Tag Archives: Crypto

Financial, Internet & Online, Software

Bitcoin Proof of Stake – BitcoinPoS – BPS

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Dallas, TX, USA, 2020-Aug-04 — /REAL TIME PRESS RELEASE/ — The Bitcoin core network today runs on the proof of work algorithm. It leaves the network open to the 51% attack, also it is costly to mine and harmful for the environment. The PoW mechanism has also been a hindrance to scalability.

However, numerous innovations are trying to deal with the issues, facing the Bitcoin network while preserving certain unique aspects of the original concept. For instance, the 21 million tokens supply along with the proven code-base that has been improved over a decade is worth preserving.

The Bitcoin Proof of Stake coin reserves the strongest aspect of the Bitcoin network with a flexible proof of stake algorithm. It presents a new paradigm in the utility of crypto. The Bitcoin PoS coin preserves everything that Bitcoin has while bringing new development to the blockchain technology.

Driving Mass Adoption
When Satoshi Nakamoto launched Bitcoin about a decade ago, his goal was mass adoption of crypto that would replace the current financial system. However, that goal has not been achieved. Many crypto projects in existence today have numerous issues that prevent mass adoption.

The Bitcoin PoS project aims to advance Satoshi Nakamoto’s vision of a decentralized financial network that is independent of centralized control. Bitcoin Proof of Stake is designed to be scalable and easy to use. The goal is to give access of banking services to billions of people globally. To achieve this, Bitcoin PoS aims to be a coin for ordinary retail payments.

About the Proof of Stake Mechanism
The Bitcoin network is secured using a proof of work mechanism. However, the PoW mechanism is energy-intensive and requires expensive mining rigs to secure. The proof of stake mechanism wants to replace how consensus is achieved. Instead of using PoW, the staker that generates a block has to provide proof that they have access to given number of coins.

Generating the block will entail the sending of coins to oneself, which proves ownership. The amount of coins needed for staking is determined via a difficulty adjustment model that is similar to the PoW mechanism. The goal is to ensure an approximate constant block time. Just like PoW, the block generation process will result in rewards via a transaction fee and supply model.

Bitcoin PoS Deals with the Bitcoin Centralization Problems
The Bitcoin network appears perfect to its proponents. However, it has a problem with centralization. The high cost of power and the expensive mining rigs mean that only a few select companies can afford to mine the BTC network.

The result is that only those with access to cheap power can secure the network. Today, most of those miners are located in China, which has led to a high concentration of mining power in one region. In effect, Chinese miners control the Bitcoin network. It was not the vision of decentralization that Satoshi Nakamoto had in mind.

To make the issue worse, the places where the cost of power is low also have highly authoritarian systems of government. Another issue is that in nations where the cost of power is high do not recognize BTC mining as a business. Thus, miners do not get access to subsidized power. It has led to the proliferation of mining cartels with some companies controlling as much as 5% of the mining power.

For retail miners, the only solution is to join mining pools, which effectively control all of the mining power of BTC. As a result, BTC is highly centralized in the current setup and it will only continue being centralized in the future.

Bitcoin PoS Solves the Issue
One of the issues that Bitcoin Proof of Stake solves is the cost of power. The proof of stake mechanism cuts the cost of power by 99%. As a result, it ensures that it will difficult from any entity to monopolize the network. The result is that Bitcoin PoS is achieving the vision of Satoshi Nakamoto.

The Current State of Bitcoin PoS
While Bitcoin Proof of Stake uses a proof of stake mechanism, the Bitcoin PoS still keeps up with upgrades to the Bitcoin network. Any upgrade made by the developers are added to the Bitcoin PoS blockchain. Today, the coin is tradable on crypto exchanges; it has a market price of USD 89.07 according to data on CoinMarketCap. It has a market cap of $308,995,384 and it is ranked at 40 by market cap in the world but actual raking on coinmarketcap.com is 205 because of their raking systems.

New listings on different platforms and exchanges will come.

Media contact:

contact@bitcoinpos.net

Logo:

BitcoinPoS logo

Financial, Internet & Online, Software, Technology, Transportation & Logistics

The Blockchain Ecosystem is Entering Maturity: RedCab and WishKnish Collaborate to Scale the “Uber of Egypt”

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Washington, DC, USA, 2018-Jun-13 — /Real Time Press Release/ — The 1990’s saw an internet boom where anything that had a “dot com” at the end was golden. Soon enough though, people began to wake up and realize that unless the “dot coms” became easy to use and universally applicable, all those fever dreams of internet enthusiasts would forever remain just that – dreams. Eventually, email communication matured, America Online begat many long-distance romances (and even a famous rom-com), and MySpace became a worldwide phenomenon.

Now, in 2018, we are finding ourselves in the midst of a similar era – complete with blazing-fast growth and unprecedented opportunities. And once more, the blockchain enthusiasts’ dreams are crashing against real-world usability and adaptability challenges.

And that’s exactly why the newly-announced partnership between Cairo-based RedCab and Washington DC-bredWishKnish stands to bring decentralized commerce another step (or leap) closer to full retailization, putting a friendly, human face on a set of often-complicated technologies and making them accessible to… well, literally anyone.

Whether it’s a couple on a romantic date searching for a cab, or a grandmother with a bad back looking for someone to deliver her groceries and medicine, or even a tourist hoping to use their home currency to make a local purchase, the process needs to be quick, simple, and coupled with a coin-agnostic settlement solution to match.

“In the current climate of technology, sellers and customers alike, they want efficiency”, shares Alisa Gus, CEO of WishKnish Corp. “They want to be able to transact seamlessly and transparently with transactions being approved in a timely fashion – and with fees that don’t hinder the use of crypto currencies. ​T​hat’s why our partnership with Red Cab makes so much sense – we both seek to bring blockchain to the everyday consumer who wants a timely and safe fulfillment of their order.”

The latest statistics shows a drastic reduction in patience for customers expecting deliveries of any goods and services ordered online, and while the blockchain-powered businesses seek specifically to reduce the inefficiencies inherent in legacy infrastructures, the way to onboard customers and get them comfortable with a new paradigm is a rarely-explored concept.

“We are bringing the use of blockchain to the masses, so all can participate. WishKnish is a platform to deploy and scale your business rapidly across the US and globally”, explains WishKnish COO, Michael Kapoor. “Simply put, we make it easy.”

RedCab CEO, Mohamed Mousa, agrees. “The partnership between RedCab and WishKnish opens infinite opportunities of collaboration in marketing using machine learning, payment solutions and platform development.”

With exciting marketing and P2P options opening for the companies entering this partnership, the future of retailized blockchain settlement and commerce is now looking a lot brighter.

About WishKnish:
WishKnish is a next-generation unifying ledger architecture built for applications that are scalable globally; Effortless e-commerce, censorship-free communication, and unprecedented simplicity of connecting legacy e-stores, communities, and enterprise systems in a decentralized world.

About RedCab:
RedCab LLC has been observing the transformation of car sharing and transportation industry during the past 8 years from technical and social side. For the past year the research has started by the founders to build the first global transportation community and introduce a new business model based on sharing economy and community development, and on the other side build a profitable business based on data monetization from Geo Ads. RedCab LLC believes in the power of community when they have the right tools and the firm operation expansion becomes a matter of time.

Contact-Details:
Alisa Gus, CEO
PO Box 2160
Reston, VA 20195
https://wishknish.com
alisa@wishknish.com
+1-202-800-2663 (phone / fax)