENGINE OPTIMIZATION

Many app developers promote their apps through their website with Google SEO, social media, content marketing & more. While some apps treat their website as a landing page with a large download button, there is much more that can be done. For example, hosting Youtube content or a blog on your site will draw users in to your brand and retain them on the web page.

Enacting SEO for your app store URL can be even more effective than for your website. App Store URLs can outrank websites in SEO because of the authoritative domain of iTunes and Google Play.

PUBLICITY AND OTHER ENTREPRENEURIAL METHODS

While effective ASO and app promotion can be done on a relatively low budget, app promotion doesn’t have to begin and end on the tech side of things. Many developers make a point of developing their public persona through social media and external publicity in order to foster an audience to whom they can later market their products.

THE ROAD TO SUCCESS

Ultimately, the road to success is not smooth, but bumpy. With the right mix of expert development, continuous maintenance, vigilance and dedication, an app can break through the sea of competition and become a profitable enterprise.