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ICON- Project that belongs in the leagues of Ethereum and NEO

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ICON project has been surprisingly under the radar for some time now.  This became evident when Bloomberg reporter asks Pantera’s CEO during an interview “what is ICON?”

While there are 100s of articles explaining what ICON is, QRIP group being a big fan of ICON, it made logical sense for us to write a comprehensive review on ICON.

What makes ICON different?

ICON is the blockchain platform developed by theloop. Unlike other blockchain platforms, ICON does not want to compete or replace any existing blockchain technology.  Rather, ICON aims to build a network of blockchains with ICON platform acting as connecting link.

There are no conditions or rules imposed on other blockchains to use ICON’s native currency, ICX.  Projects are free to use whatever medium of cryptocurrency they want to use.  ICON wants to be the facilitator of an unbroken and widely spread out blockchain ecosystem that not only connects various blockchain technologies but also connects various industries.

To learn about ICON and why it is a big deal in the crypto space, we have to understand various aspects.

i) ICON Team and advisors

ii) Existing partnerships and collaborations

iii) Interoperability Alliance

iv) ICONex wallet

v) ICONest – ICO Platform

vi) DeBlock – An Incubator program that aims to launch (and support) 300 new DApps on ICON network

vii) ICONick

viii) IISS (ICON Incentive Scoring System)

Let us dissect each aspect in detail to understand ICON better.

i) ICON Team

From the get go, ICON team has been talk of the crypto-space.  Until ICON introduced their ICO, crypto-space was used to 3 to 5 member projects.  ICON is different.   They have dedicated teams of blockchain developers, blockchain department for businesses, AI specialists, design, communications and security.

What sets this team apart from any other big team is that they were already working on blockchain for businesses for 2 years before getting into ICO.

NEO ICON team

NEO ICON

Their advisory group is made up of Dan Tapscott and others.  Dan Tapscott is a visionary and author of Blockchain Revolution.  Dan’s son, Alex, is the founder of AION blockchain project which is part of interoperability alliance (we will discuss that later).

The strength of the ICON team, advisory board and their connections have helped them form strategic partnerships and this is key to ensuring the success of ICON and blockchain technology itself.  

ii) Existing partnerships and collaborations

ICON has one of the most impressive line-up of partnerships and collaborations.

  1. Korea Financial Investment Association (KOFIA), a network of 26 financial institutions with theloop as exclusive technology partner
  2. SBI-Ripple Asia, a joint venture between Ripple and SBI Holdings to facilitate cross-border transactions
  3. Woori bank, which plans to facilitate Govt. issued digital currency for Korea
  4. Kyobo Life Insurance to facilitate automatic insurance payouts on the blockchain
  5. HealthCare consortium with major hospitals including University Medical Center, Severance Hospital and Gacheon University Gil Medical Center
  6. U-Coin (University Coin) with Korea University, Sogang University and Sohang University of Science and Technology
  7. Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, cryptocurrency, and crypto assets.
  8. Kenetic Capital is an Hong Kong-based investor in online and offline blockchain communities since 2014. Fosters growth of innovative blockchain business models
  9. Token as a service (taas) is the last-generation tokenized closed-end fund actively contributing to the development of the blockchain ecosystem
  10. Coinsilium provides seed capital to developers of blockchain technology and fintech businesses. Coinsilium engages in partnerships with industry leaders in the smart contract and token space
  11. CM Crypto Capital (CMCC) is one of the leading blockchain focused investment funds with presence in Hong Kong and Toronto
  12. Mind Fund is a venture capital company that was established to provide hands on support and investment to entrepreneurs and innovators at all stages of their development from Start-up to an Initial Public Offering
  13. Hashed is a network of South Korean blockchain industry professionals; partnership of engineers, investors, attorneys, and business developers
  14. Crypto Bazaar is one of the largest blockchain communties in Russian-speaking countries (top blockchain developers, largest events, industry media network, venture crypto fund investing in ICOs)
  15. MOU between theloop & Cyberdigm and Raonsecure
  16. MME is a professional business advisory firm for Swiss legal and tax issues
  17. MOU with E4Net.net, a company with 20 years experience in banking and card companies space
  18. Partnership with Japan’s first crypto fund B-Cryptos which is backed by B Dash Venture Capital and Japan’s leading crypto exchange Quoine.

If above list seems long, you will notice that it does not cover all from looking at this picture summary (Spec-Rationility creation, check their site for a great overview).

NEO ICON Blockchain platform

Apart from above, ICON has also entered into MOU with AD4th and Nonghyup Bank.  Most importantly ICON entered into a strategic partnership with Kyber Network “to closely work together to help employ scalable protocol of KyberNetwork’s token exchange services and interconnect with other blockchains participating in the ICON network.”

Ironically, two collaborations (E4net and B-Cryptos) were announced during the time we were putting this article together.  That is just a testament at the speed at which ICON is spreading its wings.

iii)  Interoperability Alliance

ICON wants to be the blockchain network of blockchains of the world.  It cannot achieve this goal without help.  Forming interoperability alliance with AION and Wanchain, both successful in their own right, was part of giving shape to the long-term goals of ICON project.

AION will form the connecting bridge between blockchains with a focus on Western world while Wanchain will help transfer of digital assets across multiple blockchain platforms.

As there is no restriction or condition to using ICON currency, Wanchain will help transfer digital assets across multiple blockchain platforms that form part of ICON network.

iv) ICONex wallet

“ICONex is ICON’s Wallet supporting ICX and various cryptocurrencies.  ICONex boasts faster transactions, secure payments, and liquid exchange across multiple cryptocurrencies with user-friendly UX and UI.”

ICON has set aside tokens specifically for the use of ICON’s DEx platform.  DEx are going to be vital part of crypto space in future to facilitate trust and security.

v) ICONest – ICO Platform

ICONest is the ICO platform of ICON project which provides platform to launch your own DApp projects.  The platform boasts features like whitelist, refund/unlock and contribution cap.  The first DApp, Blue Whale, is launching on ICONest and allows for users to participate in the ICO using ICON and Ethereum.

Below ICOs are already confirmed:

  • Sentinel Protocol:   Sentinel Protocol can be described as security intelligence platform for blockchain (SIPB), this includes a wide variety of security features, from anti-theft, malformed transaction prevention, unknown threat prevention, transaction traceability etc.
  • Blue Whale: Blue Whale is building a decentralized ecosystem for the sharing economy on the blockchain, tackling several key downsides of traditional sharing economy.
  • SmileGate Stove: SmileGate’s objective is to develop timeless-classic games that can be enjoyed by any generation and to continually expand our business to allow greater audience to experience all that Smilegate has to offer.
  • Tink: is a an application that lets your friends add credence to your social profile.
  • Silk Road: is a platform that supports transparent history  management and purchasing by reforming the semiconductor supply chain and SCM into a blockchain-based decentralized system.
  • UPPSALA: is a Security Intelligence Platform for Blockchain (SIPB) which aims to overcome the disadvantage of decentralization by turning it into an advantage of security.
  • AD4th: is a decentralized advertising platform with real-time P2P reward system.

In addition, Nucleus Vision that facilitates IoT based contactless identification system for retailers and customers has also joined forces with ICON.

As more and more DApps are built on ICON, we will see synergies that will propel the demand for ICON tokens and its technology.

Check their platform view, it is just as simple as it is beautiful.

vi) DeBlock – An Incubator program that aims to launch (and support) 300 new DApps on ICON network

ICON and AD4TH  joined hands to form the DeBlock.  Deblock’s mission is to discover and nurture entrepreneurs and great talent. Deblock supports various projects to develop new breeds of decentralized applications running on ICON. Deblock’s entrepreneurs will get full support from ICON Foundation to co-build global-scale projects.

vii) ICONick

ICONick is a convenient ‘wallet ID’ used in the ICON network.  Use your own unique nickname to replace the long and complicated default wallet address to conveniently transfer or exchange ICX.

Article Begins

You may be surprised to see that the article actually begins after so much scrolling.  Yes, it reflects just how big ICON is (and will be in future).  It took us this long just to describe what ICON has accomplished so far since it’s ICO that happened only 7 months back.

Do not just skim through that paragraph.  Read it again.

  • ICONs team is amazing.
  • ICONs partnerships are outstanding.
  • ICONs interoperability alliance speaks of long term vision.
  • ICONs ICO platform is going to change the landscape, initially in South Korea and then elsewhere in the days to come.
  • ICONs DeBlock initiative is going to create a wave of innovations and crazy ideas taking shape in real world which will help boost a new wave of jobs in the blockchain industry and wide range acceptance of ICON platform.

Perhaps, ICONs greatest strength doesn’t lie in its strengths at all.  It is in its humble approach to the market.  They could declare that they are the greatest blockchain companies with real world business blockchains currently running (which is true) and try to capture the market that way.  But the path they have chosen is the one that not only enables ICON for wide acceptance but it also helps other blockchain projects and thus enabling the adoption of blockchain technology in the mainstream.

Price action

Crypto space is at its infancy.  People still fall for ‘promise’ rather than ‘execution’.  For example, right at this time there are projects that promise 700,000 to million or more transactions per second (TPS).  TPS is the current buzz word in crypto space.

What good is TPS going to do if you have zero business connections? Zero adoption?  Zero long-term vision?  And a below average team to execute on the project?

If you google alternatives to ‘word processor’ you will find many options, some better than MS Word but we all know what businesses use.  It is a similar story with blockchain platforms.  You might have million TPS and lightning speed, but if there is no business adoption of the said technology, you will eventually be wiped out.

Reason for this is simple, running a business is very hard.  Creating hype on the other hand is very easy, in the short-term.

Because people in crypto space are still learning the difference between a high that comes from short-term hype to long-term success, ICON has been lagging in price action compared to its more hyped purported competition.

As the title of this article suggests, ICON will be in the leagues of Ethereum and NEO.  It took Ethereum good number of years before it broke the ceiling.   NEO was a similar story.

When more and more partnerships ensue, ICOs start launching on ICON platform, more exchange additions (Bittrex/Quoine, etc.) take place, DeBlock projects start taking shape and more blockchains join the alliance of interoperability and when South Korea realizes the potential of its own home grown mammoth, these events, in no particular order, are going to act as catalyst in pushing ICON into top 10 space of market cap.

We are confident that before the end of this year, ICON will break its own all-time highs and set new records.

Future of ICON

If ICON forges ahead like the way they have been so far, there is no stopping their success.  We will be watching ICON closely, and you should too if you are interested in a quality project that has potential to be around in the next decade.

Update 1: May 10th: MOU with aSSIST, this furthers the nexus of ICON in the Universities (education industry) space

Update 2: May 11th: “MOU with Samsung Electronics to incorporate CHAIN ID in Samsung’s ‘Samsung Pass’ service.”

Whitepaper: https://icon.foundation/resources/whitepaper/ICON-Whitepaper-EN-Draft.pdf

Buy upto price: Available at QRIP.  Access FB group to view.

The HODL period:  Available at QRIP.  Access FB group to view.

Anticipated gains: Available at QRIP. Access FB group to view.

CryptoTapas is an initiative of creators of QRIP group.  QRIP group is FREE to join.

Do your own research before investing. Crypto space is very volatile, don’t invest more than what you can afford to lose.  Opinion, not an advice.

Stay in touch with us at: | |

Sources:

NOTE: We have borrowed some of the descriptions of projects from official sources. All sources are included below.

https://icon.foundation/contents/team/partners?lang=en

https://medium.com/helloiconworld/icon-partners-with-kybernetwork-a135e91af327

https://medium.com/helloiconworld/icon-annual-summit-the-genesis-a-quick-summary-448d3e5d7016

http://spec-rationality.com/icon/

http://dapps.icon.support/

http://www.deblock.co.kr/

https://icon.foundation/contents/icon/iconick?lang=en

 

CryptoSpace

Devaluation of the US Dollar Could Decimate Savers! Strategies to Hedge Risk

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Devaluation of Currency

Devaluation of the US Dollar

Quiz: Will devaluation of the US dollar impact your financial life?
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What to expect in this article?

  • What is devaluation of currency
  • How devaluation of currency impacts us
  • Strategies to hedge against the currency devaluation

There is an apparent disconnect between Wall Street and Mainstreet.

This divide has not been as apparent and blatant as it has during this COVID crisis.  

As the number of unemployment claims are rising to levels never seen before, Wall Street is rallying at full swing.

In the middle of this disparity and economic unrest, some economists are warning us to brace yet another crisis called Devaluation of Currency.

What is devaluation of currency?

InflationDevaluation of currency is essentially reducing the value of currency.  

This can be done through:

  1. Printing more money:  When supply increases, price falls.  This simple economic principle applies to everything
  2. Policy makers decision:  Policy makers may decide to ‘devalue’ the currency to keep the country’s exports competitive.  The US is a heavy importer, so this strategy, if implemented, could hurt the US more than other countries
  3. Selling off reserves: A country could dispose its reserves that pegs the fiat and then set a new exchange rate for its own currency (the disposal of reserves to buy its own currency either by taking out of circulation or printing more)

Sometimes devaluation of currency is not voluntary.  

Look at countries like Argentina, Venezuela, etc., their currency devalued by multiple folds because their economy was deemed to be unsustainable.

Why devalue the currency?

Countries devalue their currency primarily for following reasons:

  • Exports

Let’s say if I export Saffron from India at 2 bottles per $1.  IF India devalues its currency by 50%, now I can get 4 Saffron bottles for $1.  

This drop in currency value encourages exports.

Countries like China, India and others who rely on exports (of goods and services) can reap greater economic benefit by devaluing its currency.

  • Trade Buffer

When a country notices that its imports far outweigh the exports, it can use the currency devaluation as a buffer measure to balance the trade equation.

Generally speaking, a weak currency encourages people to buy more from the nation (win for exports) and discourages people buying from outside the nation (a loss for imports).

  • Debt

Let’s say you owe me Indian Rupees 75,000, at the time of this writing, that would be around US$1000.  Let’s say, India devalues its currency to 50%.  

This means, I can still pay you back your Rs. 75,000 with $500.

While this strategy might not be great to service ‘outside’ debts that are denominated in foreign currency, it is a strategy used to service obligations within the country.

Devaluation of the USD in the wake of Yuan devaluation

The US is the number one importer in the world.  It ranks number two as an exporter.   

In theory, devaluation of its currency may help increase its export footprint.

However, due to recent devaluation of Chinese Yuan, the devaluation of the US dollar could work against the US, in the short term.

For one, devaluation of the US will simply equalize the impact of Chinese devaluation.  

Two, it will make the imports more expensive thus might encourage demand for home products thus reducing the reliance on Chinese imports in the first place.

In addition, as things become more expensive in dollar denomination consumer demand could see a sharp decline which will further slow down the economic recovery.

Why should I be worried about devaluation?

us dollar under threatAnyone holding their savings in the US dollars might have to pay attention to the possibility of devaluation of the US dollar.

If the US declares that it is devaluing its currency by 30% then your savings lose 30% value overnight.  

In reality, the fear might set into the market and crash the valuation even further.

For example, if you were planning to retire with your $100,000 savings and the government devalues the currency by 30%, all of a sudden your $100,000 will only buy you goods and services worth $70,000.

That is a huge blow for people who have meticulously planned the mileage of their savings.

Can the US devalue its currency?

In theory, yes.

The United States has adopted a Strong Dollar policy for over 3 decades now and this gives it the status of global reserve.

If President Trump were to shock the markets to make a mark in global trade, he could order to devalue the US dollar.

If we know anything about Trump, he is all about shocking the world.  So the realms of possibility of devaluing the US dollar are not out of the question.

Strategies to hedge against devaluation of currency

Lot of financial gurus and speculators are expecting the US government to use devaluation as a strategy to make good on its debt.

If this were to happen, you don’t want all of your life savings held up in the US dollar which could see a drop in its purchasing power.

Following assets have come to act as ‘hedge’ against any potential volatility in the US dollar value.

Real Estate

Real Estate cryptoWhile the market is currently hyped up in real estate, it still could offer a safe haven in the event of devaluation of USD.

For instance, if you bought a property for $200,000 today with a fixed interest rate, in the event the US dollar is devalued to say 30%, then someone coming into the market will have to pay $260,000. 

And because you have picked up the property for fixed interest, in theory, you could be paying lower interest compared to the rental costs in the post devaluation world.

This strategy may not work if the US undergoes a long recession as a result of devaluation and then falls into deflation (which will reverse the above strategy). 

Bitcoin

bitcoinMany financial veterans are turning to Bitcoin because of its deflationary supply and potential to change the financial markets forever.

Obviously, being a relatively new asset class, it is not a guaranteed safe-haven.  Although many believe Bitcoin to be Gold 2.0.

A small stake in Bitcoin could turn into ZERO or a 10x of investment.  No one knows which side the tide will turn.

Economic models based on demand and supply (and stock to flow ratio) suggest that Bitcoin has only one way to go: UP.   

Bitcoin has a history of proving economic models wrong and shocking the world. Will it go upward into millions or crash and burn into oblivion?  

Only time will tell.

Gold & Metals

Gold vs BitcoinWhile Bitcoin is considered money of the people and Gold has been regarded as the god’s money by Robert Kiyosaki. 

Silver is considered an underdog at this point.  

Between gold & silver, the metal duo has been long acting as a safe-haven for market volatilities.

Obviously, you cannot compare Gold and Silver trajectory to that of stock markets or bitcoin since these metals are designed to act as ‘hedge’ not as wealth multipliers.

Stocks

MarketIf looked at the stock market from a macro level, it has been on an upward trajectory, generally speaking.  

Even with the occasional recessions and rare depressions, Stock market has in general kept an upward trend from a macro perspective.

Within the stock market, there are some up and coming industries where the returns could be extraordinarily high, like for example:

Blockchain industry: Companies involved with blockchain space could see a great momentum in the coming decade.

Cannabis industry: Cannabis industry is slowly spreading its claws and becoming 

mainstream in the similar fashion how Liqor once did.

5G: Beyond the conspiracies surrounding 5G, we know that this is the next phase of the 

internet evolution and

BioTech: Whether it is advancing surgeries, or reversing age with stemcell inventions or 

simply decoding the DNA to make medicine more personal, BioTech is a place where the next level of innovation will take place. 

Artificial Intelligence: We are clubbing Augmented Reality, Artificial Intelligence into one basket and I think this space could hand out handsome returns.

Just because we do not invest in stocks doesn’t mean they are not a viable investment vehicle.  DYOR and see if you can find some gems.

Few things to remember

Do not over-correct

You do not want to find yourself in a situation where you invest 100% into any one type of asset and that asset tanks in value.

For instance, if you invest 100% of your fiat into Bitcoin, what happens if Bitcoin crashes?

If you invest 100% in real estate, what if we face deflation instead of inflation and the price tanks or paying mortgages becomes too expensive?  

You will then be forced to service a loan that might be higher than the rent you receive.

Point is, you want to hedge into different asset classes so that you are not putting all of your life savings in one type.

Safety net

Whether we face extreme inflation or deflation, we all need cash on hand to meet our daily needs.

You cannot easily sell your gold or real estate if you need cash flow. Bitcoin’s volatility makes it a bad choice to be looking to liquidate in the time of emergency.

You always want to keep a certain amount of money in liquid fiat to meet your immediate needs while you secure your financial future with an appropriate hedging model.

In conclusion

The topic of devaluation of currency is one that we all need to be at least aware of.  

Having an hedging plan to withstand any surprises introduced by market volatility is important so that you are not wiped away, financially speaking.

The above hedging tactics are based on what we are looking to do personally. We cannot tell you what to do.  

Thank you for reading and sharing this article. We appreciate you.

Thank you for reading and sharing this article. Stay safe and healthy!

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CryptoSpace

Is Elrond better than Ethereum? Should I invest?

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Elrond Token review

Elrond(ERD) Token Review

Would the modern magic of internet work if we were still using dial ups? If you are from the generation that doesn’t know what a dial up means, it looks like this:

AOL Dial Up Internet Connection Sound + You’ve Got Mail (America Online) 90’s

Take a walk down memory lane and listen to the AOL (America Online) Dial-up internet connection sound and the famous You’ve Got Mail. Subscribe to Adventures…

Essentially, it would take you 30 seconds to 3 minutes to connect to the internet and open a text email.

If you were to load the YouTube website at the 56kbps speeds (considered good in those early internet days), it would take you probably 20 minutes.

We tried to load YouTube at 56 kbps speeds and after 7 minutes we were still waiting for the page to load. Compare that to the broadband that loads YouTube in a split second.

You can test what it feels to browse at 56kbps here.

While it is quite an extreme and dramatic example, I think that is the closest you can come when you try to explain what Elrond is in comparison to Ethereum.

At its current state, Ethereum processes 15 transactions. Compare that to Elrond which processed 35000 transactions during the test net run.

Obviously, the test environment is different compared to the real world.

Ethereum 2.0 could solve some of Ethereum 1.0’s flaws with claims of 100,000 to Million TPS. That is something we have to wait and see.

OK, what is Elrond?

There have been at least 100 Ethereum killers on the market since the birth of Ethereum.  Ethereum (Classic) couldn’t kill Ethereum, so we are not sure others will.

What is Elrond

Ethereum currently has serious scalability and TPS issues. Listen to this clip where Vitalik admits that Ethereum 1.0 cannot scale.

No Title

ICO prospectus: “Build scalable apps on Ethereum.” Mod: “Youre saying the concept of launching something that doesn’t scale then rebuilding it as something thats scalable was part of initial the plan.”Lubin: “We knew it wasn’t going to be scalable for sure.”Vitalik: *nods* pic.twitter.com/MBSFkQeugj

Ethereum 2.0 could be a whole another story.  However, it is not a reality at the time of this writing.

Elrond on the other hand already delivers on what Ethereum 2.0 is ‘aiming’ to.

In a somewhat hyped elevator pitch, Beniamin Mincu, CEO of Elrond, said that Elrond is a 1000x improvement over other protocols in the blockchain space.

In a nutshell, Elrond offers a high throughput blockchain ecosystem that makes use of sharding that ‘scales’ (adapts) with the demand put on the network.

This adaptive sharding helps Elrond to be efficient, secure, scalable and provide a high rate of TPS.

This is why Elrond boasts itself as A highly scalable, fast, and secure blockchain platform built for internet scale.”

ERD Scaling

What makes Elrond Special?

The strength of Elrond, in our opinion, is not in its novel or groundbreaking innovation.

It is in the simplicity of picking the ‘best’ of all the blockchain protocols that preceded and only solve the issues that these protocols failed to solve.

For instance, Elrond picks sharding from Zilliqa but makes it ‘adaptive’.  It picks interoperability from Cosmos and implements it at Virtual Machine level.   

Elrond says it as much in its whitepaper: “Elrond was designed upon and inspired by the ideas from Ethereum, Omniledger, Zilliqa, Algorand and ChainSpace.”

If we are to compare blockchain revolution to the internet, we have to assume that many companies will be replaced by newer solutions. 

Whether Elrond is that ‘next generation’ blockchain or if it will be eaten away by another project is something we have to wait and see.

For now, let’s focus on what Elrond promises that makes it special.

“1000x improvement” over its predecessors

“Elrond is a new blockchain architecture that can bring 1000x cumulative improvement in scalability, throughput, transaction speed and transaction cost,” that is how Beniamin Mincu, CEO of Elrond, explains the project.  

Scaling

Elrond promises to be able to ‘adapt’ to the scaling needs of the network.  The project uses what is called ‘adaptive sharding’.

For the technically inclined, here an excerpt from the whitepaper:

“Elrond proposes a dynamically adaptive sharding mechanism that enables shard computation and reorganizing based on necessity and the number of active network nodes. The reassignment of nodes in the shards at the beginning of each epoch is progressive and nondeterministic, inducing no temporary liveness penalties.”

Sharding is the process of breaking down a big problem into small ones to solve it faster.

Security

Elrond uses a modified version of Algorand’s Secured Proof of Stake concept.

Secure Proof of Stake randomizes the ‘selection of a node’ so that security is not compromised through 51% brute force.

Elrond goes one step further on this sPoS model where it introduces ‘stake and rating’ criteria to be even eligible to be randomly picked as a node.

Adaptive sharding is the ability to scale up or down the number of shards depending on the transaction at hand.

Obviously, that is a dumbed down English explanation of it, as we understood it.

This makes selection of nodes ‘random’ while taking meritocracy into consideration.

The rating is dynamic and is recalculated at the end of each execution.

ERD Token

Many investors in the crypto space don’t care what the project does if the tokenomics are weak.

  • Transaction fees

Elrond’s utility is acting as the ‘native’ token on the network to pay for the transactions. The more transactions that take place on the network the more Elrond will gain in demand.

  • Staking

Elrond offers crazy returns on staking. This means, there is a probability that many tokens will be locked out of circulation which could boast the price.

  • DApp Deployment

Like any other blockchain network, Elrond token acts as the ‘utility’ on the DApps deployed on the network.

  • Validator reward

Validators are rewarded for their work and Elrond token is used in disbursing these rewards.

Team

Crypto space is excited about the team that is involved in the Elrond project.

Just looking at the profiles of CEO, COO and CIO showcases that you are not dealing with a group of wannabes.

Elrond Team

The team brings in the right mix of technical prowess and business acumen.

Many blockchain projects either lack a strong technical forte or suck at running the business.  Elrond may not have that problem due its ‘experience mix’.

Partnerships and Integrations

This is one project that is making a lot of buzz in the past two months, with continuous updates and partnerships. Here are a few:

ERD and Indacoin

ERD and Indacoin

Indacoin is a fiat gateway with over 500K users which allows users to buy crypto with Visa or Mastercard using USD, GBP, EUR and many other currencies.

ERD and dfinance

elrond and dfinance

Elrond will work together with dfinance to enable users to build Elrond native assets as well as allow Elrond users to access DeFi platforms on dfinance.

ERD and LDV

Elrond and EDV

ERD tokens are now available on LDV, a Romanian crypto exchange and a fiat gateway. ERD/EURO and RON/ERD pairs will be available on the platform.

ERD and Crypto.com

elrond and crypto.com

Users of Crypto.com can now buy ERD token on their app. Crypto.com is considered one of the easiest modes of buying and selling crypto. With deposits and withdrawals of erd token enabled on crypto.com, the token is now available for over 3 million users of crypto.com

ERD and Utrust

Elrond integrated with one of the leading payment gateway for ecommerce, Utrust.

ERD and Swipe

Swipe partnership elrond

ERD is partnered and now available on swipe, a multi currency digital wallet. Swipe has over 500K users.

The other partnerships and integrations include Stateless Money, Staked, Moonpay, FinNexus, and many others.

Elrond is gaining traction fast and furious. Will it amass enough steam to surpass other blockchain protocols?  

We have to let the time answer that question.

ERD Token Metrics

ERD Token Metrics

Source: Elrond

*These token metrics are about to change after the EGLD swap.

Some pump and dump chat

You will notice that Elrond is showcased on the Samsung official video introducing Samsung Blockchain.

Samsung Blockchain wallet elrond

First and foremost thing everyone is excited about is its mainnet launch. 

We believe the rise in price is not just because of its mainnet launch, but also the high staking rewards that are expected to yield after the mainnet launch. 

With over 5 Billion ERD tokens already staked during the testnet, it is possible that more users will stake their tokens for passive income.

Risk factors

Late to the party, not to the town!

There are a lot of blockchain platforms in the blockchain space. Many promise sun and the moon with 100K to a million transactions per second.  

Most of these promises are just that as of now, promises.

Elrond is late to this TPS race, however, it could do what others have failed: Actually live up to its claims on the Main net.

In this sense, Elrond is late to the TPS party but it is not late to ‘make a mark’ for itself in the blockchain town.

More advanced projects in the space

What happens when Ethereum addresses its TPS issues, scalability aspects and makes it incredibly easy for people to launch DApps?

Ethereum already has a massive penetration in the space that it could leverage.

Beyond Ethereum, there are other projects like Zilliqa that could pose stiff competition to projects like Elrond.

And, do not forget Cardano, a project that is preparing its arsenal for a hostile takeover of the crypto space.

What is a head in Elrond’s Roadmap

Elrond Roadmap

Source: Elrond

Elrond Swap

ERD to eGLD

With the launch of Elrond Mainnet, Elrond token (ERD) will be swapped for Elrond Gold (EGLD), at a 1000:1 ratio. Simply put if you hold 10,000 ERD tokens, it will be swapped into 10 EGLD. In terms of price, if the current price of one ERD is $0.024, the price of 1 EGLD (*1000ERD) will be $24.
Elrond has garnered quite a lot of buzz before the mainnet, now it all comes to how the project is going to progress beyond mainnet.

How to swap ERD

As per their official Telegram channel, exchanges are making preparations to support Elrond swap to Elrond Gold.  The tokens will be swapped in about 30-60 days and the ERD(ERC20, BEP2) will be replace with eGLD. Check with your exchange and look out for communication about the swap support. Till then, ERD trading will run as it is over the exchanges.

Pros of Elrond Token Swap

The swap is expected to reduce the current total volume of 21 Billion ERD tokens to 20 million eGLD and to 30 million over the next ten years which in theory should make the coins dearer.  How this will work in reality is something we have to wait and see. Case in point but in reverse is VeChain, which was trading at $9 before the swap at the ratio of 1:100 and the price dropped so low that it has not yet recovered.

Cons of Elrond Token Swap

In our opinion, it is easy for a coin to jump from 1 cent to 2 cents and 2 cents to 4 cents, however, there is a psychological barrier from investors to let a coin trading at $20 to move to $60. However, if you see from a percentage, the underlying gains are the same. 1 cent to 4 cents is a 400% jump, however, it will take a lot for a $20 to jump to $80. If Elrond proves its value in the blockchain space then the project may pump in spite of the denomination.
Thank you for reading and sharing this article. Stay safe and healthy!

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V-ID is bringing real world use case to Blockchain, can it succeed?

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Vidt Token review

VIDT Review, use cases, future prediction

What follows is the byproduct of our research on whether or not V-ID is a good project.  

We have a tendency to FOMO, so read everything with a grain of salt and always DYOR.

What is V-ID?

Anything digital can be altered. How then can you be confident about the authenticity of the digital files you are dealing with?

“V-ID is a blockchain powered document certification service. The VIDT API enables organisations to certify and secure their digital data against fraud and manipulation.”

You can tag digital files using V-ID and anyone around the world can verify its authenticity by simply using V-IDs free checker.

If any information is changed within the file, V-ID flags it.

This technology has an immediate use case in the real world to fight digital frauds. Especially in dealing with:

  • Invoices
  • Scientific papers
  • Contracts
  • Official documents
  • Diplomas/certificates
  • Data from Internet of Things

Watch this quick video to learn about V-ID.

Introduction to VIDT V-ID Blockchain Powered Validation

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

Take a simple example of purported crypto ‘recommendation reports’ that float on the internet. How do you know they are what subscribers were given?

How can you be sure that the document is not manipulated by someone to ‘alter the buy up to and sell at’ prices?

In this simple situation, using V-ID, one could verify the authenticity of the document.

In a world of Deep Fakes, a solution like V-ID can be a lifesaver.

How big is the problem that V-ID solves? 

According to the Javelin Strategy report, Identity fraud cost $16.8 Billion dollars in 2019 alone.  

Obviously this includes credit card and account takeover frauds. However, when a solution like V-ID becomes integrated, there is an opportunity to curb these identity thefts as well.

Fraud Detection and Prevention which was valued at $17.33 billion is expected to grow at an 18% (CAGR) rate from 2019 to 2025.

The more diverse our technology becomes with the advent of Internet of Things, Artificial Intelligence, Cloud Computing, Augmented Reality and reliance on smart mobile devices, the more we grow vulnerable to fraud.

In our opinion, the fraud space is only going to grow bigger and faster.  

V-ID has an opportunity to place itself as a reliable solution by leveraging the blockchain’s resilience.

VIDT Technology

Source: V-ID

Using V-ID

Any solution’s success will depend on its ‘ease-of-use’. We tested the V-ID ‘certification’ to get a taste of the platform.

When we scanned the QR code of the document, it took us straight to the document where we could easily verify that it was indeed ‘authentic’.

The ease at which you can verify someone’s credentials, certifications, diplomas, etc., is simply awesome.

Users can verify the authenticity of other documents through their free online checker. Obviously, the company has to be signed up with V-ID for the documents to be ‘stamped’ on blockchain.

V-ID promises verification in 5 seconds.  Here is a video that shows how the verification works.

VIDT V-ID verification live demo

The V-ID validation service uses blockchain technology to end all document fraud. Our client base, with customers like Airbus Space & Defence, operates in va…

All in all, the concept behind V-ID is quite simple and easy to use.  

This ease of use accompanied by an amazing use case is what forms the basis for blockchain’s adoption.  The tool makes you forget about the blockchain altogether.

Does V-ID need Blockchain?

Yes. We think V-ID has a blockchain use case.

When it comes to providing a hack-resistant environment and resiliency to the underlying system, blockchain really shines.

The V-ID makes use of blockchain the backend without inundating the end users with the intricacies of ‘how blockchain works’ is quite admirable.

“Currently V-ID offers anchoring in Ethereum, Bitcoin, IBM Hyperledger, Fantom, LTO Network, Digibyte and Binance Chain.” 

For V-ID, in our opinion, Blockchain is not just a fancy jargon to allure people to the project but rather it is a smart technology choice to meet the business objectives.

Team

Vidt Team

Source: VIDT

Marnix van den Berg, Founder & CEO, has over 17 years of experience.  He is supported by 3 other Founders on the project.

Pim Voets is the Founder and Lead Concept Design, Ceciel van Helden is the Founder and Lead Programmer, Wico van Helden is one of the Founder.  

The teams section of the website shows about 9 team members and 6 advisors, including Chris Robinson, Ex-CTO of American Express.  

Just between the 4 founding members have a combined experience of over 70 years. Wico van Helden has hands-on experience in taking a company IPO.

Progress, Case-studies and traction

V-ID has been associated with many brands.  They showcase few case studies on their website:

VIDT Case study

AMSPEC is using the V-ID technology to verify the authenticity of their inspection reports

How AmSpec protects data integrity with V-ID

Amspec has started to utilise V-ID blockchain validation technology to protect the authenticity of their inspection reports. This means that recipients of a …

V-ID made history by bringing 17th Century Rembrandt to the blockchain.  This verification was made possible with CMS Law acting as notary, collaboration with Duowes Fine Arts and V-ID.  

VIDT Rembrandt on chain – V-ID collaboration with Douwes Fine Art and CMS

For the first time, V-ID’s validation platform, known for securing digital files against manipulation, extends its activities into the physical world, by val…

V-ID is bringing certificates and diplomas onto the blockchain.  To this end V-ID has collaborated with NYENRODE and HBO Drechtsteden.

V-ID successfully installed the first IBM Watson-connected IOE sensor with V-ID data anchoring.  

IBM & V-ID install first IoE sensor on IBM NL headquarters’ roof

www.internetofenvironments.org

V-ID partners with Caltrix Consultancy to offer a tailored solution for any financial organisation to comply with KYC/AML challenges. 

LTO Network and V-ID entered into a partnership by rolling out an immediately applicable, GDPR-compliant blockchain solution for companies and governments. 

This alliance allows for any party to verify the authenticity of the diamond using the certificate, and the authenticity of the certificate using the V-ID service.

The brands with which V-ID has worked with and the diversity of the projects they have been involved in bring a lot of confidence in this project, in our opinion.

Price – Revenue Model

Companies need cash flow to sustain and grow. It is important to have a revenue plan for the company to thrive.

V-ID offers 3 different pricing options that you can see below.

VIDT Price chart

Euro 2 per file may seem like a big deal but companies have the option to use the verification only for sensitive documents.

For example, on invoices or contracts, to ensure authenticity.  

Challenges to consider

Icon Latest UpdatesOne of our favorite projects, ICON, also rolled out the Broof concept which helps organizations verify certification.

Blockchain projects, like ICON, with existing capabilities could potentially ‘extend’ their solutions in the verification arena.  This could pose stiff competition.

The verification problem is so big that it can accommodate more than one player, however, the more players you have the more it dilutes the upside potential.

What Blockchain identity verification will not solve!

Demand for counterfeits

When all is said and done, counterfeits exist because they have market demand.  Without demand a product doesn’t sustain long.

There are millions of people who want to experience luxury on budget, by choice or because of lack of choice.

The projects like V-ID cannot solve the counterfeit market for those who specifically seek them out.  

However, the project does solve the ‘authenticity assurance’ demand for people who are paying the full price for the genuine product.

Market for ‘copies’

Digital products have an amazing advantage which is its major flaw and that is: it can be replicated without much effort.

If someone is deliberately seeking out for a pirated copy of something, there is so little you can do.

VIDT, Coinmarketcap and where to buy and sell?

V-ID Blockchain has its own native crypto with ticker symbol: VIDT.

We have to specify this because there is another project on coinmarketcap with VID symbol and we had few folks who seemed to be confused.

At the time of this writing, VIDT was ranked at 224.

At this time, you can buy and sell VIDT at KuCoin.

In conclusion

Blockchain finds a great ‘real-life’ business use case in V-ID.  

The association of the project, even if indirectly, with big brands like IBM, AirBus and more is just a testament to the viability of this solution.

While it may be possible for other projects to try and emulate the V-ID solution, the focus and dedication of the V-ID team could put up a mighty fight, in our opinion.

Ultimately, the problem of fraud is quite big and could easily accommodate success of multiple players.

In the end, we are coming to the same opinion about V-ID that Chris Robinson, ex-CTO of American Express, did and that is “V-ID is a rare combination of 3 things — A great idea in a large and almost green space market. A company with a proven track record and real-world customers. And, finally, an exceptionally high quality team and advisors.

Thank you for reading and sharing this article. Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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