Tag Archives: Blockchain

Web3: The Next Step in the Internet’s Evolution

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Web3 has become an increasingly popular buzzword in tech circles. While some are fervent believers in its potential to change the internet as we know it, others are skeptical it holds the future. Still others have no clue what it is—and rightfully so. Web3 entails a set of online principles with potentially mammoth ramifications, but one of the major questions surrounding it is how will these principles take hold? Web3 could manifest in a variety of ways.

This week, we delve into how it may change the internet as we know it.

WHAT IS WEB3?

To answer this question, first we’ll explain the Web1 and Web2.

Web1 is the original version of the internet—think of it as a read-only version. In 1991, HTML and URLs allow users to navigate between static pages. After the millennium, the internet starts to become interactive. User-generated content gradually takes hold via MySpace and eventually Facebook, Twitter, and other social media platforms. This interactive version of the internet constitutes Web2, it’s a version of the internet in which users can both read and write via social media, Wikipedia, YouTube and more.

Tech conglomerates naturally turned Web2 into an era of centralization. Meta owns three of the four biggest social apps in the world. YouTube, the fourth biggest social network, is owned by Google, which accounts for around 90% of internet searches. Many question the ethics behind so much data in the hands of so few behemoths. Some have gone so far as to question whether the combination of big data and AI could diminish our capacity for free will, while other research shows that the targeted ad economy does not add much value and may in fact be a bubble.

In the face of these prescient concerns, the main thing that separates Web3 is the concept of decentralization.

DECENTRALIZED WEB

One of the main principles of Web3 is that it employs blockchain technology to decentralize data ownership and, in the words of Packy McCormick who helped popularize the term Web3, an “internet owned by the builders and users, orchestrated with tokens.”

The concept of digital decentralization gained massive traction since Satoshi Nakamoto created Bitcoin using the blockchain in 2009. Cryptocurrency has since become a household name and blockchain technology is finding adoption in a multitude of ways.

In Web3, centralized corporate platforms will be replaced with open protocols and community run networks, enabling the open infrastructure of Web1 with the user-participation of Web2. Everything is decentralized using the blockchain. Decentralization means that a distributed ledger manages financial transactions rather than a single server.

When going to a major social network like Instagram, rather than giving their data away for free, users could monetize their data and receive cryptocurrency for creating interesting posts. Users could buy stakes in up-and-coming artists to become patrons in exchange for a percentage of their royalties. Axie Infinity is a popular Web3 video game which uses NFTs and Ethereum to reward users for achieving in-game objectives. Games with real-life rewards are known as Play to Earn or “P2E” games—a major new trend in game design. It follows the overall goal of Web3—to put power in the hands of users and creators rather than major corporations.

CRYPTOCURRENCY AND NFTS

Blockchain technologies enable an economy powered by NFTs and cryptocurrency. Users can use cryptocurrencies like Ethereum to purchase NFT versions of real-life moments, memes, emojis and more. For example, NBA: Top Shot was among the first NFT projects from a major brand. Fans could purchase “moments” in NBA history, such as Jordan’s famous shot in Game 5 of the 1989 NBA playoffs first round, and trade them as if they were trading cards. It creates a community for fans using digital assets.

The digital art contained within NFTs can be copied but original ownership cannot be duplicated. It’s similar to owning an original Picasso—other people may have copies of the same art, but there is only one original.

Bored Ape Yacht Club may be the most successful NFT project—offering access to real-life parties and online spaces in exchange for purchasing their NFTs.

Another blockchain-powered phenomenon is Decentralized Autonomous Organizations or DAOs. DAOs are organizations that raise and spend money, but all decisions are voted on by members and executed using rules encoded in the blockchain. Famously, a DAO recently raised $47 million in a failed attempt to buy a copy of the constitution.

WHAT TYPE OF WEB3 WILL EMERGE?

With so much up in the air, it’s unclear what type of Web3 will emerge. Although decentralization promises to diminish the power of major corporations, these conglomerates still hold such endless resources that it’s hard to imagine them not finding a way to capitalize and maintain relevance.

Remaking the web won’t happen overnight. There are still major technical and regulatory hurdles which need to be overcome before Web3 becomes the golden standard.

Although we can’t predict how all this will shake out and affect your daily online experience, one thing is for sure—the internet is evolving.

Cloud-Powered Microdroid Expands Possibilities for Android App Developers

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Android developers have a lot to look forward to in 2021, 2022, and beyond. Blockchain may decentralize how Android apps are developed, Flutter will see increased adoption for cross-platform development, and we expect big strides in AR and VR for the platform. Among the top trends in Android development, one potential innovation has caught the attention of savvy app developers: Microdroid.

Android developers and blogs were astir earlier this year when Google engineer Jiyong Park announced via the Android Open Source Project that they are working on a new, minimal Android-based Linux image called Microdroid.

Details about the project are scant, but it’s widely believed that Microdroid will essentially be a lighter version of the Android system image designed to function on virtual machines. Google is preparing for a world in which even smartphone OS’s require a stripped-down version that can be run through the cloud.

Working from a truncated Linux, Microdroid will pull the system image from the device (tablet or phone), creating a simulated environment accessible from any remote device. It has the ability to enable a world in which users can access Google Play and any Android app using any device.

What does this mean for developers?

Microdroid will open up new possibilities for Android apps in embedded and IoT spaces which require potentially automated management and a contained virtual machine which can mitigate security risks. Cloud gaming, cloud computing—even smartphones with all features stored in the cloud—are possible. Although we will have to wait and see what big plans Google has for Microdroid and how Android developers capitalize on it, at this juncture, it’s looking like the shift to the cloud may entail major changes in how we interact with our devices. App developers are keen to keep their eyes and heads in the cloud.

Although no timeline for release has been revealed yet, we expect more on Microdroid with the announcement of Android 12.

How AI Revolutionizes Music Streaming

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In 2020, worldwide music streaming revenue hit 11.4 billion dollars, a 2800% growth over the course of a decade. Three hundred forty-one million paid online streaming subscribers get their music from top services like Apple Music, Spotify, and Tidal. The competition for listeners is fierce. Each company looks to leverage every advantage they can in pursuit of higher market share.

Like all major tech conglomerates, music streaming services collect an exceptional amount of user data through their platforms and are creating elaborate AI algorithms designed to improve user experience on a number of levels. Spotify has emerged as the largest on-demand music service active today and bolstered its success through the innovative use of AI.

Here are the top ways in which AI has changed music streaming:

COLLABORATIVE FILTERING

AI has the ability to sift through a plenitude of implicit consumer data, including:

  • Song preferences
  • Keyword preferences
  • Playlist data
  • Geographic location of listeners
  • Most used devices

AI algorithms can analyze user trends and identify users with similar tastes. For example, if AI deduces that User 1 and User 2 have similar tastes, then it can infer that songs User 1 has liked will also be enjoyed by User 2. Spotify’s algorithms will leverage this information to provide recommendations for User 2 based on what User 1 likes, but User 2 has yet to hear.

via Mehmet Toprak (Medium)
via Mehmet Toprak (Medium)

The result is not only improved recommendations, but greater exposure for artists that otherwise may not have been organically found by User 2.

NATURAL LANGUAGE PROCESSING

Natural Language Processing is a burgeoning field in AI. Previously in our blog, we covered GPT-3, the latest Natural Language Processing (NLP) technology developed by OpenAI. Music streaming services are well-versed in the technology and leverage it in a variety of ways to enhance UI.

nlp

Algorithms scan a track’s metadata, in addition to blog posts, discussions, and news articles about artists or songs on the internet to determine connections. When artists/songs are mentioned alongside artists/songs the user likes, algorithms make connections that fuel future recommendations.

GPT-3 is not perfect; its ability to track sentiments lacks nuance. As Sonos Radio general manager Ryan Taylor recently said to Fortune Magazine: “The truth is music is entirely subjective… There’s a reason why you listen to Anderson .Paak instead of a song that sounds exactly like Anderson .Paak.”

As NLP technology evolves and algorithms extend their grasp of the nuances of language, so will the recommendations provided to you by music streaming services.

AUDIO MODELS

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AI can study audio models to categorize songs exclusively based on their waveforms. This scientific, binary approach to analyzing creative work enables streaming services to categorize songs and create recommendations regardless of the amount of coverage a song or artist has received.

BLOCKCHAIN

Artist payment of royalties on streaming services poses its own challenges, problems, and short-comings. Royalties are deduced from trillions of data points. Luckily, blockchain is helping to facilitate a smoother artist’s payment process. Blockchain technology can not only make the process more transparent but also more efficient. Spotify recently acquired blockchain company Mediachain Labs, which will, many pundits are saying, change royalty payments in streaming forever.

MORE TO COME

While AI has vastly improved streaming ability to keep their subscribers compelled, a long road of evolution lies ahead before it can come to a deep understanding of what motivates our musical tastes and interests. Today’s NLP capabilities provided by GPT-3 will probably become fairly archaic within three years as the technology is pushed further. One thing is clear: as streaming companies amass decades’ worth of user data, they won’t hesitate to leverage it in their pursuit of market dominance.

Protect Your Enterprise with the Top Mobile App Security Tips of 2019

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A recent study conducted by AppKnox concluded that out of 100 top E-commerce apps, 95% failed basic security testing, 68% had four or more loopholes present in them, and 68% of apps were diagnosed with high severity threats.

Some of the most popular applications, including WhatsApp, Pokemon Go, and Facebook Messenger, are among the most frequently blacklisted among top enterprises due to the security risks they pose.

As a mobile app developer, security can lead to disaster for both your business and your consumers. Here are our top security tips for 2019:

TESTING AND CODE OPTIMIZATION

The two most important processes for building a secure app are extensive testing and constant refinement of code.

Disorganized code often causes data security risks. Minify code to ensure it is clean and concise and does not burden the application. When coding, think like an attacker and address any vulnerability a hacker could use to penetrate your application. Use libraries that show coding errors to ensure you catch security risks.

By budgeting for a rigorous testing and quality assurance process from the outset of the application development process, software developers ensure their applications will be thoroughly secure. Do not allow time-constraints getting a product to market to interfere with this crucial step. Test for functionality, usability, and security. Test, test, and test some more.

SECURE YOUR APIs

Enterprise developers are relying on application programming interfaces (APIs) more than ever, posing additional security requirements. API development and mobile app development share security considerations. Any vulnerability in an API is a vulnerability in the applications that the API connects. Solve potential headaches with the following tips:

  • Ensure all APIs integrated in your app are optimized for security.
  • Monitor all add-on software carefully to ensure that they do not present any system vulnerabilities.
  • Budget time to test the security of your APIs as well.

Check out TechBeacon’s 8 essential best practices for API security for additional reading.

LIMIT DATA COLLECTION AND PERMISSIONS

By collecting as little data as possible and minimizing permissions, app developers limit vulnerable attack points on their app. If the app does not require access to the camera or contacts, don’t request it. The same sentiment can be applied to data: make sure  users are aware of what data your application is collecting from them and only collect user data that is vital to the application’s functionality.

INTEGRATE A SECURITY TEAM FROM DAY ONE

Incorporating a dedicated security team from the inception of the development process on will ensure that the application has a cohesive security strategy intertwined with app functionality. Bringing the security team in from day one will minimize vulnerabilities that otherwise may slip through the cracks if they are brought on later in the process.

PROTECT CONSUMER DATA

Consumer data is generally the most vulnerable element for any app. The higher the volume of consumer data, the more there is for hackers to steal. In addition to limiting data collections, app developers should look into new data encryption technologies and biometric authentication. Decentralized database technology like the blockchain cryptology are among the most high-tech data protection measures tech companies can undertake.

Learn more about the Blockchain for mobile development via Application Development Trends.

CONCLUSION

In order to maintain secure environments, app developers must stay constantly stay up-to-date on the latest security technologies. Reading tech publications and maintaining awareness of the latest trends will ensure your enterprise is ready to integrate with tomorrow’s tech.

How to Safely Encrypt Sensitive Data in Your Mobile App

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In November 2014, cybercriminals perpetrated one of the biggest cybercrimes of the decade. They hacked into Sony’s computer systems, stole sensitive data, paralyzed the company’s operations, and gradually leaked embarrassing information to the media. The hackers threatened to continue until Sony agreed to pull the controversial comedy The Interview from its theatrical release.

As the headlines will tell you, the encryption of sensitive data is one of the most important investments a company can make. Facebook is currently under heat for data protection practices. The UK National Crime Agency called WannaCry a signal moment for awareness of cyberattacks and their real world impact. With the stakes higher than ever, the encryption of sensitive data in apps has never been more important.

Here are our top tips on how to safely encrypt sensitive data in your mobile app.

TIP #1: Coding and Testing

Writing secure code is fundemental to creating a secure app. Obfuscating and minifying code so that it cannot be reverse engineered is critical to keeping a secure environment. Testing and fixing bugs when they are exposed should be an ongoing investment of resources as it will pay off in the long run.

Tip #2: Scramble Data

Sometimes, the best method of encrypting data is scrambling. Software and web developers often become obsessed with storing every bit of data in databases and logs, assuming it may be useful later, but doing so can create a target for cybercriminals.

Cunning developers will only store a scrambled version of the data, making it unreadable to the outside eye, but still useful for those who know how to query it correctly.

For an in-depth dive into scrambling data, check out this awesome essay on how Amazon does it.

Tip #3: In Transit Vs. At Rest Encryption

There are two types of data to be encrypted: in transit data and at rest data. In transit data is moving data, be it in transit via email, in apps, or through browsers and other web connections. At rest data is stored in databases, the cloud, computer hard drives, or mobile devices. In transit data can be protected through the implementation of robust network security controls and firewalls. At rest data can be protected through systematically categorizing and classifying data with data protection measures in mind.

Tip #4: Secret Vs. Public Key Algorithms

Secret Key Algorithms are algorithms that use the same key for encryption and decryption. Public-key algorithms us two different encryption keys, one for encryption and the other for decryption. The public key is how the data is sent and the private key decodes it. Public-key algorithms are more secure, but require more computer processing power.

Tip #5: Blockchain Cryptography

We’ve covered the Blockchain in our past article on The Revolutionary Mechanics of the Blockchain. Blockchain cryptography has been on the rise because blockchain databases are distributed and thus more resilient in the face of a DOS attack.

Tip #6: Apps that Clean Up after Themselves 

Apps that collect sensitive information don’t necessarily need to store it. It is wise to delete sensitive data from mobile apps when the data is no longer in active use.

Tip #7 Choose the Right Algorithm

There are several popular pre-existing algorithms in existence that can be used to encrypt sensitive data in mobile apps. Check out UpWork’s awesome rundown:

  1. Advanced Encryption Standard (AES)
  2. RSA
  3. IDEA
  4. Signal
  5. Blowfish and Two Fish
  6. Ring Learning With Errors or Ring-LWE

Over the last 10 years, enterprise-wide use of encryption has jumped by 22 percent according to the Ponemon Institute. When building a mobile app, investing in encrypting sensitive data will pay off in the long run and haunt those that short-change it.

Litecoin: The Everyday Cryptocurrency

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In our last piece, the Mystic Media Blog covered the up and coming cryptocurrency Ripple. This week, we’ll examine another major cryptocurrency player: Litecoin.

Litecoin is a swifter, more nimble adaptation of Bitcoin utilizing the Bitcoin Core protocol. As Litecoin founder Charlie Lee puts it: Litecoin is designed to be the silver to Bitcoin’s gold.

Charles Lee graphically denotes the relationship between Bitcoin and Litecoin on his Twitter profile using an image of Vegeta from Dragon Ball Z wearing the Litecoin insignia and Goku who wears Bitcoin’s insignia.
Charlie Lee graphically denotes the relationship between Bitcoin and Litecoin on his Twitter profile using an image of Vegeta wearing the Litecoin insignia, and Goku wearing Bitcoin’s insignia.

Litecoin was created in October 2011 by Charlie Lee, a former Google engineer. When creating Litecoin, Charlie Lee aimed to mimic the Bitcoin protocol while decreasing the block generation time and the maximum number of coins. In doing so, he reduced transaction times and fees. Litecoin processes transactions in only 2.5 minutes while Bitcoin takes about 10 minutes. Additionally, Litecoins are capped at 84 million, quadruple the cap of coins for Bitcoin. As of February 2018, the transaction fee for Litecoin averaged $0.30 while Bitcoin averaged $8.50.

The quicker transaction times, smaller fees, and larger number of coins make Litecoin a faster, more nimble cryptocurrency with more practical usages than Bitcoin. Charlie Lee has stated that his goal was to compliment, rather than compete with Bitcoin.

“The vision has always been that I wanted Litecoin to complement Bitcoin—not compete. Bitcoin can be used for  moving millions of dollars between banks, buying houses, buying cars. It’s really secure… Litecoin can be used for cheaper things.” – Charlie Lee

Charlie_Lee-Litecoin-1690x950

Since Litecoin is modeled off of Bitcoin Core, it will benefit from improvements to the Bitcoin system while serving a complimentary purpose. While Litecoin is not a direct Bitcoin competitor, it does have competitors within the cryptocurrency sphere. Bitcoin Cash essentially offers the same proposition: A cryptocurrency based off of the Bitcoin system, but designed to be mobile for purchasing goods rather than simply functioning as a store of value. Charlie Lee himself has acknowledged the competition between Bitcoin Cash and Litecoin.

Many would say the main advantage that Bitcoin Cash has over Litecoin is not in its technology, but in its marketing. Bitcoin Cash has the Bitcoin name and its founder Roger Ver is the CEO of bitcoin.com, making him one of the most influential personalities in the cryptocurrency sphere.

If Litecoin can beat out Bitcoin Cash to become the ultimate compliment to Bitcoin, then it will be a cryptocurrency to watch. Litecoin has a tradition of adopting advanced technology like Segregation Witness and Lightning Networks early, which will certainly be to its advantage as it vies for consumer usage in the coming years. Whether or not it will beat out Bitcoin Cash in the long run remains to be seen, but there is no question Litecoin will be one of the top cryptocurrencies to watch.

Top Cryptocurrency Trends You Need to Know to Invest Wisely in 2018

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In December 2017, Bitcoin reached just over $19,000 per coin, its highest all time value. After a brief, precipitous decline to $7,000, the world’s most popular cryptocurrency is now making its way up around $10,400 as of February 26th, 2018.

If last year was any indication, 2018 will prove to be a major year in the further development and stabilization of cryptocurrencies.  Here are the top trends to look out for in 2018:

THE TRANSACTION PROBLEM

Slow transaction times and high transaction fees plagued Bitcoin in 2017. According to CoinMetrics, fees started 2017 averaging $0.30 per transaction and eventually peaked at over $40 in December. Bitcoin will implement several potential enhancements to its system designed to lower transaction fees in 2018.

SEGREGATED WITNESS PROTOCOL

The Segregated Witness protocol was first activated in August 2017. It is an upgrade to the Bitcoin protocol replacing Bitcoin’s block size and weight limit to allow for increased transactions and lower transaction fees. While adoption has been off to a slow start, 2018 should see many more wallets and marketplaces adopting the SegWit protocol, including Coinbase, who recently announced they have finished testing SegWit and begun implementing it for customers.

LIGHTNING NETWORK

First proposed by Joseph Poon and Thaddeos Dryja in January 2016, the lightning network is an overlay network which could enable long-term scalability and near-free transactions for Bitcoin. After two years of development by ACINQ, Blockstream and Lightning Labs, the Lightning Network should find more adoption in 2018.

RIPPLE ON THE RISE

Among our top Cryptocurrencies to watch out for in 2018, we featured Ripple. Ripple has  gained traction and value fast in 2018. Recently, Western Union revealed they have been testing the Ripple blockchain for cross-border payments. Ripple currently offers two main payment products for banks: xCurrent and xRapid. Over 100 banking clients are testing xCurrent, which does not use the Ripple coin. Western Union’s announcement makes them the fifth customer to test xRapid.

Ripple has always catered to banks. Ripple’s consensus protocol makes it more scalable than other major cryptocurrencies. While Bitcoin can process seven transactions per second, Ripple can process up to 1500 transactions in the same second. Ripple’s network is designed to trade any asset with any other asset. If Ripple can entrench itself as a payment processor for banks, its value may shoot way up in 2018.

REGULATION, REGULATION, REGULATION

Anybody with significant money invested into cryptocurrencies knows that perhaps the biggest threat facing cryptocurrency is government regulation. While the US has not instituted regulations, South Korea recently created a ban on anonymous accounts.  Governments all over the world are still in the process of developing regulatory measures. These regulatory decisions can make or break the future of cryptocurrencies.

Check out Bitcoin Magazine’s comprehensive rundown on how countries are regulating cryptocurrency across the globe.

WATCH FOR ALT-COINS

With cryptocurrency fervor at an all-time high, 2018 will no doubt see many new players enter the cryptocurrency game as well as current players making big moves. With over 1,300 alt-coins on the market right now, understanding how to properly research a coin is key. Below, check out our brief guide for evaluating a new cryptocurrency:

  1. THE TEAM: While Satoshi Nakamoto may have chosen to remain anonymous, many other cryptocurrencies are prioritizing transparency. By examining the team behind a cryptocurrency, investors can determine how serious a cryptocurrency really is. For example, having Steven Seagal as a brand ambassador does not contribute any value to a cryptocurrency whatsoever. On the other hand, knowing that Litecoin’s creator Charlie Lee is an engineer at Coinbase only further validates our belief in Litecoin’s capacity for growth.
  2. THE “WHY?”: What is it about a specific cryptocurrency that will ensure it will retain its value and significance in the long run? Bitcoin is the original and most popular cryptocurrency. Ethereum automates smart-contracts. Litecoin and Bitcoin Cash are designed for commerce. Ripple is attempting to establish itself with banks as a lightning quick transaction network. Many coins don’t offer any real long-term value. It’s vital to understand the key benefit of a coin in making the decision to invest.
  3. THE “WHEN”: How far along is the cryptocurrency in the development process? Is there an ICO? Are new features being released? Coins come and go, so it’s best to invest in coins with solid long term plans.

CONCLUSION

After a landmark 2017, all eyes are on cryptocurrencies in 2018 to see if they can sustain their growth or if it will prove to be a bubble soon to burst. It is an exciting time to be a wise investor!

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!