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XRoad Is Changing the Cloud Computing Industry and Launching Innovative NFT Product, GoldDebit by XRI

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Source: https://www.newsbtc.com/news/company/xroad-is-changing-the-cloud-computing-industry-and-launching-innovative-nft-product-golddebit-by-xri/

An innovative NFT product, named GoldDebit, by XRI(XRoad Initiative) is upcoming.

What is GoldDebit NFT?

GoldDebit NFT is a new type of  NFT product of gold bullion. In addition to the asset value of the gold bullion, GoldDebit NFT has a highly entertaining element.

Especially the GoldDebitwith autographs by famous people(first they are teaming up with the sports industry) has a huge appeal not only for the fans who wrote that autograph but also for millions of people around the world because the autographed gold bullion can be a product which people can keep as an asset value.

XRoad

Development Outlook

This GoldDebit is providing autographs of famous people. Furthermore, XRI is developing a virtual town where people can socialize with famous people such as athletes, in the future.

–        Developing a new NFT product, GoldDebit with a trading company.
–        Introducing a point system with the GoldDebit for the customers who buy the NFT product.
–        Realizing the international money transfer with GDP(Gold Debit Point)
–        Building a microfinance model to utilize GoldDebit
–        etc…

This new project with blockchain technology and NFT services seems to show us very fast growth in their industry. They expand their services in new platforms, such as the new NFT marketplace, with NFT products including highly entertaining elements, so we should stay tuned for things to come.

Not only this XRoad Is Changing The Cloud Computing Industry.

The underpinnings of digital business are embodied in Cloud Computing. Over the last 10 years, this industry has developed at a breakneck speed. Worldwide end-user spending on public cloud services is forecast to grow 23.1% in 2021 to total $332.3 billion, up from $270 billion in 2020, according to the latest forecast from Gartner, Inc.  We are seeing more and more ways to connect and collaborate, moving to the cloud.

The increased volume of work done by global businesses and number of games on the Internet, increased consumer demand for bandwidth and content, global growth in the number of smartphones, the rapid development of web and mobile applications, and high costs of managing developers on a local server are all contributing to this accelerated growth.

Although the cloud computing business started on centralized servers with the likes of Amazon Web Services (AWS), Google Cloud, Microsoft Azure, and Alibaba Cloud dominating the centralized cloud computing space. With the advent of blockchain technology, most companies are getting more inclined to decentralized computing infrastructure due to the numerous advantages it offers.

One of the major setbacks of centralized Cloud Computing is the lack of dogged security architecture and the reliance on centralized servers. The implication, however, is that a single point of failure of the server will rub off on the entire network thereby rendering it offline or out of sync, XRoad, a blockchain-powered cloud computing fixes this.

XRI, abbreviated for X Road Initiative, was listed on Coineal on July 23rd. Companies all around the world have learned that addressing the needs of digital business infrastructure necessitates a decentralized strategy. The cloud must grow into a decentralized architecture for better access, flexibility, efficiency, and security.

XRoad Delivers An Unmatched Decentralized Cloud Computing System

XRoad intends to deliver decentralized infrastructure to individual Internet users to act as the nexus between blockchain technology and the world’s data. XRoad is assembling Oracle, a decentralized cloud computing system for user-powered interoperability between the off-chain world and smart contracts, as well as for individual data self-sovereignty. XRoad is on a mission to bring enterprise solutions to the data market and also solve many of the impending challenges that have eroded the industry.

Decentralized storage (XRDS) offered by XRoad is the product of a multi-cloud decentralized data management philosophy and individual data sovereignty. XRDS provides cost-effective solutions to problems that centralized storage systems cannot address.

Due to a decentralized approach to data management provided by blockchain technology, individuals from all over the world may participate in the ongoing operation on XRoad to store, secure, verify, and authenticate individual data in a manner that centralized storage solutions cannot handle.

In XRoad, data is distributed over a whole network, making it very difficult to attack or censor the network. Furthermore, effective storage space use within a borderless and dispersed network saves money at a time when data storage prices are either rising or becoming more difficult to grasp.

XRoad allows multiple copies of data to be safely stored on separate nodes within a network, which is important in the case of data backup. This is so that consumers and/or enterprises may have the uptime and reliability that centralized storage cannot offer.

Developers on the XRoad platform will be able to utilize common libraries to make it easier to create blockchain solutions without having to learn a new programming language. Users will get an encrypted drive and a global login that doesn’t require passwords, allowing them to seamlessly move their data to whatever program they choose.

The Future Of Cloud Computing Is Right Here With Us

The next step in guaranteeing information security is unquestionably blockchain, and XRoad will be leading this innovation. Data on XRoad is stored on many nodes all around the world and has no single point of failure. This overcomes the problem of data security in a variety of unforeseen situations. With XRoad, only those with a matching key to access encrypted data can control and access files posted to the blockchain.

Existing Cloud Computing initiatives have some flaws, however, state-of-the-art security networks like XRoad Network provide safe cloud computing at a tenfold lower cost than the existing vendors on the market. The future looks bright for the XRoad initiative as strategic partners have rallied behind the project.

Source: https://www.newsbtc.com/news/company/xroad-is-changing-the-cloud-computing-industry-and-launching-innovative-nft-product-golddebit-by-xri/

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The Head of Diem wants you to trust Facebook, but is he fighting a losing battle?

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Head of “Facebook Coin,” David Marcus discussed the up-and-coming Novi wallet, saying users do not need to worry about security or privacy.

However, Facebook’s reputation on both counts is somewhat in the gutter. As such, Marcus may well be trying to achieve the impossible in convincing people otherwise.

Nonetheless, in his latest interview, he states his case pleading with people to give Diem a chance.

Facebook Wants Your Trust

Speaking to Yahoo Finance, Marcus wanted to reassure users that Diem, and the Novi wallet, are safe to use. What’s more, he said that no data will be used for ad targeting or any purpose related to the Facebook advertising model.

Marcus points out that from the onset, the Diem infrastructure was designed in such a way to avoid “commingled” financial and social data. That way, there is no controversy over a single entity holding data across different categories on its users.

“And, you know, basically, the way that we’ve designed this– and it actually took us a lot of effort to build it the right way– is that your financial data is not going to be commingled with your social data.”

Diem is looking to disrupt the overseas retail remittance market. Marcus said it’s a huge market that is ripe for the picking. With that, he hopes that people will give Diem a shot. And once they do, the firm will do its utmost to overturn people’s skepticism.

Although, given the scandals of the past, he admits that this is a long play.

“Over time, we plan to earn people’s trust so they give us a shot for other things over time. But it’ll take time and I’m cognizant of that.”

User Comments Discussed

When it comes to social media dominance, Facebook is up with the best of them. Despite being known as a platform for boomers, it still pulls in 2.9 billion monthly active users. Meaning, Diem’s potential userbase is bigger than anything that exists in crypto right now.

Based on trend analysis, it seems as though there’s no stopping its growth, with India, the United States, and Brazil ranking as the countries with the highest number of users.

Facebook monthly active users
Facebook monthly active users. Source: statista.com

Nonetheless, on the matter of trusting Facebook and Diem, the (so far) 16 comments on this article are all overwhelmingly against. While that may not represent wider views, it’s still telling that 100% of comments slam the idea of trusting Facebook with financial data.

One user wrote of his concerns of political bias and censorship, which together make an untrustworthy “combo.”

In context; Facebook has a history of political activism as well as working with the democrat government censoring free speech. Not a trustworthy combo.

And despite Marcus’ explanation of separating financial and social data, another user remained skeptical of the claim by saying:

“And now they track your every purchase. Or at best gather stats for the retail business selling them data on what and where people are buying.

All in all, it’s understandable that Facebook wants to pivot into finance and crypto. But changing hearts and minds will not be easy to do.

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Source: https://bitcoinist.com/the-head-of-diem-wants-you-to-trust-facebook-but-is-he-fighting-a-losing-battle/?utm_source=rss&utm_medium=rss&utm_campaign=the-head-of-diem-wants-you-to-trust-facebook-but-is-he-fighting-a-losing-battle

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Lessons From The “This Machine Greens” Bitcoin Documentary, Pt 2: Clean Energy

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There are even more lessons in the “This Machine Greens” documentary. Could Bitcoin mining actually be a net positive for the environment? That’s their thesis. The documentary has Swan Bitcoin’s seal of approval, Enrique Posner produced it and  Jamie King, of “Steal This Film” fame, directed it. In the first part of this analysis, we learned that the Bitcoin network tends to use wasted energy and goes wherever there’s cheap energy available. And renewable sources of energy are usually cheap because they’re efficient.

Related Reading | Ethereum Founder Gets Involved In Documentary About Ethereum

What will we learn in part two? Keep reading to find out.

But first, we should let you know that “This Machine Greens’” talking heads are these heavy hitters: Lyn Alden, Alex Gladstein, Meltem Demirors, Nic Carter, Caitlin Long, Samson Mow, Magdalena Gronowska, Greg Foss, Adam Ortolf, and Hass McCook.

This Machine Greens’ Stance On Energy

  • Civilization began with the discovery and mastery of fire. Which, of course, is energy.
  • Money is energy. The things we use as  tokens, “Exist as unforgeable proof of the time and energy spent in creating them.
  • Money is “one of the key human tools in supporting civilizational coordination and organization.” 
  • Bitcoin is energy. 

BTCUSD price chart for 09/17/2021 - TradingView

BTC price chart for 09/17/2021 on Bitstamp | Source: BTC/USD on TradingView.com

Creating Money Is Crucial

Back to the gold is Proof-Of-Work idea that Lyn Alden proposed, the narrator tells us, “Embeded in each Bitcoin, like a bar of gold or a string of sheels, is proof that this work was done.” And Lyn Alden cuts to the chase and states the problem, “Creating money can seem like a waste to people who are not familiar with the needs that money serves.” Money increases the efficiency of ALL other transactions. 

This idea goes hand in hand with the way Jordan Peterson synthesized the whole conundrum around Bitcoin’s energy consumption:

“Whatever energy is expended in the production of Bitcoin and the maintenance of the system should be more than recouped by the increased efficiency of every system that uses Bitcoin as a transactional device.” Boom! If we take that into account, “There’ll be a net energy gain and not a net energy loss if you calculated it across the entire system.”

Bitcoin Will Fund Clean Energy

According to Alex Gladstein, Bitcoin can fund the “Electrification of new areas and creation of new economic activity.“ This machine greens, if you will. And if we’re talking infrastructure for clean energy, Magdalena Gronowska breaks it down:

 “It’s derisking constructions of renewable energy facilities. It’s derisking it because it’s willing to buy 24/7, 365. And when you have a predictable buyer, a predictable revenue stream, it’s easy to plan out your operations. And that certainty means that that site gets built.

This Machine Greens Refers to Bitcoin

How does “This Machine Greens” end? With a bang. They talk about inflation in the US, something every other country in the world knows intimately, but they’re just starting to feel. And then, they go to the reasons Bitcoin is needed. Concepts that this website’s audience is very familiar with, but will fall like a ton of bricks over the head of any casual viewer.

Related Reading | Selected Quotes And Seven Lessons From The “Hard Money” Mini-Documentary

The documentary concludes that the conversation is actually between those who think Bitcoin is useful and those who think it isn’t. If you’re in the first camp, Bitcoin’s promises to the world far outweigh its energy consumption. Plus, it might fund the next revolution in clean energy that the planet so desperately needs. A win/ win situation.

Featured Image: "This Machine Greens" logo from the website | Charts by TradingView

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Source: https://bitcoinist.com/lessons-from-the-this-machine-greens-bitcoin-documentary-pt-2-clean-energy/?utm_source=rss&utm_medium=rss&utm_campaign=lessons-from-the-this-machine-greens-bitcoin-documentary-pt-2-clean-energy

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Evolve or die: How smart contracts are shifting the crypto sector’s balance of power

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One of the familiar themes seen in previous crypto market cycles is the shifting market caps, popularity and ranking of the top 10 projects that see significant gains during bull phases, only to fade into obscurity during the bear markets. For many of these projects, they follow a recognizable boom-to-bust cycle and never return to their previous glory. 

During the 2017–2018 bull market and initial coin offering (ICO) boom, which was driven by Ethereum network-based projects, all manner of small smart contract-oriented projects rallied thousands of percentage  to unexpected highs.

During this time, projects like Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR) and ZCash (ZEC) also rotated in and out of the top 10 ranking, but to this day, investors still argue about which project actually presents a “useful” use case.

While all of these tokens are still unicorn-level projects with billion-dollar valuations, these large-cap megaliths have fallen far from their previous glory and now struggle to stay relevant in the current ecosystem.

Let’s take a look at a few of the current projects that threaten to unseat these dinosaur tokens from their perch.

Dollar-pegged stablecoins take the stage as the most “transactable” currency

Bitcoin’s (BTC) original use case stipulated that it would simplify the process of conducting transactions, but the network’s “slow” transaction time and the cost associated with sending funds makes it a better store of value than a medium of exchange when the other blockchain networks are considered as options.

Terra (LUNA), a protocol focused on creating a global payment structure through the use of fiat-pegged stablecoins, has emerged as a possible solution to the issues faced when trying to use the top proof-of-work (PoW) projects as payment currencies.

The main token used for transacting value on Terra aside from LUNA is TerraUSD (UST), a U.S. dollar-pegged algorithmic stablecoin that forms the basis of Terra’s decentralized finance (DeFi) ecosystem. The market cap of UST has steadily been increasing throughout 2021 as activity and the number of users in the ecosystem increased.

UST supply changes. Source: SmartStake

The recent addition of Ether (ETH) as a collateral choice for minting UST on Anchor protocol has given token holders a way of accessing the value in their Ether without having to sell and create a taxable event.

This opens the possibility for other tokens such as BTC to be utilized as collateral to mint UST that can be used in everyday purchases.

As it stands, the borrowing APR for UST on Anchor stands at 25.85%, while the distribution APR is at 40.67%, meaning users who borrow UST against their LUNA or Ether actually earn a yield while borrowing against their tokens.

From privacy coins to privacy protocols

Privacy is also a cornerstone characteristic of the cryptocurrency sector and privacy-focused projects like XMR and ZEC offer obfuscation technologies that support covert or what, for a time, were thought to be untraceable transactions.

Unfortunately, regulatory concerns have made it more challenging for users to access these tokens, as many exchanges have delisted them for fear of drawing the ire of regulators and the overall demand among crypto users has declined alongside their availability.

Their lack of smart contract capabilities has also limited what these protocols are capable of and, so far, users do not appear to be too excited about utilizing Wrapped Monero (WXMR) for use in DeFi, as the token loses its privacy capabilities in the process.

These limitations have led to the development of privacy-focused protocols such as the Secret Network, which allows users to create and use decentralized applications (DApps) in a privacy-preserving environment.

Privacy features are not common among smart contract capable platforms in the crypto ecosystem, which makes Secret something of an experimental case in the ever-evolving Web 3.0 landscape.

Decentralized applications on the Secret Network. Source: Secret

Secret is also part of the Cosmos ecosystem which means it can utilize the Inter-blockchain Communication (IBC) protocol to seamlessly interact with other protocols in the ecosystem.

The network’s native SCRT can be used as the value transfer medium on the platform as well as to interact with protocols that operate on the network, including Secret DeFi applications and the network’s NFT offering, Secret Heroes.

New enterprise solutions aren’t better but they come without controversy

One of the ways cryptocurrency projects sought to differentiate themselves from the “medium of exchange” label was to offer enterprise solutions as a way to help corporations navigate the transition to a blockchain-based infrastructure.

XRP and Stellar (XLM) are two of the veteran protocols that fit this bill, but continual controversy and slow development has resulted in these early movers now playing catch up with newer networks that also don’t have the legal controversy that has followed Ripple for years.

Hedera Hashgraph has emerged as a competitor in this field and data shows that the network is capable of processing more than 10,000 transactions per second (TPS), with an average transaction fee of $0.0001 and a time to finality of 3-5 seconds.

These statistics are comparable to both XRP and XLM, which have indicated that their ledgers reach consensus on all outstanding transactions every 3-5 seconds with an average transaction cost of 0.00001 XRP/XLM.

Hedera is also smart contract capable, meaning users can create both fungible and nonfungible tokens, and developers can build decentralized applications to accompany the network’s decentralized file storage services.

For each sector (stablecoins, privacy and enterprise solutions), the main difference between the old-school and next-generation projects has been the introduction of smart contract capabilities and plans to develop within the side-chain and DeFi sectors where the top protocols exist. This gives newer projects additional utility, allowing them to meet the demand of investors and developers, thus increasing their token values and market caps as a result.

With smart contracts, the ability to interact with the growing DeFi landscape comes built-in, whereas the legacy tokens like LTC, XMR and BCH require special wrapping services which insert middlemen and thus insert additional fees, rigor and risk into the process.

Newer protocols have also embraced the more eco-friendly proof-of-stake consensus model that aligns with the larger global shift toward environmental awareness and sustainability. A plus is that holders can also stake their tokens directly on the network for a yield.

It remains to be seen if the slow march of time will eventually lead to a capital migration from older large cap projects to the newer generation protocols or if these legacy blue-chips will find a way to evolve and survive into the future.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/evolve-or-die-how-smart-contracts-are-shifting-the-crypto-sector-s-balance-of-power

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