Connect with us

Blockchain

Making cryptocurrency privacy optimal again with PIVX

Republished by Plato

Published

on

In a world where personal data is treated as a commodity, and incursions into one’s private affairs are at an all-time high, it only makes sense that people everywhere are seeking out effective data protection tools.

This pursuit is just as prevalent within the financial market, as regulators, marketing agencies, and ill-willed individuals are expressing a keen appetite for data collection. Although privacy intrusions in traditional finance are sometimes burdened by the existence of closed ecosystems, this isn’t the case with blockchain-based cryptocurrencies. 

Why crypto data protection matters

Digital currencies as we know them wouldn’t exist without the innovative technical infrastructure provided by blockchain ledgers. While blockchain’s transparency facilitates trustless transactions without the usage of middlemen, it also poses privacy concerns. Most cryptocurrency transactions are semi-anonymous, meaning that users are not required to unveil personal information. However, blockchains record heaps of data when processing transactions, effectively creating links between addresses as coins move.

Albeit not personally identifying, this unprecedented degree of transparency makes it easy for chainalysis companies to track funds as they move from hand to hand. If a user’s identity is exposed, artificial intelligence can easily create links, unveiling private information on who’s transacting and their crypto holdings. 

It isn’t just criminals that should aim to keep their personal finances private. Crypto anonymity leads to enhanced personal security, protection for businesses, freedom to support anyone, censorship resistance, and much more. 

Currently, the best method of protecting one’s crypto data is by relying on financial data protection coins like PIVX

How PIVX achieves optimal privacy with no sacrifice to transparency

PIVX represents a DAO-based well-known financial data protection coin that uses the proof-of-stake (PoS) consensus and the SHIELD protocol to create an optimal balance between privacy and transparency.

PIVX was the first digital currency project to make use of zk-SNARKS and have them deployed on top of a PoS system. This particular implementation is referred to as the SHIELD protocol, and it’s exactly what makes PIVX special. 

When deployed, zk-SNARKs or zero-knowledge succinct arguments of knowledge, can prove that computation has indeed occurred, resulting in a quickly-verifiable output. As the name suggests, this proof is obtainable without unveiling the private inputs that make up the computation. Through the SHIELD implementation, blockchain nodes can verify transactional veridicity without unveiling personal data. To a chainalysis system, the PIVX data makes no sense as it cannot be tracked or linked to other data sources. 

PIVX’s blockchain allows users to decide whether they’d like to send out transparent transactions, or if they’d rather keep all data private. If a privacy-conscious transaction occurs, SHIELD keeps input data hidden from the public, whilst also ensuring scalability. If a difficult block is verified by one node, proof is quickly generated allowing succinct subsequent verification by other nodes. 

Since the SHIELD protocol is based on PoS, PIVX gains superiority over other privacy-centric coins, as it can efficiently scale without wasting energy or being subjected to 51% attacks. No other cryptocurrency has successfully managed to combine these components, yet it is expected that Ethereum 2.0 will also make use of PoS-based zk-SNARKs, according to Vitalik Buterin. 

Exploring PIVX’s Tokenomics – inflationary and deflationary mechanisms

Despite its negative impact on society as we know it, inflation has become a common part of our lives. Generally caused by reckless central banks that consistently inject liquidity into the economy to fulfil short-term goals, inflation worsens everyone’s quality of life as it reduces the purchasing power of money.

PIVX’s tokenomics were designed by taking both inflationary and deflationary mechanisms into account. As part of its dynamic coin supply model, 5 PIV are minted as the block reward every minute in what can be described as an inflationary approach. However, deflation is effortlessly achieved as the PIVX blockchain burns all tokens paid as transaction fees. In other words, the inflation caused by low trading volumes incentivises spending, which in turn, brings about the deflationary mechanism via fee burns. 

Through this system, PIVX deters huge price swings while enabling steady price growth over the long-term. 

Incentivizing privacy in the crypto market

Yet another part of PIVX’s value proposition consists of the lucrative revenue streams accessible by supporters who run masternodes or lock up their funds within cold staking contracts. Masternodes are a core part of PIVX’s decentralization efforts, with roughly 1700 masternodes operating globally at press time. Owners are eligible to obtain 9% in yearly PIV rewards, alongside one governance vote used to decide on important matters like treasury funding.

With cold staking, users can lock up a portion of their PIV to support the PoS system. Cold staking is highly  secure as PIVX never obtains control over one’s private keys. Moreover, users can stake via their favourite wallets to earn 8-9% in yearly rewards. 

As a trend-setter for privacy coins, PIVX is expected to gain considerable popularity in 2021 and beyond. No other DAO-based cryptocurrency can hope to achieve PIVX’s privacy, whilst financially incentivizing users to spend, stake, and run their own masternodes. Visit the PIVX website to find out more information at www.pivx.org

Disclaimer: This article is a paid post and must not be considered as news/advice. 


Sign Up For Our Newsletter


Source: https://ambcrypto.com/making-cryptocurrency-privacy-optimal-again-with-pivx

Blockchain

Bitcoin Bull Mike Novogratz Predicts Existential Crisis Unless the US Creates a Digital Dollar

Republished by Plato

Published

on

Mike Novogratz, a veteran investor, and a huge Bitcoin supporter noted the U.S. is currently in a good economic position. Still, the nation can face a major competitive disadvantage unless it engineers a digital dollar soon.

The Importance Of An E-Dollar

Novogratz, chief executive of digital merchant bank Galaxy Digital GLXY, underlined the value that a digital dollar could bring to the US. In a Friday interview with MarketWatch, he stated:

”To me it is an existential crisis, we need a digital dollar.”

Furthermore, the investor expressed his view over the current COVID pandemic and the negative impact on the U.S. market and the world, in general. He referred to the trillions of dollars of monetary and fiscal spending done to help eliminate the worst of the economic aftershocks the disease caused:

”If our fiscal and monetary policy starts looking like it’s from a Banana Republic…you are going to run into some Minsky moment where confidence breaks down.”

With his statement, Mike Novogratz referenced Hyman Minsky, who exposed a view in the recent past that a period of distortions in the financial system eventually ends very badly.


ADVERTISEMENT

The existence of a digital dollar sounds even more important after some stock-market investors have been warning about a surge in US inflation in the past weeks.

The Competition With China

During the interview, Novgorotz claimed that while in the U.S., the development of an e-dollar is still under question and researches, China has fired the first salvo on the digital currency front.

The biggest economy in Asia conveys great support to its digital yuan. According to some experts in the field, its new currency is a weapon that the country can use to compete with the U.S. and other developed economies.

As CryptoPotato recently reported, PayPal CEO Peter Thiel said that Bitcoin could be used as a Chinese financial weapon against the U.S.

In the meantime, Novogratz said that there is ”zero evidence of the Chinese government buying Bitcoin” much less weaponizing it, referring to the comments made by Peter Thiel:

”Sometimes he likes to say things that are provocative.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-bull-mike-novogratz-predicts-existential-crisis-unless-the-us-creates-a-digital-dollar/

Continue Reading

Blockchain

Ripple becomes tidal wave, leads weekend pump and notches legal victories

Republished by Plato

Published

on

Amid a weekend pump carrying multiple cryptocurrencies higher, Ripple’s XRP looks to be leading the way with a push as high as 30% on the daily — carried on the back of a string of legal victories and rumors of relisting at some exchanges. 

Where Bitcoin and Ethereum are up merely 2.7% and 3.4% respectively on the day, XRP climbed to $1.36 before retreating to $1.32, where it sits at the time of publication. The digital currency is now up 111% on a 7 day basis, and a staggering 544% on the year. The recent push has also buoyed XRP back into the top 10 cryptocurrencies by marketcap, behind only BTC, ETH, and BNB at #4.

The rally flies in the face of a lawsuit from the Securities and Exchange Commission, which charges that XRP’s $1.3 billion ICO was an “unregistered securities offering.” The news led multiple exchanges to delist the currency, and XRP lost its place as the 3rd largest currency by marketcap, at time looking as if it would even fall out of the top ten. 

The bad news for XRP didn’t stop with the SEC, either. In March Ripple CEO Brad Garlinghouse announced that the company would be “winding down” its relationship with Moneygram — a once highly-touted partnership that investors often pointed to as proof of the digital currency being on a path towards becoming “the standard” for payments and settlement.

Despite the deluge of negative headlines, it appears all buyers needed was a small ray of hope to jump back in — and they’ve gotten exactly that. Ripple lawyers have notched two victories in their legal battle against the SEC, including winning access to internal SEC discussion history regarding cryptocurrencies, and a court denied the SEC the ability to disclose the financial records of two Ripple execs, including Garlinghouse.

Ripple executives themselves seem heartened by the news, with CTO David Schwartz saying the US isn’t “prepared” to regulate cryptocurrencies (a possible dig at the ongoing legal proceedings).

All in all, it’s just another week for one of the most controversial cryptocurrencies in the space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/ripple-becomes-tidal-wave-leads-weekend-pump-and-notches-legal-victories

Continue Reading

Blockchain

Why this OlympusDAO’s product could be amongst DeFi most lucrative

Republished by Plato

Published

on

Taking the market by storm, OlympusDAO’s native OHM is up 95.8% this week alone and 31.1% in the past two weeks. At the time of writing, OHM is trading at $812,76 with 7.3% profits in the 24-hour chart.

With a market cap of just $68 million, OlympusDAO might have gone unnoticed by many investors. However, it has a mechanism called Bonds which promises to be one most important and lucrative in the DeFi sector.

According to research firm Messari, this protocol is attempting to create a stable currency backing every OHM with DAI and OHM-DAI. The objective is to maintain a “fundamental check on inflation” and a currency with an undiluted purchasing power.

Unlike Tether and other stablecoins, OHM is not pegged to any other asset. Its stability is achieved via the DAO (Decentralized Autonomous Organization) when it alters variables to obtain more profitability for stakers.

This is done via the sales contract connected to the protocol’s treasury and a liquidity pool (OMH-DAI) on decentralized exchange Sushiswap, as shown below. Messari explains:

When OHM trades above 1 DAI, the protocol mints and sells new OHM. When OHM trades below 1 DAI, the protocol buys back and burns OHM. In each case the protocol makes a profit. Olympus DAO distributes these profits 90% to OHM stakers pro rata and 10% to a DAO.

OlympusDAO OHM
Source: Messari

How OlympusDAO’s bonds operate

The Bonds are a treasury component to get liquidity with it users can trade Stake Liquidity Provider tokens to get OHM directly with the protocol, as an OlympusDAO developer explained.

Once the trade is completed there is a vesting schedule of 5 days. During this time, the user can redeem the tokens but has incentives to get them at a discount. The latter is determined by the number of bonds in the protocol, more bonds are equal to a lower discount.

Via this mechanism, as the developer said, OlympusDAO restrains its own growth, to have become “steadier”.

The liquidity from a bond is locked in the treasury and used to back new $OHM. That liquidity now belongs to the market and, by extension, the token holders. The more liquidity the protocol builds up, the more confident holders can feel.

The users are basically contributing to OlympusDAO by adding liquidity. In retribution, the user gets a reward in OHM at a much cheaper price during a specific period. That way, both the user and the protocol can benefit.

OlympusDAO offers LP a variety of strategies around OHM which they can leverage to obtain a bigger profit than on the spot market. The developer claims:

All of this serves to create a long-term, sustainable bootstrapping mechanism for the protocol, with participants as the main beneficiaries. A good system shouldn’t offer one opportunity to “make it”; it should offer them in perpetuity with diminishing returns. This is how you produce wealth; slowly, through compounding gains.

Ethereum is trading at $2096,58 with a 1.2% profit in the 24-hour chart, after dropping from its ATH at $2,198.

OlympusDAO OHM Ethereum ETHUSD
ETH with small profits in the 24-hour chart. Source: ETHUSD Tradingview

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/why-this-olympusdaos-product-could-be-amongst-defi-most-lucrative/

Continue Reading
Blockchain3 days ago

Decentralized oracle solution Umbrella Network adds Huobi as validator node

Blockchain2 days ago

XRP Price Analysis: 08 April

Blockchain3 days ago

$48B Asset Manager Millennium Management Dabbles With Bitcoin

Blockchain2 days ago

Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

Blockchain3 days ago

America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform

Blockchain3 days ago

Polkadot Price Analysis: 08 April

Blockchain3 days ago

Digital yuan campaign planned for contested island in the South China Sea

Blockchain3 days ago

Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?

Blockchain2 days ago

Bitcoin exchanges just saw massive Tether stablecoin deposits

Blockchain3 days ago

Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”

Blockchain3 days ago

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Blockchain3 days ago

Miners are hoarding Bitcoin from record daily earnings

Blockchain3 days ago

Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K

Blockchain3 days ago

Phemex Launches OTC Trading, Enables Crypto Purchase with Bank Transfers

Blockchain3 days ago

Revolutionizing the crypto-market in India with CryptoBiz exchange

Blockchain3 days ago

Man Gets 12 Years in Prison After Trying to Buy Lethal Chemical Weapon With Bitcoin

Blockchain3 days ago

Tendermint acquires B-Harvest, creator of Cosmos-based Gravity DEX

Blockchain2 days ago

Cardano’s Anti-Counterfeit Solution Sees First Successful Implemetation

Blockchain4 days ago

CoinMarketCap removes South Korea crypto exchanges from Bitcoin price tracker

Blockchain3 days ago

Ontology’s cross chain DeFi lending platform Wing is now live on Ethereum

Trending