Tag: Applications

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Crypto Guides

Different Facets Of The Blockchain Technology

Introduction We have seen many topics related to blockchain explaining different facets of the technology. This article is an attempt to put together the main aspects of the technology and how it has shaped up so far from the invention of bitcoin as the first application of blockchain technology. 🔗 Cryptocurrencies The blockchain journey starts […]

Introduction We have seen many topics related to blockchain explaining different facets of the technology. This article is an attempt to put together the main aspects of the technology and how it has shaped up so far from the invention of bitcoin as the first application of blockchain technology. 🔗 Cryptocurrencies The blockchain journey starts […]

Introduction

We have seen many topics related to blockchain explaining different facets of the technology. This article is an attempt to put together the main aspects of the technology and how it has shaped up so far from the invention of bitcoin as the first application of blockchain technology.

🔗 Cryptocurrencies

The blockchain journey starts with cryptocurrencies. The blockchain technology journey started with the bitcoin platform. The coin is the first cryptocurrency ever, and it changed the course of the finance industry for good. Cryptocurrencies include the properties of cryptography, which result in the property of immutability.

Peer-to-peer networks lead to decentralization, which has become the need of the hour with ever-growing frauds. The cryptocurrency platforms use different consensus algorithms like Proof of Work, Proof of Stake, Delegated Proof of Stake, Proof of Burn, etc., which overcome Byzantine Fault Tolerance issues. People who maintain the network and confirm the transactions are incentivized using the local currency of the platform.

🔗 Cryptocurrencies with enhanced privacy features

Blockchains being transparent, it is easy to find the transactions done by different users in the platform. Hence a few platforms have enhanced privacy features so that the transactions made are not traceable. Coins from the Cryptonote family are a good example. Monero is an excellent example from cryptonote, which uses ring signatures, which obscures the sender and receiver’s address. The amount is also restricted by default.

🔗 Different types of Blockchains

While cryptocurrency platforms have a protocol that they should be open and permissible, it is not a hard and fast rule for blockchain technology. We have permissioned ledgers, which are also called private blockchains. An excellent example of private blockchains is enterprise blockchains like hyperledger platforms.

We also have permissionless ledgers, which are public blockchains. Good examples of permissionless are cryptocurrency platforms. We have hybrid platforms as well, which are a mix of public and private, leveraging the properties of both the platforms wherever required.

🔗 Applications of blockchain other than cryptocurrency

Blockchain technology has made its way to almost all the fields. Healthcare, supply chain, agriculture, energy trading, valuable goods/diamond digitization, shipping industry, trade finance, music, publications, art, gaming, etc. Blockchain being a niche technology, the adoption is still low, but the recent surveys across the industries only prove that they have started implementing the technology or looking to implement at the moment.

🔗 Non-crypto applications on top of cryptocurrency platforms

Ethereum has many DAPPs developed and operating on its platform, but we cannot say that these applications run on cryptocurrency applications. Ethereum is a broad platform with a multitude of smart contracts operating on them serving different purposes. There are applications on the top of the bitcoin platform which convey messages. Protocols like Counterparty, Factum, Colored Coins allows the creation of tokens to denote something with a fraction of bitcoin value.

🔗 Projects to tackle scalability issues

The main drawback of blockchain platforms is scalability, and many projects have been developed to address the same. Segwit, segregation of witness aims to remove the signature from the main block and store it somewhere else to increase the block’s space for more transactions.

We have sidechains that intend to transfer some of the workloads to an adjacent chain, called sidechain, which may or may not run on the same consensus algorithm but are equally secured. The hacking of the main chain doesn’t affect the side chain and vice versa. The sidechains are used to test innovations and implement smart contracts if they are not feasible to run on the leading network.

Conclusion

These are some of the facets to show how blockchain as a technology has grown to address the drawbacks from one stage to another. Many have speculated that the technology is not very much useful and is overhyped. But with all the developments since its inception and all the money being poured into the technology, we can only say that it is here to stay and improve a lot and prove itself for time and again.

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Crypto Guides

The Fascinating Applications of Smart Contracts

Introduction

Introduction

Introduction

In the previous guide, we have understood what smart contracts are and what role they play in eliminating third parties. You can find that guide here if you didn’t get to read that yet. Smart Contracts have come out as one of the interesting applications of blockchain technology but it evolved so well that it has already been applied in most of the industries. Experts believe that these smart contracts do have significant applications in many other industries. Hence, in this article, let us see their usage in different industries.

Health Care and Medical Records

One primary application of smart contracts lies in the healthcare industry. Transferring and sharing patients’ electronic medical records (EMR) should be done in the most secure way. We are not saying that the current technology is not secure at all. We are just saying that using this technology will enhance the existing security.

Smart contracts enable multi-signature approval features enabling both patients and health care providers, allowing them to share the information securely as these are sensitive data. Patients can allow their data to be sent to research organizations for various studies and can be sent micropayments to the patients for participation using the same platform. We must not forget that a lot of infrastructure and technology should be built to achieve the same.

Banking

Banking systems have undergone a lot of changes proportional to technology adoption by the people. Smart contracts can play a crucial role in the mortgages provided by banks or any non-banking financial institutions. Banks spend a lot of money to check if the property that is being mortgaged currently is already mortgaged or not. To check if the property does indeed belong to the person applying for the mortgage or not. If the documents of the property are placed in blockchain with the help of smart contracts, this can be verified in a click. This saves a lot of money to both consumers and banking, reportedly in billions.

KYC

These days we have to provide our KYC documents at various places like to open a bank account, to take a sim card, driving license, registering property to name some. If the KYC documents are stored in a blockchain, with the help of smart contracts, the right people can be given proper authority to access them. Also, if any changes required from our side, we need to make a change at one single repository instead of making changes at every entity where we have given the documents.

Supply Chain

Supply Chain is one major area that can benefit hugely using blockchain adaptability and thereby using smart contracts. There are various documents throughout the supply chain cycle which can be misplaced and tough to authenticate at and every area required. If smart contracts are used to share and verify these documents, a lot of time and money can be saved to clear the goods at national highways, significant seaports, etc. Provenance tracking can also be done, thus increasing the bar of trust among consumers.

Voting

Voting can be achieved relatively and transparently using blockchain and smart contracts. With blockchain involved, no one can tamper with the election process, and with the smart contracts, it is possible to ensure the correct person is voting instead of the duplicity of votes.

Insurance

We all know it takes time for the insurance industries to clear the claims as it takes time to check the claims for its authenticity. With the adoption of smart contracts, the respective authorities can easily fact check the claims. For example, for travel insurance, we can easily verify whether the flight is a delay or canceled, thus passing the request.

However, all these industries can actively adapt and grow using blockchain only in the ideal world where blockchain is integrated throughout all sectors and government institutions. Active engagement and development are only possible when adoption is at a high rate. The blockchain technology is still growing, and a lot of innovation and growth is yet required to use the full potential of blockchain and thereby smart contracts as well.

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Forex Course

69. Fibonacci Trading – Detailed Summary

Introduction

Introduction

Introduction

In the past eight lessons, we have learned many things about Fibonacci levels and ratios. We have understood various applications of these levels and identified many ways through which we can profit from these levels. In this article, we are going to summarize all the learnings related to Fibonacci. This article acts as a quick recap of what we have understood until now.

Taking a Trade Using Fibonacci Levels

Entering a trade using the Fibonacci levels is pretty straight forward. We have to wait for the price to retrace and reach the appropriate Fib levels. In an uptrend, these Fib levels are 50% and 61.8%. In a downtrend, these levels are 50% and 38.2%. Hence, both 61.8% & 38.2% are known as Golden Fib ratios. Once the price reaches these levels, you can enter a trade after getting a confirmation. A detailed explanation of this can be found in this article.

Pairing Fibonacci Levels With Other Technical Tools

Fibonacci levels can be used stand-alone to enter a trade. But it is always recommended to use other technical tools to be extra sure about your trades. This is because the Fib levels are not foolproof. That means the price may not respect these Fib levels 100% of the time. More about this can be understood here.

So, to be extra affirmative on what you are doing, make sure to combine the fib levels with other reliable indicators. Some of the tools we used to explain this concept are Support & Resistance levels, Trendlines, Candlestick Patterns, etc.

Using Fibonacci Levels For Risk Management

Not just for entires, Fibonacci levels can also be used for managing and exiting a trade. We know how important risk management is in trading. These levels will help us in managing risk and maximizing profit if used correctly. What we are trying to tell here is that Fib levels act as a perfect tool to place our Stop-Loss and Take-Proft orders accurately.

Fibonacci extensions must be used to decide the placement of various Take-Profit levels. To place accurate Stop-Loss, just used the Fib level, which is below the point of entry in an uptrend. Likewise, use the Fib level, which is above the point of entry in a downtrend. For a more detailed explanation, you can refer to the below articles.

Stop-Loss | Take-Profit

Downloading The Fibonacci Indicator

Fibonacci indicators these days are very well designed and readily available in the market for free. Almost all of the trading platforms are equipped with a Fibonacci indicator that can be accessed on to the charts with just a click. If you are using the TradingView platform, a comprehensive Fibonacci indicator is present in the left side panel. If you are a MetaTrader user, there are some default Fib indicators, but the best one is the Auto Fib, which can be downloaded here.

Other Applications Of Fibonacci Levels

The applications of the Fibonacci levels are not confined to the ones discussed above. There are many other places where these ratios & levels are used for various other reasons. For instance, to confirm almost all of the Harmonic patterns, we use Fibonacci levels. An example of one such article can be found here. In this example, we have confirmed the formation of the Butterfly pattern on the price charts by using Fibonacci levels alone. So every technical trader needs to know and learn how to use these levels to have the edge over financial markets.

That’s about Fibonacci levels. If you have any doubts, let us know in the comments below. In the upcoming course lessons, we will be discussing more technical tools like Moving Averages, Indicators, Oscillators, etc. Hence, stay tuned for more informative content.

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Crypto Guides

These Industries Have the Most Acceptance Of Cryptocurrencies

Introduction

Introduction

Introduction

It ain’t a surprise anymore that the cryptocurrency market is taking over several industries. Yes, it did have ups and downs but has still managed to grow at an exponential rate. In recent years, more and more people are opting to use cryptos as an alternative for fiat currencies. In the present date, there are just under 5000 cryptocurrencies listed on CoinMarketCap.

This decentralized currency has been disrupting quite a number of businesses. As they are decentralized, there are many uses of it in many fields. In the article, we have listed out some of the real-life examples of industries that are already implementing cryptocurrencies in their businesses.

Where and how are cryptocurrencies being used?

✈️ Travel Industry

The traveling industry has been using Bitcoin for quite a lot of time. There are companies that have been accepting payments in the form of Bitcoins. A great example of this would be Cheapair.com, a travel booking company, which has been accepting payments in the form of Bitcoins for booking flight tickets, hotels, car rentals and cruises since 2013. This is a great feature enabled by Cheapair.com, as it is hassle-free for customers to book tickets from anywhere in the world.

🏠 Real Estate

Ever thought one could buy houses with cryptocurrency as a mode of payment? Well, this is true. ‘Propy.com‘ is the world’s first international blockchain-based payment real estate that accepts Bitcoin as payment for buying properties. ‘Mycoinrealty.com‘ is another real estate firm which has the facility to purchase homes using Bitcoins. A few real-life examples for the same would be the purchase of a villa in Indonesia worth 1000 BTC in 2014, a home in Vegas amounting to 157,000 BTC, and 3 acres of land in Paradise Bay.

🕸️ Social Media

Back then, social media was the place where one could share their thoughts and feelings. But now, things have changed; as in, the social media space has grown to the extent that one can earn from these websites. There is a social media website that has been helping people in the career circle. ‘Vanywhere‘ is one such social media website that implements blockchain in its technology. This is a gig economy platform that uses the blockchain network to connect users with some specialized skills to those users who are in need of those particular skills. The transactions here are performed through cryptocurrencies.

🎮 Gaming Industry

Cryptocurrencies are spread over the gaming space as well. Cryptocurrencies in the gaming industry are not just a concept but is a real-life application. There are online gaming platforms that transact using cryptocurrency. A great example would be the ORB project. This is a game that enables players to cash their in-game assets into other assets, including cryptocurrency. This cryptocurrency can then be exchanged for fiat currencies if needed.

Bottom Line

These are only a few of the many industries where cryptos have maximum acceptance. From the above real-life examples, it is evident that cryptocurrency is a factor for the evolution of several industries in the market. Be it social or economic, it is playing a pretty decent role in revolutionizing the world. The expectation of blockchain & cryptocurrency is quite high. And it is no doubt that this technology is going to disrupt many other industries in the years to come. Cheers.

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Crypto Guides

DASH – Everything You Should Know About This New Age Cryptocurrency

Introduction
The word “Dash” is created from Digital Cash, thus signifying it is a virtual currency in its name itself. This coin was introduced by Evan Duffield in 2014, initially

Introduction
The word “Dash” is created from Digital Cash, thus signifying it is a virtual currency in its name itself. This coin was introduced by Evan Duffield in 2014, initially

Introduction

The word “Dash” is created from Digital Cash, thus signifying it is a virtual currency in its name itself. This coin was introduced by Evan Duffield in 2014, initially naming it as Xcoin. Later it got rebranded as Darkcoin as it was being used in the dark web for illegal activities due to its inherent features. The coin finally got renamed as Dash in March 2015. Dash is significantly different from the other cryptocurrencies in the market. It is an open-source cryptocurrency run in the form of DAO – Decentralized Autonomous Organization. We ll understand what a DAO in the latter part of the article.

Objective

Dash is created by forking the bitcoin network. Evan Duffield thought the bitcoin protocol could be improvised, especially the transaction speed and the governance structure, and thus started dash as an altcoin to bitcoin. The source code for the coin was taken from the bitcoin itself. Some tweaks were made to improvise the functioning as required. The block timing, i.e., the time taken to mine a single block, is 2.5 minutes compared to 13 minutes of bitcoin, thus making it four times faster. Apart from the transaction speed, the transaction in DASH is more private than the original bitcoin protocol.

Consensus

Dash uses a combination of Proof of Work (POW) and Proof of Stake (POS) mechanisms. Primarily it uses POW using a hash function called “X11”. While POS functionalities are used to reward its miners for hosting, maintaining, and updating the blockchain. Every cryptocurrency must have nodes to perform different activities in the network, but dash has two types of nodes, masternodes and normal nodes.

Difference between masternodes and normal nodes

Nodes are nothing but computational devices in the network used to host, validate, maintain the ledger copies, and secure the system. The masternodes perform all these duties while also having the vote function for the governance of the network. Masternodes contain the complete copy of the ledger, while normal nodes can have a partial copy. Normal nodes help in mining more coins as they concentrate on only mining. To be a masternode, one should deposit an upfront sum of 1000 Dash coins with a specific set of hardware requirements like RAM, hard disk space, CPU, and network bandwidth.

Masternodes help in the special transactions that DASH has to offers. They are PrivateSend and InstaSend.

PrivateSend

PrivateSend is used if the transactions need to be untraceable. This is achieved by dividing the entire size of the transaction to the small similar size transactions and mix them before executing a transaction. This makes the transaction untraceable as the senders and receiver’s accounts are not noticeable.

InstaSend

InstaSend feature is the extraordinary feature offered by the Dash. The validation process is done by only masternodes, thus making them instantaneous in real-time. This enables real transactions using Dash and can be used with merchants.

DAO

Decentralized Autonomous Organizations are the ones that work autonomously based on the precoded set of rules during the company’s inception. The founders and shareholders make decisions based on the voting process, and hence they are very transparent. DASH is essentially a DAO.

Market Cap

Dash currently occupies 18th position in the market cap with $625 million in value. The current trading price of the dash is $68.67, with a 24-hour trading volume of $216 million.

With all these features, Dash is amongst the most distinguishable cryptocurrencies out there, which proves that real-time usage of cryptocurrencies in our day to day life is indeed possible.